MIRA INFORM REPORT

 

 

Report Date :

29.10.2014

 

IDENTIFICATION DETAILS

 

Name :

TRIDENT SADDLERY (PTY) LTD

 

 

Formerly Known As :

H I MERWITZ (PTY) LTD

 

 

Registered Office :

15 Hulbert Street New Centre Johannesburg Gauteng P O Box 74343 Turfontein 2001

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.08.1965

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers of saddles and wholesaling and retailing thereof.

 

 

No. of Employees :

60

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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 and address

 

TRIDENT SADDLERY (PTY) LTD

 

Formerly H I MERWITZ (PTY) LTD, the name having been changed on 21 September 2009.

 

 

PHYSICAL ADDRESS

 

15 Hulbert Street

New Centre

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 74343

TURFONTEIN

2001

 

 

TELEPHONE NUMBER   

 

011 493 8514

 

 

FAX NUMBER     

 

011 493 0118

 

 

SHAREHOLDERS     

 

100%    H I MERWITZ

 

 

ASSOCIATE COMPANIES    

 

None

 

 

DIRECTORS

 

H I MERWITZ                ID No.   3709245018000

N SHABANGU               ID No.   5801016172088

 

 

BANKERS

 

STANDARD BANK, Carlton Centre branch, Johannesburg.  It was stated that the subject enjoys overdraft facilities to an extent of R2 000 000 secured by a cession of debtors.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

10 August 1965

Registration Certificate Number: 1965/006811/07

 

 

VAT NUMBER    

 

4490117944

 

 

TAX NUMBER

 

9020625878

 

TRIDENT SADDLERY (PTY) LTD                                                           

 

 

MAJOR OPERATION

 

Manufacturers of saddles and wholesaling and retailing thereof.

 

 

MAJOR SUPPLIERS

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Stores and public

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Africa

 

 

TOTAL EMPLOYEES:                60

 

OTHER PREMISES:                  It was stated that the subject has a branch in Bloemfontein

 

OWNED OR LEASED:               The premises are reported to be leased.

 

 

ISSUED SHARE CAPITAL    

 

R100

 

The following estimated financial situation was submitted as at 21 October 2014:

 

STOCK R3 000 000 –     R  4 000 000

DEBTORS                     R  2 000 000

FIXED ASSETS             R  1 000 000

CREDITORS                  R  1 200 000

OVERDRAFT                fluctuates

LONG TERM LIABILITIES           none

TURNOVER per annum  R20 000 000

 

 

AUDITORS    

 

OCTAGON, Johannesburg (Tel. 011 531 7300)

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERs 

 

PROTECTA

 

 

TRADE REFERENCES – MARCH 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old               R  50 000       R  50 000        30 days    30 days        Very Good

 

2.    2006             R  20 000       R  10 000-       30 days    30 days        Good

                          c/l                 R  18 000

 

3.    Jan 2007       R200 000       R100 000-       30 days    30 days        Good

                          c/l                 R200 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                           PATTERN

 

1.    Old               Declined        R 40 000-     30/45 days  30/45 days    Good

                                               R100 000                        

2.    Old               R1 000 000    R  30 000        30 days     30 days        Very Good

 

3.    2006             R    20 000     R    6 000        30 days     30 days        Very Good

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Leather        

                         

2.    Shipper        

 

3.    Courier        

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to its normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.25

UK Pound

1

Rs.98.93

Euro

1

Rs.77.92

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.