MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

NOKIA SIEMENS NETWORKS SOUTH AFRICA (PTY) LTD

 

 

Formerly Known As :

SIEMENS TELECOMMUNICATIONS (PTY) LTD

 

 

Registered Office :

92 Oak Avenue Highveld Techno Park Centurion Pretoria Gauteng

 

 

Country :

South Afri8ca

 

 

Date of Incorporation :

30.09.1993

 

 

Com. Reg. No.:

1993/005743/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The sales, engineering, manufacturing and installation of telecommunication solutions, equipment and related services.

 

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 :

Unknown

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

NSN CAPE TOWN STORE

 

 

POSTAL ADDRESS

 

Nokia Siemens Network

P O Box 8222

CENTURION

0046

 

TELEPHONE NUMBER: 012 678 2000

 

On investigation it was established that there is no such company registered under the heading name and that the correct registered name is NOKIA SIEMENS NETWORKS SOUTH AFRICA (PTY) LTD (Registration Certificate Number:  1993/005743/07).

 

Please see the report on NOKIA SIEMENS NETWORKS SOUTH AFRICA (PTY) LTD attached.

 

COMPANY NAME

 

NOKIA SIEMENS NETWORKS SOUTH AFRICA (PTY) LTD

 

Formerly SIEMENS TELECOMMUNICATIONS (PTY) LTD, the name having been changed on 10 May 2007.

 

 

PHYSICAL ADDRESS          

 

92 Oak Avenue

Highveld Techno Park

CENTURION

Pretoria

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 8222

CENTURION

0046

 

TELEPHONE NUMBER: 012 678 2000

 

FAX NUMBER:  012 678 3894

 

 

SHAREHOLDERS

 

60%      NOKIA SIEMENS NETWORKS RSA (PTY) LTD – registration certificate number:  2006/034379/07, which is ultimately owned by NOKIA SIEMENS NETWORKS OY in Finland.

40%      NOKIA SIEMENS NETWORKS BV in Belgium

 

It was stated that REUNERT LTD (listed on the JSE) sold its 40% shares to NOKIA SIEMENS NETWORKS BV with effect from 31 December 2010.

 

The shareholding changed in June 2002 and was previously 51% SIEMENS LTD and 49% REUNERT LTD.  The shareholding changed in November 2001 and was formerly 51% SIEMENS LTD, 27½% REUNERT LTD and 21½% SPENCER AFRICAN HOLDINGS (PTY) LTD, which is in turn owned by GEC PLC in the UK.

 

 

ASSOCIATE COMPANIES

 

NOKIA SIEMENS NETWORKS AFRICAN SERVICES (PTY) LTD – registration certificate number:  2008/010029/07

Companies within the REUNERT and NOKIA SIEMENS groups

 

 

DIRECTORS

 

K H SETZIN                   ID No:  6106285050083

M I SURVÉ                   ID No:  6302125225080

P A VACCARI               DOB:    581120

J ERLEMEIER               DOB:    650509

F MAYET                      ID No:   7509160232081

 

The respondent stated that the directors are in the process of changing.

 

 

BANKERS

 

CITI BANK, Sandton.

 

It was stated that the subject enjoys an overdraft facility at the above mentioned bank, secured by cross company guarantees.  The respondent stated that the overdraft facility is not utilised at present.

 

The subject also banks with ABSA BANK, FIRST NATIONAL BANK and NEDBANK, Silverton Branch.

 

 

DATE REGISTERED

 

30 September 1993

Registration Certificate Number: 1993/005743/07

 

The subject commenced as a new business.

 

 

VAT NUMBER    

 

4780139640

 

 

MAJOR OPERATION

 

The sales, engineering, manufacturing and installation of telecommunication solutions, equipment and related services.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies from its ultimate holding company in Finland and deals locally with the forwarding and clearing agents SAFCOR in Johannesburg.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The telecommunication network industry such as Cell-C, Neotel, Vodacom, and on a small scale to MTN and Multi Choice.

 

The respondent stated that TELKOM, which was previously a client of the subject, is now the sole client of NOKIA SIEMENS NETWORKS RSA (PTY) LTD, the holding company, due to the black economic empowerment status of the latter company.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

The subject provides a limited service to group companies in Africa.

 

 

TOTAL EMPLOYEES

 

500

 

 

OTHER PREMISES   

 

None

 

The respondent stated that they have closed the branches in Mozambique and Tanzania.

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R140 000 divided into 140 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R140 000

 

The following estimated financial situation as at February 2011 was submitted:

 

TOTAL INVENTORY                               R     40 000 000 – R   290 000 000

DEBTORS                                             R   600 000 000 – R1 000 000 000

CREDITORS extended terms                  R   900 000 000 – R1 300 000 000

SHAREHOLDERS LOANS                     Nil

TURNOVER per annum                          R1 600 000 000 – R1 700 000 000

 

It was stated that the subject buys mainly on an order basis.  The respondent stated that the financial information fluctuates at present due to a new contract with CELL C, which will end October 2011.

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS, Johannesburg

Telephone number:  (011) 797 4000

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS 

 

AON

 

 

TRADE REFERENCES – APRIL 2005

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         1996                 R26 000 000      R10 000 000      30 days             30 days             Good

 

2.         ±8 yrs               R     100 000     R     100 000+   30 days             30 days             Very good

 

3.         Do not give trade references

 

 

TRADE REFERENCES – MARCH 2007

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         1996                 R1 000 000        R1 800 000        30 days             30 days             Good

 

2.         2000                 R1 000 000        R   100 000       30 days             30/120 days      Good

 

3.         10 yrs               R2 000 000        R     50 000 -     30 days             30 days             Very good

R     60 000       2.5%

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

            14 yrs               figures               confidential        30 days             30 days+           Slow

2½% - needs monitoring

 

Unable to obtain a trade reference

 

            April’96             R30 mill            R25 mill            30 days             30/60 days        Very Good

c/l

 

 

TRADE REFERENCES – JUNE 2010

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         April 1996          R30 000 000      R25 000 000      15/60 days        15/60 days        Excellent

 

2.         1997                 open                 R       30 000     30 days             30 days             Very Good

 

3.         Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         April’96             R30 000 000      R10 000 000      15/60 days        15/60 days        Very good

-R30 000 000 - fluctuates

 

 

COMMENTS

 

This is a well-established and very well connected company meeting its only local commitment timeously.  The subject is considered equal to its normal business engagements but the account may require disciplining according to past payment patterns.  The subject is considered equal to a maximum of £2 000 000 over 30 days.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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%)

 

 

 

 

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.