MIRA INFORM REPORT

 

 

 

Report Date :

06.10.2008

 

IDENTIFICATION DETAILS

 

Name :

K CARRIM BUILDERS HARDWARE (PTY) LTD

 

 

Registered Office :

159 up to 171 Boom Street, Pretoria, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.08.1976

 

 

Com. Reg. No.:

1976/002783/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

It was stated by respondents that as of March 2008 the wholesale operations were incorporated into another group company

 

 

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

 

K CARRIM BUILDERS HARDWARE (PTY) LTD

 

TRADING NAME:         

K CARRIM DISCOUNT BUILDERS HYPER

BUILDERS MECCA

 

 

PHYSICAL ADDRESS

 

159 up to 171 Boom Street

PRETORIA

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 46036

BELLE OMBRE

0142

TELEPHONE NUMBER: 012 323 1316

FAX NUMBER:  012 323 2173

 

 

SHAREHOLDERS

 

51%      E CARRIM

49%      A B CARRIM and Z E CARRIM

 

The Shareholding was previously 50% Z E CARRIM and 50% A B CARRIM having changed.

 

The shareholding was formerly 50%  E CARRIM (father), 24% Z CARRIM, 24% A B CARRIM and 2% comprised unallocated shares, having changed in 1999.

 

 

ASSOCIATE COMPANIES

 

VERONA INVESTMENTS (PTY) LTD

K E SONS INVESTMENTS (PTY) LTD

SHAMSHA INVESTMENTS (PTY) LTD

VOCO TRADE 19 (PTY) LTD

 

Plus approximately 30 other companies including companies overseas

 

 

DIRECTORS

 

Z E CARRIM                  D.O.B. 650624

A B CARRIM (brother)    D.O.B. 740104

K CARRIM (mother)       D.O.B. 441029

 

 

BANKERS

 

ABSA BANK, Ben Swart Street branch, Account Number: 4051633183.  It was stated that the subject enjoys group overdraft facilities to an extent of R21.5 million, secured by a cession of debtors and the personal guarantees of the Directors.  Utilisation is stated to be seldom to credit balances.

 

 

DATE REGISTERED

 

10 August 1976

Registration Certificate Number:  1976/002783/07

 

 

VAT NUMBER

 

4050102872

 

 

MAJOR OPERATION

 

It was stated by respondents that as of March 2008 the wholesale operations were incorporated into another group company

 

 

MAJOR SUPPLIERS

 

COBRA WATERTECH East Rand

DOORWISE Johannesburg

EVERITE Johannesburg

W H SAFFER & CO Johannesburg

ROLLCO Johannesburg

YORK TIMBERS

HEUNIS STEEL  Pretoria

MAC STEEL TUBE  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Building industry and home owners

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

On occasion to African countries

 

 

TOTAL EMPLOYEES

 

250 in the Group.

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be 100% owned by a property owning company in the Group

 

 

AUTHORISED SHARE CAPITAL

 

 

R300 divided into 300 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R98

 

Full financial information was not forthcoming from respondents at the subject in view of the fact that the subject is now only involved in retailing operations and respondents stated that the financials will only be available in a week or so.  Nevertheless it was previously stated that the group turnover per annum was R450 million.

 

 

AUDITORS

 

PKF

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

URBAN INSURANCE

 

 

TRADE REFERENCES – MAY 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         9 yrs                 R600 000          R200 000          30 days             30 days             Very good

 

2.         11 yrs               R300 000          R150 000          30 days             30 days             Excellent

 

3.         10 yrs               do not disclose figures                30 days             30 days             Excellent

 

 

TRADE REFERENCES – OCTOBER 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs               R200 000          R70 000 -          30 days             30 days             Very good

                                                            R80 000

 

2.         7 yrs                 declined            declined            30 days             30 days             Good

 

3.         5 yrs                 open     declined            30 days             30 days             Good

 

 

TRADE REFERENCES – MARCH 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         03/1999 R   140 000       R   140 000       30 days             30 days             Very good

                                    c/l

 

2.         1998                 R6 500 000        R4 000 000        30 days             30 days             Very good

                                    c/l                     R5 000 000        2.5%                 2.5%

 

3.         7 yrs                 declined            declined            30 days             30 days             Good

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5  yrs                declined            declined            30 days             30 days             Very good

 

2.         5-6 yrs              R800 000          R500 000 -        30 days             30 days             Very good

                                    c/l                     R600 000

 

3.         7 yrs                 declined            declined            30 days             30 days             Good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to

$1 000 000 over 90 days.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.88

UK Pound

1

Rs.82.97

Euro

1

Rs.64.99

 

 

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