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Report No. : |
302120 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ACTION BOLT (PTY) LTD |
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Formerly Known As : |
TROPICAL PARADISE TRADING 291 (PTY) LTD |
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Registered Office : |
11 Aloefield Crescent, Springfield Park, Durban, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
2005/000810/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is engaged in Tool merchants as well as the distribution of industrial fasteners |
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No. of Employee : |
130 permanent and 15 contract workers |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
COMPANY NAME: ACTION BOLT (PTY)
LTD
Formerly TROPICAL PARADISE TRADING 291 (PTY) LTD, the name having been
changed on 9th November 2005.
PHYSICAL ADDRESS: 11
Aloefield Crescent
SPRINGFIELD
PARK
Durban
Kwazulu
Natal
POSTAL ADDRESS: P
O Box 74011
ROCHDALE
PARK
4034
TELEPHONE NUMBER: +27
31 579 3161
FAX NUMBER: +27
31 579 2826
100% WURTH INTERNATIONAL in
Germany.
The Shareholding was previously 50%
J V PERUMAL and 50% J N NAICKER
having been changed on 1 August 2006.
Companies within the WURTH INTERNATIONAL group of companies.
It was also stated that the property owning company, ACTION BOLT
PROPERTIES CC (Registration Certificate Number: 1986/010157/23) from which the
property is rented is owned by a former director of the subject. The identity
of the director was not available.
J V PERUMAL ID
No. 5905275208051
ABSA BANK, KZN Business Centre branch, account number 4063587588. The subject does not require overdraft
facilities as credit balances are maintained at the bank.
11 January 2005
Registration Certificate Number: 2005/000810/07
The subject utilised a shelf company for registration purposes when the
subject took over the assets and operations of ACTION BOLT (PTY) LTD,
Registration Certificate Number 1983/009168/07.
It was stated that a management buyout occurred and a simultaneous name
change occurred when the subject changed its name to ACTION BOLT (PTY) LTD and
the original ACTION BOLT (PTY) LTD, Registration Certificate Number
1983/009168/07 changed its name to TROPICAL PARADISE TRADING 291 (PTY) LTD and
was subsequently deregistered.
VAT NUMBER: 4080223664
TAX NUMBER: 9127921154
BEEE STATUS: Level 4
contributor
Tool merchants as well as the distribution of industrial fasteners
The subject imports approximately 36% of its supplies from China, Taiwan
and India.
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.
Large companies, industry, railways, refineries and public etc.
AREA OF DISTRIBUTION AND SELLING: South
Africa
EXPORTS:
Small to neighbouring countries e.g. Namibia, Madagascar and the
Democratic Republic of Congo.
TOTAL EMPLOYEES: 130
permanent and 15 contract workers.
OTHER PREMISES: The subject is reported to have branches in East
London, Richards Bay, Johannesburg and Port Elizabeth.
OWNED OR LEASED: The
premises are reported to be leased
R1 000 divided into 1 000 ordinary shares of R1
each
ISSUED SHARE CAPITAL: R100
The following estimated financial situation was submitted as at 9
January 2015:
STOCK ±R30
000 000
DEBTORS (varies) R12
000 000 – R16 000 000
FIXED ASSETS ±R 5 500 000
CREDITORS R 8 000 000 – R10 000 000
FINANCE FACILITY R 2 800 000
Wurth Finance (overseas group company)
TURNOVER per annum R120
000 000 – R130 000 000
The finance facility is stated to be a trading line facility that is
between the subject’s bankers in Switzerland and the overseas group company.
The account is used for cash flow when importing supplies.
AUDITORS: GRANT THORNTON (Merged with ERNST & YOUNG,
Durban) Contact Tel no. +27
31 576 8000
YEAR END: DECEMBER
INSURANCE BROKERS: MARSH
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15
yrs R50 000 R45 000 30 days 30
days Very good
2˝%
2. 20
yrs R400 000 declined 60 days 60
days Good
by
arrangement
3. 3
yrs R400 000 R150 000 35 days 35
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1989 R400 000 R 20 000 - 30 days 30
days Good
R200
000 2.5%
2. 1995 R 15 000 R 15 000 30
days 30 days Good
2.5%
3. 4
yrs open R500 000 30 days 37
days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years+ R30 000 R
2 000 - 30 days 30 days Good
R30 000
2. 10
years+ R1 500 000 R1 000 000 30 days 30
days Very Good
-3% -3%
3. 15
years R60 000 R60 000 30 days 30
days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Awaiting
an emailed trade reference.
2. Unable
to obtain trade reference.
3. 15
years Declined R5 000 30 days 30
days Very Good
4. Awaiting
an emailed trade reference.
5. 15/10/1990 R400 000 R100 000- 30 days 30
days Excellent
c/l
CGIC R200 000 Less 2.5%
(These descriptions relate respectively by number
to the above current trade transactions):
3. Bolts and nuts.
5. Bolts and nuts.
This is an established and well-connected company which took over assets
and operations of an established company.
The subject is meeting its commitments timeously, and is considered
equal to its normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
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|
1 |
Rs.94.09 |
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Euro |
1 |
Rs.73.41 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.