MIRA INFORM REPORT

 

 

Report No. :

304540

Report Date :

28.01.2015

 

IDENTIFICATION DETAILS

 

Name :

DCLSA (PTY) LTD

 

 

Formerly Known As :

MALFIN (PTY) LTD,

ANY NAME 491 (PTY) LTD

 

 

Registered Office :

232 15th Road  Randjespark Midrand Gauteng, P O Box 342 Modderfontein 1645Payment Expectations

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.11.2005

 

 

Com. Reg. No.:

2005/041644/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers and distributors of ironmongery.

 

 

No. of Employee :

13

 

 

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 :

Recently commenced commercial operation

 

 

Payment Behaviour :

No complaints

 

 

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

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

DCLSA DUSTRIBUTIONS (PVT) LTD

 

 

PHYSICAL ADDRESS

 

118 Richards Drive

Halfway House Ext 11

MIDRAND

Gauteng

 

On investigation it was established that the registered entity is DCLSA DISTRIBUTORS (PTY) LTD and not as provided by our client. It was stated by the respondent that DCLSA DISTRIBUTORS (PTY) LTD is dormant. The assets and operations were incorporated in DCLSA (PTY) LTD, which report should be consulted.

 

 

FORMERLY: MALFIN (PTY) LTD, the name having been changed on 6 January 2011.

FORMERLY: ANY NAME 491 (PTY) LTD, the name having been changed on 20 April 2006.

 

PHYSICAL ADDRESS:              232 15th Road

Randjespark

            MIDRAND

Gauteng

 

POSTAL ADDRESS:     P O Box 342

MODDERFONTEIN

1645

 

TELEPHONE NUMBER:            +27 11 452 8658

 

FAX NUMBER:  +27 86 684 7831

                       

           

SHAREHOLDERS

 

80% MACNEIL (PTY) LTD

                       

It was stated that the remainder of the shares are held by various directors in the group.

           

           

ASSOCIATE COMPANIES

 

MACNEIL EASTERN CAPE (PTY) LTD

(Registration Certificate Number: 2002/010074/07)

MACNEIL PLASTICS (PTY) LTD

(Registration Certificate Number: 2000/012750/070

MACNEIL GEORGE (PTY) LTD

(Registration Certificate Number 2002/020407/07)

MACNEIL BLOEMFONTEIN (PTY) LTD

(Registration Certificate Number 1997/004703/07)

MACNEIL JHB (PTY) LTD

(Registration Certificate Number 1998/012832/07)

MACNEIL DURBAN (PTY) LTD

(Registration Certificate Number 2006/026347/07)

 

 

 

DIRECTORS

 

K DIAB                                                 ID No.   6805075039087

S J WATERS                                        ID No.   7310225113089

N S MALHERBE                                    ID No.   7309295227084

                       

The directors are different to those previously involved in the previous operation as the shareholders have changed

 

 

BANKERS

 

FIRST NATIONAL BANK, Corporate Banking, Claremont Branch, Account Number: 62497358848.  It was stated that the subject does not require an overdraft facility as credit balances are maintained at the bank.

                       

 

DATE REGISTERED

 

28 November 2005

Registration Certificate Number: 2005/041644/07

 

It was stated that the subject commenced trading in October 2014 when it acquired the assets and operations of DCLSA DISTRIBUTORS (PTY) LTD (Registration Certificate Number 1995/006039/07) which company became dormant. The latter company was owned by GEZR INTERNATIONAL GMBH of GERMANY.

 

VAT NUMBER:              4500257177

                                               

TAX NUMBER:              9077173160      

 

BBBEE STATUS:          Level 4 contributor

 

 

MAJOR OPERATION

 

Importers and distributors of ironmongery

 

 

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

           

 Hardware merchants

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa     

 

 

EXPORTS

 

Sub-Saharan Africa

 

 

TOTAL EMPLOYEES

 

13 whereas the previous operation that was taken over employed 90 permanent employees

 

 

OTHER PREMISES

 

None

                                                           

                                                 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 22 January 2015:

 

STOCK                                                                                                       R  9 000 000

DEBTORS                                                                                                  R  5 000 000

CREDITORS                                                                                               R  2 000 000

TURNOVER estimated per annum                                                                 R35 000 000

 

 

AUDITORS

 

NOLANDS

 

                                               

YEAR END

 

MARCH                       

 

 

INSURANCE BROKERS

 

SANTAM

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT   EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1.                3 Months      Open             Declined         30 days     30 days       Very Good                       

2.                3 Months      Open             R  50 000-       30 days     30 days       Very Good

                  (2 years)                            R100 000

 

3.                2007             R1 000 000    R800 000        30 days     30 days       Excellent

                                      c/l

Dealt with the previous company operation

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

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

 

1.               Door handles                   

                                     

2.               Locks          

 

3.               Shipper       

 

 

COMMENTS

 

This is a newly operative business that acquired the assets and operations of an established business. The subject is meeting its commitments timeously.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.92.77

Euro

1

Rs.69.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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.