MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NINIAN AND LESTER (PTY) LTD |
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Registered Office : |
915 Umgeni Road, DURBAN, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
4 February 1942 |
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Com. Reg. No.: |
1942/015100/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Textile, clothing and yarn manufacturers |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
MARTILON TEXTURED YARNS (PTY) LTD
PHYSICAL ADDRESS
8th Street
Babalegi Industrial
Site
Stand 6162
BABALEGI
Bophuthatswana
On investigation it was established that the subject was deregistered on 29 December 1991. The operations and assets were then incorporated into a division of MARTILON TEXTURED YARNS, of a company registered as GLENMORE TEXTILES (PTY) LTD.
As at January 2002, GLENMORE TEXTILES (PTY) LTD became dormant and the two operating divisions of the subject, namely GLENMAR and MARTILON TEXTURED YARNS were incorporated into a company known as NINIAN & LESTER (PTY) LTD, which report should be consulted.
COMPANY NAME
NINIAN AND LESTER (PTY) LTD
TRADING DIVISIONS
NINIAN AND LESTER TEXTILES
NINIAN AND LESTER CLOTHING
MARTILON
GLENCAROL
PHYSICAL ADDRESS
915 Umgeni Road
DURBAN
Kwazulu Natal
POSTAL ADDRESS
P O Box 2221
DURBAN
4000
TELEPHONE NUMBER: 031 303 1422
FAX NUMBER: 031 303 1745
The subject no longer trades as MAXMORE KNITTING MILLS.
SHAREHOLDERS
100% NINIAN AND LESTER HOLDINGS LTD, delisted from the JSE Ltd in February 2003.
ASSOCIATE COMPANIES
LASER SCREEN (PTY) LTD (deregistered)
SOUTH AFRICAN POLYPROPYLENE YARNS (PTY) LTD, which is 50% owned by the subject
DIRECTORS
M R A McELLIGOTT (Chairman)
R V FISHER (Managing Director)
J H SCHRODER
G W RAHMER
A VERHAGEN
A F CAELERS
BANKERS
STANDARD BANK, Smith Street Durban Branch; NEDBANK, Smith Street Durban Branch, Account Number: 1305030613 and ABSA BANK, Durban Branch. It was stated that there are overdraft facilities available at all 3 banks, unsecured.
It was stated that the group is managed by a cash management scheme controlled by the Group Accountant.
DATE REGISTERED
4 February 1942
Registration Certificate Number: 1942/015100/07
The subject commenced as a new company.
VAT NUMBER
4090104003
MAJOR OPERATION
Textile, clothing and yarn manufacturers
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
JETSTREAM Durban
BRAITEX Cape Town
COATES SA Hammarsdale
ROTEX FABRICS Cape Town
SOUTH AFRICAN NYLON SPINNERS Cape Town
INTERNATIONAL TRIMMING Durban
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Major clothing chains such as Woolworths and Edgars, small independents and clothing manufacturers
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Occasionally to neighbouring countries e.g. Botswana and
Namibia as well
as Singapore, UK, Europe, USA, Australia and Israel.
TOTAL EMPLOYEES
2 000
OTHER PREMISES
The subject is reported to have plants in Durban, Pinetown and Babelegi
OWNED OR LEASED
The head office and Durban plant premises are leased while the Pinetown and Babelegi premises are owned by the subject.
AUTHORISED SHARE
CAPITAL
R150 000 divided into 75 000 ordinary shares of R2 each
ISSUED SHARE CAPITAL
R150 000
Respondents at the subject declined to update previous financial information that was supplied in September 2003, which reads as follows:
STOCK R80
000 000 - R90 000 000
DEBTORS R80
000 000
FIXED ASSETS net book value R33
000 000
CREDITORS R80
000 000 – R90 000 000
SHAREHOLDERS LOANS R21
000 000
TURNOVER per annum R350
000 000
AUDITORS
DELOITTE, Tel: 031 560 7000
YEAR END
DECEMBER
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES –
APRIL 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 30 yrs R3 000 000 R1 500 000 30 days 30 days Very good
c/l 2.5% 2.5%
2. 15 yrs+ R 500 000 R 150 000 30 days 30 days Very good
c/l
3. 20 yrs R2 500 000 R1 500 000 - 30 days 30 days Excellent
R2 000 000
TRADE REFERENCES –
DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R2 500 000 R2 000 000 30 days 30 days Excellent
2. Old acc. R 150 000 R 150 000 30 days 30 days Very good
3. Old acc. R3 000 000 R1 500 000 30 days 30 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs declined R 75 000 30 days 30 days Very good
2. 5 yrs declined R 20 000 - 30 days 30 days Good
R 30 000
3. 20 yrs R1 500 000 R500 000 60 days 60 days Good
4. 7 yrs declined R 30 000 30 days 30 days Good
COMMENTS
This is a well established and well connected company that took over the assets and operations of one of their subsidiary companies. The subject is meeting its commitments timeously and is considered equal to US$1 500 000 DA. The lack of updated financial information should be borne in mind. The cheap imports that have adversely affected the SA textile industry over recent years should be borne in mind.
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%)