MIRA INFORM REPORT

 

 

Report Date :

12th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

G I FILTRATION SERVICES (PTY) LTD

 

 

Registered Office :

58 Park Avenue South, Highway Business Park, Rooihuiskraal Ext 31, Centurion, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.03.1999

 

 

Com. Reg. No.:

1999/005964/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of industrial filter bags and filter cloth.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

G I FILTRATION SERVICES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

58 Park Avenue South

Highway Business Park

ROOIHUISKRAAL EXT 31

Centurion

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 11451

CENTURION

0046

 

 

TELEPHONE NUMBER

 

(012) 661 5082

 

 

FAX NUMBER

 

(012) 661 4819

 

 

SHAREHOLDERS

 

40%      V W RUDOLPH

40%      G D WEBBER

20%      TESTORI (a company in Italy)

 

 

ASSOCIATE COMPANIES

 

TESTORI (registered in Italy), in which company Mr Testori is a shareholder.

GLADSTONE (PTY) LTD

 

 

DIRECTORS

 

V W RUDOLPH

G D WEBBER

A TESTORI (resident in Italy)

 

 

BANKERS

 

STANDARD BANK, Northcliff, account number 201721724.  It was previously stated that the subject enjoys overdraft facilities to an extent of R600 000 secured by the personal guarantees of the shareholders.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

23rd March 1999

Registration Certificate Number 1999/005964/07.

 

The subject was registered to take over the assets and operations of a well established close corporation namely:  G I Filtration Services CC, registration certificate number CK91/26821/23.  The latter business was commenced as a new business.

 

 

VAT NUMBER

 

4070225190

 

 

MAJOR OPERATION

 

Manufacturers of industrial filter bags and filter cloth.

 

 

MAJOR SUPPLIERS

 

The subject imports mainly and deals locally with:

 

D & S WEAVERS  Durban

SVENMILL  Cape Town

HENEWAYS

 

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The mining industry and chemical industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Zimbabwe, Saudi Arabia, Australia and Democratic Republic of Congo.

 

 

TOTAL EMPLOYEES

 

35

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each.

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                         R  3 000 000

DEBTORS                                                                     R  1 000 000

FIXED ASSETS                                                             R     500 000

CREDITORS                                                                  R     700 000

SHAREHOLDERS LOANS                                             R     375 000

TURNOVER                              per annum                     R11 000 000

 

 

AUDITORS

 

H L B BARTLETT & ASSOCIATES

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

ABACER

 

 

TRADE REFERENCES – JULY 2006

 

         PERIOD     HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

                          CREDIT       CREDIT                      PATTERN

 

1.      03/2005      R50 000      R30 000        30 days   30 days       Good

 

2.      10 yrs        R100 000     R50 000        45 days   45 days       Good

                                                                              by arrangement

 

3.      01/2004      R100 000     R50 000        60 days   60 days       Good

 

 

CURRENT TRADE REFERENCES

 

         PERIOD     HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

                          CREDIT       CREDIT                      PATTERN

 

1.      2005          R50 000      R50 000 -      30 days   30 days       Good

                          c/l               R60 000

 

2.      10 yrs+      R60 000      R10 000 -      30 days   30 days       Good

                                            R50 000

 

3.      15 yrs        R100 000     R50 000 -      30 days   30 days       Very good

                                            R100 000

 

COMMENTS

 

This is an established business meeting commitments timeously.  We have not traced dealings to an extent of US$1 million and would prefer to see a lesser figure on a well spread basis.

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions