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Report No. : |
311020 |
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Report Date : |
11.03.2015 |
IDENTIFICATION DETAILS
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Name : |
GOLDENDICE INVESTMENTS CC |
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Registered Office : |
511 South Coast Road, Clairwood Durban, P O Box 33138, Mont Clair 4061 |
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Country : |
South
Africa |
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Date of Incorporation : |
27.09.2006 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Wholesalers and Retailers For School Wear, Sports
Wear and Accessories. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
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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 |
GOLDENDICE INVESTMENTS CC
EDUCARE SCHOOLWEAR CENTRE
511 South Coast Road
Clairwood
Durban
P O Box 33138
Mont Clair
4061
+27 31 465 7890
+27 31 465 8688
100% M D LIMALIA ID
No. 6508215121050
None
It was stated that the subject banks with ABSA
Bank. Further banking details were not forthcoming from the respondent at the
subject.
27 September 2006
Registration Certificate Number: 2006/0168048/23
GOLDENDICE INVESTMENTS CC was established in 1996.
It was stated that the business has been operating for over 40 years as a
family business.
4250240290
9000613175
In the process of
obtaining BBBEE audit
Wholesalers and retailers for school wear, sports
wear and accessories. Brands vary for different school uniform requirements. Uniforms
are custom branded with a school logo and specific colours.
The subject imports ±98% of the finished goods
from china and also deals with one local clearing agent.
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.
The general public and schools based country wide.
AREA OF DISTRIBUTION AND
SELLING: South
Africa
Botswana and Namibia
120
The subject has a branch based in Malzahn, Durban
It was stated that the premises are owned by a
property owning trust, which M D LIMALIA is 100% trustee. The name of the trust
was unknown to the respondent.
Full financial balance sheets were not forthcoming
from the respondent however, the following financial situation was submitted as
at: 6 March 2015
STOCK R
30 000 000
DEBTORS R 25 000 000
CREDITORS R 8 000 000
TURNOVER per annum R150 000
000
AUDITORS: ISMAIL TAYOB INC
YEAR END: FEBRUARY
INSURANCE BROKERS: EXCELSA INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1
year COD COD COD COD Good
(These descriptions relate respectively by number to the above current
trade transactions):
1. Clearing
agent
This is a well-established family business
which imports most of its supplies. The subject is not a general credit seeker
locally, however, the subject deals with its only local supplier on a COD basis
and no adverse comments have been heard from the supplier. In the absence of a
comprehensive payment pattern, we would suggest to deal on a secured basis and
monitor the account until a payment trend emerges.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.70 |
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|
1 |
Rs.94.55 |
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Euro |
1 |
Rs.67.65 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared by
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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.