MIRA INFORM REPORT

 

 

Report Date :

26.04.2008

 

IDENTIFICATION DETAILS

 

Name :

MACNEIL DISTRIBUTORS (PTY) LTD

 

 

Formerly Known As :

MACNEIL AGENCIES (PTY) LTD

 

 

Registered Office :

21 Bertie Avenue, Epping Industrial 2, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

13.12. 1985

 

 

Com. Reg. No.:

1985/005691/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesalers of PVC Underground Plumbing Fittings, DPC Waterproofing, Wooden Doors, Geysers, Sanitaryware etc.

 

 

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:    

 

MACNEIL DISTRIBUTORS (PTY) LTD

 

Formerly MACNEIL AGENCIES (PTY) LTD, the name having been changed on 23 May 2000.

 

 

PHYSICAL ADDRESS

 

21 Bertie Avenue

Epping Industrial 2

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 2492

CLAREINCH

7740

TELEPHONE NUMBER: 021 534 5749

FAX NUMBER:  021 534 0546

 

 

SHAREHOLDERS

 

85%      S VAN B CONSTRUCTION AND INVESTMENT (PTY) LTD

7.5%     S J WATERS

7.5%     K DIAB

 

 

ASSOCIATE COMPANIES

 

MACNEIL DISTRIBUTORS EASTERN CAPE (PTY) LTD

CHARTAPROPS 1038 (PTY) LTD

COASTLINE DEVELOPMENTS (PTY) LTD (property owning company)

ERF 4853 KOMMETJIE (PTY) LTD (property owning company)

GLENFAS (PTY) LTD (property owning company)

GRAFAS PROPERTIES (PTY) LTD (property owning company)

MALHERBE TRADING AND INVESTMENT COMPANY (PTY) LTD

 PRIMEMAT HOLDINGS (PTY) LTD

345 LANSDOWNE ROAD CAPE TOWN (PTY) LTD (property owning company)

 

 

 

 

 

 

 

 

 

SUBSIDIARY COMPANIES

 

MACNEIL MOULDINGS (PTY) LTD (60%)

MACNEIL PIPE MANUFACTURERS (PTY) LTD (100%)

 

 

DIRECTORS

 

A J STUART-WHITE                   ID No. 5904135133187

S V B MALHERBE                    ID No. 5204275652082

N S MALHERBE (son)               ID No. 7309295227084

K DIAB                                     ID No. 6805075039087

S J WATERS                            ID No. 7310225113089

C LORDEN

 

 

BANKERS

 

FIRST NATIONAL BANK, Claremont Branch, Account Number:  50152692825.  It was stated that the subject enjoys overdraft facilities to an extent of R2.5 million, secured by cross company guarantees, property and a cession of debtors.

 

 

DATE REGISTERED

 

13 December 1985

Registration Certificate Number 1985/005691/07

 

The subject changed its operations from an investment company to the present in March 1994.

 

 

VAT NUMBER    

 

4210138733

 

 

MAJOR OPERATION

 

Wholesalers of PVC underground plumbing fittings, DPC waterproofing, wooden doors, geysers, sanitaryware etc.

 

 

MAJOR SUPPLIERS

 

The subject imports doors and sanitaryware from Malaysia and Indonesia and deals locally with:

 

CLOVER CARGO Cape Town

RK PVC FABRICATORS Cape Town

SWAN PLASTICS Cape Town

TDM Durban

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Building merchants, hardware stores e.g. Penny Pinchers, De la Reys etc.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

50 waged and 40 salaried

 

 

OTHER PREMISES

 

The subject is reported to have branches in Epping, George and Eastern Cape.

 

 

OWNED OR LEASED

 

The heading premises are reported to be owned by MALHERBE TRADING AND INVESTMENT COMPANY (PTY) LTD, bonded in favour of FIRST NATIONAL BANK.  It was stated that the premises at 345 Lansdowne Road are owned by 345 LANSDOWNE ROAD CAPE TOWN (PTY) LTD.

 

Full financial information was not forthcoming from respondents at the subject, however historical information dated December 2006 reads as follows:

 

STOCK                                     R26 000 000

DEBTORS                                 R20 000 000

CREDITORS                              R  8 000 000

SHAREHOLDERS LOANS         Nil

TURNOVER per month               R13 500 000

 

The respondent stated that the subject has an arrangement with a finance house in the UK, EASTERN AGENCIES, who pays the subject’s foreign suppliers on date of shipment.  The subject in turn has 6 months after invoice to repay the finance house.

 

 

 

 

 

AUDITORS

 

NOLANDS, Cape Town

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

VLAM MICHAU

 

 

UNDERWRITERS

 

MUTUAL & FEDERAL

 

 

TRADE REFERENCES – APRIL 2005

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10/1999 R          500 000             R    4 000          30 days             30 days             Good

                                    c/l                                                                     2˝%

 

2.         5 yrs                 R  15 000          R  15 000          30 days             30 days             Good

 

3.         Few yrs             R400 000          R400 000 -        30 days             30 days             Good

                                    c/l                     R500 000                                  2˝%

 

 

TRADE REFERENCES – DECEMBER 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Awaiting trade reference

           

2.         Do not give trade references

 

3.         4 yrs                 R   100 000       R   100 000       30 days             30 days             Very good

 

4.         6 yrs                 R1 000 000        R1 000 000        30 days             30 days             Very good

 

 TRADE REFERENCES – MAY 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs              R2 000 000        R500 000          60 days             60 days             Very Good

                                    c/l                     - R1 000 000

 

2.         2000                 R1 000 000        R300 000          30 days             30 days             Good

                                    c/l                     - R500 000        2.5%                 2.5%

 

3.         Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             declined            R     20 000       30 days             30 days             Very good

 

2.         2 yrs                 R1 000 000        R1 000 000        30 days             30 days             Very good

 

3.         Do not give trade references

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and it is suggested that such dealings be spread over 180 days.

 

 

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