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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
B AND O MACHINING (PTY) LTD |
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Formerly Known As : |
SMART CHOICE
INVESTMENTS NO. 1 (PTY) LTD |
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Registered Office : |
2 London Road, Apex
Industrial, Apex, Benoni, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
26.01.2001 |
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Com. Reg. No.: |
2001/001723/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Processing,
forging and machining of steel as well as technical services |
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No. of Employees : |
42 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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
and a stock exchange that is the 15th largest in the world. Even though the
country possesses modern infrastructure that support a relatively efficient
distribution of goods to major urban centers throughout the region, some
components retard growth. The economy began to slow in the second half of 2007
due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity
prices and world demand. GDP fell nearly 2% in 2009 but has recovered since
then. Unemployment, poverty, and inequality remain a challenge, with official
unemployment at nearly 25% of the work force. State power supplier Eskom has
built two new power stations and installed new power demand management programs
to improve power grid reliability. South Africa's economic policy has focused
on controlling inflation, however, the country has had significant budget
deficits that restrict its ability to deal with pressing economic problems. The
current government faces growing pressure from special interest groups to use
state-owned enterprises to deliver basic services to low-income areas and to
increase job growth.
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Source : CIA |
ATTENTION
(The information contained in
this report, other than statutory data and comment by outside authorities, has
been voluntarily supplied by Officials of the subject):
B AND O MACHINING (PTY) LTD
Formerly: SMART CHOICE INVESTMENTS NO. 1 (PTY) LTD, the name having been changed on 19 February 2001.
2 London Road
Apex Industrial
APEX
Benoni
Gauteng
P O Box 1563
BRAKPAN
1540
TELEPHONE NUMBER: +27 11 845 3031
FAX NUMBER: +27 11 845 3047
QUANTUM TRUST
P J BADENHORST
None
J F O COETZER ID No.
6912095233086
STANDARD BANK, Brakpan Branch,
Account Number: 020916795. The subject does not require overdraft facilities as
credit balances are maintained at the bank.
26 January 2001
Registration Certificate
Number: 2001/001723/07
The subject commenced trading
in 2001
4890192612
9354129141
Processing, forging and
machining of steel as well as technical services
MACSTEEL (DUNSWART)
PILOT TOOLS
CARBIDE INDUSTRIAL PRODUCTS
PH HEAT TREATMENT
RAND YORK
Mining Industry
South Africa
African countries, Mexico, Peru
and Bolivia
42
None
The premises are reported to be
owned by the subject valued in the region of R5 500 000 free of bond.
R4 000 divided into 4 000
ordinary shares of R1 each
R100
The following estimated
financial situation was submitted as at September 2013:
STOCK R10 500 000
DEBTORS R10 200 000
FIXED ASSETS R16 000 000
PROPERTY R 5 500 000
CREDITORS R 2 300 000
TURNOVER per annum R34 500 000
DANIE NEUHOFF AUDITORS
FEBRUARY
MARSH INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 2005 R2 500 000 R600
000- 30 days 30 days Very good
R700 000
2. 2005 R 300 000 R100
000 30 days 30 days Excellent
3. 6 years R 150 000 R 70 000- 30
days 30 days Excellent
R120 000
4. +5 years Open Acc Declined
30 days 30 days Very
good
This is an established business
meeting its commitments timeously. The subject is considered equal to its
normal business engagements and to a maximum figure of EURO 70 000 over 30
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
UK Pound |
1 |
Rs.100.86 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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---- |
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.