MIRA INFORM REPORT
|
Report Date : |
18.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHIC SHOE MANUFACTURERS CC |
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Registered Office : |
Unit B20, Corner Connaught And Riley, Beaconvale Industria, Parow, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
13.12.2004 |
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Com. Reg. No.: |
B2004/123717/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Manufacture of Footwear |
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No. of Employees
: |
150 |
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 : |
R1 500 000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Africa |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company details
|
Subject Name |
CHIC SHOE MANUFACTURERS CC |
|
Country |
South Africa |
|
Requested Credit Limit |
R1 500 000 |
|
Enquiry Terms |
D/A |
|
Account Review |
Every Six Months |
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Subject Contact person |
Mrs. Rachmat Thomas – member |
|
Assessment |
Total Credit Limit Exposure: Total Suretyship: This is a comparatively established business. Commitments are being met slowly at times. In view of the absence of a bank code we cannot speak to your figure. |
Company
Information
|
Registered Name |
CHIC SHOE
MANUFACTURERS CC |
|
Registration Number |
B2004/123717/23 |
|
Registration Date |
2004-12-13 |
|
Date Commenced Trading |
2004-12-13 |
|
Age of Business |
7 Years 1 Month |
|
History of Business |
The subject was registered to incorporate the manufacturing equipment of an established company namely, OLYMPIC FLAIR. |
|
History of Principals |
The principles were all previously employed in supervisory positions at OLYMPIC FLAIR SHOE FACTORY. |
|
Membership and % holding |
33⅓% I J MEYER 33⅓% MRS. R THOMAS 33⅓% L D ARENDSE |
|
Members Contribution |
R100 |
|
Status |
Active |
|
Operations Assessment |
Manufacturers and distribution of ladies shoes |
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Industry/ Customers |
Retail chain stores (Woolworths), corporate sectors (banks) as well as government departments on a tender basis such as SA Army, SA Police Services, Correctional Services, SA Navy etc. |
|
Area of Distribution |
South Africa |
|
Export |
Neighbouring countries and occasionally to Mauritius. |
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Major Industry Code / SICC |
31700 MANUFACTURING |
|
Definition of Code |
Manufacture Of Footwear |
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Head Office Physical Address |
Unit B20 Corner Connaught and Riley BEACONVALE INDUSTRIA Parow Western Cape |
|
Head Office Postal Address |
P O Box 1282 PAROW 7499 |
|
Current Tel Number |
021 931 7963 |
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Cell number |
076 315 3008 082 422 1708 – Mr. Arendse |
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Current Fax Number |
021 931 7960 / 931 7848 |
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Current Email Address |
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|
Web Site Address |
Bookkeeper
Information
|
Name |
OFFICE ON CALL |
|
Contact Person |
Yolandi |
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Contact Number |
086 107 6583 |
Auditors
Information
|
Company Registered Name |
SCHOEMANS AUDITORS |
|
Registration Number |
Sole proprietor |
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Physical Address |
26 Andries Pretorius Oakdale BELLVILLE 7560 |
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Postal Address |
P O Box 4751 TYGER VALLEY 7536 |
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Contact Person |
Niel Schoeman |
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Contact Number |
021 910 1215 |
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Email |
|
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Subject Verified as Client |
Yes |
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Profession
number |
03338902 |
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VAT Number |
4570204786 |
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BEE Status |
Non-compliant |
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Financial Year End |
February |
|
Years With Auditors |
November 2011 |
|
Website |
Previous Auditors
|
Company Name |
Time with previous auditors |
|
CAP CHARTERED
ACCOUNTANT |
6 years |
|
LIONAL JACOBS |
Unknown |
Tax Information
|
Vat Number |
4890216577 |
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Status |
Active |
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Vat Liable Date |
2005-01-03 |
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Tax Number |
9114869150 |
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Tax Clearance Expire Date |
June 2012 |
|
Financial Year End |
February |
Black Economic
Empowerment
|
Status |
Yes |
|
Score |
Level 1 |
|
Expire Date |
November 2011 – in process of reapplying |
|
BEE Certificate Available |
No |
ISO Status
|
Type of ISO Grade |
None |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance Certified |
No |
Company Structure
Subsidiaries
|
Subsidiary Company |
None |
|
Number of
Employees |
150 |
|
1. Waged
employees |
√ |
Company Fleet |
No of vehicles: |
Owned/ Leased |
Outstanding Balance |
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Fleet Operations |
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The Fleet is made up of |
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1. Cars |
3 |
Lease agreement
with Standard Bank |
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2. Light
Delivery Vehicles |
1 |
Owned |
Fully paid |
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Offices |
|
Head Office Owned/ Rented |
The premises are leased from a third party. |
|
Rental Company |
FINITEX |
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Lease Agreement |
5 year lease agreement |
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Lease Expire Date |
2014 |
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Type of Premises |
The premises comprise of an administration office and a factory. |
|
Branches |
Address |
|
The subject has
a factory shop |
Voortrekker
Street GOODWOOD Western Cape |
Branches Owned/ Rented |
The factory shop premises are leased from a third party. |
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Rental Company |
JARWOD PROPERTY |
|
Lease Agreement |
3 year lease agreement |
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Lease Expire Date |
2014 |
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Type of Premises |
Retail shop premises |
Trade References
Key deals signed within the past 12 months.
|
Company |
Value |
Contract term |
|
WOOLWORTHS |
Declined exact amount, however, it was stated that it is for a large
amount |
8 months |
The subject imports
raw materials from Pakistan, India, Brazil, Italy and Spain.
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
|
1 |
GEODIS WILSON |
011 396
1830 |
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2 |
PREMIER FREIGHT |
011 573 9000 |
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3 |
MILLSPEED |
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4 |
JOHN WHITTLE
COMPONENTS |
031 700
4275 |
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Trade References
Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
7 years |
Declined |
Declined |
30 days |
Declined |
60 days |
Slow |
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2 |
Do |
Not |
Give |
Trade |
References |
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3 |
None |
Obtained |
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4 |
5 years |
R350 000 |
R400 000 |
30 days |
R200 000- R400 000 |
30 days |
Good |
Adverse
Information on Subject
Judgements
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Business Rescue
|
Date registered |
Business rescue practitioner |
Contact Information |
Details |
|
None |
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Default Listings
|
Date |
Details |
|
None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Bank Information
|
Bank |
STANDARD BANK |
|
Branch |
Cape Gate |
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Bank Account Number |
The respondent declined to assist with the account number details. |
|
Type of Account |
Cheque |
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Account Name |
CHIC SHOE MANUFACTURERS CC |
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Overdraft Facilities |
It was stated that the subject enjoys an overdraft facility, secured
by the Industrial Development Corporation of South Africa. The overdraft is utilised for working
capital purposes. |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
Years with bank |
|
None on record |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None on record |
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Deeds Information
Property
Interestsfor Company
|
Title Deed No. |
None |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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|
Bond Number |
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Bond Amount |
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Financial Information
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
R2 000 000 |
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Debtors |
R4 000 000 – R5 000 000 |
|
FIXED ASSETS |
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|
Plant, Equipment, Vehicles |
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|
Property |
Nil |
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CURRENT LIABILITIES |
|
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Creditors |
R1 200 000 – R1 500 000 |
|
Loans |
|
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LONG TERM LIABILITIES |
|
|
Morgage Bonds |
|
|
Year to Date Turnover |
R26 000 000 |
|
Estimate Turnover for 2012 |
R28 000 000 |
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 |
3 |
|
Average Age of Active Principals |
60 |
Active Principals
Principal 1 of 3:
IVAN J MEYER
|
Surname |
MEYER |
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First Name |
IVAN |
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Other Names |
J |
|
Marital Status |
Unknown |
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ID Number |
4802075078084 |
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Verified ID Number |
Yes |
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Current Age |
64 |
|
Designation |
Member |
|
Status |
Active |
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Appointment Date |
2004-12-13 |
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Physical Address (at time of Appointment) |
Number 5 Academy Way WEST GATE MITCHELLS PLAIN 7785 |
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Postal Address |
Number 5 Academy Way WEST GATE MITCHELLS PLAIN 7785 |
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Current Tel Number |
Unknown |
|
Cell number |
084 3026448 |
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Current Fax Number |
Unknown |
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Current Email Address |
Unknown |
|
Shareholding |
33.3300 |
Adverse
Information for: IVAN J MEYER
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information
for: IVAN J MEYER
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
CHIC SHOE
MANUFACTURERS CC |
2004/123171/23 |
In business |
7 Years 1 Months |
0 |
No |
|
MEYERS SHOE
COMPONENTS |
4802075078084 |
|
Unknown |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
8 Years |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
GREYSTONE
TRADING 321 CC |
2001/028970/23 |
Deregistration
Final |
10 Years 8
Months |
0 |
No |
|
THOMAS
COMPONENTS CC |
2004/008232/23 |
Deregistration
Final |
8 Years |
0 |
No |
|
ELEGANT SHOES CC |
2005/131969/23 |
Deregistration
Final |
6 Years 4 Months |
0 |
No |
Deeds Information
Property Interests
for: IVAN J MEYER
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 2 of 3:
RACHMAT THOMAS
|
Surname |
THOMAS |
|
First Name |
RACHMAT |
|
Other Names |
None |
|
Marital Status |
Married |
|
ID Number |
5312140158084 |
|
Verified ID Number |
Yes |
|
Current Age |
59 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2004-12-13 |
|
Physical Address (at time of Appointment) |
48 Barbados Way Portlands MITCHELLS PLAIN 7785 |
|
Postal Address |
48 Barbados Way Portlands MITCHELLS PLAIN 7785 |
|
Current Tel Number |
Unknown |
|
Cell number |
076 6455920 |
|
Current Fax Number |
Unknown |
|
Current Email Address |
Unknown |
|
Shareholding |
33.3400 |
Adverse Information for:
RACHMAT THOMAS
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information
for: RACHMAT THOMAS
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
No additional business interests |
|
|
|
|
|
Previous Business Interests
|
Average Age of Previous
Business Interests |
7 Years |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
THOMAS
COMPONENTS CC |
2004/008232/23 |
Deregistration
Final |
8 Years |
0 |
No |
|
ELEGANT SHOES CC |
2005/131969/23 |
Deregistration
Final |
6 Years 4 Months |
0 |
No |
Deeds Information
Property Interests for: RACHMAT THOMAS
|
Title Deed No. |
None on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 3 of 3:
LESLIE D ARENDSE
|
Surname |
ARENDSE |
|
First Name |
LESLIE |
|
Other Names |
D |
|
Marital Status |
Unknown |
|
ID Number |
5505115098082 |
|
Verified ID Number |
Yes |
|
Current Age |
57 |
|
Designation |
member |
|
Status |
Active |
|
Appointment Date |
2004-12-13 |
|
Physical Address (at time of Appointment) |
100 Nineth Avenue KENSINGTON 2101 |
|
Postal Address |
100 Nineth Avenue KENSINGTON 2101 |
|
Current Email Address |
Unknown |
|
Shareholding |
33.3300 |
Adverse
Information for: LESLIE ARENDSE
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business
Information for: LESLIE ARENDSE
Current Business
Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
No additional business interests |
|
|
|
|
|
Previous Business
Interests
|
Average Age of Previous
Business Interests |
7 Years |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
THOMAS
COMPONENTS CC |
2004/008232/23 |
Deregistration
Final |
8 Years |
0 |
No |
|
ELEGANT SHOES CC |
2005/131969/23 |
Deregistration
Final |
6 Years 4 Months |
0 |
No |
Deeds Information
Property Interests
for: LESLIE ARENDSE
|
Title Deed No. |
None on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.06 |
|
UK Pound |
1 |
Rs.78.48 |
|
Euro |
1 |
Rs.64.99 |
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.