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MIRA
INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
OPTIC 1 POWERLINES (PTY) LTD |
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Registered Office : |
Corner Van Tonder & Theuns Mulder Streets Industrial Area Brits
North West |
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Country : |
South Africa |
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Date of Incorporation : |
19.04.2011 |
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Com. Reg. No.: |
2011/009001/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The construction and installation of power
lines and optic fiber cables. |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 a very new business, which is still in
the process of established a payment pattern and opening new accounts.
In view of the infancy of the subject, it is suggested
that dealings be on a letter of credit basis.
A bank code revealed that the subject’s
financial position is unknown and they are unable to comment.
Company Information
|
Registered
Name |
OPTIC 1 POWERLINES (PTY) LTD |
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|
Trading
as |
OPTIC 1 |
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Registration
Number |
2011/009001/07 |
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Registration
Date |
19 April 2011 |
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Date Commenced
Trading |
May 2011 |
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History of
Business |
The subject was commenced as a new business. |
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History of
Principals |
It was stated that prior to commencing the subject B LÖTTER was a Project Manager, H J VAN DER WESTHUIZEN (jnr) was a Surveyor and H J VAN DER WESTHUIZEN
(snr) was a director in a company TOWER TEL (PTY) LTD trading as OPTIC 1,
which was liquidated in 2010. |
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|
Shareholders of
subject and % holding |
50% H J VAN DER WESTHUIZEN 50% B LÖTTER It was stated that the subject is managed by H J VAN DER WESTHUIZEN (snr) and B LÖTTER. H J VAN DER WESTHUIZEN (jnr.) is a Site Manager at the subject. |
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Authorised Share
Capital |
R1 000 divided into a 1 000 ordinary R1 shares |
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Issued Share
Capital |
R100 |
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Age of Company |
3 months |
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Status |
Active |
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Operations
Assessment |
The construction and installation of power
lines and optic fiber cables. The subject provides the following
services: ·
OPGOPGW
installation ·
ADSS Installation ·
MASS Cable
Installation ·
ADLash Cable
Installation ·
Live Line
Installation of Fibre Optic Cables ·
Live Maintenance
of Transmission and Distribution Lines ·
Air Mobile Live
Line Maintenance with Helicopter assistance |
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|
Industry/
Customers |
The electricity transmission industry such
as ESKOM, mining and telecommunication industries as well as municipalities |
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|
Area of
Distribution |
South Africa |
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|
Export |
Neighbouring countries such as Botswana, Zambia, Mozambique,
Zimbabwe |
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Major Industry
Code / SICC |
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Definition of
Code |
Construction of civil engineering structures |
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Head Office
Physical Address |
Corner Van Tonder & Theuns Mulder Streets Industrial Area BRITS North West |
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Head Office
Postal Address |
P O Box 3576 BRITS 0250 |
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Current Tel
Number Cell number |
012 250 0221 |
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Current Fax
Number |
086 628 4167 |
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Current Email
Address |
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Web Site Address |
Auditors Information
|
Company
Registered Name |
GKL AUDITORS INC |
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Registration
Number |
2005/044618/21 |
|
Physical Address |
11 A Plaza Building 45 Van Velden Street BRITS North West |
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Postal Address |
P O Box 176 BRITS 0250 |
|
Contact Person |
Hennie Enslin |
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Contact Number |
012 252 3217 |
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Email |
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Principals |
2 |
|
Judgements
Against Subject |
None |
|
Judgements
Against Principals |
None |
|
Subject Verified
as Client |
Yes |
|
Practice number |
9024119 |
|
VAT Number |
4690108586 |
|
BEE Status |
Yes |
|
Financial Year
End |
February |
|
Years With
Auditors |
2 months |
|
Website |
www.gkl.co.za |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
None |
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Tax Information
|
Vat Number |
Awaiting from SARS |
|
Status |
Active |
|
Vat Liable Date |
May 2011 |
|
Tax Number |
Awaiting from SARS |
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Tax Clearance
Expire Date |
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Financial Year
End |
FEBRUARY |
Black Economic Empowerment
|
Status |
None at present – the subject is in the process of applying for a BEE
status level. |
|
Score |
|
|
Expire Date |
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|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
No |
|
ISO Certificate |
No |
|
ISO Certificate
Available |
No |
|
Certified by an
Accredited Agent |
No |
Workman’s compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
None |
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Subsidiary
Company |
None |
|
Shareholding |
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Registration
Number |
|
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Import / Export |
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Number of
Employees |
38 total |
|
1.
Permanent
employees |
25 |
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2.
Three
Months Contracted employees |
13 |
Company Fleet |
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|
Fleet Operations |
1 total |
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The Fleet is
made up of |
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|
1.
Trucks |
1 = 6X4 ISUZU |
It was stated that
the above mentioned ISUZU truck, which is valued in the region of
R690 000, is owned in the personal capacity of B LÖTTER.
Head Office
Owned/ Rented |
leased |
|
Rental Company |
GUL MINING |
|
Lease Agreement |
Annual agreement |
|
Lease Expire
Date |
2012 |
|
Type of Premises |
The heading premises comprise of administration offices and a storage
facility. |
Branches Owned/
Rented |
None |
Trade References
In view of the infancy of the subject, most suppliers are paid on a C.O.D.
basis, however, the subject is in the process of opening accounts.
It was stated that the subject is importing cables.
|
Supplier |
Contact |
|
HARTIES SECURITY |
082 663
2517 |
|
GUL MINING |
082 335
3212 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
3 months |
R250 000 |
R150 000 |
30 |
R100 000 |
30 |
Good |
|
To |
New |
To |
Comment |
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Adverse Information on Subject
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Judgements |
No information on record |
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Possible
Judgements |
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|
Civil Court |
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RDs |
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Judgements
|
Case Number |
No information on record |
|
Amount |
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Reason |
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Court Name |
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Judgement Type |
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Judgement Date |
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Plaintiff
(Multiple) |
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Default Data
|
Date |
Details |
|
No information on record |
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Notarial Bonds
|
Date |
Details |
|
No information on record |
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Deeds Information
|
Property Interest |
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Property Type: |
No information on record |
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 |
FIRST NATIONAL BANK |
|
Branch |
Brits |
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Bank Account
Number |
62311687571 |
|
Type of account |
current |
|
Branch Code |
260146 |
|
Account Name |
OPTIC 1 POWERLINES (PTY) LTD |
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Date Opened |
19 May 2011 |
|
Bank Code |
F |
|
Bank Comment |
The subject’s bankers advise that their financial position is unknown
and they are unable to comment |
It was stated that the subject does not enjoy an overdraft facility at the
bank as credit balances are normally maintained.
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
No information on record |
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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 |
|
|
Stock |
Amounts fluctuates as the subject buys stock per project. |
|
Debtors at
present |
R400 000 |
|
Cash on Hand |
fluctuates |
|
FIXED ASSETS |
|
|
Plant, Equipment
(net value) |
R2 900 000 |
|
Property |
Nil |
|
CURRENT
LIABILITIES |
|
|
Creditors |
Mainly on C.O.D. basis |
|
Loans from B LÖTTER
and H J VAN DER WESTHUIZEN (snr) |
R1 000 000 |
|
LONG TERM
LIABILITIES |
|
|
Morgage Bonds |
Nil |
|
Estimated
Current Year Turnover (2012) |
R10 000 000 |
Principals
|
Number of
Principals |
2 |
|
Average Age of
Active Principals |
38 years 2 months |
Active Principals
Principal 1 of 2
|
Surname |
VAN DER WESTHUIZEN |
|
First Names |
HENDRIK, J |
|
Marital Status |
Unmarried |
|
ID Number |
9102145025081 |
|
Verified ID
Number |
Yes |
|
Current Age |
20 |
|
Designation |
Director / businessman |
|
Status |
Active |
|
Appointment Date |
19 April 2011 |
|
Address (at time
of Appointment) |
54 Troupand Street BRITS 0250 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt
review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
No additional business interests |
|
|
|
|
Previous Business Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
No information on record |
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|
|
|
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
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|
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 |
LÖTTER |
|
First Names |
BENJAMIN |
|
Marital Status |
Married |
|
ID Number |
5409215070002 |
|
Verified ID
Number |
Yes |
|
Current Age |
57 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
July 2011 |
|
Address
(at time of Appointment) |
1252 Juskei Park JOHANNESBURG 2001 |
Adverse Information on Principal
Judgement
|
Number
of Judgements |
No information on record |
Debt Review
|
Debt
review |
No information on record |
Other
|
Default
data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
INTERNATIONAL
TRACTION SUPPLIES CC |
1992/034088/23 |
Deregistration
process |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
19 |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
LINEAR PRODUCTS
CC |
1992/019789/23 |
Voluntary
liquidated |
0 |
Yes |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.41 |
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.