MIRA INFORM REPORT
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Report No. : |
352076 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MICHELLE FOOTWEAR (PTY) LTD |
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Registered Office : |
23-31 Harden Avenue Seaview, Durban 4094 |
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Country : |
South Africa |
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Date of Incorporation : |
14.12.1978 |
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Com. Reg. No.: |
1978/004988/07 |
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Legal Form : |
Private Company (Pty) Ltd |
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Line of Business : |
The subject is involved in the manufacture of ladies
leather footwear.s |
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No. of Employee : |
283 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company name
MICHELLE FOOTWEAR
(PTY) LTD
General
Comments
This is an established business meeting its commitments on time.
No adverse information was reported. The subject is regarded as equal to its
normal business engagements
COMPANY INFORMATION
OVERVIEW
|
History |
MICHELLE FOOTWEAR (PTY) LTD was established as a new business
and commenced trading in December 1978. |
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Major Operations or Business Sectors |
Manufacture of footwear |
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Industry |
Manufacturing |
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SIC Code(s) |
3170(Manufacture Of Footwear) |
|
%20LTD%20-%20352076%2007-Dec-2015_files/image007.jpg){kind=small}
STATUTORY
INFORMATION
|
Registered Name |
MICHELLE FOOTWEAR
(PTY) LTD |
|
|
Registration Number |
1978/004988/07 |
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Type of Company |
Private Company (Pty) Ltd |
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Registration Date |
14/12/1978 |
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Date Commenced Trading |
14/12/1978 |
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Commercial Status |
In Business |
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CONTACT
DETAILS
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Contact Number +27
31 465 3110 |
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Email Address |
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Fax Number |
+27 31 465 3252 |
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Website |
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Social Media Presence |
Facebook, Twitter, Pinterest, LinkedIn |
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Registered Physical Address |
23-31 HARDEN AVENUE SEAVIEW DURBAN 4094 |
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Trading Physical Address |
23 Harden Avenue Seaview DURBAN Kwazulu-Natal 4094 |
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Postal Address |
P O Box 25059 ROSSBURGH 4072 |
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TAX
INFORMATION
Income tax No. 9184005206
Vat No. 4180105217
AUDITORS
INFORMATION
Name CORNELIUS & SAVILLE
Insurance Broker Name INGROUP
OWNERSHIP STRUCTURE
|
Shareholders/Members |
Share/Interest (%) |
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GEDYE FAMILY TRUST |
51 |
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M A GEDYE |
29 |
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|
10 |
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ZOE EWELS TRUST |
10 |
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PRINCIPAL
INFORMATION
PRINCIPAL DETAILS
|
Full Name |
ID No. |
Designation |
Status |
Date of Appoint- ment |
Active Interests |
Prev. Interests |
Judg- ments |
Fraud Listing |
|
|
GEDYE, MICHAEL ARTHUR |
5003045156089 |
Director |
Active |
14/12/1978 |
14 |
1 |
0 |
0 |
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GEDYE, WARREN JAMES |
7911155047088 |
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Active |
03/05/2007 |
1 |
0 |
0 |
0 |
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MUNSAMI, ALLEN |
6005255166087 |
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Decease d |
01/03/2005 |
0 |
0 |
0 |
0 |
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NAIDOO, JAYABALAN |
5003085130085 |
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Resigned |
03/05/2007 |
0 |
0 |
0 |
0 |
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BELLING, GARETH |
8005295152087 |
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Resigned |
01/12/2012 |
0 |
0 |
0 |
0 |
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SEARLE, GUY ROBERT QUINTON |
6004205007087 |
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Resigned |
01/03/2005 |
0 |
0 |
0 |
0 |
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LUDLOW, WILFRED HAROLD |
4912095087005 |
Director |
Resigned |
14/12/1978 |
0 |
0 |
0 |
0 |
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ACTIVE
BUSINESS INTERESTS: MICHAEL ARTHUR GEDYE
%20LTD%20-%20352076%2007-Dec-2015_files/image008.jpg){kind=small}
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Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
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BUILDING FOR THE FUTURE |
2009/001702/08 |
AR Deregistration Process |
Active |
0 |
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FLEXINVEST TRADERS |
2001/037608/23 |
In Business |
Active |
1 |
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FROGGIE FASHIONS SA |
2001/042747/23 |
In Business |
Active |
0 |
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FROGGIE MANCO |
1996/034089/23 |
In Business |
Active |
0 |
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MBL RETAIL |
2003/069807/23 |
Conversion CO/CC or CC/CO |
Active |
0 |
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MBL RETAIL |
2000/004286/07 |
Conversion CO/CC or CC/CO |
Active |
0 |
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MBL RETAIL |
2005/003556/07 |
In Business |
Active |
0 |
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NITIN PROPERTIES |
1982/010826/07 |
In Business |
Active |
0 |
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OCTOPUS FOOTWEAR INTERNATIONAL |
2001/036154/23 |
In Business |
Active |
0 |
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PLEASANT WATERS |
1997/054536/23 |
In Business |
Active |
0 |
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ROUSSOS NOMINEES |
1969/010494/07 |
Conversion CO/CC or CC/CO |
Active |
0 |
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SOUL OF AFRICA FOOTWEAR |
2004/020320/08 |
In Business |
Active |
0 |
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STREET LEGAL FASHIONS |
1987/024887/23 |
In Business |
Active |
0 |
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PREVIOUS
BUSINESS INTERESTS: MICHAEL ARTHUR GEDYE
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Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
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SOUTH AFRICAN FOOTWEAR AND LEATHER EXPORT COUNCIL |
2001/004321/08 |
In Business |
Resigned |
0 |
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BANK
ACCOUNT VERIFICATION
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Verified |
Yes |
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Bank Name |
NEDBANK |
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Account Holder |
MICHELLE FOOTWEAR (PTY) LTD |
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Account Number |
1307006345 |
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OPERATIONS
MAJOR OPERATIONS
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Major Business Activities The
subject is involved in the manufacture of ladies leather footwear. |
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Foreign Trade Activities The
subject imports from Pakistan, India and Italy and exports to Botswana, Namibia, Lesotho and Swaziland. |
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The subject deals locally with the following suppliers: AVIOCEAN, Durban Major Suppliers *
GREENAWAYS, Durban BALMEL, Durban JOHN WHITTLE COMPONENTS, Durban CHAMBERLAIN PHIPPS, Durban SA TOOL, Pietermaritzburg |
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Major Customers Shoe
retailers and chain stores |
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Major Brands FROGGIE
FASHIONS |
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Branch
Information
Area of
Distribution South Africa and
African countries
PREMISES
Other Premises None
Other Premises Rented or Owned
EMPLOYEES
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Salaried Employees |
0 |
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Waged Employees |
0 |
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Total Permanent
Employees |
283 |
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Casual Employees |
0 |
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Contracted Employees |
0 |
GENERAL
COMMENTS
Comments Employee and fleet breakdown not made available
COMPANY
FLEET
Total Vehicles 6
Fleet Operations --
FINANCING TERMS
|
Sales Terms |
60 days, |
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Overdraft |
The respondent declined to assist with information
regarding overdraft. |
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Sureties |
The respondent declined to assist with information
regarding sureties. |
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Debtors Ceded |
The debtors book has not been ceded. |
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Debtors Factored |
The debtors book has not been factored. |
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Bonds |
None |
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Date Obtained |
02/12/2015 |
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Year End |
May |
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FINANCIAL
FIGURES
Currency ZAR
Actual numbers, 000' or mio Actual
Numbers
INCOME
STATEMENT
|
|
Current Financial Year (est) |
Previous Financial Year |
Prior Financial Year |
|
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Turnover/Revenue |
70,000,000 |
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BALANCE
SHEET
Assets
|
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Current Financial Year
(est) |
Previous Financial
Year |
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--Inventory/Stock |
9,000,000 |
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--Accounts Receivable/Debtors |
17,500,000 |
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Liabilities
|
Current Liabilities |
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--Accounts
Payable/Creditors |
5,500,000 |
Comment Shareholder Loans : ZAR400,000
TRADE REFERENCES
TRADE RFERENCE ANALYTICS
|
# of Trade Refs in the last 3 years |
Overall Trade Score |
Average Usage of Terms |
Average Monthly
Purchase |
Average Usage of Credit Limit |
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|
3 |
50% |
100% |
136,666.67 ZAR |
25% |
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TRADE
REFERENCES
|
Trade Ref # |
Date |
Trade Score 2 = best 0 = worst |
Terms Given (Taken) in days |
Monthly Limit Given (Taken) |
Account Opened years |
Payment Trend (prev. 3 years) |
Acc. Insured |
Notes |
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||
|
Ref 1 |
02/12/2015 |
1 |
30 (30) |
1,000,000 ZAR (170,000 ZAR) |
+15 |
1 |
- |
- |
Unknown |
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|
|
Ref 2 |
02/12/2015 |
1 |
30 (30) |
150,000 ZAR (120,000 ZAR) |
30 |
1 |
- |
- |
Unknown |
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|
|
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02/12/2015 |
1 |
30 (30) |
Declined (120,000 ZAR) |
5 |
1 |
- |
- |
Unknown |
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ADMIN
DETAILS
INTERVIEWER
|
Researcher |
Inoxico |
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Contact Tel No. |
+27 10 001 0540 |
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Email |
INTERVIEWEE
|
Contact Person
Waseela Kamal |
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|
Position |
Assistant Financial Manager |
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Company Tel No. |
031 465 3110 |
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Email |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
UK Pound |
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
ZAR |
1 |
Rs. 4.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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-- |
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.