MIRA
INFORM REPORT
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Report Date : |
19.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EVEREADY (PTY) LTD |
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Registered Office : |
P O Box 3191, North End - 6056 |
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Country : |
South Africa |
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Date of Incorporation : |
26 April 2002 |
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Com. Reg. No.: |
2002/009654/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of batteries as well as the
importing of alkaline batteries |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
EVEREADY (PTY) LTD
Formerly FRIEDSHELF 243 (PTY) LTD, the name having been changed March 2003.
PHYSICAL ADDRESS
Eveready Road
STRUANDALE
Port Elizabeth
Eastern Cape
POSTAL ADDRESS
P O Box 3191
NORTH END
6056
TELEPHONE NUMBER: 041 401 2500
FAX NUMBER: 041 394 5123
SHAREHOLDERS
50% FENCHURCH INVESTMENTS (PTY) LTD (Reg. No. 2002/004340/0, which is owned by J E SIDDALL, A
DAS, P J LENNOX and B RAYNER
30% THE ROOIBOS TRUST
20% NEDBANK LIMITED
The shareholding changed with effect from 16 February 2004 and was previously 40% FENCHURCH INVESTMENTS (PTY) LTD, 30% THE ROOIBOS TRUST and 30% NEDBANK LIMITED.
ASSOCIATE COMPANIES
None
DIRECTORS
J E SIDDALL
A DAS
P J LENNOX
B RAYNER
R STUMPF
C R HOWELL
M R COLLINS
A JAMES MUNDELL
B A CHELLIUS
M D GAMIE
G DAVEL
B DENYER
BANKERS
STANDARD BANK, Port Elizabeth Main Branch, Account Number 080000592. The subject is reported to enjoy overdraft facilities to an extent of R100 million, secured by a cession of debtors. Utilisation is stated to be partial.
DATE REGISTERED
26 April 2002
Registration Certificate Number: 2002/009654/07
It was stated that there was a management buyout of the EVEREADY division of a company namely, GILLETTE GROUP SOUTH AFRICA (PTY) LTD (Reg. No. 1989/004241/07) in February 2003. Prior to that the subject was dormant.
VAT NUMBER
4120199122
MAJOR OPERATION
Manufacturers and distributors of batteries as well as the importing of alkaline batteries
MAJOR SUPPLIERS
The subject imports alkaline batteries from Hong Kong and raw materials from Japan, China and Europe and deals locally with:
AFRICAN TRANSIT Port Elizabeth
ZINCOR Springs
E H WALTON Port Elizabeth
MONDIPAK Port Elizabeth
DELTA EMD Nelspruit
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Wholesalers and retailers (chain stores), e.g. Makro, Metro, Pick ‘n Pay, etc
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
African countries
TOTAL EMPLOYEES
500
OTHER PREMISES
The subject is reported to have sales offices in Durban, Cape Town and Johannesburg.
OWNED OR LEASED
The premises are reported to be owned by the subject with a market value in the region of R47 000 000. The subject has a long-term loan with NEDBANK.
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R300
The following estimated financial situation was submitted:
STOCK wip, raw materials, finished goods R 50 000 000
DEBTORS R 60 000 000
FIXED ASSETS net book value R170 000 000
CREDITORS R 30 000 000
TURNOVER per annum R400 000 000
AUDITORS
MOORES ROWLAND, Port Elizabeth
YEAR END
DECEMBER
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES –
JUNE 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R 400 000 R 300 000 - 7
days 7 days Excellent
R 400 000
2. Old acc. R4 000 000 R1
500 000 30 days 30 days Excellent
c/l
3. Old acc. R 600 000 R
600 000 30 days 30 days Excellent
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R 600 000 R 500 000 15 days 15 days Excellent
2. Old acc. R4 500 000 R1 000 000 30 days 30 days Excellent
3. Old acc. R1 100 000 R 800 000 30 days 30 days Excellent
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 open R 400 000 - 30 days 7 days Excellent
R 600 000
2. 10 yrs R2 000 000 R1 000 000 30 days 30 days Excellent
3. 10 yrs declined R 100 000 60 days 60 days Excellent
R 200 000
COMMENTS
This is a newly registered company, which has incorporated operations that previously formed a division of a very well established company. The subject is considered equal to US$1 000 000 DA.
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%)