MIRA INFORM REPORT

 

 

Report Date :

09.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MTN NETWORK SOLUTIONS (PTY) LTD

 

 

Formerly Known As :

CITEC (PTY) LTD

 

 

Registered Office :

Falcon View Place Constantia Business Park Cnr 14th Avenue and Hendrik Potgieter Road Weltevredenpark Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

14.11.1996

 

 

Com. Reg. No.:

1996/015935/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Internet Service Providers

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

MTN NETWORK SOLUTIONS (PTY) LTD

 

Formerly CITEC (PTY) LTD, the name having been changed on 30 April 2002;

Formerly SILVER SOMBRERO TRADERS (PTY) LTD, the name having been changed on 5 February 1998

 

 

Address

 

PHYSICAL ADDRESS: 

Falcon View Place

Constantia Business Park

Cnr 14th Avenue and Hendrik Potgieter Road

WELTEVREDENPARK

Gauteng

 

POSTAL ADDRESS:    

P O Box 3070

RANDBURG

2125

 

TELEPHONE NUMBER: 011 912 3000

 

FAX NUMBER:              011 911 5443

 

CELL NUMBER:            083 200 0561

 

 

SHAREHOLDERS

 

100%    MOBILE TELEPHONE NETWORK HOLDINGS (PTY) LTD

                        (Registration Certificate Number: 1993/001411/07)

 

 

ASSOCIATE COMPANIES

 

MTN INTERNATIONAL (PTY) LTD

(Registration Certificate Number: 1998/002351/07)

ORBICOM (PTY) LTD

(Registration Certificate Number: 1993/004259/07)

MOBILE TELEPHONE NETWORKS (PTY) LTD

(Registration Certificate Number: 1993/001436/07)

 

 

DIRECTORS

 

Z BULBULIA                  ID No.   6902175020081

S P DAVE                     D.O.B   601209

B G GOULDIE               ID No.   6503105107087

T P LOWRY                  D.O.B   551006

Z N MAGADLA              ID No.   7001285356086

G T D NYATHI               ID No.   7203096167088

K W PIENAAR              ID No.   5804146083002

P C VERKADE              D.O.B   660923

 

 

BANKERS

 

STANDARD BANK, Sandton branch.  It was stated that the subject is managed by a cash management scheme controlled by the holding company.

 

 

DATE REGISTERED

 

14 November 1996

Registration Certificate Number: 1996/015935/07

 

 

VAT NUMBER    

 

4200167197

 

 

MAJOR OPERATION

 

Internet service providers.

 

 

MAJOR SUPPLIERS

 

The respondent declined to assist with suppliers and stated that the subject is not a general credit seeker but a service provider.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Corporates

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

120

 

 

OTHER PREMISES   

 

It was stated that the subject has sales offices in Durban and Cape Town.

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC

                        SIZWE NTSALUBA

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES    

 

NOT APPLICABLE

 

 

COMMENTS

 

This is an established and well connected company.  The subject is considered equal to a maximum figure £100 000 over 30 days due to its connections.

 

 

COMMENTS

 

This is an established and well-connected company.  The subject is considered equal to a maximum figure £100 000 over 30 days due to its connections.  The lack of updated information should be borne in mind.  It should be noted that very slow payment has been noted in the group and when large dealings are contemplated clearly defined and enforceable payment terms should be stipulated.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.61

UK Pound

1

Rs.73.28

Euro

1

Rs.65.47

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.