MIRA INFORM REPORT

 

 

Report No. :

331913

Report Date :

17.07.2015

 

IDENTIFICATION DETAILS

 

Name :

VASTECH SA (PTY) LTD

 

 

Formerly Known As :

HENTIQ 1944 (PTY) LTD

 

 

Registered Office :

5 Electron Street, Octo Place, Block C, Technopark, Stellenbosch, Western Cape

 

 

Country :

South Korea

 

 

Date of Incorporation :

20.09.1999

 

 

Com. Reg. No.:

1999/020890/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The subject is involved in the manufacturing of network based recording systems, such as telephone and customer care call centre voice recordings.

 

 

No. of Employees :

110

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies. A system of close government and business ties, including directed credit and import restrictions, initially made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long-term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.

 

Source : CIA

 

Company Name and address

 

COMPANY NAME:                    VASTECH SA (PTY) LTD

 

Formerly HENTIQ 1944 (PTY) LTD, the name having been changed on 29 November 1999.

 

PHYSICAL ADDRESS:            5 Electron Street

Octo Place

Block C

TECHNOPARK

Stellenbosch

Western Cape

 

POSTAL ADDRESS:               5 Electron Street

Octo Place

Block C

TECHNOPARK

Stellenbosch

Western Cape

 

TELEPHONE NUMBER:            +27 21 880 9800

 

FAX NUMBER:                          +27 21 880 2067

 

It was stated that the subject no longer has a branch at 3rd floor, Building 41, CSIR Campus, Meiring Naude Road, Lynnwood, Pretoria.

 

 

SHAREHOLDERS

 

100%    DELM TRUST

 

 

ASSOCIATE COMPANIES    

 

None

 

 

DIRECTORS

 

            D B BARTIE                                                      ID No. 4410245004087

W J BARNARD                                                 ID No. 4711285010086

J E DREYER                                                    ID No. 5707130139087

J A SCHOLTZ                                                   ID No. 5809305078080

A REBB                                                            ID No. 7812085046085

D E DREYER                                                    ID No. 8409255001088

L-M FOURIE                                                      ID No. 8904110039083

 

 

BANKERS

 

NEDBANK, Corporate branch, Church Street, Pretoria, Account Number:  1634026772.  It was stated that the subject enjoys overdraft facilities that are not normally utilised as credit balances are maintained.  It, was, however, stated that the subject has a foreign exchange account.

 

 

DATE REGISTERED

 

20 September 1999

Registration Certificate Number 1999/020890/07

 

VASTECH SA (PTY) LTD was established in November 1999 when a shelf company, HENTIQ 1944 (PTY) LTD, was utilised for registration purposes.  The name of the company was changed in November 1999 to the current name.

 

 

VAT NUMBER    

 

4190186223

 

 

TAX NUMBER

 

9403167647

 

 

BBBEE STATUS

 

Not applicable

 

 

MAJOR OPERATION

 

The subject is involved in the manufacturing of network based recording systems, such as telephone and customer care call centre voice recordings.

 

 

MAJOR SUPPLIERS

 

The subject’s main supplier is reported to be a renowned computer company in South Africa.  It was stated that other small suppliers are dealt with on a C.O.D basis.

 

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.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Large companies, Government and telecommunication companies.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Asia, Africa and Middle East and Europe

 

 

TOTAL EMPLOYEES

 

110

 

 

OTHER PREMISES

 

The subject has a development team office situated in Somerset West, Western Cape, which is reported to be leased.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the subject.

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the company, however, it was stated that the turnover per annum is R500 000 000, and stock value is not applicable.

 

 

AUDITORS

 

EXCEED AUDITING SERVICES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

SANTAM INSURANCE BROKERS

 

 

TRADE REFERENCES – JANUARY 2012

 

         ACCOUNT HIGHEST   AVERAGE    TERMS   PAYMENT    EXPERIENCE

         OPENED   CREDIT     CREDIT                      PATTERN

 

1.      Do not give trade references

 

2.      Do not give trade references

€TRADE REFERENCES – JULY 2013:

 

       ACCOUNT   HIGHEST       AVERAGE     TERMS     PAYMENT   EXPERIENCE

       OPENED     CREDIT         CREDIT                          PATTERN

 

1.     Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Against company policy to divulge trade reference information.

     

     

COMMENTS

 

This is an established business which is not a general credit seeker. 


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.50

UK Pound

1

Rs.99.17

Euro

1

Rs.69.39

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.