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MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL SLAB SALES (PTY) LTD |
|
|
|
|
Formerly Known As : |
FLOATING SPHERE (PTY) LTD |
|
|
|
|
Registered Office : |
69 Seranade Road Elandsfontein Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
28.08.1996 |
|
|
|
|
Com. Reg. No.: |
1996/011537/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesale distribution of granite, marble, Caesar stone 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 company.
The subject is meeting commitments timeously.
The subject’s bankers consider them good for
all business normal engagements and to an amount of R1 500 000 over
30 days.
The turnover of the company would also support the latter figure.
Company Information
|
Registered
Name |
INTERNATIONAL SLAB SALES (PTY) LTD |
|
Trading
as |
ISS |
|
Previous Name |
Floating Sphere (Pty) Ltd |
|
Date of Name
Change |
The name having been changed in 2000. |
|
Registration
Number |
1996/011537/07 |
|
Registration
Date |
1996-08-28 |
|
Date Commenced
Trading |
2000 |
|
History of
Business |
The subject was founded by the directors, R EGGERS, B RAATS and the
late DR. H EGGERS in February 2000. |
|
Shareholders of
subject and % holding |
65% R EGGERS 35% MRS. B RAATS |
|
Issued Share
Capital |
R70 |
|
Age of Company |
15 years 2 months |
|
Status |
Active |
|
Operations
Assessment |
Wholesale distribution of granite, marble,
Caesar stone etc. |
|
Industry/
Customers |
Kitchen unit fitters and fabricators |
|
Area of
Distribution |
South Africa |
|
Export |
Neighbouring countries |
|
Major Industry
Code / SICC |
61909 WHOLESALE
RETAIL |
|
Definition of
Code |
Other wholesale trade n.e.c. |
|
Head Office
Physical Address |
69 Seranade Road ELANDSFONTEIN Gauteng |
|
Head Office
Postal Address |
P O Box 14336 WITFIELD 1467 |
|
Current Tel
Number Cell number |
011 822 1350 |
|
Current Fax
Number |
011 822 1701 |
|
Current Email
Address |
|
|
Web Site Address |
Auditors Information
|
Company
Registered Name |
UHY HELLMANN (SA) |
|
Previous Name |
RA Hellmann And Co |
|
Registration
Number |
Partnership |
|
Physical Address |
9 Sturdee Avenue ROSEBANK 2196 |
|
Postal Address |
P O Box 47163 PARKLANDS 2121 |
|
Contact Person |
Carlos Pedregal |
|
Contact Number |
011 447 8447 |
|
Email |
|
|
Principals |
4 |
|
Subject Verified
as Client |
Yes |
|
Practice number |
917575E |
|
VAT Number |
4200103028 |
|
Years With
Auditors |
4 years |
|
Website |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
DAVID STRACHAN AND TAYLOR |
11 years |
Tax Information
|
Vat Number |
4450166188 |
|
Status |
Active |
|
Tax Number |
9190103201 |
|
Tax Clearance
Expire Date |
September 2010 |
|
Financial Year
End |
February |
Black Economic Empowerment
|
Status |
Non-compliant |
|
Score |
|
|
Expire Date |
|
|
BEE Certificate
Available |
Yes/No |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
|
|
ISO Certificate
Available |
Yes/No |
|
Certified by
anAccredited Agent |
Yes/No |
Workman’s compensation
|
Registered |
Yes |
|
Compliance
Certified |
No |
Company Structure
|
Branches |
6 |
|
Branches Names |
Address |
Telephone Number |
|
Pretoria |
176 Vonkprop
Street SAMCOR PARK EXT
1 Pretoria Gauteng |
012 803
5671 |
|
Nelspruit |
19 Bulpin Street NELSPRUIT Mpumalanga |
013 752
8325 |
|
Durban |
133 Rochdale
Road SPRINGFIELD PARK Durban KwaZulu Natal |
031 577
2828 |
|
Port Elizabeth |
Willow Road FAIRVIEW Port Elizabeth Eastern Cape |
041 367
5571 |
|
George |
Commercial Close GEORGE Western Cape |
044 871
1099 |
|
Cape Town |
Unit 28 Gateway Park Berkley Road Ndabeni MAITLAND Western Cape |
021 511
2353 |
|
Subsidiary
Company |
None |
|
Number of
Employees |
100 permanent
and salaried employees |
|
Company Fleet |
40 vehicles with
a net book value of R4 500 000. The subject’s
fleet is made up of cars, light delivery vehicles and trucks. It was stated
that some of the vehicles still have vehicle financing facilities with
Wesbank. |
Head
OfficeOwned/ Rented |
The head office premises in Elandsfontein are leased. |
|
Rental Company |
PROPERTIES 62 |
|
Lease Agreement |
5 year lease contract |
|
Lease Expire
Date |
31 January 2014 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard. |
Branches Owned/
Rented |
The Pretoria branch premises are reported to be owned. |
|
Owned |
INTERNATIONAL SLAB SALES (PTY) LTD |
|
Value |
Purchased price - R2 500 000 |
|
Bank |
Bonded in favour of Investec Bank |
|
Bond |
Outstanding on the bond – R461 970 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard. |
Branches Owned/
Rented |
The Nelspruit branch premises are leased |
|
Rental Company |
IVORSOL |
|
Lease Agreement |
5 year lease agreement |
|
Lease Expire
Date |
30 October 2013 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard. |
Branches Owned/
Rented |
The Durban branch premises are owned |
|
Owned |
INTERNATIONAL SLAB SALES (PTY) LTD |
|
Value |
Purchased price – R4 560 000 |
|
Bank |
Bonded in favour of Investec Bank |
|
Bond |
Outstanding on the bond – R1 454 647 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard. |
Branches Owned/
Rented |
The Port Elizabeth branch premises are leased |
|
Rental Company |
POP CHOIR |
|
Lease Agreement |
5 year lease agreement |
|
Lease Expire
Date |
31 October 2014 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard |
Branches Owned/
Rented |
The George branch premises are leased |
|
Rental Company |
PNW INVESTMENTS |
|
Lease Agreement |
5 year lease agreement |
|
Lease Expire
Date |
31 October 2014 |
|
Type of Premises |
The premises comprise of administration offices and a sales yard. |
Branches Owned/
Rented |
The Maitland branch premises are leased |
|
Rental Company |
DELGLEN PROPERTIES |
|
Lease Agreement |
5 year lease agreement The respondent stated that they will not be renewing the agreement as
they will be moving to new premises. |
|
Lease Expire
Date |
31 June 2012 |
|
Type of Premises |
The premise comprise of administration offices and a sales yard |
Trade References
The subject imports from Israel, Brazil,
China, India and Italy
|
Supplier |
Contact |
|
1)
EMPORIO COMMUNICATIONS |
011 485
2680 |
|
2)
GLOBAL REACH |
031 201
3556 |
|
3)
SCANIA |
011 822
3854 |
|
4)
TIRE POINT |
011 975
9523 |
|
5)
P K TYRES |
083 415
8344 |
|
6)
AFRICAN NATIONAL GRANITE |
011 908
3595 |
|
7)
CHAMELEON |
012 250
0078 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
2) 1 year |
None |
R1 500 000 |
C.O.D. |
R800 000 |
C.O.D. |
Good |
|
6) 7 years |
Open |
R1 000 000+ |
30 |
R1 000 000 |
30 |
Good |
|
7)Old acc |
R1 500 000 |
R1 500 000 |
30 |
R700 000 |
30 |
Good |
Adverse Information on Subject
|
Judgements |
No information on record |
|
Possible
Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
No information on record |
|
Notarial Bonds
|
Date |
Details |
|
No information on record |
|
Deeds Information
|
Property Interest |
|||
|
Title Deed No. |
5162941/2007 |
Erf/Site No. |
|
|
Deeds Office |
PRETORIA |
Physical Address |
176 VonkpropSamcor Park PRETORIA |
|
Property Type |
Freehold / Ervin |
Extent / Size |
4636.0sqm |
|
Purchase Date |
2007-08-23 |
Purchase price |
R2,500,000.00 |
|
% Ownership |
|
Bond Holder |
Investec Bank Ltd |
|
Bond Number |
B1969172007 |
Bond Amount |
R1,850,000.00 |
|
Property Interest |
|||
|
Title Deed No. |
561287/2005 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
Tunney Germiston |
|
Property Type |
Freehold / Ervin |
Extent / Size |
2758.0sqm |
|
Purchase Date |
2005-08-05 |
Purchase price |
R1,813,774.00 |
|
% Ownership |
|
Bond Holder |
Firstrand Bank Ltd |
|
Bond Number |
B831012005 |
Bond Amount |
R1,500,000.00 |
|
Property Interest |
|||
|
Title Deed No. |
T61287/2005 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
Tunney Germiston |
|
Property Type |
Freehold / Ervin |
Extent / Size |
1768.0sqm |
|
Purchase Date |
2005-08-05 |
Purchase price |
R1,813,774.00 |
|
% Ownership |
|
Bond Holder |
Firstrand Bank Ltd |
|
Bond Number |
B831012005 |
Bond Amount |
R1,500,000.00 |
|
Property Interest |
|||
|
Title Deed No. |
T61287/2005 |
Erf/Site No. |
|
|
Deeds Office |
JOHANNESBURG |
Physical Address |
Tunney Germiston |
|
Property Type |
Freehold / Ervin |
Extent / Size |
4833.0sqm |
|
Purchase Date |
2005-08-05 |
Purchase price |
R1,813,774.00 |
|
% Ownership |
|
Bond Holder |
Firstrand Bank Ltd |
|
Bond Number |
B831012005 |
Bond Amount |
R1,500,000.00 |
|
Property Interest |
|||
|
Title Deed No. |
514344/2007 |
Erf/Site No. |
|
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
216 Inanda Umgeni Business Park DURBAN |
|
Property Type |
Freehold / Ervin |
Extent / Size |
3099.0sqm |
|
Purchase Date |
2006-12-11 |
Purchase price |
R4,560,000.00 |
|
% Ownership |
|
Bond Holder |
Investec Bank Ltd |
|
Bond Number |
B173342007 |
Bond Amount |
R4,300,000.00 |
Bank Information
|
Bank |
FIRST NATIONAL BANK |
|
Branch |
Davenport |
|
Bank Account
Number |
62081256945 |
|
Type of Account |
Cheque |
|
Branch Code |
220226 |
|
Account Name |
International Slab Sales (Pty) Ltd |
|
Overdraft
Facilities |
It was stated that the subject enjoys an overdraft facility to an
extent of R2 500 000, secured by stock. It was stated that the overdraft facility
is utilized for working capital purposes. |
|
Bank Code |
C |
|
Bank Comment |
The subject’s bankers consider them good for all business normal
engagements |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
No information on record |
|
|
|
|
|
|
Previous Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
No information on record |
|
|
|
|
|
Financial Information
Financial Estimates
|
CURRENT ASSETS |
|
|
Stock |
R40 000 000 – R50 000 000 |
|
Debtors |
R21 000 000 |
|
Cash on Hand |
Nil |
|
FIXED ASSETS |
|
|
Plant,
Equipment, Vehicles |
R 6 160 000 |
|
Property |
R 1 500 000 |
|
CURRENT
LIABILITIES |
|
|
Creditors |
R 12 000 000 –
R17 000 000 |
|
Loans |
Nil |
|
LONG TERM
LIABILITIES |
|
|
Morgage Bonds |
R 1916617 |
|
ANNUAL Turnover |
R162 000 000 |
|
Estimated Annual
Turnover |
R185 000 000 |
Principals
|
Number of
Principals |
3 |
|
Average Age of
Active Principals |
50 |
Active Principals
Principal 1 of 3
|
Surname |
KING |
|
First Names |
TREVOR ROBERT INMAN |
|
Marital Status |
Married |
|
ID Number |
5309295180087 |
|
Verified ID
Number |
No |
|
Current Age |
58 |
|
Designation |
Marketing Director |
|
Status |
Active |
|
Appointment Date |
2010-05-27 |
|
Address (at time
of Appointment) |
49A Plover Road GEORGE 6530 |
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 |
|
MAKING SECURITY
CC |
1985/002507/23 |
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. |
T80556/2007 |
Erf/Site No. |
|
|
Deeds Office |
CAPE TOWN |
Physical Address |
Kraaibosch Country Estate GEORGE |
|
Property Type |
Freehold / Ervin |
Extent / Size |
987.0sqm |
|
Purchase Date |
2007-05-28 |
Purchase price |
R660,000.00 |
|
% Ownership |
|
Bond Holder |
Firstrand Bank Ltd |
|
Bond Number |
B945992007 |
Bond Amount |
R1,680,000.00 |
Principal 2 of 3
|
Surname |
RAATS nee Jones |
|
First Names |
BRIDGITTE ELIZABETH |
|
Marital Status |
Divorced |
|
ID Number |
6505290153081 |
|
Verified ID
Number |
No |
|
Current Age |
46 |
|
Designation |
Business woman |
|
Status |
Active |
|
Appointment Date |
2000-06-07 |
|
Address (at time
of Appointment) |
22 Walsingham Road MULBARTON 2059 |
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 |
|
PRIMO FURNITURE
CLASSICS CC |
1997/054722/23 |
Deregistration
process |
0 |
No |
|
PRIMO FURNITURE
CLASSICS CC |
1997/054722/23 |
In business |
0 |
No |
|
PROSPERTECH
INVESTMENTS (PTY) LTD |
1999/016575/07 |
In business |
0 |
No |
|
WILLERS GRANITE
QUARRIES (PTY) LTD |
2003/017797/07 |
In business |
0 |
No |
|
ISS CONDOMINIUM
(PTY) LTD |
2003/029327/07 |
In business |
0 |
No |
|
TUNNEY EXT 9
PROPERTIES (PTY) LTD |
2004/022986/07 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
10 years 8 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ZENATO TRADING
(PTY) LTD |
2006/017048/07 |
Deregistration
final |
0 |
No |
|
KHAMSIN TRADING
(PTY) LTD |
2006/020533/07 |
Deregistration
final |
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 3 of 3
|
Surname |
EGGERS |
|
First Names |
RUDIGER |
|
Marital Status |
Married |
|
ID Number |
6012305012006 |
|
Verified ID
Number |
Yes |
|
Current Age |
51 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1996-10-07 |
|
Address (at time
of Appointment) |
Blue Ridge Road GLENASHLEY 4001 |
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 |
|
|
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
12 years 4 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
H R W AGENCIES
CC |
1990/015674/23 |
Deregistration
final |
0 |
No |
|
GLENGARRY
PROPERTIES TIMESHARE SHARE BLOCK LTD |
1992/002234/06 |
In business |
0 |
No |
|
TEKWINI
TOMBSTONE CC |
1995/002405/23 |
In business |
0 |
No |
|
G M F S
MANAGEMENT SERVICES CC |
2005/111492/23 |
Deregistration
final |
0 |
No |
|
ZENATO TRADING
(PTY) LTD |
2006/017048/07 |
Deregistration
final |
0 |
No |
|
KHAMSIN TRADING
(PTY) LTD |
2006/020533/07 |
Deregistration
final |
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 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.