MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEFCO MARKETING CC |
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Registered Office : |
3 Pentrich Road, Masons Mill, Pietermaritzburg, Kwa-Zulu
Natal , 3201 |
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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 in India, PILARQUIM in Taiwan, HUDSON in Hong Kong, Pyrethrum Board in
Kenya 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
ADDRESS
PHYSICAL ADDRESS:
3 Pentrich Road
Masons Mill
PIETERMARITZBURG
Kwa-Zulu Natal
3201
POSTAL ADDRESS:
P O Box 13221
CASCADES
3202
TELEPHONE NUMBER: 033 346 1920/22
FAX NUMBER: 033 346 0512
MEMBERS
100% W E FARRELL ID No. 5311255704187
ASSOCIATE COMPANIES
WEFCO PROPERTY INVESTMENTS CC (property owning company)
WEFCO ACTIVE INTERNATIONAL 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 in India, PILARQUIM in Taiwan, HUDSON in Hong Kong, Pyrethrum Board in Kenya 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
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
7
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company
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 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
S D OSBORNE, Pietermaritzburg 033 396 1996 / 083 229 3808
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
TRADE REFERENCES – JULY 2008
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 days Excellent
purchases
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references.
2. Jul 1999 R100 000 ±R50
000 30 days 30 days Good
c/l (seasonal purchase)
COMMENTS
This is an established business meeting its one current commitment timeously. The subject is considered equal to its normal business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)