MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ITEC SOUTH AFRICA (PTY) LTD

 

 

Registered Office :

P.o. Box 76200, Wendywood 2144

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.07.2004

 

 

Com. Reg. No.:

2004/020087/07

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

 

 

 

No. of Employees :

40

 

 

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

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

SUBJECT'S NAME

 

Registered Name:

ITEC SOUTH AFRICA (PTY) LTD

Requested Name:

ITEC SOUTH AFRICA (PTY) LTD

Other Names:

None found.

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

22 Witkoppen Road Paulshof, Johannesburg

Postal Address:

P.o. Box 76200,

 

Wendywood 2144,

Country:

South Africa

Phone:

27-11-2362131/2362000

Fax:

27-11-2362002

Email:

info@itecgroup.co.za

Website:

www.itecgroup.com

 

 

LEGAL

 

 

Legal Form:

Limited Corporation

Date Incorporated:

20-July-2004

Reg. Number:

2004/020087/07

Nominal Capital

Rs. 1,000

Subscribed Capital

Rs. 1,000

Paid Up Capital

Rs. 1,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Philip Perkins

Director

 

Mr. Lloyd Morganathan Padayachi

Director

 

Mrs. Shirley Magde Levendal

Director

 

Mr. Sipho Puwani

Director

 

Mr. Brian Neale

Director

 

ITEC Group UK

Holding Company

100%

 

 

 

 

 

 

DIRECTORS DETAILS

 

 

Full Names

Mr. Philip Perkins

Status

Active

Country of residence

Director

Profession

South Africa

 

 

 

 

Full Names

Mr. Lloyd Morganathan Padayachi

Status

Active

Country of residence

Director

Profession

South Africa

 

 

RELATED COMPANIES

 

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

Various in South Africa

Branches of the firm

 

 

OPERATIONS

 

Consultancy firm

Imports:

Asia, UK, Europe

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations

Employees:

40 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

South Africa

Location:

Rented premises, 2,000 square feet,

 

 

AUDITORS AND INSURANCE

 

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

South African Rands (Rs.)

Approx. Ex. Rate:

1 US Dollar = 7.93 South African Rands

Fiscal Year End:

December 31, 2011

Inflation:

According to information given by independent sources, the inflation at December 31st, 2011 was of 15%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in Rs.)

 

 

2011

Sales

 

36,500,000

 

 

BANK

 

 

Bank Name:

ABSA BANK

Branch:

South Africa

 

 

TRADE REFERENCES

 

 

Experiences:

Good

 

 

NOTARIAL BONDS

 

None

 

 

CHECK INSOLVENCIES

 

 

The checks have been made on:

The company  and directors

 

 

PROTESTS AND NEGATIVE ELEMENTS

 

The company and the following officers Mr. Philip Perkins, Mr. Lloyd Morganathan Padayachi, Mrs. Shirley Magde Levendal, Mr. Sipho Puwani and Mr. Brian Neale, have been checked at the Registries of companies and with the judicial local facilities.

 

 

PROTESTS RECORDED

 

No protests in the name of the company and its officers, No protests on the associated concerns, No protests on shareholders/partners, Check on Prejudicial Events as per Commercial Court office

 

NEGATIVE ELEMENTS

 

Researches effected concerning possible prejudicial events

in the name of the company revealed: No negative elements since 01/01/2000

Date of the check on protests and prejudicial events: 11/04/2012

 

 

COMMENTS / ADDITIONAL INFORMATION

 

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.91

UK Pound

1

Rs.86.03

Euro

1

Rs.69.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.