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Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
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Name : |
DUNLOP INDUSTRIAL PRODUCTS (PTY) LTD |
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Formerly Known As : |
MAIN STREET 64 (PTY) LTD |
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Registered Office : |
Induna Mills Road Howick
KwaZulu-Natal P O Box 29 Howick 3290 |
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Country : |
South
Africa |
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Date of Incorporation : |
23.02.2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture of heavy duty conveyor belting, hoses
and related products. |
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No. of Employees : |
900 |
RATING & COMMENTS
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MIRAs 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 September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
South
Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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, 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 |
DUNLOP INDUSTRIAL
PRODUCTS (PTY) LTD
MAIN STREET 64 (PTY) LTD, the name having been changed on 19
April 2002.
DUNLOP
BELTING PRODUCTS
DUNLOP
MIXING & TECHNICAL SERVICES
DUNLOP
INDUSTRIAL HOSE
Induna Mills Road
HOWICK
KwaZulu-Natal
P O Box 29
HOWICK
3290
+27 33 239 7200
+27 33 239 3388
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%) (dormant) the assets and operations were
incorporated into the subject.
(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%) (dormant) the assets and operations were
incorporated into the subject.
(Registration
Certificate Number: 2002/024032/07)
DUNLOP INDUSTRIAL
HOSE (PTY) LTD (dormant) the assets and operations were
incorporated into the subject.
(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.
VAT NUMBER: 4150198093
TAX NUMBER: 9532124147
The subject was an investment holding company for the group but over the
last few months the subject has taken over the operations and the assets of
some of its subsidiaries and has divisionalised them into the subject and the
subsidiaries have become dormant. This
has been made effective retrospectively to the 1 January 2014. The divisions are involved in the manufacture
of heavy duty conveyor belting, hoses and related products.
DUNLOP
BELTING PRODUCTS DIVISION
INDUSTEX
STANDERTON MILLS
KARBOCHEM
And other group companies
The mining industry and
industry in general
Worldwide
The groups subsidiary companies export
±900 having taken over the staff of three
subsidiaries in early 2014
DUNLOP BELTING PRODUCTS is
situated at 22-24 Lincoln Road Benoni
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. 4½ 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
The subject became a non-trading holding company after 2010 but is now
trading again through its divisions.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. + 10 years R10 000 000 R3 000 000- 30 days 30 days Excellent
R5 000 000
2. Awaiting trade reference
3. Feb 2014 R20 000 000 R1 500 000 30 days 30 days Very good
This is an established company that was
previously an investment holding company and recently took over the assets and
operations of some of its subsidiaries.
The subject is meeting its commitments timeously and is considered equal
to a maximum amount of 500 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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<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 SCs 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.