|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
W E T
SPORTS IMPORTERS CC |
|
|
|
|
Registered Office : |
30 Willow
Road, Stikland, Bellville, Western Cape, 7530 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
17.09.1985 |
|
|
|
|
Com. Reg. No.: |
B1985/010837/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Distribution
of sporting equipment |
|
|
|
|
No. of Employees : |
9 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 |
W E T
SPORTS IMPORTERS CC |
|
Country |
South
Africa |
|
Subject
Contact Person |
ANDREW -
Financial Manager |
|
Assessment |
This is
a well-established business. On investigation contact was made with ANDREW,
the financial manger of the business who assisted with most of the
information. The auditor's information could not be obtained as contact could
not be established. The subject is meeting commitments timeously with
suppliers. A bank code C was obtained for an enquiry amount of R 100 000 over
a period of 30 days. Please see the information obtained below. |
|
Registered
Name |
W E T
SPORTS IMPORTERS CC |
|
Trading
as/ Division Name |
W E T
SPORTS IMPORTERS |
|
Previous
Name |
None |
|
Date of
Name Change |
None |
|
Registration
Number |
B1985/010837/23 |
|
Registration
Date |
1985/09/17 |
|
Date
Commenced Trading |
1985-09-17 |
|
Age of
Business |
28 Years
4 Months |
|
History
of Business |
The
subject commenced trading as a new business in 1985. |
|
History
of Principals |
There is
currently 1 active member within the business |
|
Shareholders/Members/Partners
of subject and % holding |
100 % -
ANDREW WENTZEL |
|
Authorised
Share Capital |
R 0.00 |
|
Issued
Share Capital/Members Contribution |
R 0.00 |
|
Status |
In
Business |
|
Operations
Assessment |
Distribution
of sporting equipment |
|
Industry/
Customers |
The subject
mainly supplies to sports retailers across South Africa |
|
Export |
Yes |
|
Export
Countries |
|
|
Import |
Unknown |
|
Import
Countries |
|
|
Major
Industry Code / SICC |
62393 |
|
Definition
of Code |
Retail trade
in sports goods and entertainment requisites |
|
Head
Office Physical Address |
30
Willow Road, Stikland, Bellville, Western Cape, 7530 |
|
Head
Office Postal Address |
PO Box
442, Bellville, 7535 |
|
Current
Tel Number |
0219488150 |
|
Cell
Number |
0823716076 |
|
Current
Fax Number |
0219488084 |
|
Current
Email Address |
|
|
Web Site
Address |
|
|
Comments |
The
Postal Address provided namely, SUITE 591 PRIVATE BAG X043, is unknown to the
business. |
|
Company
Registered Name |
HENRY
GROVE AND PARTNERS |
|
Trading
Name |
None |
|
Registration
Number |
None |
|
Physical
Address |
5 IONA
STREET, BELLVILLE, WESTERN CAPE |
|
Postal
Address |
P O BOX
2678, BELLVILLE, 7535 |
|
Contact
Person |
JUSTINE |
|
Contact
Number |
0219488013 |
|
Email |
Unavailable |
|
Principals |
|
|
Judgements
Against Subject |
Unavailable |
|
Judgements
Against Principals |
Unavailable |
|
Subject
Verified as Client |
No |
|
Practice
Number |
951307 |
|
VAT
Number |
Unavailable |
|
Tax
Number |
Unavailable |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
Unavailable |
|
No of
years in Business |
Unavailable |
|
Website |
Unavailable |
|
Comment |
|
Previous
Auditors Information - No Information on Record
|
Vat
Number |
4190111197 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
1991/09/30 |
|
Tax
Number |
9450211025 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
|
Status |
No |
|
Score |
|
|
Expire
Date |
|
|
BEE
Certificate Available |
No |
|
Comment |
|
|
Type of
ISO Grade |
The subject
is not ISO graded |
|
ISO
Certificate |
No |
|
ISO
Certificate Available |
No |
|
Certified
by an Accredited Agent |
No |
|
Comment |
|
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries
Information - No Information on Record
Employees
|
Number
of Employees |
9 |
|||
|
1.
Salaried employees |
9 |
|||
|
2. Waged
employees |
|
|||
|
3.
Permanent employees |
9 |
|||
|
4.
Casual employees |
|
|||
|
5.
Contracted employees |
|
|||
|
Comment |
|
|||
|
Company
Fleet |
||||
|
Company
Fleet |
No of
vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
1 |
|||
|
Comment |
|
|||
|
Light
delivery Vehicles |
1 |
Owned |
|
|
Offices
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Rental
Company |
WIDE
PROPS (PTY)LTD |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease
Agreement |
Recurring |
|
Lease
Expire Date |
|
|
Type of
Premises |
|
|
Comment |
|
Branch
Information - No Information on Record
Organisation
Chart
|
Level |
Position |
Name |
Comment |
|
1 |
Managing Member |
ANDREW WENTZEL |
|
Company
Structure (Ownership)
Note : One level up
and all levels down
|
Holding |
Company |
Sub |
Comment |
|
100 % - ANDREW
WENTZEL |
W E T SPORTS
IMPORTERS CC |
|
|
Key Deals
- No Information on Record
|
Trade
Reference nr |
Supplier |
Contact |
Surety
Value |
Notarial
Bonds |
Comment |
|
1 |
TECHNISPORT |
0437434826 |
|
|
Contact
Person : GLORIA |
|
2 |
PROJECT
FREIGHT |
0219291700 |
|
|
Contact
Person : JENNECE |
|
3 |
PS
PLASTICS |
0216711694 |
|
|
Contact
Person : PETER |
Trade
References Detail
|
Nr |
Age of
Acc |
Credit
Limit |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
12 years |
R
45000.00 |
R 50000 |
30 Days |
R 30000
- 40000 |
30 Days |
This is
an Excellent Account |
|
2 |
|
|
|
|
|
|
Declined
to provide a trade reference |
|
3 |
15 Years |
|
R 7000 |
30 Days |
R 5000 -
7000 |
30 Days |
This is
an Excellent account. The subject does not
have a credit limit with the supplier. |
Judgements
- No information on record
BusinessRescue
- No Information on Record
Default
Listing - No information on record
Notarial
Bonds - No information on record
|
Bank |
STANDARD
BANK |
|
Branch |
TIGERMANOR |
|
Brach
Code |
051001 |
|
Bank
Account Number |
071977546 |
|
Type of Account |
Current |
|
Account
Name |
W E T
SPORTS IMPORTERS CC |
|
Overdraft
Facilities |
Yes |
|
Bank
Code |
C - For
R 100 000 |
|
Bank
Comment |
The
subject's bankers consider them good for all business normal engagements. |
Bank Code History
- No Information on Record
Previous
Bank Account Information - No Information on Record
Property
Interests for Company W E T SPORTS IMPORTERS CC
|
Title
Deed No. |
ST35820/1998 |
Erf/Site
No. |
3601 |
|
Deeds
Office |
PRETORIA |
Physical
Address |
651
KOONAP ERASMUSKLOOF PRETORIA |
|
Property
Type |
Sectional
Title |
Extent /
Size |
65SQM |
|
Purchase
Date |
1998/02/22 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
ABSA
BANK LTD |
|
Bond
Number |
SB367041998 |
Bond
Amount |
|
|
Comment |
|
||
Financial
Estimates
|
Stock |
R
2000000.00 |
|
Comment |
Further
values were not made available |
|
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 |
|
Number
of Principals |
1 |
|
Average
Age of Active Principals |
67 |
Active
Principals
Principal
- 1 of 1
ANDREW
WENTZEL
|
Surname |
WENTZEL |
|
First
Name |
ANDREW |
|
Other
Names |
None |
|
Marital
Status |
|
|
ID
Number |
4711245042005 |
|
Verified
ID Number |
Yes |
|
Current
Age |
66 Years
2 Months |
|
Designation |
Managing
Member |
|
Status |
Active |
|
Appointment
Date |
1985/09/17 |
|
Physical
Address (at time of Appointment) |
13 IONA
STREET, BELLVILLE, 7530 |
|
Postal
Address |
P O BOX
442, BELLVILLE, 7530 |
|
Current
Tel Number |
0219488150 |
|
Cell
number |
0823716076 |
|
Shareholding/Membership |
100 % |
Principal's
Adverse - No information on record
Business
Information for ANDREW WENTZEL
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
W E T
SPORTS IMPORTERS CC |
B1985/010837/23 |
In
Business |
29 Years
5 Months |
0 |
No |
|
|
WIDEPROPS
59 (PTY)LTD |
M1998/004734/07 |
In
Business |
16 Years
4 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.