MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MASKEW MILLER LONGMAN (PTY) LTD |
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Registered Office : |
Corner Forest Drive & Logan Way, Pinelands, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
27 June 1924 |
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Com. Reg. No.: |
1924/002625/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Publishing company |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
MASKEW MILLER LONGMAN (PTY) LTD
PHYSICAL ADDRESS
Corner Forest Drive & Logan Way
PINELANDS
Cape Town
Western Cape
POSTAL ADDRESS
P O Box 396
CAPE TOWN
8000
TELEPHONE NUMBER: 021 532 6000
FAX NUMBER: 021 531 6849
SHAREHOLDERS
100% MASKEW MILLER LONGMAN HOLDINGS (PTY) LTD
ASSOCIATE COMPANIES
PEARSON EDUCATION SOUTH AFRICA (PTY) LTD
LONGMAN NAMIBIA (PTY) LTD
LONGMAN ZIMBABWE PRIVATE LIMITED
LONGMAN LESOTHO (PTY) LTD
LONGMAN ZAMBIA LTD
PHUMELALA (PTY) LTD
LONGMAN BOTSWANA (PTY) LTD
LONGMAN SWAZILAND (PTY) LTD
LONGMAN KENYA LTD
LONGMAN MOZAMBIQUE LDA
DIRECTORS
F DADA
C A VANVADELIS
G UTIAN
N M COBURN
T D MOOLMAN
DR F VAN ZYL SLABBERT (Alt)
J D PIENAAR
J KNIGHT (Alt)
MS. C A OZDEN
L MABANDLA
J J FALLON (British)
D L CAMERON (British)
BANKERS
STANDARD BANK, Thibault Square branch, account number 070938350. It was stated that the subject enjoys overdraft facilities to an extent of R30 million, secured. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
27 June 1924
Registration Certificate Number 1924/002625/07
VAT NUMBER
4240101917
MAJOR OPERATION
Publishing company
MAJOR SUPPLIERS
The subject imports professional and Disney books and deals with the following local suppliers:
C.T.P. Cape Town
CREDA COMMUNICATIONS Cape Town
PREMIER FREIGHT Cape Town
TANDYM PRINT Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Department of Education and book stores.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Africa
TOTAL EMPLOYEES
206
OTHER PREMISES
The subject has promotional offices throughout South Africa
OWNED OR LEASED
The head office premises are leased
AUTHORISED SHARE CAPITAL
R80 000 divided into 40 000 ordinary shares of R2 each
ISSUED SHARE CAPITAL
R63 300
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
PRICEWATERHOUSECOOPERS
YEAR END
JUNE
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES - JULY 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. declined: R millions arranged terms Excellent
2. 50 yrs R9 000 000 ±R2 000 000 90 days 90 days Excellent
3. ±5 yrs R 250 000 R 250 000 60 days 60 days Very good
TRADE REFERENCES – JUNE 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R13
000 000 R 6 000 000 90
days 90 days Good
R13
000 000
2. 10 yrs+ R6
000 000 R4 000 000- 90
days 90 days Excellent R6
000 000
3. 6 yrs R 100 000 R 100 000 60
days 60 days Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 10 yrs R1
000 000 R1 000 000 90 days 90
days Very good
3. Do not give trade references
4. 01/2007 open R 150 000 - 60 days 60 days Excellent
R 200 000
COMMENTS
This is a well established and well connected company meeting its commitments timeously. 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. |
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%)