MIRA
INFORM REPORT
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Report Date : |
16.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CHARNAUD POLYMER COATING (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1 October 1997 |
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Com. Reg. No.: |
1997/016428/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The waterproofing and coating of fabrics. Manufacturers of tarpaulins and tents. |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
CHARNAUD POLYMER COATING (PTY) LTD
PHYSICAL ADDRESS
Ezakeni Industrial Estate
LADYSMITH
Kwa-Zulu
POSTAL ADDRESS
Private Bag 10012
LADYSMITH
3360
TELEPHONE NUMBER : 036 634 1534
FAX NUMBER : 036 634 1670
SHAREHOLDERS
90 % A J & F CHARNAUD TRUST
7.5% J R FELL
2 % Y
0.5% A J
The shareholding changed and was previously 90% A J & F CHARNAUD TRUST, 5% J R FELL and 5% P S PARKER.
ASSOCIATE COMPANIES
A J CHARNAUD & CO (PTY) LTD – registration certificate
number: 1972/003103/07, which in turn is
owned 90% by A J & F CHARNAUD TRUST, 7.5% J R FELL, 2% A J S COETZER and
0.5% Y
It was stated that the latter company manufactures protective clothing.
DIRECTORS
A J CHARNAUD
F S CHARNAUD (wife)
A J
Y
BANKERS
NEDBANK, Gail Street Durban Branch, Account Number 01381402038. It was stated that the subject enjoys joint facilities to an extent of R2.5 million, secured by a cession of debtors and the personal guarantees of A J and F S CHARNAUD. Utilisation is stated to be nil as credit balances are normally maintained at the Bank.
DATE REGISTERED
1 October 1997
Registration Certificate Number 1997/016428/07
VAT NUMBER
4300169986
MAJOR OPERATION
The waterproofing and coating of fabrics.
MAJOR SUPPLIERS
The subject imports PVC from
SAFCOR
GALVENOR TEXTILES Hammarsdale
MEDITERRANEAN TEXTILES Hammarsdale
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Manufacturers of tarpaulins and tents.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Occasionally to
TOTAL EMPLOYEES
±50 in the group.
OTHER PREMISES
The subject has a sales office in
OWNED OR LEASED
The premises are reported to be leased.
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R3 000 000 – R4 000 000
DEBTORS R3 000 000 – R4 000 000
FIXED ASSETS net book value R7 000 000
CREDITORS depending on imports R3 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per month R3 000 000
AUDITORS
CATTO YOUNG & LESTER,
YEAR END
FEBRUARY
INSURANCE BROKERS
COMPENDIUM
TRADE REFERENCES –
NOVEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. July’98 R280 000 R180 000 - 60 days 60 days Good
R280 000
2. 2000 R700 000+ R700 000+ 30 days 30 days Good
3. 10 yrs R300 000 R200 000 - 60 days 30 days Very Good
R300 000
CURRENT TRADE
REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1998 declined R300 000 60 days 30 days Excellent
2. 10 yrs declined R200 000 - 30 days 30 days Very good
R400 000 1.25%
3. 5 yrs open R500 000 30 days 30 days Excellent
COMMENTS
This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a 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%)