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MIRA INFORM REPORT

 

 

Report Date :            

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

PLESSEY (PTY) LTD 

 

 

Formerly Known As :

DIMENSION DATA TELECOMMUNI-CATIONS (PTY) LTD

 

 

Registered Office :

Royal Palm Business Estate, Cnr West & R101 Roads, Midrand, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

26.03.1982

 

 

Com. Reg. No.:

1982/003174/07  

 

 

Legal Form :

Private Company

 

 

Line of Business :

The installation of telecommunication infrastructure

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Regular

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, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME

 

PLESSEY (PTY) LTD

 

Formerly DIMENSION DATA TELECOMMUNI-CATIONS (PTY) LTD, the name having been changed on 19 April 1999.

 

Formerly ODF TECHNOLOGIES (PTY) LTD, the name having been changed on 9 August 1988;

 

Formerly:  ROHRS EN BUYS GROEP (PTY) LTD the name having been changed on the 26 March 1982.

 

 

PHYSICAL ADDRESS

 

Royal Palm Business Estate

Cnr West & R101 Roads

Midrand

Gauteng

 

 

POSTAL ADDRESS   

 

Private Bag X122

Halfway House

Midrand

1685

 

Telephone Number:                  011 655 1700 / 655 2000

Fax Number:                            011 655 1656

 

 

SHAREHOLDERS

 

100%    DIMENSION DATA AFRICA AND MIDDLE EAST (PTY) LTD, quoted on the JSE LTD

Formerly 51% WORLDWIDE AFRICAN INVESTMENT HOLDINGS (PTY) LTD and 49% DIMENSION DATA HOLDINGS LTD, having been changed in October 2005.

 

It was stated by the respondent that DIMENSION DATA HOLDINGS LTD has been bought out by a Japanese company named NTT WEST GROUP which is also known as NIPPON TELEGRAPH AND TELEPHONE CORPORATION. The purchase price was for Ł2 120 000 000/ US$3 240 000 000.

 

 

ASSOCIATE COMPANIES

 

Companies within the Dimension Data Holdings group of companies.

 

Subsidiary Companies:

MARPLESS COMMUNICATION TECHNOLOGIES (PTY) LTD

(Registration Certificate Number 1993/004201/07)

 

PLESSEY DISTRIBUTION (PTY) LTD

(Registration Certificate Number 1995/007981/07)

 

PLESSEY PRODUCTS (PTY) LTD

(Registration Certificate Number 1980/007576/07)

 

PLESSEY SOUTH AFRICA (PTY) LTD

(Registration Certificate Number 2000/014542/07)

 

 

DIRECTORS

 

MRS L M NYHONYHA   ID No.   5903155902083

H A EARLEY                 ID No.   5702285078008

Z FUPHE                      ID No.   6807290363086

A M CAWOOD              ID No.   5911265124001

MRS Z P P MBELE       ID No.   6606290340080

S JOUBERT (Alt. Dir.)    ID No.   6705095147086

B DOYLE                      ID No.   6803075103086

 

 

BANKERS

 

STANDARD BANK, Midrand branch, Account Number: 202460517.  It was stated that the subject enjoys overdraft facilities to an extent of R85 000 000, secured by cession of debtors.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

26 March 1982

Registration Certificate Number: 1982/003174/07  

 

The subject took over some of the assets and operations of a well established company, Plessey South Africa Ltd, while the remaining assets and operations were incorporated into another company.


 

VAT NUMBER       

 

4080106083      

 

 

TAX NUMBER       

 

9750196645

 

 

MAJOR OPERATION

 

The installation of telecommunication infrastructure

 

 

MAJOR SUPPLIERS

 

·         BELMAX 

·         EXOWELD, Johannesburg

·         TECHNOLOGY JUNCTION, Johannesburg

·         SCREW MAN (NATIONAL TOOL), Pretoria

·         ANDREW SATCOM, Johannesburg

·         DIESEL ELECTRIC SERVICES, Johannesburg

·         COOL MAINTENANCE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Telecommunication industry e.g. Telkom, MTN, Airtel, Vodacom and Cell C.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Various African Countries

 

 

TOTAL EMPLOYEES

 

300

 

 

OTHER PREMISES   

 

The subject has branches in Durban, Cape Town and East London

 

 

OWNED OR LEASED

 

The premises are report to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4 000 ordinary R1 shares

 

 

ISSUED SHARE CAPITAL

 

R4 000

 

The following estimated financial situation was submitted as at

30 September 2010 for the PLESSEY GROUP:

 

STOCK                                                                                          R131 900 000

DEBTORS                                                                                     R207 900 000

LIQUID ASSETS cash, cash equivalents                                          R288 500 000

FIXED ASSETS                                                                             R  11 800 000

PROPERTY                                                                                                    nil

CREDITORS fluctuating terms                                                         R204 600 000

OVERDRAFT                                                                                  Nil at present

SHAREHOLDERS’ LOANS                                                                              Nil

MORTGAGE BONDS                                                                                      Nil

            TOTAL CAPITAL EMPLOYED    R444 550 000

TURNOVER per annum  R844 850 000

            (Turnover per annum reduced from R1 000 000 000 in June 2009)

 

 

AUDITORS    

 

KPMG

 

YEAR END

 

SEPTEMBER – It was stated by the respondent that since the company has been purchased by the company in Japan, they will probably change the year end to March.  However, this has not yet been confirmed.

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – JUNE 2006

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                10 years       R  1 000 000+R  1 000 000    30 days    30 days        Very good

 

2.                1998             R       40 000  R       30 000 -                 30 days        30 days     Very good

                                                           R       40 000

 

3.                Old acc.       R80 000 000   R10 000 000    30 days    31 days        Very good

                                      c/l                 (sporadic)

 

4.                Feb 1994      R10 000 000   fluctuates        30 days    30 days        Good

 

 

TRADE REFERENCES - NOVEMBER 2006

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                10 years+     declined: R millions              30 days    30 days        Very good

 

2.                Old acc        R80 000 000   R8 000 000      30 days    30 days        Very good

                                      c/l

 

3.                Old acc        R       75 000  R     75 000     30 days    30 days        Very good


 

 

TRADE REFERENCES – MAY 2007

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

                 

1.                5 years         R       30 000  R10 000 -        30 days    30 days        Very Good

                                      c/l                 R20 000

 

2.                1999             R80 000 000   Varies             30 days    30 days        Excellent

 

3.                2005             R       41 000  R25 000          30 days    30 days        Good

 

 

TRADE REFERENCES – SEPTEMBER 2007

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                5 years         R     300 000  R100 000 -      30 days    30 days        Good

                                                           R300 000

 

2.                1999             R80 000 000   R300 000 -      30 days    31 days        Good

                                                           Millions

 

3.                Old acc        R       50 000  R  30 000 -      30 days    30 days        Very good

                                                           R  50 000

 

 

TRADE REFERENCES – JUNE 2009

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Old              R     200 000  R   150 000     30 days    30 days        Very Good

 

2.                5+ years       R     200 000  R     80 000-    30 days    30 days        Very Good

                                      c/l                 R   100 000

 

3.                Old              R     100 000  R   100 000     30 days    30 days        Good

 

4.                1999             R80 000 000   R1 000 000+    30 days    30 days        Very Good

                                      c/l                 (large)

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                2006             R800 000       R800 000±       30 days    30 days        Very Good

                                      c/l

 

2.                ±8 years       R800 000       R5 000±          30 days    30 days        Excellent

                                      c/l

 

3.                4 years         R150 000±     R100 000±       30 days    30 days        Very Good

 

 

COMMENTS

 

This is an established and well-connected company which forms part of a group that has recently been purchased by a Japanese company.  The subject is meeting its obtainable commitments timeously.  In view of the standing of the subject, it is considered equal to an amount of US$1 000 000 over 30 days and a maximum figure of US$10 000 000 over 30 days.

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

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

 

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.