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Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
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Name : |
BOLTFIX (PTY) LTD |
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Registered Office : |
Unit 15 103 Escom Road New Germany
KwaZulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
08.09.1989 |
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Com. Reg. No.: |
1989/005309/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesaling and
retailing of mainly hardware as well as industrial fasteners |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
BOLTFIX
(PTY) LTD
Unit 15
103 Escom Road
NEW GERMANY
KwaZulu-Natal
P O Box 206
NEW GERMANY
3610
+27 31 713 9800
+27 31 705 3956
It was stated that the subject moved from premises at Unit 14, Pine
Industrial Park, 16 Pineside Road, New Germany in 2009.
100% N D WATSON
The shareholding changed in approximately 2007, and was formerly 70% N
D WATSON, 10%, K P RABIE, 10%, L
WRIGHT and 10%, C I MUNRO
Formerly 47% N D WATSON, 47% H W ADAMS, 3% K P RABIE and
3% L WRIGHT, having been changed in August 2005.
None
N D WATSON ID
No. 6412055135082
J K KING (Financial) ID
No. 6611225134087
NEDBANK Business Branch KwaZulu-Natal, Durban, account number
1648158382. It was stated that the subject does not require overdraft
facilities as credit balances are normally maintained at the bank.
08 September 1989
Registration Certificate Number: 1989/005309/07
4460106505
9027159202
The wholesaling and retailing of mainly hardware as well as industrial
fasteners
IMPSON FREIGHT
PFERD ABRASIVES
METABO POWER TOOLS (small account)
NATIONAL SOCKET SCREWS Johannesburg
CBC FASTENERS Johannesburg
Retailers, hardware stores, builders and the public
Mainly KwaZulu-Natal, Johannesburg and Bloemfontein
None
±60
It was stated that the subject has 2 branches in Johannesburg,1 in
Bloemfontein and 1 in Durban.
The premises are reported to be leased
R100
The following estimated financial situation was submitted as at
November 2013:
STOCK ±R 25 000 000
DEBTORS ±R 21 000 000
FIXED ASSETS ±R 1 700 000
CREDITORS ±R 2 400 000
SHAREHOLDERS LOANS R 1 000 000
TURNOVER per annum R103 000
000
WILDNER & CO +27 31 765 3111
FEBRUARY
D SCHOEMAN AND ASSOCIATES Pietermaritzburg
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1990 R200 000 R100 000 30 days 30
days Good
2. 17 Years R20 000 R20
000 30 days 30 days Excellent
3. 10 Years R60 000 R20
000 60 days 60 days Good
4. 4 Years R450 000 R200 000 90 days 90
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED
CREDIT CREDIT PATTERN
1. 2003 R45 000 R15 000- 30 days 30
days Very Good
R22 000
2. +10 Years R450 000 R100 000- 90 days 90
days Very Good
c/l R200 000
3. 2004 R500 000 R200 000- 30 days 30
days Very Good
R300 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED
CREDIT CREDIT PATTERN
1. Feb
1990 R420 000 R70 000 30 days 30 days Excellent
c/l
2. Old declined declined 60 days 60 days Very
Good
3. 5
Years + R60 000 R18 000- 30 days 30 days Very Good
c/l R45 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +6 Years R3 000 000 R1 500 000- 30 days 30 days Excellent
R2 000 000
2. 5 Years R 60 000 R 5 000 30 days 30 days Good
3. Do not give trade references
4. May 2004 R 400 000 R 67 000 30 days 30 days Good
5. 2004 R 500 000 R 100 000- 30 days 30 days Excellent
R 200 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Unable to obtain trade reference
3. 2004 R150 000 ±R25 000 30 days 30 days Good
CGIC
4. 1996 R150 000 R 6 000- 30 days 30 days Good
INSURED:COFACE R10 000 Less 2.5%
This is an established company meeting commitments timeously. The subject is spoken of very highly by its suppliers and is considered as equal to a maximum figure of €150 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<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.