MIRA INFORM REPORT

 

 

Report Date :

04.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SKILLCRAFT AGENCIES (PTY) LTD

 

 

Registered Office :

95 Turffontein Road  Johannesburg  Gauteng P O Box 74212  Turffontein  2140

 

 

Country :

South Africa

 

 

Financials (as on) :

October 2013

 

 

Date of Incorporation :

04.12.1991

 

 

Com. Reg. No.:

1991/006973/07

 

 

Legal Form :

Private company

 

 

Line of Business :

Wholesalers of tools, general hardware, security, products and household fittings

 

 

No. of Employees :

90

 

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 :

Regular

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

 

SKILLCRAFT AGENCIES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

95 Turffontein Road  JOHANNESBURG  Gauteng

 

 

POSTAL ADDRESS

 

P O Box 74212  TURFFONTEIN  2140

 

 

TELEPHONE NUMBER

 

+27 11 683 8237

 

 

FAX NUMBER

 

+27 11 434 1619

 

 

SHAREHOLDERS

 

55% K G ANGELOS

45% P L ROODT

5% P E BERNSTEIN

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

K G ANGELOS ID No. 4210125017104

P L ROODT ID No. 4606125079004

G HANSJEE ID No. 4912075576084

 

BANKERS

 

NEDBANK, Corporate Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders. Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

4 December 1991

Registration Certificate Number: 1991/006973/07

 

 

VAT NUMBER

 

4210130342

 

 

TAX NUMBER

 

9180093651 SKILLCRAFT AGENCIES (PTY) LTD Page 2 of 3

 

 

MAJOR OPERATION

 

Wholesalers of tools, general hardware, security, products and household fittings. Some of the brands being INGCO, YALE, MAXPOWER, ECLIPSE, etc.

 

 

MAJOR SUPPLIERS

 

The subject imports and deals locally with:

ASSA ABBLOY Johannesburg

GEDORE Durban

PRO LOGISTICS Johannesburg

STANLEY WORKS Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Building industry and general public

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

90

 

 

OTHER PREMISES

 

The subject has branches in Cape Town and Durban

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at October 2013:

STOCK R 30 000 000

DEBTORS R 16 000 000

FIXED ASSETS R 1 000 000

CREDITORS R 6 000 000

LOANS Nil

TURNOVER per annum R100 000 000

 

 

AUDITORS

 

PWC

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

GENESIS INSURANCE BROKERS

 

TRADE REFERENCES – SEPTEMBER 2007

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                                            PATTERN

1. 1998             R 800 000         R400 000          30 days             30 days             Very Good

2.5%

2. 10 years        open                 R 10 000-          30 days             30 days             Very Good

R500 000

3. 10 years        R1 800 000        R600 000-         30 days             30 days             Very Good

R800 000

 

 

TRADE REFERENCES – FEBRUARY 2008

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                                            PATTERN

1. 10 years        Open                R600 000          30 days             30 days             Very Good

2. 1998             Declined            R400 000          30 days            30 days             Very Good

2.5%

3. Old acc         Declined            Declined            30 days            30 days             Very Good

 

 

TRADE REFERENCES – MAY 2009

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                                            PATTERN

1. +10 years      R1 000 000       ±R500 000         30 days            30 days             Excellent

c/l

2. 1998            Undisclosed      ±R567 000         30 days             30 days             Very Good

(Credit Guarantee)                      2.5% 2.5%

3. 10 years        Open acc          R100 000-         30 days             30 days             Good

R700 000

4. Do not give trade references

 

CURRENT TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                                            PATTERN

1. 12 years        Open                R 3 000-            30 days             30 days             Very Good

R 600 000

2. 1998             Declined            R 800 000         30 days             30 days             Excellent

3. 25 years        R1 300 000        R415 000          30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established business meeting its commitments timeously. The subject is considered equal to a maximum amount of £200 000 over 30 days.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.100.44

Euro

1

Rs.84.24

 

 

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.