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Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
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Name : |
LANCAS SUPPLIES
(PTY) LTD |
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Formerly Known As : |
ACCESS TRANSPORT (PTY) LTD |
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Registered Office : |
2b Torsvale Crescent, La Lucia Office Estate,
La Lucia Ridge, Durban, Kwazulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
26.02.2003 |
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Com. Reg. No.: |
2003/004426/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Importers and exporters of mining supplies and
equipment |
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No of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 16th largest in the
world. Even though the country's modern infrastructure supports 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, albeit slowly with 2014 growth projected at about 2%.
Unemployment, poverty, and inequality - among the highest in the world - remain
a challenge. Official unemployment is at nearly 25% of the work force, and runs
significantly higher among black youth. Eskom, the state-run power company, has
built two new power stations and installed new power demand management programs
to improve power grid reliability. Construction delays at two additional
plants, however, mean South Africa is operating on a razor thin margin;
economists judge that growth cannot exceed 3% until those plants come on line.
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 |
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)
LANCAS SUPPLIES (PTY) LTD
ACCESS TRANSPORT (PTY) LTD,
the name having been changed on 6 January 2011
LANCAS
2B Torsvale Crescent
La Lucia Office Estate
LA LUCIA RIDGE
Durban
KwaZulu-Natal
2B Torsvale Crescent
La Lucia Office Estate
LA LUCIA RIDGE
Durban
KwaZulu-Natal
TELEPHONE NUMBER: +27 31 566 0860
FAX NUMBER: +27 86 572 1115
·
60%
HODARI GROUP (PTY) LTD
·
20% A
E SHELVER
·
20% E
A SHELVER (Brothers)
The subject is
stated to be associated to companies within the HODARI GROUP described as a privately
held investment group focused on providing growth capital to private companies.
They are stated to be committed long term investors and not volume transactors.
The Holding Company has interests in
·
TRADE
CORP CHEMICALS (PTY) LTD
·
HODARI
SERVICES (PTY) LTD
·
LANCAS
INTERNATIONAL (PTY) LTD
One of the shareholders in the
group is KEVIN LOUDON who established ACCESS FREIGHT GROUP in 1991 which group
when he exited in 2013 was effecting a turnover of R1 000 000 000. LANCAS
SUPPLIES (PTY) LTD
E A SHELVER ID No.
7308065151086
J A CARR ID No. 7505305269087
It was, however, stated that
the Directors are in the process of change.
NEDBANK, KwaZulu-Natal
Corporate Branch. The subject does not require an overdraft facility as credit
balances
are maintained at the bank.
26 February 2003
Registration Certificate
Number: 2003/004426/07
The subject utilised a dormant
company for registration purposes. The subject commenced trading in January 2013
as a new business
4880249034
9206517154
Importers and exporters of mining supplies and
equipment
The subject imports 95% of its
supplies.
Previously, we
have divulged the names of the major suppliers in our reports. We have
discontinued this practice to protect our valuable sources of trade
information. This has become necessary because we now give a description of the
goods or services to which the trade references relate. This gives our client
the ability to assess whether the purchases are vital to the subject’s
operation and whether we have only been given their essential suppliers that
must be paid promptly for the subject to maintain its operation.
Mining industry
South Africa
African Countries
1
None
The premises are reported to
be leased
R1 000 divided into 1 000
ordinary shares of R1 each
R100 LANCAS SUPPLIES (PTY) LTD
The following estimated financial situation was submitted as at 15 May
2014:
STOCK Nil
DEBTORS R 700 000
CREDITORS Nil
TURNOVER per annum R7 000 000
GRANT THORNTON
FEBRUARY
Unknown
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1 year Declined Declined
30 days 30 days Very
Good
(These descriptions relate
respectively by number to the above current trade transactions):
1. Freight forwarders
This is a very newly operative
business that is well-connected but which is not a general credit seeker
locally.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.