MIRA INFORM REPORT

 

 

Report Date :            

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

CAMBRIDGE UNIVERSITY PRESS SOUTH AFRICA (PTY) LTD (CUPSA)

 

 

Formerly Known As :

RAPITRADE 507 (PTY) LTD

 

 

Registered Office :

Nautica Building, Lower Ground Floor, The Water Club, Beach Road, Granger, Bay, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.07.2006

 

 

Com. Reg. No.:

2006/020756/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Publishers of various covers of virtually every educational subject

 

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

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by Officials of the subject):

 

 

COMPANY NAME

 

CAMBRIDGE UNIVERSITY PRESS SOUTH AFRICA (PTY) LTD (CUPSA)

 

Formerly RAPITRADE 507 (PTY) LTD, the name having been changed on 13 October 2006.

 

 

TRADING NAME 

 

CAMBRIDGE UNIVERSITY PRESS

 

 

PHYSICAL ADDRESS    

 

Nautica Building

Lower Ground Floor

The Water Club

Beach Road

Granger Bay

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 50017

Victoria And Alfred Waterfront

8002

Telephone Number:                   021 412 7800

Fax Number:                             021 419 8418

 

 

SHAREHOLDERS

 

74.9%   CAMBRIDGE UNIVERSITY PRESS HOLDINGS LTD (UK)

25.1%   CIDA EMPOWERMENT TRUST

ASSOCIATE COMPANIES

 

Companies within the CAMBRIDGE UNIVERSITY group of companies

 

 

DIRECTORS

 

A C GILFILLIAN (resident in the UK)        D.O.B   520421

P N MOODLEY                                     ID No.   5302045136087

MRS H CALITZ                                      ID No.   5806010019086

MRS C MCCALLUM (MD)                      ID No.   5901110072083

S I SLINGERS                                       ID No.   7110125107086

MRS C BARNARD (FD)                         ID No.   7401250038083

 

 

BANKERS

 

NEDBANK, Business Branch, Victoria and Alfred Waterfront, Account Number 1185000364.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

4 July 2006

Registration Certificate Number: 2006/020756/07

 

The subject originally started as a branch in 1995 and was later registered as a new business on 4 July 2006.  The Africa branch is responsible for about 44 countries in Sub-Saharan Africa.  ± 200 titles are published per year specialising in language, literacy, mathematics and the sciences mainly aimed at schools.

 

The UNIVERSITY OF CAMBRIDGE HOLDING COMPANY is reported to be one of the world’s leading research institutions and is the oldest printer and publisher in the world, as it has been operating continuously since 1584.  CAMBRIDGE’s mission is to further knowledge and advance learning and research worldwide.

 

 

VAT NUMBER    

 

4230232409

 

TAX NUMBER          

 

9560729155

 

 

MAJOR OPERATION

 

Publishers of various covers of virtually every educational subject e.g professional books, text books, monographs, reference books, English language teaching publications, software and electronic publishing , both print and electronic.  These books are printed for educational purposes in the African countries and printed in 32 different languages as well as distance learning materials for IGCSE and HIGCSE examinations, offered by CAMBRIDGE INTERNATIONAL EXAMINATIONS.

 

 

MAJOR SUPPLIERS

 

·         INTERPAK BOOKS

·         CREDA COMMUNICATION

·         WALTONS

·         ABC PRESS

·         ACUCAP

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Government and educational departments

 

 

AREA OF DISTRIBUTION AND SELLING

 

Sub-Saharan-Africa

 

 

EXPORTS

 

Sub-Saharan African Countries

 

 

TOTAL EMPLOYEES

 

±53

 

OTHER PREMISES   

 

It was stated by the respondent that they do have representatives in Free State, Gauteng, Kwazulu-Natal, Limpopo, Mpumalanga, North West Province, Western Cape, Eastern Cape and the subject has agents across Sub-Saharan Africa

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R10 000 divided into 10 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R1 335

 

The following estimated financial situation was submitted as at end of March 2011:

 

STOCK                                                                                          R  27 000 000

DEBTORS                                                                                     R  46 000 000

CASH                                                                                            R  26 000 000

PROPERTY                                                                                                    nil

CREDITORS                                                                                  R    3 000 000

OVERDRAFT                                                                                              none

LOANS (Shareholders long term equity loan)                                   R  56 000 000

TURNOVER per annum                                                                   R106 000 000

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC (Tel No. 021 529 2000)

 

 

YEAR END    

 

APRIL

 

INSURANCE BROKERS

 

GLENRAND MIB

 

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±2 years       R3 100 000    R1 000 000±    30 days    30 days        Excellent

                          c/l

 

2.    10+ years     R700 000       R100 000-       60 days    30 days        Excellent

                          c/l                 R500 000                        2%

 

3.    10+ years     R2 500 000    R   300 000-    30 days    30 days        Excellent

                          c/l                 R2 000 000                     2.5%

 

4.    Oct 2004      declined        R180 000±       30 days    30 days        Excellent

                          bank guarantee                    monthly in advance

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is spoken of very highly by its suppliers and is consider equal to a figure of US$1 000 000 DA and a maximum figure of US$ 2 000 000 over 30 days.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.