|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
|
|
|
Formerly Known As : |
AFRO INDIA RECYCLERS CC |
|
|
|
|
Registered Office : |
26
Clark Road, Isipingo, Durban |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
05.12.2001 |
|
|
|
|
Com. Reg. No.: |
B2001/083507/23 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Recycling
of metal waste and scrap |
|
|
|
|
No. of Employees : |
45 |
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 (31.03.2011) |
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 Unemployment remains high and outdated infrastructure has constrained growth.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 |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
Country |
South
Africa |
|
Subject
Contact Person |
MR.
MAYANK SIROHI - Direcor |
|
Assessment |
This is
an established business. On investigation contact was made with the director
MR. MAYANK SIROHI who assisted with most of the information. MR. SIROHI could
not assist with any financial information as this information is considered
confidential. The subject is meeting it's commitments timeously with
suppliers. Please see the available information below. |
|
Registered
Name |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
Trading
as/ Division Name |
AFRO
INDIA RECYCLERS |
|
Previous
Name |
AFRO
INDIA RECYCLERS CC |
|
Date of
Name Change |
|
|
Registration
Number |
B2001/083507/23 |
|
Registration
Date |
2001/12/05 |
|
Date
Commenced Trading |
2001-12-05 |
|
Age of
Business |
11 Years
2 Months |
|
History
of Business |
The business was established as a closed
corporation which later converted to a Private Company. |
|
History
of Principals |
There
are 3 active directors within the company. |
|
Shareholders/Members/Partners
of subject and % holding |
51 % -
MAYANK SIROHI, 49 % - ASHISH SIROHI |
|
Authorised
Share Capital |
R100000.00 |
|
Issued
Share Capital/Members Contribution |
R100000.00 |
|
Status |
In
Business |
|
Operations
Assessment |
Trading
and recycling of ferrous, non-ferrous and other scrap metals. Loading and
export in containers of loose scrap metals. Such as : Copper Berry, Candy
Berry no.2, Birch, Aluminium, Zinc |
|
Industry/
Customers |
Metal /
Iron refining companies mainly based internationally. |
|
Export |
Yes |
|
Export
Countries |
|
|
Import |
Yes |
|
Import
Countries |
|
|
Major
Industry Code / SICC |
39510 |
|
Definition
of Code |
Recycling
of metal waste and scrap n.e.c |
|
Head
Office Physical Address |
26 Clark
Road, Isipingo, DURBAN |
|
Head
Office Postal Address |
PO Box
41712, ROSSBURGH, 4072 |
|
Current
Tel Number |
0319022546 |
|
Cell
Number |
|
|
Current
Fax Number |
0862183396 |
|
Current
Email Address |
|
|
Web Site
Address |
|
|
Comments |
|
|
Company
Registered Name |
SPEEDACC
FINANCIAL CONSULTANTS CC |
|
Trading
Name |
None |
|
Registration
Number |
1996/005281/23 |
|
Physical
Address |
3 to 20
Crystal Rock Building, Solstes Road, UHMLANGA, 4319 |
|
Postal
Address |
P O BOX
23223, OTTAWA, VERULAM, 4340 |
|
Contact
Person |
MERYL |
|
Contact
Number |
0315663549 |
|
Email |
|
|
Principals |
1 |
|
Judgements
Against Subject |
|
|
Judgements
Against Principals |
|
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
5771 |
|
VAT
Number |
4830202976 |
|
Tax
Number |
9272534208 |
|
BEE
Status |
Level 3 |
|
Financial
Year End |
February |
|
No of
years in Business |
Unknown |
|
Website |
|
|
Comment |
|
Previous Auditors Information - No Information on Record
|
Vat
Number |
4670198888 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2002/06/01 |
|
Tax
Number |
9221373146 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
Black
Economic Empowerment Information - No Information on Record
ISO Information - No Information on Record
Workman's
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries
Information - No Information on Record
Employees
|
Number
of Employees |
45 |
|||
|
1.
Salaried employees |
45 |
|||
|
2. Waged
employees |
|
|||
|
3.
Permanent employees |
45 |
|||
|
4.
Casual employees |
|
|||
|
5.
Contracted employees |
|
|||
|
Comment |
|
|||
|
Company
Fleet |
||||
|
Company
Fleet |
No of
vehicles: |
Ownerd/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|||
|
The
Fleet is made up of |
18 |
|||
|
Comment |
||||
|
Cars |
7 |
Owned |
|
|
|
Light
delivery Vehicles |
3 |
Owned |
|
|
|
Trucks 8 Owned |
||||
|
Offices |
Offices |
|
|
Head Office Owned/ Rented |
Owned |
|
|
Rental Company |
AFRO INDIA RECYCLERS (PTY)LTD |
|
|
Owned by |
|
|
|
Value |
|
|
|
Bond |
|
|
|
Bank |
Standard Bank |
|
|
Lease Agreement |
|
|
|
Lease Expire Date |
|
|
|
Type of Premises |
Warehouse with offices |
|
|
Comment |
|
|
|
Branch
Information |
||
|
Branches Names |
Country |
Province |
|
AFRO
INDIA RECYCLERS(PTY)LTD |
South Africa |
CAPE TOWN |
|
Branch
Detail Information |
||
|
Branches Owned/ Rented |
Leased |
|
|
Rental Company |
STUDIO TEXT |
|
|
Owned by |
|
|
|
Value |
||
|
Bond |
|
|
|
Bank |
||
|
Lease Agreement |
Renew's Every Year |
|
|
Lease Expire Date |
||
|
Type of Premises |
Yard |
|
|
Comment |
||
Organisational
Chart – No Information on Record
Company
Structure (Ownership)
Note:
One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
49
% - ASHISH SIROHI |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
|
|
51
% - MAYANK SIROHI |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
|
Key
Deals - No Information on Record
Trade
References
|
Trade
Reference nr |
Supplier |
Contact |
Surety
Value |
Notarial
Bonds |
Comment |
|
1 |
ISINGO
SRAP |
0834121139 |
|
|
|
|
2 |
TAMBORA
TRADING |
0116262244 |
|
|
|
3 AFRO METALS 0722137533
Trade
References Details
|
Nr |
Age
of Acc |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
10
Years |
R
30000000 |
30
Days |
R
800000 |
30
Days |
Excellent
Account, No credit limit has been set in place. |
|
2 |
4
Years |
R
2500000 |
30
Days |
R1000000 |
30
Days |
Excellent
Account,The subject does not have a credit limit with the supplier. |
|
3 |
3
Years |
R1500000 |
30
Days |
R1400000 |
30
Days |
Good
Account, No credit limit has been set in place. |
Adverse
Information on Subject
Judgements
- No information on record
BusinessRescue
- No Information on Record
Default
Listing - No information on record
Notarial
Bonds - No information on record
|
Bank |
STANDARD
BANK |
|
Branch |
The
Bluff |
|
Brach
Code |
051001 |
|
Bank
Account Number |
051581155 |
|
Type
of Account |
Current |
|
Account
Name |
AFRO
INDIA RECYLERS |
|
Overdraft
Facilities |
Yes |
|
Bank
Code |
Awaiting
Bank code |
|
Bank
Comment |
|
Bank
Code History - No Information on Record
Previous
Bank Account Information - No Information on Record
Property
Interests for Company
AFRO
INDIA RECYCLERS (PTY)LTD
|
Title
Deed No. |
T26981/2012 |
Erf/Site
No. |
|
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
84
OLD SOUTH COAST ISIPINGO RAIL ISIPINGO |
|
Property
Type |
Freehold
/ Ervin |
Extent
/ Size |
5024.0SQM |
|
Purchase
Date |
2012/06/01 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
STANDARD
BANK OF SOUTH AFRICA L |
|
Bond
Number |
B151192012 |
Bond
Amount |
|
|
Comment |
|
||
Principals
|
Number
of Principals |
3 |
|
Average
Age of Active Principals |
36 |
|
Active
Principals Principal
- 1of 3 MAYANK SIROHI |
|
|
Surname |
SIROHI |
|
First
Name |
MAYANK |
|
Other
Names |
None |
|
Marital
Status |
|
|
ID
Number |
4004587 |
|
Verified
ID Number |
No |
|
Current
Age |
32 |
|
Designation |
BUSINESSMAN |
|
Status |
Active |
|
Appointment
Date |
2007/10/31 |
|
Physical
Address (at time of Appointment) |
4
KINGSLEY ROAD, BLUFF, 4052 |
|
Postal
Address |
P
O BOX 41712, ROSSBURGH, 4072 |
|
Current
Tel Number |
0319022546 |
|
Cell
number |
0862183396 |
|
Shareholding/Membership |
51% |
Principal's
Adverse - No information on record
Business
Information forMAYANK SIROHI
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
AFRO
INDIA RECYCLERS CC |
B2001/083507/23 |
Conversion
CO/CC or CC/CO |
0 |
0 |
No |
|
Principal
Previous Business Interest
Principal's
Deeds Information - No information on record
|
Principal
- 2of 3 ASHISH SIROHI |
|
|
Surname |
SIROHI |
|
First
Name |
ASHISH |
|
Other
Names |
None |
|
Marital
Status |
|
|
ID
Number |
7305290000000 |
|
Verified
ID Number |
No |
|
Current
Age |
40 |
|
Designation |
BUSINESSMAN |
|
Status |
Active |
|
Appointment
Date |
2002/03/01 |
|
Physical
Address (at time of Appointment) |
46
TRENTHILL PLACE, HILL GROVE, NEWLANDS WEST, 0000 |
|
Postal
Address |
P
O BOX 23223, OTTAWA, VERULAM, 4340 |
|
Current
Tel Number |
0319022546 |
|
Cell
number |
|
|
Shareholding/Membership |
49
% |
Principal's
Adverse - No information on record
Business
Information forASHISH SIROHI
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
AFRO
INDIA RECYCLERS CC |
B2001/083507/23 |
Conversion
CO/CC or CC/CO |
0 |
0 |
No |
|
Principal
Previous Business Interest
Principal's
Deeds Information - No information on record
|
Principal
- 3of 3 SHUNMUGAM CHETTY |
|
|
Surname |
CHETTY |
|
First
Name |
SHUNMUGAM |
|
Other
Names |
None |
|
Marital
Status |
Married |
|
ID
Number |
7701205172089 |
|
Verified
ID Number |
Yes |
|
Current
Age |
36 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment
Date |
2002/03/01 |
|
Physical
Address (at time of Appointment) |
6
DAMASCUS GROVE, CHATSWORTH, 4092 |
|
Postal
Address |
P
O BOX 23223, VERULAM, 4340 |
|
Current
Tel Number |
0314653419 |
|
Cell
number |
|
|
Shareholding/Membership |
|
Principal's
Adverse - No information on record
Business
Information forSHUNMUGAM CHETTY
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
AFRO
INDIA RECYCLERS CC |
B2001/083507/23 |
Conversion
CO/CC or CC/CO |
0 |
0 |
No |
|
Principal
Previous Business Interest
Average
Age of Previous Business I 10 Years
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
EDGEWOOD
TRADING (PTY)LTD |
M2003/008815/07 |
Deregistration
Final |
10
Years 10 Months |
0 |
No |
|
Principal's
Deeds Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.