MIRA INFORM REPORT

 

 

Report No. :

326395

Report Date :

13.06.2015

 

IDENTIFICATION DETAILS

 

Name :

AFRO INDIA RECYCLERS (PTY) LTD    

 

 

Registered Office :

26 Clark Road, Isipingo Rail, KwaZulu-Natal, 4133

P O Box 41712, Rossburgh, KwaZulu-Natal, 4072

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.06.2003

 

 

Com. Reg. No.:

2003/014166/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Not Available

 

 

No. of Employees :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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. The global financial crisis reduced commodity prices and world demand, and GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly, with 2014 growth less than 2%. 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, has built two new power stations and installed 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 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 those plants come on line. 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. 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     

 

AFRO INDIA RECYCLERS (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

26 Clark Road

ISIPINGO

Durban

 

 

TELEPHONE NUMBER        

 

+27 31 902 2546           

 

On investigation contact was made with the respondent at the subject who declined to assist with any information whatsoever unless the name of the supplier was divulged. In view of this we are unable to recommend unsecured credit dealings.

 

Nevertheless, please see statutory information obtained from CIPC below:

 

 

COMPANY NAME

 

AFRO INDIA RECYCLERS (PTY) LTD    

 

                                                

ADDRESSES ON CIPC

 

PHYSICAL ADDRESS:              26 Clark Road

                                    ISIPINGO RAIL

                                    KwaZulu-Natal

                                    4133    

                       

 

POSTAL ADDRESS:                 P O Box 41712

ROSSBURGH

KwaZulu-Natal

4072

                                                 

 

DIRECTORS

 

MAYANK SIROHI

D.O.B. 1981-01-02

Residential Address: 4 Kingsley Road, Bluff, 4052

Postal Address: P O Box 41712, Rossburgh, 4052

Date Appointed: 2007-10-31

 

ASHISH SIROHI

D.O.B. 1973-05-29

Residential Address: 46 Trenthill Place Hill Grove, Newlands West, 4037

Postal Address: P O Box 23223, Verulam, 4037

Date Appointed: 2003-06-23

 

 

DATE REGISTERED

 

23 June 2003

Registration Certificate Number: 2003/014166/07

 

 

TAX NUMBER          

 

9200054170

 

 

AUDITORS         

 

MARWICK AND COMPANY INCORPORATED   

 

 

YEAR END         

 

FEBRUARY

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.03

UK Pound

1

Rs.99.27

Euro

1

Rs.71.90

 

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%)

 

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.