MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
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.: |
M1982/000009/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Buying and Selling of Jewellery |
|
|
|
|
No. of Employees : |
10 employees |
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 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 Unemployment remains high and outdated infrastructure has constrained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 |
|
Subject
Name |
UNITY
DIAMOND DISTRIBUTORS (PTY)LTD |
|
Country |
South
Africa |
|
Subject
Contact Person |
MRS.
HAZEL GOLDSTEIN - Accountant |
|
Assessment |
This is
a well-established business. On investigation we made contact with the
subject and we were referred to the accountant MRS. HAZEL GOLDSTEIN who assisted
with most of the information on the subject. However
MRS. GOLDSTEIN declined to assist with the financial information for the
subject. The
subject is meeting commitments timeously with their suppliers. We are
awaiting a bank code for R 500 000 over a period of 30 Days. Please
see the available information for the subject below. |
|
Registered
Name |
UNITY
DIAMOND DISTRIBUTORS (PTY)LTD |
|
Trading
as/ Division Name |
UNITY
DIAMOND DISTRIBUTORS |
|
Registration
Number |
M1982/000009/07 |
|
Registration
Date |
1982/01/04 |
|
Date
Commenced Trading |
1982-01-04 |
|
Age
of Business |
30
Years 9 Months |
|
History
of Business |
The subject was
established as a new business in 1982. |
|
History
of Principals |
There
are two active directors within the company. |
|
Shareholders/Members/Partners
of subject and % holding |
90
% - BERNARD SHER, 10 % - MARTIN GERSCHLOWITZ |
|
Authorised
Share Capital |
R0.00 |
|
Issued
Share Capital/Members Contribution |
R0.00 |
|
Status |
In
Business |
|
Operations
Assessment |
Buying
and Selling of Jewellery |
|
Industry/
Customers |
ALL
MAJOR JEWELLERS |
|
Export |
Yes |
|
Major
Industry Code / SICC |
61393 |
|
Head
Office Physical Address |
27
Ridge Road 209, 2nd Floor East Tower, PARKTOWN, JOHANNESBURG |
|
Head
Office Postal Address |
P
O BOX 2940, PARKLANDS, 2121 |
|
Current
Tel Number |
011
4842594 |
|
Current
Fax Number |
011
4843219 |
|
Current
Email Address |
|
Company
Registered Name |
BG
ASSOCIATES CC |
|
Trading
Name |
BG
ASSOCIATES |
|
Registration
Number |
B2009/112872/23 |
|
Physical
Address |
FISRT
FLOOR, 7 QUEENS SQAURE, COMER CROSS ROADS, GLENHAZEL, 2192 |
|
Postal
Address |
P
0 BOX 1900, HIGHLANDS NORTH, 2037 |
|
Contact
Person |
BRIAN |
|
Contact
Number |
0114403382 |
|
Email |
|
|
Principals |
1 |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
20044440 |
|
Tax
Number |
9071070198 |
|
Financial
Year End |
February |
|
No
of years in Business |
3
Years |
Previous auditors
|
Company Name |
Phone Number |
Time with previous
auditors |
Comment |
|
GRUZD ZETS AND CO |
|
31 |
|
|
Vat
Number |
4550121067 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
1991/09/30 |
|
Tax
Number |
9629145849 |
|
Financial
Year End |
February |
Black Economic Empowerment Information - No
Information on Record
ISO Information - No Information on Record
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Subsidiaries Information - No Information on Record
|
Employees |
|
|
Number
of Employees |
10 |
|
1.
Salaried employees |
10 |
|
2.
Waged employees |
|
|
3.
Permanent employees |
10 |
Company Fleet Information - No Information on Record
Offices
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Type
of Premises |
Offices |
|
Comment |
The
subject has leased the premises for a period of 20 years. |
Branch Information - No Information on Record
Organisational Chart – no information on
Company Structure (Ownership)
Note: One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
90% |
BERNARD SHER |
|
|
|
10% |
MARTIN
GERSCHLOWITZ |
|
|
Key Deals - No Information on Record
|
Trade Reference
nr |
Supplier |
Contact |
Surety Value |
Notarial
Bonds |
Comment |
|
1 |
DAWN WOLF
DAIMONDS |
0114843548 |
|
|
|
|
2 |
ERNEST BLOM
DIAMONDS |
0113343091 |
|
|
|
|
3 |
GUESS DIAMONDS |
0113347220 |
|
|
|
|
Nr |
Age
of Acc |
Credit Limit |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
25 Years |
|
R 400000 |
15
Days |
R 20000 |
15 Days |
Excellent |
|
2 |
16 Years |
|
R180000 |
C.O.D |
R150000 |
C.O.D |
Very Good |
|
3 |
20 Years |
|
R 500000 |
30
Days |
R 300000 |
30 Days |
Very Good |
Judgements - No information on record
Business Rescue - No Information on Record
Default Listing - No information on record
Notarial Bonds - No information on record
|
Bank |
STANDARD
BANK |
|
Branch |
SAAAL
STREET |
|
Bank
Account Number |
001367331 |
|
Type
of Account |
Current |
|
Account
Name |
UNITY
DIAMONDS DISTRIBUTORS(PTY)LTD |
|
Overdraft
Facilities |
None |
Bank Code History - No Information on Record
Previous Bank Account Information - No
Information on Record
Deeds Information - No information on record
|
Number
of Principals |
2 |
|
Average
Age of Active Principals |
50 |
|
Active
Principals Principal - 1of 2 MARTIN GERSCHLOWITZ |
|
|
Surname |
GERSCHLOWITZ |
|
First
Name |
MARTIN |
|
Other
Names |
None |
|
Marital
Status |
Married |
|
ID
Number |
7208175204082 |
|
Verified
ID Number |
Yes |
|
Current
Age |
40 |
|
Designation |
SALESMAN |
|
Status |
Active |
|
Appointment
Date |
2001/12/13 |
|
Physical
Address (at time of Appointment) |
11
BRUCE STREET, WAVERLY, 2090 |
|
Postal
Address |
P
0 BOX 2940, PARKLANDS, 2121 |
|
Current
Tel Number |
0114405522 |
|
Cell
number |
0824126345 |
|
Shareholding/Membership |
10% |
Principal's Adverse - No information on record
Business Information for MARTIN GERSCHLOWITZ
Principal Current Business Interests
|
Company
Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
UNITY DIAMOND DISTRIBUTORS (PTY) LTD |
M1982/000009/07 |
In Business |
30 Years 6 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 8
years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
UNIT
D14 BURNSIDE MEWS CC |
B1997/032435/23 |
Deregistration
Final |
15
Years 3 Months |
0 |
No |
|
|
VOYAGER
DIAMONDS (PTY) LTD |
M2006/037326/07 |
Deregistration
Final |
6 Years 6 Months |
0 |
No |
|
|
LITTLE STARS
EARLY INTERVENTION CENTRE |
M2007/021599/08 |
In
Business |
5 Years 5 Months |
0 |
No |
|
Principal's
Deeds Information - No information on record
Principal - 2of 2 BERNARD BRIAN SHER
|
Surname |
SHER |
|
First
Name |
BERNARD
BRIAN |
|
Other
Names |
None |
|
Marital
Status |
Married |
|
ID
Number |
5110235032002 |
|
Verified
ID Number |
Yes |
|
Current
Age |
61 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment
Date |
1982/04/01 |
|
Physical
Address (at time of Appointment) |
3
CORBEL CRESCENT, GLENHAZEL, JOHANNESBURG, 2192 |
|
Postal
Address |
5044 DIAMANT
CENTRUM 2, 21 QUARTZ STREET, 21 QUARTZ STREET, JOHANNESBURG, 2001 |
|
Current
Tel Number |
011
4842594 |
|
Shareholding/Membership |
90% |
Principal's Adverse - No information on record
Business Information for BERNARD BRIAN SHER
Principal Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
LEESHER
CC |
2004/059380/23 |
In Business |
8 Years 8 Months |
0 |
No |
|
|
UNITY
DIAMOND DISTRIBUTORS (PTY) LTD |
M1982/000009/07 |
In Business |
30
Years 6 Months |
0 |
No |
|
|
CENTURY-ONE
INVESTMENT HOLDING (PTY)LTD |
M2003/022177/07 |
In Business |
9 Years 9 Months |
0 |
No |
|
|
LEESHER CRESCENT (PTY) LTD |
M2005/020933/07 |
In Business |
7 Years 7 Months |
0 |
No |
|
|
LEESHER AVENUE
(PTY) LTD |
M2005/022566/07 |
In Business |
7 Years 7 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 12
years
|
Company Name |
Registration No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
MUTUAL
RISK SOLUTIONS (PTY)LTD |
2006/023092/07 |
Deregistration
Final |
6
Years 6 Months |
0 |
No |
|
|
ROBEDA MANUFACTURING
JEWELLERS CC |
B1990/004252/23 |
Deregistration
Final |
22
Years 10 Months |
0 |
No |
|
|
SOUNDPROPS
1286 CC |
B1993/007290/23 |
Deregistration
Final |
19
Years 7 Months |
0 |
No |
|
|
SOUNDPROPS
1287 CC |
B1993/007291/23 |
Deregistration
Final |
19
Years 7 Months |
0 |
No |
|
|
BRUMA CLUSTERS
(PTY) LTD |
M1993/001650/07 |
Deregistration
Final |
19
Years 7 Months |
0 |
No |
|
|
PROSPERITY GROUP
(PTY) LTD |
M2001/020633/07 |
In
Business |
11
Years 11 Months |
0 |
No |
|
|
BRENTWOOD
CONSULTING (PTY) LTD |
M2002/003147/07 |
In
Business |
10
Years 10 Months |
0 |
No |
|
|
CLAIMS
CUBED (PTY) LTD |
M2003/010293/07 |
Deregistration
Final |
9
Years 9 Months |
0 |
No |
|
|
DEBT
CLINIC (PTY)LTD |
M2005/044378/07 |
In
Business |
7
Years 7 Months |
0 |
No |
|
|
VOYAGER
DIAMONDS (PTY) LTD |
M2006/037326/07 |
Deregistration
Final |
6
Years 6 Months |
0 |
No |
|
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.52.96 |
|
UK Pound |
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.