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MIRA INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SEALED AIR AFRICA (PTY) LTD |
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Registered Office : |
64 Rigger Road, Spartan, Kempton Park, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
24.10.1997 |
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Com. Reg. No.: |
1997/018032/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturing of plastic products |
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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 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Assessment:
This is a well-established large company.
The obtainable commitment is being paid within terms.
The subject effects a substantial turnover.
A bank code revealed that the subject would be considered as equal to
your amount.
Company Information
|
Registered
Name |
SEALED AIR AFRICA (PTY) LTD |
|
Trading
as/ Division Name |
None |
|
Previous Name |
CRYOVAC AFRICA (PTY) LTD |
|
Date of Name Change |
2002 |
|
Registration
Number |
1997/018032/07 |
|
Registration
Date |
1997-10-24 |
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Date Commenced
Trading |
1997 |
|
History of
Business |
The business commenced as a new business in 1997 |
|
History of
Principals |
Most Principals work for group companies in other countries. |
|
Shareholders of
subject and % holding |
100% SEALED AIR CORPORATION in the USA Quoted on the New York Stock Exchange. |
|
Issued Share
Capital |
R100 |
|
Age of Company |
13 years 11 months |
|
Status |
In Business |
|
Operations
Assessment |
Plastic convertors utilizing brand names
of BUBBLEWRAP, JIFFY etc; |
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Industry/
Customers |
Food industry, abattoirs |
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Export |
Africa |
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Major Industry
Code / SICC |
33800 Manufacturing |
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Definition of Code |
Manufacturing of plastic products. |
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Head Office
Physical Address |
64 Rigger Road SPARTAN KEMPTON PARK Gauteng |
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Head Office
Postal Address |
P O Box 2256 SPARTAN 1619 |
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Current Tel
Number |
011 9264600/ 9234651 |
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Current Fax
Number |
039 441205 |
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Current Email
Address |
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|
Web Site Address |
None |
Auditors Information
|
Company Registered Name |
KPMG |
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Trading Name |
KPMG Inc |
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Registration Number |
1999/021543/21 |
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Physical Address |
85 Empire Road Parktown Johannesburg |
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Postal Address |
Private Bag 9 Parkview 2122 |
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Contact Person |
ZAAKIR |
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Contact Number |
011 647 7799 |
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Subject Verified as Client |
Yes |
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SAICA number |
04846622 |
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VAT Number |
4530188665 |
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Tax Number |
9559555843 |
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BEE Status |
AAA |
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Website |
|
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Financial Year End |
June |
|
Years With Auditors |
Approx. 10 years |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
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PRICEWATERHOUSE COOPERS |
Unknown |
Tax Information
|
Vat Number |
4600170650 |
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Status |
Active |
|
Vat Liable Date |
Monthly |
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Tax Number |
9529313844 |
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Tax Clearance
Expire Date |
December and August |
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Financial Year
End |
December |
Black Economic
Empowerment
|
Status |
Non Compliant |
|
Score |
|
|
Expire Date |
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|
BEE Certificate
Available |
Yes/No |
ISO Status
|
Type of ISO
Grade |
Yes |
|
ISO Certificate |
Yes |
|
ISO Certificate
Available |
No |
|
Certified by
anAccredited Agent |
Yes- by local agent |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
2 |
|
Branches Names |
Country |
Province |
|
BELGRADE AVENUE,
KEMPTON PARK |
SOUTH AFRICA |
GAUTENG |
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ATLANTIS, CAPE
TOWN |
SOUTH AFRICA |
WESTERN CAPE |
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Subsidiary
Company |
None |
|
Shareholding |
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Registration
Number |
|
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Import / Export |
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Number of
Employees |
159 |
|
1.
Salaried
employees |
60 |
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2.
Waged
employees |
99 |
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3.
Permanent
employees |
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4.
Casual
employees |
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5.
Contracted
employees |
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Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding
Balance |
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Fleet Operations |
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The Fleet is
made up of |
8 |
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1.
Cars |
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2.
Light
Delivery Vehicles |
8 |
Owned |
R500 000 |
None |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head
OfficeOwned/ Rented |
Owned |
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Rental Company |
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Owned by |
SEALED AIR AFRICA (PTY) LTD |
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Value |
R50 000 000 |
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Bond |
None |
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Bank |
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Lease Agreement |
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Lease Expire
Date |
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Type of Premises |
Office and factory |
Branches Owned/
Rented |
BELGRADE- rented |
ATLANTIS- owned |
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Rental Company |
GROWTHPOINT |
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Owned |
|
SEALED AIR AFRICA (PTY) LTD |
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Value |
|
R5 000 000 |
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Bank |
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Bond |
|
None |
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Lease Agreement |
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Lease Expire
Date |
2012 |
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Type of Premises |
Factory |
Factory |
Trade References
|
Supplier |
Contact |
|
1)
SASOL
POLYMERS |
011 7901111 (Polyethylene’s) |
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2)
SAFCOR
PANELPINA |
011 5706000 |
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3)
FLEXOTHENE |
031 5077061 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
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1)Do |
Not |
Give |
Trade |
References |
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2)The |
Account is |
Inactive |
For |
Last year |
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3)10 years |
None |
R1 000 000 |
30 days -2.5% |
R500 000- R1 000 000 |
30 days -2.5% |
Very Good |
Adverse
Information on Subject
|
Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
|
Date |
Details |
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None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Deeds Information
|
Property Interest |
|||
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Title Deed No. |
T44348/1999 |
Erf/Site No. |
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Deeds Office |
CAPE TOWN |
Physical Address |
ATLANTIS INDUSTRIAL SITES |
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Property Type |
Farms |
Extent / Size |
4890.0SQM |
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Purchase Date |
1999-03-24 |
Purchase price |
R3075000 |
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% Ownership |
0.0000 |
Bond Holder |
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Bond Number |
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Bond Amount |
R0 |
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Property Interest |
|||
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Title Deed No. |
T77337/2000 |
Erf/Site No. |
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Deeds Office |
PRETORIA |
Physical Address |
60 RIGGER SPARTAN KEMPTON PARK |
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Property Type |
Freehold/ Ervin |
Extent / Size |
1.2228H |
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Purchase Date |
2000-02-22 |
Purchase price |
R1894650 |
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% Ownership |
0.0000 |
Bond Holder |
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|
Bond Number |
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Bond Amount |
R0 |
|
Property Interest |
|||
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Title Deed No. |
T77337/2000 |
Erf/Site No. |
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Deeds Office |
PRETORIA |
Physical Address |
60 RIGGER SPARTAN KEMPTON PARK |
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Property Type |
Freehold/ Ervin |
Extent / Size |
1.252H |
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Purchase Date |
2000-02-22 |
Purchase price |
R1894650 |
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% Ownership |
0.0000 |
Bond Holder |
|
|
Bond Number |
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Bond Amount |
R0 |
|
Property Interest |
|||
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Title Deed No. |
T47494/1998 |
Erf/Site No. |
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Deeds Office |
PRETORIA |
Physical Address |
60 RIGGER SPARTAN KEMPTON PARK |
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Property Type |
Freehold/ Ervin |
Extent / Size |
1.281H |
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Purchase Date |
1998-02-16 |
Purchase price |
R9058000 |
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% Ownership |
0.0000 |
Bond Holder |
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Bond Number |
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Bond Amount |
R0 |
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Property Interest |
|||
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Title Deed No. |
T47494/1998 |
Erf/Site No. |
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Deeds Office |
PRETORIA |
Physical Address |
23 NEWTON SPARTAN KEMPTON PARK |
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Property Type |
Freehold/ Ervin |
Extent / Size |
1.481H |
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Purchase Date |
2000-02-22 |
Purchase price |
R9058000 |
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% Ownership |
0.0000 |
Bond Holder |
|
|
Bond Number |
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Bond Amount |
R0 |
Bank Information
|
Bank |
FIRST NATIONAL BANK |
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Branch |
KARAGLEN |
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Bank Account
Number |
62001133363 |
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Type of Account |
Current |
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Branch Code |
252442 |
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Account Name |
SEALED AIR AFRICA (PTY) LTD |
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Overdraft
Facilities |
None |
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Bank Code |
C |
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Bank Comment |
The subjects bankers consider them as equal to their normal business
engagements and to a figure of R10 000 000 over 30 days. |
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
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Financial Information
Financial
Estimates
|
Stock |
R60 000 000 |
|
Debtors |
Fluctuates |
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Cash on Hand |
R50 000 000 |
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Plant,
Equipment, Vehicles |
R50 000 000 |
|
Property |
R55 000 000 |
|
Loans/ From? |
None |
|
LONG TERM
LIABILITIES |
None |
|
Morgage Bonds |
None |
|
ANNUAL Turnover |
R250 000 000 |
|
Previous Year
Turnover |
R220 000 000 |
|
Estimated
Current Year Turnover |
R280 000 000 |
Principals
|
Number of
Principals |
4 |
|
Average Age of
Active Principals |
55 years |
Active Principals
Principal 1 of 4
|
Surname |
KELSEY |
|
First Names |
DAVID HENRY |
|
ID Number/ Birth
Date |
510304 |
|
Verified ID
Number |
No |
|
Current Age |
60 |
|
Designation |
Chief Financial Officer |
|
Status |
Active |
|
Appointment Date |
2002-01-16 |
|
Address (at time of
Appointment) |
2621 Fairmount Boulevard Cleveland Heights OHIO 44106 USA |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
None on Record |
Erf/Site No. |
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|
Deeds Office |
|
Physical Address |
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|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 2 of 4
|
Surname |
PENROSE |
|
First Names |
JOHN LESLIE |
|
ID Number/ Birth
Date |
710312 |
|
Verified ID
Number |
No |
|
Current Age |
40 |
|
Designation |
Chartered Accountant |
|
Status |
Active |
|
Appointment Date |
2002-01-16 |
|
Address (at time of
Appointment) |
21 Shelton Avenue HARMELIA GERMISTON 1401 |
Adverse
Information on Principal
Judgement
|
Number of Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business
Information on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
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|
|
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None on Record |
Erf/Site No. |
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|
Deeds Office |
|
Physical Address |
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Property Type |
|
Extent / Size |
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|
Purchase Date |
|
Purchase price |
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% Ownership |
|
Bond Holder |
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|
Bond Number |
|
Bond Amount |
|
Principal 3 of 4
|
Surname |
TARTAGLIA |
|
First Names |
MATT |
|
ID Number/ Birth
Date |
540120 |
|
Verified ID
Number |
No |
|
Current Age |
57 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1999-04-08 |
|
Address (at time
of Appointment) |
Old Orchard Wood Lane Kettering NORTHANTS UNITED KINGDOM |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information
on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None on Record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 4 of 4
|
Surname |
WHITE |
|
First Names |
HELEN KATHERINE |
|
ID Number/ Birth
Date |
450521 |
|
Verified ID
Number |
No |
|
Current Age |
66 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1999-03-01 |
|
Address (at time
of Appointment) |
345 Shunpike Road CHATHAM NEW JERSEY USA |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business
Information on Principal
Current Business
Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property Interests
of Principle
|
Property Interest |
|||
|
Title Deed No. |
None on Record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
|
UK Pound |
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.