|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WESTSIDE DISTILLERS (PTY) LTD. |
|
|
|
|
Registered Office : |
Noland House, River Park, River Lane, Mowbray Cape Town 7700 P. o. Box
185 Steenberg7947 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
13.08.1998 |
|
|
|
|
Com. Reg. No.: |
1998/015801/07 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Dealers of alcoholic beverages and spirits |
|
|
|
|
No. of Employees : |
40 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 (31.03.2011) |
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 Unemployment remains high and outdated infrastructure has constrained growth.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
Registered Name: WESTSIDE DISTILLERS (PTY) LTD.
Requested Name: WESTSIDE
DISTILLERIES (PTY) LTD.
Trade Names: WESTSIDE
DISTILLERIES (PTY) LTD.
Physical Address: Honeywell Park, Corner Honeywell
and Evelyn Roads
Retreat7945
Registered Address: Noland House, River Park, River Lane, Mowbray
Cape Town 7700
Postal Address: P. o. Box 185
Steenberg7947
Country: South
Africa
Phone: 27-21-7022702
Fax: 27-21-7022828/7022182
Email: info@westside.co.za
Website: www.westsidedistillers.co.za
Financial Index as of December 2011 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 13/08/1998
Reg. Number: 1998/015801/07
Nominal Capital ZAR. 1,000
Subscribed Capital ZAR. 1,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Bill Walker Director
Mr. David R. Wylie Director
Mr. Robert Bester Manager
Mr. Michael Coote Engineer
Full Names BILL
WALKER
Status Active
Profession Director
Country of residence South
Africa
Full Names DAVID
R. WYLIE
Status Active
Profession Director
Country of residence South
Africa
Full Names ROBERT
BESTER
Status Active
Profession Manager
Country of residence South
Africa
Full Names MICHAEL
COOTE
Status Active
Profession Engineer
Country of residence South
Africa
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers of alcoholic beverages and spirits
Imports: Asia,
Middle East
Exports: Neighboring
countries
Trademarks: Various
Brands
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, stores, outlets etc
Employees: 40
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: South
Africa
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: South African Rand (ZAR.)
Approx. Ex. Rate: 1 US Dollar = 8.50 South African Rand
Fiscal Year End: December
31, 2011
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2011 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in ZAR.)
2011
Sales 60,000,000
Bank Name: First International Bank
Branch: South Africa
Comments: None
Experiences: Good
None
This information was obtained from outside sources other than the
subject company itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.