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Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
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Name : |
SOLSTECH (PTY) LTD |
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Formerly Known As : |
SYNTHEBIZ (PTY) LTD |
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Registered Office : |
12 Theuns Mulder Street, Brits North West 0250, P O Box 823, Mooinooi 0325 |
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Country : |
South Africa |
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Date of Incorporation : |
12.08.2008 |
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Com. Reg. No.: |
2008/019111/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Design, manufacture,
repair and maintenance of mining and industrial equipment |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
SOLSTECH
(PTY) LTD
Formerly: SYNTHEBIZ (PTY) LTD, the name having
been changed on 10 September 2008.
12 Theuns Mulder Street
BRITS
North West
0250
P O Box 823
MOOINOOI
0325
+27 250 1654
+27 250 1653
+27 83 241 3766
74% J J OOSTENDURP
26% M P MAHLANGU
None
J J OOSTENDURP ID No.
6101175051085
M P MAHLANGU ID
No. 5806255884087
FIRST NATIONAL BANK, Brits Branch. It was stated that the subject does
not require an overdraft facility as credit balances are maintained at the
bank.
12 August 2008
Registration Certificate
Number: 2008/019111/07
The subject commenced
trading in 2008
4520250285
9103474178
Level 4 contributor
Design, manufacture, repair
and maintenance of mining and industrial
equipment
It was stated by the
respondent that the subject prefers to deal mainly on a COD basis.
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.
Mining
industry
South Africa
The subject exports to Africa and India
10
None
The premises are reported to be leased
R1 000 divided into 1 000 ordinary shares of R1
each
R100
The following estimated financial situation was
submitted as at 10 November 2014:
STOCK R 400 000
DEBTORS R 400 000
FIXED ASSETS R 1 600 000
CREDITORS R 200 000
TURNOVER per annum R10 000
000
APS ACCOUNTING
FEBRUARY
K S SWART INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 years R
20 000 Declined COD COD Very Good
2. 3 years R
10 000 R 3 000 30 days 30 days Very Good
3. 3 years R
50 000 R10 000- 30 days 30
days Very Good
R40
000
(These descriptions relate
respectively by number to the above current trade transactions):
1. Steel
2. Lubricants
3. Engineering
This is an
established business that prefers to deal mainly on a COD basis. The subject is
however meeting its small to moderate commitments timeously and is considered
equal to its moderate business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
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1 |
Rs.96.54 |
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Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.