MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KLINGER (PTY) LTD |
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Registered Office : |
247 Davidson Road, Wadeville, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
20 August 1964 |
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Com. Reg. No.: |
1964/006285/07 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers, wholesalers and retailers of gasket sheeting. |
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 : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
KLINGER (PTY) LTD
Formerly KLINGER NTC (PTY) LTD the name having been changed in September
1999; formerly RICHARD KLINGER SA (PTY) LTD the name having been changed on 1
August 1996.
TRADING NAME
FABFLEX
FLEXITALLIC
STAG
IMPACT
PHYSICAL ADDRESS
247 Davidson Road
WADEVILLE
Gauteng
POSTAL ADDRESS
P O Box 14206
WADEVILLE
1422
TELEPHONE NUMBER: 011 827 8655
FAX NUMBER: 011
827 9143
SHAREHOLDERS
100% BETAL in the Netherlands
The shareholding changed and was previously 50% R KLINGER and 50%
NATIONAL TRADING (PTY) LTD.
ASSOCIATE COMPANIES
No associate or subsidiary companies within South Africa, but they are
reported to be associated to international companies
DIRECTORS
A GOOSEN (MD)
M J DAVIS
F F MUHLENBRUCH (resident in Netherlands)
T KLINGER-LOHR (resident in Netherlands)
J SMAL
D G HALSTEAD
BANKERS
NEDBANK, Business North Rand Branch, Account Number: 1469127040. It was stated that the subject enjoys
overdraft facilities to an extent of R2 million, unsecured. Utilisation is nil as credit balances are
normally maintained at the bank.
DATE REGISTERED
20 August 1964
Registration Certificate Number: 1964/006285/07
The subject was commenced as a new business.
VAT NUMBER
4060101054
MAJOR OPERATION
Manufacturers, wholesalers and retailers of gasket sheeting. The subject took over trade names from the T
& N Industrial Products Group, namely, FABFLEX and FLEXITALLIC as well as
STAG and IMPACT. Fabflex and Flexitallic
were previously divisions of Tenseal (Pty) Ltd and Stag and Impact were also
part of the T & N Group of companies.
MAJOR SUPPLIERS
The subject imports raw materials and manufactures most of their
products in-house and deals locally with:
LOCHHEAD WHITE & WOMERSLEY Johannesburg
KAPASIT Cape Town
STANDERTON MILLS Standerton
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Industry in general
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Europe and African countries e.g. Malawi, Uganda, Botswana, Zimbabwe and
Namibia.
TOTAL EMPLOYEES
300
OTHER PREMISES
The subject has branches in Durban, Richards Bay, Secunda and
Vereeniging.
OWNED OR LEASED
The heading premises are reported to be owned by the subject. The purchase price is stated to have been R7
million, bonded in favour of FIRST NATIONAL BANK to an extent of R6 million.
AUTHORISED SHARE
CAPITAL
R10 060 000 divided into 10 060 000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R10 060 000
The following estimated financial situation was submitted:
STOCK R20
000 000
DEBTORS R15
000 000
FIXED ASSETS R15
000 000
CREDITORS R 7 000 000
SHAREHOLDERS LOANS R10
000 000
TURNOVER per annum R80
000 000
AUDITORS
KPMG
YEAR END
DECEMBER
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES –
FEBRUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R530 000 up to 30
days 30
days Excellent
C/L R500 000
2. Do
not give trade references
3. 10
yrs+ R200 000 R200 000 30 days 30
days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
1998 R550 000 R550 000 30 days 30
days Good
c/l
2. 12
– 15 yrs R200 000 R100 000 30 days 30
days Good
3. Do
not give trade references
COMMENTS
This is a well-established company which took over divisions of the
T&N (TURNER & NEWALL) group of companies. We have not traced dealings to an extent of US$15 000 000 and would prefer to see a
lesser figure on a well spread and secured basis.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)