MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	GEDORE TOOLS (SOUTH AFRICA) (PTY) LTD
Registered Office :	103 Qashana Khuzwayo Road (Shepstone Road), New Germany
Country :	South Africa
Date of Incorporation :	13.01.1965
Com. Reg. No.:	1965/000340/07
Legal Form :	Private Company
Line of Business :	Manufacturers and distributors of automotive hand tools such as spanners, ratchets, wrenches, screw drivers under the brand name GEDORE which is a very well respected local brand name reputed to be high quality tools with very high tensile strength and durability.
No. of Employees	+350

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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, unstable electricity supplies retard growth. 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, the state-run power company, 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

GEORGE TOOLS SA (PTY) LTD

PHYSICAL ADDRESS

103 Qashana Khuzwayo Road

(Shepstone Road)

NEW GERMANY

KwaZulu-Natal

POSTAL ADDRESS

P O Box 68

NEW GERMANY

3620

TELEPHONE NUMBER: +27 31 705 3587

On investigation it was established that the registered name of the subject is GEDORE TOOLS (SOUTH AFRICA) (PTY) LTD, which report should be consulted.

Note:-

(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by Officials of the subject):

COMPANY NAME

GEDORE TOOLS (SOUTH AFRICA)(PTY) LTD

PHYSICAL ADDRESS

103 Qashana Khuzwayo road

(Shepstone Road)

NEW GERMANY

KwaZulu-Natal

POSTAL ADDRESS

P O Box 68

NEW GERMANY

3620

TELEPHONE NUMBER: +27 31 705 3587

FAX NUMBER: +27 31 705 3277

SHAREHOLDERS

OMNITOOL GMBH (SWITZERLAND)

GEDORE VERVALTINGS GMBH (GERMANY)

ASSOCIATE COMPANIES

None

DIRECTORS

B F KUHNERT ID No. 6212115140084

H J SCHMITZ ID No. 5010025149109

K DOWIDAT D.O.B. 570315

BANKERS

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

DATE REGISTERED

13 January 1965

Registration Certificate Number: 1965/000340/07

The subject commenced trading as a new business in 1965

VAT NUMBER

4120104791

TAX NUMBER

9104007209

BEE STATUS

Level 7 contributor

MAJOR OPERATION

Manufacturers and distributors of automotive hand tools such as spanners, ratchets, wrenches, screw drivers under the brand name GEDORE which is a very well respected local brand name reputed to be high quality tools with very high tensile strength and durability.

MAJOR SUPPLIERS

The subject imports most of its supplies and deals locally with:

ARCELORMITTAL

MICRO COMPONENTS

STEEL BANK

KUEHNE & NAGEL

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retailers and distributors

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

African Countries, Europe, Australia and Brazil

TOTAL EMPLOYEES

±350

OTHER PREMISES

The subject has branches in Cape Town and Johannesburg

OWNED OR LEASED

The head office premises and the Cape Town premises are owned by the subject. The Johannesburg premises are leased.

AUTHORISED SHARE CAPITAL:

R1 000 divided into 1 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R100

FINANCIALS

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

AUDITORS

DELOITTE & TOUCHE

FINANCIAL YEAR END

DECEMBER

INSURANCE BROKERS

MARSH INSURANCE BROKERS

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. +20 years Open Declined 30 days 30 days Very Good

2.5%

2. 2000 Declined Declined 30 days 30 days Good

2.5%

3. April 2012 R1 000 000 R 100 000- 7 days 7 days Excellent

R 400 000

COMMENTS

This is an established and well-connected business meeting its commitments timeously.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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.