MIRA INFORM REPORT

 

 

 

Report Date :

13.12.2008

 

IDENTIFICATION DETAILS

 

Name :

ILIAD AFRICA TRADING (PTY) LTD

 

 

Formerly Known as :

NEWSHELF 249 (PTY) LTD

 

 

Registered Office :

1st Floor, East Block, Pineslopes Office Park, Cnr Straight and Witkoppen Roads, Lonehill, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.06.1997

 

 

Com. Reg. No.:

1997/010059/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Sourcing, Distribution and Retail of the entire spectrum of ceramic tiles, sanitary ware, bathroom fittings, hardware, building materials, interior and exterior finishings, finished wood products, timber and related accessories.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

ILIAD AFRICA TRADING (PTY) LTD

 

Formerly NEWSHELF 249 (PTY) LTD, the name having been changed on 11 May 1998.

 

 

TRADING DIVISIONS

 

GENERAL BUILDING MATERIALS

BUILDERS MARKET (POLOKWANE)

BUILDERS MARKET (MIDDELBURG)

BUILDERS MARKET (EMPANGENI)

BUILDERS MARKET (RICHARDS BAY)

BUILDERS MARKET (KIMBERLEY)

BUILDERS MARKET (UPPINGTON)

BUILDERS MARKET (BLOEMFONTEIN)

BUILDERS MARKET (KLERSKDORP)

BUILDERS MARKET (WELKOM)

BUILDERS MARKET (VAAL)

BUILDERS MARKET (BRITS)

BUILDERS MARKET (ELLISRAS)

D AND A TIMBERS

CAMPWELL HARDWARE

RUSTENBURG BUILDING MATERIALS

USM BUILDING SUPPLIES (UITENHAGE SAW MILLS)

RIETPAN HARDWARE

I & F BUILDING SUPPLIERS

FERREIRAS BUILDWARE

BUILDING CENTRE

SUNCOL

SANWARE AND PLUMBING

MODERN BATHROOMS

SPECIALISED BUILDING MATERIALS

THORPE TIMBER

FERREIRAS DECOR WORLD

JUST TILES

CITIWOOD

CHIPBASE

THE TILE DEPOT

TOP FORM

BUCHEL HARDWARE

DESIGN HARDWARE

BILDWARE

W&B HARDWARE

SAFLOK

Q LITE

CACHET

 

 

PHYSICAL ADDRESS    

 

1st Floor

East Block

Pineslopes Office Park

Cnr Straight and Witkoppen Roads

LONEHILL

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 2572

HONEYDEW

2040

 

TELEPHONE NUMBER: 011 467 2891

FAX NUMBER:              011 467 2890

 

THE KNOW AND KNOCKER division is situated at cnr. Greenvale and Germiston Roads, Meadowbrook Ext 8, Germiston, Gauteng, with telephone number 011 201 4600.

 

 

SHAREHOLDERS

 

100%    ILIAD AFRICA LTD (Quoted on the JSE Ltd)

 

 

ASSOCIATE COMPANIES

 

ILIAD AFRICA INVESTMENTS (PTY) LTD

 

 

SUBSIDIARY COMPANIES

 

UNITED STEEL & PIPES SUPPLIES (PTY) LTD

UNITED TUBE (PTY) LTD

UNITED METAL PROCESSORS (PTY) LTD

D&A TIMBERS (PTY) LTD

D&A TRUSS COMPANY (PTY) LTD

CMG HOLDINGS COMPANY (PTY) LTD

BYM BUILDING SUPPLIES (PTY) LTD

CAMPWELL HARDWARE (PTY) LTD

 

 

DIRECTORS

 

N P GOOSEN               ID No. 6402125050080

R B PATMORE              ID No. 5204285110006

J L D MENDES              ID No. 6005215108088

A S STRYDOM              ID No. 7202175083082

M S VAN NIEKERK       ID No. 7712135033085

 

 

BANKERS

 

The subject banks with NEDBANK and MERCANTILE BANK OF LISBON.  It was stated that each branch has its own bank account.  It was stated that the branches are managed by a cash management scheme controlled by the subject.  

 

The subject is also reported to bank with FIRST NATIONAL BANK and STANDARD BANK.

 

 

DATE REGISTERED

 

27 June 1997

Registration Certificate Number: 1997/010059/07

 

The subject took over the designated assets, designated liabilities and operations of CORPGRO INDUSTRIAL AND BUILDING SUPPLIES (PTY) LTD (Reg. No. 1996/001391/07), which formed part of the CORPCAPITAL group in June 2003.

 

The subject was dormant up until the beginning of 1998 when it took over the operations and assets of three companies, namely, ROLFIR (PTY) LTD trading as FERREIRAS NORTHRIDING, FERBAT (PTY) LTD trading as FERREIRAS ALBERTON and FERREIRAS (PTY) LTD trading as FERREIRAS HONEYDEW.

 

Mr R Patmore was previously a group-managing director of EVERITE and was also an executive director of one of the Group 5 companies.  Mr Goosen was previously a financial manager at ROCHE PRODUCTS.

 

 

VAT NUMBER    

 

4020174639

4180240618 (Thorpe Timber)

 

 

MAJOR OPERATION

 

The subject focuses on sourcing, distribution and retail of the entire spectrum of ceramic tiles, sanitary ware, bathroom fittings, hardware, building materials, interior and exterior finishings, finished wood products, timber and related accessories.

 

MAJOR SUPPLIERS

 

It was stated that each division has its own suppliers.

 

THORPE TIMBER DIVISION deals with:

 

HANS MERENSKY, Johannesburg

FOREST PRODUCTS AFRICA, Johannesburg

B & W TIMBER SUPPLIES, Johannesburg

BPB GYPSUM, Johannesburg

M J W TIMBER

 

FERREIRAS DÉCOR WORLD DIVISION deals locally with:

 

NATIONAL CERAMICS Pretoria

TAL

VAAL SANITARYWARE

JOHNSON TILES

LIBRA BATHROOM

BUILDERS MARKET (VAAL) deals locally with:

 

LA FARGE CEMENT

MARLEY ROOFING

MITEK

EVERITE BUILDING PRODUCTS

 

BUILDERS MARKET (BRITS) deals locally with:

 

PPC

CIK

HANS MERENSKY

RUSTENBURG BUILDING

 

BUILDERS MARKET (ELLISRAS) deals locally with:

 

ACADEMY BRUSHWARES

ALLNET

EVERTIE

EUREKA

CLOTAN STEEL

 

THE KNOW AND KNOCKER deals locally with:

 

ASSA ABLOY

HOLCAST

WHOLESALE CABINET FITTINGS

DELTA DISPLAY

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public, retailers, DIY contractors and the building industry.

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa, mainly Gauteng.

 

 

EXPORTS

 

Neighbouring countries, e.g. Botswana and Namibia.

 

 

TOTAL EMPLOYEES

 

3606 and 430 employees in the THORPE TIMBER division.

 

 

OTHER PREMISES   

 

The subject has 104 branches countrywide.

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

1 000 shares of no par value

 

 

ISSUED SHARE CAPITAL

 

1 000 shares

 

For financial information please find attached balance sheet and income statement on the holding company in the group.

 

 

AUDITORS    

 

GRANT THORNTON, Johannesburg

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

GLENRAND MIB

 

 

TRADE REFERENCES – NOVEMBER 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             R3 000 000        R1 500 000        35 days             35 days             Excellent

 

2.         Old acc             R2 000 000        R2 000 000        35 days             35 days             Excellent

 

3.         5 yrs+               R   100 000       R     50 000       30 days             30 days             Excellent

                                    c/l

 

 

TRADE REFERENCES – JUNE 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         09/2001 R1 500 000        R220 000          60 days             60 days             Very Good

                                    c/l

 

2.         5 yrs                 R  300 000        R  50 000 -        30 days             30 days             Very Good

                                    c/l                     R120 000          2.5%                 .5%

 

3.         12 yrs               open                 R100 000 -        60 days             60 days             Excellent

                                                            R200 000

 

 

TRADE REFERENCES – SEPTEMBER 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         09/2001            R100 000          R100 000          60 days             60 days             Very good

 

2.         5 yrs                 R300 000          R200 000          30 days             30 days             Good

 

3.         12 yrs               open                 R100 000 -        60 days             60 days             Good

                                                            R200 000

 

TRADE REFERENCES – MAY 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             R2 000 000        R   500 000       30 days             30 days             Very Good

                                    c/l

 

2.         Old acc             R1 500 000        R1 100 000        35 days             35 days             Good

                                    c/l (on one account only – has several accounts for subject)

 

3.         1998                 R1 500 000        R   600 000 -     30 days             30 days             Very Good

                                    c/l                     R1 500 000

 

 

TRADE REFERENCES – JULY 2008

BUILDERS MARKET (VAAL)

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs              R   200 000       R  90 000          30 days             30 days             Excellent

                                    c/l                                             2.5%                 2.5%

 

2.         10 yrs+             R5 000 000        few million         30 days             30 days             Excellent

                                    c/l

 

3.         Old acc             R   300 000       R200 000 -        60 days             60 days             Excellent

                                                            R300 000

 

 

TRADE REFERENCES – OCTOBER 2008   

BUILDERS MARKET (BRITS)

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Too new to comment

 

2.         2˝ yrs              R30 000            R30 000            30 days             30 days             Very good

                                                                                    5%                   5%

 

3.         Do not give trade references

 

4.         Do not give trade references

 

CURRENT TRADE REFERENCES

THORPE TIMBER division

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         5 yrs                 R  1 300 000      R1 200 000-       30 days             30 days             Very Good

                                                            R1 300 000

 

3.         Old acc             R  1 000 000      R   500 000       30 days             30 days             Very Good

                                    c/l        

 

4.         Old acc             R25 000 000      R2 000 000        30 days             30 days             Good

                                    c/l for the group  2˝%

 

5.         6 yrs                 R     200 000     R     40 000 -     30 days             30 days             Good

                                                            R   200 000

 

 

CURRENT TRADE REFERENCES

BUILDERS MARKET (ELLISRAS)

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         3 yrs                 R20 000            R20 000            30 days             30 days             Excellent

 

2.         2 mths              R70 000            declined            30 days             30 days             Excellent

 

3.         2005                 R70 000            R30 000            30 days             30 days             Excellent

 

 

CURRENT TRADE REFERENCES

THE KNOB AND KNOCKER (GERMISTON)

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1989                 R  50 000          Confidential       30 days             30 days             Good

 

2.         1998                 R  50 000          Confidential       30 days             30 days             Good

                                    R100 000

 

3.         Old acc             R300 000          Confidential       30 days             39 days             Good

COMMENTS

 

This is a large well established and well connected company that has taken over well established operations of other companies.  The subject is meeting its commitments timeously and is considered equal to US$1000 000 DA terms.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.71

UK Pound

1

Rs.72.85

Euro

1

Rs.64.70

 

 

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