|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AFRO
|
|
|
|
|
Formerly Known As : |
RS
SCRAP CC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.06.2003 |
|
|
|
|
Com. Reg. No.: |
M2003/014166/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacture
of primary non-ferrous metal products, excluding precious metals |
|
|
|
|
No. of Employees : |
90 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
Country |
South
Africa |
|
Subject
Contact Person |
SWARTICA
SIROHI - FINANCIAL MANAGER |
|
Assessment |
On investigation
contact was made with SWARTICA SIROHI the financial manager who assisted with
the information. The subject is meeting commitments timeously with their
suppliers. The subject confirmed that SHUNMUGAM CHETTY has resigned. CIPC however
has him as active. Please see the available information on the subject below. |
|
Registered
Name |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
Trading
as/ Division Name |
AFRO
INDIA RECYCLERS |
|
Previous
Name |
RS
SCRAP CC |
|
Date
of Name Change |
2003-06-23 |
|
Registration
Number |
M2003/014166/07 |
|
Registration
Date |
2003/06/23 |
|
Date
Commenced Trading |
2003-06-23 |
|
Age
of Business |
11
Years 3 Months |
|
History
of Business |
The
subject was established in 2001, and underwent a name change in 2003-06-23
from RS SCRAP CC to AFRO INDIA RECYCLERS (PTY)LTD. The subject has been
operating since inception. |
|
History
of Principals |
There
are 2 active directors within the company. |
|
Shareholders/Members/Partners
of subject and % holding |
51
% - MAYANK SIROHI. 49 % - ASHISH SIROHI |
|
Authorised
Share Capital |
|
|
Issued
Share Capital/Members Contribution |
|
|
Status |
In
Business |
|
Operations
Assessment |
The
subject operates as an exporter of ferrous and non-ferrous scrap metals |
|
Industry/
Customers |
The
subject supply's to steel companies. |
|
Export |
Yes |
|
Export
Countries |
|
|
Import |
|
|
Import
Countries |
|
|
Major
Industry Code / SICC |
5202 |
|
Definition
of Code |
Manufacture
of primary non-ferrous metal products, excluding precious metals |
|
Head
Office Physical Address |
26
CLARK ROAD, ISIPINGO RAIL, 4110 |
|
Head
Office Postal Address |
P
O BOX 41712, ROSSBURGH, 4072 |
|
Current
Tel Number |
0319022546 |
|
Cell
Number |
0833022207 |
|
Current
Fax Number |
0862183393 |
|
Current
Email Address |
|
|
Web
Site Address |
|
|
Comments |
The
subject underwent a change of address from 1154 C Dayal Road, Clairwood,
Durban 4052 to the current physical address. |
|
Company
Registered Name |
SPEDDACC
FINANCIAL CONSULTANTS |
|
Trading
Name |
SPEEDACC
FINANCIAL CONSULTANTS |
|
Registration
Number |
B1996/005281/23 |
|
Physical
Address |
40
MAHARAJ ROAD, OTTAWA, VERULAM, 4340 |
|
Postal
Address |
P
O BOX 23223, OTTAWA, VERULAM, 4340 |
|
Contact
Person |
RENET |
|
Contact
Number |
0315663549 |
|
Email |
|
|
Principals |
1 |
|
Judgements
Against Subject |
None |
|
Judgements
Against Principals |
None |
|
Subject
Verified as Client |
Yes |
|
Practice
Number |
5771 |
|
VAT
Number |
4830202976 |
|
Tax
Number |
9272534208 |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
February |
|
No
of years in Business |
18
Years 7 Months |
|
Website |
|
|
Comment |
The
subject underwent a change of auditors from MARWICK AND COMPANY INCORPORATED
to SPEDDACC FINANCIAL CONSULTANTS. |
Previous
Auditors
|
Company Name |
Phone Number |
Time with previous auditors |
Comment |
|
MARWICK AND COMPANY INCORPORATED |
-- |
-- |
-- |
|
Vat
Number |
4670198888 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2002/06/01 |
|
Tax
Number |
922373146 |
|
Tax
Clearance Expire Date |
2014/10/05 |
|
Financial
Year End |
February |
|
Comment |
|
Black Economic Empowerment Information – No Information on Record
ISO Information – No Information on Record
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries Information - No Information on Record
Employees
|
Number
of Employees |
90 |
|||
|
1.
Salaried employees |
90 |
|||
|
2.
Waged employees |
0 |
|||
|
3.
Permanent employees |
90 |
|||
|
4.
Casual employees |
0 |
|||
|
5.
Contracted employees |
0 |
|||
|
Comment |
|
|||
|
Company
Fleet |
||||
|
Company
Fleet |
No
of vehicles: |
Owned/Leased |
Value |
Outstanding
Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
63 |
|||
|
Comment |
|
|||
|
Cars |
10 |
Leased |
|
|
|
Light
delivery Vehicles |
9 |
Leased |
|
|
|
Trailers |
10 |
Leased |
|
|
|
Trucks |
10 |
Leased |
|
|
|
Fork
Lifts |
4 |
Leased |
|
|
|
Other |
20 |
Leased |
|
|
Offices
|
Offices |
Offices |
|
|
Head
Office Owned/ Rented |
Owned |
|
|
Rental
Company |
|
|
|
Owned
by |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
|
Value |
R
8000000.00 |
|
|
Bond |
|
|
|
Bank |
|
|
|
Lease
Agreement |
|
|
|
Lease
Expire Date |
|
|
|
Type
of Premises |
Office
and warehouse |
|
|
Comment |
The
subject operates in 36 cities in South Africa and also has a 70 yard
scrapyard. |
|
|
Branch
Information |
||
|
Branches Names |
Country |
Province |
|
AFRO INDIA
RECYCLERS (PTY)LTD |
South Africa |
JOHANESBURG |
|
AFRO INDIA
RECYCLERS (PTY)LTD |
South Africa |
CAPE TOWN |
|
Branch
Detail Information |
||
|
Branches
Owned/ Rented |
Leased |
|
|
Rental
Company |
|
|
|
Owned
by |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
|
Value |
|
|
|
Bond |
|
|
|
Bank |
|
|
|
Lease
Agreement |
|
|
|
Lease
Expire Date |
|
|
|
Type
of Premises |
Warehouse |
|
|
Comment |
|
|
|
Branches
Owned/ Rented |
Owned |
|
Rental
Company |
|
|
Owned
by |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
Value |
R
2300000.00 |
|
Bond |
|
|
Bank |
|
|
Lease
Agreement |
|
|
Lease
Expire Date |
|
|
Type
of Premises |
Warehouse |
|
Comment |
|
Organisation Chart
Level Position Name
1 Director Mayank Sirohi
2 Director Ashish Sirohi
Company Structure (Ownership)
Note: one level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
51%
- MAYANK SIROHI |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
|
|
49%
- ASHISH SIROHI |
AFRO
INDIA RECYCLERS (PTY)LTD |
|
|
Key Deals – No Information on Record
|
Trade Reference
nr |
Supplier |
Contact |
Surety Value |
Notarial
Bonds |
Comment |
|
1 |
ISINGO
SCRAP |
0834121139 |
|
|
|
|
2 |
TAMBORA
TRADING |
0116262244 |
|
|
|
|
3 |
AMALGAMATED MEGA METALS |
0219335885 |
|
|
The supplier declined
to provide a trade reference as per company policy. |
|
4 |
TAIVALANI
TRADING |
0760551207 |
|
|
|
Trade References Detail
|
Nr |
Age
of Acc |
Credit Limit |
Max Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
10
Years |
|
R 3600000 |
30 Days |
R 300000 -400000 |
30
Days |
This is an
excellent account. The subject has an open account with the supplier. |
|
2 |
6
Years |
|
R1800000 |
30 Days |
R
100000 -1000000 |
30
Days |
This is an excellent
account. The subject has an open account with the supplier. |
|
3 |
|
|
|
|
|
|
|
|
4 |
8 years |
|
R 2000000 |
30 Days |
R 1500000 |
30 Days |
This is an
excellent account. The subject has an open account with the supplier |
Judgements - No
information on record
Business Rescue -
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 |
051581159 |
|
Type of Account |
CHEQUE |
|
Account Name |
AFRO INDIA RECYCLERS (PTY)LTD |
|
Overdraft Facilities |
YES |
|
Bank Code |
C - FOR R 2 000 000 |
|
Bank Comment |
The subject's bankers consider
them good for all normal business engagements |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry
Amount |
Number
of RD's |
RD amount |
RD Date |
Bank
Comments |
Years
with bank |
Comment |
|
2013/02/22 |
|
0.00 |
|
|
|
|
0 |
|
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. |
481 |
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
84 OLD SOUTH COAST ISIPINGO |
|
Property Type |
Freehold |
Extent / Size |
|
|
Purchase Date |
2012/06/01 |
Purchase price |
R 7000000.00 |
|
% Ownership |
0.00 |
Bond Holder |
STANDARD BANK OF SOUTH AFRICA L |
|
Bond Number |
B151192012 |
Bond Amount |
R 7500000.00 |
|
Comment |
|
||
|
|
|||
|
Title Deed No. |
T56964/2013 |
Erf/Site No. |
22774 |
|
Deeds Office |
CAPE TOWN |
Physical Address |
GOODWOOD |
|
Property Type |
Freehold |
Extent / Size |
595.0SQM |
|
Purchase Date |
2013/03/25 |
Purchase price |
R 2300000.00 |
|
% Ownership |
0.00 |
Bond Holder |
A B S A BANK LTD |
|
Bond Number |
B302672013 |
Bond Amount |
R1540000.00 |
|
Comment |
|
||
|
Title
Deed No. |
T56964/2013 |
Erf/Site
No. |
22775 |
|
Deeds
Office |
CAPE
TOWN |
Physical
Address |
GOODWOOD |
|
Property
Type |
Freehold |
Extent
/ Size |
595.0SQM |
|
Purchase
Date |
2013/03/25 |
Purchase
price |
R
2300000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
A
B S A BANK LTD |
|
Bond
Number |
B302672013 |
Bond
Amount |
R1540000.00 |
|
Comment |
|
||
|
|
|||
|
Title
Deed No. |
T56964/2013 |
Erf/Site
No. |
22776 |
|
Deeds
Office |
CAPE
TOWN |
Physical
Address |
GOODWOOD |
|
Property
Type |
Freehold |
Extent
/ Size |
595.0SQM |
|
Purchase
Date |
2013/03/25 |
Purchase
price |
R
2300000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
A
B S A BANK LTD |
|
Bond
Number |
B302672013 |
Bond
Amount |
R1540000.00 |
|
Comment |
|
||
Financial Estimates
|
CURRENT
ASSETS |
|
|
Stock |
|
|
Debtors |
|
|
FIXED
ASSETS |
|
|
Plant,
Equipment, Vehicles |
|
|
Property |
|
|
CURRENT
LIABILITIES |
|
|
Creditors |
|
|
Loans/
From? |
|
|
Loan
Details |
|
|
LONG
TERM LIABILITIES |
|
|
Morgage
Bonds |
|
|
Previous
Year Turnover |
R
40000000.00 |
|
Estimated
Current Year Turnover |
R
50000000.00 |
|
Current
Turnover per month |
R
41000000.00 |
|
Current
Turnover per annum |
R
492000000.00 |
|
Comment |
|
|
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 |
|
Number
of Principals |
3 |
|
Average
Age of Active Principals |
37 |
|
Active
Principals Active
Principal - 1 of 3 MAYANK
SIROHI |
|
|
Surname |
SIROHI |
|
First
Name |
MAYANK |
|
Other
Names |
|
|
Marital
Status |
Married |
|
ID
Number |
Z2321580 |
|
Verified
ID Number |
No |
|
Current
Age |
33
Years 8 Months |
|
Designation |
DIRECTOR |
|
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 |
0833022207 |
|
Shareholding/Membership |
51% |
Principal Adverse –
No Information on Record
Business Information for MAYANK SIROHI
Principal Current Business Interests
|
Company
Name |
Registration No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
AFRO
INDIA RECYCLERS (PTY)LTD |
M2003/014166/07 |
In Business |
11 Years 11
Months |
0 |
No |
|
Principal’s Previous Business Interests – No Information Record
Principal Deeds Information
|
Property
Interests for MAYANK SIROHI |
|||
|
Title Deed
No. |
T39101/2006 |
Erf/Site
No. |
1494 |
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
4 KINGSLEY
BRIGHTON BEACH BLUFF |
|
Property
Type |
E |
Extent /
Size |
|
|
Purchase
Date |
2006/04/07 |
Purchase price |
R
800000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
STANDARD
BANK OF SOUTH AFRICA L |
|
Bond
Number |
B494732006 |
Bond
Amount |
R
800000.00 |
|
Comment |
|
||
|
Property
Interests for MAYANK SIROHI |
|||
|
Title Deed
No. |
T37299/2008 |
Erf/Site
No. |
90 |
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
THORNVILLE
RICHMOND RURAL |
|
Property
Type |
E |
Extent /
Size |
|
|
Purchase
Date |
2008/04/30 |
Purchase
price |
R1600000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
STANDARD
BANK OF SOUTH AFRICA L |
|
Bond
Number |
B301812008 |
Bond
Amount |
R1448999.00 |
|
Comment |
|
||
Active
Principal - 2 of 3
SHUNMUGAM
CHETTY
|
Surname |
CHETTY |
|
First Name |
SHUNMUGAM |
|
Other
Names |
|
|
Marital
Status |
|
|
ID Number |
7701205172089 |
|
Verified
ID Number |
Yes |
|
Current
Age |
37 Years 8
Months |
|
Designation |
|
|
Status |
Resigned |
|
Appointment
Date |
2002/03/01 |
|
Physical
Address (at time of Appointment) |
HOUSE 303,
ROAD 701, MONTFORD, CHATSWORTH, KWA-ZULU NATAL, 4092 |
|
Postal Address |
HOUSE 303,
ROAD 701, MONTFORD, CHATSWORTH, KWA-ZULU NATAL, 4092 |
|
Current
Tel Number |
0319022546 |
|
Cell
number |
0746017536 |
|
Shareholding/Membership |
0 |
Principal Adverse – No Information on Record
Business Information
for SHUNMUGAM CHETTY
Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
AFRO INDIA
RECYCLERS (PTY)LTD |
M2003/014166/07 |
In
Business |
11 Years 11
Months |
0 |
No |
|
|
EDGEWOOD TRADING (PTY)LTD |
M2003/008815/07 |
Deregistration
Final |
11 Years
11 Months |
0 |
No |
|
|
RSP SCRAP (PTY)LTD |
K2013/169567/07 |
In
Business |
1 Years 1
Months |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Active
Principal – 3 of 3
ASHISH
SIROHI
|
Surname |
SIROHI |
|
First Name |
ASHISH |
|
Other
Names |
|
|
Marital
Status |
Married |
|
ID Number |
Z2012881 |
|
Verified
ID Number |
No |
|
Current
Age |
41 Years 4
Months |
|
Designation |
DIRECTOR |
|
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 Adverse – No Information on Record
Business
Information for ASHISH SIROHI
Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
AFRO INDIA
RECYCLERS (PTY)LTD |
M2003/014166/07 |
In Business |
11 Years 11 Months |
0 |
No |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.