MIRA INFORM REPORT

 

 

Report Date :           

11.06.2011

 

IDENTIFICATION DETAILS

 

Name :

CORICRAFT GROUP (PTY) LTD

 

 

Formerly Known As :

ASHERTON INVESTMENTS (PTY) LTD

 

 

Registered Office :

28 Christian Avenue, Epping, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.05.2005

 

 

Com. Reg. No.:

2005/014198/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers of lounge suites 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME

 

CORICRAFT GROUP (PTY) LTD

 

Formerly ASHERTON INVESTMENTS (PTY) LTD, the name having been changed on 4 November 2005.

 

 

PHYSICAL ADDRESS

 

28 Christian Avenue

Epping

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 115

EPPINDUST

7475

 

Telephone Number:     021 505 6640

Fax Number:                021 505 6650

 

 

SHAREHOLDERS

 

·         48,3%  WESTBROOK INVESTMENT (PTY) LTD

·         44.9%  CAP WEST LTD

·         6.8%  D G JACOBSON

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

A G LANGLEY                                                  ID No.   4412205008082

D G JACOBSON                                                ID No.   6511185016086

R ZOIO                                                             ID No.   6711215131083

MS L M REICHMAN                                           ID No.   6803280137085

M H SACKS                                                      ID No.   7002075038082

C P SCHNEEBERGER                                      ID No.   7410165255088

M MATISONN                                                    ID No.   7503055021089

BANKERS:

 

ABSA BANK, CAPE TOWN, however, further information regarding banking facilities was not forthcoming from respondents at the company

 

 

DATE REGISTERED

 

10 May 2005

Registration Certificate Number 2005/014198/07

 

The subject was registered to take over the assets and operations of CORICRAFT GROUP (PTY) LTD Registration Certificate Number 2000/018486/07.  The latter company changed its name to ASHERTON INVESTMENTS (PTY) LTD simultaneously with that of the subject on the 4th November 2005. 

 

The company ASHERTON INVESTMENTS (PTY) LTD (formerly Coricraft Group (Pty) Ltd) (Registration certificate number 2000/018486/07) was registered to take over assets and operations of CORICRAFT (PTY) LTD (Reg. No. 1967/001208/07).  The latter company was purchased as a dormant company and changed its name and commenced operations on 8 March 1995.

 

 

MAJOR OPERATION

 

Manufacturers of lounge suites 

 

 

MAJOR SUPPLIERS

 

The subject imports fabric from Italy, leather from Argentina, accessories and furniture from Singapore, India, China and Indonesia and deals locally with:

 

VITAFOAM Cape Town

BRITS TEXTILES Cape Town

PROCUREMENT SERVICES Cape Town

BERRY AND DONALDSON Cape Town

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Belgium, Namibia, Spain, Germany and UK.

 

TOTAL EMPLOYEES

 

900

 

OTHER PREMISES

 

The subject has stores in Johannesburg, Cape Town, Bloemfontein, Rustenburg, Nelspruit, Durban and Port Elizabeth.

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R1 000

The following estimated financial situation was submitted as at 8th June 2011

 

STOCK                                                                                R85 000 000

DEBTORS mainly COD prior to delivery                                  R  1 000 000

FIXED ASSETS                                                                    R39 000 000

CREDITORS                                                                        R43 000 000

SHAREHOLDERS LOANS                                                    R10 000 000

TURNOVER per month                                                          R35 000 000

 

 

AUDITORS   

 

MAZARS  Cape Town

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

A I B

 

 

TRADE REFERENCES – OCTOBER 2005

 

            ACCOUNT    HIGHEST    AVERAGE    TERMS     PAYMENT EXPERIENCE

            OPENED      CREDIT       CREDIT                       PATTERN

 

1.               Old acc        R100 000+   R100 000+    7 days      7 days       Very Good

2.               10 yrs           R300 000     R200 000      60 days    60 days     Good

                                                       -R300 000

3.               3 yrs            R4 000 000  R1 500 000   30 days    30 days     Good

                                     c/l               -R4 000 000

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.a) 2005             R2 300 000    R1 000 000      30 days    30 days        Very Good

                          c/l

 

1.b) 2005             R2 200 000    R   700 000     30 days    30 days        Very Good

                          c/l

 

2.    10 Years       declined         R   500 000     60 days    60 days        Very Good

 

3.    5 Years+      R2 000 000    R2 000 000      60 days    60 days        Excellent

                          c/l

 

 

COMMENTS

 

This is an established company that underwent changes over the years.  The subject is meeting its commitments on arranged terms, however, we have not traced dealings to an extent of US$1 000 000 but the subject is considered equal to such an amount over 90 days.

 

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.72.93

Euro

1

Rs.64.72

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.