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MIRA INFORM REPORT
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Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
AFRO INDIA RECYCLERS (PTY) LTD |
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|
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Registered Office : |
4 Kingsley Road, Brighton Beach, Bluff, Durban, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
03.06.2003 |
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Com. Reg. No.: |
2003/014166/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The processing, trading and exporting of ferrous, non-ferrous and
other scrap metals |
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 |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
This is a well
established family owned business.
The subject is
meeting its commitments timeously.
Suppliers speak
highly of the subject.
Local trade
references reach amounts of R2 000 000.
We await a bank
code.
Company Information
|
Registered
Name |
AFRO INDIA RECYCLERS (PTY) LTD |
|
Trading
as |
RS SCRAP |
|
Registration
Number |
2003/014166/07 |
|
Registration
Date |
2003-06-03 |
|
Date Commenced
Trading |
The subject commenced operations in 2001. |
|
History of
Business |
The subject was commenced as a close corporation in 2001. |
|
Shareholders of
subject and % holding |
51% M SIROHI 49% A SIROHI It was stated that the principles are brothers. |
|
Authorised Share
Capital |
R100 000 ordinary R1 shares |
|
Issued Share
Capital |
R100 000 |
|
Age of Company |
8 years 3 months |
|
Status |
Active |
|
Operations
Assessment |
The processing, trading and exporting of
ferrous, non-ferrous and other scrap metals. |
|
Industry/
Customers |
Small to large industrials |
|
Area of
Distribution |
South Africa |
|
Export |
The subject exports scrap metal to 12
countries mainly to the Far and Middle East. |
|
Major Industry
Code / SICC |
61490 WHOLESALE
RETAIL |
|
Definition of
Code |
Wholesale trade in other intermediate products,
waste and scrap |
|
Head Office
Physical Address |
4 Kingsley Road Brighton Beach BLUFF Durban KwaZulu Natal |
|
Head Office
Postal Address |
P O Box 41712 ROSSBURGH 4072 |
|
Current Tel
Number |
031 467 7701 031 4653419 |
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Current Fax
Number |
031 465 3400 |
|
Current Email
Address |
|
|
Web Site Address |
Auditors Information
|
Company Registered
Name |
SPEEDACC FINANCIAL SERVICES CC |
|
Registration
Number |
1996/005281/23 |
|
Physical Address |
16 Solstice Road Office no 20 Chrystal Rock Building UMHLANGA RIDGE |
|
Postal Address |
P O Box 23223 OTTAWA VERULAM 4340 |
|
Contact Person |
Ranash Singh |
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Contact Number |
031 566 3549 083 3844119 |
|
Email |
|
|
Principals |
1 |
|
Judgements
Against Subject |
None on record |
|
Judgements
Against Principals |
None on record |
|
Subject Verified
as Client |
Yes |
|
Practice number |
5771 |
|
VAT Number |
4830202976 |
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Tax Number |
9272534208 |
|
BEE Status |
None |
|
Financial Year
End |
February |
|
Years With
Auditors |
8 years |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
MARWICK AND COMPANY INC |
Unknown by the respondent |
Tax Information
|
Vat Number |
4670198888 |
|
Status |
Active |
|
Vat Liable Date |
2002-06-01 |
|
Tax Number |
9200054170 |
|
Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
Non-compliant |
|
Score |
|
|
Expire Date |
|
|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
No |
|
ISO Certificate
Available |
No |
|
Certified by anAccredited
Agent |
No |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
The subject has
two scrap yards in KwaZulu Natal. |
|
Branches |
Address |
|
|
Scrap yard |
Avoca Hills DURBAN |
|
|
Scrap yard |
154C Dayal Road CLARWOOD Durban |
031 465
3419 |
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Subsidiary
Company |
None |
|
Shareholding |
|
|
Registration
Number |
|
|
Import / Export |
|
|
Number of
Employees |
150 total employees
comprising of permanent, waged and casual employees |
Company
Fleet |
No of vehicles: |
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Fleet
Operations |
|
|
The
Fleet is made up of |
|
|
1. Cars |
10 |
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2. Light Delivery Vehicles |
3 |
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3. Trucks |
7 |
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4. Fork Lifts |
1 |
|
5. Excavators |
6 |
It was stated that the above mentioned company fleet is owned by the subject and that some of them still have vehicle financing facilities with STANDARD BANK for a total outstanding amount of R8 000 000.
Head OfficeOwned |
The head office premises are owned in the personal capacity of the
principles. |
|
Bond |
Municipal value in the region of R1 400 000 |
|
Bank |
Bond in favour of Standard Bank for an outstanding amount of
R150 000. |
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Type of Premises |
The heading premises comprise mainly of administration offices. |
Branches Rented |
The premises at Clairwood are leased. |
|
Rental Company |
CLASSIC CROWN PROPERTY |
|
Lease Agreement |
Ongoing month to month agreement |
|
Lease Expire
Date |
30 September 2011 |
|
Type of Premises |
The premises comprise mainly of a scrap yard and a small
administrative office. |
Branches Rented |
The premises at Avoca Hills are leased. |
|
Lease Agreement |
2 year lease agreement |
|
Lease Expire
Date |
August 2013 |
|
Type of Premises |
The premises comprise mainly of a scrap yard. |
Trade References
The subject
imports machinery from Germany and occasionally scrap metal from Botswana
|
Supplier |
Contact |
|
1)
AFRO
METALS |
072 213
7533 |
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2)
PAGAMISA
SCRAP |
031 902 5157 |
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3)
ALL
SCRAP METALS |
082 339
5568 |
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4)
ISIPINGO
SCRAP METAL |
083 412
1139 |
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5)
TIVALANI
TRADING |
082 855
2093 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1)
2009 |
Open |
R800 000 |
30 |
R600 000 |
30 before |
Excellent |
|
2)
7
years |
Open |
R2 000 000 |
30 |
R2 000 000 |
30 before |
Excellent |
|
3)
8
years |
Open |
R1 000 000 |
C.O.D. |
R1 000 000 |
Pays on delivery
|
Very good |
Adverse
Information on Subject
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil Court
Records |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
None on record |
|
Notarial Bonds
|
Date |
Details |
|
None on record |
|
Deeds Information
|
Property Interest |
|||
|
Title Deed No. |
None on record |
Erf/Site No. |
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Deeds Office |
|
Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
|
Purchase price |
|
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% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Bank Information
|
Bank |
STANDARD BANK |
|
Branch |
Jacobs |
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Bank Account
Number |
051581159 |
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Type of Account |
Current |
|
Branch Code |
043326 |
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Account Name |
AFRO INDIA RECYCLERS (PTY) LTD |
|
Overdraft
Facilities |
It was stated that the subject enjoys an overdraft facility to an
extent of R4 000 000, secured by the personal guarantee of the
principles and an insurance policy on the subject. The subject utilizes the overdraft facility
for working capital purposes. |
|
Date Opened |
22-03-2001 |
|
Bank Code |
C |
|
Bank Comment |
The subjects bankers consider them as equal to their normal business
engagements and to a figure of R2 000 000 over 30 days. |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None on record |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None on record |
|
|
|
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Financial Information
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
R 4 000 000 –
R 5 000 000 |
|
Debtors |
R 3 000 000 – local R 8 000 000 –
foreign |
|
FIXED ASSETS |
|
|
Plant,
Equipment, Vehicles |
R
17 000 000 – R18 000 000 |
|
Property |
Nil |
|
CURRENT
LIABILITIES |
|
|
Creditors
|
R
2 000 000 |
|
Principle
Loans to the subject |
R
10 000 000 |
|
LONG
TERM LIABILITIES |
|
|
Morgage
Bonds |
Nil |
|
ANNUAL
Turnover |
R250 000 000 |
|
Estimated
Current Year Turnover |
R350 000 000 |
Principals
|
Number of
Principals |
2 |
|
Average
Age of Active Principals |
34 |
Active Principals
Principal 1 of 2
|
Surname |
SIROHI |
|
First Names |
MAYANK |
|
Marital Status |
Married under Ante Nuptial Contract |
|
Date of Birth |
1981-01-02 |
|
Verified ID
Number |
No |
|
Current Age |
30 |
|
Designation |
Businessman |
|
Status |
Active |
|
Appointment Date |
2007-10-31 |
|
Address (at time of
Appointment) |
4 Kingsley Road BLUFF 4052 |
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 |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
T39101/2006 |
Erf/Site No. |
|
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
4 KINGSLEY BRIGHTON BEACH BLUFF |
|
Property Type |
Freehold/ Ervin |
Extent / Size |
1189.0SQM |
|
Purchase Date |
2006-04-07 |
Purchase price |
R800000 |
|
% Ownership |
0.0000 |
Bond Holder |
STANDARD BANK |
|
Bond Number |
B494732006 |
Bond Amount |
R800000 |
|
Property Interest |
|||
|
Title Deed No. |
T37299/2008 |
Erf/Site No. |
|
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
THORNVILLE RICHMOND RURAL |
|
Property Type |
Freehold/ Ervin |
Extent / Size |
14.148H |
|
Purchase Date |
2008-04-30 |
Purchase price |
R1600000 |
|
% Ownership |
0.0000 |
Bond Holder |
STANDARD BANK |
|
Bond Number |
B301812008 |
Bond Amount |
R1448999 |
Principal 2 of 2
|
Surname |
SIROHI |
|
First Names |
ASHISH |
|
Marital Status |
Married under Indian Traditional Law |
|
Date of Birth |
1973-05-29 |
|
Verified ID
Number |
No |
|
Current Age |
38 |
|
Designation |
Businessman |
|
Status |
Active |
|
Appointment Date |
2003-06-23 |
|
Address (at time of
Appointment) |
46 Trenthill Place Hill Grove NEWLANDS WEST 4037 |
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 |
|
None |
|
|
|
|
Previous Business Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None on Record |
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.49.22 |
|
UK Pound |
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.