MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
REDFAB ENGINEERING CC |
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Registered Office : |
12 Bougainvilla Road Queensburgh Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
25.07.1991 |
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Com. Reg. No.: |
1991/018850/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Construction and steel industry |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Assessment
This is an established business that forms
part of an industry that is at present striking, and has been for over a week.
A full payment pattern could not be obtained.
We still await a trade reference.
Financials were not forthcoming from the
subject.
We cannot recommend dealings and suggest full
security be sought and the current state of the industry be borne in mind at
this time.
Company Information
|
Registered
Name |
REDFAB ENGINEERING CC |
|
Trading
as/ Division Name |
None |
|
Previous Name |
None |
|
Date of Name
Change |
None |
|
Registration
Number |
1991/018850/23 |
|
Registration
Date |
1991-07-25 |
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Date Commenced
Trading |
1991 |
|
History of
Business |
Not stated |
|
History of
Principals |
Not stated |
|
Members of
subject and % holding |
50% J REDDY 50% K REDDY (wife) |
|
Members
Contribution |
R100 |
|
Age of Company |
20 years |
|
Status |
In Business |
|
Operations
Assessment |
Fabrication of structural steel. |
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Industry/
Customers |
Construction and steel industry |
|
Major Industry
Code / SICC |
35419 Manufacturing |
|
Definition of
Code |
Other structural metal products eg: doors,
windows and gates |
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Head Office
Physical Address |
12 Bougainvilla Road QUEENSBURGH Kwazulu Natal |
|
Head Office
Postal Address |
P O Box 562171 CHATSWORTH 4030 |
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Current Tel
Number |
031 4631673 |
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Current Fax
Number |
031 4621659 |
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Current Email
Address |
redfab@iafrica.com |
|
Web Site Address |
None |
Auditors Information
|
Company
Registered Name |
N K FINANCIAL SERVICES |
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Trading Name |
None |
|
Registration
Number |
Trading as a sole proprietorship +- 10 years |
|
Physical Address |
135 Musgrave Road DURBAN 4000 |
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Postal Address |
PO Box 701256 OVERPORT 4067 |
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Contact Person |
N KERDACHI |
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Contact Number |
083 6593345 |
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Email |
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Principals |
N KERDACHI |
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Subject Verified
as Client |
Yes |
|
BEE Status |
No |
|
Years With
Auditors |
2 years |
|
Website |
No |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
None |
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Tax Information
|
Vat Number |
4060115500 |
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Status |
Active |
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Vat Liable Date |
August |
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Tax Number |
924821408 |
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Tax Clearance
Expire Date |
Not Known |
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Financial Year
End |
February |
Black Economic Empowerment
|
Status |
Yes |
|
Score |
Level One |
|
Expire Date |
Nov 2011 |
|
BEE Certificate
Available |
Yes, via email |
ISO Status
|
Type of ISO
Grade |
9008 |
|
ISO Certificate |
Yes |
|
ISO Certificate
Available |
No |
|
Certified by an
Accredited Agent |
Yes SABS |
Workman’s compensation
|
Registered |
Yes |
|
Compliance Certified
|
Yes expires July 2011 |
Company Structure
|
Branches |
A workshop in
the same road. |
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Subsidiary
Company |
None |
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Shareholding |
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Registration
Number |
|
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Import / Export |
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Number of
Employees |
65 |
|
1.
Salaried
employees |
15 |
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2.
Waged
employees |
50 |
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3.
Permanent
employees |
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4.
Casual
employees |
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5.
Contracted
employees |
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Company Fleet |
? |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
A few |
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2.
Light
Delivery Vehicles |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
2 |
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6.
Fork
Lifts |
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7.
Other |
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Head Office
Owned/ Rented |
Owned |
|
Owned by |
Mr and Mrs Reddy |
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Value |
R5- R6 million |
|
Bond |
Free of bond |
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Type of Premises |
Office and workshop |
Branches Owned/
Rented |
Rented |
|
Rental Company |
A group business owned by Mr and Mrs Reddy |
|
Type of Premises |
Workshop |
Trade References
|
Supplier |
Contact |
|
MACSTEEL TRADING |
031 9132600 |
|
VRN STEEL |
031 7915000 |
|
TRIDENT STEEL |
011 8617276 |
|
PHOENIX STEEL |
031 7008610 |
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SVM RIGGERS |
082 9230256 |
|
AED ENGINEERING |
031 4632547 |
Trade References
It should be noted
that the steel industry is on strike at present therefore a full payment
pattern could not be obtained.
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
Awaiting a fax |
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Steel |
Industry on |
Strike |
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Steel |
Industry on |
Strike |
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Do |
Not |
Give |
Trade |
References |
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Do |
Not |
Give |
Trade |
References |
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Adverse Information on Subject
|
Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
|
Date |
Details |
|
None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Deeds Information
|
Property Interest |
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Property Type: |
None |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Bank Information
|
Bank |
NEDBANK |
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Branch |
KZN BUSINESS BRANCH |
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Bank Account
Number |
1648017061 |
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Type of account |
Current |
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Account Name |
REDFAB ENGINEERING CC |
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Date Opened |
10-9-1999 |
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Bank Code |
C |
|
Bank Comment |
The subjects bankers consider them as equal to its normal business
engagements and to a figure of R100 000 over 30 days. |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
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Previous Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
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Financial Information
Financial Estimates
|
CURRENT ASSETS |
NOT FORTHCOMING FROM THE SUBJECT. |
Principals
|
Number of
Principals |
2 |
|
Average Age of
Active Principals |
52 |
Active Principals
Principal 1 of 2
|
Surname |
REDDY |
|
First Names |
KALAIVAN |
|
Marital Status |
Married, Mrs |
|
ID Number |
6107010074083 |
|
Verified ID
Number |
Yes |
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Current Age |
50 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not given |
|
Address
(at time of Appointment) |
12 Bougainvilla Road QUEENBURGH 4070 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt
Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on Principal
Current
Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROOTONE CC |
1987/003606/23 |
In Business |
0 |
No |
|
CHEMPNESS
INVESTMENTS CC |
1998/023969/23 |
Deregistration
Final |
0 |
No |
|
REDFAB PROJECT
CC |
2003/046141/23 |
In Business |
0 |
No |
|
RHIDAN
INVESTMENTS 68 (PTY) LTD |
2006/004449/07 |
In Business |
0 |
No |
|
ATOA INVESTMENTS
CC |
20007/128025/23 |
Deregistration
Final |
0 |
No |
Previous
Business Interests
|
Average Age of
Previous Business Interests |
9 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
REDFAB ENGINEERING (GAUTENG) CC |
2002/023379/23 |
In Business |
0 |
No |
Deeds Information
Property
Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
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Property Type |
|
Extent / Size |
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Purchase Date |
|
Purchase price |
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% Ownership |
|
Bond Holder |
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|
Bond Number |
|
Bond Amount |
|
Principal 2 of 2
|
Surname |
REDDY |
|
First Names |
JAYRAM |
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Marital Status |
|
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ID Number |
5705065120080 |
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Verified ID
Number |
Yes |
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Current Age |
54 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not given |
|
Address
(at time of Appointment) |
12-41st Avenue UMHLATUZANA TOWNSHIP Chatsworth 4092 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROOTONE
CC |
1987/003606/23 |
In Business |
0 |
No |
|
REDFAB
ENGINEERING CC |
1991/018850/23 |
In Business |
0 |
No |
|
KIA
NYAMA TRADIOTIONAL FOODS CC |
1995/020462/23 |
In Business |
0 |
No |
|
REDFAB
INVESTMENTS CC |
1996/038434/23 |
In Business |
0 |
No |
|
REDFAB
PROPERTIES CC |
1996/038439/23 |
In Business |
0 |
No |
|
AFRICA
GROUP ENGINEERING (PTY) LTD |
1999/013344/07 |
In Business |
0 |
No |
|
REDFAB
ENGINEERING (GAUTENG) CC |
2002/023379/23 |
In Business |
0 |
No |
|
REDFAB
PROJECT CC |
2003/046141/23 |
In Business |
0 |
No |
|
RHIDAN
INVESTMENTS 68 (PTY) LTD |
2006/004449/07 |
In Business |
0 |
No |
|
IMPACTY
ENGINEERING GAUTENG CC |
2006/151102/23 |
In Business |
0 |
No |
|
REIMEL
ENGINEERINGCC |
2007/076241/23 |
Deregistration
Final |
0 |
No |
|
ATOA
INVESTMENTS CC |
20007/128025/23 |
Deregistration
Final |
0 |
No |
|
WANDERING
STAR TRADING 39 (PTY) LTD |
2008/028815/07 |
Deregistration
Final |
0 |
No |
|
JBR
PLANT AND CIVILS CC |
2009/118105/23 |
In Business |
0 |
No |
|
HIGHTRADE-INVEST
114 (PTY) LTD |
2010/018309/07 |
In Business |
0 |
No |
|
J
REDDY |
5705065120080 |
|
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
13 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
REDCON
ENGINEERING SERVICES CC |
1993/008273/23 |
Deregistration
Process |
0 |
No |
|
ISSS
SHEET METAL WORKS CC |
1996/049984/23 |
In Business |
0 |
No |
|
INTELENTO
TRADE 31 (PTY) LTD |
2003/026363/07 |
Deregistration
Process |
0 |
No |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.