MIRA INFORM REPORT

 

 

Report Date :

18.01.2011

 

IDENTIFICATION DETAILS

 

Name :

UNILEVER SOUTH AFRICA (PTY) LTD 

 

 

Formerly Known As :

UNILEVER SOUTH AFRICA HOME AND PERSONAL CARE (PTY) LTD

 

 

Registered Office :

15 Nollsworth Crescent, Armstrong Avenue, Nollsworth Park, La Lucia, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.03.1939

 

 

Com. Reg. No.:

1939/012365/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturing, Wholesaling of 400 brands spanning 14 categories of home, personal care and food products

 

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 :

Good

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NotE:                           

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

COMPANY NAME

 

UNILEVER SOUTH AFRICA (PTY) LTD

 

Formerly UNILEVER SOUTH AFRICA HOME AND PERSONAL CARE (PTY) LTD, the name having been changed on 16 October 2007.

 

Formerly LEVER POND’S (PTY) LTD, the name having been changed on 1 September 2004.

 

Formerly INTERNATIONALE MAATSCHAPPY VOOR HANDEL EN NYWERHEID (EDMS) BPK, the name having been changed on 25 May 1978.

 

 

PHYSICAL ADDRESS

 

15 Nollsworth Crescent

Armstrong Avenue

Nollsworth Park

La Lucia

Durban

Kwazulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 4923

Durban

4000

Telephone Number:                  031 570 3000 / 2911

Fax Number:                             031 570 3600

 

 

SHAREHOLDERS

 

100%    UNILEVER SOUTH AFRICA HOLDINGS (PTY) LTD

 

(Registration Certificate Number: 1993/005488/07)

(formerly UNILEVER SOUTH AFRICA FOODS (PTY) LTD

 

The shareholding changed in October 2007 and was previously UNILEVER NV of the Netherlands, which in turn is owned 100% by UNILEVER PLC – quoted on the London and New York Stock Exchanges.

 

ASSOCIATE COMPANIES

 

UNILEVER SOUTH AFRICA ICE CREAM (PTY) LTD (dormant)

(Registration Certificate Number: 1941/014585/07)

(the assets and operations were incorporated into the subject in October 2007)

 

The subject forms part of a large group of companies, worldwide.

 

 

DIRECTORS

 

P D SITHOLE                            ID. No.  6611085476081

E CAMMINGA                           ID. No.  6105275232081

R W LAGGAR                           ID. No.  6704225139089

G A MCGAGHEY                      ID. No.  6805135106082

D C SCOTT                               ID. No.  7205265189082

A J KENNEDY                           ID. No.  7003075134087

M VAN TIGGELEN                     D.O.B   670726

S WON                                     D.O.B   690819

 

 

BANKERS

 

The subject banks with STANDARD BANK, NEDBANK and CITI BANK.  It was stated that the subject enjoys substantial overdraft facilities, unsecured.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

15 March 1939

Registration Certificate Number: 1939/012365/07

 

The group was restructured when the assets and operations of two of the associate companies namely, UNILEVER SOUTH AFRICA ICE CREAM (PTY) LTD and UNILEVER SOUTH AFRICA FOODS (PTY) LTD, were incorporated into the subject.

 

 

VAT NUMBER    

 

4680205715

MAJOR OPERATION

 

The subject is involved in the manufacturing, wholesaling of 400 brands spanning 14 categories of home, personal care and food products such as OLA, BRUT, KNORR, LUX, OMO, etc. 

 

The subject is also involved in the manufacturing and wholesaling of ice cream as well as being the franchisor of MILKY LANE. There are reported to be approx. 105 Milky Lane’s countrywide. 

 

The respondent stated that the subject outsource the manufacturing of the ice cream to Clover, which has a factory in Queensburgh.

 

 

MAJOR SUPPLIERS

 

The subject imports chemicals worldwide and deals locally with:

 

·         MONDIPAK, Pinetown

·         NAMPAK TUBES, Johannesburg

·         ORLEY FOODS, Cape Town

·         CLOVER, Queensburgh

·         SAFCOR PANALPINA, Durban

·         NAMPAK CARTONS AND LABELS, Durban

·         DHL

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Major retail and wholesale chain stores such as METRO, MAKRO, PICK ‘N PAY, SHOPRITE, etc. The subject also supplies to the MILKY LANE franchise stores.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Done through UNILEVER SA MARKET DEVELOPMENT (PTY) LTD

 

 

TOTAL EMPLOYEES

 

±3000

 

OTHER PREMISES   

 

The subject has factories in Maydon Wharf (Durban), Phoenix (Durban), Boksburg (Johannesburg), Fontain Park (Durban), Avenue East (Durban) and a tea factory in Pietermaritzburg.

 

 

OWNED OR LEASED

 

It was reported that the factory premises are owned by the subject, while the head office premises are leased.

 

The respondent stated that some of the factory premises are still in the process of being transferred into the name of the subject.

 

 

AUTHORISED SHARE CAPITAL

 

910 000 shares of R2 each

 

 

ISSUED SHARE CAPITAL    

 

903 736 shares of R2 each

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS 

 

AON

 

TRADE REFERENCES – DECEMBER 2007

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT          PATTERN

 

1.                Old acc        R4 000 000    R3 000 000 -    35 days    35 days        Very Good

                                                           R4 000 000

 

2.                Old acc        R1 000 000    R   700 000     30 days    30 days        Very Good

                                      c/l

 

3.                Do not give trade references.

 

4.                               Awaiting a fax trade reference.

 

5.                               Awaiting a fax trade reference.

 

6.                               Awaiting a fax trade reference.

 

 

TRADE REFERENCES – MARCH 2008

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT          PATTERN

 

1.                10 years       R1 000 000    R1 000 000      30 days    30 days        Excellent

 

2.                ±10 years     R1 000 000    R   900 000±    30 days    30 days        Very good

 

3.                6 years         R1 000 000    R   300 000 -   30 days    30 days        Very good

                                                           R   400 000

 

4.                Do not give trade references.

 

 

TRADE REFERENCES – JULY 2008

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT          PATTERN

 

1.                24 years       R10 000 000   R5 500 000      35 days    35 days        Excellent

 

2.                8 years         R  2 500 000  R1 500 000 -    30 days    30 days+      Fair

                                                           R2 000 000

 

3.                Do not give trade references.

 

4a.              1985             R25 000 000   R10 000 000 -  30 days    30 days        Good

                                                           R15 000 000

 

4b.              1985             R25 000 000   R  5 000 000 -    7 days      7 days        Good

                                                           R  8 000 000

 

 

TRADE REFERENCES – JANUARY 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                10 years       R  1 000 000  R  1 000 000    30 days    30 days        Excellent

 

2.                6-7 years      R  1 200 000  R     500 000   30 days    25 days        Very good

                                                                                 EFT          EFT

 

3.                Do not give trade references.

 

4.                Old acc        R18 000 000   R18 000 000    30 days    30 days        Very good

 

 

TRADE REFERENCES – OCTOBER 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                9+ years       R1 200 000    R500 000-       30 days    27 days        Excellent

                                      c/l                 R600 000

 

2.                Do not give trade references.

 

3.       Do not give trade references.

 

4.       Do not give trade references.

 

5.       Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                20 years       R8 500 000    R2 500 000      30 days    30 days        Excellent

 

2.                Awaiting a trade reference

 

3.       Awaiting a trade reference

 

4.       Awaiting a trade reference

 

 

COMMENTS

 

This is a well established and well connected company, which underwent restructuring. The subject forms part of a large international group of companies and is considered equal to US$1 000 000 over DA terms. The lack of financial information should be borne in mind.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.59

UK Pound

1

Rs.72.31

Euro

1

Rs.60.73

 

 

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.