MIRA INFORM REPORT

 

 

Report Date :

21.09.2007

 

IDENTIFICATION DETAILS

 

Name :

WESTJEWEL LTD

 

 

Registered Office :

8th Floor, 118 St Georges Mall, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

28 March 2001

 

 

Com. Reg. No.:

2001/007001/06

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesaler of jewellery

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

WESTJEWEL LTD

 

 

PHYSICAL ADDRESS

 

8th Floor

118 St Georges Mall

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS

 

As above

 

TELEPHONE NUMBER: 021 424 3474

FAX NUMBER:                          021 424 0008

 

Previous attempts to obtain information from the respondents at the subject have proved unsuccessful, however, the following basic information was obtained at current investigations:-

 

 

SHAREHOLDERS

 

The Shareholders are reported to consist of the Directors, an Employee Trust and other outside Shareholders.

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

P W WORTHINGTON                 ID No. 6810305126084

H J VAN DER MERWE              ID No. 6803075097080

J KING

 

 

BANKERS

 

STANDARD BANK, Cape Town Main branch.  Further banking information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this respect

 

 

DATE REGISTERED

 

28 March 2001

Registration Certificate Number: 2001/007001/06

 

 

VAT NUMBER

 

4180215537

 

 

MAJOR OPERATION

 

Wholesaler of jewellery

 

 

MAJOR SUPPLIERS

 

ORO AFRICA

TRU GOLD

OROFINO GIOIELLI

GABARONE MANUFACTURERS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

15

 

 

OTHER PREMISES

 

None

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1 ordinary share

 

 

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

 

ORKIN BROWN

 

 

YEAR END

 

AUGUST

 

 

INSURANCE BROKERS

 

UNKNOWN

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         03/2005 R500 000          R120 000          30 days             30 days             Good

 

2.         4-5 yrs              open                 R  60 000 -        30 days             30 days             Very good

                                                            R  70 000

 

3.         1.5 yrs              open                 R  35 000 -        30 days             30 days             Very good

                                                            R  50 000

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see dealings to a far lesser extent spread and secured.

 

 

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