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Report No. : |
326745 |
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Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
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Name : |
BOLTFIX (PTY) LTD |
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Registered Office : |
Unit 15, 103 Escom Road,
New Germany, KwaZulu-Natal, P O Box 206 New Germany 3610 |
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Country : |
South Africa |
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Date of Incorporation : |
08.09.1989 |
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Com. Reg. No.: |
1989/005309/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Wholesalers and
Retailers of Hardware and Industrial Fasteners. |
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No. of Employees : |
83, having increased from ±60 reported in 2013 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5%
in 2014. Unemployment, poverty, and inequality - among the highest in the world
- remain a challenge. Official unemployment is roughly 25% of the work force,
and runs significantly higher among black youth. Eskom, the state-run power
company, is building three new power stations and is installing new power
demand management programs to improve power grid reliability. Load shedding and
resulting rolling blackouts gripped many parts of South Africa in late 2014 and
early 2015 because of electricity supply constraints that resulted from
technical problems at some generation units, unavoidable planned maintenance,
and an accident at a power station in Mpumalanga province. The rolling black
outs were the worst the country faced since 2008. Construction delays at two
additional plants, however, mean South Africa will continue to operate on a
razor thin margin; economists judge that growth cannot exceed 3% until
electrical supply problems are resolved. South Africa's economic policy has
focused on controlling inflation, however, the country faces structural
constraints that also limit economic growth, such as skills shortages,
declining global competitiveness, and frequent work stoppages due to strike
action. The current government faces growing pressure from urban constituencies
to improve the delivery of basic services to low-income areas and to increase
job growth.
|
Source
: CIA |
BOLTFIX
(PTY) LTD
Unit
15
103 Escom Road
NEW GERMANY
KwaZulu-Natal
P
O Box 206
NEW GERMANY
3610
+27
31 713 9800
+27
31 705 3956
100% N D WATSON
The shareholding changed in approximately 2007, and was formerly 70% N D
WATSON, 10%,K P RABIE, 10%, L WRIGHT and 10%, C I MUNRO
Formerly 47% N D WATSON,
47% H W ADAMS, 3% K P RABIE and
3% L WRIGHT, having been
changed in August 2005.
None
N D WATSON ID No. 6412055135082
J K KING (Financial) ID No. 6611225134087
M REBELO ID
No. 710165179086
H VARDHAN Ppt No. Z52456057
NEDBANK Business Branch
KwaZulu-Natal, Durban, account number 1648158382. It was stated that the
subject does not require overdraft facilities as credit balances are normally
maintained at the bank.
08 September 1989
Registration Certificate
Number: 1989/005309/07
BOLTFIX (PTY) LTD was
registered on 8 September 1989 as new and commenced operations immediately.
4460106505
9027159202
Unknown
The subject operates as
wholesalers and retailers of hardware and industrial fasteners.
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.
Retailers, hardware
stores, and builders.
Mainly KwaZulu-Natal,
Johannesburg and Bloemfontein.
Swaziland
83, having increased
from ±60 reported in 2013.
It was stated that the
subject has 2 branches in Johannesburg,1 in Bloemfontein and 1 in Durban.
The premises are
reported to be leased.
The following estimated
financial situation was submitted as at 11 June 2015:
STOCK ±R 30 000 000
DEBTORS ±R 25 000 000
FIXED ASSETS ±R 1 700 000
CREDITORS ±R 5 000 000
SHAREHOLDERS LOANS R 1 000 000
TURNOVER per annum R103 000 000
WILDNER & CO +27
31 765 3111
FEBRUARY
D SCHOEMAN AND
ASSOCIATES Pietermaritzburg
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1990 R200
000 R100 000 30 days 30 days Good
2. 17 Years R20
000 R20 000 30 days 30 days Excellent
3. 10 Years R60
000 R20 000 60 days 60 days Good
4. 4 Years R450
000 R200 000 90 days 90 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R45 000 R15 000- 30 days 30 days Very Good
R22 000
2. +10 Years R450 000 R100 000- 90 days 90 days Very Good
c/l R200 000
3. 2004 R500 000 R200 000- 30 days 30 days Very Good
R300 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb
1990 R420 000 R70 000 30 days 30 days Excellent
c/l
2. Old declined declined 60 days 60 days Very
Good
3. 5
Years + R60 000 R18 000- 30 days 30 days Very Good
c/l R45 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +6 Years R3 000 000 R1 500 000- 30 days 30 days Excellent
R2 000 000
2. 5 Years R 60 000 R 5 000 30 days 30 days Good
3. Do not give trade references
4. May 2004 R 400 000 R 67 000 30 days 30 days Good
5. 2004 R 500 000 R 100 000- 30 days 30 days Excellent
R 200 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Unable to obtain trade reference
3. 2004 R150 000 ±R25 000 30 days 30 days Good
CGIC
4. 1996 R150 000 R 6 000- 30 days 30 days Good
INSURED:COFACE R10 000 Less 2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R5 000 000 R3 000 000 30 days 30 days Excellent
Insured: COFACE
2. Do not give trade references.
3. Unable to obtain trade reference-number rings without answer.
4. Unable to obtain trade reference-debtor’s clerk off sick.
(These descriptions relate respectively by number to the above current
trade transactions):
1. Freight and logistics
This is an established company meeting its one obtainable commitment on time. The suppler regards the subject highly and no adverse information has been reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
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|
1 |
Rs.99.57 |
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Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.