MIRA INFORM REPORT
|
Report No. : |
352074 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
EDDELS SHOES (PTY) LTD |
|
|
|
|
Registered Office : |
440 Victoria Road Pietermaritzburg 3201 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
31.08.2001 |
|
|
|
|
Com. Reg. No.: |
2001/020614/07 |
|
|
|
|
Legal Form : |
Private Company (Pty)
Ltd |
|
|
|
|
Line of Business : |
Manufacturers of men's and ladies footwear. |
|
|
|
|
No. of Employee : |
320 |
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 : |
Slow but correct |
|
|
|
|
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 |
General
Comments
This is an established company
meeting its commitments on time and is spoken
of highly by its suppliers. The subject is considered
equal to its normal business engagements and a maximum of EUR20,000 over
30 days, secured
in view of the lack
of updated information.
COMPANY INFORMATION
OVERVIEW
|
History |
EDDELS SHOES (PTY) LTD was established in December 2001
when a shelf company styled ZAPPA-AWAY TRADING (PTY) LTD was utilised to incorporte
the assets and operations of the well established EDDELS SA a division of
CONSHU TRADING (PTY) LTD. the name of the company was changed to the current
name in December 2001. |
|
|
Major Operations or Business Sectors |
Manufacturers of men's and ladies footwear. |
|
|
Industry |
Manufacturing |
|
|
SIC Code(s) |
317(Manufacture Of Footwear) |
|
%20LTD%20-%20352074%2009-Dec-2015_files/image012.jpg){kind=small}
STATUTORY
INFORMATION %20LTD%20-%20352074%2009-Dec-2015_files/image011.jpg)
|
Registered Name |
EDDELS SHOES (PTY) LTD |
|
|
Previous Names |
ZAPPA-AWAY TRADING (2001/12/05); |
|
|
Registration Number |
2001/020614/07 |
|
|
Type of Company |
Private Company (Pty) Ltd |
|
|
Registration Date |
31/08/2001 |
|
|
Date Commenced Trading |
05/12/2001 |
|
|
Commercial Status |
In Business |
|
CONTACT DETAILS
|
Contact
Number +27 33 342 8111 |
|
|
Email
Address |
|
|
Fax
Number |
+27
33 394 0907 |
|
Website |
|
|
Social
Media Presence |
Facebook
and Twitter |
|
Registered
Physical Address |
440
VICTORIA ROAD PIETERMARITZBURG 3201 |
|
Trading
Physical Address |
440
Victoria Road PIETERMARITZBURG KwaZulu-Natal
3200 |
|
Postal
Address |
P
O Box 55 PIETERMARITZBURG 3201 |
TAX INFORMATION
Income Tax Number 9628133143
%20LTD%20-%20352074%2009-Dec-2015_files/image004.gif){kind=small}
VAT Number 4550196630
AUDITORS INFORMATION
Name
DELOITTE AND
TOUCHE
INSURANCE
BROKER INFORMATION
Insurance Broker Name CHARTERED INSURANCE BROKER
GENERAL
COMMENTS
Comments
On investigation contact was made with
the Financial Manager
Melissa Vermark, who declined to assist with
any information telephonically and requested that
an email questionnaire be forwarded to melissa@eddels.co.za, this
was duly sent and
we currently await
a response. Contact
was again made with Melissa
who stated that the information will be forwarded, however to date
no response has been forthcoming. As soon as further information is available the same will
be compiled and forwarded to our client. Nevertheless, in the interim
please see historical information dated 26 July 2013.
OWNERSHIP STRUCTURE
SHAREHOLDING
INFORMATION
|
Shareholders/Members |
Share/Interest
(%) |
|
|
D G MOODLEY, J M COMLEY, R A STARMER, A CASSIM, M D VENESS
and J DEEPNARAIN |
95 |
|
|
UNYAWO OLUYAPHAMBILI TRUST of which the trustees are
reported to be D G MOODLEY, J M COMLEY and R A STARMER as well as 2 staff
members. |
5 |
|
ASSOCIATED
COMPANIES
|
Company
Name |
Relationship |
|
|
PROPATIQUE CORP 33 CC (Property owning
company) (Registration Certificate Number: 2004/026495/23) |
|
|
PRINCIPAL
INFORMATION
PRINCIPAL
DETAILS
|
Full Name |
ID No. |
Designation |
Status |
Date of Appoint-
ment |
Active Interests |
Prev. Interests |
Judg- ments |
Fraud Listing |
|
VENESS,
MARK DANIEL |
6812255265086 |
|
Active |
02/09/2002 |
1 |
0 |
0 |
0 |
|
STARMER,
RICHARD ANTHONY |
6302235217084 |
|
Active |
31/08/2001 |
5 |
0 |
0 |
0 |
|
COMLEY,
JOHN MOTLEY |
5904225138008 |
|
Active |
02/10/2001 |
10 |
3 |
0 |
0 |
|
DEEPNARAIN,
JAI |
5807205139085 |
|
Active |
02/09/2002 |
3 |
1 |
0 |
0 |
|
CASSIM,
AHMED |
5809235078085 |
|
Active |
31/07/2003 |
2 |
0 |
0 |
0 |
|
MOODLEY,
DEENADAYALAN GANASEN |
5403235157089 |
|
Active |
31/08/2001 |
6 |
0 |
0 |
0 |
|
PRETORIUS,
GIEL |
5308105122081 |
|
Resigned |
31/08/2001 |
0 |
0 |
0 |
0 |
ACTIVE
BUSINESS INTERESTS: AHMED CASSIM
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
HAVEN CAFE |
2015/079026/07 |
In Business |
Active |
0 |
|
ACTIVE
BUSINESS INTERESTS: DEENADAYALAN GANASEN MOODLEY
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
EDDELS (S A) |
1948/028427/07 |
Deregistration Final |
Active |
0 |
|
LEATHERPRO |
1967/011650/06 |
Deregistration Final |
Active |
0 |
|
PIQUET INVESTMENTS 20 |
2004/052943/23 |
AR Final deregistration |
Active |
0 |
|
PROPATIQUE CORP 33 |
2004/026495/23 |
In Business |
Active |
0 |
|
THANXPROPS
11 |
2004/002587/07 |
In Business |
Active |
0 |
ACTIVE
BUSINESS INTERESTS: JAI DEEPNARAIN
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
JAIDEEN CONSULTING SERVICES |
2009/132286/23 |
In Business |
Active |
0 |
|
JAIRODS GENERAL TRADING AND SUPPLIES |
2015/167464/07 |
In Business |
Active |
0 |
ACTIVE BUSINESS INTERESTS: JOHN MOTLEY COMLEY
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
CELROSE |
2006/033124/07 |
In
Business |
Active |
0 |
|
EDDELS
(S A) |
1948/028427/07 |
Deregistration
Final |
Active |
0 |
|
FAST
TRACK CLUSTER |
2012/113672/08 |
In
Business |
Active |
0 |
|
KWAZULU
NATAL CLOTHING AND TEXTILES CLUSTER |
2005/035347/08 |
In
Business |
Active |
0 |
|
LEATHERPRO |
1967/011650/06 |
Deregistration
Final |
Active |
0 |
|
PIQUET
INVESTMENTS 20 |
2004/052943/23 |
AR
Final deregistration |
Active |
0 |
|
PROPATIQUE
CORP 33 |
2004/026495/23 |
In
Business |
Active |
0 |
|
SUPPLIER
DEVELOPMENT CLUSTER |
2010/009394/08 |
In
Business |
Active |
0 |
|
THANXPROPS
11 |
2004/002587/07 |
In
Business |
Active |
0 |
ACTIVE BUSINESS INTERESTS: RICHARD ANTHONY STARMER
|
Company
Name |
Registration
No. |
Business
Status |
Principle
Status |
Judgments |
|
EDDELS (S A) |
1948/028427/07 |
Deregistration Final |
Active |
0 |
|
PIQUET INVESTMENTS 20 |
2004/052943/23 |
AR Final deregistration |
Active |
0 |
|
PROPATIQUE CORP 33 |
2004/026495/23 |
In Business |
Active |
0 |
|
THANXPROPS 11 |
2004/002587/07 |
In Business |
Active |
0 |
PREVIOUS
BUSINESS INTERESTS: JAI DEEPNARAIN
|
Company
Name |
Registration
No. |
Business
Status |
Principle
Status |
Judgments |
|
SOUTH AFRICAN FOOTWEAR AND LEATHER EXPORT
COUNCIL |
2001/004321/08 |
In Business |
Resigned |
0 |
PREVIOUS BUSINESS INTERESTS: JOHN MOTLEY COMLEY
|
Company
Name |
Registration
No. |
Business
Status |
Principle
Status |
Judgments |
|
CONSHU |
1962/004827/07 |
Dissolved |
Resigned |
0 |
|
CONSHU TRADING |
2000/017082/07 |
Dissolved |
Resigned |
0 |
|
2001/004321/08 |
In Business |
Resigned |
0 |
BANK ACCOUNT VERIFICATION
|
Verified |
Yes |
|
|
Bank Name |
STANDARD BANK |
|
|
Account Holder |
EDDELS SHOES (PTY) LTD |
|
|
Account Number |
252033264 |
|
OPERATIONS
MAJOR OPERATIONS
|
Major
Business Activities |
Manufacturers of men's and ladies footwear |
|
Foreign Trade Activities |
The subject is reported to import from Pakistan,
India and Brazil and export to Namibia, Botswana and Zimbabwe |
|
Major Suppliers |
The subject deals with the following
suppliers locally: CHAMBERLAIN
PHIPPS (Pinetown) MOSSOP WESTERN LEATHER (Wellington) APECO (Pinetown) IMPSON FREIGHT (Durban) |
|
Major Customers |
Retailers, e.g. WOOLWORTHS, EDGARS,
MARKHAMS, TRUWORTHS and SHOE CITY |
|
Major Brands |
John Drake QC Riccardo Aeroflex Freedom |
BRANCH
INFORMATION
Area
of Distribution South
Africa
PREMISES
|
Other Premises |
None |
|
Other Premises
Rented or Owned |
The premises are reported to be owned by the associate
property owning company
with an insurance value in the region of R45 000 000, bonded in favour of
STANDARD BANK to an extent of R1 500 000. |
EMPLOYEES
|
Salaried Employees |
0 |
|
Waged Employees |
0 |
|
Total Permanent Employees |
320 |
|
Casual Employees |
0 |
|
Contracted Employees |
0 |
FINANCING
TERMS
|
Sales
Terms |
Unknown, |
|
Overdraft |
It was stated that the subject enjoys overdraft
facilities to an extent of R8 000 000. Utilisation is stated to fluctuate. |
|
Sureties |
No information was forthcoming. |
|
Debtors
Ceded |
It was previously stated that the debtors
were ceded, however this could not be confirmed. |
|
Debtors
Factored |
No information was forthcoming. |
|
Bonds |
No information was forthcoming. |
|
Date
Obtained |
26/07/2013 |
|
Year
End |
June |
FINANCIAL FIGURES
Currency ZAR
Actual numbers, 000' or mio Actual Numbers
INCOME STATEMENT
|
|
Current
Financial Year (est) |
Previous
Financial Year |
Prior
Financial Year |
|
Turnover/Revenue |
92,000,000 |
|
|
BALANCE SHEET
Assets
|
--Inventory/Stock |
10,000,000 |
|
--Accounts Receivable/Debtors |
10,000,000 |
|
Fixed Assets/Investments |
8,000,000 |
Liabilities
|
Current Liabilities |
|
|
--Accounts Payable/Creditors |
6,000,000 |
Comment
Directors
Loans: ZAR4,500,000
TRADE
REFERENCES
TRADE REFERENCE
ANALYTICS
|
# of Trade Refs in
the last 3 years |
Overall Trade Score |
Average Usage of
Terms |
Average Monthly Purchase |
Average Usage of
Credit Limit |
|
3 |
83% |
89% |
425,000.00
ZAR |
19% |
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 |
||
|
Ref
1 |
30/11/2015 |
2 |
90
(60) |
Declined
(225,000 ZAR) |
25 |
2 |
- |
- |
Yes |
|
|
Ref
2 |
30/11/2015 |
1 |
90
(90) |
500,000 ZAR
(100,000 ZAR) |
+30 |
1 |
- |
- |
Unknown |
|
|
|
30/11/2015 |
2 |
90
(90) |
5,000,000 ZAR
(950,000 ZAR) |
14 |
2 |
- |
- |
Yes |
|
ADMIN
DETAILS
INTERVIEWER
|
Researcher |
Inoxico |
|
|
Contact Tel No. |
+27 10 001 0540 |
|
|
Email |
|
INTERVIEWEE
|
Contact
Person Melissa Vermark |
|
|
|
Position |
Financial
Manager |
|
|
Company
Tel No. |
+27
33 342 8111 |
|
|
Email |
|
|
LEGEND
%20LTD%20-%20352074%2009-Dec-2015_files/image013.gif)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
ZAR |
1 |
Rs.4.57 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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.