MIRA INFORM REPORT

 

 

Report Date :

27.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

EVEREST FLEXIBLES (PTY) LTD

 

 

Formerly Known As :

EVEREST PLASTICS (PTY) LTD

 

 

Registered Office :

18 Spring Place, Riverview, Verulam, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

21.03.1994

 

 

Com. Reg. No.:

1994/002041/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture, Laminating and Sale Oof Plastic and Allied Products, E.G. Printed Bags and Potato Chips Packets

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

COMPANY NAME

 

EVEREST FLEXIBLES (PTY) LTD

 

Formerly EVEREST PLASTICS (PTY) LTD, the name having been changed in August 2001

 

 

PHYSICAL ADDRESS    

 

18 Spring Place

RIVERVIEW

Verulam

Kwazulu Natal

 

 

POSTAL ADDRESS

 

P O Box 614

VERULAM

4340

TELEPHONE NUMBER: 032 533 7813

FAX NUMBER:                          032 533 7812

CELLULAR NUMBER:                083 777 7813 (V G Govender)

 

 

SHAREHOLDERS

 

50%      G K GOVENDER (Snr)

50%      V G GOVENDER (Jnr)

 

 

ASSOCIATE COMPANIES

 

BROPAK (PTY) LTD (Reg. No. 1998/011159/07)

SAATRUNGEE INVESTMENTS (PTY) LTD (Reg. No. 1999/026087/07) (property owning company)

ITHUNGA PRE-PRESS (PTY) LTD (Reg. No. 2003/007157/07)

 

Plus other dormant companies

 

 

DIRECTORS

 

V G GOVENDER

G K GOVENDER

S V EVANS

D GOVENDER

 

BANKERS

 

NEDBANK, Smith Street Corporate Branch, Account Number: 1648169554..  It was stated that the subject enjoys a total facility to an extent of R30 million, secured by property.  Utilisation is stated to fluctuate from nil to partial at times.

 

 

DATE REGISTERED

 

21 March 1994

Registration Certificate Number: 1994/002041/07.

 

The subject was originally registered as a close corporation, which commenced in 1993, namely EVEREST PLASTIC MANUFACTURERS CC (Reg. No. 1993/027396/23).

 

 

VAT NUMBER

 

435014005

 

 

MAJOR OPERATION

 

Manufacture, laminating and sale of plastic and allied products, e.g. printed bags and potato chips packets

 

 

MAJOR SUPPLIERS

 

SASOL POLYMERS (POLYETHYLENE DIV) Johannesburg

CASTLE SEA FREIGHT  Durban

MBT SA Johannesburg

D & S REPRO SERVICES Durban

HITECH CHEMICALS Durban

TRESPAPHAN Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Manufacturing industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to Mauritius and neighbouring countries.

 

 

TOTAL EMPLOYEES

 

300

 

 

OTHER PREMISES

 

The subject is reported to have sales representatives throughout South Africa, and agents in Cape Town and Johannesburg.  The subject also has a factory adjacent to the heading premises.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the subject and valued in the region of R20 million, free of bond.  The new factory premises are valued in the region of R10 million, bonded in favour of NEDBANK for an outstanding amount of R3 million.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R120

 

The following estimated financial situation was submitted:

 

STOCK                                     R  32 000 000

DEBTORS mostly 30 days         R  45 000 000

FIXED ASSETS                         R210 000 000

CREDITORS fluctuates up to      R  30 000 000

LOANS                                     R  25 000 000

TURNOVER per month               R  20 000 000

 

 

AUDITORS

 

GCABASHE INC, Durban Tel No. 031 337 0455

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MARSH

 

 

TRADE REFERENCES – MARCH 2006

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1997                 R7 000 000        R4 500 000        30 days             30 days             Good

 

2.         5 yrs                 R   500 000       R   200 000       45 days             45 days             Excellent

 

3.         1998                 R3 000 000        R1 000 000        30 days             30 days             Good

 

 

TRADE REFERENCES – DECEMBER 2006

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs                 R   500 000       R   500 000       45 days             45 days             Excellent

 

2.         Closed for Christmas holiday.

 

3.         1997                 R4 000 000        R3 000 000       30 days             30 days             Very good

 

 

TRADE REFERENCES – MARCH 2007

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs               declined            R4 000 000        30 days             30 days             Excellent

 

2.         7 yrs                 declined            R   250 000       30 days             30 days             Very good

 

3.         10 yrs               declined            R     50 000 -     30 days             30 days             Very good

R     60 000

 

4.         1995                 R3 000 000        R3 000 000        30 days             30 days             Very good

 TRADE REFERENCES – AUGUST 2007

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old                   R3 000 000        R3 000 000        30 days             30 days             Very good

c/l

 

2.         7 years+           R   200 000       R   100 000-      30 days             30 days             Very good

R   200 000

 

3.         10 years            declined            declined            30 days             30 days             Very good

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs               declined            declined            30 days             30 days             Good

2.5%                 2.5%

 

2.         05/2004 R6 000 000        R1 000 000 -      30 days             30 days             Good

R1 500 000

 

3.         5 yrs                 open                 R   100 000+     30 days             30 days             Good

 

4.         1999                 R3 000 000        R3  000 000       30 days             30 days             Very good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to US$1 000 000 over 180 days.

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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