|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AFRO
INDIA RECYCLERS (PTY) LTD |
|
|
|
|
Formerly Known As : |
RS
SCRAP CC |
|
|
|
|
Registered Office : |
26 Clark
Road, Isipingo Rail, 4110 P O Box 41712, Rossburgh, 4072 |
|
|
|
|
Country : |
South
Africa |
|
|
|
|
Date of Incorporation : |
23.06.2003 |
|
|
|
|
Com. Reg. No.: |
M2003/014166/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
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. We obtained a bank code C for R 2 000 000
over a period of 30 days. 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. |
|
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
|
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 |
|
|
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 |
|
|
Holding |
Company |
Sub |
Comment |
|
51% - MAYANK SIROHI |
AFRO INDIA RECYCLERS (PTY)LTD |
|
|
|
49% - ASHISH SIROHI |
AFRO INDIA RECYCLERS (PTY)LTD |
|
|
|
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 |
|
|
|
|
Nr |
Age of Acc |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
10 Years |
30 Days |
R 300000 -400000 |
30 Days |
This is an excellent account. The subject has an open
account with the supplier. |
|
2 |
6 Years |
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 |
30 Days |
R1500000 |
30 Days |
This is an excellent account. The subject has an open
account with the supplier. |
Judgements - No information on record
BusinessRescue - 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 |
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. |
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 |
|
||
|
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% |
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 on
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 |
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% |
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
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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.