MIRA INFORM REPORT

 

 

 

Report Date :

03.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SPECSTRIP (PTY) LTD

 

 

Formerly Known As :

SHIRLEY BOWEN (PTY) LTD

 

 

Registered Office :

6 Newcastle Street, Apex Industrial Sites, Benoni, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

05.06.1974

 

 

Com. Reg. No.:

1974/001156/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Manufacturers  of Steel Strip

 

 

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

 

SPECSTRIP (PTY) LTD

 

Formerly SHIRLEY BOWEN (PTY) LTD, the name having been changed on 5 November 1979, formerly REDKEN (PTY) LTD, the name having been changed on 25 October 1977.

 

PHYSICAL ADDRESS    

 

6 Newcastle Street

Apex Industrial Sites

BENONI

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 670

BENONI

1500

 

Telephone Number:                  011 421 8315

Fax Number:                             011 421 8443

 

 

SHAREHOLDERS

 

100%    A A VAN WYK

 

The Shareholding changed at the beginning of 2007 and was previously E R LODEWIJKS (majority) and A A VAN WYK.

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

A A VAN WYK (Sole Director)                ID. No. 5611245055081

 

 

BANKERS

 

NEDBANK, Benoni Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

5 June 1974

Registration Certificate Number 1974/001156/07

 

The subject was commenced by Mr Ratering in 1974. It was stated that Mr Lodewijks became a shareholder in 1997.

 

 

VAT NUMBER    

 

4850108780

 

 

MAJOR OPERATION

 

Steel strip manufacturers e.g. in coil form

 

 

MAJOR SUPPLIERS

 

STRIP STEEL 

MITTAL STEEL

COLUMBUS STAINLESS, Middelburg

TRIDENT STEEL

HENEWAYS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Various industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

40 permanent and 10 temporary staff.

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R25 000 divided into 25 000 ordinary shares of R1 each

 

The capital increased on 27 October 1982 from R4 000 divided into 4 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R25 000

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is R25 million.

 

 

AUDITORS    

 

R L PANICCO & ASSOCIATES  Bedfordview

 

 

YEAR END    

 

FEBRUARY

 

INSURANCE BROKERS 

 

PROTECTOR

 

 

TRADE REFERENCES – MAY 2006

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    1980             declined         R  18 000        30 days    30 days        Very good

 

2.    20 yrs           open              R  10 000        30 days    30 days        Very good

 

3.    22 yrs           declined         R700 000        30 days    30 days        Excellent

 

 

 TRADE REFERENCES – OCTOBER 2007

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    5-10 yrs       open              R         2 000 - 30 days    30 days        Good

                                               R       11 000                   2.5%

 

2.    27 yrs           declined         R1 000 000+    30 days    30 days        Very good

 

3.    Do not give trade references

 

4.    02/2004        R130 000       R     65 000     30 days    30 days        Very good

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    28 yrs           Confidential    Confidential     30 days    30 days        Very Good

 

2.    5 yrs            R300 000       R20 000          30 days    30 days        Fair

 

3.    8 yrs            R150 000       R80 000          15 days    15 days        Excellent

                          c/l

 

 

COMMENTS

 

This is a well-established company meeting its commitments timeously. We have not traced dealing to an extent of US$1 000 000 over DA terms and would prefer to see a lesser amount spread and secured.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.90

UK Pound

1

Rs.74.30

Euro

1

Rs.63.42

 

 

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