MIRA INFORM REPORT

 

 

Report Date :           

04.06.2011

 

IDENTIFICATION DETAILS

 

Name :

S A LADDER (PTY) LTD

 

 

Formerly Known As :

RAND BULDING ENGINEERING (PTY) LTD

 

 

Registered Office :

30 - 3rd Street, Johannesburg, Gauteng

 

 

Country :

South Africa 

 

 

Date of Incorporation :

19.09.1980

 

 

Com. Reg. No.:

1980/008370/07

 

 

Legal Form :

Private company

 

 

Line of Business :

Manufacturing and distributing of ladders and trolleys and casters

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Note:

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

 

 

COMPANY NAME     

 

S A LADDER (PTY) LTD

 

Formerly RAND BULDING ENGINEERING (PTY) LTD, the name having been changed on 19 September 2009.

 

 

PHYSICAL ADDRESS          

 

30 - 3rd Street

Johannesburg

Gauteng

 

 

POSTAL ADDRESS        

 

P O Box 39819

Booysens

2016

Booysens Reserve

Telephone Number:                 011 835 3131

Fax Number:                            011 835 3136

E-Mail Address:                        Darren@Saladder.Co.Za

 

 

SHAREHOLDERS

 

            74%      J L DUNCAN

            26%      FIXTRADE 726 (PTY) LTD

 

The shareholding was previously 100% J L DUNCAN.

           

The shareholding was previously 90% J L DUNCAN and 10% ALUDIE LTD which changed in November 1998.

 

 

ASSOCIATE COMPANIES

 

MR LADDER (PTY) LTD (dormant)

(Registration Certificate Number: 1998/006478/07)

 

DIRECTORS

 

J L DUNCAN                 ID No.   4712305075000

J L DUNCAN (son)         ID No.   7207045026089

D H F DUNCAN (son)     ID No.   7411075210080

T DLAMINI                     ID No.   5004055791088

C S MOTAUNG             ID No.   6101245721089

S SHONGWE                (newly appointed)

 

 

BANKERS

 

NEDBANK, North Rand business branch, Account Number 1469074222.  It was stated that the subject enjoys overdraft facilities to an extent of R3 500 000, secured by the personal guarantee of the shareholder.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

19 September 1980

Registration certificate number 1980/008370/07 (confirmed at CIPRO).

 

The subject was commenced as a new business.

 

 

VAT NUMBER

 

4780131682 (confirmed at SARS)

 

 

MAJOR OPERATION

 

Manufacturing and distributing of ladders and trolleys and casters.

 

 

MAJOR SUPPLIERS

 

The subject imports supplies and deals locally with:

 

WISPECO, Johannesburg

AIR LIQUIDE, Johannesburg

BLUE TOOL AGENCIES, Johannesburg

SKYLINE FREIGHT, Johannesburg

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public, retailers e.g. Dions, Makro and factories.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS 

 

Small to Zimbabwe, Zambia and Malawi.

 

 

TOTAL EMPLOYEES 

 

415

 

 

OTHER PREMISES

 

The subject has branches in Cape Town, Durban, Pretoria, East    Rand, a cash outlet at the head office address and an agent in Port Elizabeth.

 

 

OWNED OR LEASED  

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4 000 ordinary shares of R1 each.

 

 

ISSUED SHARE CAPITAL

 

R100

 

           


The following estimated financial situation was submitted as at 30 May 2011:

 

            STOCK                                                                         R  87 500 000

            DEBTORS                                                                    R  27 500 000

            CREDITORS                                                                  R  12 500 000

            LOANS                                                                         R    3 500 000

            OVERDRAFT                                                                Fluctuates                    

TURNOVER per annum                                                  R175  000 000

 

 

AUDITORS  

 

COHEN HILL FUNK (Tel No. 011 483 4160)

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

GIB

 

 

TRADE REFERENCES – OCTOBER 2004

 

         ACCOUNT HIGHEST   AVERAGE    TERMS   PAYMENT    EXPERIENCE

         OPENED    CREDIT      CREDIT                      PATTERN

 

1.      8 years+    R700 000     R200 000      30 days   30 days        Excellent

 

2.      9 years+    do not disclose figures     60 days   60 days        Very good

 

3.      5 years+    R  50 000    R  50 000      45 days   45 – 60         Average

                                                                              days

 

 

TRADE REFERENCES – SEPTEMBER 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    Do not give trade references

 

3.       Have not dealt with subject for the last 5 years

 

4.       ±8 years       R     70 000    R  15 000-       60 days    67-80 days    Slow

                                      c/l                 R  40 000

                 

5.       ±10 years     R2 500 000    R900 000±       30 days    90-120 days  Average

              c/l

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    2002             R4 000 000    R   300 000-    30 days    30+ days      Average

                          c/l                 R3 500 000

 

3.    10 years       R110 000       R20 000-         60 days    60 days        Average

                          c/l                 R60 000

 

4.    ±3 years       undisclosed    R120 000        60 days    60+ days      Average

 

 

COMMENTS

 

This is an established company meeting most commitments over terms.  We therefore suggest that dealings with the subject be on a letter of credit basis only.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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

----

NB

New Business

----

 

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.