|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
S
A FELT CONVERTORS CC |
|
|
|
|
Registered Office : |
2
Sneezewood Lane, 3 Sneezewood Park, Glen Anil, DURBAN NORTH, 4016 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
23.02.1994 |
|
|
|
|
Reg. No.: |
B1994/004937/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Importers,
converters and distributors of a variety of felts, ranging from Engineering
felts to Clothing felts and general application felts. |
|
|
|
|
No. of Employees : |
35 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Africa - ECONOMIC OVERVIEW
south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.
|
Source : CIA |
|
Subject Name |
S A FELT CONVERTORS CC |
|
Country |
South Africa |
|
Subject Contact Person |
SHERLY LOGGAR - 0313694010 |
|
Assessment |
On investigation contact was made with the Financial
Manager SHERLY LOGGAR who assisted with the information. MRS. LOGGAR was
unable to provide any suppliers that we may contact as trade references, we
await further information. The business has a monthly income of R 1 500 000.
Please see the available information for the subject below. |
|
Registered Name |
S A FELT CONVERTORS CC |
|
Trading as/ Division Name |
None |
|
Previous Name |
None |
|
Registration Number |
B1994/004937/23 |
|
Registration Date |
1994/02/23 |
|
Age of Business |
18 Years 10 Months |
|
History of Business |
The
subject was established in 1994 in Durban, South Africa as S.A. FELT
CONVERTERS. The business is currently the largest importer and supplier of felt
in the country, with over 95% of the market requirements being met by the
company. |
|
History of Principals |
|
|
Shareholders/Members/Partners of subject and % holding |
33.3
% - JOHN LAURIE, 33.3 % - MALCOLM MERCER, 33.3 % - MICHAEL JOHN VAN SCHOOR |
|
Authorised Share Capital |
R1000.00 |
|
Issued Share Capital/Members Contribution |
R 100.00 |
|
Status |
In Business |
|
Operations Assessment |
·
Importers,
converters and distributors of a variety of felts, ranging from Engineering felts
to Clothing felts and general application felts. ·
Manufacturers
of a wide variety of felt products for the trade industry. Manufacturers of
Insecticides under license for, and distributed by, Major Brands. ·
Manufacturers
and converters of Medical Disposables. |
|
Industry/ Customers |
Tiger Brands, Johnson and Johnson. |
|
Export |
None |
|
Import |
Yes |
|
Import Countries |
China |
|
Major Industry Code / SICC |
61394 |
|
Definition of Code |
Wholesale trade in pharmaceuticals, toiletries and medical equipment |
|
Head Office Physical Address |
2 Sneezewood Lane, 3 Sneezewood Park, Glen Anil, DURBAN
NORTH, 4016 |
|
Head Office Postal Address |
P 0 BOX 201199, DURBAN NORTH, 4051 |
|
Current Tel Number |
0315694010 |
|
Cell Number |
Unavailable |
|
Current Fax Number |
0315694012 |
|
Current Email Address |
|
|
Web Site Address |
|
Company
Registered Name |
MORRISON
MURRAY MANAGEMENT SERVICES (PTY)LTD |
|
Trading
Name |
None |
|
Registration
Number |
M1988/000932/07 |
|
Physical
Address |
20
Westville Road, Westville, 3629 |
|
Postal
Address |
P
0 BOX 1098, WESTVILLE, 3630 |
|
Contact
Person |
NEIL
GERBER |
|
Contact
Number |
0312675300 |
|
Email |
|
|
Principals |
11 |
|
Judgements
Against Subject |
None |
|
Judgements
Against Principals |
None |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
903094E |
|
VAT
Number |
4750111900 |
|
Tax
Number |
9186159209 |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
February |
|
No
of years in Business |
8 |
|
Website |
|
|
Comment |
|
Previous
Auditors Information - No Information on Record
|
Vat
Number |
4090141898 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
1994/03/01 |
|
Tax
Number |
9261314208 |
|
Tax
Clearance Expire Date |
2012/10/31 |
|
Financial
Year End |
February |
|
Comment |
|
|
Black
Economic Empowerment |
|
|
Status |
Yes |
|
Score |
5.00 |
|
Expire
Date |
|
|
BEE
Certificate Available |
No |
|
Comment |
|
|
|
|
|
ISO
Information - No Information on Record |
|
|
Workman's
compensation |
|
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries
Information - No Information on Record
|
Employees |
||||
|
Number
of Employees |
35 |
|||
|
1.
Salaried employees |
35 |
|||
|
2.
Waged employees |
|
|||
|
3.
Permanent employees |
|
|||
|
4.
Casual employees |
|
|||
|
5.
Contracted employees |
|
|||
|
Comment |
|
|||
|
Company
Fleet |
||||
|
Company
Fleet |
No
of vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
10 |
|||
|
Comment |
|
|||
|
Light
delivery Vehicles |
10 |
Owned |
|
|
|
Offices |
Offices |
|
Head Office Owned/ Rented |
Owned |
|
Rental Company |
|
|
Owned by |
SA FELT COMVERTORS |
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease Agreement |
|
|
Lease Expire Date |
|
|
Type of Premises |
OFFICES AND WAREHOUSE |
|
Comment |
|
Branch
Information - No Information on Record
Organisation
Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
MEMBER |
JOHN
LAURIE |
|
|
|
|||
|
1 |
MEMBER |
MALCOLM
MERCER |
|
|
|
|||
|
1 |
MEMBER |
MICHAEL
JOHN VAN SCHOOR |
|
Company
Structure (Ownership)
Note: One level up and all levels
down
|
Holding |
Company |
Sub |
Comment |
|
33.3 % - MICHAEL
JOHN VAN SCHOOR |
SA
FELT CONVERTORS CC |
|
|
|
33.3
% - JOHN LAURIE |
SA
FELT CONVERTORS CC |
|
|
|
33.3 % - MALCOLM
MERCER |
SA
FELT CONVERTORS CC |
|
|
Key
Deals - No Information on Record
Trade
References Information - No Information on Record
Judgements
- No information on record
BusinessRescue
- No Information on Record
Default
Listing - No information on record
Notarial
Bonds - No information on record
|
Bank |
FIRST NATIONAL BANK |
|
Branch |
|
|
Brach Code |
250655 |
|
Bank Account Number |
50840095357 |
|
Type of Account |
CURRENT |
|
Account Name |
SA FELT CONVERTORS CC |
|
Overdraft Facilities |
YES |
|
Bank Code |
C FOR R1 500 000 |
|
Bank Comment |
The subject's bankers consider them good for all business normal
engagements. |
Bank
Code History - No Information on Record
Previous
Bank Account Information - No Information on Record
Deeds Information - No information on record
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
|
|
Debtors |
|
|
FIXED ASSETS |
|
|
Plant, Equipment, Vehicles |
|
|
Property |
|
|
CURRENT LIABILITIES |
|
|
Creditors |
|
|
Loans/ From? |
|
|
Loan Details |
|
|
LONG TERM LIABILITIES |
|
|
Morgage Bonds |
|
|
Previous Year Turnover |
|
|
Estimated Current Year Turnover |
R18000000.00 |
|
Current Turnover per month |
R1500000.00 |
|
Current Turnover per annum |
|
|
Comment |
|
|
Please note the following: |
|
|
Turnover
and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover
and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
|
Number
of Principals |
3 |
|
Average
Age of Active Principals |
56 |
|
Active
Principals Principal - 1of 3 JOHN LAURIE |
|
|
Surname |
LAURIE |
|
First
Name |
JOHN |
|
Other
Names |
|
|
Marital
Status |
Married |
|
ID
Number |
6305035027108 |
|
Verified
ID Number |
Yes |
|
Current
Age |
49 |
|
Designation |
MEMBER |
|
Status |
Active |
|
Appointment
Date |
1994/02/23 |
|
Physical
Address (at time of Appointment) |
7
0C0NN0R PLACE, DURBAN NORTH, 4051 |
|
Postal
Address |
P
0 BOX 201199, DURBAN NORTH, 4016 |
|
Current
Tel Number |
0315699119 |
|
Cell
number |
0837892381 |
|
Shareholding/Membership |
33.33
% |
Business
Information forJOHN LAURIE
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
S
A FELT CONVERTORS CC |
B1994/004937/23 |
In
Business |
18
Years 6 Months |
0 |
No |
|
|
PETCARE DISTRIBUTORS
AND EXPORTERS CC |
B1995/045399/23 |
In
Business |
17
Years 5 Months |
0 |
No |
|
|
AVOCA
CHEMICALS CC |
B2000/062388/23 |
In
Business |
0 |
0 |
No |
|
|
MM J OUTSOURCING
CC |
B2004/020392/23 |
In
Business |
8
Years 8 Months |
0 |
No |
|
|
A
C SMITH (PTY) LTD |
M1961/000689/07 |
Conversion
CO/CC or CC/CO |
51
Years 3 Months |
0 |
No |
|
|
PET
CARE DISTRIBUTORS
AND EXPORTERS (PTY) LTD |
M1991/000426/07 |
Conversion
CO/CC or CC/CO |
21
Years 9 Months |
0 |
No |
|
Average
Age of Previous Business 22
Years
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
TEGRO
PROPERTY INVESTMENTS (PTY) LTD |
M1990/000921/07 |
Voluntary
Liquidation |
22
Years 10 Months |
0 |
Yes |
|
Principal's
Deeds Information - No information on record
Principal Previous Business Interest
MALCOLM
MERCER
|
Surname |
MERCER |
|
First
Name |
MALCOLM |
|
Other
Names |
|
|
Marital
Status |
Married |
|
ID
Number |
5510305001003 |
|
Verified
ID Number |
No |
|
Current
Age |
57 |
|
Designation |
MEMBER |
|
Status |
Active |
|
Appointment
Date |
1994/02/23 |
|
Physical
Address (at time of Appointment) |
6
MILLHAVEN PLACE, LA LUCIA, 4001 |
|
Postal
Address |
PO
BOX 201199, DURBAN NORTH, 4016 |
|
Current
Tel Number |
0315699101 |
|
Cell
number |
0837776777 |
|
Shareholding/Membership |
33.33
% |
Business
Information for MALCOLM MERCER Principal Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
L L AAANUFACTURING CC |
B1990/008812/23 |
In Business |
22 Years 10 Months |
0 |
No |
|
|
S
A FELT CONVERTORS CC |
B1994/004937/23 |
In Business |
18 Years 6 Months |
0 |
No |
|
|
SHURPROPS1007
CC |
B1995/017075/23 |
In Business |
17 Years 5 Months |
0 |
No |
|
|
PETCARE DISTRIBUTORS
AND EXPORTERS CC |
B1995/045399/23 |
In Business |
17 Years 5 Months |
0 |
No |
|
|
COLUMBINE
PET DISTRIBUTORS CC |
B1997/030498/23 |
In Business |
15 Years 3 Months |
0 |
No |
|
|
HENQUE 2816 CC |
B2000/015599/23 |
In Business |
0 |
0 |
No |
|
|
AVOCA CHEMICALS CC |
B2000/062388/23 |
In Business |
0 |
0 |
No |
|
|
MM J OUTSOURCING CC |
B2004/020392/23 |
In Business |
8 Years 8 Months |
0 |
No |
|
|
A C SMITH (PTY) LTD |
M1961/000689/07 |
Conversion CO/CC or CC/CO |
51 Years 3 Months |
0 |
No |
|
|
PET CARE DISTRIBUTORS
AND EXPORTERS (PTY) LTD |
M1991/000426/07 |
Conversion CO/CC or CC/CO |
21 Years 9 Months |
0 |
No |
|
|
ROLF C HAGEN (S A) (PTY)LTD |
M1995/011678/07 |
In Business |
17 Years 5 Months |
0 |
No |
|
Principal's
Deeds Information - No information on record
Average Age of Previous Business 26 Years
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
LOT
15 BLOCK R DURBAN (PTY)LTD |
M1969/002391/07 |
In Liquidation |
43 Years 7 Months |
0 |
Yes |
|
|
TEGRO PROPERTY INVESTMENTS (PTY) LTD |
M1990/000921/07 |
Voluntary Liquidation |
22 Years 10 Months |
0 |
Yes |
|
|
NATURE PET (PTY)LTD |
M1999/010004/07 |
In Business |
13 Years 1 Months |
0 |
No |
|
Principal Previous
Business Interest
JOHN
VAN SCHOOR
|
Surname |
VAN SCHOOR |
|
First Name |
MICHAEL JOHN |
|
Other Names |
|
|
Marital Status |
Married |
|
ID Number |
5005265118004 |
|
Verified ID Number |
No |
|
Current Age |
62 |
|
Designation |
MEMBER |
|
Status |
Active |
|
Appointment Date |
1994/02/23 |
|
Physical Address (at time of Appointment) |
7 CYPRESS LANE, 5 SCHILDOR PARK, GLEN ANIL, 4051 |
|
Postal Address |
P 0 BOX 824, DURBAN, 4000 |
|
Current Tel Number |
0315694010 |
|
Cell number |
|
|
Shareholding/Membership |
33.33 % |
Principal
Current Business Interests
Average Age of Previous Business 15 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
S
A FELT CONVERTORS CC |
B1994/004937/23 |
In
Business |
18
Years 6 Months |
0 |
No |
|
|
AVOCA
CHEMICALS CC |
B2000/062388/23 |
In
Business |
0 |
0 |
No |
|
|
MM J OUTSOURCING
CC |
B2004/020392/23 |
In
Business |
8
Years 8 Months |
0 |
No |
|
Principal's
Deeds Information - No information on record
Principal Previous Business Interest
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.