MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
WETHERLEYS – DIVISION OF ELLERINE FURNISHERS (PTY) LTD |
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Registered Office : |
Gillooly’s View Office Park, Block E, Osborne Lane, Bedfordview, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
24 February 1969 |
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Com. Reg. No.: |
1969/002687/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Furniture retail on cash and credit basis and manufacture of furniture and retail of various decor. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
WETHERLEYS
POSTAL ADDRESS
P O Box 617
NORTH RIDING
2162
note
On investigation it
was established that WETHERLEYS is a trading division of a company registered
as ELLERINE FURNISHERS (PTY) LTD, which report should be consulted.
COMPANY NAME
ELLERINE FURNISHERS (PTY) LTD
TRADING DIVISIONS
RAINBOW LOANS
ELLERINES
TOWN TALK
FURN CITY
FOREIGN CATERING
WETHERLEYS
OSIERS
ROODEFURN MANUFACTURING
PHYSICAL ADDRESS
Head office:
Gillooly’s View Office Park
Block E
Osborne Lane
BEDFORDVIEW
Gauteng
POSTAL ADDRESS
P O Box 122
BEDFORDVIEW
2008
TELEPHONE NUMBER: 011 607 1000
FAX NUMBER: 011 607 1400
SHAREHOLDERS
100% ELLERINE HOLDINGS LTD, listed on the JSE
Ltd.
ASSOCIATE COMPANIES
There are a number
of companies within the ELLERINE HOLDINGS LTD Group named:
ELLERINE PROPERTIES
(PTY) LTD
ELLERINE TRADING
(PTY) LTD (formerly RELYANT TRADING)
Plus a number of
dormant companies as well as insurance companies named:
CUSTOMER PROTECTION
INSURANCE COMPANY LTD
RELYANT INSURANCE
COMPANY LTD
RELYANT ASSURANCE
COMPANY LTD
DIRECTORS
M C M CARTER ID No. 6804205206088
D H COLYN ID No. 6604105034006
D L CROMHOUT ID No. 5605025007080
J G GUNTHER ID No. 6401095165084
M KOK ID No. 6906045022086
D J MAUER ID No. 5603025109006
K V RAWLINGS ID No. 5910215055083
R A RAWLINGS (brother) ID No. 4907225051004
R B G SINCLAIR ID No. 5508245156002
P J C SQUIRES ID No. 4709275613083
A R VAN DEN BORNE ID No. 5506265181108
P A C VAN HEERDEN ID No. 5808165774184
P J VOGES ID No. 4308095032085
BANKERS
FIRST NATIONAL BANK, countrywide. It was stated that the subject is managed by a cash management facility controlled by the holding company.
DATE REGISTERED
24 February 1969
Registration Certificate Number 1969/002687/07
VAT NUMBER
4120101425
MAJOR OPERATION
Furniture retail on cash and credit basis and manufacture of furniture and retail of various decor.
MAJOR SUPPLIERS
TEDELEX
RAND BEDDING
SONY
AMBIJO
MAJOR CUSTOMERS OR BUSINESS
SECTORS
General public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Africa
TOTAL EMPLOYEES
17 000 in the Group.
OTHER PREMISES
The group has 1 250 outlets in total including the associate company ELLERINE TRADING (PTY) LTD.
OWNED OR LEASED
Most of the premises as well as the head office premises are reported to be leased
Full financial information was not forthcoming from respondents at the company. It was, however, stated that the group annual turnover is R8.3 billion.
AUDITORS
GRANT THORNTON KESSEL FEINSTEIN
YEAR END
AUGUST
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R2
000 000 R1 000 000 7 days 7
days Excellent
2. 7 yrs R1
000 000 R 800 000 30 days 30 days Very good
3. 12 yrs R4
000 000 R2 000 000 30 days 30
days Good
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 30 yrs open large amount 30 days 30
days Very good
2. 2003 R15
000 000 R7 000 000 - 30 days 30
days Excellent
R8 000
000
3. 01/1982 R12
000 000 R3 000 000 30 days 30
days Very good
4. 20 yrs open R6 000 000 15 days 15
days Good
COMMENTS
This is an established and well connected company meeting commitments timeously. The subject is considered equal to US$1 000 000 spread over 30 days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)