MIRA
INFORM REPORT
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Report Date : |
02.06.2007 |
IDENTIFICATION DETAILS
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Name : |
POLYDYE (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13 April 1999 |
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Com. Reg. No.: |
1999/007411/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dyes yarns for the textile manufacturing industry |
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 : |
Usually correct |
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Litigation : |
Clear |
On investigation contact was made with the Shareholder who declined to assist with any information. Nevertheless, please see historical information dated March 2006, which reads as follows:
COMPANY NAME
POLYDYE (PTY) LTD
PHYSICAL ADDRESS
HAMMARSDALE
Kwa-Zulu
POSTAL ADDRESS
VERULAM
4340
TELEPHONE NUMBER: 032 533 1070
FAX NUMBER: 032 533 1074
SHAREHOLDERS
14,29% J M VALJEE
14,29% H M VALJEE
14,29% S M VALJEE
14,29% G C VALJEE
14,29% A C VALJEE
14,29% V J M VALJEE
14,29% A J M VALJEE
The shareholders are reported to be brothers and nephews.
ASSOCIATE COMPANIES
J M V TEXTILES (PTY) LTD
SOLA SPORT MANUFACTURERS (PTY) LTD
DIRECTORS
J M VALJEE
H M VALJEE
S M VALJEE
G C VALJEE
A C VALJEE
V J M VALJEE
A J M VALJEE
BANKERS
STANDARD BANK,
DATE REGISTERED
13 April 1999
Registration Certificate Number 1999/007411/07
The subject took over the dye house of a company, S A NYLON SPINNERS (PTY) LTD
MAJOR OPERATION
The subject dyes yarns for the textile manufacturing industry
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
SPECTRUM SHIPPING
CLARIANT
BAYER
DYECOM
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Textile manufacturing industry, upholstery and thread industries
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
65
OTHER PREMISES
The subject is reported to have a factory in Hammarsdale,
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1 000
The following estimated financial situation was submitted:
STOCK R 7 000 000
DEBTORS R12 000 000
FIXED ASSETS R15 000 000
CREDITORS R 2 000 000
LONG TERM LIABILITIES machinery R 3 000 000
TURNOVER per annum R30 000 000
AUDITORS
S A B & T
YEAR END
FEBRUARY
INSURANCE BROKERS
JIVAN & JIVAN INSURANCE BROKERS
TRADE REFERENCES –
MARCH 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 7 yrs + R 600 000 R172 000 60
days 60 days Fair
2. Do not give trade references.
3. 10 yrs R1
000 000 R250 000 60 days 60 days Very
good
4. 4 yrs R 250 000 R250
000 30 days 30
days Very good
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old acc R700 000 R200
000 60 days 60 days Very good
2. 6 yrs R450
000 R200 000 30 days 30 days Excellent
3. 8 yrs R500
000 R150 000± 60 days 60
days Very good
COMMENTS
This is a comparatively established company meeting its commitments timeously, however, previous commitments were met over terms at times. The subject appeared to experience cash flow problems in 2004/2005. We have not traced dealings to an extent of US$10 000 000 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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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%)