MIRA INFORM REPORT

 

 

Report Date :

27.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ILLUMINA (PTY) LTD

 

 

Registered Office :

57 Bofors Circle, Epping 2, Eppindust, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.03.1971

 

 

Com. Reg. No.:

1971/002441/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers, manufacturers and distributors of lamps and lighting. 

 

 

No. of Employees :

74

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces 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

 

 

COMPANY NAME

 

ILLUMINA (PTY) LTD

 

 

PHYSICAL ADDRESS

 

57 Bofors Circle

Epping 2

Eppindust

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 31

Eppindust

7475

 

TELEPHONE NUMBER:              +27 21 534 3636

FAX NUMBER:                           +27 21 534 3802

 

 

SHAREHOLDERS

 

MAJORITY        A A NEWMAN

MINORITY         MRS A NEWMAN (wife)

 

 

ASSOCIATE COMPANIES

 

The shareholders are stated to be involved in approximately 6 other family trusts and companies which are mainly property owning businesses, but there are no further trading companies.

 

 

DIRECTORS

 

·         A A NEWMAN                                             DOB 290718

MRS A NEWMAN                                         DOB 320322

 

BANKERS

 

STANDARD BANK, Parow Branch, Branch Number: 031110, Account Number: 271503742.  It was stated that the subject does not require overdraft facilities as normally credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

1 March 1971

Registration Certificate Number:  1971/002441/07

 

It was stated that the subject commenced operations in 1971 after having purchased assets out of a liquidated company.

 

 

VAT NUMBER    

 

4010102228

 

 

TAX NUMBER

 

9390174036

 

 

BEE STATUS      

 

Level 3 contributor

 

 

MAJOR OPERATION

 

Importers, manufacturers and distributors of lamps and lighting.  They sell their own range of lighting under the name ILLUMINA (brand name).

 

 

MAJOR SUPPLIERS

 

The subject imports substantially and buys locally from:

 

BOXES FOR AFRICA Cape Town

APEX Johannesburg

SKYNET Cape Town

ROBOR STEEL Cape Town

TECHNIPAINT Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

All retail lighting shops and chain stores and the subject sells to refurbishers of buildings, hotels, etc.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Cape Town, Eastern Cape, Johannesburg and KwaZulu-Natal

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

74

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The subject is situated on premises of 8 400m² of factory and warehouse which building is owned by NEWMANS FAMILY TRUST and valued in the region of R34 000 000 free of bond.

 

 

ISSUED SHARE CAPITAL

 

R100

FINANCIALS

 

The following estimated financial situation was submitted as at 20 November 2013:

 

STOCK                                                                                                         R6 800 000

DEBTORS                                                                                R1 600 000 – R1 800 000

CREDITORS                                                                                                    R220 000

TURNOVER per annum – declined as confidential but would be several millions of rands.    

 

 

AUDITORS    

 

MGI BASS GORDON GHF CAPE TOWN

 

FINANCIAL YEAR END  

 

FEBRUARY

 

INSURANCE BROKERS

 

ROSENS INSURANCE BROKERS CAPE

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                           PATTERN

 

1.    10 years       R80 000         ±R50 000        30 days     30 days        Excellent              

2.    Do not give trade references

 

3.    Do not give trade references

 

4.    Aug 1995      Declined        Declined          30 days       30 days        Excellent

 

 

COMMENTS

 

This is a very well-established company that is meeting its commitments timeously and is highly regarded by its suppliers.  The shareholders advanced age should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.45

UK Pound

1

Rs.100.86

Euro

1

Rs.84.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.