MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

NEXUS DISTRIBUTORS CC

 

 

Registered Office :

Unit 4A-5A Glen Murray Industrial Park, 13 Moreland Drive, Durban, Kwazulu-Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.02.2010

 

 

Com. Reg. No.:

2010/016950/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Importer and Distributors of Food Commodities

 

 

No. of Employees :

7

 

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 – 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

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 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

COMPANY NAME

 

NEXUS DISTRIBUTORS CC

 

 

Company Address

 

PHYSICAL ADDRESS:

Unit 4A - 5A, Glen Murray Industrial Park 13 Moreland Drive DURBAN KwaZulu-Natal

 

POSTAL ADDRESS:

Unit 4A - 5A, Glen Marais Industrial Park 13 Moreland Drive DURBAN 4001

 

TELEPHONE NUMBER: +27 31 569 6644

 

FAX NUMBER: +27 31 569 6588

 

 

MEMBERS

 

50%      A PATEL                       ID No. 7109015127089

 

50%      P CHAUREY                 Ppt No. Z1596758

 

 

ASSOCIATE COMPANIES

 

A PATEL is involved in JAP COMMODITIES CC (Registration Certificate Number: 2008/114547/23)

 

 

BANKERS

 

FIRST NATIONAL BANK, Gateway Branch. It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

10 February 2010

Registration Certificate Number: 2010/016950/23

 

The subject commenced trading in 2010

 

 

VAT NUMBER

 

4150255380

 

 

TAX NUMBER

 

9086170181

 

 

BEE STATUS

 

Level 5 contributor

 

 

MAJOR OPERATION

 

Importers and distributors of food commodities

 

 

MAJOR SUPPLIERS

 

The subject imports 95% of its supplies through: JAS FORWARDING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

KwaZulu-Natal

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

7

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED  

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at October 2013 :


STOCK                                     R 4 000 000 - R 5 000 000

DEBTORS                                R 3 000 000

CREDITORS                             R 1 000 000

TURNOVER per annum              R15 000 000

 

 

AUDITORS

 

BRUCE SUTCLIFFE

 

 

FINANCIAL YEAR END

 

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MARINE INSURANCE BROKERS

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1.  1 year          R 100 000         R 100 000-        15 days            15 days            Good

R 200 000

 

 

COMMENTS

 

This is an established business meeting its local commitment timeously.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.