MIRA INFORM REPORT

 

 

Report Date :

29.09.2007

 

IDENTIFICATION DETAILS

 

Name :

UKUSA INDUSTRIAL PRODUCTS (PTY) LTD

 

 

Registered Office :

Unit 22, Stani Properties, Sharland Street, Driehoek, Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

22 May 2002

 

 

Com. Reg. No.:

2002/011970/07

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Distributors of components for desks and shelving as well as transformer components

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

UKUSA INDUSTRIAL PRODUCTS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Unit 22

Stani Properties

Sharland Street

Driehoek

GERMISTON

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 3397

PARKLANDS

2121

TELEPHONE NUMBER: 011 873 0805

FAX NUMBER:                          011 873 3358

 

It was stated by the respondent at the subject that the address at Cnr 7th Street, Parkhurst, Johannesburg was a previous address of the subject. The postal address of P O Box 46319, Orange Grove 2119 is no longer utilised.

 

 

SHAREHOLDERS

 

100%    E S GANDER

 

 

ASSOCIATE COMPANIES

 

WIREMART (PTY) LTD

 

 

DIRECTORS

 

E S GANDER    ID No. 7103195017087

 

 

BANKERS

 

FIRST NATIONAL BANK, Craighall Branch, Account Number: 62036023539.  Further information regarding banking details were not forthcoming from respondents at the subject.

 

 

DATE REGISTERED

 

22 May 2002

Registration Certificate Number: 2002/011970/07

 

 

VAT NUMBER

 

4100201724

 

 

MAJOR OPERATION

 

Distributors of components for desks and shelving as well as transformer components

 

 

MAJOR SUPPLIERS

 

HAMMERLE

FIRST STRUT

ALPINE CASES

TANGANYIKA TRADING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Desk manufacturers and ALSTOM for the transformer components

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

9

 

 

OTHER PREMISES

 

None

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

LOTTER & COMPANY C.A.

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

VAN FLYMAN

 

 

TRADE REFERENCES – MARCH 2007

 

PERIOD              HIGHEST    AVERAGE           TERMS       PAYMENT   EXPERIENCE

                          CREDIT       CREDIT                                  PATTERN

 

1.         3 yrs                 R  70 000          R65 000            30 days      30 days        Good

                                                                                    2.5%

 

2.         2 yrs                 declined            R50 000            30 days      30 days        Very good

 

3.         2 yrs                 R150 000          R75 000            30 days      30 days        Very good

 

 

CURRENT TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs                 open acc           R    50 000-       30 days             30 days             Excellent

                                                            R    80 000        2.5%                 2.5%    

 

2.         1 yr+                 open acc           R   130 000-      30 days             35 days             Good

                                                            R   175 000

 

3.         2 yrs                 declined            R2 000 000        90 days             90 days             Fair

 

 

COMMENTS

 

This is a relatively established company meeting its commitments over terms at times. We have not traced dealings to an extent of $1 000 000 and would prefer to see a far lesser amount spread and secured. The lack of financial information should be borne in mind.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions