MIRA INFORM REPORT

 

 

Report Date :

25.06.2011

 

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 Company

 

 

Line of Business :

Manufacture, laminating and sale of 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 :

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMPANY NAME

 

EVEREST FLEXIBLES (PTY) LTD

 

·         Formerly EVEREST PLASTICS (PTY) LTD, the name having been changed on 26 June 2001.

·         Formerly EVEREST PLASTIC MANUFACTURERS (PTY) LTD, the name having been changed on 21 March 1994.

 

 

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

(Registration Certificate Number:  1998/011159/07)

 

SAATRUNGEE INVESTMENTS (PTY) LTD

(Registration Certificate Number:  1999/026087/07) - property owning

 

ITHUNGA PRE-PRESS (PTY) LTD

(Registration Certificate Number:  2003/007157/07)

Plus other dormant companies

 

DIRECTORS

 

·         V G GOVENDER     ID No. 6904205123083

·         G K GOVENDER     ID No. 3711035079051

·         S V EVANS                        ID No. 5703315056089

·         D GOVENDER                    ID No. 7406225221086

 

 

BANKERS

 

NEDBANK, Smith Street Corporate Branch, Account Number: 1648063233.

 

It was stated that the subject enjoys a total facility to an extent of

R30 000 000, 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 (Registration Certificate Number:  1993/027396/23).

 

In December 2001 the subject acquired NEWFLEX PACKAGING in Cape Town.

 

 

VAT NUMBER          

 

4350140051

 

 

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

·         TREOPHAN

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Manufacturing industry

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Occasionally to Mauritius and neighbouring countries. 

 

 

TOTAL EMPLOYEES

 

300 factory staff and 43 office staff (all permanent)

 

 

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 in January 2011:

 

STOCK                                                                                R  32 000 000

DEBTORS mostly 30 days                                                    R  45 000 000

FIXED ASSETS                                                                    R220 000 000

CREDITORS fluctuates up to                            R25 000 000 - R  30 000 000

SHAREHOLDERS LOANS                                                    R  25 000 000

TURNOVER per month                                                          R  20 000 000

 

 

AUDITORS

 

GCABASHE INC, Durban 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

 

TRADE REFERENCES – FEBRUARY 2008

 

                  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

 

 

TRADE REFERENCES – JUNE 2008

 

                  ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                                              PATTERN

 

1.               10 yrs           R     200 000  R     200 000  30 days      30 days        Very good

 

2.               1999             R  6 000 000  R  2 000 000- 30 days      30 days        Very good

                                                          R  3 000 000

 

3.               Old acc        R10 000 000   R10 000 000   30 days      30 days        Excellent

 

 

TRADE REFERENCES – OCTOBER 2008

 

                  ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                                              PATTERN

 

1.               10 yrs          R   100 000    R     80 000    30 days      25 days        Very good

 

2.               05/2004        R6 000 000    R1 500 000 -  30 days      30 days        Very good

                                     c/l                 R2 300 000

 

3.    4 yrs            R   500 000    last bought in 30 days      30 days        Excellent

                          c/l                 in April 2008-10-24

 

4.    1998             R3 000 000    R3 000 000    30 days      30 days        Very good

TRADE REFERENCES – MARCH 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                06/1997        Undisclosed   R3 000 000      30 days    30 days        Good

 

2.                ±9 years       No limit          R100 000 -      30 days    30 days        Excellent

                                                           R600 000

 

3.                   Have not traded since April 2008

 

4.                1999             R13 600 000   R  8 000 000 -  30 days    30 days        Very Good

                                                           R13 000 000

 

 

TRADE REFERENCES – MAY 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED       CREDIT          CREDIT                         PATTERN

 

1.                1997             ±R4 000 000   ±R2 500 000-   30 days    30 days                        Very Good

                                                             R3 000 000

 

2.                15 years +    ±R   300 000  ±R  150 000     30 days    30 days                        Very Good

 

3.                1998             R13 000 000     R5 000 000-   30 days    30 days                        Excellent

                                                             R7 000 000    - 2,5%      - 2,5% 

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED       CREDIT          CREDIT                         PATTERN

 

1.                1998             R13 000 000   R5 000 000      30 days    30 days             Good

                                      c/l                 -R7 000 000

 

2.                15 years       R300 000       R200 000        30 days    30 days             Very good

                                      Open account -R300 000

 

3.                2007+           R1 400 000    R800 000        30 days    30 days             Very good

                                      c/l                 -R900 000

 

4.                10 years+     figures           confidential      30 days    30 days             Excellent

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to an amount of US$1 000 000 over 30 days.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.71.89

Euro

1

Rs.64.09

 

 

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.