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MIRA INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
MATOPPIE DISTRIBUTORS (PTY) LTD (w.e.f April 2003) |
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Formerly Known As : |
CALDERWOOD INVESTMENTS (PTY) LTD |
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Registered Office : |
Thandanani
Office Park, Invicta Road, Halfway
House, Midrand, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
01.04.2003 |
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Com. Reg. No.: |
2003/000354/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributors of Textile, Leather Chemicals, Dispersions
and Auxiliaries. |
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 : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
MATOPPIE DISTRIBUTORS (PTY) LTD
Formerly CALDERWOOD INVESTMENTS
(PTY) LTD, the name having been changed in April 2003.
PHYSICAL ADDRESS
Thandanani Office
Park
Invicta Road
Halfway House
MIDRAND
Gauteng
POSTAL ADDRESS
P O Box 13460
VORNA VALLEY
1686
Telephone Number: 011 312
2380
Fax Number: 011 805 5585
SHAREHOLDERS
100% H J HERTZOG ID No. 5012045166105
ASSOCIATE COMPANIES
None
DIRECTORS
H J HERTZOG
BANKERS
ABSA BANK, Midrand branch, account number: 4060525268. It was stated
that the subject enjoys overdraft facilities to an extent of R5 million,
secured by the personal guarantees of the Shareholder. Utilisation is stated to be partial to full
at times.
DATE REGISTERED
1 April 2003
Registration Certificate Number 2003/000354/07
The subject commenced active operations when it took over the textile
and leather chemical operations of BASF SOUTH AFRICA (PTY) LTD (Reg. No. 1966/010235/07) in April 2003.
It was stated that prior to commencing the subject, H J HERTZOG was the Deputy
Chairman of BASF SOUTH AFRICA (PTY) LTD.
VAT NUMBER
4300204437
MAJOR OPERATION
Distributors of textile, leather chemicals, dispersions and auxiliaries.
MAJOR SUPPLIERS
The subject imports chemicals from Germany and deals locally with:
BASF Johannesburg
UNIQEMI Johannesburg
BOEHME AFRICA Pietermaritzburg
TTK Durban
SAFCOR Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Tanneries and textile industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Namibia, Malawi and Ethiopia
TOTAL EMPLOYEES
10 reduced from 12 in October 2006
OTHER PREMISES
The subject has representatives in Cape Town and Durban.
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE CAPITAL
R1 000 divided into 1 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R 6 000 000
DEBTORS R 5 500 000
CREDITORS R 5 300 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R35 000 000
AUDITORS
NEXIA LEVITT KIRSON,
Johannesburg 011 483 4000
YEAR END
FEBRUARY
INSURANCE BROKERS
ALLEN SHERRIF & ASSOCIATES
TRADE REFERENCES – OCTOBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 06/2003 R500 000 R500 000
7 days 7 days Very
good
2. 08/2003 R120 000 R 60 000 - 30
days 30 days Good
R100
000
3. Do not give trade references
TRADE REFERENCES – OCTOBER 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. Do not give trade references
4. 4 yrs open R100
000 30 days 30/60 days Slow
5. Old acc declined R100
000 30 days 30 days+ Slow
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. COD account
2. 4 yrs R120 000 R120
000 30 days 60 days Problematic/
c/l Unsatisfactory
3. ±1 yr Account dormant – late payers
4. 06/2003 R500 000 R500 000
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7 days extended Average
c/l R768 000 terms
COMMENTS
This is a comparatively new company that took over the leather and
textile chemical operations of an established company. The subject is meeting its commitments over
terms at times and appears to be experiencing cash flow problems. We have not traced dealings to an extent of
US$1 000 000 over DA terms and would prefer to see a far lesser amount on a
letter of credit basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)