MIRA INFORM REPORT

 

 

Report Date :

02.02.2008

 

IDENTIFICATION DETAILS

 

Name :

SAFE TOP (PTY) LTD

 

 

Registered Office :

Lasswade Road, Constantia, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

21.10.1989

 

 

Com. Reg. No.:

1989/007554/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Marketing of Roof Fixing Nails

 

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

SAFE TOP (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

Lasswade Road

CONSTANTIA

Cape Town

Western Cape

 

POSTAL ADDRESS                   

 

P O Box 62

CONSTANTIA

7848

Telephone Number: (021) 797-3520

Fax Number: (021) 794-2317

 

 

SHAREHOLDERS

 

52%      J D MARSHALL

48%      S MARSHALL (SON)

 

 

ASSOCIATE COMPANIES

 

The shareholders are also the main shareholders in:

 

JOHN MARSHALL TRUST

JOHN MARSHALL INVESTMENTS (PTY) LTD – registration certificate number:  1985/004324/07 (property owning company)

 

Plus other property owning companies which names were not forthcoming.

 

 

DIRECTORS

 

J D MARSHALL

S MARSHALL

 

 

BANKERS

 

FIRST NATIONAL BANK Claremont, account number 50150017603.  It was stated that the subject enjoys overdraft facilities secured by shareholders guarantees.  Utilisation of the overdraft is nil as normally credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

21 October 1989

Registration certificate number 1989/007554/07.

 

 

VAT NUMBER

 

4680106871

 

 

MAJOR OPERATION

 

Marketing of roof fixing nails that are manufactured under licence and the patent is registered worldwide as the mould was established and developed by

Mr J D Marshall.

 

 

MAJOR SUPPLIERS

 

The subject imports fasteners from France, Germany, Italy, New Zealand, Thailand, China, Taiwan, Malaysia and deals locally with:

 

SILICON & TECHNICAL PRODUCTS  Cape Town

AFCOM  Cape Town

MEGAFREIGHT  Cape Town

CELLRO  Cape Town

A & G PLASTICS  Cape Town

PLASTAMID  Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

 

Hardware shops and wholesalers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

 

EXPORTS

 

France, Russia, Belgium and Malaysia.

 

 

TOTAL EMPLOYEES

 

70

 

 

OTHER PREMISES

 

The subject has factories situated at 5 Pride Park, Wetwyn

Road, Wetton, Units 1 - 7, Canal Park, Canal Road.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by John

Marshall Trust, free of bond and the factory premises are owned by John Marshall Investments (Pty) Ltd, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary R1 shares

 

 

ISSUED SHARE CAPITAL

 

R1 000

 

The following estimated financial situation was submitted:

 

STOCK                         R20 000 000

DEBTORS                     R  8 000 000

LOCAL CREDITORS      R  1 000 000

FOREIGN CREDITORS       mainly on a letter of credit

LOANS Minimal

TURNOVER per month  R  4 000 000

 

 

AUDITORS

 

GREENWOODS  Cape Town  (021) 421 4510

 

 

YEAR END

 

FEBRUARY

 

INSURANCE BROKERS

 

S McPHERSON BROKERS

 

 

TRADE REFERENCES – MAY 2006

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs+               R100 000          R11 000            30 days             30 days             Very good

c/l

 

2.         8 yrs                 R450 000          R350 000          30 days             30 days             Excellent

c/l

 

3.         2 yrs                 R160 000          R50 000 -          30 days             30 days             Very good

R160 000

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         6 yrs                 R100 000          R  10 000-         30 days             30 days             Excellent

c/l                     R  20 000

 

2.         Last purchased in 2007                                                                                      Very good

 

3.         3 yrs                 declined            R200 000          30 days             30 days             Very good

 

4.         6 yrs                 R130 000          R  80 000          30 days             30 days             Very good

c/l

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to its normal business engagements.

 

 

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