MIRA INFORM REPORT

 

 

Report No. :

309713

Report Date :

09.03.2015

 

IDENTIFICATION DETAILS

 

Name :

EASIGAS (PTY) LTD

 

 

Registered Office :

Gate 5, Hibiscus Road, Alrode Industrial, Alberton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.04.1981

 

 

Com. Reg. No.:

1981/003430/07

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Suppliers and distributors of liquefied petroleum gas.

 

 

No of Employees :

+200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 & address

 

EASIGAS (PTY) LTD    

 

PHYSICAL ADDRESS:              Gate 5

                                                Hibiscus Road

                                                Alrode Industrial

                                                ALBERTON

                                                Gauteng

 

POSTAL ADDRESS:                 P O Box 17297

                                                RANDHART

                                                1457    

             

TELEPHONE NUMBER:            +27 11 389 7700

 

FAX NUMBER:              +27 11 864 9000           

 

 

SHAREHOLDERS

 

100% RUBIS ENERGIE (France)

 

 

ASSOCIATE COMPANIES

 

None in South Africa

 

 

DIRECTORS

 

O M J B NECHAD                                                         D.O.B   530517

C H L COCHET                                                  D.O.B   530715

 

 

BANKERS

 

ABSA BANK, Capital banking branch, account number not disclosed. The subject does not require an overdraft facility as credit balances are maintained at the bank. Full banking details were not forthcoming from the respondent at the subject.

 

 

DATE REGISTERED

 

9 April 1981

Registration Certificate Number: 1981/003430/07

 

The subject commenced trading as a new company in 1981.

 

 

VAT NUMBER    

 

4170102059

           

                                   

TAX NUMBER    

 

9179143848      

           

 

BBBEE STATUS 

 

Level 6 contributor

 

 

MAJOR OPERATION

 

Suppliers and distributors of liquefied petroleum gas.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and also deal with local suppliers.

 

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

                       

The industry in general.

           

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa                 

 

 

EXPORTS

 

African countries                      

 

 

TOTAL EMPLOYEES

 

±200

           

 

OTHER PREMISES

 

The subject has branches country wide.

 

 

OWNED OR LEASED

 

It was stated that most of the premises are leased, while others are owned.

 

 

AUTHORISED SHARE CAPITAL 

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from the respondent at the subject. However, the following financial estimates was submitted as at: 4 March 2015.

 

STOCK                         R17 000 000-R18 000 000

DEBTORS                                R   200 000 000

CREDITORS                             R   100 000 000

TURNOVER per annum  +R1 000 000 000

 

AUDITORS:                              BDO                

YEAR END:                              DECEMBER                

INSURANCE BROKERS:           COMRISK INSURANCE BROKERS       

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                                    PATTERN

 

  1.  Do not give trade references

           

  1. Do not give trade references

 

  1. Do not give trade references

 

  1. 2009                 R8 000 000        R3 000 000        30 days                        30 days                        Very Good

 

  1. Do not give trade references

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

4.         Tanker services

 

                       

COMMENTS

 

This is a well-established company which is meeting its one obtainable commitment timeously. The supplier regards the subject well. The subject is considered equal to its normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.20

UK Pound

1

Rs. 94.71

Euro

1

Rs. 68.60

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.