MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AFRICAN OXYGEN LTD |
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Registered Office : |
Afrox House, 23 Webber Street, Selby, Johannesburg,
Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
18.03.1927 |
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Com. Reg. No.: |
1927/000089/06 |
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Legal Form : |
Limited Liability Company |
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Line of business : |
Manufacture and market gases, welding products, fluid handling systems and a wide range of specialised high technology industrial products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
AFRICAN OXYGEN LTD
Quoted on the JSE Ltd.
TRADING NAME
AFROX
PHYSICAL ADDRESS
Afrox House
23 Webber Street
SELBY
Johannesburg
Gauteng
POSTAL ADDRESS
P O BOX 5404
JOHANNESBURG
2000
TELEPHONE NUMBER: 011 490 0400
FAX NUMBER: 011 490 0594
SHAREHOLDERS
50.47% B O C HOLDINGS PLC (UK) (Majority)
10% AFROX AFRICAN INVESTMENTS (PTY) LTD
2.19% INVESTMENT SOLUTIONS
1.78% OLD MUTUAL GROUP
1.74% ALLAN GRAY
The remainder of the shares are held by general investors on the JSE LTD.
SUBSIDIARY COMPANIES
AFROX LTD (dormant)
INDUSTRIAL RESEARCH AND DEVELOPMENT (PTY) LTD
AFROX PROPERTIES (PTY) LTD
DIRECTORS
J K MASTERS (Non-Executive Chairman)
J FORD (Non-Executive - British)
C J P G VAN ZYL
L L VAN NIEKERK
T N KRUGER
J NOWICKI
A M WATKINS
D M LAWRENCE
DR K D K MOKHELE
S M PITYANA
M N ADAMS
BANKERS
The subject's main bankers are FIRST NATIONAL BANK, Corporate, NEDBANK and STANDARD BANK and they also bank with all the major banks throughout South Africa.
The subject also banks with RAND MERCHANT BANK, where they have substantial facilities available.
DATE REGISTERED
18 March 1927
Registration Certificate Number: 1927/000089/06
VAT NUMBER
4120110541
MAJOR OPERATION
AFRICAN OXYGEN LTD manufacture and market gases, welding products, fluid handling systems and a wide range of specialised high technology industrial products.
MAJOR SUPPLIERS
In view of the standing of the company it was deemed not necessary by respondents to provide references on the subject. It was stated that the subject manufactures their own products and do not buy on a large scale at all.
MAJOR CUSTOMERS OR BUSINESS SECTORS:
Industry in general, engineering industry and all business sectors.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries and Australia.
TOTAL EMPLOYEES
200
OTHER PREMISES
The subject has approximately 90 branches countrywide.
OWNED OR LEASED
The head office premises are reported to be owned by AFROX PROPERTIES (PTY) LTD, while some of the branch premises are reported to be owned and others are leased.
AUTHORISED SHARE CAPITAL
R17 500 000 divided into 350 000 000
ordinary shares of R0,05 cents each.
ISSUED SHARE CAPITAL
342 852 910 ordinary shares of 5 cent each.
Please see financial information from the latest JSE LTD Handbook of South Africa. .
AUDITORS
K P M G
YEAR END
DECEMBER
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES
NOT APPLICABLE
COMMENTS
This is a well established and well connected company effecting a large turnover. The subject is considered equal to its normal business engagements.
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%)