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MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HUMULANI MARKETING
(PTY) LTD |
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Formerly Known as : |
NEW HOLLAND SA (PTY)
LTD |
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Registered Office : |
14 Industry Road, Isando, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
28.12. 1998 |
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Com. Reg. No.: |
1998/025570/07. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Bearings, Seals, Power Transmission Components, Geared
Motors, Belting and Fasteners. |
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
HUMULANI MARKETING
(PTY) LTD
Fomerly NEW HOLLAND SA
(PTY) LTD, the name having been changed on 21 February 2008
TRADING DIVISIONS
BEARING MAN
BEARING DIVISION
SEAL DIVISION
POWER TRANSMISSION DIVISION
POWER DRIVES DIVISION
BELTING SOLUTIONS DIVISION
FASTENERS DIVISION
SPRING SET
FAST BOLT
AUTOMOTIVE DIVISION
NEW HOLLAND
CSE EQUIPMENT
TURF
CONSTRUCTION EQUIPMENT
CARTCOM
NORTH MEC
AUTOBAX
PHYSICAL ADDRESS
14 Industry Road
ISANDO
Gauteng
POSTAL ADDRESS
P O Box 851
ISANDO
1600
TELEPHONE NUMBER: 011 922 2000
FAX NUMBER: 011 922 2112
SHAREHOLDERS
100% HUMULANI INVESTMENTS (PTY) LTD (Reg. No.
1955/003540/07), which in turn is 75% owned by INVICTA HOLDINGS LTD (Reg. No.
1966/002182/06) quoted on the JSE Ltd, 20% ALOECAP (PTY) LTD and 5% STAFF
TRUST.
The Shareholding was previously 100% GRINET
LIMITED, which in turn is 27% owned by SENWES BEPERK. The remainder of the shares are held by approximately 50
cooperatives in South Africa having changed in April 2006
The Shareholding was formerly 50% VETSAK LTD
and 50% FORD MOTOR COMPANY OF SOUTHERN AFRICAN (PTY) LTD having changed on 20
January 2003.
ASSOCIATE COMPANIES
BEARING MAN (PTY) LTD
TABLE BAY HOLDINGS (PTY) LTD
CSE EQUIPMENT COMPANY (PTY) LTD
INVICTA PROPERTIES (PTY) LTD (property
owning company)
DISA EQUIPMENT (PTY) LTD
Plus other companies within the INVICTA
HOLDINGS group.
DIRECTORS
C BARNARD ID No. 6312085080003
A GOLDSTONE ID No. 6104275033003
K A MASUKU ID No. 7008145946089
J S MTHIMUNYE ID No. 6501155636088
BANKERS
The subject banks with all major banks in South
Africa and has a total facility of R1.35 billion, secured by holding company
guarantees. Utilisation is stated to
fluctuate.
DATE REGISTERED
28 December 1998
Registration
certificate number 1998/025570/07.
On investigation it was established that the
subject constituted the tractor divisions of VETSAK LIMITED and SAMCOR
MANUFACTURING (PTY) LTD, which combined to form a new company.
VAT NUMBER
4320178645 (New
Holland SA)
4590244614 (CSE)
4830244366 (Bearing
Man)
4140110984 (North Mec)
4390222661 (Autobax)
MAJOR OPERATION
The BEARING MAN DIVISION is a distributor of
bearings, seals, power transmission components, geared motors, belting and
fasteners. The NORTH MEC DIVISION
distributes leading agricultural
machinery and related spares. The CSE
DIVISION distributes construction and earth moving machinery, turf grooming
machinery, golf carts, utility vehicles and related spares. The AUTOBAX DIVISION are importers and
distributors of timing chains, belts, components and oil pumps to the
automotive industry. The NEW HOLLAND
DIVISION are importers and wholesalers of New Holland agricultural equipment.
MAJOR SUPPLIERS
Each division has its own suppliers. The NEW HOLLAND DIVISION imports equipment from Europe, USA, Brazil, Mexico, Turkey, Poland and deals locally with:
PRETORIA BRAKE AND CLUTCH SPECIALISTS, Pretoria
CHALLENGER AUTO PARTS Johannesburg
UTI
DONALDSON FILTERS Cape Town
The CSE DIVISION deals locally with:
UTI
ROHLIG
SOIL MASTER
The BEARING MAN DIVISION imports 95% of its supplies and deals locally with:
BEARING & BRAKE
RUSTENBURG ENGINEERING
JOHANNESBURG BEARING SUPPLIERS
NSK BEARINGS
TIMKIN
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Agricultural sectors,
cooperatives, independent dealers and automotive industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries
TOTAL EMPLOYEES
2000 in the group
OTHER PREMISES
The subject has 120 branches throughout
South Africa
OWNED OR LEASED
Some premises are reported
to be leased while others are owned by the associate property owning company
AUTHORISED SHARE CAPITAL
34 000 000 ordinary
“A” shares of R0,01 cents each and 133 000 000 ordinary “B” shares of R0,01
cents each.
ISSUED SHARE CAPITAL
33 574 014 ordinary
“A” shares and 132 598 631 ordinary “B” shares of R0,01 cents.
The following
estimated financial situation was submitted:
STOCK R 930 000 000
DEBTORS R 805 000 000
FIXED ASSETS R 67 000 000
CREDITORS 180 days R1
000 000 000
TURNOVER per annum R3
600 000 000
AUDITORS
DELOITTE Johannesburg
YEAR END
MARCH
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
yrs+ declined declined 30 days 30 days Excellent
2½%
2. 5
yrs R300 000 R
20 000 - 30 days 30 days Very
good
R300 000
3. 4
yrs R600 000 R600 000 30
days 30 days Excellent
4. 10
yrs+ R800 000 R250 000 - 30 days 30 days Excellent
R800 000 2½%
CURRENT TRADE REFERENCES
BEARING MAN DIVISION
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
yrs declined declined 30 days 30 days Excellent
2.5% 2.5%
2. 20
yrs R 2 000 000 R 1 000 000 30/90
day 30/90 days Excellent
Varies
3. 1995 R30 000 000 R10 000 000 30 days 30 days Excellent
CURRENT TRADE REFERENCES
BEARING MAN DIVISION
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8
yrs R 800 000 R 500 000 30
days 30 days Very good
2. 15
yrs declined R
200 000 30 days 30 days Very
good
3. 1995 R30 000 000 R10 000 000 30 days 30 days Excellent
COMMENTS
This is a well-connected company that
commenced from well-established operations.
No adverse comments have been heard.
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.44.21 |
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UK Pound |
1 |
Rs.79.76 |
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Euro |
1 |
Rs.64.72 |
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%)