%20LTD%2011-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VAN
ERKOMS TOBACCO (PTY) LTD |
|
|
|
|
Registered Office : |
No 3, 2nd
Avenue, Old Industrial Area, Mokopane, Limpopo |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
24.12.1957 |
|
|
|
|
Com. Reg. No.: |
1957/004236/07 |
|
|
|
|
Legal Form : |
Propriety Limited |
|
|
|
|
Line of Business : |
Manufacture
of Pipes, Cigarettes, Tobacco and Snuff. |
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
VAN ERKOMS
TOBACCO (PTY) LTD
PHYSICAL
ADDRESS
No 3, 2nd
Avenue
Old
Industrial Area
MOKOPANE
Limpopo
POSTAL
ADDRESS
P O Box
1889
MOKOPANE
0600
TELEPHONE
NUMBER: 015 491 3204
FAX NUMBER:
015 491 3259
SHAREHOLDERS
100% A H S TRUST, in which A H SCHOEMAN is a
Trustee.
ASSOCIATE
COMPANIES
A H SCHOEMAN is reported to have a farming
business where he farms ostriches and sheep in Oudsthoorn.
DIRECTORS
A H
SCHOEMAN ID No. 4808135001008
BANKERS
ABSA BANK,
Mokopane branch, account number 1002330462.
It was stated that the subject enjoys overdraft facilities. Utilisation is stated to be nil as credit
balances are normally maintained at the bank.
DATE
REGISTERED
24 December
1957
Registration
Certificate Number 1957/004236/07
The present
shareholders took over the subject in 1995.
VAT
NUMBER
4590146231
MAJOR
OPERATION
Manufacture
of pipes, cigarettes, tobacco and snuff.
MAJOR
SUPPLIERS
The subject
imports from India and deals locally with:
PROTEA
CHEMICALS Wadeville
NAMPAK
CARTONS Johannesburg
DANCHEM Johannesburg
AQUARIUS
Johannesburg
The subject
also buys from farmers.
MAJOR
CUSTOMERS OR BUSINESS SECTORS
Wholesalers
and retailers
AREA
OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
None
TOTAL
EMPLOYEES
Approximately
35
OTHER
PREMISES
The subject
is reported to have a farm in Oudtshoorn, farming ostriches and sheep
OWNED
OR LEASED
The heading
premises are stated to be owned by the subject and valued at R8 million, free
of bond. The ostrich farm is reported
to be owned by a company in the group.
ISSUED
SHARE CAPITAL
R100
The
following estimated financial situation was submitted:
STOCK R17 000 000
DEBTORS R 2 500 000
CASH R 8 000 000
CREDITORS R 350 000
SHAREHOLDERS
LOANS Nil
TURNOVER
per annum R20 000 000
AUDITORS
BERGH &
DE BRUYN ACCOUNTANTS & AUDITORS INC, Mokopane 015 491-3231
YEAR
END
MARCH
INSURANCE
BROKERS
GIB
TRADE REFERENCES – JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R110 000 R 6 000 - 30 days 30
days Good
R90
000
2. 6 yrs R100 000 R50 000 - 30
days 30 days Very good
R80
000
3. 27 yrs R33 000 R33 000 30
days 30 days Excellent
4. 08/2005 R132 000 R132 000 30
days 30 days Very good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references.
2. 5yrs R80 000 R50 000 30
days 30 days Good
3. 30yrs R30 000 R20 000 - 30
days 30 days Excellent
R30
000
4. 1yr R300 000 R300 000 30 days 30
days Very Good
COMMENTS
This is an
established business meeting its commitments timeously and no adverse comments
have been heard. We have not traced dealings to an extent of US$1 000 000 DA
and would prefer to see a far lesser figure on a spread and secured
basis..
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
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%)