MIRA INFORM REPORT

 

 

Report No. :

301861

Report Date :

10.01.2015

 

IDENTIFICATION DETAILS

 

Name :

CAHEAD INFOTECHNOLOGIES AFRICA (PTY) LTD

 

 

Formerly Known As :

TANGENT INFORMATION SYSTEMS AFRICA (PTY) LTD

 

DREAM WEAVER TRADING 163 (PTY) LTD

 

 

Registered Office :

8th Floor Sino Steel Plaza 159 Rivonia Road Sandton Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.08.2006

 

 

Com. Reg. No.:

2006/025141/07

 

 

Legal Form :

Not Available

 

 

Line of Business :

Not Available

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

 

 

 

 

COMPANY NAME and address

 

CAHEAD INFOTECHNOLOGIES AFRICA (PTY) LTD

 

PHYSICAL ADDRESS

 

            8th Floor

            Sino Steel Plaza

            159 Rivonia Road

            SANDTON

            Gauteng

 

TELEPHONE NUMBER:            +27 11 384 7500

 

On investigation contact was made with a respondent at the subject who was unable to assist with information. It was stated that all administration staff is situated in Mumbai, India. An email address was provided for the financial manager, Rajesh Tarmil.

 

An email questionnaire was duly sent and we await a response.

 

Nevertheless, please see statutory information obtained from CIPC below:

 

Formerly: TANGENT INFORMATION SYSTEMS AFRICA (PTY) LTD, the name having been changed on the 4 January 2008.

Formerly: DREAM WEAVER TRADING 163 (PTY) LTD, the name having been changed on the 4 September 2006.

                       

ADDRESSES ON CIPC

 

PHYSICAL ADDRESS:              33 Riley Road

                                                Pinewood Office Park Building 2

                                                Woodmead

                                                SANDTON

                                                Gauteng

           

POSTAL ADDRESS:                 33 Riley Road

                                                Pinewood Office Park Building 2

                                                Woodmead

                                                SANDTON

 

                                                2147    

 

DIRECTORS

 

BINDU SANDEEP

D.O.B. 731206

Residential Address: 1174, 12th Main, 2nd Stage Nagpura Mahalaxmipuram

Bangalore, India 560086

Postal Address: 1174, 12th Main, 2nd Stage Nagpura Mahalaxmipuram

560086

 Date Appointed: 2007-05-31

 

SANDEEP SEKHAR

D.O.B. 740404

Residential Address: 1174, 12th Main, 2nd Stage Nagpura Mahalxmi Puram

Bangalore 560086

Postal Address: 1174, 12th Main, 2nd Stage Nagpura Mahalxmi Puram

560086

Date Appointed: 2007-05-31

 

 

DATE REGISTERED

 

15 August 2006

Registration Certificate Number: 2006/025141/07

 

 

VAT NUMBER

 

4930234317

 

 

TAX NUMBER

 

9591661153

 

 

AUDITORS

 

CAMELSA CHARTERED ACCOUNTANTS

 

 

YEAR END

 

FEBRUARY

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.94.17

Euro

1

Rs.73.61

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.