MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HERTEX FABRICS (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29 June 1951 |
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Com. Reg. No.: |
1951/002375/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesale of upholstery fabrics. |
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
HERTEX FABRICS (PTY) LTD
Formerly
GROSS VINEGAIR INDUSTRIES (PTY) LTD, the name having been changed on 19 May 1987.
PHYSICAL ADDRESS
BELLVILLE
POSTAL ADDRESS
TYGERVALLEY
7530
TELEPHONE NUMBER: 021 914 3390
FAX NUMBER: 021 914 3387
SHAREHOLDERS
100% P HERMANN
ASSOCIATE COMPANIES
It was stated that Mr Hermann is involved in approximately 5 companies, some of them being property owning companies. The names of the companies were not forthcoming from respondents.
CHARTER PROPS (PTY) LTD, which is the property owning company that owns the heading premises.
DIRECTORS
PETER HERMANN (German) ID No: 3908015042105
JACOBA MURIEL HERMANN (Wife) ID No: 4311020040009
JUNE KATHLEEN DA SILVA (Mrs) ID No: 4603250070007
C H VAN DER MERWE (Mrs)
BANKERS
NEDBANK, Bellville Branch. Account Number: 10361040. It was stated that the subject enjoys overdraft facilities in excess of R1.5 million, secured by a cession of debtors. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
29 June 1951
Registration Certificate Number: 1951/002375/07.
The subject was commenced as a new business.
VAT NUMBER
4550101861
MAJOR OPERATION
Wholesale of upholstery fabrics.
MAJOR SUPPLIERS
The subject imports approximately 40% of its fabric from
SA
JATEX SA
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Upholstery, interior decorating and furniture manufacturing industries.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Small to
TOTAL EMPLOYEES
100
OTHER PREMISES
A branch in Midrand (
OWNED OR LEASED
The head office premises are reported to be owned by a property-owning company, valued in the region of R3 500 000, free of bond. The branch premises are reported to be owned by property owning companies in the Group.
AUTHORISED SHARE
CAPITAL
R8 000 divided into 4 000 ordinary shares of R2 each.
ISSUED SHARE CAPITAL
R4
The following estimated financial situation was submitted:
STOCK R8 000 000
DEBTORS R5 000 000
CREDITORS (30/60/90 days) R6 000 000
LOANS Nil
TURNOVER per month + R3 000 000
AUDITORS
ULF PACK,
YEAR END
FEBRUARY
INSURANCE BROKERS
INSURANCE PLANNING SERVICES
TRADE REFERENCES –
JULY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1997 R300 000 R200 000 60 days 60 days Good
2. 10 yrs R300 000 R150 000 60 days 60 days Excellent
3. 13 yrs R1 mill R500 000 60 days 60 days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs open acc R250 000 60 days 60 days Very good
2. 1997 R300 000 R100 000 60 days 60 days Very good
c/l
3. 12 yrs declined declined 60 days 60 days Good
4. Do not give trade references.
COMMENTS
This is an established company that is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see dealings to a lesser extent on a well spread and secured basis. The relatively high creditors figure 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. |
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%)