MIRA INFORM REPORT

 

 

Report Date :

23.05.2008

 

IDENTIFICATION DETAILS

 

Name :

VAL HAU ET CIE (PTY) LTD

 

 

Registered Office :

1 Losack Avenue, Epping Industrial 2, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.04. 1937

 

 

Com. Reg. No.:

1937/009576/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distribution of Ladies and Girls Sleepwear, Underwear and Outerwear.

 

 

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

 

VAL HAU ET CIE (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

1 Losack Avenue

Epping Industrial 2

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 352

EPPING INDUSTRIAL

7475

TELEPHONE NUMBER: 021 534 2581

FAX NUMBER:  021 534 7678

 

 

SHAREHOLDERS

 

100%    SEARDEL GROUP TRADING (PTY) LTD

 

The Shareholding was previously A CHAITMAN and J L CHAITMAN, having changed in April 2007.

 

 

ASSOCIATE COMPANIES

 

Companies within the Seardel group of companies

 

 

DIRECTORS

 

P T ABRAHAMSON       ID No. 7011175188085

W F BEBB                    ID No. 7304135133089

C BEEKMAN                 ID No. 4107025071084

A D JACOBSON            ID No. 3901275011084

D LEVIN                        ID No. 7311025095088

 

 

BANKERS

 

ABSA BANK, Epping branch, account number: 4067077660.  It was stated that the subject is managed by a cash management scheme controlled by the holding company

DATE REGISTERED

 

27 April 1937

Registration Certificate Number: 1937/009576/07

 

The Chaitman family is reported to have purchased the company from the Hau family in 1955

 

 

VAT NUMBER    

 

4410101846

 

 

MAJOR OPERATION

 

Distribution of ladies and girls sleepwear, underwear and outerwear.

 

 

MAJOR SUPPLIERS

 

POLYOAK

PRINT NEWS

BOSS FREIGHT

INTERNATIONAL TRIMMINGS & LABELS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Chain stores e.g. Edgars, Woolworths, Foschini, Pick ‘n Pay

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

15

 

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

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

 

 

AUDITORS    

 

KPMG

 

 

YEAR END    

 

JUNE

 

 

INSURANCE BROKERS 

 

HERITAGE

 

 

 TRADE REFERENCES – JULY 2002

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             large amounts                            60 days             60 days             Good

 

2.         Old acc             R1 100 000        R100 000          90 days             90 days             Good

                                    c/l                     per month

 

3.         Unable to obtain a trade reference

 

 

CURRENT TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         7 yrs                 R190 000          R150 000          30 days             30 days             Excellent

 

2.         6 yrs                 declined            R  30 000          30 days             30 days             Very good

 

3.         Old acc             R  60 000          R20 000            60 days             30 days             Excellent

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 459 077 and would prefer to see a far lesser amount spread and secured.  The lack of financial information should be borne in mind.

 

 

 

 

 

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