MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
WHD SA PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21 January 1997 |
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Com. Reg. No.: |
1997/000615/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesale of plumbing, sanitary-ware and hardware in general. |
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
WHOLESALE HOUSING SUPPLIES (PTY) LTD
TRADING DIVISION
WHOLESALE HARDWARE DISTRIBUTORS SA
SAFFER
STABILITY
PHYSICAL ADDRESS
Heriotdale
POSTAL ADDRESS
BENROSE
2011
TELEPHONE NUMBER: (011) 622-6600
FAX NUMBER: (011) 622-6106
SHAREHOLDERS
100% DISTRIBUTION AND WAREHOUSING NETWORK LTD (DAWN) – registration certificate number: 1984/008265/06 – (formerly City Investment Holdings Ltd, the name having been changed in 1999) - Quoted on the JSE Ltd. It was stated that this is an investment holding company.
The shareholding changed in July 1998 and was previously DURITY OMEGA (PTY) LTD, which company was in turn owned by BOUMAT LTD.
ASSOCIATE COMPANIES
SAFFER
COBRA WATERTECH (PTY) LTD (78%)
LA-CO MARKETING (PTY) LTD (51%)
A F F GROUP INVESTMENTS (PTY) LTD
AMALGAMATED FASTENERS AND FITTINGS (PTY) LTD – registration certificate number: 1968/003157/07 (76%)
It was stated that most of the companies within the DAWN group.
Subsidiary Companies:
It was stated that there are only dormant subsidiary companies.
DIRECTORS
D A TOD
J G ALBERTS
MS. M L GOLD
S J BROWN
J A BEUKES
L A HOGAN
R J STUART-STEER
D K
MS. R D ROOS
BANKERS
STANDARD BANK, Malvern, account number 002564963. It was stated that the subject enjoys
overdraft facilities, secured by cross company guarantees and a cession of
debtors. Utilisation of the overdraft is
stated to fluctuate. Each division is
stated to have its own account with STANDARD BANK branches throughout
DATE REGISTERED
21 January 1997
Registration certificate number 1997/000615/07
It was stated that in 1997 a management team from SAFFER & COMPANY (PTY) LTD left to start the subject in opposition to SAFFER & COMPANY (PTY) LTD. SAFFER & COMPANY (PTY) LTD subsequently closed down and the assets and operations were incorporated into WHOLESALE HOUSING SUPPLIES (PTY) LTD. SAFFER & COMPANY (PTY) LTD, registration certificate number 05/35617/07 was originally registered prior to 1950.
The subject took over operations and assets of a company
namely WINDOOR (PTY) LTD, trading as Stability Sales Corporation, in August
2000.
VAT NUMBER
4310164022
MAJOR OPERATION
Wholesale of plumbing, sanitaryware and hardware in general.
MAJOR SUPPLIERS
The subject imports hardware worldwide and deals locally with the following suppliers:
COBRA WATERTECH
VAAL
ARMITAGE SHANKS
SCHENKER
MAKSAL TUBES
LASHER TOOLS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers (e.g. hardware stores and building materials merchants).
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Neighbouring countries (e.g.
TOTAL EMPLOYEES
850
OTHER PREMISES
The subject has 10 branches in all the main centres in South Africa (2 in the Western Cape, 1 in the Eastern Cape, 1 in Nelspruit, 1 in Limpopo Province, 2 Kwazulu Natal, 2 in Johannesburg, 1 in the Free State and 1 in East London.)
OWNED OR LEASED
It was stated that all the premises are leased except for
the branches in Limpopo and
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary R1 shares
ISSUED SHARE CAPITAL
R1 000
The following estimated financial situation was submitted:
STOCK R150 000 000
DEBTORS R130 000 000 – R 200 000 000
FIXED ASSETS nett book value (including properties) R 20 000 000
CREDITORS (extended terms) R 100 000 000
LONG TERM LIABILITIES R 20 000 000
TURNOVER per month R1 500 000 000
The respondent stated that there are approx. 100 trucks and 8 light vehicles within the subject’s fleet.
AUDITORS
PRICEWATERHOUSECOOPERS INC
YEAR END
JUNE
INSURANCE BROKERS
AON INSURANCE BROKERS
TRADE REFERENCES – APRIL
2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 yrs R 130 000 R 2 000 30
days 30 days Average
c/l
2. 3 yrs R 900 000 R 100 000
7 days 7 days Average
c/l
3. 12 yrs R10
000 000 R8 000 000 30 days 30
days Good
c/l
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs declined declined 60 days 60
days Excellent
2.5% 2.5%
2. COD account Very
good
3. Do not give trade references
4. 12/2003 R 1 000 000 R 1 000 000 7 days 7
days Good
5. 1998 R16
000 000 R10 000 000 30 days 30
days Excellent
2.5% 2.5%
6. 03/1999 R 1 200 000 R 1 584 476 60
days 60 days Excellent
2.5% 2.5%
COMMENTS
This is an established company meeting its commitments timeously. The subject is considered equal to US$1 000 000 DA.
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%)