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Report No. : |
331527 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
API SOLUTIONS SA
(PTY) LTD |
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Registered Office : |
116 Melacca Road, Unit
1, Northgate Park, Durban North, KwaZulu-Natal |
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Country : |
South Africa |
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Year of Establishment : |
2008 |
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Com. Reg. No.: |
2014/246399/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is imports and distributes industrial parts utilised in sugar mills. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
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Source
: CIA |
API SOLUTIONS SA (PTY) LTD
116 Melacca Road
Unit 1, Northgate Park
DURBAN NORTH
KwaZulu-Natal
P O Box 40188
RED HILL
4071
+27 31 902 6244
S BALCHUND
S BENNETT
The percentage of
shareholding was unknown by respondents at the subject.
None
S BALCHUND ID
No. 7110125171082
S BENNETT ID
No. Not available
S BENNETT was confirmed as a director at the subject, however, is not reflected
at CIPC.
STANDARD BANK,
Prospecton Branch. Further banking information was declined, however, it was
stated that the subject does not require overdraft facilities as credit
balances are maintained at the bank.
11 November 2014
Registration
Certificate Number: 2014/246399/07
API SOLUTIONS SA (PTY)
LTD was established in 2008 as Close Corporation, BNC INDUSTRIAL SERVICES CC
(Registration Certificate Number 2008/258816/23), which underwent a name change
to its current name and converted to a Private Company in November 2014.
4490258250
9257154220
Level 1 contributor
The subject imports
and distributes industrial parts utilised in sugar mills.
The subject is
reported to import as well as source its supplies locally.
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.
Specifically the sugar
mill industry.
South Africa
Swaziland
10
None
The premises are reported to be leased.
Full financial
information was not forthcoming from respondents at the subject, however, it was
stated that the estimated monthly turnover is R800 000. Value of stock and
other financial information was not forthcoming.
PKF DURBAN, Avishkar
Harriparsad +27 31 573 5000
FEBRUARY
HOLLARD INSURANCE
BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +5 years Open Up
to 30 days 30 days Excellent
R20 000
2. May 2012 Open R4
500 30 days 30 days Good
3. Awaiting
email trade reference.
4. Against
company policy to divulge trade reference information.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +5 years Open ±R15 000 30 days ±30 days Excellent
2. Oct 2011 R5
000 Up to 30 days ±30 days Good
R7 000
It was stated that
the subject exceeds the credit limit with the suppliers authorisation, however,
there is a current amount of R4 000 outstanding which has never happened
before
3. May 2012 Declined R7 500 30
days 30 days Good
It was stated by
all suppliers that they have dealt with the subject since before the name
change and conversion to a Private Company.
(These descriptions relate
respectively by number to the above current trade transactions):
1. Heat treatment and engineering services.
2. Bearings, seals, O-rings and related spares.
3. Balancing and servicing of industrial parts.
This is a newly established business which
underwent a conversion from an established Close Corporation registered in
2008. The subject is meeting its
obtainable small to moderate commitments mostly timeously, however, one
supplier has stated that the subject has a small amount currently outstanding.
The subject is considered equal to €7 324 over 30 days, preferably secured
in view of the apparent financial stress, turnover figure and lack of full
financial information.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
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|
1 |
Rs.99.17 |
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Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.