MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BROWNS THE DIAMOND STORE CC |
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Formerly Known As : |
CHAR-TRADE 255 CC |
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Registered Office : |
229 Oxford Road, Dunkeld, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.09.2002 |
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Com. Reg. No.: |
2002/080356/23 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturers and general trading of all aspects of jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
BROWNS THE DIAMOND
STORE CC
Formerly CHAR-TRADE 255 CC, the name having
been changed on 30 May 2003.
PHYSICAL ADDRESS
229 Oxford Road
Dunkeld
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 782992
Sandton
2146
Telephone Number: 011 250 2000
Fax Number: 011 250 2001
MEMBERS
60% L
A BROWN ID No: 6411065012083
40% G
N BROWN (Brother) ID No: 6811215022082
ASSOCIATE COMPANIES
SEVILLANO PROPERTIES (PTY) LTD (property owning company)
BANKERS
NEDBANK CENTRAL BUSINESS, Johannesburg branch, account number
1284085775. It was stated that the
subject does enjoy overdraft facilities, the extent of which were not known by
the respondents at the company. It was stated that monies are transferred from
their call account to the business account as and when needed. Utilisation of the overdraft is occasional.
DATE REGISTERED
23 September 2002
Registration Certificate Number 2002/080356/23
Messrs L A BROWN and G W BROWN were previously involved in a company
named LARRY AND GAVIN JEWELLERS (PTY) LTD, trading as HYPERGOLD JEWELLERS which
company was originally registered in 1990 and went into liquidation prior to
the subject commencing business.
VAT NUMBER
4820207076
MAJOR OPERATION
Manufacturers and general trading of all aspects of jewellery.
MAJOR SUPPLIERS
The subject is reported to import worldwide and deals locally with:
GEMGOLD, Johannesburg
TRILOGY, Johannesburg
RAND REFINERY, Johannesburg
GOLDSMITH AND JEWELLERY SUPPLIERS, Pretoria
MAJOR CUSTOMERS OR BUSINESS
SECTORS
General public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
225
OTHER PREMISES
The subject is reported to have 17 branches countrywide and a workshop at
70 Bompas Road, Dunkeld.
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company and valued in the region of R3.7 million, bonded for a small amount.
MEMBERS CONTRIBUTION
R100
The respondent declined to update the financial information on the
subject. Nevertheless, historical
financial information as at November 2007 reads as follows:
STOCK R1
500 000
DEBTORS R 890 000
CREDITORS R 500 000
TURNOVER
per month R5
500 000
AUDITORS
R W F C FINANCIAL CONSULTANTS INC (Houghton)
YEAR END
FEBRUARY
INSURANCE BROKERS
SANTAM
TRADE REFERENCES – AUGUST 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 yrs R150
000 R150 000 30 days 30 days Good
2. 1 yr R10
000 R5 000 - 30 days 45
days Slow
R8
000
3. 2
yrs R30 000 R15 000 30
days 30 days Good
TRADE REFERENCES – DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 yrs R30 000 R5
000 60 days 60 days Very
good
2. 2 yrs R30 000 R10
000 30 days 60 days Slow
3. 4 yrs R80 000 R20
000 30 days 30 days Good
4. 3 yrs R500 000 R300
000 30 days 30 days Good
TRADE REFERENCES – NOVEMBER 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open R 90 000 30
days 30 days Very good
2. 3 yrs open R 25 000 30
days 30 days Very good
3. 6 yrs open R100
000 30 days 30 days Very good
TRADE REFERENCES – AUGUST 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R300 000 R200 000 30 days 30
days Very Good
-R300
000
2. Old acc R300 R300 30 days 30 days Good
3. 6 yrs R25 000 R25
000 30 days 30 days Good
EFT
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R200 000 R100
000 30 days 30 days Excellent
2. Do not give trade references.
2. Few years R
50 000 R 30 000- 30
days 30 days Excellent
R 50 000
COMMENTS
This is a comparatively established business whose members were involved in a similar business that went into liquidation. The subject is meeting its commitments timeously. The subject is considered equal to its normal business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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%)