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MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HALOGEN INTERNATIONAL (PTY) LTD |
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Formerly Known As : |
HALOGEN SALES CORPORATION (PTY) LTD |
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Registered Office : |
8 Desmond Road, Kramerville, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
18.05.1967 |
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Com. Reg. No.: |
1967/005239/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Import and supply of mostly foreign textile fabrics. |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
HALOGEN
INTERNATIONAL (PTY) LTD
Formerly
HALOGEN SALES CORPORATION (PTY) LTD, the name having been changed in 1995.
PHYSICAL ADDRESS
8 Desmond Road
Kramerville
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 52599
Saxonwold
2132
Telephone Number: 011 448 2060
Fax Number: 011 448 2065
SHAREHOLDERS
100% D J LION-CACHET
ASSOCIATE COMPANIES
HALOGEN
HOUSE (PTY) LTD (property owning company)
DIRECTORS
D
J LION-CACHET (Mrs)
BANKERS
STANDARD
BANK Rosebank Branch. Acc. No. 002016443. It was stated that the subject enjoys
overdraft facilities to an extent of R1 million, secured by the personal
guarantee of the Shareholder. Utilisation is stated to fluctuate.
DATE REGISTERED
18
May 1967
Registration
Certificate Number: 1967/005239/07.
The
subject commenced trading in 1990.
VAT NUMBER
4740118254
MAJOR OPERATION
Import
and supply of mostly foreign textile fabrics.
MAJOR SUPPLIERS
The subject imports from Europe (UK), USA and occasionally from India and deals locally with:
SVENMILL, Cape Town
D & S WEAVERS, Durban
HENNEWAYS, Johannesburg
SBH COTTON MILLS, Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Interior
decorators, upholsterers, etc.
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
On occasion the subject delivers directly to the site, which is being renovated. The subject previously exported to Mauritius.
TOTAL EMPLOYEES
25
OTHER PREMISES
The subject has branches in Cape Town and
Pretoria, with agents in Durban, Knysna and Port Elizabeth.
OWNED OR LEASED
The head office
premises are owned by the property owning company and the Cape Town premises
are leased.
ISSUED SHARE CAPITAL
R2
The following estimated financial situation was
submitted:
STOCK R6
000 000 – R 7 000 000
DEBTORS R 3 000 000
FIXED ASSETS R 1 000 000
CREDITORS local and
foreign R500
000 – R 1 500 000
OVERDRAFT Fluctuates
LOANS Nil
TURNOVER per annum ±R20
000 000
AUDITORS
GENESIS,
Johannesburg
YEAR END
FEBRUARY
INSURANCE BROKERS
MUTUAL
& FEDERAL
TRADE REFERENCES – JANUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R500 000 R100 000
- 60 days 60 days+ Average
c/l R200 000 (needs monitoring)
2. 04/2002 in excess of R 30 000 60
days 60 days Good
3. 10 yrs R 10 000 R
10 000 30 days 30 days Good
TRADE REFERENCES – FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R15 000 R10
000 30 days 30 days Very
good R15
000
2. 10 yrs+ R80 000 R10 000
- 30 days 30 days Good
R25
000
3. Do not give trade references
TRADE REFERENCES – AUGUST 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 yrs R20
000 R10 000 - 30 days 30
days Good
c/l R15 000
2. 10 yrs R80
000 R 5 000 - 30 days 30 days Good
R10
000
3. Last bought in May 2007
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
yrs R 80 000 R 5 000 30
days 60 days Average
c/l
2. Do
not give trade references
3. 6
mths R150 000 R200 000 30
days 30 days Good
c/l
COMMENTS
This
is a well-established company which is not a general credit seeker
locally. The subject is meeting its
smaller local commitments over terms. We have not traced dealings to an extent
of $1 000 000 over DA terms and suggest dealings be to a much lesser extent on
a spread and secured basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)