MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

 

 

Formerly Known as : 

UNITED FIRE TRADING 36 (PTY)LTD

 

 

Registered Office :

10 Bradford Road, Bedfordview, Gauteng, 2007 P O Box 751210, Gardenview, Gauteng, 2047

 

 

Country :

South Africa

 

 

Date of Incorporation :

31.08.2010

 

 

Com. Reg. No.:

M2010/017784/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Engaged in Engineering, construction and Project Development of Wind Farms and Wind Power Solutions Provider.

 

 

No of Employees :

31

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 and a stock exchange that is the 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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.

 

Source : CIA

 

 

  

Subject Name

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

Country

South Africa

Enquiry Terms

30 days

Account Review

Recommended Every 6 Months

Subject Contact Person

PADMINI MOODLEY - Financial Manager

Assessment

This is a well-established and well -connected business.

 

On investigation contact was made with the FINANCIAL MANAGER, MRS. PADMINI MOODLEY who assisted with the required information.

 

SUZLON WIND ENERGY SOUTH AFRICA (PTY) LTD has been operating for 4 years.

 

The company is meeting its commitments timeously with suppliers.

 

No adverse information was revealed. Please see the information obtained below.

 

 

Company information

 

Registered Name

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

Trading as/ Division Name

SUZLON WIND ENERGY

Previous Name

UNITED FIRE TRADING 36 (PTY)LTD

Date of Name Change

2011-01-13

Registration Number

M2010/017784/07

Registration Date

2010/08/31

Date Commenced Trading

2010-08-31

Age of Business

4 Years 4 Months

History of Business

The subject was established as a new business in 2010 and underwent a name change in 2011 from UNITED FIRE TRADING 36 (PTY)LTD to SUZLON WIND ENERGY SOUTH AFRICA (PTY) LTD.

History of Principals

There are currently 3 active directors within the company.

Shareholders/Members/Partners of subject and % holding

80 % - AERH HOLDINGS, 20 % - BUSINESS VENTURE INVESTMENT HOLDING

Authorised Share Capital

R1000.00

Issued Share Capital/Members Contribution

R 100.00

Status

In Business

Operations Assessment

Engaged in Engineering, construction and Project Development of Wind Farms and Wind Power Solutions Provider.

Industry/ Customers

Energy efficient businesses.

engineering, construction and project development thereof.

Export

None

Import

Yes

Import Countries

India

Major Industry Code / SICC

50230

Definition of Code

Construction of other structures

Head Office Address

10 BRADFORD ROAD, BEDFORDVIEW, Gauteng, 2007 P O Box 751210, Gardenview, Gauteng, 2047

Operating Address

2ND FLOOR, 135 WEST STREET, SANDOWN, SANDTON, JOHANNESBURG PRIVATE BAG X10064, SANDTON, 2146

Current Tel Number

0117847768

Current Fax Number

0117846373

Current Email Address

silas.zimu@suzlon.com

Web Site Address

www.suzlon.com

 

 

 

Auditors information

 

Company Registered Name

ERNST & YOUNG INC

Trading Name

EY

Registration Number

Unavailable

Physical Address

52 CORLETT DRIVE, ILLOVO, JOHANNESBURG, 2116

Postal Address

PO BOX 27214, GREENACRES, 6057

Contact Person

COBEN MOODLEY

Contact Number

0117723000

Email

jane.fitton@za.ey.com

Judgements Against Subject

None On Record

Judgements Against Principals

None On Record

Subject Verified as Client

Yes

Practice Number

918288E

VAT Number

4280230949

Tax Number

9414606153

Financial Year End

June

No of years in Business

3 Years 11 Months

Website

www.ey.com

 

Previous Auditors Information - No Information on Record

 

 

Tax Information

 

Vat Number

4270257829

Status

ACTIVE

Vat Liable Date

2011/01/03

Tax Number

9718521157

Financial Year End

March

 

Black Economic Empowerment

 

Status

Yes

Score

4.00

BEE Certificate Available

No

 

ISO Status

 

Type of ISO Grade

None

ISO Certificate

No

ISO Certificate Available

No

Certified by an Accredited Agent

No

 

Workman's compensation

 

Registered

Yes

Compliance Certified

Yes

 

Company Structure

 

Subsidiaries Information - No Information on Record

 

 

Employees

 

Number of Employees

31

1. Salaried employees

31

2. Waged employees

---

3. Permanent employees

31

Comment

There are 3 employees of the 31 that will be leaving the company at the end of this year.

 

Company Fleet Information - No Information on Record

 

Offices

 

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

R M S CORPORATE SOLUTIONS

Lease Agreement

Month-to-Month

Type of Premises

Office

Comment

The subject will be selling the building soon and relocating to another premises

 

Branch Information

 

Branches Names

Country

Province

Maintenance/Project Office

South Africa

Eastern Cape

 

Management Overview

 

Organisation Chart

Level

Position

Name

1

CEO

SILAS MZINGELE ZIMU

1

Director

KIRTIKANT VAGADIA

1

Chairman

FRANS HILBERT JAN VISSCHER

 

Company Structure (Ownership)

 

Note: One level up and all levels down

Holding

Company

Sub

80 % - AERH HOLDINGS

SUZLON WIND ENERGY SOUTH AFRICA (PTY) LTD

None

20 % - BUSINESS VENTURE INVESTMENT HOLDING

SUZLON WIND ENERGY SOUTH AFRICA (PTY) LTD

None

 

Key Deals - No Information on Record

 

 

 

Trade References

 

Trade Reference nr

Supplier

Contact

1

Boge Inc.

0114799000

2

Konica Minolta

0126810000

3

Talent Africa

0117714800

4

Bond Stationers

0118884292

5

Empa Structures -Construction and Civil Engineering

0219791129

6

Sedenza

0314595000

7

Com Co.

0117291230

 

Trade References Detail

 

Nr

Age of Acc

Credit Limit

Terms

Average Purchases

Terms Taken

Comment

1

4 Years

 

30 Days

R 20000

30 Days

There is no credit limit set in place. This is a very good account.

2

 

 

 

 

 

A trade reference could not be obtained.

 

3

4 Years

 

30 Days

R 333333

30 Days

There is no credit limit set in place. This is a very good account.

 

4

 

 

 

 

 

A trade reference could not be obtained.

 

5

 

 

 

 

 

A trade reference could not be obtained.

 

6

1Year6 Months

R 500000.00

7 Days

R 500000

7 Days

This is an excellent account.

 

7

 

 

 

 

 

A trade reference could not be obtained.

 

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

Business Rescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

Bank information

 

Bank

STANDARD BANK

Branch

Bedfordview

Brach Code

051001

Bank Account Number

022520732

Type of Account

Current

Account Name

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

Overdraft Facilities

No

Bank Code

C

Bank Comment

The subject's bankers consider them good for all normal business engagements.

 

Branch

Johannesburg

Bank Account Number

2620073320101

Type of Account

Escrow

Account Name

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

Overdraft Facilities

No

Bank Comment

The subjects' second account belongs to State Bank of India. A bank code cannot be obtained for the mentioned bank 'State Bank of India'

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

Financial Estimates

 

Estimated Current Year Turnover

R 288000000.00

Comment

The future turnover forecasted is R 24 000 000 per month for the next 5 years.

 

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

 

Principals

 

Number of Principals

4

Average Age of Active Principals

54

 

Active Principals Active Principal - 1 of 3 KIRTIKANT VAGADIA

Surname

VAGADIA

First Name

KIRTIKANT

ID Number

6503120000000

Verified ID Number

No

Current Age

49 Years 9 Months

Designation

Director

Status

Active

Appointment Date

2012/04/01

Physical Address (at time of Appointment)

D-302 KALPATARU REGENCY 11, KALYANI NAGAR, PUNE, INDIA 411006, 0000

Postal Address

SUZLON ENERGY LTD, OPP MAGARPATTA MAIN GATE, HADAPSAR PUNE, INDIA 411006, 0000

Shareholding/Membership

0.00

 

Principal's Adverse - No information on record

 

Business Information for KIRTIKANT VAGADIA

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

M2010/017784/07

In Business

4 Years 4 Months

0

No

 

Active Principal - 2 of 3 SILAS ZIMU

 

Surname

ZIMU

First Name

SILAS

Other Names

MZINGELE

Marital Status

Married

ID Number

6704015374086

Verified ID Number

Yes

Current Age

47 Years 8 Months

Designation

CEO

Status

Active

Appointment Date

2010/11/01

Physical Address (at time of Appointment)

36 TESLA CRESCENT, SUNNINGHILL, PRETORIA, 2157

Postal Address

PO BOX 54, VANDERBIJLAPRK, 1900

Current Tel Number

0117112338

Cell number

0726202110

Shareholding/Membership

0.00

 

Principal's Adverse - No information on record

 

Business Information for SILAS ZIMU

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

AMPERE

CONSULTING

(PTY)LTD

M2011/004779/07

In Business

3 Years 3 Months

0

No

BOTLHALE-THEMBA PROJECTS CC

B2004/113039/23

Deregistration Final

10 Years 10 Months

0

No

BUSINESS VENTURE INVESTMENTS NO 1564 RF (PTY)LTD

K2011/110947/07

Deregistration Process

3 Years 3 Months

0

No

CAPE GATE

MAREPHA

(PTY)LTD

M2005/011737/07

In Business

9 Years 9 Months

0

No

CENTLEC (PTY)LTD

M2003/011612/07

In Business

11 Years 11 Months

0

No

GMZ

CONSTRUCTION AND PROJECTS CC

B2007/221082/23

Deregistration Final

7 Years 7 Months

0

No

INGAMA INVESMENT HOLDINGS (PTY)LTD

M2006/017211/07

Deregistration Final

8 Years 8 Months

0

No

POWER-C METERING AFRICA (PTY)LTD

K2011/104093/07

In Business

3 Years 3 Months

0

No

REAKABE

CONSTRUCTION

(PTY)LTD

M2011/006541/07

In Business

3 Years 3 Months

0

No

SIMERCIA INVESTMENTS CC

2007/036113/23

Deregistration Final

7 Years 7 Months

0

No

SOUTH AFRICAN NATIONAL ENERGY ASSOCIATION

M2001/019721/08

In Business

13 Years 1 Months

0

No

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

M2010/017784/07

In Business

4 Years 4 Months

0

No

TITANTRADE 305 (PTY)LTD

M2002/017420/07

Re-Instatement Process

0

0

No

TSWELOPELE MINERAL AND ENERGY HOLDINGS (PTY)LTD

M2002/013701/07

Deregistration Process

0

0

No

UMKHOMA MINERALS AND PROJECTS (PTY)LTD

M2005/039948/07

Deregistration Final

9 Years 9 Months

0

No

VALOZONE 262 CC

B2011/097562/23

Deregistration Process

3 Years 3 Months

0

No

ZIMU TELECOMS CC

B2005/152416/23

Deregistration Process

9 Years 9 Months

0

No

 

Principal Previous Business Interests

 

Average Age of Previous Business                                                               13 Years

 

Company Name

Registration No

Status

Age of Business

Judgements

CITY POWER JOHANNESBURG

M2000/030051/30

In Business

14 Years 2 Months

0

CITY POWER

JOHANNESBURG

(PTY)LTD

M2000/030051/07

In Business

14 Years 2 Months

4

IMVELO PETROLEUM (PTY)LTD

M2003/011422/07

Deregistration Final

11 Years 11 Months

0

 

Principal Deeds Information

 

Property Interests for SILAS ZIMU

Title Deed No.

T43642/2014

Erf/Site No.

824

Deeds Office

PRETORIA

Physical Address

WOODMEAD EXT 23

Property Type

E

Extent / Size

1374.0SQM

Purchase Date

2013/11/18

Purchase price

R 7000000.00

% Ownership

0.00

Bond Holder

 

Bond Number

 

Bond Amount

R 0.00

 

Property Interests for SILAS ZIMU

Title Deed No.

T33362/2004

Erf/Site No.

154

Deeds Office

JOHANNESBURG

Physical Address

3 CEDAR JOHANNESBURG

Property Type

F

Extent / Size

830.00000000

Purchase Date

2003/10/14

Purchase price

R 369298.00

% Ownership

0.00

Bond Holder

STANDARD BANK OF SOUTH AFRICA LTD

Bond Number

B330822004

Bond Amount

R 332368.00

 

Property Interests for SILAS ZIMU

Title Deed No.

T89715/2008

Erf/Site No.

706

Deeds Office

PRETORIA

Physical Address

HALFWAY GARDENS MIDRAND

Property Type

E

Extent / Size

 

Purchase Date

2008/04/14

Purchase price

R1265000.00

% Ownership

0.00

Bond Holder

STANDARD BANK OF SOUTH AFRICA L

Bond Number

B899272008

Bond Amount

R1255000.00

 

Property Interests for SILAS ZIMU

Title Deed No.

T9084/1997

Erf/Site No.

0

Deeds Office

PRETORIA

Physical Address

1 TESLA SUNNINGHILL SANDTON

Property Type

E

Extent / Size

 

Purchase Date

1996/11/20

Purchase price

R 380000.00

% Ownership

0.00

Bond Holder

ESKOM FINANCE CO PTY LTD

Bond Number

B86931997

Bond Amount

R410000.00

 

Active Principal - 3 of 3 FRANS VISSCHER

 

Surname

VISSCHER

First Name

FRANS

Other Names

HILBERT JAN

ID Number

5306240000000

Verified ID Number

No

Current Age

61 Years 6 Months

Designation

CHAIRMAN

Status

Active

Appointment Date

2010/10/11

Physical Address (at time of Appointment)

KLOOSTERLAAN 10, 1861 SE BERGEN NH, THE NETHERLANDS, 0000

Postal Address

SUZLON ENERGY B.V.WTC TOWER C, 154TH FLOOR STRAWINSKYLAAN, 1541 1077 XX AMSTERDAM, THE NETHERLANDS, 0000

Shareholding/Membership

0.00

 

Principal's Adverse - No information on record

 

Business Information for FRANS VISSCHER

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

SUZLON WIND ENERGY SOUTH AFRICA (PTY)LTD

M2010/017784/07

In Business

4 Years 4 Months

0

No

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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.