MIRA INFORM REPORT

 

 

Report Date :           

15.06.2011

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL SHIP CHANDLERS (NATAL) (1989) (PTY) LTD 

 

 

Registered Office :

438 Sydney Road, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.03.1989

 

 

Com. Reg. No.:

1989/000448/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Ship chandelling, exporting and importing of various goods

 

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 :

No Complaints

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

 

On investigation contact was made with a respondent who stated that the person to assist with information is on leave and will only return on 20 June 2011.  Nevertheless, please see historical information dated February 2009

 

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

 

 

COMPANY NAME

 

NATIONAL SHIP CHANDLERS (NATAL) (1989) (PTY) LTD

 

 

PHYSICAL ADDRESS

 

438 Sydney Road

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 18461

Dalbridge

4014

Telephone Number:                  031 205 4221

Fax Number:                             031 205 4194

 

 

SHAREHOLDERS

 

50%      J M JOANNOU

50%      S A STYLIANNOU

 

It was stated that N CHRITICOS is no longer a shareholder and that the current shareholders purchased his shares in 1989.

 

 

ASSOCIATE COMPANIES

 

NATIONAL SHIP CHANDLERS (PORT ELIZABETH) CC

RAULKIN INVESTMENTS (PTY) LTD

JONSTYL EXPORTERS CC

OCEAN SHIPS CHANDLERS CC

RAINSBURY INVESTMENTS (PTY) LTD

NATIONAL CAPE SUPPLIERS CC (Reg. No. 1990/018290/23)

SAN MARINA INVESTMENTS (PTY) LTD (property owning company) (Reg. No. 1993/001446/07)

 

 

DIRECTORS

 

·         J M JOANNOU                    ID. No. 5401265015102

·         S A A STYLIANNOU            ID. No. 5106155119183

·         CPT. K J THORSEN ID. No. 3806225122180

 

 

BANKERS

 

STANDARD BANK, Jacobs Branch, account number 251291472.  It was stated that the subject enjoys total overdraft facilities to an extent of R6 000 000, secured by a cession of debtors and the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

1 March 1989

Registration Certificate Number: 1989/000448/07

 

The company was registered to take over the business, which was formerly owned by NATIONAL SHIP CHANDLERS (PTY) LTD, which has now changed its name to NATAL MARINE SUPPLIES (PTY) LTD.

 

 

VAT NUMBER    

 

4020122752

 

 

MAJOR OPERATION

 

Ship chandelling, exporting and importing of various goods.

 

 

MAJOR SUPPLIERS

 

The subject imports all types of food worldwide and deals locally with:

 

JAMES WALKER SA, Durban

INTERSTAT STATIONERS  Durban

INTERNATIONAL PAINTS  Johannesburg

LANGEBERG FOODS  Cape Town

HAGGIE RAND  Durban

VALVES AFRICA  Durban

 

 

CHESTER WHOLESALE MEAT  Durban

 

SA BREWERIES

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

99% to the shipping industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

The Durban and Richards Bay ports

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

120

 

 

OTHER PREMISES

 

The subject has a branch at Richards Bay

 

OWNED OR LEASED:  

The head office premises are reported to be owned by the associate property owning company with an insurance value in the region of R14 million, bonded in favour of STANDARD BANK.

 

It was stated that the Richards Bay premises are reported to be owned by the subject, free of bond.

 

 

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:

 

STOCK                                                                                          R12 000 000

DEBTORS                                                                                      R10 000 000

FIXED ASSETS                                                                              R  4 000 000

CREDITORS local                                                                           R  4 000 000

CREDITORS foreign creditors                                     paid on letter of credit basis

LONG TERM LIABILITIES                                                               R     700 000

TURNOVER per month                                                                    R10 000 000

 

 

AUDITORS    

 

L M D  AFRICA INC, Durban 031 309 5311

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MUTUAL & FEDERAL

 

 

TRADE REFERENCES – NOVEMBER 2006

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Old acc        R   400 000    R250 000 -      30 days    30 days        Very Good

                                                          R400 000

 

2.                Old acc        R     30 000    R    5 000 -      30 days    30/60 days    Good

                                                           R  30 000

 

3.                4 yrs            R1 500 000    R400 000 -      30 days    30 days        Good

                                      c/l                 R500 000

 

 

TRADE REFERENCES – AUGUST 2007

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Old acc       open              R    2 000 -      30 days    30 days        Good

                                                           R  10 000

 

2.                No purchases made since 2005

 

3.                Do not give trade references

 

4.                15 yrs           R4 100 000    R500 000 -      30 days    30 days        Very good

                                                           R700 000

 

5.       Do not give trade references

 

 

TRADE REFERENCES – FEBRUARY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 yrs           R4 100 000    R   500 000 -   30 days    30 days        Excellent

                          c/l                 R1 000 000

 

2.    Old acc        R       20 000  R       5 000 -   30 days    30 days+      Good

                                               R     20 000

 

3.    20 yrs           R   400 000    R   220 000 -   30 days    30 days        Excellent

                                               R   400 000

 

COMMENTS

 

This is an established company meeting its commitments timeously. No adverse comments have been heard and the subject is considered equal to its normal business engagements.

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    20 years       undisclosed    R100 000+      30 days    30 days        Excellent

 

2.    8 years         R5 000 000    R   500 000-    30 days    30 days        Very Good

                          c/l                 R1 000 000

 

3.    10 years       undisclosed    undisclosed     30 days    30 days        Very Good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of US$1 500 000 DA and would prefer to see a lesser amount spread and secured. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.73.45

Euro

1

Rs.64.55

 

 

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.