MIRA INFORM REPORT

 

 

Report Date :

22.02.2008

 

IDENTIFICATION DETAILS

 

Name :

DUROMED CC

 

 

Registered Office :

2nd Floor, Trenor House, 19 Gale Street, DURBAN, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.08.1985

 

 

Com. Reg. No.:

1985/008595/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Medical retail

 

 

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

 

DUROMED CC

 

 

PHYSICAL ADDRESS

 

2nd Floor

Trenor House

19 Gale Street

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 17297

CONGELLA

4013

Telephone Number:                  031 305 3280

Fax Number:                             031 305 9025

Websites:

www.duromed.co.za

 

 

MEMBERS

 

25%      O S BERGH

25%      G R WYMER

10%      N DORKIN

10%      B G TALBOT

10%      N BASDEW

10%      Z XAHAZA

10%      F MBATHA

           

           

ASSOCIATE COMPANIES

 

C.G.A. PROPERTIES CC (dormant)

 

 

BANKERS

 

NEDBANK, Gale Street, Corporate branch, account number 1381335330.  It was stated that the subject enjoys overdraft facilities to an extent of R500 000, secured by a cession of debtors.  Utilisation is stated to fluctuate.

 

 

 

DATE REGISTERED

 

2 August 1985

 

Registration Certificate Number 1985/008595/23

 

 

VAT NUMBER

 

4360102554      

 

 

MAJOR OPERATION

 

Medical retail

 

 

MAJOR SUPPLIERS

 

SAFMED

MACROMED

SANJMED

CLINICARE HOSPITAL EQUIPMENT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Hospitals and doctors

 

 

AREA OF DISTRIBUTION AND SELLING        

 

South Africa

 

 

EXPORTS  

 

Swaziland, Namibia, Botswana and small to Zimbabwe and Kenya.

 

 

TOTAL EMPLOYEES

 

20

 

 

OTHER PREMISES        

 

The subject is reported to have a branch in Johannesburg.

 

 

 

OWNED OR LEASED: 

 

The Johannesburg premises are reported to be owned and valued in the region of R600 000, bonded in favour of NEDBANK to an extent of R120 000.  The head office premises are leased.

 

 

MEMBERS CONTRIBUTION

 

R600

 

The following financial situation was submitted:

 

STOCK                                                                                R  1 000 000 – R  2 000 000

DEBTORS                                                                                                 R  2 000 000

FIXED ASSETS (Property)                                                                           R  1 600 000

CREDITORS (Local and overseas)                                              R800 000 – R  1 000 000

LOANS                                                                                                                     Nil

MORTGAGE                                                                                              R     120 000

TURNOVER   per annum                                                                             R20 000 000

 

 

AUDITORS

 

TSLENTIS & COLLETT

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

LEADING EDGE

 

 

TRADE REFERENCES – APRIL 2006

 

      ACCOUNT    HIGHEST       AVERAGE   TERMS        PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    9 yrs+          R2 000           R1 000        30 days        30 days        Very good

                          c/l

 

2.    7 yrs+          R27 000         R27 000      30 days        30 days        Very good

 

3.    10 yrs+         R30 000         R10 000 -    30 days        30 days        Excellent

                          c/l                 R20 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE   TERMS        PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Last purchased in 2006.

 

2.    06/2003        open              R  5 000 -    Last purchased in Aug 2007   Good

                                               R10 000

 

3.    15-18 yrs      open              R10 000      30 days        30 days            Good

 

4.    Do not give trade references.

 

 

COMMENTS

 

This is an established business meeting commitments timeously.  We have not traced dealings to an extent of $1 000 000 against DA terms and suggest that dealings be to a lesser extent on a well spread basis.

 

 

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