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MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
C J PETROW AND COMPANY (PTY) LTD |
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Registered Office : |
68, 5th Street, Albertsville, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
09.05. 1949 |
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Com. Reg. No.: |
1949/033553/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Merchant Agent for the Exporting of Asbestos Fibres |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
C J PETROW AND COMPANY (PTY) LTD
TRADING DIVISION
CONTRASTES HOMEWARES
PHYSICAL ADDRESS
68, 5th Street
Albertsville
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 11000
JOHANNESBURG
2000
TELEPHONE NUMBER: 011 670 6500
FAX NUMBER: 011 670 6666
SHAREHOLDERS
100% CRIZOLIDA (PTY) LTD
ASSOCIATE COMPANIES
INTERCONTINENTAL EXPORTS (PTY) LTD
P J C COMMODITIES (PTY) LTD
C J PETROW HOLDINGS (PTY) LTD
DIRECTORS
J M GINSBERG
S M DOUGHERTY
L E PETROW
Z KRIEMADIS (Mrs) (daughter of C J Petrow (snr) )
It was stated that C J PETROW (Snr) passed away.
BANKERS
STANDARD BANK, Johannesburg branch, account number 001405950. It was stated that the subject enjoys a group facility to an extent of R100 million, secured by cessions of debtors. Utilisation of the overdraft is stated to be partial.
FIRST NATIONAL BANK, Johannesburg Branch. It was stated that the subject enjoys group overdraft facilities to an extent of R100 million, secured by a cession of debtors.
DATE REGISTERED
9 May 1949
Registration certificate number 1949/033553/07
VAT NUMBER
4360101093
MAJOR OPERATION
It was stated that the subject acts as a merchant agent for the exporting of asbestos fibres.
The CONTRASTES HOMEWARES division deals with various homeware, e g kitchen utensils, etc.
MAJOR SUPPLIERS
The subject imports from Zimbabwe and Russia and deals locally with:
EASTERN SHIPPING
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Manufacturers of cement, bricks etc and the building industry. The CONTRASTES HOMEWARES division are retailers for the homeware division.
AREA OF DISTRIBUTION AND SELLING:
Worldwide (excluding UK and USA) e.g. Far East, Africa and South America and the CONTRASTES HOMEWARES division distributes throughout South Africa
TOTAL EMPLOYEES
40 for the subject and 3 for the division
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the company with a market value in the region of R10 million, free of bond.
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK Nil
DEBTORS R 70 000 000
CREDITORS R 18 000 000
LOANS Nil
TURNOVER per annum R170 000 000
AUDITORS
HORWATH LEVETON BONER Johannesburg
YEAR END
DECEMBER
INSURANCE BROKERS
MULTIRISK MANAGERS
TRADE REFERENCES – SEPTEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs+ open R400 000 15 days 5 days Very Good
TRADE REFERENCES – NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs declined declined 30 days 30
days Good
TRADE REFERENCES – AUGUST 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs open
acc R100 000+ 7 days 7
days Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R50
000 R40 000 30 days 30 days Good
COMMENTS
This is a well established and well connected company which imports most of its supplies. The group is well regarded and 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%)