MIRA INFORM REPORT

 

 

Report Date :

22nd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

EUREKA DIY SOLUTIONS (PTY) LTD

 

 

Registered Office :

289 Hebbard Road, Robertville, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.12.1997

 

 

Com. Reg. No.:

1997/022545/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

The manufacturing and distribution of pre-packed hardware goods to hardware shops and chain stores.

 

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 :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

COMPANY NAME

 

EUREKA DIY SOLUTIONS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

289 Hebbard Road

ROBERTVILLE

Gauteng

 

 

POSTAL ADDRESS

 

Private Bag X9

FLORIDA HILLS

1716

 

 

TELEPHONE NUMBER

 

011 471 0800

 

 

FAX NUMBER

 

011 471 0847

 

 

SHAREHOLDERS

 

100%    H D MARAIS

 

 

ASSOCIATE COMPANIES

 

FORUM HOMINI HOTEL CC

 

 

DIRECTORS

 

H D MARAIS                 ID No. 4505065035002

 

 

BANKERS

 

FIRST NATIONAL BANK, Westgate Branch, Account Number 62116393208.  It was stated that the subject enjoys overdraft facilities to an extent of R18 million, secured by a cession of debtors.  Utilisation is stated to fluctuate.

 

The subject also has a smaller account with STANDARD BANK, Westgate Branch where they do not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

30 December 1997

Registration Certificate Number: 1997/022545/07

 

 

VAT NUMBER

 

4660115975

 

 

MAJOR OPERATION

 

The manufacturing and distribution of pre-packed hardware goods to hardware shops and chain stores.

 

 

MAJOR SUPPLIERS

 

UTI

KUEHNE & NAGEL

A & G FASTENERS

NOVEL

TUFTEX

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesale to the hardware stores and chain stores

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Southern Africa

 

 

TOTAL EMPLOYEES

 

150 to 160

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

The following estimated financial situation was submitted:

 

DEBTORS                                                                                                   R12 000 000

CREDITORS                                                                                                R  3 000 000

TURNOVER per month                                                                                 R12 000 000

 

 

AUDITORS

 

LEVETON BONER HORWARTH

 

 

YEAR END

 

APRIL

 

 

INSURANCE BROKERS

 

REEF INSURANCE BROKERS

 

 

TRADE REFERENCES – APRIL 2001

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    10 yrs           R200 000       R30 000 -        60 days    60 days        Good

                                               R40 000

 

2.    10 yrs           R  40 000       R30 000 -        60 days    60 days        Good

                                               R40 000

 

3.    04/1997        R  80 000       R10 000 -        30 days    30 days        Good

                                               R80 000          2.5%

 

 

CURRENT TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    2003            R2 000 000    R1 500 000      30 days    30 days        Good

 

2.    8 yrs            open              R     40 000     30 days    30 days        Very good

 

3.    15 yrs+         R   200 000    R     11 000 -   30 days    30 days        Very good

                                               R     50 000     2.5%

 

 

COMMENTS

 

This is an established company that converted from a well established close corporation.  The subject is meeting its commitments timeously.  We have not traced dealings to an extent of US$1 million and would prefer to see lesser dealings well spread and secured.

 

 

 

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