MIRA INFORM REPORT

 

 

Report Date :           

14.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ERNEST H JOHNSON (PTY) LTD 

 

 

Formerly Known As :

PRESENT PERFECT INVESTMENTS 293 (PTY) LTD,

 

 

Registered Office :

Stand 258, Brunel Road, Tulisa Park, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.02.2003

 

 

Com. Reg. No.:

2003/004010/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Supplier of agricultural spares and equipment and general mining engineers.  Railway and mining industries

 

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 – 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

 

Note: Bottom of Form

 

M

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

 

 

COMPANY NAME

 

ERNEST H JOHNSON (PTY) LTD

 

Formerly PRESENT PERFECT INVESTMENTS 293 (PTY) LTD, the name having been changed on 26 August 2003.

 

 

PHYSICAL ADDRESS

 

Stand 258, Brunel Road

Tulisa Park

Johannesburg

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 7536

Johannesburg

2000

Telephone Number:        011 613 8711

Fax Number:                 011 623 1855

 

 

SHAREHOLDERS

 

Ordinary Shares:

 

45%      R D MORAR

45%      J PAHAD

10%      G E A JOHNSON

 

Preferential Shares:

 

THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LTD – R3.5 million

ASSOCIATE COMPANIES

 

AIRMODE CC (property owning company)

(Registration Certificate Number: 1994/002630/23)

BARRY'S HOLDINGS CC (property owning company)

(Registration Certificate Number: 1994/002633/23)

HARDI CROP PROTECTION SA (PTY) LTD

(Registration Certificate Number: 1994/002633/23)

 

 

DIRECTORS

 

R D MORAR      ID No. 4610215062086

J PAHAD          ID No. 4502285075082

 

 

BANKERS

 

STANDARD BANK, Alberton branch, Account Number: 020646313.  It was stated that the subject enjoys overdraft facilities to an extent of R500 000, secured a cession of debtors.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

20 February 2003

Registration Certificate Number: 2003/004010/07

 

It was stated that the subject commenced active operations when the assets and operations of a company namely, ERNEST H JOHNSON (PTY) (Reg. No. 1936/008204/07) were sold as a black economic empowerment deal to management.  The company changed its name to ERNEST H JOHNSON INVESTMENTS (PTY) LTD and is dormant and in the process of being liquidated.

 

 

VAT NUMBER

 

4780207843

 

 

MAJOR OPERATION

 

Supplier of agricultural spares and equipment and general mining engineers.  Railway and mining industries

 

 

MAJOR SUPPLIERS

 

The subject imports tractor spares from Turkey, UK and Spain and deals locally with:

 

·         DANZAS AEI Johannesburg

·         PAHAD SHIPPING Johannesburg

·         SA BOLT Johannesburg

·         TRIDENT STEEL Johannesburg

·         ARCELOR MITTAL Vereeniging

·         ZAK STEEL Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Farming industry and the mines

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Zimbabwe, Botswana, Mozambique, Malawi, Namibia, Swaziland, Zambia, and small to Kenya.

 

TOTAL EMPLOYEES

 

62

 

 

OTHER PREMISES   

 

The subject has a factory in Alrode

 

OWNED OR LEASED

 

The premises are reported to be owned by AIRMODE CC with a value of R1 800 000, free of bond. The factory in Alrode is owned by BARRY'S HOLDINGS CC and is valued in the region of R4 000 000, bonded to an extent of R1 600 000.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted as at 8th June 2011:

 

STOCK                                     R10 000 000

DEBTORS                                 R  5 000 000

CREDITORS local & foreign        R  6 500 000

TURNOVER per month               R  2 500 000

 

 

AUDITORS    

 

KAROLIA JEENA INCORPORATED (Tel No. 011 537 3700)

 

 

YEAR END    

 

JUNE

 

 

INSURANCE BROKERS

 

INSURANCE ZONE

TRADE REFERENCES – APRIL 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    15 yrs           R100 000       R300 000        30 days    30 days        Excellent

 

2.    15 yrs           declined         R500 000        30 days    30 days        Excellent

 

3.    5 yrs +         declined         declined          30 days    30 days        Excellent

 

4.    02/19            R500 000       R  30 000 -      30 days    30 days        Good

                                               R500 000 fluctuates

 

5.    15 yrs           R300 000       R  50 000 -      30 days    30 days        Good

                                               R300 000 fluctuates

 

6.    1991             R    5 000       R    5 000        30 days    30 days        Good

                                               sporadic purchases 

 

 

TRADE REFERENCES – AUGUST 2008

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    Do not give trade references

 

3.    2006             R450 000       R100 000        30 days    30 days        Very good

 

4.    5 yrs            declined         declined          30 days    30 days        Very good

                          c/l

 

5.    Old acc        R400 000       R  50 000 -      30 days    30 days        Very good

                                               R350 000

 

 

TRADE REFERENCES – DECEMBER 2008

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    20 yrs           R   350 000    R  25 000 -      30 days    30 days        Excellent

                                               R350 000

 

3.    1991             R1 000 000    R400 000        30 days    30 days        Very good

                          c/l

 

 4.   Do not give trade references

 

5.    11/2006        R     70 000    R20 000 -        30 days    30 days        Very good

                          c/l                 R50 000

 

 

TRADE REFERENCES – AUGUST 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Dec 2008      R1 000 000    R200 000        30 days    30 days        Very Good

                          c/l                                       2.5%        2.5%

 

2.    20+ years     R   150 000    R100 000-       30 days    30 days        Excellent

                                               R150 000

 

3.    2008             R   200 000    R  60 000-       30 days    30 days        Very Good

                          c/l                 R200 000

 

CURRENT TRADE REFERENCES:

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2009             R200 000      R  60 000-       30 days    30 days        Very Good

                          c/l                 R200 000

 

2.    1991             R1 000 000    R100 000        30 days    30 days        Very Good

                          c/l                 R300 000

 

3.    5 Years+      declined         declined          30 days    30 days        Very Good

 

COMMENTS

 

This is a well established company which is meeting its commitments timeously.  The subject is considered equal to its normal business engagements.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.87

UK Pound

1

Rs.72.83

Euro

1

Rs.64.37

 

 

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.