MIRA INFORM REPORT

 

 

 

Report Date :

20.09.2008

 

IDENTIFICATION DETAILS

 

Name :

JUTA AND COMPANY LTD

 

 

Registered Office :

Mercury Crescent, Hillstar Industria, Wetton, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

31.03.1919

 

 

Com. Reg. No.:

1919/001812/06.

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Publishers and Sellers of Books e.g. educational, academic, professional books and books of a business nature.

 

 

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

 

JUTA AND COMPANY LTD

 

 

TRADING DIVISION

 

JUTA RETAIL

JUTA BOOKSHOP

LAW & PROFESSIONAL DIVISION

ACADEMIC DIVISION

TRADE (DOUBLE STOREY DIVISION)

JUTA LEARNING

 

 

PHYSICAL ADDRESS

 

Mercury Crescent

Hillstar Industria

Wetton

CAPE TOWN

Western Cape

 

POSTAL ADDRESS:    

P O Box 14373

LANSDOWNE

7779

TELEPHONE NUMBER: 021 763 3500

FAX NUMBER:  021 762 7424

 

 

SHAREHOLDERS

 

37%      JUTA INVESTMENTS (PTY) LTD

25,1%   INFUNDO INVESTMENTS (PTY) LTD

 

The remainder of the shares are held by private individuals.

 

The Shareholding was previously 51% JUTA HOLDINGS (PTY) LTD, while the remainder of the shares were held by private individuals.

 

 

SUBSIDIARY COMPANIES

 

JUTA GARIEP (PTY) LTD with a division IDEM (importers and distributors of educational toys)

JUTA LAW (PTY) LTD, formerly JUTASTAT (PTY) LTD, the name having been changed at the end of 2000 (deregistered).

UCT PRESS (PTY) LTD (dormant)

DIRECTORS

 

A G BOYD                    ID No. 5401305039088

T CHAANE                    ID No. 5305280671080

L R DU TOIT                  ID No. 6411030182086

E LINKS                        ID No. 4606205134080

R NAIDOO                    ID No. 6205170228059

P RANCHOD                 ID No. 5601045106085

A I VAN NIEKERK         ID No. 6405255110004

J D VOLMINK                ID No. 4909115136085

I A J DE VILLIERS

 

 

BANKERS

 

FIRST NATIONAL BANK, Claremont Branch. Account number 50191112652.  It was stated that the subject enjoys unsecured overdraft facilities to an extent of R10 million, secured by property.  Utilisation is stated to fluctuate. 

 

 

DATE REGISTERED

 

31 March 1919

Registration certificate number 1919/001812/06.

 

The subject was originally established in 1853.

 

 

VAT NUMBER    

 

4520113319

 

 

MAJOR OPERATION

 

Publishers and sellers of books e.g. educational, academic, professional books and books of a business nature.

 

 

MAJOR SUPPLIERS

 

The subject imports books from the UK and deals locally with:

 

PREMIER FREIGHT Johannesburg

CTP PRINTERS (CAPE TRANSVAAL PRINTERS) Cape Town

CREDA PRESS Cape Town

FORMS EXPRESS Cape Town

FORMS MEDIA Cape Town

PALL PRINT Cape Town

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Government departments, public, law fraternity, book traders and schools.

 

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

To a limited extent to Southern African countries.  It was stated that the subject has agents in the UK and USA.

 

 

TOTAL EMPLOYEES

 

220

 

 

OTHER PREMISES

 

The subject has 5 book stores and a sales office in Durban

 

 

OWNED OR LEASED

 

The head office and Meadowdale premises are reported to be owned by the company and valued to an extent of R40 million, free of bond. 

 

 

AUTHORISED SHARE CAPITAL

 

40 000 000 ordinary shares, 12 000 000 redeemable shares and 10 000 000 preferential shares

 

 

ISSUED SHARE CAPITAL

 

R28 905 500 ordinary shares and R9 786 775 preferential shares

 

The following estimated financial situation was submitted:

 

STOCK                                                             R  40 000 000

DEBTORS                                                         R  40 000 000

FIXED ASSETS net book value excl. property       R  12 000 000

CREDITORS local & foreign                                R  20 000 000

TURNOVER per annum                                      R250 000 000

 

 

AUDITORS

 

DELOITTE, Cape Town

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

GLENRAND M I B

 

 

TRADE REFERENCES – APRIL 2005

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2004+               R  25 000          R20 000 -          30 days             30 days             Very Good

                                                            R25 000

 

2.         07/1999 R200 000          R  1 000            30 days             30 days             Very Good

                                    c/l

 

3.         Old acc             in excess of       R60 000            90 days             90 days             Very Good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             declined            R   300 000       declined            declined            Very good

 

2.         2000                 R2 000 000        R1 000 000        60 days             60 days             Excellent

 

3.         2004                 declined            declined            30 days             30 days             Very good

 

COMMENTS

 

This is a very old and well-established company that is meeting its commitments timeously.  We have not traced dealings to an extent of $1 000 000 over DA terms but the subject is considered equal to such a figure spread.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.32

UK Pound

1

Rs.83.57

Euro

1

Rs.65.90

 

 

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