MIRA
INFORM REPORT
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Report Date : |
8th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HYTEC
SERVICES MOZAMBIQUE LDA |
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Registered Office : |
Parque Industrial Beluluane, Unit 2, P.O. Box: 964, Maputo, Mozambique |
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Country : |
Mozambique |
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Date of Incorporation : |
May
2003 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Importers and distributors of hydraulic and pneumatic equipment to the
Mozal aluminium smelter, the harbours and railways, as well as for general
industry including sugar. |
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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Maximum Credit Limit : |
NEW
METICAL 350,000* |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
HYTEC SERVICES MOZAMBIQUE
LDA
ADDRESS
Street : Parque Industrial Beluluane, Unit 2
P.O. Box :
964
Town : Maputo
Country : Mozambique
Telephone :
(258 21) 731 414
Fax :
(258 21) 731 414
SENIOR COMPANY PERSONNEL
Name Position
Gerry Saw Managing Director
Total Employees : 18
PAYMENTS
Current trade experience
of payments has not been traced.
Subject
been operating since May 2003 and is a member of the Hytec Group of companies.
Hytec is the largest manufacturer and supplier of hydraulic components and
systems in southern Africa and is the region's leader in fluid power
engineering. The group also has operations in Zambia and Namibia.
In view of the subject's
ownership, we consider it is acceptable to deal with subject for SMALL amounts.
Opinion on maximum credit
: NEW METICAL 350,000*
Trade risk assessment : Normal
Opinion on the credit
figure of SA RANDS 75,000 / 30 days :
We consider the above
figure to be within the company's financial capabilities.
It is normal accepted
practice for international suppliers to deal on secured terms with Mozambique
importers.
* On 1 July 2006 the
Government of Mozambique redenominated its currency the METICAL. One NEW
METICAL now equals 1,000 old Meticals.
PRINCIPAL BANKERS
NAME :
BANCO MELLENNIUM BIM (fmly BANCO INTERNACIONAL DE MOCAMBIQUE)
Branch :
Shoprite - Balcao 519
Street :
Avenida Acordos de Lusaka
Town :
Maputo
Telephone : (258 21) 417 357
Fax :
(258 21) 417 360
Account No. : 9983920
The company also has an
account with Standard Bank (formerly Banco Standard Totta de Mocambique).
FINANCIAL INFORMATION
Balance sheets are not
available and the subject interviewed declined to give any financial
information, which the company regards as strictly confidential.
LEGAL STATUS AND HISTORY
Date Started : May 2003
Tax No. :400079668
Capital : NEW METICAL 2,795,500
Companhia Limitada (Limited
Liability Company) with the following sole shareholder :
Hytec Holdings (Pty)
Ltd 100%
113 Koornhof Street
Meadowdale
P O Box 538, Edenvale
1610
Gauteng
South Africa
Tel : (27 11) 573 5400
Fax : (27 11) 573 5401
Email : olivern@hytec.co.za
Group M.D. John Wingrove
Date of Registration: 18
of March 1966 Registration No: 1969/010109/07
Established
in 1966, Hytec, a member of the Hytec Group of Companies, has grown to be the
largest manufacturer and supplier of hydraulic components and systems in
southern Africa and is the region's leader in fluid power engineering. It has
operations in Namibia and Zambia and its markets extend across a broad spectrum
of industry including marine, mining, sugar, automotive, agriculture, iron and
steel, armaments and general industry.
Affiliated companies of
Hytec Services Mozambique Lda :
Associates
1. Afripower (Pty) Ltd
(Trading has Hytec with a network 13
branches across South Africa)
2. Hytec (Engineering)
(Pty) Ltd
Registration No : 2000/012890/07
Date of Registration : 22062000
3. Diesel Electronica
Mozambique Lda
Maputo
4. HAW (Pty) Ltd
5. Power Team (Pty) Ltd
6. Hytec Fluid Technology
(Pty) Ltd
ACTIVITIES
The Company is involved
in the following activities :
Importers and
distributors of hydraulic and pneumatic equipment to the Mozal aluminium
smelter, the harbours and railways, as well as for general industry including
sugar.
Imports from South
Africa.
FACILITIES
The Company has the
following facilities :
Administrative offices
and storage facilities located at the heading address.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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