|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BROWNS
THE DIAMOND STORE (PTY)LTD |
|
|
|
|
Formerly Known As : |
BROWNS
THE DIAMOND STORE CC |
|
|
|
|
Registered Office : |
105 Conrad
Drive, Blairgowrie, Johannesburg |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
29.04.2013 |
|
|
|
|
Com. Reg. No.: |
K2013/073395/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Jewellery
Retailers |
|
|
|
|
No. of Employees : |
330 |
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH AFRICA - ECONOMIC OVERVIEW
South Africa is a middle-income, emerging market with an abundant
supply of natural resources; well-developed financial, legal, communications,
energy, and transport sectors and a stock exchange that is the 15th largest in
the world. Even though the country possesses modern infrastructure that support
a relatively efficient distribution of goods to major urban centers throughout
the region, some components retard growth. The economy began to slow in the
second half of 2007 due to an electricity crisis. State power supplier Eskom
encountered problems with aging plants and meeting electricity demand
necessitating "load-shedding" cuts in 2007 and 2008 to residents and
businesses in the major cities. Subsequently, the global financial crisis
reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has
recovered since then. Unemployment, poverty, and inequality remain a challenge,
with official unemployment at nearly 25% of the work force. State power
supplier Eskom has built two new power stations and installed new power demand
management programs to improve power grid reliability. South Africa''s economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
Source
: CIA
|
Subject
Name |
BROWNS
THE DIAMOND STORE CC |
|
Country |
South
Africa |
|
Subject
Contact Person |
MICHELLE
- Financial Manager |
|
Assessment |
This is
a well-established family business. On investigation contact was made with
MICHELLE, the Financial Manager of the company. The company has been in
business for more than thirteen years. No adverse information was revealed
during the investigation. Trade references were declined and considered
confidential. A bank code C was obtained for an amount of R 100 000 over 30
days. Please see the information obtained below. |
|
Registered
Name |
BROWNS
THE DIAMOND STORE (PTY)LTD |
|
Trading
as/ Division Name |
BROWNS |
|
Previous
Name |
BROWNS
THE DIAMOND STORE CC |
|
Date of
Name Change |
2003-05-30 |
|
Registration
Number |
K2013/073395/07 |
|
Registration
Date |
2013/04/29 |
|
Date
Commenced Trading |
2002/09/23 |
|
Age of
Business |
11 Years
2 Months |
|
History
of Business |
BROWNS
THE DIAMOND STORE (PTY)LTD was registered in September 2002 and later underwent
a conversion from a Close Corporation registration number 2002/080356/23 to a
private company in 2013. |
|
History
of Principals |
There
are two active directors within the business. |
|
Shareholders/Members/Partners
of subject and % holding |
40 % -
GAVIN BROWN. The remaining shareholders were undisclosed. |
|
Authorised
Share Capital |
R 0.00 |
|
Issued
Share Capital/Members Contribution |
R 0.00 |
|
Status |
In
Business |
|
Operations
Assessment |
The company
is involved in the manufacture of fine jewelry items such as, necklaces and
pendants, rings, bracelets, earrings, eternity bands, tanzanite and natural
fancy coloured diamonds and charms. |
|
Industry/
Customers |
Jewellery
retailers |
|
Export |
None |
|
Export
Countries |
|
|
Import |
Yes |
|
Import
Countries |
India |
|
Major
Industry Code / SICC |
39211 |
|
Definition
of Code |
Jewellery
and related articles of precious and semi-precious compounts |
|
Head
Office Physical Address |
105 Conrad
Drive, Blairgowrie, JOHANNESBURG |
|
Head
Office Postal Address |
P O BOX
782992, HOUGHTON, 2041 |
|
Current
Tel Number |
0114387920 |
|
Cell
Number |
Undisclosed |
|
Current
Fax Number |
0112502001 |
|
Current
Email Address |
|
|
Web Site
Address |
|
|
Comments |
|
|
Company
Registered Name |
RWFC
FINANCIAL CONSALTANTS INCORPORATED |
|
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 |
0114833333 |
|
Email |
|
|
Principals |
3 |
|
Judgements
Against Subject |
None On
Record |
|
Judgements
Against Principals |
None On
Record |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
900397 |
|
VAT
Number |
4060194109 |
|
Tax
Number |
9389114142 |
|
BEE
Status |
None |
|
Financial
Year End |
February |
|
No of
years in Business |
10 Years
1 Months |
|
Website |
|
|
Comment |
|
Previous
Auditors Information - No Information on Record
|
Vat
Number |
4820207076 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2003/07/01 |
|
Tax
Number |
Undisclosed |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
|
Black
Economic Empowerment |
|
|
Status |
No |
|
Score |
|
|
Expire
Date |
|
|
BEE
Certificate Available |
No |
|
Comment |
The subject
is not BEE compliant. |
|
ISO
Status |
|
|
Type of
ISO Grade |
None |
|
ISO
Certificate |
No |
|
ISO
Certificate Available |
No |
|
Certified
by an Accredited Agent |
No |
|
Comment |
The
subject is not ISO certified. |
|
Workman's
compensation |
|
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries
|
Subsidiary
Company |
There
are no reported subsidiairies of the company |
|
Shareholding |
|
|
Registration
Number |
|
|
Import /
Export |
|
|
Comment |
|
Employees
|
Number
of Employees |
330 |
|||
|
1.
Salaried employees |
330 |
|||
|
2. Waged
employees |
0 |
|||
|
3.
Permanent employees |
330 |
|||
|
4.
Casual employees |
0 |
|||
|
5.
Contracted employees |
0 |
|||
|
Comment |
|
|||
|
Company
Fleet |
||||
|
Company
Fleet |
No of
vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
|
|||
|
Comment |
Further
informatin was not made available |
|||
|
Cars |
Owned |
|||
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Rental
Company |
Premises
are leased from an affiliate company |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease
Agreement |
None |
|
Lease
Expire Date |
|
|
Type of Premises |
Office |
|
Comment |
|
Branch
Information - No Information on Record
Management
Overview
Organisation
Chart
|
Level |
Position |
Name |
Comment |
1 DIRECTOR GAVIN WAYNE
BROWN
1 DIRECTOR GAVIN WAYNE
BROWN
Key Deals - No Information on Record
Company
Structure (Ownership)
Note: One
level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
40 % -
GAVIN BROWN |
BROWNS
THE DIAMOND STORE CC |
|
|
Trade References Information - No Information on Record
Adverse Information on Subject
Judgements
|
Judgements |
NONE |
|
Possible
Judgements |
NONE |
|
Civil
Court |
NONE |
|
RDs |
NONE |
|
Comment |
No
Information on Record |
Business
Rescue
|
Date registered |
Business
rescue practitioner |
Contact
Information |
Details |
Comment |
|
|
THERE IS
NO INFORMATION FOUND ON FILE |
No
Information on Record |
No
Information on Record |
No
Information on Record |
Default
Listings
|
Date |
Details |
Comment |
|
|
THERE IS
NO INFORMATION FOUND ON FILE |
No
Information on Record |
|
Notarial
Bonds |
||
|
Date |
Details |
Comment |
|
|
THERE IS
NO INFORMATION FOUND ON FILE |
No
Information on Record |
Bank
Information
|
Bank |
NEDBANK |
|
Branch |
Business
Central Gauteng |
|
Brach
Code |
198765 |
|
Bank
Account Number |
1284085775 |
|
Type of
Account |
CURRENT
ACCOUNT |
|
Account
Name |
BROWNS
THE DIAMOND STORE CC |
|
Overdraft
Facilities |
Undisclosed |
|
Bank
Code |
C - For
R 100 000 |
|
Bank
Comment |
Good for
the amount quoted, if strictly in the way of business. |
Bank Code
History - No Information on Record
Previous
Bank Account Information - No Information on Record
Property Interests
for CompanyBROWNS THE DIAMOND STORE CC
|
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 |
Extent /
Size |
7.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
|
|
Bond
Number |
K11162007S |
Bond
Amount |
|
|
Comment |
|
||
|
|
|||
|
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 |
Extent /
Size |
13.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
|
|
Bond
Number |
K11172007S |
Bond
Amount |
|
|
Comment |
|
||
|
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 |
Extent /
Size |
12.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
|
|
Bond
Number |
K11162007S |
Bond
Amount |
|
|
Comment |
|
||
|
|
|||
|
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 |
Extent /
Size |
271.0SQM |
|
Purchase
Date |
2008/07/18 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
|
|
Bond
Number |
K11162007S |
Bond
Amount |
|
|
Comment |
|
||
Principals
|
Number
of Principals |
2 |
|
Average
Age of Active Principals |
47 |
|
Active
Principals Principal - 1of 2 LAWRENCE BROWN |
|
|
Surname |
BROWN |
|
First
Name |
LAWRENCE |
|
Other
Names |
NONE |
|
Marital
Status |
Single |
|
ID
Number |
6411065012083 |
|
Verified
ID Number |
Yes |
|
Current
Age |
48 Years
7 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment
Date |
2013/04/29 |
|
Physical
Address (at time of Appointment) |
5
OAKWOOD ESTATES, OAKLANDS ROAD, ATHOLL, 2196 |
|
Postal
Address |
P O BOX
782992, SANDTON, 2146 |
|
Current
Tel Number |
|
|
Cell
number |
|
|
Shareholding/Membership |
0.00 |
Principal's
Adverse - No information on record
Business
Information forLAWRENCE BROWN
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
BROWNS
THE DIAMOND STORE (PTY)LTD |
K2013/073395/07 |
In
Business |
0 |
0 |
No |
|
|
GOLDSMITH
AND SILVER JEWELLERY MANUFACTURERS CC |
B2008/149749/23 |
In
Business |
5 Years
5 Months |
0 |
No |
|
|
KIMBERLEY
HOUSE JEWELLERS (PTY)LTD |
M2002/024060/07 |
In
Business |
11 Years
11 Months |
0 |
No |
|
|
SANDTON JEWELLERY
DESIGN CORPORATION CC |
B2002/004857/23 |
In
Business |
11 Years
11 Months |
0 |
No |
|
Principal Previous
Business Interest
Average Age of Previous Business 20 Years
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
BOXCORP
SA MANUFACTURERS CC |
B1990/034260/23 |
Deregistration
Final |
23 Years
11 Months |
0 |
No |
|
|
HYPERGOLD
JEWELLERS (PTY)LTD |
M1997/015117/07 |
Deregistration
Final |
16 Years
4 Months |
0 |
No |
|
|
LARRY
AND GAVIN JEWELLERS CC |
B1990/018318/23 |
Deregistration
Final |
23 Years
11 Months |
0 |
No |
|
Principal's Deeds Information - No information on record
Principal - 2of 2 GAVIN BROWN
|
Surname |
BROWN |
|
First
Name |
GAVIN |
|
Other
Names |
NONE |
|
Marital
Status |
Married |
|
ID
Number |
6811215022082 |
|
Verified
ID Number |
Yes |
|
Current
Age |
44 Years
7 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment
Date |
2013/04/29 |
|
Physical
Address (at time of |
UNIT 1,
97 ATHOLL ROAD, ATHOLL, 2146 |
|
Appointment) |
|
|
Postal
Address |
P O BOX
976, NORTHLANDS, 2116 |
|
Current Tel
Number |
|
|
Cell
number |
0824122668 |
|
Shareholding/Membership |
40 % |
Principal's
Adverse - No information on record
Business
Information forGAVIN BROWN
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
BROWNS
THE DIAMOND STORE (PTY)LTD |
K2013/073395/07 |
In
Business |
0 |
0 |
No |
|
|
GOLDSMITH
AND SILVER JEWELLERY MANUFACTURERS CC |
B2008/149749/23 |
In
Business |
5 Years
5 Months |
0 |
No |
|
|
SANDTON JEWELLERY
DESIGN CORPORATION CC |
B2002/004857/23 |
In
Business |
11 Years
11 Months |
0 |
No |
|
Principal
Previous Business Interests
Average
Age of Previous Business 18
Years
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
BOXCORP
SA MANUFACTURERS CC |
B1990/034260/23 |
Deregistration
Final |
23 Years
11 Months |
0 |
No |
|
|
GLENHURST
PROPERTIES 3 (PTY)LTD |
M2000/014047/07 |
Deregistration
Final |
13 Years
1 Months |
0 |
No |
|
|
HYPERGOLD
JEWELLERS (PTY)LTD |
M1997/015117/07 |
Deregistration
Final |
16 Years
4 Months |
0 |
No |
|
|
LARRY
AND GAVIN JEWELLERS CC |
B1990/018318/23 |
Deregistration
Final |
23 Years
11 Months |
0 |
No |
|
Principal's
Deeds Information - No information on record
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.