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Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DUNLOP INDUSTRIAL PRODUCTS (PTY) LTD |
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Formerly Known As : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
23.02.2001 |
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Com. Reg. No.: |
2001/004023/07 |
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Legal Form : |
Private Company |
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Line of Business : |
subject is an investment holding company for a group of companies which are involved in manufacturing of rubber components, conveyor belts, industrial hoses and automotive products. |
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No. of Employees |
900 (group) |
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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Maximum Credit Limit : |
€ 500 000
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. State power supplier 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.
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Source : CIA |
Note:
(The information contained in this report, other than statutory data and comment by outside authorities, been voluntarily supplied by officials of the subject):
DUNLOP INDUSTRIAL PRODUCTS (PTY) LTD
Formerly: MAIN STREET 64 (PTY) LTD, the name having been changed on 19 April 2002.
Induna Mills Road
Howick
KwaZulu-Natal
P O Box 29
Howick
3290
TELEPHONE NUMBER: +27 33 239 7200
FAX NUMBER: +27 33 239 3388
The address of 20-24 Lincoln Road, Newstadt Industrial Sites, Benoni is reported to be that of a subsidiary of the subject namely DUNLOP BELTING PRODUCTS (PTY) LTD (+27 11 741 2500).
100% REMA TIP TOP AFRICA (PTY) LTD
The shareholding changed in August 2011 and was previously:
60% THE CLYDE TRUST
40% IMBANI RUBBER (PTY) LTD
The shareholding changed and was previously 75% THE CLYDE TRUST and 25% IMBANI RUBBER (PTY) LTD.
The shareholding was formerly 25% VENBRIDGE INVESTMENTS (PTY) LTD, having changed in October 2006
Companies within REMA TIP TOP AFRICA (PTY) LTD group.
DUNLOP BELTING PRODUCTS (PTY) LTD (100%)
(Registration Certificate Number: 2002/023462/07)
DUNLOP RUBBER MOULDINGS (PTY) LTD (100%)
(Registration Certificate Number: 2002/023452/07)
DUNLOP AUTOMOTIVE PRODUCTS (PTY) LTD (100%)
(Registration Certificate Number: 2002/023707/07), dormant, the assets and operations
were incorporated into DUNLOP RUBBER MOULDINGS (PTY) LTD
DUNLOP MIXING & TECHNICAL SERVICES (PTY) LTD (100%)
(Registration Certificate Number: 2002/024032/07)
DUNLOP INDUSTRIAL HOSE (PTY) LTD
(Registration Certificate Number: 2002/023401/07)
T WACH Ppt No. C486RNLG3
H R REIFF D.O.B. 560911
S FLOHR D.O.B. 700311
STANDARD BANK, Benoni branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
HSBC Johannesburg. The subject does not require overdraft facilities as credit balances are maintained at the bank.
23 February 2001
Registration Certificate Number: 2001/004023/07.
It was stated that the 5 trading divisions of the subject were incorporated into separate legal entities in May 2003.
The subject took over assets and operations which previously traded as a division under a company namely DUNLOP TYRES INTERNATIONAL (PTY) LTD, for many years.
4150198093
9532124147
The subject is an investment holding company for a group of companies which are involved in manufacturing of rubber components, conveyor belts, industrial hoses and automotive products.
The subject is not a general credit seeker
Subsidiary companies supply 90% to the mining industry and 10% to industry in general
South Africa
The group’s subsidiary companies export
Zero but 900 in the group
None
The premises and group premises are reported to be owned by NO 29 INDUNA MILL ROAD (PTY) LTD.
R1
000 divided into 1 000 ordinary shares of R1 each
R1
Full financial information was not forthcoming from respondents at the company, however, it was stated that the annual turnover of the group is R500 000 000.
ROEDL & PARTNERS
DECEMBER
MARSH INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 years R450 000 R350 000 30 days 30
days Very Good
2. 5 years R750 000 R750 000 45 days 45
days Good
3. 4˝ years R150 000 R150 000 30 days 30
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 years R1 700 000 R1 400
000 30 days 30 days Very Good
2. 10 years R3 000 000 R2 400 000 30 days 30
days Good
3. Old acc R8 000 000 R3 000
000- 90 days 90 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 years R5 000 000 R4 000 000 30 days 30
days Excellent
c/l
2. 2001 R600 000 ±R 300 000 30 days 30
days Very Good
c/l
3.
Do not give trade references.
4. June 2004 R10 000 000 R3 000 000- 90 days 90
days Excellent
c/l R6 000 000
(varies)
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R
300 000 R 60 000- 30
days 30 days Very Good
R 300 000
2. Old R6 000 000 R2 000 000- 30 days 25 days Very
Good
c/l R2 500 000 less 2%
3. 5
years R3 000 000 R 750 000 30
days 30 days Very Good
NOT APPLICABLE AS THE SUBJECT BECAME AN INVESTMENT HOLDING COMPANY AFTER 2010.
This is an established and well-connected investment holding company
that does not trade. The subject is considered as equal to its normal
commitments, however, it is suggested that our client establish with which
company in the Group dealings are sought in order to speak to a maximum figure, however, in view of
the standing of the subject, the subject is considered as equal to a maximum of
€500 000 over 30 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.16 |
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1 |
Rs.103.44 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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NB |
New Business |
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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.