|
Report No. : |
334910 |
|
Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
PREMIER HOUSEWARES CC |
|
|
|
|
Registered Office : |
16 Mopedi Road Sebenza Edenvale Gauteng, P O Box 10324 Edenglen 1609 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
07.02.1995 |
|
|
|
|
Com. Reg. No.: |
1995/004149/23 |
|
|
|
|
Legal Form : |
Closed corporation |
|
|
|
|
Line of Business : |
Importing and distribution of general household products such as
plasticware, brushes, scourers, kitchen cleaning and bathroom textiles |
|
|
|
|
No. of Employee : |
24 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 Africa’s largest and among the
top 20 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. Economic growth has decelerated in recent
years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality -
among the highest in the world - remain a challenge. Official unemployment is
roughly 25% of the work force, and runs significantly higher among black youth.
Eskom, the state-run power company, is building three new power stations and is
installing new power demand management programs to improve power grid
reliability. Load shedding and resulting rolling blackouts gripped many parts
of South Africa in late 2014 and early 2015 because of electricity supply
constraints that resulted from technical problems at some generation units,
unavoidable planned maintenance, and an accident at a power station in
Mpumalanga province. The rolling black outs were the worst the country faced
since 2008. Construction delays at two additional plants, however, mean South
Africa will continue to operate on a razor thin margin; economists judge that
growth cannot exceed 3% until electrical supply problems are resolved.
South
Africa's economic policy has focused on controlling inflation; however, the
country faces structural constraints that also limit economic growth, such as
skills shortages, declining global competitiveness and frequent work stoppages
due to strike action. The current government faces growing pressure from urban
constituencies to improve the delivery of basic services to low-income areas
and to increase job growth.
|
Source
: CIA |
PREMIER
HOUSEWARES CC
PHYSICAL ADDRESS
16
Mopedi Road
SEBENZA
Edenvale
Gauteng
POSTAL ADDRESS:
P
O Box 10324
edenglen
1609
TELEPHONE NUMBER: +27 11 609 6536
FAX NUMBER: +27 11 609 6215
100% H L KAHN ID
No. 5607285053085
None
STANDARD
BANK, Edenvale Branch, Account Number: 220125783. It was stated that the subject enjoys
overdraft facilities to an extent of R4 000 000, secured by a cession of
debtors. Utilisation of the overdraft is
stated to fluctuate.
7
February 1995
Registration
Certificate Number: 1995/004149/23
PREMIER
HOUSEWARES CC was registered on 7 February 1995 as new and commenced operations
immediately.
4320149430
9483581840
Non-compliant
The
subject is involved in the importing and distribution of general household
products such as plasticware, brushes, scourers, kitchen cleaning and bathroom
textiles etc.
It
was stated that the subject imports most of its supplies and also deals with
local 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.
Wholesalers
and retailers.
South
Africa
Namibia
and Botswana.
24
permanent employees and approximately 25 casual labourers from brokers.
None
The
premises are reported to be leased.
The following estimated financial situation was submitted as at 6 August 2015:
STOCK R 3 000 000
DEBTORS 30-90 days R14
000 000
FIXED ASSETS net
book value R 3 000 000
CREDITORS R 3 000 000
OVERDRAFT Nil
LONG TERM LIABILITIES Nil
LOANS Nil
TURNOVER per annum R60 000 000
HARALAMBAUS
& ASSOCIATES +27 11 264 0487
FEBRUARY
LIONEL
ISAACS INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1994 R25
000 R20 000 - 60
days 180 days Slow
R25
000
2. 10 months
R600 000 R200 000 - 30 days 30
days Excellent
c/l R600 000
3. 5 years+ R400
000 R200 000 60 days 60 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc R100 000 R100 000 30 days 30 days Very
Good
2. 5
years declined R500 000 - 60 days 60 days Very Good
R700
000
3. July
1994 R 30 000 R 9 500 60
days 60 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8
years R550 000 R250 000 30 days 30 days Excellent
c/l
2. 11
years R175 000 R
80 000 30 days 30 days Excellent
3.
Not
using account anymore
4.
Not
traded in 23 months
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc R50 000 R30 000 30
days 30 days Good
Open
account -R50 000
2. 9
years R600 000 R300 000 30
days 30 days Excellent
c/l -R500 000
3. 8
years R1 500 000 R600 000 30
days 30 days Excellent
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years R1 000 000 R500 000- 30 days 30 days Good
R800
000
2. 20
years R250 000 Declined 30
days 30 days Excellent
3. +12
years Open R600 000- 30
days 30 days Excellent
R700 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2008 R500 000 R50 000- 30 days 30 days Good
R200
000
2. 1999 R350 000 R150 000- 30 days 30 days Excellent
R250
000
3. Do
not give trade references.
(These descriptions relate respectively by number
to the above current trade transactions):
1. Cargo
forwarders and logistics
2. Brooms
This
is an established company meeting its local commitments timeously. Suppliers speak highly of the subject. The subject is considered equal to its normal
business engagements and a maximum of €70,000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.