MIRA
INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHOENIX INDUSTRIAL AND SAFETY SUPPLIERS CC |
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Registered Office : |
66 Webber Street, Selby, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
01.12.1995 |
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Com. Reg. No.: |
1995/052224/23 |
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Legal Form : |
Private Limited Comapny |
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Line of Business : |
Manufacturers of wiping
and cleaning rags, rain suits and protective clothing for high risk
environments as well as hand cleaners and safety shoes. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PHOENIX INDUSTRIAL AND SAFETY SUPPLIERS CC
PHYSICAL ADDRESS
66 Webber Street
SELBY
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 470
GLENVISTA
2058
TELEPHONE NUMBER: 011 493 2191 / 2 / 3 / 4
FAX NUMBER: 011 493 2195
MEMBERS
50% SAMSON MITCHEL MANIRAM ID. No. 6611155218082
50% PIXIE NAOMI MANIRAM (wife) ID. No. 6508300227085
ASSOCIATE COMPANIES
HOPEFULL END
INVESTMENTS CC (property owning business, owned 100% by S M Maniram)
BANKERS
FIRST NATIONAL BANK Lenasia
Branch. Acc. No. 55280098979. It was stated that the subject does not require
overdraft facilities as credit balances are maintained.
DATE REGISTERED
1 December 1995
Registration
Certificate Number: 1995/052224/23
The subject was registered to take over a partnership, which was originally commenced in 1993, between S M Maniram and Mrs P N Maniram, trading as Phoenix Industrial and Safety Suppliers.
VAT NUMBER
4240154486
MAJOR OPERATION
Manufacturers of
wiping and cleaning rags, rain suits and protective clothing for high risk
environments as well as hand cleaners and safety shoes.
MAJOR SUPPLIERS
It was stated that
the subject imports most of its supplies using BUFFALO FREIGHT as their
clearing agents. It was stated that they only buy on a very small basis
locally.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The industrial sectors including mechanical engineering, marine and chemical industries, mining sector, industrial safety suppliers and other manufacturing concerns.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Neighbouring
countries including Mali.
TOTAL EMPLOYEES
170
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be owned by HOPEFULL END
INVESTMENTS CC,
valued in the region of R7 800 000, bonded in favour of FIRST NATIONAL BANK
Lenasia to an extent of R350 000.
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R9 000 000
DEBTORS R3 500 000
CASH R1 000 000
CREDITORS R2 000 000
LOANS Nil
TURNOVER per month R4 000 000 – R5 000 000
AUDITORS
VINCENT LOUBSHER, Johannesburg
YEAR END
FEBRUARY
INSURANCE BROKERS
LENSURE
TRADE REFERENCES – MAY 2003
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1996 R5
000 R5 000+ 30 days 30 days Very
Good
c/l
2. Aug’02 R20
000 R1 600 30 days 30 days Good
c/l
3. Few yrs R10
000 R3 000 30 days 30 days Good
4. 2 yrs R2
000 R2 000 COD Good
5. 3 months R200 000 R50
000 - 30 days 30 days Excellent
R200
000
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
COMMENTS
This is a well established business which commenced as a partnership. We have not traced dealings to an extent of $1 000 000 over DA terms and suggest dealings be to a lesser extent on a well spread basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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%)