MIRA INFORM REPORT

 

 

 

Report Date :

07.06.2008

 

IDENTIFICATION DETAILS

 

Name :

USSHER INVENTIONS (PTY) LTD

 

 

Registered Office :

2 Berange Road, Wadeville, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

24.04. 1929

 

 

Com. Reg. No.:

1929/001457/07. 

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of Saws, Hammers, Shovels, Rakes, Forks, Wheels, Iron Tools, Wheelbarrow Frames etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

LASHER TOOLS

 

PHYSICAL ADDRESS

 

Sigma Road

GERMISTON

Gauteng

 

On investigation it was established that LASHER TOOLS is a trading division of USSHER INVENTIONS (PTY) LTD, which report should be consulted

 

 

COMPANY NAME

 

USSHER INVENTIONS (PTY) LTD

 

 

TRADING DIVISION

 

LASHER TOOLS

 

 

PHYSICAL ADDRESS

 

2 Berange Road

WADEVILLE

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 14013

WADEVILLE

1400

TELEPHONE NUMBER: 011 827 5835

FAX NUMBER              :011 824 2526

 

 

PHYSICAL ADDRESS

 

Lasher Tools Div:

3 Sigma Road

Industries West

GERMISTON

Gauteng

 

 

POSTAL ADDRESS   

 

Lasher Tools Div:

P O Box 254

GERMISTON

1400

TELEPHONE NUMBER: 011 825 1100

FAX NUMBER:  011 825 6822

 

 

SHAREHOLDERS

 

100%    HALSTED AND CO (PTY) LTD (Reg. No. 1952/001225/07), which is owned by HALSTED INVESTMENTS (PTY) LTD (Reg. No. 1954/001300/07), which is ultimately owned by the HALSTED family.

 

 

ASSOCIATE COMPANIES

 

LASHER PROPERTY (LADYSMITH) (PTY) LTD (Reg. No. 1971/004071/07) (property-owning company)

 

Plus other dormant companies, which names were not forthcoming from the respondent.

 

 

DIRECTORS

 

C W HALSTED

P C HAMILTON

I KENDAL

A N KENDAL (Chairman)

A M P ALHO

 

 

BANKERS

 

STANDARD BANK, Wadeville branch, Account Number: 020575076.  It was stated that the subject enjoys overdraft facilities, secured by the holding company.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

24 April 1929

Registration Certificate Number: 1929/001457/07. 

 

The operations of LASHER TOOLS LTD (Reg. No. 1948/029786/06), were incorporated into the subject with effect from 1 July 1992.

 

 

MAJOR OPERATION

 

Manufacturers of saws, hammers, shovels, rakes, forks, wheels, iron tools, wheelbarrow frames etc.

 

 

MAJOR SUPPLIERS

 

ROBOR TUBE Johannesburg

CONTAINER CONTROL Johannesburg

AFROX Wadeville

ISCOR Pretoria

SAFCOR PANELINA Durban

TRIDENT STEEL Alberton

AMES Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mines and the government as well as municipalities, building companies and retail trade

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

UK, Canada, Australia, Germany and rest of Africa

 

 

TOTAL EMPLOYEES

 

700 in the group

 

 

OTHER PREMISES

 

The subject has factories in Ladysmith, Kwazulu Natal and Industria West, Gauteng, a warehouse in Durban and agents countrywide.

 

 

OWNED OR LEASED

 

he premises of the factory in Ladysmith are owned by the associate property owning company. The Wadeville and Industries West premises are owned by the company USSHER INVENTIONS (PTY) LTD.  It was stated that the approximate combined value of the premises is about R50 million, free of bond.  The other branches are stated to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R50 000 divided into 100 000 ordinary shares of R0,50 cents each

 

 

ISSUED SHARE CAPITAL

 

R10 000

 

The following estimated financial situation was submitted as follows:

 

STOCK                                     R  40 000 000

DEBTORS                                 R  30 000 000

FIXED ASSETS net book value   R  80 000 000

CREDITORS                              R  20 000 000

OVERDRAFT                            Nil

LOANS                                     Nil

TURNOVER per annum              R350 000 000

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS INC, Sandton 011 797 4000

 

 

YEAR END    

 

JUNE

 

 

INSURANCE BROKERS

 

INDUSTRIAL & DOMESTIC RISK SERVICES

 

 

TRADE REFERENCES – FEBRUARY 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2001                 declined            declined            30 days             30 days             Good

 

2.         12 yrs               R150 000          R150 000          30 days             30 days             Very good

 

3.         1989                 R80 000            R80 000            30 days             30 days             Very good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs               declined            declined            30 days             30 days             Very good

 

2.         15 yrs               open                 R250 000          30 days             30 days             Very good

 

3.         Old acc             declined            declined            30 days             30 days             Very good

 

 

COMMENTS

 

This is a very well established company, which is meeting its commitments timeously.  We have not traced dealings to an extent of US $1 000 000 but this amount can be recommended as a maximum, unsecured.

 

 

 

 

 

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