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MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEYLANDTS
FURNITURE CAPE TOWN (PTY) LTD |
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Registered Office : |
22 Bella Rosa Street, Rosenpark, Durbanville, Western
Cape |
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Country : |
South Africa |
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Date of Incorporation : |
01.11.1998 |
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Com. Reg. No.: |
1998/021611/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Retailer of Prestige Furniture and Home Accessories. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
WEYLANDTS
FURNITURE CAPE TOWN (PTY) LTD
TRADING NAME
WEYLANDTS
HOMESTORE
PHYSICAL ADDRESS
22 Bella Rosa Street
Rosenpark
DURBANVILLE
Western Cape
POSTAL ADDRESS
P O Box 725
SANLAMHOF
7532
TELEPHONE NUMBER: 021 951 1130
FAX NUMBER: 021 951 1195
SHAREHOLDERS
50% C WEYLANDT
50% T WEYLANDT
ASSOCIATE COMPANIES
WEYLANDT FURNITURE CREATIONS (PTY) LTD
WEYLANDT INTERIORS (PTY) LTD (registered in Namibia)
DIRECTORS
C WEYLANDT
T WEYLANDT (brother)
BANKERS
NEDBANK, Bellville branch, account number: 1036330389. It was stated
that the subject enjoys group overdraft facilities to an extent of R14.3
million, secured by the personal guarantees of the shareholders. Utilisation of the overdraft is stated to
fluctuate.
DATE REGISTERED
1 November 1998
Registration Certificate Number 1998/021611/07.
VAT NUMBER
4370178008
MAJOR OPERATION
Retailer of prestige furniture and home accessories.
MAJOR SUPPLIERS
The subject imports furniture from Singapore and deals locally with:
JUST SOFA Cape Town
MEDIA SHOP Cape Town
COMPUTER KIT SERVICES Cape Town
SAFCOR PANALPINA Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
General public
AREA OF DISTRIBUTION AND SELLING
Western Cape, Knysna and Gauteng
EXPORTS
Namibia
TOTAL EMPLOYEES
230
OTHER PREMISES
The subject is
reported to have 5 retail stores: 2 in
Cape Town, 1 in Knysna and 2 in Gauteng.
OWNED OR LEASED
The head office
premises are owned by the subject, while the remainder of the premises are
leased.
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 3 000 000
DEBTORS mainly
on a COD basis
CREDITORS R3
000 000 – R 4 000 000
LOAN ACCOUNT small
amount
TURNOVER per month R 10 000 000
TURNOVER per annum R135
000 000
AUDITORS
GRANT THORNTON, Cape Town 021 481 9000
YEAR END
FEBRUARY
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES – MARCH 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R78 000 R78
000 30 days 30 days Excellent
for entire
group
2. 01/2004 declined declined 30 days 30 days+ Slow
3. Old acc R1 000 000 R1 000 000 30 days 30
days Very Good
4. Do not give trade references
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open R1
000 000 - 30 days 30 days Very
good
R2
000 000
2. Old acc fluctuates – sporadic 30
days 30 days Good
3. Last purchased in September
2007
4. Do not give trade references
COMMENTS
This is an established company meeting its commitments timeously. We have not traced dealings to an extent of
$1 000 000 and would prefer to see a far lesser figure well spread and secured.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.66.02 |
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%)