MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HANDY SHOE DYERS AND ADHESIVE MANUFACTURING
COMPANY (PTY)LTD |
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Registered Office : |
27-29 Spring Street,
OPHIRTON, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
8.01.1962 |
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Com. Reg. No.: |
1962/000063/07 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturers of
adhesive leather dye and boot and shoe repair chemicals. |
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
HANDY SHOE DYERS AND ADHESIVE
MANUFACTURING COMPANY (PTY) LTD
TRADING NAME
HANDY SHOE DYERS
PHYSICAL ADDRESS:
27-29 Spring Street
OPHIRTON
Johannesburg
Gauteng
POSTAL ADDRESS:
P O Box 42109
FORDSBURG
2033
TELEPHONE NUMBER
011 493 1743
FAX NUMBER
011 493 0352
SHAREHOLDERS:
50% D D MISTRY
50% B D MISTRY
ASSOCIATE COMPANIES:
HANDY PROPERTIES (PTY) LTD, in which company
D MISTRY and B MISTRY have been involved since 1961 (property owning company)
HANDY FOREST (PTY)
LTD, in which business the brothers as well as MISS M MISTRY have been involved
since 1984
DIRECTORS:
D D MISTRY
B D MISTRY (brother)
BANKERS:
STANDARD BANK,
Fordsburg branch, account number 002516799.
It was stated that the subject enjoys overdraft facilities to an extent
of R800 000, unsecured. Utilisation is
stated to fluctuate from nil to partial.
DATE REGISTERED:
8 January 1962
Registration
certificate number 1962/000063/07
It was stated that the
Mistry brothers became involved in the subject in 1969. The subject was originally started by the
father of the shareholders.
VAT NUMBER
4390111708
MAJOR OPERATION:
Manufacturers of adhesive
leather dye and boot and shoe repair chemicals.
MAJOR SUPPLIERS
SASOL Sasolburg do not give trade references
CONSOL GLASS Johannesburg
ENGEN PETROLEUM
Johannesburg
ILLOVO / SKYCHEM
DIVFOOD Durban
CLARION Johannesburg
ULTRA POLYMERS
Johannesburg
CARGOCARE Durban
MAJOR CUSTOMERS OR BUSINESS
SECTORS:
Leather industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
16
OTHER PREMISES
The premises are
reported to be owned by the associate property owning company and valued at R6
million, free of bond.
AUTHORISED SHARE CAPITAL
R8 000 divided into 8 000 ordinary shares of R1 each
PAID CAPITAL
R8 000
The following estimated financial situation was submitted:
STOCK R1
200 000 – R1 500 000
DEBTORS COD plus R 500 000
FIXED ASSETS replacement value – machinery R1 000 000
CREDITORS R1
000 000
TURNOVER per month R1
500 000
AUDITORS
SEEDAT &
COMPANY Johannesburg
YEAR END
FEBRUARY
INSURANCE BROKERS
SALEYS AGENCIES
TRADE REFERENCES – MARCH 2006:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 yrs R1 308 000 R100 000± 30 days 30 days Excellent
2.5%
2. 1986 R 60 000 R 34
000 30 days 30 days Very good
3. 2000 R 217 000 R 89
000 - 30 days 30 days Excellent
R217
000
CURRENT TRADE REFERENCES:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old acc declined R100
000 30 days 30 days Very good
2. 6 yrs declined R 80 000 30
days 30 days Excellent
3. 7 yrs+ declined declined 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 US$1 000 000 over DA terms and it is suggested that
dealings to a far lesser extent be on a spread basis.
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%)