MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HOYA HILL OPTICS SOUTH AFRICA (PTY) LTD |
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Formerly Known As : |
TREE OF HEAVEN TRADING (PTY) LTD |
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Registered Office : |
301 Dartfield Road, Eastgate Ext 13, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
22 September 2005 |
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Com. Reg. No.: |
2005/034122/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Operates as an optical laboratory and is involved in the manufacture of spectacle frames and semi assembled glasses. |
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
HILL OPTICS (PTY) LTD
PHYSICAL ADDRESS
301 Dartfield Road
Eastgate Ext 13
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 1036
GALLO MANOR
2052
TELEPHONE NUMBER: 011 444 1992
FAX NUMBER: 011 444 4101
note
On investigation it was established that the subject closed and its assets and operations were incorporated into a company named HOYA HILL OPTICS SOUTH AFRICA (PTY) LTD, which report should be consulted.
COMPANY NAME
HOYA HILL OPTICS SOUTH AFRICA (PTY) LTD
Formerly
TREE OF HEAVEN TRADING (PTY) LTD, the name having been changed on 19 May 2006.
PHYSICAL ADDRESS
301 Dartfield Road
Eastgate Ext 13
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 1036
GALLO MANOR
2052
TELEPHONE NUMBER: 011 444 1992
FAX NUMBER: 011 444 4101
SHAREHOLDERS
51% HOYA CORPORATION in Japan
49% C R SHER
ASSOCIATE COMPANIES
None
DIRECTORS
C R SHER ID No. 5806275064082
G W BOTTERO (Netherlands)
K NAKAMURA (Netherlands)
BANKERS
NEDBANK, Johannesburg Corporate Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
22 September 2005
Registration Certificate Number: 2005/034122/07
The subject commenced active operations in 2006 when it took over the assets and operations of a former company owned by C R SHER named HILL OPTICS (PTY) LTD which was liquidated.
VAT NUMBER
4440226092
MAJOR OPERATION
The subject operates as an optical laboratory and is involved in the manufacture of spectacle frames and semi assembled glasses.
MAJOR SUPPLIERS
WORLDNET LOGISTICS Johannesburg
SPEED SERVICES Johannesburg
SUN COURIERS Johannesburg
METAL LUX Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Optometrists
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
on occasion to neighbouring countries
TOTAL EMPLOYEES
305
OTHER PREMISES
The subject has branches in Durban and Cape Town
OWNED OR LEASED
The head office premises are leased from a property owning company owned by C R SHER, and the branch premises are leased
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 25 000 000
DEBTORS R 30 000 000
FIXED ASSETS R130 000 000
CREDITORS R 10 000 000
OVERDRAFT Nil
LOANS Nil
TURNOVER per annum R120 000 000
AUDITORS
KPMG INC
YEAR END
MARCH
INSURANCE BROKERS
DAVE WATERSTON
TRADE REFERENCES – JUNE 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1996 R150
000 R135 000
7 days 7
days Very good
c/l
2. Old acc R 15 000 R 10 000 - 30
days 30 days Very good
R 15 000
3. Old acc R200
000 R200 000
7 days 7
days Very good
4. Do not give trade references
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 10 yrs open R100 000 30 days 30
days Good
3. Do not give trade references
4. Old acc open R 10 000 30 days 30 days Very good
COMMENTS
This is a new overseas connected company that took over established operations. The subject is meeting its commitments timeously. We have not traced dealings to an extent of US$1 500 000 DA and would prefer to see such a figure well 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%)