MIRA INFORM REPORT

 

 

Report Date :

08.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MAN-DIRK (RF) (PTY) LTD

 

 

Registered Office :

14 Bussing Road, Aureus, P O Box 1093, Randfontein 1760 Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.11.1979

 

 

Com. Reg. No.:

1979/007014/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Distributors of Tools and Mining Supplies.

 

 

No. of Employees :

220

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

 

 

COMPANY NAME

 

MAN-DIRK (RF) (PTY) LTD

 

 

PHYSICAL ADDRESS

 

14 Bussing Road

AUREUS

Randfontein

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 1093

RANDFONTEIN

1760

 

 

TELEPHONE NUMBER   

 

+27 11 412-1020

 

 

FAX NUMBER

 

+27 11 692-1714

 

 

SHAREHOLDERS

 

57%      W T F M INVESTMENTS (PTY) LTD

30%      SAFIKA RESOURCES (PTY) LTD

11%      P E BERNSTEIN

  2%     V B DEAN

 

It was stated by the respondent that the shareholders are in the process of change however further information was not forthcoming from the respondent

 

 

ASSOCIATE COMPANIES

 

TOOL AND ELECTRICAL DISTRIBUTORS (PTY) LTD

(Registration Certificate Number:  1980/000658/07)

 

GENERAL ELECTRICAL MECHANICAL TOOL AND ENGINEERING MANUFACTURERS (PTY) LTD

(Registration Certificate Number:  1981/004570/07)

 

MAKONA HARDWARE AND INDUCTRIAL (PTY) LTD

(Registration Certificate Number:  1989/005485/07)

 

 

DIRECTORS

 

K G ANGELOS                                      ID. No.  4210125017104

V B DEAN                                            ID. No.  4705215035007

P E BERNSTEIN                                   ID. No.  6105215090086

J B WALTER                                         ID. No   4404245034087

G HANSJEE                                         ID. No   4912075576084

G KNOETSE (Alternate)             ID. No.  6310095063001

S WILSON (Alternate)                            ID. No.  7105160190088

C R INGRAM  (Alternate)                        ID. No.  4512245163084

N A MAKONA                                      ID. No.  4002280392087

 

It was stated by the respondent that the directors are in the process of change however further information was not forthcoming by the respondent

 

 

BANKERS

 

NEDBANK, Randfontein Branch, Acc. No. 1989005063.

It was stated that the subject enjoys overdraft facilities to an extent of R25 000 000, secured by a cession of debtors. Utilisation is stated to be partial.

 

DATE REGISTERED

 

30 November 1979

Registration Certificate Number: 1979/007014/07

 

 

VAT NUMBER

 

4060105428

 

 

TAX NUMBER    

 

9120036653

 

 

MAJOR OPERATION

 

Distributors of tools and mining supplies.

 

 

MAJOR SUPPLIERS

 

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.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mining industry and industry in general

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

EXPORTS

 

Mozambique, Zambia, Botswana, Madagascar, Zimbabwe, Sierra Leon, Ghana

 

 

TOTAL EMPLOYEES

 

220

 

 

OTHER PREMISES

 

The subject has branches in Lephalale, Richards Bay, Witbank, Rustenburg, Cape Town, Vanderbijlpark, Welkom, Phalaborwa, Kathu and Steelpoort.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by K G ANGELOS, through one of his property owning trusts, valued at R3 500 000, free of bond.

 

The respondent stated that the Witbank and Rustenburg branch premises are owned by the subject, while the remaining premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R400 000 divided into 400 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R400 000

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at February 2012:

 

STOCK                                                                                                       R50 000 000

DEBTORS                                                                                                   R52 000 000

CREDITORS                                                                                                R19 000 000

LOANS                                                                                                       R  2 800 000

TURNOVER per month                                                                                 R27 000 000

 

 

AUDITORS

 

SIZWE NTSALUBA

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

GENESIS INSURANCE BROKERS

 

 

TRADE REFERENCES – JANUARY 2006

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1981             R1 000 000    R1 000 000      30 days    30 days        Good

 

2.      8 Years      R   500 000    R   500 000     30 days    30 days        Excellent

 

3.    11 Years       declined        figures            30/60        30 days        Very Good

                                                                     days         2½%

 

 

TRADE REFERENCES – JANUARY 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc       declined        R      4 000 -    30 days    30 days        Excellent

                                               R   500 000

 

2.    1981             declined        R1 000 000      30 days    30 days        Very good

                                                                     2.5%

 

3.    1990             R150 000       R   197 000     30 days    30 days        Excellent

 

4.    1994             declined        R   500 000     60 days    60 days        Very good

                                                                     2.5%

 

 

TRADE REFERENCES – JANUARY 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Unable to obtain trade reference.

 

2.    1981             Confidential   R1 400 000      30 days    30 days        Excellent

                          c/l                                       2.5%        2.5%

 

3.    July 1994      Confidential   R200 000 -      30 days    30 days        Very Good

                          (over million)  R400 000

 

 

TRADE REFERENCES – MARCH 2011

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1994             R1 400 000    R1 400 000      30 days    30 days        Good

 

2.    11 Years       R1 000 000+  R1 000 000+    30 days    30 days        Very good

                          Open account

 

3.    10 Years+     R1 500 000    R700 000        30 days    30 days        Excellent

                          c/l                 -R800 000

 

4.    1990             R149 710       R130 000        30 days    30 days        Good

                                               -R149 710

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1981             Confidential   R1 400 000      30 days    30 days        Very good

 

2.    ±13 Years     Open             R  600 000-     30 days    30 days        Excellent

                                               R  800 000

 

3.    1990             R12 000 000   R1 200 000-     30 days    30 days        Very good

                                               R2 000 000

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1998             Declined        R4 500 000      30 days     30 days       Very Good           

                                                                     2.5% discount

     

2.    17 years       Open             R  800 000-     30 days     30 days       Excellent

                                               R1 000 000

 

3.    Awaiting email trade reference

 

4.    Awaiting email trade reference

 

5.    Unable to obtain trade reference

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Tools          

                         

2.    Logistics     

 

COMMENTS

 

This is an established business that is meeting its commitments timeously. The subject is considered equal to its normal business engagements, however the lack of updated general information should be borne in mind.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.52

UK Pound

1

Rs.97.39

Euro

1

Rs.76.16

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.