MIRA INFORM REPORT

 

 

Report Date :

9th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

BOLTFIX (PTY) LIMITED

 

 

Registered Office :

Unit 14, Pine Industrial Park, 16 Pineside Road, New Germany, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

08.09.1989

 

 

Com. Reg. No.:

1989/005309/07

 

 

Legal Form :

Pty Limited

 

 

Line of Business :

The wholesaling and retailing of industrial fasteners, power tools and hand tools.

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME     

 

BOLTFIX (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

Unit 14

Pine Industrial Park

16 Pineside Road

NEW GERMANY

Kwazulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 206

NEW GERMANY

3610

 

 

TELEPHONE NUMBER   

 

(031) 705-2474

 

 

FAX NUMBER     

 

(031) 705-3956

 

 

SHAREHOLDERS

 

70%      N D WATSON

10%      K P RABIE

10%      L WRIGHT

10%      C I MUNRO

 

Formerly 47% N D WATSON, 47% H W ADAMS, 3% K P RABIE and 3% L WRIGHT, having been changed in August 2005.

 

 

ASSOCIATE COMPANIES

 

MARITZBURG BOLT AND TOOL CC trading as BOLTFIX.

 

 

DIRECTORS

 

N D WATSON

K P RABIE

L WRIGHT

C I MUNRO

 

 

BANKERS

 

FIRST NATIONAL BANK, Jacobs.   It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors and shareholders guarantees. Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

8th September 1989

Registration certificate number 1989/005309/07.

 

 

VAT NUMBER

 

4460106505

 

 

MAJOR OPERATION

 

The wholesaling and retailing of industrial fasteners, power tools and hand tools.

 

 

MAJOR SUPPLIERS

 

IMPSON FREIGHT

PFERD ABRASIVES

METABO POWER TOOLS

ALLEN SCREWS Durban

SASCOR

ROBERT BOSCH  Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers, hardware stores, builders and the public.

 

 

AREA OF DISTRIBUTION AND SELLING 

 

Mainly Kwazulu Natal.

 

 

EXPORTS

 

 None

 

 

TOTAL EMPLOYEES 

 

90

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

ISSUED SHARE CAPITAL 

 

R100

 

The following estimated financial situation was submitted:

 

STOCK             R12 000 000 – R16 000 000

DEBTORS        R15 000 000

FIXED ASSETS R     700 000

CREDITORS     R11 000 000

LOANS             None

TURNOVER      per annum R60 000 000

 

 

AUDITORS

 

SAUNDERS HAYNES AND STEWART Durban

 

 

FINANCIAL YEAR END  

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

D SCHOEMAN AND ASSOCIATES, Pietermaritzburg.

 

 

TRADE REFERENCES

 

                     ACCOUNT HIGHEST   AVERAGE    TERMS   PAYMENT    EXPERIENCE

                     OPENED    CREDIT      CREDIT                      PATTERN

 

1.                  1990          R200 000     R100 000      30 days   30 days        Good

 

2.                  17 yrs        R20 000      R20 000        30 days   30 days        Excellent

 

3.                  10 yrs        R60 000      R20 000        60 days   60 days        Good

 

4.                  4 yrs          R450 000     R200 000      90 days   90 days        Good

 

 

COMMENTS

 

This is an established company meeting commitments timeously.  The subject is considered equal to its normal business engagements.  The lack of full financial information should be borne in mind. 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions