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MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVERY DENNISON SOUTH AFRICA (PTY) LTD |
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Formerly Known As : |
FASSON PRODUCTS (PTY) LTD |
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Registered Office : |
Cnr Winze and Leader Ave, Stormill Ext 4,
Roodepoort, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
25.11.1968 |
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Com. Reg. No.: |
1968/014215/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Manufacturers of
Self-Adhesive and Pressure Sensitive Materials |
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
AVERY DENNISON SOUTH AFRICA (PTY) LTD
Formerly FASSON PRODUCTS (PTY) LTD the name having been changed in 1997.
TRADING DIVISION
ROLL (incorporating the previous JAC division)
GRAPHICS
SPECIALITY TAPES
REFLECTORS
PHYSICAL ADDRESS
Cnr Winze and Leader Ave
Stormill Ext 4
Roodepoort
Gauteng
POSTAL ADDRESS
P O Box 802
Florida
1710
Telephone Number: 011 249 5700 / 5717
Fax Number: 011 472 2924
The OFFICE LABELS division was closed in the
beginning of 2008.
SHAREHOLDERS
100% AVERY DENNISON CORPORATION
of 150 North Orange
Boulevard, Pasadena, California, USA.
ASSOCIATE COMPANIES
AVERY DENNISON OFFICE PRODUCTS (PTY) LTD (dormant)
JACKSTADT (SOUTH AFRICA) (PTY) LTD (dormant)
DIRECTORS
R VAN SCHOONEBERG (USA) D.O.B.
460818
MRS A G VAN LEEUWEN (Netherlands) D.O.B.
471229
R P RANDALL (USA) D.O.B.
471115
It was stated that the local general manager is being replaced but will
only be announced in January 2009.
BANKERS
CITIBANK Sandton Branch. Acc. No. 200296001. It was stated that the subject enjoys overdraft facilities to an extent of US$7 000 000, unsecured. Utilisation is stated to fluctuate to full at times.
DATE REGISTERED
25 November 1968
Registration Certificate Number: 1968/014215/07
The assets and operations of a company namely, JACKSTADT (SOUTH AFRICA) (PTY) LTD (Reg. Cert. No. 1983/013158/07) were incorporated into the subject as a division on 17 May 2003. The latter company is currently dormant.
VAT NUMBER
4400114395
MAJOR OPERATION
Manufacturers of self-adhesive and pressure sensitive materials (sticky paper used in different industries and there are different brands. JAC falls under the brand together with FASSON, which forms part of the ROLL division.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
SAPPI
PAPER Johannesburg
GASCOR
Johannesburg
CH
CHEMICALS (plastics div) Johannesburg
CARST & WALKER Johannesburg
STURROCK SHIPPING Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Printing and converting industries.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Kenya and Zaire and on occasion to Zimbabwe.
TOTAL EMPLOYEES
250
OTHER PREMISES
The subject has branches in Johannesburg, Cape Town, Durban and a small office in Port Elizabeth. The respondent stated that the Speciality Business operations are situated at Bregoon Drive, which is across the road from the heading premises.
OWNED OR LEASED
The head office premises are reported to be owned by the subject, free
of bond. It was stated that the Bregoon
Drive, Cape Town, Durban and Port Elizabeth premises are leased.
AUTHORISED SHARE CAPITAL
R72 000 divided into 12 000 ordinary “A” shares of R4 each and 6 000
ordinary “B” shares of R4 each.
ISSUED SHARE CAPITAL
R36 004
The following estimated financial situation was submitted:
STOCK R 60 000 000
DEBTORS (total)
over 30 / 60 / 90 days R 80 000 000
CREDITORS local R 40 000 000
TURNOVER per annum R500
000 000
AUDITORS
PRICEWATERHOUSECOOPERS INC. Tel. 011 797 4000
YEAR END
DECEMBER
INSURANCE BROKERS
MARSH
TRADE REFERENCES – JUNE 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 1995 R2 500 000 R1 000 000 60 days 60 days Good
2. 10 yrs R2 000 000 R 90 000 30
days 30 days Excellent
3. 1999 R 500 000 R
200 000 - 60 days 60 days Excellent
R 350 000
TRADE REFERENCES - MARCH 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 mths R2
400 000 R1 500 000 30 days 30
days Very good
5%
2. Do not give trade references
3. Do not give trade references
4. 5 yrs R4
000 000 R2 000 000 60 days 60
days Good
TRADE REFERENCES – APRIL 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R2
500 000 R1 000 000 - 30 days 30
days Very Good
c/l R1 500 000
2. 12/2006 R2
400 000 R1 500 000 - 7
days
7 days Excellent
c/l R2 400 000
3. Do not give trade
references
4. Do not give trade references
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references.
2. Do
not give trade references.
3.
Do not give
trade references.
4. 10
yrs+ R4 000 000 R2 500 000 60
days 60 days Excellent
c/l
5. Do
not give trade references.
COMMENTS
This is an established company meeting its commitments timeously. No adverse comments have been heard and the subject is considered equal to an amount of US$1 000 000 DA.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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. |
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%)