MIRA INFORM REPORT

 

 

Report Date :

10.11.2012

 

IDENTIFICATION DETAILS

 

Name :

KUROPATWA BROTHERS (PTY)LTD

 

 

Registered Office :

3rd Floor Buitengracht Centre, 125 Buttengracht Street, Capetown, 8001

 

 

Country :

South Africa

 

 

Date of Incorporation :

14.12.1999

 

 

Com. Reg. No.:

M1999/027709/07

 

 

Legal Form :

Private Limited

 

 

LINE OF BUSINESS :

WHOLESALE TRADE IN PRECIOUS STONES, JEWELLERY AND SILVERWARE AND MANUFACTURE OF DIAMONDS.

 

 

No. of Employees :

Not Available

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. 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. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing 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

 

Subject Name

KUROPATWA BROTHERS (PTY)LTD

Country

South Africa

Enquiry Terms

COD

Account Review

Recommended Every 6 Months

Subject Contact Person

MR DANIEL JAMES KUROPATWA - Director

Assessment

This is an established business. On investigation we made contact with the subject and we were referred to the director MR DANIEL JAMES KUROPATWA who declined to assist with any information for the subject. MR. KUROPATWA requested to know the name of the principal enquirer as well as the reason of the enquiry before he may provide any information for the subject. Please see the available information for the subject below.

 

 

Company information

 

Registered Name

KUROPATWA BROTHERS (PTY)LTD

Trading as/ Division Name

KUROPATWA BROTHERS

Previous Name

HR DIAMONDS

Date of Name Change

Apr 26 2002 12:00AM

Registration Number

M1999/027709/07

Registration Date

1999/12/14

Date Commenced Trading

1999-12-14

Age of Business

12 Years 11 Months

History of Business

The subject started out as a new business in 1999 and had a name change in 2002.

History of Principals

There is currently 2 active directors within the company.

Shareholders/Members/Partners of subject and % holding

 

Authorised Share Capital

R0.00

Issued Share Capital/Members Contribution

R0.00

Status

In Business

Operations Assessment

Manufacture of Diamonds

Industry/ Customers

Diamond industry

Export

Yes

Export Countries

 

Import

 

Import Countries

 

Major Industry Code / SICC

61393

Definition of Code

Wholesale trade in precious stones, jewellery and silverware

Head Office Physical Address

3RD FLOOR BUITENGRACHT CENTRE, 125 BUTTENGRACHT STREET, CAPETOWN, 8001, SOUTH AFRICA

Head Office Postal Address

3RD FLOOR BUITENGRACHT CENTRE, 125 BUTTENGRACHT STREET, CAPETOWN, 8001, SOUTH AFRICA

Current Tel Number

0214225077

Cell Number

 

Current Fax Number

0214264133

Current Email Address

kuropatwabrothers@kuropatwabrothers.com

Web Site Address

 

Comments

 

 

 

Auditors information

 

Company Registered Name

LUTRIN AND ASSOCIATES

Trading Name

 

Registration Number

 

Physical Address

12 Trongola Cresent, EASTGATE EXT 17, SANDTON

Postal Address

PO BOX 37172, BIRNAM PARK, 2015

Contact Person

RODNEY

Contact Number

0114443590

Email

rodney@lutrin.co.za

Principals

1

Judgements Against Subject

 

Judgements Against Principals

 

Subject Verified as Client

Yes

Practice Number

963407

VAT Number

4880185782

Tax Number

 

BEE Status

 

Financial Year End

Febraury

No of years in Business

12

Website

 

Comment

 

 

Previous Auditors

 

Company Name

Phone Number

Time with previous auditors

Comment

LYTRIN AND PARTNERS

 

Unknown

 

 

 

Tax information

 

Vat Number

4930198256

Status

ACTIVE

Vat Liable Date

2002/01/25

Tax Number

9090005142

Tax Clearance Expire Date

 

Financial Year End

February

Comment

 

 

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record Work

Mans Information - No Information on Record

 

 

Company structure

 

Subsidiaries Information - No Information on Record Employees

Information - No Information on Record Company Fleet

Information - No Information on Record

 

 

Offices Information

- No Information on Record

 

 

Branch Information

- No Information on Record

 

 

Management Overview

 

Organisational Chart - No Information on Record

 

Company Structure Information - No Information on Record

Note: One level up and all levels down

 

Key Deals - No Information on Record

 

Trade References Information - No Information on Record

Principals

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

BusinessRescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

 

Bank

 

Bank information - No information on record

 

Bank code history – No information on record

 

Previous bank account – No information on record

 

Deeds information - No information on record

 

 

Principals

 

Number of Principals

2

Average Age of Active Principals

35

Active Principals

Principal - 1of 2

DANIEL JAMES KUROPATWA

Surname

KUROPATWA

First Name

DANIEL JAMES

Other Names

None

Marital Status

 

ID Number

7901100000000

Verified ID Number

No

Current Age

33

Designation

BUSINESSMAN

Status

Active

Appointment Date

2002/11/29

Physical Address (at time of Appointment)

16 HEERENGRACHT AVENUE, ROYLDENE, KIMBERLEY, 8301

Postal Address

P 0 BOX 2572, KIMBERLEY, 8300

Current Tel Number

0214225077

Cell number

0214264133

Shareholding/Membership

0.0000

 

Business Information forDANIEL JAMES KUROPATWA

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

KUROPATWA BROTHERS (PTY) LTD

M1999/027709/07

In Business

13 Years 1 Months

0

No

 


Principal Previous Business Interests

 

Principal's Deeds Information - No information on record      

 

Principal - 2of 2

OLIVER DAVID KUROPATWA

Surname

KUROPATWA

First Name

OLIVER DAVID

Other Names

None

Marital Status

 

ID Number

7401170000000

Verified ID Number

No

Current Age

38

Designation

BUSINESSMAN

Status

Active

Appointment Date

2002/11/29

Physical Address (at time of Appointment)

16 HEERENGRACHT AVENUE, ROYLDENE, KIMBERLEY, 8301

Postal Address

P 0 BOX 2572, KIMBERLEY, 8300

Current Tel Number

0214225077

Cell number

 

Shareholding/Membership

0.0000

 

Business Information forOLIVER DAVID KUROPATWA

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

KUROPATWA BROTHERS (PTY) LTD

M1999/027709/07

In Business

13 Years 1 Months

0

No

 

 

Principal Previous Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

LONGLANDS ALLUVIALS (PTY)LTD

M1999/027002/07

Deregistration Final

13 Years 1 Months

0

No

 

 

Principal's Deeds Information - No information on record

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

 

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.86.96

Euro

1

Rs.69.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.