MIRA
INFORM REPORT
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Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
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Name : |
WONDER FLOORING ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
7 February 1994 |
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Com. Reg. No.: |
1994/000658/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributors of floor products
e.g. carpets, vinyl tiles etc. |
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
WONDER FLOORING (PTY) LTD
PHYSICAL ADDRESS
CITY WEST
note
On investigation it was established that there was a company registered as WONDER FLOORING (PTY) LTD, which is purely a management, financing and administration company for the WONDER FLOORING Group.
There was also a partnership namely WONDER FLOORING, between Messrs A M Thokan, M S Thokan and I M Thokan, however this partnership has been dissolved and all operations are now incorporated into WONDER FLOORING (JOHANNESBURG) (PTY) LTD, which report should be consulted.
COMPANY NAME
WONDER FLOORING (
TRADING NAME
WONDER FLOORING
PHYSICAL ADDRESS
City West
POSTAL ADDRESS
Private Bag X02
FORDSBURG
2033
TELEPHONE NUMBER: 011 298 8000
FAX NUMBER: 011 836 4450
SHAREHOLDERS
100% THOKAN INVESTMENTS (PTY) LTD, which is in
turn owned by the Thokan family.
ASSOCIATE COMPANIES
JOEN INDUSTRIES (PTY)
LTD
WONDER FLOORING (PTY)
LTD
WONDER FLOORING
WONDER FLOORING
WONDER FLOORING
WONDER FLOORING
WONDER FLOORING
WONDER FLOORING
WONDER FLOORING PE (PTY)
LTD
WALWATI PROPERTIES (PTY)
LTD (property owning company)
It was stated by
respondents at the company that WONDER FLOORING (PTY) LTD is the management,
financing and administration company for the group.
DIRECTORS
A THOKAN
M
M A THOKAN
M THOKAN
N A THOKAN
The abovementioned
directors are reported to be brothers and cousins.
BANKERS
NEDBANK, Fordsburg
Branch, account number 1953229123. It
was stated that the subject enjoys group overdraft facilities, secured by the
personal guarantees of the Directors. Utilisation is stated to fluctuate.
DATE REGISTERED
7 February 1994
Registration Certificate
Number: 1994/000658/07
The company was
registered in February 1994 to take over a partnership, which was originally
commenced in 1967 as a new business.
VAT NUMBER
4060109008
MAJOR OPERATION
Distributors of floor
products e.g. carpets, vinyl tiles etc.
MAJOR SUPPLIERS
The subject imports
flooring from Europe, the Far and
BELGOTEX
Pietermaritzburg
MARLEY FLOORING
QUALICHEM
VAN DYK
WISPECO
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Carpet shops, furniture
shops, hyper stores and retailers.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Africa (
TOTAL EMPLOYEES
Approximately 500 in the
group
OTHER PREMISES
None
OWNED OR LEASED
The premises are stated to be owned by the associate property owning company and valued in the region of R14.5 million at market value, free of bond.
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1
000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The respondent declined
to update financial information on the subject, nevertheless, historical
financial information as at May 2005 reads as follows:
STOCK R 13 000 000
DEBTORS R 11 000 000
FIXED ASSETS R 3 500 000
CREDITORS R 7 000 000
TURNOVER per annum R 99 717 092
TURNOVER per annum for
the Group R200
000 000
FINANCIAL ACCOUNTANT
MR F THOKAN
AUDITORS
MAJID GANI &
ASSOCIATES, Pietersburg
YEAR END
FEBRUARY
INSURANCE BROKERS
ESSOP S BHANA
TRADE REFERENCES –
MARCH 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R 100 000 R 80 000 30
days 30 days Very good
2. 2002 R 80 000 R 80 000 30
days 30 days Good
3. 15 yrs R5
000 000 R3 000 000 7 days 7
days Good
TRADE REFERENCES –
NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R 35 000 R 35 000 30
days 30 days Very good
2. 10 yrs+ do
not disclose figures 30
days 30 days Excellent
3. 10 yrs+ R30
000 000 R30 000 000 90 days 90
days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 18 yrs open R3 000 000 - 97 days 97
days Very good
R5 000
000 4%
2. 10 yrs declined declined 30 days 30
days Very good
3. 9 yrs open R 50 000 - 30
days 30 days Very good
R 100 000
COMMENTS
This is an established
company that took over a well-established partnership, which originally
commenced operations in 1967. The
subject is meeting its commitments timeously and is considered equal to its
normal business engagements.
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. |
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%)