MIRA INFORM REPORT

 

 

 

 

Report Date :

29.01.2011

 

IDENTIFICATION DETAILS

 

Name :

Viscas Corporation

 

 

Registered Office :

13 York Avenue, Craighall Park, Gauteng

 

 

Country :

South Africa

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.05.2007

 

 

Com. Reg. No.:

013922/10

 

 

Legal Form :

Foreign Registered Company.

 

 

Line of Business :

Electric Power Transmission and Distribution Systems.

 

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

 

Maximum Credit Limit :

USD 1000000

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

 

VISCAS CORPORATION (INCORPORATED IN JAPAN)

 

 

Physical Address:

 

13 York Avenue

Craighall Park

Gauteng

 

 

Postal Address

 

Postnet Suite No 1

Private Bag X87

Bryanston2021

Telephone Number:                  011 447 1502

Fax Number:                             011 447 1730

Cell Number:                            082 448 9517 (Mrs Macewan)

 

 

SHAREHOLDERS

 

50% FURUKAWA ELECTRIC COMPANY LTD, Japan

50% FUJIKURA LTD, Japan

 

 

ASSOCIATE COMPANIES

 

None in South Africa

 

 

DIRECTORS

 

M SHIMADA                                          D.O.B: 500208

Y HIGAKI                                              D.O.B: 440612

H KIMURA                                            D.O.B: 471126

H TAKEHANA                                       D.O.B: 480311

T TANABE                                            D.O.B: 460617

N TAKADA                                            Passport No: TF5365863

I MIURA                                               (Newly appointed) 15 Dec 2009

M SUWA                                              (Newly appointed) 23 June 2010

S SAKUMA                                           (Newly appointed) 23 June 2010

C MacEWAN (MS)                                 (Management)

 

 

BANKERS

 

NEDBANK LTD, Business Branch, Northrand. Account Number: 1469190214.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

11 May 2007

Registration Certificate Number: 2007/013922/10

 

 

VAT NUMBER

           

4260237682

 

 

TAX NUMBER    

 

9453025166

 

 

MAJOR OPERATION

 

Electric power transmission and distribution systems to remote areas and consumer regions, underground power transmission systems that assist in providing power to large metropolitan areas as well as distribution systems from urban substations to customers, supplying cables, accessories, construction works and peripheral items which form the basis of such systems.

 

 

MAJOR SUPPLIERS

 

The subject is not a general credit seeker locally, however, deals with:

 

IMAB ENGINEERING, Johannesburg

MKULU ELECTRO DISTRIBUTION PROJECTS, Johannesburg

GEN OVERHEAD LINES, Cape Town

JABAZ MEN ENGINEERING, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The South African Power utility companies such as ESKOM HOLDINGS LTD

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES  

 

33 South African staff, 16 Expatriates, 128 Thai Nationals and ±450 South African staff through sub-contractors.

 

 

OTHER PREMISES        

 

It was stated that the subject has site offices in De Aar (Northern Cape), Thabazimbi (Limpopo) and Beaufort West (Northern Cape).

 

 

OWNED OR LEASED  

 

All properties are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

Not applicable.  The subject has no local share capital since it is a branch of an overseas company.

 

 

ISSUED SHARE CAPITAL

 

JPY736 457 699 shares of 1 Yen each

 

Please see attached latest financial statement for 31st March 2010

 

AUDITORS          

 

PRICEWATERHOUSECOOPERS, (Tel No: 11 797 4911)

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS    

 

SERCOR INSURANCE BROKERS, (Tel No: 011 787 0224)

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED       CREDIT         CREDIT                          PATTERN

1.    5 years         R20 000 000   R6 000 000-     30 days    30 days        Excellent

                                               R8 000 000                                         EFT

 

2.    4 years         R8 000 000    R7 000 000      30 days    30 days        Very Good

 

3.       Unable to obtain a trade reference

 

4.       3 years         R20 000 000   R12 000 000    30 days    30 days        Excellent

                          P.A               P.A                 Depends on contracts

 

 

COMMENTS

 

This is a very well established branch of Japanese Company which forms part of an international group of companies.  The subject is meeting its local commitments timeously and is spoken of very highly by its suppliers.  The subject is considered as equal to an amount of US$1 000 000 over 30 days.  The subject has obliterated previous losses and now has a positive current ratio reflected in the latest balance sheet.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.57

UK Pound

1

Rs.72.50

Euro

1

Rs.62.46

 

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 Company

----

 

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.