|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
BROWNS THE DIAMOND STORE CC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.09.2002 |
|
|
|
|
Com. Reg. No.: |
2002/080356/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Manufacturing of
jewellery, Necklaces &
Pendants, Rings,
Bracelets,
Earrings Eternity Bands, Tanzanite, Natural Fancy Coloured Diamonds, Browns Collections, Charms |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
-- (In the absence of financial details. We cannot grant maximum
credit limit for the subject company) |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Subject Name |
BROWNS
THE DIAMOND STORE CC |
|
Country |
SOUTH
AFRICA |
|
Requested Credit Limit |
N/A |
|
Enquiry Terms |
D/A |
|
Subject Contact person |
Financial
manager NIEL FORTHMAN (011 438 7920) |
|
Assessment |
On investigation
contact was made with the subject and we were referred to the financial
manager MR NIEL FORTHMAN who declined all information regarding the subject. MR
NIEL FORTHMAN requested the principal enquirer to contact him directly and
give him more insight on the reason for the enquiry. Please
however see available information below. |
|
Registered Name |
Browns The Diamond Store CC |
|
Trading as/ Division Name |
Browns The Diamond Store |
|
Previous Name |
None |
|
Date of Name Change |
None |
|
Registration Number |
2002/080356/23 |
|
Registration Date |
2002/09/23 |
|
Date Commenced Trading |
2002/09/23 |
|
Age of Business |
10 Years |
|
History of Business |
Unavailable |
|
History of Principals |
2 |
|
Shareholders and % holding |
Unavailable |
|
Authorised Share Capital |
Unavailable |
|
Issued Share Capital |
Unavailable |
|
Status |
In Business |
|
Operations Assessment |
Manufacturing of
jewellery, |
|
Industry/ Customers |
Public |
|
Export |
None |
|
Major Industry Code / SICC |
39211 |
|
Definition of Code |
Jewellery and
related articles composed of precious metals, precious and semi-precious
stones and pearls |
|
Head Office Physical Address |
105 Conrad Drive Blairgowrie JOHANNESBURG |
|
Head Office Postal Address |
PO
Box 782992 Sandton 2146 |
|
Current Tel Number |
011 438 7920 |
|
Cell number |
Unavailable |
|
Current Fax Number |
011 250 2001 |
|
Current Email Address |
|
|
Web Site Address |
www.brownsjewellers.com |
|
Company Registered Name |
RWFC FINANCIAL CONSULTANTS INC |
|
Trading Name |
RWFC FINANCIAL CONSULTANTS |
|
Registration Number |
2001/000693/21 |
|
Physical Address |
Garrun Building 33 Central Street Houghton Estate 2198 |
|
Postal Address |
PO Box 1364 HOUGHTON 2041 |
|
Contact Person |
Ridwaan |
|
Contact Number |
011 483 3333 |
|
Email |
Ridwaan@rwfc.co.za |
|
Principals |
3 |
|
Judgements Against Subject |
None |
|
Judgements Against Principals |
None |
|
Subject Verified as Client |
Yes |
|
SAICA number |
900397 |
|
VAT Number |
4060194109 |
|
Tax Number |
9389114142 |
|
BEE Status |
None |
|
Financial Year End |
February |
|
Years With Auditors |
9 |
|
Website |
www.RWFC.co.za |
|
Company Name |
Phone Number |
Time with previous auditors |
|
None |
|
|
Tax
Information
|
Vat Number |
4820207076 |
|
Status |
Active |
|
Vat Liable Date |
2003/07/01 |
|
Tax Number |
9039824157 |
|
Tax Clearance Expire Date |
Unavailable |
|
Financial Year End |
February |
|
Status |
Unavailable |
|
Score |
|
|
Expire Date |
|
|
BEE Certificate Available |
|
|
Type of ISO Grade |
Unavailable |
|
ISO Certificate |
|
|
ISO Certificate Available |
|
|
Certified by an Accredited
Agent |
|
|
Registered |
Unavailable |
|
Compliance Certified |
|
Subsidiaries
|
Subsidiary Company |
Unavailable |
|
Shareholding |
|
|
Registration Number |
|
|
Import / Export |
|
|
Number
of Employees |
Unavailable |
|
1. Salaried employees |
|
|
2. Waged employees |
|
|
3. Permanent employees |
|
|
4. Casual employees |
|
|
5. Contracted employees |
|
Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding Balance |
|
Fleet Operations |
Unavailable |
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|
|
|
The Fleet is made up of |
|
|||
|
1. Cars |
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|
|
|
|
2. Light Delivery Vehicles |
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3. Trailers |
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4. Busses |
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|
|
|
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5. Trucks |
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|
|
|
|
6. Fork Lifts |
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|
|
|
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7. Other |
|
|
|
|
|
Offices |
Unavailable |
Head Office Owned/ Rented |
|
|
Rental Company |
|
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease Agreement |
|
|
Lease Expire Date |
|
|
Type of Premises |
|
Branches Names |
Country |
Province |
|
Unavailable |
|
|
Branches Owned/ Rented |
Unavailable |
|
Rental Company |
|
|
Owned |
|
|
Value |
|
|
Bank |
|
|
Bond |
|
|
Lease Agreement |
|
|
Lease Expire Date |
|
|
Type of Premises |
|
|
Level |
Position |
Name |
|
Unavailable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: One
level up and all levels down
|
Holding |
Company |
Sub |
|
Unavailable |
|
|
|
|
|
|
|
Company |
Value |
Contact |
|
Unavailable |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
|
1 |
Unavailable |
|
|
|
|
2
|
|
|
|
|
|
Nr |
Age
of Acc |
Credit
Limit |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
Unavailable |
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
Trade References Detail
Judgements
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil
Court |
None |
|
RDs |
None |
Business Rescue
|
Date registered |
Business rescue practitioner |
Contact Information |
Details |
|
None |
|
|
|
Default Listings
|
Date |
Details |
|
None |
|
Notarial Bonds
|
Date |
Details |
|
None |
|
|
Bank |
NEDBANK |
|
Branch |
Unavailable |
|
Bank Account Number |
1284085775 |
|
Type of Account |
Unavailable |
|
Account Name |
Unavailable |
|
Overdraft Facilities |
Yes/No |
|
Date Opened |
Unavailable |
|
Bank Code |
Unavailable due to branch not being divulged |
|
Bank Comment |
Unavailable |
Bank Codes History
|
Date
requested |
Bank
Code |
Enquiry
Amount |
Number
of RD’s |
RD
amount |
RD
Date |
Bank
Comments |
Years
with bank |
|
Unavailable |
|
|
|
|
|
|
|
Previous Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
Unavailable |
|
|
|
|
|
Property Interests for Company
|
Title
Deed No. |
ST30061/2008 |
Erf/Site No. |
167803 |
|
Deeds
Office |
CAPE TOWN |
Physical Address |
V
& A WATERFRONT CAE TOWN |
|
Property
Type |
Sectional Title/Unit |
Extent / Size |
7.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase price |
18 000
000 |
|
%
Ownership |
0 |
Bond Holder |
|
|
Bond
Number |
K11162007S |
Bond Amount |
0 |
|
Title
Deed No. |
ST30061/2008 |
Erf/Site No. |
167803,0 |
|
Deeds
Office |
CAPE TOWN |
Physical Address |
V
& A Waterfront Cape Town |
|
Property
Type |
Sectional Title / Unit |
Extent / Size |
13.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase price |
18 000
000 |
|
%
Ownership |
|
Bond Holder |
|
|
Bond
Number |
K11172007S |
Bond Amount |
|
|
Title
Deed No. |
ST30061/2008 |
Erf/Site No. |
167803 |
|
Deeds
Office |
CAPE TOWN |
Physical Address |
V
& A Waterfront Cape Town |
|
Property
Type |
Sectional Title/Unit |
Extent / Size |
12.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase price |
18 000
000 |
|
% Ownership |
0 |
Bond Holder |
|
|
Bond
Number |
K11162007S |
Bond Amount |
|
|
Title Deed No. |
ST30061/2008 |
Erf/Site
No. |
271.0SQM |
|
Deeds Office |
CAPE TOWN |
Physical
Address |
V & A WATERFRONT CAPE TOWN |
|
Property Type |
Sectional Title/Unit |
Extent
/ Size |
271.0SQM |
|
Purchase Date |
2008/07/18 |
Purchase
price |
18 000 000 |
|
% Ownership |
0 |
Bond
Holder |
|
|
Bond Number |
K11162007S |
Bond
Amount |
|
Financial Estimates
|
CURRENT ASSETS |
Unavailable |
|
Stock |
|
|
Debtors |
|
|
FIXED ASSETS |
|
|
Plant, Equipment, Vehicles |
|
|
Property |
|
|
CURRENT LIABILITIES |
|
|
Creditors |
|
|
Loans/ From? |
|
|
LONG TERM LIABILITIES |
|
|
Morgage Bonds |
|
|
Previous Year Turnover |
|
|
Estimated Current Year Turnover |
|
|
Current Turnover per month |
|
|
Current Turnover per annum |
|
Please note the following:
|
Turnover and assets less than R
1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R
2,000,000.00 |
The subject falls within the Consumer Protection Act |
Principals
|
Number
of Principals |
2 |
|
Average
Age of Active Principals |
46 |
Active Principals
Principal 1 of 2: GAVIN BROWN
|
Surname |
BROWN |
|
First Name |
GAVIN |
|
Other Names |
None |
|
Marital Status |
Unavailable |
|
ID Number |
6811215022082 |
|
Verified ID Number |
Yes |
|
Current Age |
44 |
|
Designation |
Unavailable |
|
Status |
Active |
|
Appointment Date |
Unavailable |
|
Physical Address (at time of
Appointment) |
Unit 1 97 Atholl Road 2196 |
|
Postal Address |
PO Box 782992 SANDTON 2146 |
|
Current Tel Number |
0116668600 |
|
Cell number |
0824122668 |
|
Current Fax Number |
Unavailable |
|
Current Email Address |
Unavailable |
|
Shareholding |
40.0000 |
Adverse Information for: GAVIN BROWN
Judgement
|
Number
of Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default
data |
None |
Business Information for: GAVIN BROWN
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
|
SANDTON
JEWELLERY DESIGN CORPORATION CC |
2002/004857/23 |
In
Business |
10
Years 3 Months |
0 |
No |
|
BROWNS
THE DIAMOND STORE CC |
2002/080356/23 |
In
Business |
9
Years 7 Months |
0 |
No |
|
GOLDSMITH
AND SILVER JEWELLERY MANUFACTURES CC |
B2008/149749/23 |
In
Business |
3
Years 9 Months |
0 |
No |
Previous Business Interests
|
Average
Age of Previous Business Interests |
17 years |
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
|
LARRY
AND GAVIN JEWELLERS CC |
1990/018318/23 |
Deregistration
Final |
21
Years 10 Months |
0 |
No |
|
BOXCORP
SA MANUFACTURES CC |
1990/034260/23 |
Deregistration
Final |
21
Years 5 Months |
0 |
No |
|
HYPERGOLD
JEWELLERS (PTY)LTD |
1997/015117/07 |
Deregistration
Final |
14
Years 7 Months |
0 |
No |
|
GLENHURST
PROPERTIES 3 (PTY)LTD |
2000/014047/07 |
Deregistration
final |
11
Years 9 Months |
0 |
No |
Deeds Information
Property Interestsfor: GAVIN
BROWN
|
Title Deed No. |
ST27676/2011 |
Erf/Site
No. |
1364,0 |
|
Deeds Office |
JOHANNESBURG |
Physical
Address |
21 JOEL BEREA JOHANNESBURG |
|
Property Type |
Sectional
Title/Unit |
Extent
/ Size |
49.0SQM |
|
Purchase Date |
2007/01/16 |
Purchase
price |
35 000,00 |
|
% Ownership |
|
Bond
Holder |
BROWN MYRA |
|
Bond Number |
VA23582011 |
Bond
Amount |
|
Principal 2 of 2: LAWRENCE BROWN
|
Surname |
BROWN |
|
First
Name |
LAWRENCE |
|
Other
Names |
None |
|
Marital
Status |
Unavailable |
|
ID
Number |
6411065012083 |
|
Verified
ID Number |
Yes |
|
Current
Age |
48 |
|
Designation |
Unknown |
|
Status |
Active |
|
Appointment
Date |
Unavailable |
|
Physical
Address (at time of Appointment) |
5 Oakwood
Estates Oaklands
Road Atholl 2196 |
|
Postal
Address |
PO
Box 782992 Sandton 2146 |
|
Current
Tel Number |
011
6404354 |
|
Cell
number |
Unavailable |
|
Current
Fax Number |
Unavailable |
|
Current
Email Address |
Unavailable |
|
Shareholding |
Unavailable |
Adverse Information for: LAWRENCE BROWN
Judgement
|
Number
of Judgements |
None |
Debt Review
|
Debt
review |
None |
Other
|
Default
data |
None |
Business Information for: LAWRENCE BROWN
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
|
SANDTON
JEWELLERY DESIGN CORPORATION CC |
2002/004857/23 |
In
Business |
10
Years 3 Months |
0 |
No |
|
KIMBERLEY
HOUSE JEWELLERS (PTY)LTD |
2002/024060/07 |
In
Business |
9
Years 7 Months |
0 |
No |
|
BROWNS
THE DIAMOND STORE CC |
2002/080356/23 |
In
Business |
9
Years7 Months |
0 |
No |
|
GOLDSMITH
AND SILVER JEWELLERY MANUFACTURES CC |
B2008/149749/23 |
In
Business |
3 Years
9 Months |
0 |
No |
Previous Business Interests
|
Average
Age of Previous Business Interests |
56 Years |
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
|
LARRY
AND GAVIN JEWELLERS CC |
1990/018318/23 |
Deregistration
Final |
21
Years 10 Months |
0 |
No |
|
BOXCORP
SA MANUFACTURES CC |
1990/034260/23 |
Deregistration Final |
21
Years 5 Months |
0 |
No |
|
HYPERGOLD
JEWELLERS (PTY)LTD |
1997/015117/07 |
Deregistration
Final |
14
Years 7 Months |
0 |
No |
Deeds Information
Property Interestsfor: LAWRENCE BROWN
|
Title
Deed No. |
ST42903/2007 |
Erf/Site No. |
575,8 |
|
Deeds
Office |
PRETORIA |
Physical Address |
163
5th Sandown SANDTON |
|
Property
Type |
Sectional Title/Unit |
Extent / Size |
224.0SQM |
|
Purchase
Date |
2006/08/19 |
Purchase price |
6 500
000 |
|
%
Ownership |
0 |
Bond Holder |
|
|
Bond
Number |
|
Bond Amount |
0 |
DIAMOND INDUSTRY –
INDIA
-
From time
immemorial, India is well known in the world as the birthplace for
diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The
achievement of the Indian diamond industry was possible only due to combination
of the manufacturing skills of the Indian workforce and the untiring and
unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area
of study of family owned diamond businesses derives its importance from the
huge conglomerate of family run organizations which operate in the diamond
industry since many generations.
-
Some of
the basic traits of family run business enterprises include spirit of
entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
-
Family
owned diamond businesses need to improve on many fronts including higher
standard of corporate governance, long-term performance – focused strategies,
modern management and technology.
-
The
diamond jewellery industry in India today may be more than Rs 60000 mil and is
rated amongst the fastest growing in the world. Indi ranks third in the
world in domestic diamond consumption.
-
Utmost
caution is to be exercised while dealing with some medium and large diamond
traders which are usually engaged in fictitious import – export, inter-company
transactions, financially assisted by banks. In the process, several public
sector banks lost several hundred million rupees. They mostly diverted borrowed
money for diamond business into real estate and capital markets.
-
Excerpts
from Times of India dated 30th October 2010 is as under –
DIAMOND SAGA – DIRTY
DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.
-
Most of
the money borrowed from the banks in the name of their diamond business has been
diverted in real estate and the share market. The banks are not in a position
to seize their properties because in many cases, these were purchased in the
name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.41 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.66 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.