MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
OPTICAL TECHNOLOGIES SOUTH AFRICA (PTY)
LTD |
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Registered Office : |
13 Merriman Avenue, Vereeniging, Vaal Triangle, Gauteng |
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Country : |
South
Africa |
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Date of Incorporation : |
3 June 1981 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Optical laboratory, which manufactures and wholesales spectacles, frames and lenses. |
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
OPTICAL TECHNOLOGIES SOUTH AFRICA (PTY) LTD
Formerly SOLA TECHNOLOGIES (PTY) LTD, the name having been changed in August 2006. Formerly LENSE CARE (PTY) LTD, the name having been changed on 30 July 2001. Formerly DUTCH CAPE TRADING (PTY) LTD, the name having been changed on 23 November 1994.
PHYSICAL ADDRESS
13 Merriman Avenue
VEREENIGING
Vaal Triangle
Gauteng
POSTAL ADDRESS
P O Box 213
VEREENIGING
1930
TELEPHONE NUMBER: (016) 455 1692 / 455 2230
FAX NUMBER: (016) 422 1132
SHAREHOLDERS
F J VON HOLDT (majority shareholder)
P J LOUW
A J STANDER
J A L VOSTER
P DUMINEY
J L ROSS
ASSOCIATE COMPANIES
SOLA TECHNOLOGIES – LIMPOPO REGION (PTY) LTD
INVENTIVE WAVES (PTY) LTD – property owning
DIRECTORS
F J VON HOLDT
P J LOUW
A J STANDER
J A L VOSTER
P DUMINEY
J L ROSS
BANKERS
STANDARD BANK, Vereeniging, account number 021841411. It was stated that each branch has its own account number. It was stated that the subject enjoys overdraft facilities to an extent of R5 000 000, secured by the personal guarantee of the shareholders. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
3 June 1981
Registration Certificate Number 1981/006290/07
The subject took over the assets and operations in August 2001 of a well established company namely, OPTICAL SERVICES (PTY) LTD, registration number 1976/000087/07.
VAT NUMBER
4270145701 (Vereeniging branch)
It was stated that each branch has its own VAT number.
MAJOR OPERATION
Optical laboratory, which manufactures and wholesales spectacles, frames and lenses.
MAJOR SUPPLIERS
The subject imports frames and lenses worldwide and deals locally with:
DANZAS AEI Johannesburg
MERCK Johannesburg
GENERAL OPTICAL Johannesburg
CONTRAST OPTICAL Johannesburg
CARL ZEISS
SPERICAL OPTICS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Optometrists
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Occasionally to Zimbabwe
TOTAL EMPLOYEES
45 at the head office
OTHER PREMISES
The subject has branches in Durban, Johannesburg, Cape Town, Witbank, West Rand (Gauteng) and Bloemfontein.
OWNED OR LEASED
It was stated that the Durban branch premises are leased, while the remainder are owned by INVENTIVE WAVES (PTY) LTD.
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R700
The following estimated financial situation was submitted:
STOCK (group) R 4 000 000
DEBTORS (group) R52 000 000
CREDITORS (Vereeniging branch – local and foreign) R 3 000 000
TURNOVER per month (group) R 7 400 000
AUDITORS
JORDAAN BOTHA & PARTNERS Vereeniging
FINANCIAL YEAR END
FEBRUARY
INSURANCE BROKERS
HERMAN STEYN BROKERS
TRADE REFERENCES –
SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R35 000 R25 000 30
days 30 days Good
c/l -R35 000
2. Old acc R19 000 R5 000 30
days 30 days Excellent
-R19
000
3. 4 yrs R750 000 fluctuates 30
days 45/60 days Satisfactory
c/l
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs+ R5 000 R5
000 30 days 30 days Excellent
2. 1999 R100
000 R61 000 - 30 days 30 days Excellent
R90
000
3. 3 yrs do
not disclose figures 30 days 30 days Very
good
COMMENTS
This is a well established company, meeting its commitments timeously. We have not traced dealings to an extent of £1 000 000 and would prefer to see a far lesser amount spread and secured.
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/normal. |
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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