MIRA INFORM REPORT

 

 

 

Report Date :

05.08.2008

 

IDENTIFICATION DETAILS

 

Correct Name :

NATIONAL TILES (PTY) LTD

 

 

Registered Office :

19 North Reef Road, Bedfordview East, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.04.1984

 

 

Com. Reg. No.:

1984/003775/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Distribution of Ceramic Tiles and Natural Stone such as Marble Slabs, Granite 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

 

NATURAL STONE TILES

 

 

PHYSICAL ADDRESS

 

19 North Reef Road

BEDFORDVIEW

Gauteng

TELEPHONE NUMBER: 011 455 4220/37

FAX NUMBER:  011 455 6711

 

On investigation it was established that the correct registered name of the subject is NATIONAL TILES (PTY) LTD trading as NATURAL STONE TILES, which report should be consulted.

 

 

With reference to your special question, it was established that the subject originally commenced in 1910 as a family business.   It was stated that the subject was commenced by Mr V Ghisleni’s grandfather and that the subject is at present in its third generation.  It was stated that the current shareholders took over the business in 1984 when it was registered.

 

We hope we have assisted you.

 

On investigation it was established that the subject is a trading name for NATIONAL TILES (PTY) LTD.  Please see report attached.

 

 

COMPANY NAME

 

NATIONAL TILES (PTY) LTD

 

 

TRADING NAME 

 

NATURAL STONE TILES

NATURAL STONE PRODUCTS

 

 

PHYSICAL ADDRESS

 

19 North Reef Road

BEDFORDVIEW EAST

Gauteng

 

 

POSTAL ADDRESS   

 

Private Bag X3038

BEDFORDVIEW

2008

TELEPHONE NUMBER: 011 663 2000

FAX NUMBER:  011 455 5395

 

The subject is no longer utilises the postal address P O Box 141, Bedfordview, 2008.

 

 

SHAREHOLDERS

 

50%      THE A V GHISLENI FAMILY TRUST

50%      THE G A GHISLENI FAMILY TRUST

 

 

ASSOCIATE COMPANIES

 

UNION TILES (PTY) LTD

UNION MOSAIC AND TILE COMPANY (PTY) LTD

UNION FLOORING TILES (PTY) LTD

PHOENIX MACHINE PROPERTIES (PTY) LTD (property owning company)

UNION TILES RANDBURG (PTY) LTD

TILE DÉCOR CASH AND CARRY (PTY) LTD

COLLOSEUM NATURAL STONE TILES (PTY) LTD

 

 

 

DIRECTORS

 

G A GHISLENI

V P GHISLENI (son of G A GHISLENI)

H F DE ABREU (son-in-law of A V GHISLENI)

 

 

BANKERS

 

FIRST NATIONAL BANK, Edenvale branch, Account Number: 51161163500.  It was stated that the subject enjoys overdraft facilities to an extent of R3.5 million, secured by a cession of debtors and stock.  Utilisation is stated to be nil.

 

 

DATE REGISTERED

 

11 April 1984

Registration Certificate Number: 1984/003775/07

 

The subject was commenced as a new business.

 

 

VAT NUMBER    

 

4570107476

 

 

MAJOR OPERATION

 

Importing and distribution of ceramic tiles and natural stone such as marble slabs, granite etc.

 

 

MAJOR SUPPLIERS

 

The subject imports tiles and marble from the Far East, Europe, Italy and deals locally with:

 

BARACUDA GRANITE Brits

INDUSTRO CLEAN

ADB McGREGOR

SEATRAM

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public, retailers and the construction industry, kitchen and bathroom companies

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to neighbouring countries

 

 

TOTAL EMPLOYEES

 

13 permanent employees, however the subject utilises employees from UNION TILES (PTY) LTD, which company is reported to undertake the administration for the group.

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property-owning company, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R200 divided into 200 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R200

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                     R  40 000 000

DEBTORS                                                                                  C.O.D &  R    5 000 000

FIXED ASSETS net book value                                                                   R       200 000

CREDITORS local                                                                    R800 000 – R    1 000 000

OVERDRAFT     Nil

TURNOVER per annum                                                                               R140 000 000

 

Respondents stated that foreign creditors are paid upfront or on a letter of credit basis.

 

 

AUDITORS    

 

PAPILSKY HURWITZ, Johannesburg 011 728 7433

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

LES MICHAELIS

 

 

TRADE REFERENCES – OCTOBER 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    6 yrs            R500 000       R300 000        60 days    60 days        Very good

 

2.    1996             R200 000       R  75 000        30 days    30 days        Very good

 

3.    10 yrs           R500 000       R200 000        30 days    30 days        Very good

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 yrs           R300 000       R300 000        30 days    30 days        Very Good

 

2.    1994             R250 000       sporadic          30 days    35 days        God

                          c/l

 

3.    Old acc        R200 000       R  80 000 -      30 days    30 days        Excellent

                          c/l                 R100 000

 

 

COMMENTS

 

This is an established company, which forms part of an established group.  The subject is meeting its commitments slightly over terms at times.  We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a lesser figure on a well spread basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.28

UK Pound

1

Rs.82.79

Euro

1

Rs.65.69

 

 

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