MIRA INFORM REPORT

 

 

Report Date :

12.05.2011

 

IDENTIFICATION DETAILS

 

Name :

UNITY DIAMOND DISTRIBUTORS (PTY) LTD

 

 

Registered Office :

27 Ridge Road 209 2nd Floor East Tower Parktown Johannesburg

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.01.1982

 

 

Com. Reg. No.:

1982/000009/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Import and sale of polished diamonds

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

UNITY DIAMOND DISTRIBUTORS (PTY) LTD

 

 

Address

 

PHYSICAL ADDRESS: 

27 Ridge Road

209 2nd Floor

East Tower

PARKTOWN

Johannesburg

Gauteng

 

POSTAL ADDRESS:    

P O Box 2940

PARKLANDS

2121

 

TELEPHONE NUMBER: 011 484 2594

 

FAX NUMBER:  011 484 3219

 

 

SHAREHOLDERS

 

M GERSCHLOWITZ

B B SHER

 

 

ASSOCIATE COMPANIES

 

None

 

DIRECTORS

 

M GERSCHLOWITZ                   ID No. 7208175204082

B B SHER                                 ID No. 5110235032002

 

BANKERS

 

STANDARD BANK Smal Street Branch. Further information regarding banking facilities was not forthcoming from the respondent.

 

 

DATE REGISTERED

 

4 January 1982

Registration Certificate Number: 1982/000009/07

                                               

 

VAT NUMBER    

 

4550121067

 

 

TAX NUMBER    

 

9629145849

 

 

MAJOR OPERATION

 

Import and sale of polished diamonds

 

 

MAJOR SUPPLIERS

 

The subject imports the diamonds from overseas dealing with local clearing agent RAM INTERNATIONAL (also known as RAM COURIERS).

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Jewellery traders

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

10

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

GRUZD ZETS & COMPANY (Tel No. 011 442 3010)

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ASSOCIATED INSURANCE BROKERS

 

 

TRADE REFERENCES – MARCH 2009

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.a        +1998               open limit          R     30 000 -     30 days             30 days             Good

                                                            R     40 000       (domestic)

 

1.b                                undisclosed       R2 000 000 -      current              current

                                    R6 000 000                                (international)

 

 

TRADE REFERENCES – JANUARY 2010

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.a        1998                 declined            figures               35 days             35 days             Good

 

1.b        1998                 undisclosed       R   100 000-      current              current              Very Good

                                                            R6 000 000       

 

                                                                                               

TRADE REFERENCES – OCTOBER 2010

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         8 – 9 years        R50 000+          R50 000            30 days             30 days             Very Good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1998                 declined            declined            30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established company that is not a general credit seeker locally.  The subject is considered equal to its normal business engagements on a secured basis.  The lack of financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.69

UK Pound

1

Rs.73.12

Euro

1

Rs.64.39

 

 

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.