MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Name :

REVIVE ELECTRICAL TRANSFORMERS  (PTY) LTD

 

 

Registered Office :

20 Linroy Street, Steeledale, South Hills, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.07.1996

 

 

Com. Reg. No.:

1996/009036/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturing and repair of electrical transformers

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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     

 

REVIVE ELECTRICAL TRANSFORMERS  (PTY) LTD

 

 

PHYSICAL ADDRESS          

 

20 Linroy Street

Steeledale

South Hills

Gauteng

 

 

POSTAL ADDRESS        

 

P O Box 83334

South Hills

2136

 

Telephone Number:     (011) 613 1508

Fax Number:                (011) 613 1510

 

 

SHAREHOLDERS

 

            70%      D PADAYACHEE

            30%      P PADAYACHEE

 

The shareholding changed in September 2009 and was previously:  70% D PADAYACHEE and 30%ALSTOM South Africa (PTY) LTD (Registration Certificate Number:  2000/007298/07)

 

 

ASSOCIATE COMPANIES

 

EPSIDOX (PTY) LTD

(Registration Certificate Number:  2009/014947/07)

 

DIRECTORS

 

·               D PADAYACHEE                      ID No:  5412135130088

·               P PADAYACHEE                      ID No:  6011250090082

 

 

BANKERS

 

ABSA BANK Alberton Branch, account number 01021830646. 

 

It was stated that the subject enjoys overdraft facilities to an extent of

R4 000 000, secured by the personal guarantees of Mr. Padayachee.  Utilisation of the overdraft is stated to fluctuate. 

 

 

DATE REGISTERED

 

12 July 1996

Registration certificate number 1996/009036/07

 

It was stated that prior to commencing the subject, Mr Padayachee was a contract manager at Eskom for 6 years.

 

 

VAT NUMBER

 

4110159490

 

 

MAJOR OPERATION

 

Manufacturing and repair of electrical transformers.

 

 

MAJOR SUPPLIERS

·         TRANSWIRE, Johannesburg

·         ALLOY MAGNETIC CORES, Johannesburg

·         AEROTON STEEL, Johannesburg

·         SHELL LUBRICANTS, Johannesburg

·         CALIDUS, Johannesburg

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Electrical and electricity industry e.g. Eskom, Alstom and Voltex.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS 

 

Very seldom to Swaziland

 

 

TOTAL EMPLOYEES  

 

120

 

 

OTHER PREMISES 

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1  each.

 

 

ISSUED SHARE CAPITAL

 

 R100

 

            The following estimated financial situation as at January 2011 was submitted:

 

            STOCK                                                      R  18 000 000 – R  20 000 000

            DEBTORS                                 fluctuates  R  18 000 000 – R  20 000 000

            FIXED ASSETS                                         nett book value   R    4 000 000

            CREDITORS                              fluctuates  R  24 000 000 – R  30 000 000

            SHAREHOLDERS LOANS                                                                   Nil

            TURNOVER                                                       per annum R170 000 000

 

 

AUDITORS  

 

RONNIE ALCOCK & CO  Benoni

 

 

YEAR END    

 

SEPTEMBER

 

 

INSURANCE BROKERS

 

L C DA SILVA

 

 

TRADE REFERENCES

 21 October 2005

 

        ACCOUNT  HIGHEST    AVERAGE TERMS       PAYMENT                   EXPERIENCE

        OPENED     CREDIT       CREDIT        PATTERN

 

1.     Old acc       R1 mill        R200 000 30 days         30 days                           Very Good

                          c/l               -R800 000 5%

 

2.     1996           declined      figures 30 days            30 days                                   Good

 

3.     7 yrs           R70 000      R7 500 30 days            30 days                           Very Good

                          c/l               -R25 000

 

TRADE REFERENCES – JANUARY 2007

 

        ACCOUNT  HIGHEST    AVERAGE TERMS       PAYMENT                   EXPERIENCE

        OPENED     CREDIT       CREDIT        PATTERN

 

1.     12 yrs         R2.4 mill      R800 000 30 days         30 days                             Excellent

                          c/l               -R1.2 mill 2½%

 

2.     4 yrs           R15 000      R10 000 30 days          30 days                                   Good

                                            -R15 000

 

3.     5 yrs           R500 000     R350 000 15 days from                                                                    Excellent

                          c/l               -R400 000 statement

 

 

CURRENT TRADE REFERENCES

 

        ACCOUNT  HIGHEST    AVERAGE TERMS       PAYMENT                   EXPERIENCE

        OPENED     CREDIT       CREDIT        PATTERN

 

1.     2007           R3 000 000  R2 000 000   30 days   30 days                                   Good

                          c/l

 

2.     2005           R250 000     R50 000 30 days          30 days                             Excellent

                          c/l               -R250 000

 

3.     8 years       R7 000 000  R2 800 000   30 days   30 days                             Excellent

                          c/l

                         

COMMENTS

 

This is an established and well connected company meeting commitments timeously.  The subject is considered equal to an amount of US$1 000 000 over 60 days.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

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

----

NB

New Business

----

 

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.