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Report No. : |
340801 |
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Report Date : |
21.09.2015 |
IDENTIFICATION DETAILS
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Name : |
AFRO INDIA RECYCLERS (PTY) LTD |
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Registered Office : |
26 Clark Road Isipingo Rail Kwazulu-Natal P O Box 41712 Rossburgh 4072 |
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Country : |
South Africa |
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Year of Incorporation : |
2001 |
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Legal Form : |
Private Company |
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Line of Business : |
Recyclers of ferrous, non-ferrous and other
scrap metals. |
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No. of Employees : |
±65 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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 |
AFRO INDIA RECYCLERS
(PTY) LTD
PHYSICAL ADDRESS
26 Clark Road
ISIPINGO RAIL
KwaZulu-Natal
POSTAL ADDRESS
P O Box 41712
ROSSBURGH
4072
TELEPHONE NUMBER
+27 31 902 2546
FAX NUMBER
+27 86 218 3393
The subject moved from 154c Dayal Road, Clairwood in 2012.
51% M SIROHI
49% A SIROHI
None
A SIROHI D.O.B. 1973-05-29
M SIROHI D.O.B. 1981-01-02
STANDARD BANK, Bluff Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
23 June 2003
Registration Certificate Number: 2003/014166/07
AFRO INDIA RECYCLERS CC was established in 2001, Registration Certificate Number: 2001/083507/23. In June 2003 the subject converted to a Private entity.
4670198888
9200054170
Non-compliant
Recyclers of ferrous, non-ferrous and other scrap metals
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.
Export market, mainly to the foundries
Worldwide
±65
The subject has a branch in Johannesburg and Cape Town
The premises are reported to be leased
The following estimated financial situation was submitted as at 17 September 2015:
STOCK R 500 000
DEBTORS R 35 000 000
CREDITORS R 4 000 000
TURNOVER per annum ± R 460 000 000
MARWICK AND COMPANY INCORPORATED
FEBRUARY
A C AND E ENGINEERING UNDERWRITING MANAGERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years Declined R5 000 000 30 days 30 days Excellent
2. 2009 Open R100 000 30 days 30 days Excellent
3. 8 years Open R3 000 000 30 days 30 days Excellent
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions relate respectively by number to
the above current trade transactions):
1. Scrap metal
2. Scrap metal
3. Scrap metal
This is an
established business meeting its commitments timeously. The suppliers speak
highly of the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.93 |
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UK Pound |
1 |
Rs.102.75 |
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Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
VNT |
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.