MIRA INFORM REPORT

 

 

Report Date :

04.08.2014

 

IDENTIFICATION DETAILS

 

Name :

WHECO GROUP (PTY) LTD

 

 

Registered Office :

Office 6A & 6B, Moffett on Main Lifestyle Centre, Cnr 17th Avenue & Main Road

WALMER Port Elizabet

 

 

Country :

South Africa

 

 

Date of Incorporation :

17.03.2014

 

 

Com. Reg. No.:

2014/056067/06

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers, manufacturers and suppliers of furniture

 

 

No of Employees :

35

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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

 

COMPANY NAME & ADDRESS

 

COMPANY NAME:                     WHECO GROUP (PTY) LTD

 

PHYSICAL ADDRESS:              Office 6A & 6B

                                                Moffett on Main Lifestyle Centre

                                                Cnr 17th Avenue & Main Road

                                                WALMER

                                                Port Elizabeth

 

POSTAL ADDRESS:                 P O Box 40326

                                                WALMER

                                                6065

 

TELEPHONE NUMBER:             +27 86 199 9193

 

FAX NUMBER:                          +27 86 665 7439

 

 

SHAREHOLDERS:

 

50%      W GREEFF

50%      H GREEFF

 

 

ASSOCIATE COMPANIES:

 

None

 

 

DIRECTORS:

 

W GREEFF                                                       ID No.   7905165111082

H GREEF                                                          ID No.   8204225081082

 

 

BANKERS:

 

STANDARD BANK, Newton Park Branch.  The subject has an overdraft facility, secured by a cession of debtors.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED:

 

17 March 2014

Registration Certificate Number:  2014/056067/06

 

The subject converted from a Close Corporation (Registration Certificate Number: 2006/024637/23) originally registered in 2006 under the name of GRENDHOUT CC.

 

 

VAT NUMBER:         

 

4030230447

 

 

TAX NUMBER:         

 

9385906152

 

 

MAJOR OPERATION:

 

Importers, manufacturers and suppliers of furniture

 

 

MAJOR SUPPLIERS:

 

The subject imports 98% of its supplies and deals locally with suppliers.

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

           

The general public

 

 

AREA OF DISTRIBUTION AND SELLING:  

 

South Africa

 

 

EXPORTS:

 

None

 

 

TOTAL EMPLOYEES:

 

35

 

 

OTHER PREMISES:  

 

The subject has two retail outlets, one in Port Elizabeth and one in Johannesburg

 

 

OWNED OR LEASED:

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL: 

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL:   

 

R100

 

 

FINANCIALS:

 

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

 

 

AUDITORS:   

 

MUNRO ACCOUNTING

 

 

FINANCIAL YEAR END: 

 

DECEMBER

 

 

INSURANCE BROKERS:

 

Unknown

 

 

CURRENT TRADE REFERENCES:

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT   EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2011                 R4 000 000        R2 000 000        60 days             60 days             Very Good        

 

2.         Old                   Declined            Declined            30 days             30 days             Excellent

           

 

NATURE OF GOODS OR SERVICES SUPPLIED:

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.         Shipper Foam

 

2.         Foam

 

 

COMMENTS:

 

This is an established business meeting its local commitment timeously.  The subject is considered equal to its normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.85

UK Pound

1

Rs. 102.68

Euro

1

Rs. 81.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.