MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BYTES TECHNOLOGY GROUP MOZAMBIQUE LTD |
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Registered Office : |
Rua Rui de Pina No 105,
Sommerschield, |
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Country : |
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Date of Incorporation : |
1998 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Provision of IT solutions and services |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
NEW METICAL 2,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
BYTES TECHNOLOGY GROUP
MOZAMBIQUE LTD
ADDRESS
Street : Rua Rui de Pina No 105
Area : Sommerschield
Town :
Country :
Telephone :
(258 21) 488 782 / 488 784
Fax : (258 21) 488 781
SENIOR COMPANY
PERSONNEL
Name Position
1. Colin Evans General Manager
2. Aroni Buque Finance Manager
3. Crispin Robinson Technical
Manager
Total Employees
21 (subject)
3,000 (group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a member of
the Bytes Technology Group ("BTG") which provides a broad range of
products, technical skills and specialized services to support enterprise-wide
IT infrastructure and telecommunications across Africa,
Associations inspire
confidence and we consider it is acceptable to deal with subject for MEDIUM
amounts.
Opinion on maximum credit
: NEW METICAL 2,500,000 (higher amounts of required may be considered with
assurance from the parent company)
Trade risk assessment :
Opinion on the credit
figure of
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
PRINCIPAL BANKERS
NAME :
STANDARD BANK (FORMERLY BANCO STANDARD TOTTA DE MOCAMBIQUE)
Branch :
Central
Street :
Praca 25 Julho 1
P.O. Box : 1119
Town :
Telephone : (258 1) 423047 / 424597
Acc No :
108 119444100
The company also has an
account with BCI Fomento (formerly Banco do Fomento e Exterior SA).
FINANCIAL INFORMATION
Separate balance sheets
are not available for the subject.
The following
consolidated Balance sheet information as at 28 February 2006 applies to Bytes
Technology Group Ltd, subject's parent company:
2006 2005
(in millions of SA Rand)
ASSETS
Non-current assets 715 548
Property, plant and equipment 113 107
Intangible assets 417 356
Non-current loans receivable 33 2
Finance lease assets 68 24
Investment in associates - 21
Available-for-sale investment 20 -
Deferred taxation 64 38
Current assets 964 929
Inventories 164 139
Loans receivable 27 31
Accounts receivable 585 467
Cash and cash equivalents 188 292
TOTAL ASSETS 1,679 1,477
EQUITY AND LIABILITIES
Total equity 604 470
Equity holders of BTG 586 460
Minority interest 18 10
Non-current liabilities 95 246
Liabilities 16 217
Finance lease liabilities 68 24
Lease accrual 11 5
Current liabilities 980 761
Borrowings 32 43
Accounts payable 796 650
Provisions 18 26
Bank overdraft 90 1
Taxation 44 41
TOTAL EQUITY AND LIABILITIES 1,679 1,477
Number of shares in issue
at year-end (million) 165.0 161.8
Net asset value per share (cents) 365.1 290.3
Tangible net asset
value per share (cents) 115.8 70.5
PROFIT AND LOSS ACCOUNT
Revenue 3,470 2,906
Operating costs (3,188) (2,685)
Material and services (1,846) (1,774)
Employees’ remuneration (1,005) (756)
Amortisation of intangible assets (11) (5)
Depreciation of property,
plant and equipment (40) (36)
Other operating costs (261) (116)
Net change in inventories (25) 2
Operating profit before goodwill
adjustment and impairment 282 221
Goodwill adjustment and impairment (38) (180)
Financial income 21 6
Financial expense (36) (21)
Share of profits from associates - 8
Profit before taxation 229 34
Taxation (48) (72)
Profit/(loss) for the year 181 (38)
Financial year ends 28/29
February.
LEGAL STATUS AND
HISTORY
Date Started : 1998
Capital : not given
Companhia Limitada
(limited liability company) with the following sole shareholder :
Bytes Technology Group
Ltd 100%
Bytes House
Avenues North
Rivonia
Tel: (27 11) 236 9500
Fax: (27 11) 807 6909
Parent Company
Bytes Technology Group
("BTG") provides a broad range of products, technical skills and
specialized services to support enterprise-wide IT infrastructure and
telecommunications across Africa and in the
Affiliated companies of
Bytes Technology Group Mozambique Ltd :
Associates
Subject is a wholly owned
subsidiary of Bytes Technology Group Ltd, which also has interest in the bellow
listed companies:
Operating Companies:
Directly Held
Bytes Technology Group
Bytes Technology Group
Holdings Limited (100%)
Bytes Technology Group
Limited (
Bytes Technology Group
Bytes Technology Group
Trident Logistics
Offshore (Proprietary) Limited (100%)
Operating Companies:
Indirectly Held
Bytes Corporate Services
(Proprietary) Limited (100%)
Bytes Outsource Services
(Proprietary) Limited (100%)
Bytes People Solutions
(Proprietary) Limited (100%)
Bytes Software
(Proprietary) Limited (100%)
Bytes Systems Integration
(Proprietary) Limited (100%)
Bytes Technology Group
Limited
CS Computer Services
Holdings Limited (100%)
CS Logistical Services
(Proprietary) Limited (100%)
Idion Solutions
(Proprietary) Limited (100%)
Ithuba Lethu Document Solutions
(Proprietary) Limited (100%)
Koerikai Document
Solutions (Proprietary) Limited (49%)
Plato Computer Services
Limited (100%)
Priam Solutions Limited
(100%)
University Document
Management Services (Proprietary) Limited (100%)
Dormant Companies:
Directly Held
Basfour 981 (Proprietary)
Limited (100%)
BTG Management Services
(Proprietary) Limited (100%)
BTS Nominees
(Proprietary) Limited (100%)
Bytes Communication
Systems (Proprietary) Limited (100%)
Bytes Document Solutions
(Proprietary) Limited (100%)
Bytes Document Solutions
Properties (Proprietary) Limited (100%)
Bytes Technology Group
Shelf One (Proprietary) Limited (100%)
Enza (Proprietary)
Limited (100%)
First Data Systems
(Proprietary) Limited (100%)
Global Internet Access
(Proprietary) Limited (100%)
Ikwezi Samras
(Proprietary) Limited (100%)
Laser Facilities
(Proprietary) Limited (100%)
Mike Bergen and
Associates (Proprietary) Limited (100%)
National Data Systems
(Proprietary) Limited (100%)
NDS
NDS Specialised Services
(Proprietary) Limited (100%)
NDS Specialised Services
Holdings (Proprietary) Limited (100%)
Spearhead Logistics
(Proprietary) Limited (100%)
Total Technology Solutions
(Proprietary) Limited (100%)
Ulwazi Computer Solutions
(Proprietary) Limited (100%)
USKO 1997 (Proprietary)
Limited (100%)
USKO Kabelmaatskappy
(Proprietary) Limited (100%)
Uskoshelf One
(Proprietary) Limited (100%)
Veldmaster (Proprietary)
Limited (100%)
Ventrade Nine
(Proprietary) Limited (76%)
Dormant Companies:
Indirectly Held
Argil Ernst & Young
(Proprietary) Limited (100%)
Argil Ernst & Young
Consulting (Proprietary) Limited (100%)
Argil Intellect
(Proprietary) Limited (100%)
Biz
Bytes Technology
Solutions Limited (100%)
Bytes Technology Training
Limited (100%)
Consulting Connections
(Proprietary) Limited (100%)
CS APPS (Proprietary)
Limited (100%)
CS ATS (Proprietary) Limited
(100%)
CS FBS (Proprietary)
Limited (100%)
CS IMS (Proprietary)
Limited (100%)
CS IMS
CS Infrastructure
Services (Proprietary) Limited (100%)
CS Strategy Solutions
(Proprietary) Limited (100%)
CS System Solutions
(Proprietary) Limited (100%)
CS Telecom (Proprietary)
Limited (100%)
CS TSA (Proprietary)
Limited (100%)
CS Tsumisano Eduction
Solutions (Proprietary) Limited (49%)
EC-Co UK Limited (100%)
EEJP Props (Proprietary)
Limited (100%)
Global Internet Access
Global Online Development
(Proprietary) Limited (100%)
Info
Infobahn (Proprietary)
Limited (100%)
IT-IQ People Development (Proprietary)
Limited (100%)
LOLE (Proprietary)
Limited (100%)
Portion 543 Farm
Rietfontein (Proprietary) Limited (100%)
Pure ASP Limited (100%)
Pure I Group Limited
(100%)
Pure-I.co.uk Limited
(100%)
Pure Licensing Limited
(100%)
Pure Technology Solutions
Limited (100%)
Pure Training Limited
(99%)
Quintus (Proprietary)
Limited (100%)
Recips IT Services
(Proprietary) Limited (100%)
ACTIVITIES
The Company is involved
in the following activities :
Provision of IT solutions
and services such as managed services including server & desktop services,
network support and on-site engineering, technology solutions being wide &
local area networking, voice & data solutions and consultancy, enterprise
system & storage solutions consisting of business application servers,
backup & recovery solutions, archiving and storage solutions &
management.
Customers are generally
large corporate businesses across the Manufacturing, Financial & Banking,
Telecommunications, Government, Transport and Education.
Subject is currently
engaged in a three year project with the ministry of Finances in the Mozambican
Government. Contract was signed in March 2005 and will end in March 2008.
Subject is currently engaged in talks with the Ministry to renew the contract.
Imports from
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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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%)