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Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
GUSAND PROPERTIES SOUTH (PTY) LTD |
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Registered Office : |
19 North Reef Road, Rietfontein, Bedfordview East Gauteng |
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Country : |
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Date of Incorporation : |
28.10.1996 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is an investment holding company as well as a management and administration company for the subsidiary companies. |
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No of Employees : |
50 Employees in the
subject and approximately 250 Group Employees. |
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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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
UNION TILES (NATIONAL TILES (PTY) LTD)
10 North Reef Road
Bedfordview East
Germiston
Johannesburg
On investigation it was established that UNION TILES (PTY) LTD) and NATIONAL TILES (PTY) LTD are two separate legal entities. Both UNION TILES (PTY) LTD and NATIONAL TILES (PTY) LTD are situated at 19 North Reef Road, Rietfontein, Bedfordview East, Gauteng and are associated companies. Please see report on UNION TILES (PTY) LTD. Should our client require a report on NATIONAL TILES (PTY) LTD, please advise soonest.
UNION TILES (PTY) LTD
Formerly: GUSAND PROPERTIES SOUTH (PTY) LTD, the name having been changed on 30 July 1997.
19 North Reef Road
Rietfontein
Bedfordview East Gauteng
POSTAL ADDRESS
Private Bag X3038
Bedfordview
2008
+27 11 663 2000
+27 11 455 5395
50% A V GHISLENI FAMILY TRUST
50% G A GHISLENI FAMILY TRUST
UNION MOSAIC AND TILES (PTY) LTD
(Registration Certificate Number:1965/005875/07) - which retails and wholesales a wide range of ceramic, porcelain, and terracotta wall and floor tiles as well as bathroom accessories and sanitary ware.
UNION FLOORING TILES (PTY) LTD
(Registration Certificate Number:1965/005479/07), which manufactures cementitious tiles, wall coatings and plasters, pebbles and coloured stone chips
NATIONAL TILES (PTY) LTD
(Registration Certificate Number: 1984/003775/07), which specialises in all forms of natural materials in tile and slab form, from sandstone, slate, marble, granite, limestone, quartzite and Silestone® amongst others.
PHOENIX MACHINE PROPERTIES (PTY) LTD
(Registration Certificate Number: 1932/003666/07) – property owning
UNION TILES CENTURION (PTY) LTD
(Registration Certificate Number: 2002/013726/07)
UNION TILES RANDBURG (PTY) LTD
(Registration Certificate Number: 1991/000084/07)
UNION TILE WINDHOEK (PTY) LTD
Continued
UNION TILE BALLITO (PTY) LTD
(Registration Certificate Number: 2004/029307/07)
UNION TILE BURGERSFORT (PTY) LTD
(Registration Certificate Number: 2006/017825/07)
H B F DE ABREU ID No.
5106145029187
V P GHISLENI ID No. 5701225053006
FIRST NATIONAL BANK, Edenvale Branch, Account Number: 51161166794. It was stated that the group enjoys an overdraft facility secured by a cession of debtors of the following subsidiary companies: UNION MOSAIC AND TILES (PTY) LTD, NATIONAL TILES (PTY) LTD, UNION TILES RANDBURG (PTY) and UNION TILES CENTURION (PTY) LTD.
The respondent stated that the subsidiary companies are managed by a cash management scheme controlled by the subject.
28 October 1996
Registration Certificate Number: 1996/014733/07
It was stated that the group was originally established in 1910
4550166849
9613223842
Non-compliant
The subject is an investment holding company as well as a management and administration company for the subsidiary companies.
The subject is not a general credit seeker
Associate companies
South Africa
None
50 employees in the subject and approximately 250 group employees.
None
The heading premises are reported to be owned by PHOENIX MACHINE PROPERTIES (PTY) LTD, free of bond.
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard. It was, however, stated that the subject receives a monthly administration and management fee from the group companies.
PAPILSKY HURWITZ, Johannesburg,
+27 11 728 7344
FEBRUARY
LES MICHAELIS INSURANCE BROKERS
Not applicable
This is an established investment, management and
administration company, which receives dividends and a monthly administration
fees from its associate companies. The
subject is not a general credit seeker, but a service provider. It is, therefore, suggested that our client
confirm with which company in the group credit dealings are sought, in order to
speak to the relevant company’s maximum trading amount.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
TPT |
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.