MIRA INFORM REPORT

Report No. :	337110
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	ELECON AFRICA (PTY) LTD

Formerly Known As :	ELECON

Registered Office :	6 Glenhove Road, Melrose Estate 2196, P O Box 87583, Houghton 2041

Country :	South Africa

Date of Incorporation :	25.09.2002

Legal Form :	Private Company

Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Deregistration For Non-Submission of Annual Returns
Payment Behaviour :	--
Litigation :	--

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

South Africa

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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved.

South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.

Source : CIA

COMPANY NAME:

ELECON AFRICA (PTY) LTD

On investigation a search at CIPC revealed that the subject underwent Final Deregistration for Non Submission of Annual Returns. Attempts to contact the subject proved unsuccessful as the only number obtained from Google of +27 11 534 3036 rings continually with no option of leaving a message. Further director searches were instituted for all three of the listed directors, however, no contact details were obtained from CIPC on either of the directors. Contact was then made with the subject’s registered auditors who stated that they do not have the subject listed on their. Should our client be in a position to forward alternate contact details, please advise soonest so that further investigations may be instituted.

In view of the lack of comprehensive information on the subject, however, we are unable to recommend credit dealings.

Nevertheless, please see statutory information obtained from CIPC below:

COMPANY NAME:

ELECON AFRICA (PTY) LTD

Formerly: ELECON, the name having been changed on 11 October 2002.

ADDRESSES ON CIPC:

PHYSICAL ADDRESS:

6 Glenhove Road

Melrose Estate

2196

POSTAL ADDRESS:

P O Box 87583

Houghton

2041

DIRECTORS:

PRASHANT AMIN

P.P.T No. 214891200

Residential Address: Shital Bhikhabahai Marg, Vallabh Vidyanaear, Gujarat

Postal Address: Shital Bhikhabahai Marg, Vallabh Vidyanaear, Gujarat

Date Appointed: 1 February 2007

GRAEME DENNIS RAMSAY

I.D. No. 5712265095000

Residential Address: 17 Maulti Avenue, Quellerina,1709

Postal Address: P O Box 202, Florida Hills, 1709

Date Appointed: 25 September 2002

DIRECTORS:

Continued

PRAYASVIN BHANUBHAI PATEL

P.P.T No. Z1493133

Residential Address: Honest House, Bakrol Road, Vallabh Vidyanagar, Gujarat India, 388120

Postal Address: Vallabh Vidyanagar, Gujarat, India, 388120

Date Appointed: 1 December 2002

DATE REGISTERED:

25 September 2002

Registration Certificate Number: 2002/023798/07

VAT NUMBER:

4870202852

TAX NUMBER:

9704003038

AUDITORS:

ANDERSON ROCHUSSEN VAN DER BIJL INC

YEAR END:

MARCH

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

COMPANY NAME:

COMPANY NAME:

ADDRESSES ON CIPC:

PHYSICAL ADDRESS:

POSTAL ADDRESS:

DIRECTORS:

DIRECTORS:

DATE REGISTERED:

VAT NUMBER:

TAX NUMBER:

AUDITORS:

YEAR END:

Unit