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MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWEET-ORR AND LYBRO (PTY) LTD |
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Formerly Known as : |
BRISKTRADE (PTY) LTD |
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Registered Office : |
Cnr 8th Avenue & 16th Street, Elsies River, Cape Town,
Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
05.11.1997 |
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Com. Reg. No.: |
1997/018873/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture and Sale of Protective Wear |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clar |
COMPANY NAME
SWEET-ORR AND LYBRO (PTY) LTD
Formerly BRISKTRADE (PTY) LTD, the name having changed on 14 April 1998.
PHYSICAL ADDRESS
Cnr 8th Avenue & 16th Street
Elsies River
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 110
ELSIES RIVER
7480
TELEPHONE NUMBER: 021 932 6921
FAX NUMBER: 021 932 4934
SHAREHOLDERS
44.5% AFRICAN MERCHANT BANK
24.5% W EDMEYER
15.5% J JACOBS
15.5% V NAIDOO
It was stated that the Shareholding is in the process of changing.
ASSOCIATE COMPANIES
SWEET ORR PROPERTY (PTY) LTD (property owning company)
Plus dormant companies within the group
DIRECTORS
Z R LUSENGO (Merchant Bank) ID No. 6608035805187
B A MATTHEWS (FD) ID No. 6207055039080
J H JACOBS ID No. 5312075094080
V NAIDOO ID No. 4606195069083
R C GRIFFITHS (MD) ID No. 5105095192086
It was stated that Messrs JACOBS and NAIDOO have always been involved in the subject. B MATTHEWS was previously employed as the financial manager for Pharmaceutical Distributors for 1 year and prior to that he was the financial manager for Reunert for 2 years.
BANKERS
FIRST NATIONAL BANK, Parow branch. It was stated that the subject enjoys overdraft facilities to an extent of R7 million, secured by a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
5 November 1997
Registration certificate number 1997/018873/07
The subject was registered to take over operations of a company which traded under the name of SWEET ORR & LYBRO (PTY) LTD and which had been in existence since 1931. The subject commenced active operations in approximately May 1998.
VAT NUMBER
4940172259
MAJOR OPERATION
Manufacture and sale of protective wear.
MAJOR SUPPLIERS
SBH TEXTILES
DA GAMA TEXTILES East London
FRAME TEXTILES do not give trade references
PIVOT TRANSPORT JHB
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Mainly mining industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
United Arab Emirates
TOTAL EMPLOYEES
400
OTHER PREMISES
The subject is reported to have a branch in Johannesburg and agents in Port Elizabeth and Durban.
OWNED OR LEASED
The head office premises are reported to be owned by the associate property owning company and valued in excess of R6 million. The branch premises are reported to be leased.
AUTHORISED SHARE CAPITAL
R1 300 divided into 1 000 ordinary shares of R1 each and 300 cumulative preference shares of R1 each
ISSUED SHARE CAPITAL
R1 000
The following estimated financial situation was submitted:
STOCK R 15 000 000
DEBTORS very seasonal business R 15 000 000
CREDITORS R 10 000 000
TURNOVER per annum R100 000 000
AUDITORS
SAB & T
YEAR END
MARCH
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES – JANUARY 2001
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 15 yrs R50 000 R30 000 - 60 days 60 days Very good
R50 000
2. 20 yrs R800 000 R200 000 60 days 60 days Excellent
3. Old acc. R400 000 R400 000 30 days 30 days Very good
c/l
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2005 R1 100 000 R112 000 - 60 days 60 days Good
c/l R350 000
2. Do not give trade references
3. Do not give trade references
COMMENTS
This is a comparatively new company which was formed from well established operations. The subject is meeting its commitments timeously and is considered equal to its normal business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.8031 |
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Euro |
1 |
Rs.64.61 |
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%)