MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEFCO MARKETING CC |
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Registered Office : |
3 Pentrich Road, Pietermaritzburg, Kwa-Zulu
Natal |
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Country : |
South Africa |
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Date of Incorporation : |
24.02.1989 |
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Com. Reg. No.: |
1989/006076/23.
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Legal Form : |
Private Limited Company |
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Line of Business : |
Representatives for principal
manufacturing companies, for example ACTIVA, SPRAY PLAST and INDURA in Italy,
MITSU and BILAG in India, HUDSON in Hong Kong and B C S in Wales, plus other
companies worldwide. They are also
indent agents for Sumitomo etc. |
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
WEFCO MARKETING CC
PHYSICAL ADDRESS
3 Pentrich Road
PIETERMARITZBURG
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 13221
CASCADES
3202
Telephone Number: 033 346 1920
Fax Number: 033 346 0512
The subject moved from premises at 10 King Street,
Pietermaritzburg in October 2005.
MEMBERS
100% W E
FARRELL
ASSOCIATE COMPANIES
WEFCO PROPERTY INVESTMENTS CC.
BANKERS
NEDBANK, Hayfields Branch, Account Number 1340375702. It was stated that the subject does not
require facilities as credit balances are maintained at the bank.
DATE REGISTERED
24 February 1989
Registration Certificate Number:
1989/006076/23.
The subject was commenced as a new business.
It was stated that W E FARRELL was born in Zimbabwe and worked at a
company namely WELCOME PHARMACEUTICALS in Zimbabwe for 6 years and then worked
for WELCOME PHARMACEUTICALS in the UK for 42 years prior to commencing the
subject.
VAT NUMBER
4100106337
MAJOR OPERATION
Representatives for principal manufacturing companies, for example
ACTIVA, SPRAY PLAST and INDURA in Italy, MITSU and BILAG in India, HUDSON in
Hong Kong and B C S in Wales, plus other companies worldwide. They are also indent agents for Sumitomo
etc.
MAJOR SUPPLIERS
The subject imports from China, India and the UK
and deals locally with:
SAFCOR
Durban
EFEKTO Pretoria
AVIMA
Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Chemical industry e.g. Bayer, the veterinary industry,
public health, the general- and consumer industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Southern and Central Africa up to Ethiopia e.g. Mozambique, Liberia ,
Eastern Africa, etc.
TOTAL EMPLOYEES
6
OTHER PREMISES
The premises are reported to be owned by a property owning company called WEFCO PROPERTY INVESTMENTS CC.
OWNED OR LEASED
The premises are
reported to be owned by the subject.
MEMBERS CONTRIBUTION
R100
The following
estimated financial situation was submitted:
STOCK fluctuates
on consignments
DEBTORS R 700 000
CREDITORS local &
foreign R
600 000
TURNOVER per annum
incl. commission R20
000 000 – R25 000 000
It was stated that the overseas debtors figure is small as it is paid upfront
and that stock can go high during their peak season (September – May).
AUDITORS
STEVE OSBORNE, Pietermaritzburg – 033 396 1996 /
083 229 3808,
e-mail:
s.osbourne@telkomsa.net
YEAR END
FEBRUARY
INSURANCE BROKERS
B-SURE, Durban
TRADE REFERENCES – AUGUST 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R600 000 R100 000 30 days 30 days Very
Good
c/l
2. Old
acc R 20 000 R 20 000 30
days 30 days Good
3. July’99 R
8 000 R 8 000 30
days 30 days Very Good
TRADE REFERENCES – MARCH 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Unable
to obtain a trade reference
3. 1999 R54 000 R54 000 30
days 30 days Very good
4. Do
not give trade references
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade
references
2. No account traced – COD
3. 1999
R50 000 seasonal 30 days 30 dats Excellent
purchase
COMMENTS
This is an established business meeting its one current commitment
timeously. We have not traced dealings
to an extent of US$1 000 000 and would prefer to see a lesser figure spread and
secured.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)