MIRA INFORM REPORT

 

 

Report Date :

13.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ITSHE RESOURCES (PTY) LTD

 

 

Formerly Known As :

EDUCATED RISK INVESTMENTS 161 (PTY) LTD

 

 

Registered Office :

4 Arlington Road, Bryanston, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

19.01.2006

 

 

Com. Reg. No.:

2006/001172/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Suppliers of chrome ore

 

 

No. of Employees :

6

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

COMPANY NAME

 

ITSHE RESOURCES (PTY) LTD

 

Formerly:  EDUCATED RISK INVESTMENTS 161 (PTY) LTD, the name having been changed on 5 July 2006

 

 

PHYSICAL ADDRESS

 

4 Arlington Road

BRYANSTON

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

4 Arlington Road

BRYANSTON

Johannesburg

2000

 

 

TELEPHONE NUMBER

 

+27 11 706 0322

 

 

FAX NUMBER

 

+27 11 463 2475

 

 

SHAREHOLDERS

 

25%      G EVANS

25%      J E EVANS (Wife)

25%      A N J PLOMP

25%      H T PLOMP-KANT (Wife)

 

 

ASSOCIATE COMPANIES

 

INDEPENDENT MINERAL DISTRIBUTORS (PTY) LTD

INTER-METMIN (PTY) LTD

GREEN WILLOW PROPERTIES 101 (PTY) LTD

 

 

DIRECTORS

 

G EVANS                                                         ID No.   6102145040083

J E EVANS                                                       ID No.   6306210110081

A N J PLOMP                                                   D.O.B.  630917 

H T PLOMP-KANT                                             D.O.B.  651115

 

 

BANKERS

 

STANDARD BANK, Sandton Branch.  It was stated that the subject has an overdraft facility secured by a cession of debtors.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED 

 

19 January 2006

Registration Certificate Number:  2006/001172/07

 

The subject commenced trading in 2006

 

 

VAT NUMBER

 

4110231950

 

 

TAX NUMBER

 

9037055192

 

 

MAJOR OPERATION

 

Suppliers of chrome ore

MAJOR SUPPLIERS

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

           

Export market

 

 

AREA OF DISTRIBUTION AND SELLING

 

Worldwide

 

 

TOTAL EMPLOYEES

 

6

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate company INDEPENDENT MINERAL DISTRIBUTORS (PTY) LTD

 

 

AUTHORISED SHARE CAPITAL 

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 10 June 2014:

 

STOCK                                                                                                                      Nil

DEBTORS                                                                             R 4 000 000 – R  5 000 000

CREDITORS                                                                          R 3 000 000 – R  4 000 000

TURNOVER per annum                                                                              ±R50 000 000

 

 

AUDITORS

 

HORWATH LEVETON BONER

 

 

FINANCIAL YEAR END  

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

NACORA INSURANCE BROKERS

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +5 years       Open             R3 500 000-     30 days     30 days       Very Good           

                                               R5 000 000

     

2.    8 years         Open             R1 500 000      30 days     30 days       Very Good

 

3.    Awaiting fax trade reference

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Chrome metals                 

                         

2.    Freight Forwarder             

 

 

COMMENTS

 

This is a well-established business meeting its commitments timeously. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.33

UK Pound

1

Rs.99.68

Euro

1

Rs.80.30

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NNA

 

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.