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MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDENMARC (PTY) LTD |
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Registered Office : |
13 & 14 Angus Crescent, Longmeadow East Business Estate, Modderfontein, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
20 October 2000 |
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Com. Reg. No.: |
2000/026730/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Sellers of home textiles |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
GOLDENMARC (PTY) LTD
PHYSICAL ADDRESS
13 & 14 Angus Crescent
Longmeadow East
Business Estate
MODDERFONTEIN
Gauteng
POSTAL ADDRESS
P O Box 833
EDENVALE
1610
TELEPHONE NUMBER: 011 842 3800
FAX NUMBER: 011 842 3801 / 2
SHAREHOLDERS
100% EXCELLERATE HOLDINGS LTD, which is reported to be purely an investment holding company (quoted on the JSE Ltd)
ASSOCIATE COMPANIES
FOODSERV SOLUTIONS (PTY) LTD
LOUIS SMIEDT (PTY) LTD
STERIKLEEN (PTY) LTD
INTERPARK (PTY) LTD
FRUTI FLOW (PTY) LTD
HYPERTRADE (PTY) LTD
EXCELLERATE INDUSTRIAL CORPORATION (PTY) LTD
EXCELLERATE PROPERTY HOLDINGS (PTY) LTD
FERRENGI (PTY) LTD
DIRECTORS
H B BLOCH ID No. 4809125086009
B BLOCH (brother)
G HULLEY
I M CHRISTIE ID No. 6602185232003
M E COHEN ID No. 3812245063081
BANKERS
STANDARD BANK, Isando Branch and NEDBANK, Isando Branch. It was stated that the subject is managed by a cash management scheme controlled by the holding company.
DATE REGISTERED
20 October 2000
Registration Certificate Number: 2000/026730/07
It was stated that the subject took over a well-established division of EXCELLERATE INDUSTRIAL CORPORATION (PTY) LTD namely, GOLDENMARC on 1 July 2002.
It was established that GOLDENMARC was originally commenced as a private company in 1967, however the company was divisionalised under EXCELLERATE INDUSTRIAL CORPORATION (PTY) LTD in 1998.
VAT NUMBER
4600190849
MAJOR OPERATION
Sellers of home textiles e.g. yellow dusters and dishcloths etc.
MAJOR SUPPLIERS
The subject imports raw materials and the finished product from the world and deals locally with:
DNA MICOR Johannesburg
ZORBATEX
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Major supermarkets and retail groups.
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Occasionally to Australia
TOTAL EMPLOYEES
350
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1 000
Full financial information was not forthcoming from respondents at the company, however, it was stated that the annual turnover is in the region of R100 million to R200 million.
AUDITORS
GRANT THORNTON
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES –
NOVEMBER 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 yrs R1
000 000 R600 000± 30 days 30
days Excellent
2. Old acc R 200 000 R100
000± 45 days 45 days Very good
c/l 3%
3. Do not give trade references
TRADE REFERENCES –
FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references.
2. 15 yrs open R200 000 40 days 40
days Excellent
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Old acc open R200 000 40 days 40
days Very good
COMMENTS
This is a comparatively new company, which took over the assets and operations of a well established division. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured. The lack of full financial information should be borne in mind.
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%)