MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
I B McINTYRE & COMPANY (PTY) LTD |
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Registered Office : |
8 Loop Street, Maitland, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
1 July 1966 |
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Com. Reg. No.: |
1966/005625/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distribution and sale of furniture fittings and locks |
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
I B McINTYRE & COMPANY (PTY) LTD
TRADING DIVISIONS
McINTYRE MARKETING
AFRICAN OVERSEAS AGENCIES
MASTERBRANDS
PHYSICAL ADDRESS
8 Loop Street
Maitland
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 342
MAITLAND
7404
TELEPHONE NUMBER: 021 511 6104 / 8060
FAX NUMBER: 021 511 3761
The subject moved from premises at 20 Dorsetshire Street, Paardeneiland.
SHAREHOLDERS
100% D G PULLINGER
The Shareholding changed in April 2001 and was previously D G PULLINGER, R PULLINGER (wife) and D G DARLINGTON
ASSOCIATE COMPANIES
None
DIRECTORS
D G PULLINGER
J N DAWSON
R J PULLINGER (Son)
It was stated that J N DAWSON and R J PULLINGER were appointed with effect from 1 December 2003.
VAT NUMBER
4220108122
BANKERS
FIRST NATIONAL BANK, Paardeneiland branch, Account number 62016771744. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders. Utilisation is stated to fluctuate.
DATE REGISTERED
1 July 1966
Registration Certificate Number 1966/005625/07
The subject commenced as a new business.
VAT NUMBER
4220108122
MAJOR OPERATION
Distribution and sale of furniture fittings and locks
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with
ROHLIG GRINDROD Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Furniture manufacturing industry and chain stores
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Small to neighbouring countries
TOTAL EMPLOYEES
75
OTHER PREMISES
None, but the subject has agents throughout South Africa.
OWNED OR LEASED
The premises are reported to be leased.
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this respect. It was previously stated that the monthly turnover was R3 million in 2004.
AUDITORS
GROSS HENDLER Cape Town
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – FEBRUARY 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 04/2000
R1 000 000 R1 800 000 90 days 90
days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 06/2000 R3 000 000 R1
500 000 90 days 90 days Very good
COMMENTS
This is a well-established company that is not a general credit seeker locally. The subject is meeting its only local commitment timeously. We have not traced dealings to an extent of US$1 000 000 DA and would prefer to see such dealings well spread and secured. The lack of financial information should be borne in mind.
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. |
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%)