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MIRA INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
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Name : |
BAYWATER TECHNOLOGY (PTY) LTD |
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Registered Office : |
Suite 3, Gilletts Office Park, 2 Rodger Place, Gilletts, Durban,
Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
01.03.1999 |
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Com. Reg. No.: |
1999/004254/07 |
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Legal Form : |
Private company |
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. |
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Line of Business : |
Importers and distributors
of water technology products such as pipes, fittings, pumps and irrigation
related products |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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) |
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South Africa |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 company that was formerly a Closed Corporation.
Payments are being met within terms.
We have only traced a maximum of R100 000.
A bank code C was obtained for an amount of R1 500 000 over 30
days, which seems high in relation to the turnover and size of the company.
Your figure is considered as too high.
Company Information
|
Registered
Name |
BAYWATER TECHNOLOGY (PTY) LTD |
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Registration
Number |
1999/004254/07 |
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Registration
Date |
1999-03-01 |
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Date Commenced
Trading |
1999-03-01 |
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History of
Business |
The subject commenced active operations when it converted from
BAYWATER TECHNOLOGY CC and incorporated the trading operations and assets of
a partnership namely, THE WIND AND WATER in March 1999. It was stated that the water reticulation operations were sold to a
3rd party in October 2009. The subject incorporated the branch operations of ROBOR STEWARTS &
LLOYDS RICHARDS BAY in October 2009. |
|
Shareholders of
subject and % holding |
1.
R A HARRISON – majority 2.
MRS. S P MEINTJES – mother of R
A Harrison. 3.
MISS P A TOLMAY – minority |
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Authorised Share
Capital |
2 285 shares of R1 each |
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Issued Share
Capital/Members Contribution |
R2 200 |
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Age of Company |
12 years 6 months |
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Status |
Active |
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Operations Assessment |
Importers and distributors of water
technology products such as pipes, fittings, pumps and irrigation related
products. |
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Industry/
Customers |
Industry in general, industrial, mining,
municipalities etc. |
|
Area of
Distribution |
Mainly Durban central and surrounding
areas. |
|
Export |
None |
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Major Industry
Code / SICC |
61430 WHOLESALE
RETAIL |
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Definition of
Code |
Wholesale trade in construction materials,
hardware, plumbing, heating |
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Head Office
Physical Address |
Suite 3 Gilletts Office Park 2 Rodger Place GILLETTS Durban KwaZulu Natal |
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Head Office
Postal Address |
As above mentioned |
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Current Tel
Number |
031 764 1256 |
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Current Fax
Number |
086 637 5205 |
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Registered
Office Physical Address |
34 Geleiergang Street ALTON Richards Bay KwaZulu Natal |
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Registered
Office Postal Address |
P O Box 558 RICHARDS BAY 3900 |
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Telephone Number |
035 797 3312 |
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Fax Number |
035 797 3311 |
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Current Email
Address |
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Web Site Address |
None |
Auditors Information
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Company
Registered Name |
DELOITTE AND TOUCHE |
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Physical Address |
Lira Link Peancle Point 9 Suite 4 RICHARDS BAY 3900 |
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Postal Address |
P O Box 351 RICHARDS BAY 3900 |
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Contact Person |
Camilla Howard Brown |
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Contact Number |
035 789 1912 083 441 5696 |
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Subject Verified
as Client |
Yes |
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Financial Year
End |
May |
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Years With
Auditors |
12 years |
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Website |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
|
KPMG AIKEN AND PEAT |
17 years |
Tax Information
|
Vat Number |
4510172937 |
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Status |
Active |
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Vat Liable Date |
15 April 1998 |
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Tax Number |
9302387841 |
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Tax Clearance
Expire Date |
Still awaiting for their tax clearance certificate |
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Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
None It was stated that they have recently applied for a BEE certificate. |
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Score |
Not applicable |
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Expire Date |
Not applicable |
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BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
None |
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ISO Certificate |
No |
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ISO Certificate
Available |
No |
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Certified by
anAccredited Agent |
No |
Workman’s
compensation
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Registered |
Yes |
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Compliance
Certified |
Yes |
Company Structure
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Branches |
None |
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Subsidiary
Company |
TRACKSTAR TRADING 193 (PTY) LTD |
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Shareholding |
20% |
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Registration
Number |
2000/025834/07 |
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Operations |
Investment holding company that holds 67% of DPI ICHWEBA (PTY) LTD –
registration certificate number:
2002/015822/07 – which is involved in the water reticulation industry. |
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Number of
Employees |
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1.
Salaried
employees |
3 |
Company Fleet |
No of vehicles: |
Owned/ Leased |
Outstanding
Balance |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
2 |
Owned by
BAYWATER TECHNOLOGY (PTY) LTD |
Nil |
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2.
Light
Delivery Vehicles |
2 |
Owned by
BAYWATER TECHNOLOGY (PTY) LTD |
Nil |
Head
OfficeOwned/ Rented |
The heading premises in Durban are reported to be leased. |
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Rental Company |
LORAN DATA SERVICES |
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Lease Agreement |
1 year lease agreement |
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Lease Expire
Date |
December 2011 |
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Type of Premises |
Administration offices |
Branches Owned/
Rented |
The registered offices in Richards Bay are reported to be leased. |
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Rental Company |
HTMS INVESTMENTS (PTY) LTD, in which the principles are involved. |
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Lease Agreement |
Monthly agreement |
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Lease Expire
Date |
2011-09-30 |
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Type of Premises |
The Richards Bay premises comprise of warehousing facilities,
administration offices and a workshop. |
Trade References
|
Supplier |
Contact |
|
1.
FREIGHTNET
CARGO |
031 404
8570 83
324
9922 |
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2.
WINSEN
INTERNATIONAL |
12
70 0799 |
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3.
SWAN
PLASTICS |
31
912 1607 |
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4.
THOMAS
PIPE PRODUCTS |
11
794 7594 |
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5.
JEST
CIVIL ENGINEERING |
031 762
2134 083 431
2410 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
2) Old acc |
R100 000 |
R10 000 |
30 |
R10 000 |
30 |
Good |
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4) January 2010 |
R50 000 |
R33 000 |
30 |
R15 000 |
30 2½% |
Good |
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5) Old acc |
open |
R300 000 |
30 |
R190 000 |
30 |
Very good |
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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Default Data
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Date |
Details |
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No information on record |
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Notarial Bonds
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Date |
Details |
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No information on record |
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Deeds Information
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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
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Bank |
NEDBANK |
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Branch |
Empangeni |
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Bank Account
Number |
1303083574 |
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Type of Account |
Current |
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Branch Code |
130330 |
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Account Name |
BAYWATER TECHNOLOGY (PTY) LTD |
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Overdraft
Facilities |
It was stated that the subject does not require overdraft facilities
as credit balances are maintained at the bank. |
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Date Opened |
1998-04-16 |
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Bank Code |
C |
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Bank Comment |
The subject’s bankers consider them good for all business normal
engagements and an amount of R1 500 000. |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
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None |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Financial Information
Financial Estimates
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CURRENT ASSETS |
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Stock |
Buy on order – back to back stock |
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Debtors |
R500 000 – R1 500 000 |
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Cash on Hand |
Nil |
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FIXED ASSETS |
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Plant,
Equipment, Vehicles |
R500 000 – net book |
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Property |
Nil |
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CURRENT
LIABILITIES |
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Creditors |
R200 000 |
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Loans/ From? |
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LONG TERM
LIABILITIES |
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Morgage Bonds |
Nil |
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ANNUAL Turnover
(2010) |
R5 000 000 |
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Previous Year
Turnover |
R2 000 000 (10/2009 –
2/2010 – year to date) |
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Estimated
Turnover (2012) |
R4 500 000 |
Principals
|
Number of
Principals |
3 |
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Average Age of
Active Principals |
50 years |
Active Principals
Principal 1 of 3
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Surname |
MEINTJES |
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First Names |
SHIRLEY, P |
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Marital Status |
Married |
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ID Number |
4603180136183 |
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Verified ID Number |
Yes |
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Current Age |
65 |
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Designation |
Director |
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Status |
Active |
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Appointment Date |
1999-03-01 |
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Address (at time
of Appointment) |
82 Kolsterkring MEERENSEE 3900 |
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 |
|
H T M S INVESTMENTS (PTY) LTD |
2002/004497/07 |
In business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
10 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TRACKSTAR TRADING 193 (PTY) LTD |
2000/025834/07 |
In business |
0 |
No |
|
DPI ICHWEBA (PTY) LTD |
2002/015822/07 |
In business |
0 |
No |
Deeds Information
Property Interests of
Principle
|
Property
Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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|
Bond Number |
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Bond Amount |
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Principal
2 of 3
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Surname |
HARRISON |
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First Names |
ROY, A |
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Marital Status |
Married |
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ID Number |
6808185090081 |
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Verified ID
Number |
Yes |
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Current Age |
43 |
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Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1999-03-01 |
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Address (at time
of Appointment) |
10 Montgomery Drive GILLITTS 3610 |
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 |
|
DPI ICHWEBA
(PTY) LTD |
2002/015822/07 |
In business |
1 |
No |
|
VALLEY JUNCTION TRADING
153 CC |
2003/010990/23 |
In business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
10 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
APWATEK (PTY)
LTD |
1998/020463/07 |
Deregistration
process |
0 |
No |
|
H T M S
INVESTMENTS (PTY) LTD |
2002/004497/07 |
In business |
0 |
No |
|
DPI KWANZI (PTY)
LTD |
2003/015101/07 |
Voluntary
liquidation |
0 |
Yes |
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 |
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Extent / Size |
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Purchase Date |
|
Purchase price |
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% Ownership |
|
Bond Holder |
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|
Bond Number |
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Bond Amount |
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Principal 3 of 3
|
Surname |
TOLMAY |
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First Names |
PENELOPE |
|
Marital Status |
Unmarried |
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ID Number |
6812130173083 |
|
Verified ID
Number |
Yes |
|
Current Age |
43 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
Not on record |
|
Address (at time
of Appointment) |
80 Kolsterkring MEERENSEE 3900 |
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 |
|
H T M S
INVESTMENTS (PTY) LTD |
2002/004497/07 |
In business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
9 years 4 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
TRACKSTAR
TRADING 193 (PTY) LTD |
2000/025834/07 |
In business |
0 |
No |
|
VALLEY JUNCTION
TRADING 153 CC |
2003/010990/23 |
In business |
0 |
No |
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 |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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Bond Number |
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Bond Amount |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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.