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Report No. : |
309033 |
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Report Date : |
11.03.2015 |
IDENTIFICATION DETAILS
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Name : |
CORICRAFT GROUP
(PTY) LTD |
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Formerly Known As : |
ASHERTON INVESTMENTS (PTY) LTD |
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Registered Office : |
Cape Town Head Office, 28 Christian Avenue, Epping, Cape
Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
10.05.2005 |
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Com. Reg. No.: |
2005/014198/07 |
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Legal Form : |
Private Company |
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Line of Business : |
· Engaged as Importers, manufacturers and retailers of Lounge Suites, Dining Room Suites and Bedroom Suites. · subject specialises in its own CORICRAFT brand name · Subject product range includes Dining Tables and Chairs, Coffee Tables, Plasma Units, Side Tables, Servers, Cabinets and Barstools |
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No of Employees : |
±2 500
Employees, having increased from 900 reported in 2011 |
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 : |
No Complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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 |
Note:
(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by officials of the subject):
CORICRAFT GROUP (PTY) LTD
Formerly ASHERTON INVESTMENTS (PTY) LTD, the name having been changed on 4 November 2005.
Cape Town Head Office
28 Christian Avenue
Epping
CAPE TOWN
Western Cape
P O Box 115
EPPINDUST
7475
TELEPHONE NUMBER: +27 21 508 5200
It was stated that the subject also has a head office situated at 1 Friedlander Street, Stormill, Gauteng, telephone number +27 11 611 8700.
97% WESTBROOK INVESTMENT (PTY) LTD
The remaining 3% shareholding was declined as there are stated to be numerous small shareholders.
The shareholding
changed and was previously:
48,3% WESTBROOK INVESTMENT (PTY) LTD
44.9% CAP WEST LTD
6.8% D G JACOBSON
None
K M UTIAN ID
No. 6809285263081
MS L M REICHMAN ID No. 6803280137085
M H SACKS ID No. 7002075038082
C P SCHNEEBERGER ID No. 7410165255088
M MATISONN ID
No. 7503055021089
ABSA BANK, CAPE TOWN, however, further information regarding
banking facilities was not forthcoming from respondents at the company.
10 May 2005
Registration Certificate Number 2005/014198/07
The subject was registered to take over the assets and operations of CORICRAFT GROUP (PTY) LTD Registration Certificate Number 2000/018486/07. The latter company changed its name to ASHERTON INVESTMENTS (PTY) LTD simultaneously with that of the subject on the 4th November 2005.
The company ASHERTON INVESTMENTS (PTY) LTD (formerly Coricraft Group (Pty) Ltd) (Registration certificate number 2000/018486/07) was registered to take over assets and operations of CORICRAFT (PTY) LTD (Reg. No. 1967/001208/07). The latter company was purchased as a dormant company and changed its name and commenced operations on 8 March 1995.
Importers, manufacturers and retailers of lounge suites, dining room suites and bedroom suites. The subject specialises in its own CORICRAFT brand name.
Subject product range includes Dining Tables and Chairs, Coffee Tables, Plasma Units, Side Tables, Servers, Cabinets and Barstools
MAJOR SUPPLIERS
The subject imports fabric from Italy, leather from Argentina, accessories and furniture from Singapore, India and China and Indonesia. The subject also purchases from companies within South Africa.
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.
General public
South Africa
Belgium, Namibia,
Spain, Germany and UK.
±2 500 Employees, having increased from 900 reported in 2011.
The subject has stores in Johannesburg, Cape Town, Bloemfontein, Rustenburg, Nelspruit, Durban and Port Elizabeth.
The premises are
reported to be leased.
The following estimated financial situation was submitted as at 20 February 2015 for the group of companies:
STOCK R120 000 000
DEBTORS Only C.O.D
FIXED ASSETS R100 000 000
CREDITORS R115 000 000
TURNOVER per month R120 000 000
MAZARS Cape Town
FEBRUARY
A I B INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
Old acc R100 000+ R100 000+ 7 days 7 days Very Good
10 years R300 000 R200 000 60 days 60 days Good
-R300 000
3 years R4 000 000 R1 500 000 30 days 30 days Good
c/l -R4 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.a) 2005 R2 300 000 R1 000 000 30 days 30 days Very
Good
c/l
1.b) 2005 R2 200 000 R 700 000 30 days 30
days Very Good
c/l
2. 10
years declined R
500 000 60 days 60 days Very
Good
3. 5
years+ R2 000 000 R2 000 000 60
days 60 days Excellent
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1a). 2010 R1 700
000 R300 000- 60 days 60
days Very Good
R600 000 -5%
2b). 2009 R1 700
000 R300 000- 60 days 60
days Very Good
R500 000 -5%
3. Feb
2007 R35 000 000 ±R11 300 000 30 days 30 days Very Good
It
was stated that the subject has utilised the full R35 000 000 limit
on occasion.
(These descriptions relate respectively by number
to the above current trade transactions):
1. Foam
2. Fibre
3. Import
financing
This is an established company that has undergone numerous
changes. The subject is meeting its commitments
on arranged terms and is spoken of highly by its suppliers.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.70 |
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UK Pound |
1 |
Rs.94.55 |
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Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
MNL |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.