MIRA INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHALSCE HARBOUR FABRICS |
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Registered Office : |
Unit 17, Gallagher Place, Cnr West Street & Richards Drive,
Midrand, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
02.09.1996 |
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Com. Reg. No.: |
1996/011741/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Import and Distribution of Decorative Furnishing Fabrics. |
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
CHALSCE HARBOUR FABRICS
PHYSICAL ADDRESS
2nd
Floor
The Palms Centre
145 Sir Lowry Road
Cape Town
Western Cape
On investigation it was established that the correct
registered name of the subject is CHELSEA HARBOUR FABRICS (PTY) LTD, which
report should be consulted.
COMPANY NAME
CHELSEA HARBOUR FABRICS (PTY) LTD
PHYSICAL ADDRESS
Unit 17
Gallagher Place
Cnr West Street & Richards Drive
Midrand
Gauteng
POSTAL ADDRESS
Private Bag X205
Midrand
1683
Telephone Number: 011 315 9822
Fax Number: 011 312 1092
SHAREHOLDERS
T P WILLIAMS-WYNN
J J HOEY
It was stated by respondents that there are silent shareholders within the
company, however, further details were not forthcoming.
ASSOCIATE COMPANIES
None
DIRECTORS
T P WILLIAMS-WYNN D.O.B. 610827
J J HOEY ID
No. 6108045125007
BANKERS
FIRST NATIONAL BANK, Carlswald Branch. Acc. No. 59190075796. It was stated
that the subject enjoys overdraft facilities, secured by a cession of
debtors. Utilisation is stated to
fluctuate.
DATE REGISTERED
2 September 1996
Registration Certificate Number: 1996/011741/07.
The subject commenced as a new business.
VAT NUMBER
4410160537
MAJOR OPERATION
Import and distribution of decorative furnishing fabrics.
MAJOR SUPPLIERS
The subject imports its supplies worldwide and deals locally with:
SKYLINE FREIGHT
QI LOGISTICS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Interior decorators, hotel groups, architects, fabric retailers such as
Fiona’s Fabrics and industry in general.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Mauritius, UK, Middle East, Namibia and Botswana.
TOTAL EMPLOYEES
35
OTHER PREMISES
The subject is
reported to have a showroom in Cape Town, Durban and agents in Port Elizabeth
and Namibia .
OWNED OR LEASED
The premises are reported to be leased.
AUTHORISED SHARE CAPITAL
R1 000 divided
into 1 000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R965
The following
estimated financial situation was submitted:
STOCK R7
000 000
DEBTORS R4
000 000 – R8 000 000
FIXED ASSETS R1
000 000
CREDITORS R3
000 000 – R4 000 000
SHAREHOLDERS LOANS R4
000 000
TURNOVER per month R3
000 000
AUDITORS
JOHAN ZWARTS & ASSOCIATES, Johannesburg
YEAR END
DECEMBER
INSURANCE BROKERS
INSURANCE ZONE
TRADE REFERENCES – OCTOBER 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 04/2001 R800
000 R800 000 30 days 30+ days Good
TRADE REFERENCES – DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R1
500 000 R500 000 30 days 30 days Excellent
TRADE REFERENCES – FEBRUARY 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 04/2001 R1 000 000 R 300 000 - 30
days 30 days Good
R1
000 000
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Do not give trade references.
2. 5 yrs R300 000 R150
000 30 days 30 days Very Good
c/l
COMMENTS
This is an established company, which imports most of its supplies. The
subject is meeting its one local commitment timeously. We have not traced
dealings to an extent of US$1 000 000 over DA terms and would prefer to see
dealings to a lesser extent on a spread basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)