MIRA INFORM REPORT

 

 

Report Date :

01.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RANDOM HOUSE STRUIK (PTY) LTD

 

 

Formerly Known As :

RANDOM HOUSE (PTY) LTD

 

 

Registered Office :

1ST Floor  Wembley Square  Solan Road  Gardens  Cape Town  Western Cape P O Box 1144  Cape Town  8000

 

 

Country :

South Africa

 

 

Date of Incorporation :

22.04.1966

 

 

Com. Reg. No.:

1966/003153/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importing and distribution of fiction books from overseas

 

 

No. of Employees :

75

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

RANDOM HOUSE STRUIK (PTY) LTD

 

 

Formerly

 

RANDOM HOUSE (PTY) LTD, the name having changed on 2 September 2008.

 

 

PHYSICAL ADDRESS

 

1ST Floor

Wembley Square

Solan Road

GARDENS

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 1144

CAPE TOWN

8000

 

 

TELEPHONE NUMBER

 

+27 21 460 5400

 

 

FAX NUMBER

 

+27 21 461 1653

 

 

SHAREHOLDERS

 

50,1% NEW HOLLAND PUBLISHING SA (PTY) LTD

49,9% RANDOM HOUSE GROUP LTD of London

 

 

ASSOCIATE COMPANIES

 

There are reported to be a number of international companies associated to the shareholding companies.

 

 

DIRECTORS

 

T BRUMMER ID No. 6209225057083

S CONNOLLY ID No. 5904305793182

B J DAVIES D.O.B. 501001

S LITTLEWOOD D.O.B. 560318

 

 

BANKERS

 

STANDARD BANK, Parktown Branch (000355). The subject is managed by a cash management scheme controlled by the holding company. RANDOM HOUSE STRUIK (PTY) LTD Page 2 of 4

 

 

DATE REGISTERED

 

22 April 1966

Registration Certificate Number: 1966/003153/07

The subject recently took over the assets and operations of a company named STRUIK PUBLISHERS, a division of NEW HOLLAND PUBLISHING SA (PTY) LTD, with effect from 2 September 2008.

 

 

VAT NUMBER

 

4180101505

 

 

TAX NUMBER

 

 9116107849

 

 

BEE STATUS

 

Level 4 contributor


 

MAJOR OPERATION

 

Promotion and publishing of mainly non-fiction English and Afrikaans books and the importing and distribution of fiction books from overseas

 

 

MAJOR SUPPLIERS

 

HIRT AND CARTER

CTP

EWC EXPRESS

PREMIER FREIGHT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Southern Africa

 

 

TOTAL EMPLOYEES

 

75

 

 

OTHER PREMISES

 

4 Biermann Avenue, Rosebank 2196 in South Africa

The subject has agents in East Africa, America, UK, Australia, New Zealand and a branch in Johannesburg

 

 

OWNED OR LEASED

 

Leased

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject. However, it was stated that the annual turnover is approximately R150 000 000.

 

 

AUDITORS

 

DELOITTES

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

MARSH INSURANCE BROKERS RANDOM HOUSE STRUIK (PTY) LTD

 

 

TRADE REFERENCES – OCTOBER 2008

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT            PATTERN

1. Old acc         R1 000 000        R300 000-         30 days            30 days            Very good

R400 000

2. Old acc         R200 000          R200 000          declined            declined            Good

3. Old acc         COD basis                                                                                Good

4. Do not give trade references

 

 

TRADE REFERENCES – MAY 2012

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT            PATTERN

1. Old               undisclosed      R100 000-         90 days            90 days            Very Good

R150 000

2. Old               R1 000 000        R300 000-         30 days            30 days            Very Good

c/l                     R500 000

3. 1991             R2 000 000        R800 000          7 days              7 days              Good

c/l

 

 

TRADE REFERENCES – NOVEMBER 2012

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT            PATTERN

1. +12 Years     R1 500 000        R150 000-         90 days            90 days            Very Good

R150 000         

2. Old               Undisclosed      R750 000-         30 days            30 days            Excellent

R1 500 000

3. Do not give trade reference

4. Associated company

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT            PATTERN

 

1. 2008             R1 000 000        R150 000-         90 days            90 days            Very good

R400 000

2. +2005           Open Acc         R600 000-        30 days            30 days            Excellent

R700 000

3. Do not give trade references

 

 

COMMENTS

 

This is an established and well connected company which acquired the assets and operations of a division of a well-established company. The subject is meeting its commitments timeously and is considered equal to US$500 000 over 30 days as a maximum.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.78

UK Pound

1

Rs.101.42

Euro

1

Rs.84.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.