MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

BABCOCK NTUTHUKO ENGINEERING (PTY) LTD

 

 

Formerly Known As :

BABCOCK TRIPLEJAY (PTY) LTD

 

 

Registered Office :

1 Osborne Lane Bedfordview Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.12.1948

 

 

Com. Reg. No.:

1948/032084/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Construction engineering

 

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

 

COMPANY NAME

 

BABCOCK ENGINEERING

(A division of BABCOCK NTUTHUKO ENGINEERING (PTY) LTD)

 

 

Address

 

PHYSICAL ADDRESS: 

1 Osborne Lane

5 & 6 Bickley Road

Bedfordview

JOHANNESBURG

Gauteng

 

TELEPHONE NUMBER: 011 739 8200

 

On investigation contact was made with the General Finance Manager at BABCOCK INTERNATIONAL Group who confirmed that BABCOCK ENGINEERING is a trading division of BABCOCK NTUTHUKO ENGINEERING (PTY) LTD, which report should be consulted.

 

           
COMPANY NAME

 

BABCOCK NTUTHUKO ENGINEERING (PTY) LTD

 

Formerly BABCOCK TRIPLEJAY (PTY) LTD, the name having been changed on 20 August 2003.

 

TRADING DIVISIONS:    BABCOCK NTUTHUKO

BABCOCK NTUTHUKO POWER LINES

BABCOCK ENGINEERING

 

 

Address

 

PHYSICAL ADDRESS: 

1 Osborne Lane

BEDFORDVIEW

Gauteng

 

POSTAL ADDRESS:    

P O Box 4561

JOHANNESBURG

2000

 

TELEPHONE NUMBER: 011 601 1000

 

FAX NUMBER:                          011 601 1054

 

 

SHAREHOLDERS

 

75%      BABCOCK AFRICA (PTY) LTD

25%      SPHERE HOLDINGS (PTY) LTD (BEE company)

 

 

ASSOCIATE COMPANIES

 

BABCOCK AFRICA SERVICES (PTY) LTD

(Registration Certificate Number: 1968/008464/07)

BABCOCK AVIATION (PTY) LTD

(Registration Certificate Number: 1954/002294/07)

BABCOCK MOZAMBIQUE LDA

BABCOCK TCM PLANT (PTY) LTD (Botswana)

BABCOCK ZAMBIA (PTY) LTD

BABCOCK AFRICA (PTY) LTD

(Registration Certificate Number: 1960/003214/07)

NIMPLANT (PTY) LTD (dormant)

(Registration Certificate Number: 2000/000798/07)

 

DIRECTORS

 

A I J CARIM                  ID No. 7106015248089

I KGABOESELE            ID No. 7108085370082

P N KINGSTON             ID No. 7002200846086

R O’ CALLAGHAN         ID No. 5501295077087

N C PENSON                ID No. 5504205210087

K J E KANE                  ID No: 5209055034088

MRS R K RAPHOTO      ID No: 6801160376088

 

 

BANKERS

 

STANDARD BANK, Johannesburg Branch.  It was stated that the subject enjoys overdraft facilities.  The facility is not normally utilised as the subject forms part of a cash management facility controlled by the group.

 

It was stated by the respondent that both trading divisions BABCOCK NTUTHUKO, Account Number: 420487166 and BABCOCK NTUTHUKO POWER LINES, Account Number: 21992169 have their own bank account facilities with STANDARD BANK, Johannesburg branch.

 

The subject is reported to be managed by a cash management scheme at STANDARD BANK.

 

 

DATE REGISTERED

 

7 December 1948

Registration Certificate Number:   1948/032084/07

 

The subject traded many years ago as BABCOCK TRIPLEJAY (PTY) LTD, became dormant for approximately 6 years and recommenced trading in 2003 as BABCOCK NTUTHUKO ENGINEERING (PTY) LTD.

 

 

VAT NUMBER    

 

4710102031

 

 

TAX NUMBER    

 

9875149719

 

 

MAJOR OPERATION

 

Construction engineering

 

 

MAJOR SUPPLIERS

 

LAPACE CONSTRUCTION

ISONDLO PROJECT SUPPORT, Johannesburg

MACSTEEL, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Eskom and large industries.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

minimal to Botswana and Namibia

 

 

TOTAL EMPLOYEES

 

254 permanent employees and it was reported that the subject utilises 1339 workers on a contract basis. 

 

 

OTHER PREMISES

 

It was stated that the trading division BABCOCK NTUTHUKO POWER LINES is based in Nigel.

 

 

OWNED OR LEASED

 

The head office premises are leased while the branch premises are stated to be owned by the subject.

 

AUTHORISED SHARE CAPITAL

 

R200 000 divided into 400 000 ordinary shares of R0,50 cent each.

 

 

ISSUED SHARE CAPITAL

 

R200 000

 

Full financial information was not forthcoming from respondents at the company.  It was, however, stated that the turnover per annum for both BABCOCK NTUTHUKO POWERLINES and BABCOCK NTUTHUKO was an estimated R736 000 000 as at March 2010.

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC, Sunninghill, (Tel No: 011 797 4000)

 

 

FINANCIAL YEAR END

 

MARCH

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – AUGUST 2006

 

                        PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                        CREDIT            CREDIT                                                            PATTERN

 

1.                     10 years            R   800 000       R   600 000       30 days             30 days             Good

 

2.                     1999                 R3 000 000        R1 000 000        30 days             30 days             Very good

 

3.                     10 years            R   100 000       R   100 000       30 days             30 days             Very good

 

 

 

 

TRADE REFERENCES – MARCH 2007

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         10 years            R1 000 000        R200 000 -        30 days             30 days             Very good

                                                            R500 000

 

2.         10 years            R   500 000       R400 000 -        30 days             30 days             Very good

                                                            R500 000

 

3.         8 years             R1 000 000        R  60 000          COD                 COD                 Very good

 

 

TRADE REFERENCES – JULY 2009

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1999                 ±R10 000 000    ±R1 000 000      30 days             7 days              Excellent

                                                             R2 500 000

 

2.         1994                 ±R  2 000 000    ±R1 500 000      30 days             30 days             Excellent

                                                             R1 800 000

 

3.         Jan 2004           confidential          confidential      30 days             30 days             Good

                                    (CGIC)

                       

 

TRADE REFERENCES – AUGUST 2010

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1999                 open                 ±R1 000 000      30 days             30 days             Very Good

                                                            Per week

 

2.         10 years+          open                 R500 000          7 days              7 days              Excellent

                                                            R1 500 000        From invoice date

 

3.         2003                 R13 000 000      declined            30 days             30 days             Excellent

                                    c/l

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1999                                         R2 000 000        30 days             30 days             Excellent

                                                            Per week

 

2.         15 years            R1 000 000        R1 000 000        30 days             30 days             Very Good

                                    c/l                     Varies

 

3.         Unable to obtain trade references

 

 

COMMENTS

 

This is a well established and well connected company meeting its commitments timeously.  The subject is considered equal to US$1 000 000 over 30 days. The lack of full financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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.