MIRA INFORM REPORT
|
Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIDLANDS PUMPS CC |
|
|
|
|
|
|
Registered Office : |
10 King Street, Pietermaritzburg, Kwazulu
Natal |
|
|
|
|
|
|
Country : |
South Africa |
|
|
|
|
|
|
Date of Incorporation : |
22.02.2008 |
|
|
|
|
|
|
Com. Reg. No.: |
2008/037111/23 |
|
|
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
|
|
Line of Business : |
Manufacturers of pumps, compressors, taps and valves |
|
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 : |
No Complaints |
|
|
|
|
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 |
Assessment:
On investigation it was established that the correct name of the subject
is MIDLANDS PUMPS CC. There is no registered company at CIPC under the name of
MIDLAND PUMP SOUTH AFRICA.
The subject is meeting its commitments timeously.
Financials were declined and trade references only
reach a maximum of R100 000 over 30 days.
Your figure is considered as too high.
Company Information
|
Registered
Name |
MIDLANDS PUMPS CC |
|
Trading
as/ Division Name |
None |
|
Previous Name |
None |
|
Date of Name
Change |
N/A |
|
Registration
Number |
2008/037111/23 |
|
Registration
Date |
2008-02-22 |
|
Date Commenced
Trading |
Originally in 1990 |
|
History of
Business |
The business was originally a sole
proprietorship namely CRAIG JONES t/a MIDLANDS PUMPS |
|
Members of
subject and % holding |
70% C JONES 30% Z JONES (son) |
|
Members Contribution |
R100 |
|
Age of Company |
3 years 7 months |
|
Status |
In Business |
|
Operations
Assessment |
Installation and repair of borehole pumps
and related services to water. |
|
Industry/
Customers |
Farmers , industry various |
|
Export |
Neighbouring countries |
|
Major Industry
Code / SICC |
35620 Manufacturing |
|
Definition of
Code |
Manufacturers of
pumps, compressors, taps and valves |
|
Head Office
Physical Address |
10 King Street PIETERMARITZBURG Kwazulu Natal |
|
Head Office Postal
Address |
P O Box 668 HILTON 3201 |
|
Current Tel
Number |
033 3431320 |
|
Current Fax
Number |
033 3432381 |
|
Current Email
Address |
|
|
Web Site Address |
Auditors Information
|
Subject |
MR A D WITHEY |
|
Trading Name |
None |
|
Registration
Number |
Sole proprietorship |
|
Postal Address |
P O Box 22891 SOUTHGATE Pietermaritzburg 3200 |
|
Contact Person |
A D WITHEY |
|
Contact Number |
033 3454347 |
|
Principals |
1 |
|
Subject Verified
as Client |
Yes |
|
SAICA number |
3355 |
|
Years With
Auditors |
1 year |
|
Website |
None |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
A E PERKS |
2 years plus |
Tax Information
|
Vat Number |
4330246309 |
|
Status |
Active |
|
Vat Liable Date |
End of Sept 2011, bi monthly |
|
Tax Number |
9268789162 |
|
Tax Clearance
Expire Date |
February |
|
Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
Not required, turnover under R5 000 000 per annum |
|
Score |
|
|
Expire Date |
|
|
BEE Certificate
Available |
|
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
|
|
ISO Certificate
Available |
|
|
Certified by an
Accredited Agent |
|
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes, have letter of good standing |
Company Structure
|
Branches |
None |
|
Branches Names |
Country |
Province |
|
None |
|
|
|
Subsidiary
Company |
None |
|
Shareholding |
|
|
Registration
Number |
|
|
Import / Export |
|
|
Number of
Employees |
9 |
|
1.
Salaried
employees |
2 |
|
2.
Waged
employees |
7 |
|
3.
Permanent
employees |
|
|
4.
Casual
employees |
|
|
5.
Contracted
employees |
|
Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is
made up of |
5 |
|
|
|
|
1.
Cars |
|
|
|
|
|
2.
Light
Delivery Vehicles |
4 |
Owned |
|
Only 2 vehicles
to be paid off. |
|
3.
Trailers |
|
|
|
|
|
4.
Busses |
|
|
|
|
|
5.
Trucks |
1 |
Owned |
|
None |
|
6.
Fork
Lifts |
|
|
|
|
|
7.
Other |
|
|
|
|
Head
OfficeOwned/ Rented |
Rented |
|
Rental Company |
MIDLANDS PUMPS SERVICES (PTY) LTD (group company) |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease Agreement |
Ongoing |
|
Lease Expire
Date |
Ongoing |
|
Type of Premises |
Office and workshop |
Trade References
|
Supplier |
Contact |
|
1)
ACDC
DYNAMICS |
031 7004215 F 031 0878075431 |
|
2)
CRI
PUMPS |
033 3453939 |
|
3)
CEMO
PUMPS |
011 6182003 |
|
4)
MC
BEAN |
033 34451541 |
|
5)
SANGIO
PIPES |
031 7823781 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1)Oct 2004 |
R100 000 |
R300 000 |
30 days |
R50 000- R75 000 |
30-60 |
Good, may need
to be monitored |
|
3) 2004 |
R100 000 |
R312 000 |
30 days |
R50 000- R75 000 |
30-60 days |
Good |
|
4) 10 years |
None |
R30 000 |
30 days |
R10 000- R20 000 |
30 days |
Very Good |
Adverse
Information on Subject
|
Judgements |
None |
|
Possible
Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Default Data
|
Date |
Details |
|
None |
|
Notarial Bonds
|
Date |
Details |
|
None |
|
Deeds Information
|
Property Interest |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Type: |
None |
Stand Number: |
|
|
Street Number: |
|
Street Name: |
|
|
Municipal Suburb: |
|
Municipal City: |
|
|
Township Name: |
|
Province: |
|
|
Deeds Office: |
|
Transfer ID: |
|
|
Title Deed Number: |
|
Purchase Date: |
|
|
Transfer Date: |
|
Erf Size: |
|
|
Sold Price: |
|
|
|
Bank Information
|
Bank |
First National Bank |
|
Branch |
Liberty Mall PMB |
|
Bank Account
Number |
50940055061 |
|
Type of Account |
Current |
|
Account Name |
MIDLANDS PUMPS CC |
|
Date Opened |
|
|
Bank Code |
We await a bank code |
|
Bank Comment |
|
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
|
|
|
|
|
|
Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
|
|
|
|
|
Financial Information
Financial
Estimates
All financial information was not forthcoming from the subject.
Principals
|
Number of
Principals |
2 |
|
Average Age of
Active Principals |
45 |
Active Principals
Principal 1 of 2
|
Surname |
JONES |
|
First Names |
ZANE |
|
Marital Status |
Married |
|
ID Number |
7707145281088 |
|
Verified ID
Number |
Yes |
|
Current Age |
34 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on Record |
|
Address (at time
of Appointment) |
84 Chase Valley Road PIETERMARITZBURG 3201 |
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 |
|
MIDLANDS PUMP
SERVICES (PTY) LTD |
20002/025149/07 |
In Business |
0 |
No |
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
N/A |
|
|
|
|
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
T46455/2007 |
Erf/Site No. |
|
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
11 CHALET LEONARD HILTON |
|
Property Type |
Freehold/ Ervin |
Extent / Size |
4148.0SQM |
|
Purchase Date |
2007-05-02 |
Purchase price |
R420000 |
|
% Ownership |
0.0000 |
Bond Holder |
NEDBANK LTD |
|
Bond Number |
B530242007 |
Bond Amount |
R420000 |
Principal 2 of 2
|
Surname |
JONES |
|
First Names |
CRAIG |
|
Marital Status |
Married |
|
ID Number |
5411025218086 |
|
Verified ID
Number |
Yes |
|
Current Age |
57 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
Not on Record |
|
Address (at time
of Appointment) |
19 Vlei Road HILTON 3245 |
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 |
|
MIDLANDS PUMP
SERVICES (PTY) LTD |
20002/025149/07 |
In Business |
0 |
No |
|
R H CIVIL
CONTRACTORS CC |
1988/005016/23 |
Deregistration
Process |
0 |
No |
|
HILTON BOREHOLE
CLEANING SYSTEMS CC |
1989/001686/23 |
In Business |
0 |
No |
|
SUNRISE TOOLS
AND BOLTS CC |
2010/058195/23 |
In Business |
0 |
No |
|
MIDLANDS PUMPS |
5411025218086 |
|
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
13 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
AVIA-CHEM
SPRAYING CC |
1998/026911/23 |
Deregistration
Final |
0 |
No |
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.47.47 |
|
UK Pound |
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
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.