MIRA
INFORM REPORT
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Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ASTRAFLEX (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13 November 2001 |
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Com. Reg. No.: |
2001/027222/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of flexible packaging |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
ASTRAFLEX (PTY) LTD
Formerly FAMILY FRIEND INVESTMENTS (PTY) LTD the name having been changed 22 April 2002.
PHYSICAL ADDRESS
Mahogany Ridge
PINETOWN
POSTAL ADDRESS
STANFIELD
3610
TELEPHONE NUMBER: 031 792 8350
FAX NUMBER: 031 792 8360
SHAREHOLDERS
100% ASTRAPAK LTD (quoted on the JSE Ltd)
ASSOCIATE COMPANIES
Companies within the ASTRAPAK LTD group
DIRECTORS
T VOLLER
R
D HUNTLET
G PETZER
C P
R C SANDERS
P
The last 4 named directors were previously directors of Packaging Converters (Pty) Ltd.
BANKERS
ABSA, Durban Corporate Merchant Branch, Account Number 4005287544. It was stated that the subject enjoys overdraft facilities to an extent of R10.5 million, secured by the holding company’s guarantee. Utilisation is stated to fluctuate.
DATE REGISTERED
13 November 2001
Registration certificate number: 2001/027222/07
The directors are reported to be actively involved in the holding company and it was stated that the subject only commenced active trading in March 2002.
As of 2002 the subject took over assets and operations of PACKAGING CONVERTERS (PTY) LTD, which was originally registered in 1983 (registration number 1983/09856/07).
VAT NUMBER
4810199101
MAJOR OPERATION
Manufacturing of flexible packaging
MAJOR SUPPLIERS
ASTRA REPRO
HI–TECH INKS
DU PONT
HENNEWAYS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Confectionery and pharmaceutical industry, as well as tobacconists
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
African countries
TOTAL EMPLOYEES
155
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R43 000 000
DEBTORS 30/60 days R32 000 000
FIXED ASSETS R43 000 000
INTERCOMPANY LOANS R30 000 000
CREDITORS R29 000 000
TURNOVER per month, approximately R18 000 000 – R20 000 000
AUDITORS
DELOITTE
YEAR END
FEBRUARY
INSURANCE BROKERS
HERITAGE
TRADE REFERENCES –
OCTOBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 yrs R 600 000 R 400 000 30 days 30 days Very good
2. 6 yrs R1 000 000 R1 000 000 30 days 30 days Excellent
3. 5 yrs R2 000 000 R1 000 000 30 days 30 days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 yrs R 600 000 R 20 000 60 days 60 days Good
2. 6 yrs R1 000 000 declined 30 days 30 days Good
3. 12 yrs open R2 000 000 - 30 days 30 days Excellent
R3 000 000
COMMENTS
This is an established and well-connected company meeting local commitments timeously. We have not traced dealings to an extent of US$10 000 000 and would prefer to see a lesser figure well spread.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)