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MIRA
INFORM REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
USSHER INVENTIONS (PTY) LTD |
|
|
|
|
Registered Office : |
3 Sigma Road Industries West Germiston Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
24.04.1929 |
|
|
|
|
Com. Reg. No.: |
1929/001457/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturers and distributors of
non-mechanical tools such as shovels, spades, wheelbarrows etc. |
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 |
Assessment
This is an established and well known company.
Commitments are being met timeously with suppliers.
The subject would be considered as equal to your figure in relation to the annual figures.
The subject received a bank code C for R10 000 000 over 30 days.
Company Information
|
Registered
Name |
USSHER INVENTIONS (PTY) LTD |
|
Trading
Division |
LASHER TOOLS |
|
Previous Name |
None |
|
Date of Name
Change |
N/A |
|
Registration
Number |
1929/001457/07 |
|
Registration
Date |
24 April 1929 |
|
Date Commenced Trading |
Originally 1909, but changed syle over the years. |
|
History of
Business |
The subject was founded in 1913. Lasher Tools was purchased by the subject in 1989. Lasher Tools was originally a CC. |
|
Shareholders of
subject and % holding |
100% HALSTEAD INVESTMENTS (PTY) LTD |
|
Issued Share
Capital |
R50 000 |
|
Age of Company |
82 years 5 months |
|
Status |
Active |
|
Operations
Assessment |
Manufacturers and distributors of
non-mechanical tools such as shovels, spades, wheelbarrows etc. |
|
Industry/
Customers |
Retailers and wholesalers |
|
Area of
Distribution |
South Africa |
|
Export |
Europe, England, Africa, Australia and New
Zealand |
|
Major Industry
Code / SICC |
35530 MANUFACTURING |
|
Definition of
Code |
Manufacture of cutlery, hand tools and
general hardware |
|
Head Office
Physical Address |
Head Office 3 Sigma Road INDUSTRIES WEST Germiston Gauteng |
|
Head Office
Postal Address |
P O Box 254 GERMISTON 1400 |
|
Current Tel
Number |
011 825 1100 |
|
Current Fax
Number |
011 873 2185 |
|
Current Email
Address |
|
|
Web Site Address |
|
Auditors Information
|
Company
Registered Name |
PRICEWATERHOUSECOOPERS INC |
|
Trading Name |
PWC INC |
|
Registration
Number |
1998/012055/21 |
|
Physical Address |
2 Eglin Road SUNNINGHILL 2157 |
|
Postal Address |
Private Bag X36 SUNNINGHILL 2157 |
|
Contact Person |
P POPE |
|
Contact Number |
011 797 4000/ 011 7975589 |
|
Email |
|
|
Principals |
246 |
|
Judgements
Against Subject |
None |
|
Judgements
Against Principals |
None |
|
Subject Verified
as Client |
Yes |
|
VAT Number |
4950174682 |
|
Tax Number |
9343032844 |
|
BEE Status |
Level 2 |
|
Financial Year
End |
June |
|
Website |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
None |
|
Tax Information
|
Vat Number |
4330103005 |
|
Status |
Active |
|
Vat Liable Date |
monthly |
|
Tax Number |
9750117716 |
|
Tax Clearance
Expire Date |
June |
|
Financial Year
End |
June |
Black Economic Empowerment
|
Status |
Yes |
|
Score |
Level 7 |
|
Expire Date |
Unknown |
|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
ISO 9001:2008/ updated regulary |
|
ISO Certificate |
Yes |
|
ISO Certificate
Available |
No |
|
Certified by
anAccredited Agent |
Yes |
Workman’s compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
Type |
Area |
|
WADEVILLE |
Factory |
Germiston,
Gauteng |
|
LADYSMITH |
Factory |
Ladysmith,
Kwazulu Natal |
|
Subsidiary
Company |
GOLD REEF TOOLS (PTY) LTD |
|
Shareholding |
100% USSHERINVENTIONS (PTY) LTD |
|
Registration
Number |
1975/000392/07 |
|
Import / Export |
No |
There is a company in the group called
LASHER TOOLS LTD, that is dormant and only holds trademarks.
|
Number of
Employees |
800 |
|
1.
Salaried
employees |
100 |
|
2.
Waged
employees |
700 |
|
3.
Permanent
employees |
|
|
4.
Casual
employees |
|
|
5.
Contracted
employees |
|
Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is
made up of |
50+ |
|
|
|
|
1.
Cars |
Mostly cars |
By subject |
|
Nil |
|
2.
Light
Delivery Vehicles |
|
|
|
|
|
3.
Trailers |
|
|
|
|
|
4.
Busses |
|
|
|
|
|
5.
Trucks |
|
|
|
|
|
6.
Fork
Lifts |
|
|
|
|
|
7.
Other |
|
|
|
|
Head
OfficeOwned/ Rented |
Rented |
|
Rental Company |
|
|
Owned by |
TOLOS - overseas company in group |
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease Agreement |
|
|
Lease Expire
Date |
|
|
Type of Premises |
Office, warehouse and factory |
Branches Owned/
Rented |
WADEVILLE |
LADYSMITH |
|
Rental Company |
|
|
|
Owned |
USSHER INVENTIONS (PTY) LTD |
LADYSMITH PROPERTIES (PTY) LTD |
|
Value |
|
|
|
Bank |
|
|
|
Bond |
|
|
|
Lease Agreement |
|
|
|
Lease Expire
Date |
|
|
|
Type of Premises |
Factory |
Factory |
Trade References
|
Supplier |
Contact |
|
1)
MITTAL |
d-n-g |
|
2)
SASOL GAS |
d-n-g |
|
3)
EMIT TRANSPORT |
0861 977224 |
|
4)
EXPEDITORS |
011 9767000 |
|
5)
MARINDEC PAINTS |
011 9081056 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
3)2009 |
None |
R600 000 |
30 days |
R400 000- R600 000 |
30 days |
Excellent |
|
4)3 years |
R450 000 |
R617 000 |
Declined |
R490 000- R617 000 |
Within terms |
Very Good |
|
5)1999 |
R1 200 000 |
R3 500 000 |
30 days -5% |
R3 500 000 |
30 days -5% |
Excellent |
Adverse Information on Subject
|
Judgements |
No information on record |
|
Possible
Judgements |
None |
|
Civil Court
Records |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
No information on record |
|
Notarial Bonds
|
Date |
Details |
|
No information on record |
|
Deeds Information
|
Property Interest |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Type: |
No information on record |
Stand Number: |
|
|
Street Number: |
|
Street Name: |
|
|
Municipal Suburb: |
|
Municipal City: |
|
|
Township Name: |
|
Province: |
|
|
Deeds Office: |
|
Transfer ID: |
|
|
Title Deed Number: |
|
Purchase Date: |
|
|
Transfer Date: |
|
Erf Size: |
|
|
Sold Price: |
|
|
|
Bank Information
|
Bank |
STANDARD BANK |
|
Branch |
GERMISTON |
|
Bank Account
Number |
020575076 |
|
Type of Account |
Current |
|
Account Name |
USSHER INVENTIONS (PTY) LTD |
|
Overdraft
Facilities |
Yes, secured by debtors |
|
Bank Code |
C for R 10 000 000 |
|
Bank Comment |
The subject is considered as equal to its normal business engagements.
|
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
|
|
|
|
|
|
Previous
Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
|
|
|
|
|
Financial Information
Financial Estimates
|
CURRENT ASSETS |
R171 000 000 |
|
Stock |
|
|
Debtors |
|
|
Cash on Hand |
|
|
FIXED ASSETS |
R76 000 000 |
|
Plant,
Equipment, Vehicles |
|
|
Property |
|
|
CURRENT
LIABILITIES |
R85 000 000 |
|
Creditors |
|
|
Loans/ From? |
|
|
LONG TERM
LIABILITIES |
RNIL |
|
Morgage Bonds |
|
|
ANNUAL / MONTHLY
Turnover |
R400 000 000 |
|
Previous Year
Turnover |
|
|
Estimated
Current Year Turnover |
R420 000 000- R430 000 000 |
Principals
|
Number of
Principals |
5 |
|
Average Age of
Active Principals |
52 years 8 months |
Active Principals
Principal 1 of 5
|
Surname |
KENDAL |
|
First Names |
I A |
|
Date of Birth |
1968-03-21 |
|
Verified ID
Number |
No |
|
Current Age |
43 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
2006-03-01 |
|
Address (at time
of Appointment) |
27 Donges Street KROONSTAD 9500 |
Adverse Information on Principal
Judgement
|
Number
of Judgements |
No information on record |
Debt Review
|
Debt
review |
No information on record |
Other
|
Default data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
MORTAR PROPERTIES (PTY) LTD |
1952/002666/07 |
In business |
- |
No |
|
JPW METAL AND CIVIL PROJECTS CC |
2004/095190/23 |
Deregistration
process |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
No information on record |
|
|
|
|
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 2 of 5
|
Surname |
ALHO |
|
First Names |
ANTONIO, M, P |
|
ID Number |
5011065029086 |
|
Verified ID
Number |
Yes |
|
Current Age |
61 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
2003-01-02 |
|
Address (at time of
Appointment) |
4 Greyton Crescent Sunward Park BOKSBURG 1459 |
Adverse Information on Principal
Judgement
|
Number
of Judgements |
No information on record |
Debt
Review
|
Debt
review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TWENTY TWO AMESHOFF STREET (PTY) LTD |
1946/021374/07 |
In business |
0 |
No |
|
LASHER TOOLS LTD |
1948/029786/06 |
In business |
0 |
No |
|
SPRINGBOK TOOLS (PTY) LTD |
1951/000616/07 |
In business |
0 |
No |
|
HALSTED AND CO (PTY) LTD |
1952/001225/07 |
In business |
0 |
No |
|
HALSTED INVESTMENTS (PTY) LTD |
1954/001300/07 |
In business |
0 |
No |
|
SOLID ENGINEERING (PTY) LTD |
1964/004955/07 |
In business |
0 |
No |
|
RAYRO INDUSTRIAL SALES (PTY) LTD |
1967/004190/07 |
In business |
0 |
No |
|
LASHER PROPERTY (LADYSMITH) (PTY) LTD |
1971/004071/07 |
In business |
0 |
No |
|
GOLD REEF TOOLS (PTY) LTD |
1975/000392/07 |
In business |
0 |
No |
|
WHEELBARROW SALES (PTY) LTD |
1984/006096/07 |
In business |
0 |
No |
|
KWALI INVESTMENTS (PTY) LTD |
1987/005821/07 |
In business |
0 |
No |
|
TOLOS INVESTMENTS LTD |
1994/000521/10 |
In business |
0 |
No |
|
FIRST EMERGENCY ASSISTANCE |
1996/014047/08 |
In business |
0 |
No |
|
AHLSTED AND HALSTED INVESTMENTS (PTY) LTD |
2006/029540/07 |
In business |
0 |
No |
|
HALSTEDS AVIATION CORPORATION (PTY) LTD |
2006/029884/07 |
In business |
0 |
No |
|
P HALSTED AND SON (PTY) LTD |
2006/034502/07 |
In business |
0 |
No |
|
VECTO TRADE 461 (PTY) LTD |
2007/005060/07 |
In business |
0 |
No |
|
DARWO TRADING NO 116 (PTY) LTD |
2007/010664/07 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
58 years 11 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
MORTAR PROPERTIES (PTY) LTD |
1952/002666/07 |
In business |
0 |
No |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 3of 5
|
Surname |
HALSTED |
|
First Names |
CHARLES, W |
|
ID Number |
6503215736080 |
|
Verified ID
Number |
Yes |
|
Current Age |
46 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
2202-07-01 |
|
Address (at time of
Appointment) |
140 West Road MORNINGSIDE 2057 |
Adverse Information on Principal
Judgement
|
Number
of Judgements |
No information on record |
Debt Review
|
Debt
review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on Principal
Current
Business Interests
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TWENTY TWO AMESHOFF STREET (PTY) LTD |
1946/021374/07 |
In business |
0 |
No |
|
LASHER TOOLS LTD |
1948/029786/06 |
In business |
0 |
No |
|
SPRINGBOK TOOLS (PTY) LTD |
1951/000616/07 |
In business |
0 |
No |
|
HALSTED AND CO (PTY) LTD |
1952/001225/07 |
In business |
0 |
No |
|
SOLID ENGINEERING (PTY) LTD |
1964/004955/07 |
In business |
0 |
No |
|
RAYRO INDUSTRIAL SALES (PTY) LTD |
1967/004190/07 |
In business |
0 |
No |
|
LASHER PROPERTY (LADYSMITH) (PTY) LTD |
1971/004071/07 |
In business |
0 |
No |
|
WHEELBARROW SALES (PTY) LTD |
1984/006096/07 |
In business |
0 |
No |
|
KWALI INVESTMENTS (PTY) LTD |
1987/005821/07 |
In business |
0 |
No |
|
HALSTED AND HALSTED INVESTMENTS (PTY) L TD |
2006/029540/07 |
In business |
0 |
No |
|
P HALSTED AND SON (PTY) LTD |
2006/034502/07 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
41 years 1 month |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
MORTAR PROPERTIES (PTY) LTD |
1952/002666/07 |
In business |
0 |
No |
|
HALSTED INVESTMENTS (PTY) LTD |
1954/001300/07 |
In business |
0 |
No |
|
HALSTEDS AVIATION CORPORATION (PTY) LTD |
2006/029884/07 |
In business |
0 |
No |
Deeds Information
Property
Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal
4of 5
|
Surname |
WALLIS |
|
First Names |
STEVEN |
|
ID Number |
5902205809082 |
|
Verified ID
Number |
Yes |
|
Current Age |
52 |
|
Designation |
Director |
|
Status |
Active |
|
Address (at time of
Appointment) |
30 Key Road FARRAMERE 1501 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt review |
No information on record |
Other
|
Default data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business Interests
|
Average Age of Previous
Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
T83660/2003 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
30 KEI FARRARMERE BENONI |
|
Property Type |
Freehold / Ervin |
Extent / Size |
1046.0SQM |
|
Purchase Date |
2003-10-07 |
Purchase price |
R 830,000 |
|
% Ownership |
|
Bond Holder |
A B S A BANK LTD |
|
Bond Number |
B598252003 |
Bond Amount |
R 550,000 |
Principal 5 of 5
|
Surname |
HAMILTON |
|
First Names |
PETER |
|
ID Number |
6404015134008 |
|
Verified ID
Number |
Yes |
|
Current Age |
47 |
|
Designation |
Director |
|
Status |
Active |
|
Address (at time
of Appointment) |
186 Uys Street Rynfield Agricultural Holdings BENONI |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt
review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TWENTY TWO AMESHOFF STREET (PTY) LTD |
1946/021374/07 |
In business |
0 |
No |
|
LASHER TOOLS LTD |
1948/029786/06 |
In business |
0 |
No |
|
SPRINGBOK TOOLS (PTY) LTD |
1951/000616/07 |
In business |
0 |
No |
|
HALSTED AND CO (PTY) LTD |
1952/001225/07 |
In business |
0 |
No |
|
SOLID ENGINEERING (PTY) LTD |
1964/004955/07 |
In business |
0 |
No |
|
RAYRO INDUSTRIAL SALES (PTY) LTD |
1967/004190/07 |
In business |
0 |
No |
|
LASHER PROPERTY (LADYSMITH) (PTY) LTD |
1971/004071/07 |
In business |
0 |
No |
|
WHEELBARROW SALES (PTY) LTD |
1984/006096/07 |
In business |
0 |
No |
|
HALSTED INVESTMENTS (PTY) LTD |
1954/001300/07 |
In business |
0 |
No |
|
FIRST EMERGENCY ASSISTANCE |
1996/014047/08 |
In business |
0 |
No |
|
MACCORKINDALE INVESTMENTS (PTY) LTD |
2003/011484/07 |
In business |
0 |
No |
Previous
Business Interests
|
Average Age of
Previous Business Interests |
38 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
MORTAR PROPERTIES (PTY) LTD |
1952/002666/07 |
In business |
0 |
No |
|
HAMSTIR HOUSE CC |
2000/041620/23 |
Deregistration
Final |
0 |
No |
Deeds Information
Property
Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
T83660/2003 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
30 KEI FARRARMERE
BENONI |
|
Property Type |
Freehold / Ervin |
Extent / Size |
1046.0SQM |
|
Purchase Date |
2003-10-07 |
Purchase price |
R 830,000 |
|
% Ownership |
|
Bond Holder |
A B S A BANK LTD |
|
Bond Number |
B598252003 |
Bond Amount |
R 550,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.