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Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SOL DANKA (PTY) LTD |
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Formerly Known As : |
PREBENA (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18.08.1980 |
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Com. Reg. No.: |
1980/007225/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesalers of decorative fabrics and trimmings. |
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No. of Employees : |
85 |
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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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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
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Source
: CIA |
SOL DANKA (PTY) LTD
Formerly: PREBENA (PTY) LTD, the name having been
changed on 29 January 1981
U AND G FABRICS
130 Brickfield Road
OVERPORT
Durban
KwaZulu-Natal
P O Box 70087
OVERPORT
4067
TELEPHONE NUMBER: +27 31 275 3100
FAX NUMBER: +27 31 208 9076
50% THE
F D TRUST
50% THE
A B D TRUST
The Shareholding was previously A B DANKA, S C DANKA (Snr), F DANKA and R
F BASSA, having been changed.
CENTENARY PARK INVESTMENTS 1 CC
(Registration Certificate Number: 2008/256506/23)
DONALLEN INVESTMENTS CC
(Registration Certificate Number: 2008/256559/23)
GOLDFORD INVESTMENTS CC
(Registration Certificate Number: 2008/256570/23)
LATINO INVESTMENTS CC
(Registration Certificate Number: 2009/061833/23)
SILVER PEAK INVESTMENTS CC
(Registration Certificate Number: 2008/256544/23)
U AND G CONTRACTS CC
(Registration Certificate Number: 2008/256549/23) – dormant
U AND G FABRICS CC
A DANKA ID
No. 5011095048080
F DANKA
(brother) ID
No. 6701155175083
FIRST NATIONAL BANK,
Overport City Branch. Branch code:
222826. Account Number: 54997723960. It was
stated that the subject enjoys overdraft facilities to an extent of R5 500 000,
secured by the personal guarantees of the directors. Utilisation is stated to be regular.
The subject also banks
with HABIB OVERSEAS BANK, Durban branch. It was stated that they enjoy
overdraft facilities to an extent of R3 000 000, secured by the personal
guarantees of the directors. Utilisation is stated to fluctuate.
18 August 1980
Registration Certificate Number: 1980/007225/07
The subject incorporated the trading operations
and assets of an associate company named DANKA AND SONS (PTY) LTD (Registration
Certificate Number: 1977/002566/07) in
October 2004.
4240110280
9278089207
Level 2 contributor
Wholesalers of decorative fabrics and trimmings
The subject imports 80% of its supplies from
Europe, China and deals with the local 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.
Corporate, hospitality and residential décor
market such as upholsterers, curtain manufacturers and wholesalers
South Africa
African countries, Kenya, Seychelles, Mozambique,
Botswana, Zimbabwe and Namibia
85
It was stated that the subject has showrooms in
Durban, Kramerville, Pretoria, Port
Elizabeth and two in Cape Town as well an agent in Bloemfontein. The subject is reported to have opened an
office in China.
It was stated that the Durban premises are owned
by the father of the directors, while the Port Elizabeth showroom premises are
owned by DONALLEN INVESTMENTS CC, free of bond.
The respondent stated that the Pretoria showroom
premises have been bought by U AND G FABRICS CC which is reported to be bonded
to ALBARAKA BANK.
R100 divided into 100 ordinary shares of R1 each
R100
The following estimated financial situation was submitted as at 25
August 2014:
STOCK R
40 000 000 – R 50 000 000
DEBTORS R
14 000 000 – R 18 000 000
CREDITORS R 20 000 000
TURNOVER per annum R130 000 000
DESAI JADWAT AND COMPANY Durban +27 31 207 7707
DECEMBER
MARSH INSURANCE BROKERS, Durban
TRADE REFERENCES – OCTOBER
2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1989 R250 000 R 150 000 60 days 60
days Very Good
2. Old
acc R500 000 R 50 000- 30 days 30
days Very Good
c/l R 250 000 5% 5%
3. +15
years R1 000 000 R1 000 000 60
days 60 days Good
c/l
TRADE REFERENCES – APRIL 2007:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1995 R53
000 R 10 000 30
days 30 days Excellent
c/l
2.
Do not give trade references
3.
20 years open R
500 000 30 days 26 days Very
Good
4.
14 years R2
000 000 R1 000 000 60 days 70
days Good
c/l
TRADE REFERENCES – OCTOBER 2007:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 18 years declined R
150 000- 60 days 30 days Excellent
R 200 000
2. Feb 2001 R300
000 R 100 000- 30
days 30 days Very Good
R 150 000
3. 1997 R2
000 000 R2 000 000 60 days 70
days Good
TRADE REFERENCES – JANUARY 2008:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1989 declined R
100 000 60 days 30 days Excellent
R 150 000 2.5%
2. 20 years R 500 000 varies 30 days 30 days Excellent
c/l
3. +15 years R2
000 000 R 500 000 60
days 70 days Good
c/l R1 500 000
TRADE
REFERENCES – JULY 2008:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old acc Declined Declined 30
days 30 days Very Good
2. 4 years R300
000 R70 000 30 days 30 days Very Good
3. 8 years Declined R300 000 30
days 30 days Very Good
5.
Do not give trade references
TRADE
REFERENCES – OCTOBER 2009:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.
Awaiting a fax trade reference
2.
Awaiting a fax trade reference
3.
Do not give trade references
4.
Awaiting a fax trade reference
5.
7 years account
dormant 30 days 30 days Very
Good
6.
17 years R4
000 000 R1 800 000 60 days 70
days Good
7.
Awaiting a fax trade reference
TRADE REFERENCES – MAY 2011
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1998 R570
000 R 55 000- 60
days 60 days Good
Not ins R800 000
2.
Awaiting fax response
3.
Do not give trade references
4.
18 years+ R4
000 000 R1 500 000 60 days 60–70
days Good
-
by arrangement
TRADE
REFERENCES: NOVEMBER 2011
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. June R570 000 R100 000 30 days 30 days Good
1998
2. Do not give trade references.
3. 1997 R6 000 000 R250 000 60 days 60 days Very Good
4.
10+ years No figures 60 days 60
days Good
TRADE
REFERENCES – MAY 2012:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1998- R750 000 R100 000 60 days 60 days Very Good
2010 R80 000 R50 000 30 days 30 days Very Good
2. Do not give trade references
3. 1997 R5 000 000 R700 000 60 days 60 days Very Good
R1 000 000
5.
10 years No
figures No figures 30 days 30
days Good
TRADE
REFERENCES – MAY 2013:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. ±20 years Open R 40 000 30 days 30 days Very Good
2. Feb 2012 R1 000 000 R
264 000 7 days 7 days Good
3. 10 years Declined Declined 30
days 30 days Good
4. 1997 R7 000
000 R
300 000- 60 days 60 days Good
Insured R1 300 000
TRADE
REFERENCES – NOVEMBER 2013:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2005 R 500 000 R 100 000- 30 days 30 days Excellent
R 500 000
2. 1997 R7 500 000 R1 400 000- 60/70 days60/70 days Very
Good
R2 200 000 As arranged with management
3. 10 years Open Declined 30 days 30 days Good
CURRENT
TRADE REFERENCES:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1997 R9 500 000 R2 500 000- 60 days 60 days Very Good
R4 000 000
2. 10 years Declined R
30 000 60 days 60 days Very
Good
3. +10 years Declined Declined 30
days 30 days Very Good
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions
relate respectively by number to the above current trade transactions):
1. Shipper
2. Textiles
3. Industrial supplies
This is a well-established company meeting its
commitments timeously.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.47 |
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1 |
Rs.100.42 |
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Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
PDT |
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.