|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No 1 Van
Till Road, Alrode, 1451 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
26.02.2004 |
|
|
|
|
Com. Reg. No.: |
M2004/005163 |
|
|
|
|
Legal Form : |
Private Company |
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|
|
|
Line of Business : |
Exporting of steel and wholesale of steel |
|
|
|
|
No. of Employees : |
180 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Africa - ECONOMIC OVERVIEW
south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.
|
Source : CIA |
|
Subject Name |
INDIA STEEL
(PTY)LTD |
|
Country |
South Africa |
|
Subject Contact
Person |
Director - SACHINI
AHUJA |
|
Assessment |
This is
a well-established business. On
investigation we made contact with the subject and we were referred to the
Director MR SACHINI AHUJA who assisted with all the information required. The subject
is meeting commitments timeously with it's suppliers. We have
obtained a bank code C for an amount of R 5 000 000 over a period of 30 Days.
CIPC
information states that the director SACHINI AHUJA has resigned, however on
contact MR. AHUJA stated that he is still active in the company. We await
documentation stating MR. AHU JA's position in the company. Once this is
received, the information will be compiled and forwarded. Please see the
available information on the subject below. |
|
Registered Name |
INDIA STEEL
(PTY)LTD |
|
Trading as/
Division Name |
INDIA STEEL |
|
Registration
Number |
M2004/005163/07 |
|
Registration Date |
2004/02/26 |
|
Date Commenced
Trading |
2004-02-26 |
|
Age of Business |
8 Years 8 Months |
|
History of
Business |
The subject
started as a new business in 2012. |
|
History of
Principals |
There is 2 active
directors within the company. |
|
Shareholders/Members/Partners
of subject and % holding |
100% - SACHINI AHUJA |
|
Authorised Share
Capital |
R1000.00 |
|
Issued Share
Capital/Members Contribution |
R 100.00 |
|
Status |
In Business |
|
Operations
Assessment |
Exporting of
steel and wholesale of steel |
|
Industry/
Customers |
Manufacturing
industry. |
|
Export |
Yes |
|
Export Countries |
India |
|
Major Industry
Code / SICC |
35101 |
|
Definition of
Code |
Basic
iron and steel industries, except steel pipe and tube mills |
|
Head Office
Physical Address |
No 1 van Till
Road, ALRODE, 1451 |
|
Head Office
Postal Address |
PO Box 4177,
RIVONIA, 2128 |
|
Current Tel
Number |
0119089440 |
|
Cell Number |
0845240240 |
|
Current Fax
Number |
0119089440 |
|
Current Email
Address |
|
|
Web Site Address |
|
Company
Registered Name |
TICHAUER
& BLOCH CA (SA) |
|
Registration
Number |
Partnership |
|
Physical
Address |
21
7th Avenue PARKTOWN NORTH2121 |
|
Postal
Address |
PO
BOX 464, PARKLANDS, 2121 |
|
Contact
Person |
MARK |
|
Contact
Number |
011
4426623 |
|
Email |
|
|
Principals |
2 |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
936677E |
|
Financial
Year End |
February |
|
No
of years in Business |
20 |
Previous Auditors
|
Company Name |
Phone
Number |
Time with previous auditors |
Comment |
|
GJ VD MERWE CA
(SA) |
|
6 |
|
|
DOUGLAS DIX -PEEK
AND COMPANY |
|
Unknown |
|
|
LAMBAT AND POCHEE |
|
Unknown |
|
|
GRYLING VD MERWE
CA (SA) |
|
3 |
|
|
Vat Number |
4200212092 |
|
Status |
ACTIVE |
|
Vat Liable Date |
2004/05/01 |
|
Tax Number |
9234635150 |
|
Financial Year
End |
February |
Black Economic Empowerment Information - No
Information on Record
ISO Information - No Information on Record
Workman's
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
Subsidiaries Information - No Information on Record
|
Employees |
||||
|
Number of
Employees |
180 |
|||
|
1. Salaried
employees |
180 |
|||
|
2. Waged
employees |
|
|||
|
3. Permanent
employees |
180 |
|||
|
Company
Fleet |
||||
|
Company Fleet |
No of vehicles: |
Owned/Leased |
Value |
Outstanding
Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is made
up of |
7 |
|||
|
Comment |
|
|||
|
Cars |
7 |
Owned |
|
|
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Owned |
|
Owned
by |
INDIA
STEEL (PTY)LTD |
|
Value |
R
45000000.00 |
|
Type
of Premises |
Offices
,factory and a warehouse |
Branch Information - No Information on Record
Organisation
Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Director |
SACHINI AHUJA |
|
Company Structure (Ownership)
Note:
One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
100% |
SACHINI AHUJA |
|
|
Key Deals - No Information on Record
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial
Bonds |
Comment |
|
1 |
RICHARDS SCRAP
METALS |
0114121118 |
|
|
|
|
2 |
ADS OPTICAL |
0798938509 |
|
|
|
|
3 |
ASLAMMITTIL SA |
0168899111 |
|
|
|
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average
Purchases |
Terms Taken |
Comment |
|
1 |
5
Years |
|
R
2500000 |
30 Days |
R
200000 |
30
Days |
Excellent |
|
2 |
3
Years |
R1000000.00 |
R
400000 |
30 Days |
R
200000 |
30
Days |
Very
Good |
|
3 |
2
Years |
R 3000000.00 |
R
5000000 |
30 Days |
R
2500000 |
30
Days |
Execellent
Account |
Judgements - No
information on record
Business Rescue
- No Information on Record
Default Listing
- No information on record
Notarial Bonds - No information on record
|
Bank |
NEDBANK |
|
Branch |
WESTRAND |
|
Bank Account
Number |
1286093619 |
|
Type of Account |
CURRENT |
|
Account Name |
INDIA
STEEL(PTY)LTD |
|
Overdraft
Facilities |
Yes |
|
Bank Code |
C For R 5 000 000 |
|
Bank Comment |
The subject's
bankers consider them good for all business normal engagements |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on Record
Property Interests for Company
lNDIA STEEL (PTY)LTD
|
Title Deed No. |
T34128/2010 |
Erf/Site No. |
|
|
Deeds Office |
PRETORIA |
Physical Address |
MORNINGSIDE
SANDTON |
|
Property Type |
Freehold / Ervin |
Extent / Size |
527.0SQM |
|
Purchase Date |
2009/02/23 |
Purchase price |
|
|
% Ownership |
0.00 |
Bond Holder |
NEDBANK LTD |
|
Bond Number |
B217462010 |
Bond Amount |
|
|
Comment |
|
||
|
|
|||
|
Title Deed No. |
T17849/2008 |
Erf/Site No. |
|
|
Deeds Office |
PRETORIA |
Physical Address |
|
|
Property Type |
Farms |
Extent / Size |
4.9771 H |
|
Purchase Date |
2007/09/15 |
Purchase price |
|
|
% Ownership |
0.00 |
Bond Holder |
STANDARD BANK OF
SOUTH AFRICA L |
|
Bond Number |
B167172008 |
Bond Amount |
|
|
Comment |
|
||
|
Title Deed No. |
T17849/2008 |
Erf/Site No. |
|
|
Deeds Office |
PRETORIA |
Physical Address |
ALRODE ALBERTON |
|
Property Type |
Farms |
Extent / Size |
5770.0SQM |
|
Purchase Date |
2007/09/15 |
Purchase price |
|
|
% Ownership |
0.00 |
Bond Holder |
TOTAL SOUTH
AFRICA PTY LTD |
|
Bond Number |
K1801997L |
Bond Amount |
|
Financial
estimates
|
Stock |
R 35000000.00 |
|
Debtors |
R 25000000.00 |
|
FIXED ASSETS |
R 65000000.00 |
|
Creditors |
R 2000000.00 |
|
Previous Year Turnover |
R 255000000.00 |
|
Estimated Current
Year Turnover |
R 450000000.00 |
|
Current Turnover
per month |
R 45000000.00 |
|
Current Turnover
per annum |
|
|
Comment |
|
|
Please note the following: |
|
|
Turnover and assets less than R 1,000,000.00 |
The subject falls
within the National Credit Act |
|
Turnover and assets less than R
2,000,000.00 |
The subject falls
within the Consumer Protection Act |
|
Number of
Principals |
0 |
|
Average Age of
Active Principals |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.