MIRA
INFORM REPORT
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Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HARRIS BUILDING MATERIALS (PTY) LTD |
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Registered Office : |
22 Rand View Avenue, Rand View Business Park, Malibongwe Drive, Randburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
5 August 1998 |
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Com. Reg. No.: |
1998/015300/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, exporters and retailers of natural stone 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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
S T R A T A
TRADING NAME
NATURAL STONE
PHYSICAL ADDRESS
55 Marine Drive
Paardeneiland
CAPE TOWN
Western Cape
TELEPHONE NUMBER: 021 510 6611
note
On investigation it was established that the subject is a trading name for a company namely HARRIS BUILDING MATERIALS (PTY) LTD, which report should be consulted.
COMPANY NAME
HARRIS BUILDING MATERIALS (PTY) LTD
TRADING NAME
STRATA NATURAL STONE
PHYSICAL ADDRESS
22 Rand View Avenue
Rand View Business
Park
Malibongwe Drive
Randburg
Gauteng
POSTAL ADDRESS
P O Box 1364
FONTAINEBLEAU
2032
TELEPHONE NUMBER: 011 793 1812
FAX NUMBER: 011 793 1178
The subject moved from Unit 8, Commercial City, Tungsten Road, Off Hans Strydom Drive, Strydom Park.
SHAREHOLDERS
50% HARRIS SLATE AND STONE in Wales
25% G AGER-HARRIS
25% C S GROBLER
The shareholding changed and was previously 100% HARRIS SLATE AND STONE in Wales.
ASSOCIATE COMPANIES
None
DIRECTORS
G AGER-HARRIS (Mrs)(Resident in Wales) D.O.B. 500420
C S GROBLER ID No. 6504155041085
BANKERS
STANDARD BANK, Thibault Square, Cape Town, account number: 73125970 and STANDARD BANK, Randburg, branch code: 018005, account number: 221013946. It was stated that the subject enjoys overdraft facilities to an extent of R1 200 000, secured. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
5 August 1998
Registration certificate number 1998/015300/07
The subject commenced as a new business.
VAT NUMBER
4210176808
MAJOR OPERATION
Importers, exporters and retailers of natural stone tiles
MAJOR SUPPLIERS
The subject imports most of its supplies from India and deals locally with:
SEACASTLE FREIGHT Johannesburg
NATURES COATS Johannesburg
TILE AND FLOOR CARE Johannesburg
EZEE TILES Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Public, contractors, architects and building industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Occasionally to Zimbabwe.
TOTAL EMPLOYEES
56+
OTHER PREMISES
The subject is reported to have a branch in Cape Town
It was stated that the heading premises comprise a showroom and administration offices.
OWNED OR LEASED
The premises are reported to be leased.
AUTHORISED SHARE CAPITAL
R120 divided into 120 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R120
The following estimated financial situation dated April 2006 was submitted:
STOCK R 8 000 000
DEBTORS COD plus R400 000 – R 500 000
CREDITORS R 1 500 000
TURNOVER per annum R25 000 000
The respondent stated that most of their clients pay on a C.O.D. basis.
AUDITORS
CAMERON AND PRENTICE Cape Town
YEAR END
DECEMBER
INSURANCE BROKERS
AMBIENT BROKERS Johannesburg
TRADE REFERENCES – APRIL 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R 400 000 R 50 000 - 30
days 30 days Good
R 400 000 – fluctuates
2. 5 yrs R 10 000 R 10 000 30
days 30 days Good
2½%
3. C.O.D. basis
4. 07/2005 R1 500 000 R1 500 000 30
days 30 days Good
c/l up to
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs R1 500 000 R750 000 30
days 30 days Very good
2. Do not give trade
references
3. Do not give trade
references
4. 5 yrs R 50 000 R 20 000 - 30
days 30 days Very good
R 25 000
COMMENTS
This is an established business meeting its commitments timeously. We have not trace 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. |
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%)