MIRA INFORM REPORT

 

 

Report Date :

02.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ROWMOOR INVESTMENTS NO 329 (PTY) LTD

 

 

Registered Office :

101 Harrington House, 1st Floor, 37 Barrack Street, Cape Town, Western Cape,

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.09.2001

 

 

Com. Reg. No.:

2001/021287/07

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Importers and distributors of clothing

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

HILTON WEINER (PTY) LTD

 

TRADING NAME:          ROWMOOR INVESTMENTS 329 (PTY) LTD

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

101 Harrington House

1st Floor

37 Barrack Street

Cape Town

Western Cape

 

On investigation it was established that the correct registered name of the subject is ROWMOOR INVESTMENTS NO. 329 (PTY) LTD trading as HILTON WEINER, which report should be consulted.

 

COMPANY NAME

 

ROWMOOR INVESTMENTS NO 329 (PTY) LTD

 

TRADING NAME:          HILTON WEINER

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

1st Floor

101 Harrington House

37 Barrack Street

CAPE TOWN

Western Cape

 

POSTAL ADDRESS:     

 

P O Box 427

WOODSTOCK

8000

TELEPHONE NUMBER  : 021 461 1207

FAX NUMBER               : 021 461 9056

 

 

SHAREHOLDERS

 

100%    THE CHELSEA TRUST

 

 

ASSOCIATE COMPANIES

 

JENNI BUTTON (PTY) LTD

RAPIDTRADE 7 (PTY) LTD t/a ACA JOE

RAPIDTRADE 8 (PTY) LTD t/a URBAN DEGREE

RAPIDTRADE 9 (PTY) LTD t/a HILTON WEINER

RAPIDTRADE 10 (PTY) LTD t/a VERTIGO

 

 

DIRECTORS

 

W K GAUTIER               ID No. 6701145212087

M P JOUBERT              ID No. 6411265172000

M T O’REILLY               ID No. 6804080086084

H OPPEL                      ID No. 7610075172089

 

 

BANKERS

 

FIRST NATIONAL BANK, Cape Town Corporate Branch.  It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

                                                                                                                                   

 

DATE REGISTERED

 

7 September 2001

Registration Certificate Number: 2001/021287/07

 

 

VAT NUMBER

 

4580211144

 

 

MAJOR OPERATION

 

Importers and distributors of clothing

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its supplies and deals locally with:

 

BERRY AND DONALDSON

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Associate companies

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

None, however, the subject utilises staff from the associate companies

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1 divided into 1 ordinary share of R1

 

ISSUED SHARE CAPITAL:         R1

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

MOORES ROWLAND

 

YEAR END:      JUNE

 

INSURANCE BROKERS: SANTAM

 

 

TRADE REFERENCES

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         ±4 yrs               R7 000 000        R2 000 000        60 days             120 days           Slow

 

 

COMMENTS

 

This is a relatively established business which is not a general credit seeker locally. The subject is meeting its local commitment slowly. We have not traced dealings to an extent of US$1 000 000 and would prefer to see all dealings on a letter of credit basis.

 

           

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions