MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HUMULANI MARKETING (PTY) LTD

 

 

Formerly Known As :

NEW HOLLAND SA (PTY) LTD

 

 

Registered Office :

14 Industry Road, Isando, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.12.1998

 

 

Com. Reg. No.:

1998/025570/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

distributor of Bearings, Seals, Power Transmission Components, Geared Motors, Belting and fasteners

 

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 :

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

 

 Bottom of Form

 

COMPANY NAME

 

BEARING MAN (PTY) LTD

                                               

 

PHYSICAL ADDRESS    

 

9 Tetford Circle

Millennium Bridge Business Park

Gateway

La Lucia Ridge

La Lucia

Kwazulu-Natal

Telephone Number:                 031 576 6200

Fax Number:                            031 576 6588

 

On investigation it was established that BEARING MAN (PTY) LTD (Registration Certificate Number: 2005/023003/07), became dormant when the trading operations and assets were incorporated into a company named HUMULANI MARKETING (PTY) LTD (Registration Certificate Number 1998/025570/07). 

 

Please see report on HUMULANI MARKETING (PTY) LTD attached.

 

On investigation it was established that the subject is a dormant company. It is not operating. The assets and operations were incorporated into a company named HUMULANI MARKETING (PTY) LTD, trading as BEARING MAN which report should be consulted.

 

Although there is a registered company at CIPRO it does not mean that it is an operating company it just means that it is registered at the CIPRO. 


NOTe:

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

 

 

COMPANY NAME

 

HUMULANI MARKETING (PTY) LTD

 

Formerly NEW HOLLAND SA (PTY) LTD, the name having been changed on 21 February 2008.

 

 

TRADING DIVISIONS

 

·         BEARING MAN

·         BEARING DIVISION

·         SEAL DIVISION

·         POWER TRANSMISSION DIVISION

·         POWER DRIVES DIVISION

·         BELTING SOLUTIONS DIVISION

·         FASTENERS DIVISION

·         SPRING SET

·         FAST BOLT

·         AUTOMOTIVE DIVISION

·         NEW HOLLAND

·         CSE EQUIPMENT

·         TURF

·         CONSTRUCTION EQUIPMENT

·         CARTCOM

·         NORTH MEC

·         AUTOBAX

 

 

PHYSICAL ADDRESS    

 

14 Industry Road

Isando

Gauteng

 

 

POSTAL ADDRESS   

P O Box 851

 

Isando

1600

Telephone Number:                  011 922 2000

Fax Number:                             011 922 2112

 

 

SHAREHOLDERS

 

100%    HUMULANI INVESTMENTS (PTY) LTD (Registration Certificate Number: 1955/003540/07), which in turn is

75% owned by INVICTA HOLDINGS LTD (Registration Certificate Number: 1966/002182/06) quoted on the JSE LTD, 20% ALOECAP (PTY) LTD and 5% STAFF TRUST.

 

 

The shareholding was previously 100% GRINET LIMITED, which in turn is 27% owned by SENWES BEPERK. The remainder of the shares were held by approximately 50 cooperatives in South Africa having changed in April 2006

 

The shareholding was formerly 50% VETSAK LTD and 50% FORD MOTOR COMPANY OF SOUTHERN AFRICA (PTY) LTD having changed on  20 January 2003.

 

 

ASSOCIATE COMPANIES

 

BEARING MAN (PTY) LTD

Registration Certificate Number: 2005/023003/07 – dormant company

 

CSE EQUIPMENT COMPANY (PTY) LTD

Registration Certificate Number 2005/019581/07

 

INVICTA PROPERTIES (PTY) LTD – property owning company

Registration Certificate Number 2005/022968/07

 

DISA EQUIPMENT (PTY) LTD

Registration Certificate Number 1998/014881/07

 

CRITERION EQUIPMENT (PTY) LTD

Registration Certificate Number 2005/022681/07

 

Plus other companies within the INVICTA HOLDINGS group.

 

 

DIRECTORS

 

C BARNARD                                                     ID No 6312085080086

A GOLDSTONE                                                 ID No 6104275033003

K A MASUKU                                                    ID No 7008145946089

J S MTHIMUNYE                                               ID No 6501155636088

 

BANKERS

 

The subject banks with all major banks in South Africa and has a total facility of R2 400 000 000, secured by holding company guarantees. Utilisation is stated to be R1 273 000 000, mainly for letters of credit.

 

 

DATE REGISTERED

 

28 December 1998

Registration Certificate Number: 1998/025570/07

 

On investigation it was established that the subject incorporated the tractor divisions of VETSAK LIMITED and SAMCOR MANUFACTURING (PTY) LTD, which combined to form a new company.

 

 

VAT NUMBER

 

·         4320178645 (NEW HOLLAND SA)

·         4590244614 (CSE)

·         4830244366 (BEARING MAN)

·         4140110984 (NORTH MEC)

·         4390222661 (AUTOBAX)

·         4350253045 (HUMULANI)

 

 

MAJOR OPERATION

 

The BEARING MAN DIVISION is a distributor of bearings, seals, power transmission components, geared motors, belting and fasteners. The NORTH MEC DIVISION distributes leading agricultural machinery and related spares. The CSE DIVISION distributes construction and earth moving machinery, turf grooming machinery, golf carts, utility vehicles and related spares. The AUTOBAX DIVISION are importers and distributors of timing chains, belts, components and oil pumps to the automotive industry. The NEW HOLLAND DIVISION are importers and wholesalers of New Holland agricultural equipment.

 

 

MAJOR SUPPLIERS

 

Each division has its own suppliers.  The NEW HOLLAND DIVISION imports equipment from Europe, USA, Brazil, Mexico, Turkey, Poland and deals with the following South African suppliers:

 

PRETORIA BRAKE AND CLUTCH SPECIALISTS Pretoria

CHALLENGER AUTO PARTS Johannesburg

UTI

DONALDSON FILTERS Cape Town

 

The CSE DIVISION deals with the following South African suppliers:

 

UTI

ROHLIG

SOIL MASTER

 

The BEARING MAN DIVISION imports 95% of its supplies and with the following South African suppliers:

 

BEARING AND BRAKE

RUSTENBURG ENGINEERING

JOHANNESBURG BEARING SUPPLIERS

NSK BEARINGS

TIMKIN

 

The AUTOBAX DIVISION imports supplies from overseas, and deals locally with:

 

UNIVERSAL CLIPS Johannesburg

ARIES PACKAGING Pretoria

ROHLIG GRINDROD Pretoria

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Agricultural sectors, cooperatives, independent dealers and automotive industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

2 000 permanent employees in the group

 

 

AUTHORISED SHARE CAPITAL

 

34 000 000 ordinary “A” shares of R0,01 cents each and 133 000 000 ordinary “B” shares of R0,01 cents each.

 

OTHER PREMISES   

 

The subject has 120 branches throughout South Africa

 

 

OWNED OR LEASED

 

Some premises are reported to be leased while others are owned by the associate property owning company

 

 

ISSUED SHARE CAPITAL    

 

33 574 014 ordinary “A” shares and 132 598 631 ordinary “B” shares of R0,01 cents.

 

The following estimated financial situation was submitted as at 17 March 2011:

 

STOCK                                                                           R1 100 000 000

DEBTORS                                                                       R   450 000 000

FIXED ASSETS                                                               R     59 000 000

CREDITORS(180 days)                                                    R   712 000 000

LONG TERM LIABILITIES                                                R       5 600 000

GROUP LOANS                                                              R   255 000 000

TURNOVER per annum                                                    R3 200 000 000

 

 

AUDITORS

 

DELOITTE AND TOUCHE, Johannesburg. Tel No: 011 806 5000

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

TRADE REFERENCES – DECEMBER 2006

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                10 years+     declined         declined          30 days    30 days        Excellent

                                                                                 -2.5%%

 

2.                5 years         R300 000       R  20 000 -      30 days    30 days        Very good

                                                           R300 000

 

3.                4 years         R600 000       R600 000        30 days    30 days        Excellent

 

4.                10 years+     R800 000       R250 000 -      30 days    30 days        Excellent

                                                           R800 000        -2.5%

 

 

TRADE REFERENCES – APRIL 2008         

BEARING MAN DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       declined         declined          30 days    30 days        Excellent

                                                                     -2.5%      

 

2.    20 years       R  2 000 000  R  1 000 000    30/90 day  30/90 days    Excellent

                                               Varies

 

3.    1995             R30 000 000   R10 000 000    30 days    30 days        Excellent

 

 

TRADE REFERENCES – AUGUST 2008

BEARING MAN DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years         R800 000       R500 000        30 days    30 days        Very good

 

2.    15 years       declined         R200 000        30 days    30 days        Very good

 

3.    1995             R30 000 000   R10 000 000    30 days    30 days        Excellent

TRADE REFERENCES – MARCH 2009       

BEARING MAN DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Last traded in September 2008 (CSE division)

 

2.    5 years         R800 000       ±R200 000       30 days    30 days        Very good

                          c/l

 

3.    5 years         open              ±R  10 000      30 days    30 days        Very good

                                               (per branch)                                        (CSE division)

 

4.    15 years       undisclosed                          30 days    30 days        Excellent

                                                                                    -2.5%

 

 

TRADE REFERENCES – JUNE 2009

BEARING MAN DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE           TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                              PATTERN

 

1.    ±10 years     R     800 000    R    300 000 -    30 days    30 days        Good

                          c/l                   R    400 000

 

2.    ±15 years     undisclosed    undisclosed         30 days    30 days        Excellent

                          (substantial amounts)                -2.5%      

 

3.    1995             R30 000 000   ±R10 000 000      30 days    30 days        Excellent

                          c/l                                           -2%

 

 

TRADE REFERENCES – JULY 2009

HUMULANI MARKETING

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    18 years+     Undisclosed     R100 000 -    30 days    30 days        Very good

                          (very large)       R150 000      -2.5%

 

2.    April 2000     R1 000 000    ±R500 000       7 days      7 days          Good

                          c/l

 

TRADE REFERENCES – JULY 2009

CSE EQUIPMENT

 

1.    2 years+       open              R5 000-           30 days    30 days        Good

                                               R8 000

 

 

TRADE REFERENCES – AUGUST 2009

 

      ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±5 years       R   800 000    ±R200 000     30 days      30 days        Excellent

 

2.    10+ years     undisclosed    undisclosed    30 days      30 days        Excellent

                          (substantial amounts)          -2.5%         -2.5%

 

3.    2000+           R2 000 000    undisclosed    30/90 days 30/90 days    Excellent

                          c/l

 

 

TRADE REFERENCES – JULY 2010

BEARING MAN DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±15 years     undisclosed    undisclosed     30 days    30 days        Excellent

                                                                     -2.5%

 

2.    1995             R30 000 000   R10 000 000    30 days    30 days        Excellent

                          c/l                                       -2.5%      

 

3.    10 years       R  1 000 000  undisclosed     30 days    30 days        Very good

 

 

TRADE REFERENCES – OCTOBER 2010   

AUTOBAX DIVISION

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±22 years     ±R  700 000   R   500 000-    25 days    25 days        Excellent

                          c/l                 R   700 000     -5%         

 

2.    10 years+     open              declined          30 days    30 days        Excellent

                                                                     -2%         

 

3.    Apr 2000       R1 000 000    R   800 000-    7 days      7 days          Excellent

                          c/l                 R1 400 000

 

 

CURRENT TRADE REFERENCES   

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.       Do not give trade references

 

2.       1995             R30 000 000   R8 000 000      30 days    30 days        Excellent

                                      c/l                 per month        -2%

 

3.       10 years+     open              R300 000        30 days    30 days        Excellent

                          R400 000       R400 000

 

4.       2005             R500 000       R25 000 -        30 days    30 days        Excellent

                          c/l                 R392 000

 

 

COMMENTS

 

This is a well established company which division is meeting commitments timeously.  The subject is considered equal to its normal business engagements, but the relatively high creditors figure should be borne in mind.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.