MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAZISTA TILES (PTY) LTD |
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Registered Office : |
Mazista House, 233 Hans Strijdom Drive, North Riding, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
26 August 2003 |
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Com. Reg. No.: |
2003/020644/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributors of natural and porcelain tiles. |
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 |
COMPANY NAME
MAZISTA TILES (PTY) LTD
PHYSICAL ADDRESS
Mazista House
233 Hans Strijdom Drive
NORTH RIDING
Gauteng
POSTAL ADDRESS
P O Box 333
HONEYDEW
2040
TELEPHONE NUMBER: 011 998 2600
FAX NUMBER: 011 462 3436
SHAREHOLDERS
74% M J TULLY
21% R S BLAIR
5% A
M CLEGG
ASSOCIATE COMPANIES
PERFORMANCE ROOFING (PTY) LTD (dormant)
MAZISTA PROPERTY (PTY) LTD (property owning company)
COUNTRY SLATE (PTY) LTD formerly MAZISTA (PTY) LTD
DIRECTORS
M J TULLY ID No. 7010175104084
R S BLAIR ID No. 5405125030003
A M CLEGG ID No. 4807015107109
M ZANATO ID No. 7404010200084
BANKERS
ABSA BANK, Randburg Branch, Account Number: 01015920579. It was stated that the subject enjoys overdraft facilities to an extent of R15 million. Utilisation is nil as credit balances are normally maintained at the bank.
DATE REGISTERED
26 August 2003
Registration Certificate Number: 2003/020644/07
The subject commenced trading when the assets and operations of MAZISTA (PTY) LTD were incorporated into the subject.
MAJOR OPERATION
Distributors of natural and porcelain tiles. The subject also deals with its associate company COUNTRY SLATE.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
HENNEWAYS
INTRASPEED
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Building industry, tile retailers, dealers and the general public
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
USA and UK
TOTAL EMPLOYEES
200
OTHER PREMISES
The subject has 10 branches throughout South Africa
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company.
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares or R1 each
ISSUED SHARE CAPITAL
R1000
The following estimated financial situation was submitted:
STOCK R35 000 000 – R 40 000 000
DEBTORS R 23 000 000
CREDITORS R 15 000 000
TURNOVER per annum R270 000 000
AUDITORS
ANDERSON ROCHUSSEN & VAN DER BYL INC
YEAR END
DECEMBER
INSURANCE BROKERS
FIRST LINK
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2005 R3 000 000 R1 000 000 30 days 30 days Good
2. 4 yrs R3 000 000 R1 600 000 - 30 days 30 days Good
R3 000 000
COMMENTS
This is a relatively established company that took over the assets and operations of a well established business. The subject is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see such a figure spread over 180 days.
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%)