MIRA INFORM REPORT

 

 

Report Date :           

14.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MENDELSON AND FROST (PTY) LTD

 

 

Formerly Known As :

MENDELSON AND FROST DISTRIBUTORS (PTY) LTD

 

 

Registered Office :

4 Bond Street, Mount Croix, Port Elizabeth, Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

05.11.1968

 

 

Com. Reg. No.:

1968/013000/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Distribution of raw materials and components to the footwear and tanning industry (leather related products).

 

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 :

Unknown

 

 

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

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

 

 

COMPANY NAME

 

MENDELSON AND FROST (PTY) LTD

 

Formerly:   MENDELSON AND FROST DISTRIBUTORS (PTY) LTD, the name having been changed in October 1996.

 

 

PHYSICAL ADDRESS

 

4 Bond Street

Mount Croix

Port Elizabeth

Eastern Cape

 

 

POSTAL ADDRESS   

P O Box 266

Port Elizabeth

6000

Telephone Number:                  041 373 7665

Fax Number:                             041 373 1422

 

 

SHAREHOLDERS

 

40%      SOUTHERN BOREALIS INVESTMENTS (PTY) LTD

25%      THE JONTI DANIEL FAMILY TRUST

25%      THE TALBOT TRUST

  5%      THE IRELAND TRUST

  5%      THE DAYA FAMILY TRUST

           

 

ASSOCIATE COMPANIES

 

None

 

DIRECTORS

 

L T DANIEL snr (Non Executive Director)              ID No.   4006215067003

G C T DANIEL  (son – Joint Managing Director)     ID No.   6502035098085

C J T DANIEL (son – Joint Managing Director)       ID No.   6803235125086

T R HAWKINS                                                   ID No.   6002095070082

J M DAYA                                                         ID No.   5412285021053

 

 

BANKERS

 

FIRST NATIONAL BANK, Newton Park branch, Port Elizabeth, Account Number: 53412975072.  It was stated that the subject enjoys a foreign exchange facility to an extent of R1 700 000. Utilisation is stated to fluctuate to full.  The respondent stated that the subject has no medium term loan facility with First National Bank.

 

 

DATE REGISTERED

 

5 November 1968

Registration certificate number 1968/013000/07

 

 

VAT NUMBER

 

4510109780

 

 

MAJOR OPERATION

 

Distribution of raw materials and components to the footwear and tanning industry (leather related products).

 

 

MAJOR SUPPLIERS

 

The subject imports leather skins from the Far East, Europe and South America and deals locally with:

 

PHILLIPS RUBBER  Pretoria

PRECISION RUBBER  MOULDINGS Pretoria

ECO RUBBER Durban

NATIONAL BRAIDING  Estcourt

STAPOL  Port Elizabeth

ROHLIG GRINDROD  Port Elizabeth

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mainly to the footwear and tanning industry and on a small scale to the motor, and leather goods industry.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Neighbouring countries

 

 

TOTAL EMPLOYEES

 

51

 

 

OTHER PREMISES   

 

The subject has a branch in Durban situated at 4 Saxen Avenue, Mayville and P O Box 2540, Durban 4000, and a branch at Western Province Park, Maitland in Cape Town. The subject also has a branch in Johannesburg.

 

 

OWNED OR LEASED

 

It was stated that the subject owns all the premises, market value in the region of R17 000 000 free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R200

 

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

 

STOCK                                                                                            R16 000 000

DEBTORS                                                                                       R  8 000 000

FIXED ASSETS net book value                                                          R18 000 000

CREDITORS                                                                                    R  4 000 000

TURNOVER per annum                                                                   ±R50 000 000

 

 

AUDITORS    

 

GRANT THORNTON

                       

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – APRIL 2007

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R120 000       R  15 000        60 days    60 days        Good

                          c/l

 

2.    Old acc        R750 000       R300 000        7 days      7 days          Very Good

                          c/l

 

3.    2001             R400 000       R400 000        30 days    14 days        Good

 

 

TRADE REFERENCES – MARCH 2008

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    4 years         R200 000       R  30 000 -      30 days    30 days        Excellent

                                               R200 000

 

2.    Old acc        R  30 000       R  30 000        30 days    30 days        Very Good

 

3.    Old acc        Good for         R  85 000        30 days    30 days        Excellent

 

 

TRADE REFERENCES – MAY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +20 years     R   100 000    R100 000        30 days    30 days        Very Good

 

2.    Sep 1997      R1 000 000    R700 000 -      7 days      7 days          Excellent

                          c/l                 R800 000

 

3.    old               R     50 000    R  18 000 -      60 days    60 days        Good

                                               R  20 000

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2 Years        declined         R100 000        30 days    30 days        Very Good

 

2.    Old acc        declined         R  50 000        30 days    30 days        Very Good

 

3.    1997             R1 000 000    R800 000        7 days      7 days          Very Good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of $1 500 000 and would prefer to see such an  amount on a well spread basis.

 

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.