MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Correct 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 and Engineering Company

 

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

 

BABCOCK NTUTHUKO ENGINEERING (PTY) LTD

 

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

 

 

TRADING DIVISIONS

 

·         BABCOCK NTUTHUKO GENERATION

·         BABCOCK NTUTHUKO POWER LINES

·         BABCOCK ENGINEERING

           

 

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 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 GENERATION, Account Number: 420487166 and BABCOCK NTUTHUKO POWER LINES, Account Number: 21992169 have their own bank account facilities with STANDARD BANK, Johannesburg branch.

 

 

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 and engineering company

 

 

MAJOR SUPPLIERS

 

LAPACE CONSTRUCTION

MACSTEEL, Johannesburg

FASTEL

 

The subject changes its suppliers depending on jobs.

 

 

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 ENGINEERING was an estimated R900 000 000 as at 19 January 2011.

 

 

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    R1 000 000-     30 days    30 days        Excellent

                                                           R2 000 000 (per week)

 

2.                Old               R500 000       R500 000        30 days    30 days        Excellent

 

3.                Do not give trade references

 

 

COMMENTS

 

This is a well established and well connected company meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 DA terms.  However, the subject would be considered equal to such an amount.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

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.