|
Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
|
|
|
Registered Office : |
46 Aberdare Drive, Phoenix Industrial Park, Phoenix, 4068 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
23.08.1971 |
|
|
|
|
Com. Reg. No.: |
M1971/009572/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject is a manufacturing
company involved in the extrusion, printing, laminating and conversion of
flexible plastic packaging material |
|
|
|
|
No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
TATUS |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
South Africa ECONOMIC OVERVIEW
South Africa is
a middle-income, emerging market with an abundant supply of natural resources;
well-developed financial, legal, communications, energy, and transport sectors and
a stock exchange that is the 15th largest in the world. Even though the country
possesses modern infrastructure that support a relatively efficient
distribution of goods to major urban centers throughout the region, some
components retard growth. The economy began to slow in the second half of 2007
due to an electricity crisis. State power supplier Eskom encountered problems
with aging plants and meeting electricity demand necessitating
"load-shedding" cuts in 2007 and 2008 to residents and businesses in
the major cities. Subsequently, the global financial crisis reduced commodity
prices and world demand. GDP fell nearly 2% in 2009 but has recovered since
then. Unemployment, poverty, and inequality remain a challenge, with official
unemployment at nearly 25% of the work force. State power supplier Eskom has
built two new power stations and installed new power demand management programs
to improve power grid reliability. South Africa's economic policy has focused
on controlling inflation, however, the country has had significant budget
deficits that restrict its ability to deal with pressing economic problems. The
current government faces growing pressure from special interest groups to use
state-owned enterprises to deliver basic services to low-income areas and to
increase job growth.
|
Source : CIA |
|
Subject Name |
FLEX-O-THENE PLASTICS(PTY)LTD |
|
Country |
South Africa |
|
Enquiry Terms |
30 Days |
|
Account Review |
Recommended Every 6 Months |
|
Subject Contact Person |
ZUBAIR MOHAMED-Financial manager |
|
Assessment |
This is an established business. On investigation we made contact with ZUBAIR MOHAMED the financial manager who assisted with most of the information on the subject, however declined financials. The subject is meeting commitments timeously with suppliers. Please see the available information on the subject below. |
|
Registered Name |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
Trading as/ Division Name |
FLEX-O-THENE PLASTICS |
|
Previous Name |
None |
|
Date of Name Change |
None |
|
Registration Number |
M1971/009572/07 |
|
Registration Date |
1971/08/23 |
|
Date Commenced Trading |
1971-08-23 |
|
Age of Business |
42 Years 3 Months |
|
History of Business |
The business was established in 1971 |
|
History of Principals |
There are 3 directors within the subject. |
|
Shareholders/Members/Partners of subject and % holding |
80.4%-MC BHABHA TRUST8.35%-ZAN FAMILY TRUST6% -ROBERT SLATER 5.35%-MOHAMED CASSIM BHABHA |
|
Status |
In Business |
|
Operations Assessment |
Subject is a manufacturing company involved in the extrusion, printing, laminating and conversion of flexible plastic packaging material |
|
Industry/ Customers |
The food and beverage industry |
|
Export |
Yes |
|
Import |
Yes |
|
Major Industry Code / SICC |
32323 |
|
Definition of Code |
MANUFACTURE OF PACKING MATERIAL |
|
Head Office Physical Address |
46 ABERDARE DRIVE, PHOENIX INDUSTRIAL
PARK, PHOENIX, 4068 |
|
Head Office Postal Address |
P O BOX 40722, REDHILL, 4071 |
|
Current Tel Number |
0315077061 |
|
Cell Number |
0825536300 |
|
Current Fax Number |
0315001302 |
|
Current Email Address |
|
|
Web Site Address |
|
Company Registered Name |
FSULEMAN AND ASSOCIATES |
|
Trading Name |
Unavailable |
|
Registration Number |
Unavailable |
|
Physical Address |
5 Linden Road,MorningsideDURBAN |
|
Postal Address |
P O BOX 37068, OVERPORT, DURBAN, 4067 |
|
Contact Person |
FAZIL |
|
Contact Number |
0312075830 |
|
Email |
|
|
Principals |
1 |
|
Judgements Against Subject |
No found on file |
|
Judgements Against Principals |
No found on file |
|
Subject Verified as Client |
Yes |
|
Practice Number |
959537 |
|
VAT Number |
Unavailable |
|
Tax Number |
Unavailable |
|
BEE Status |
Unavailable |
|
Financial Year End |
February |
|
No of years in Business |
4 Years 6 Months |
|
Website |
Previous Auditors Information - No Information on Record
|
Vat Number |
4150112706 |
|
Status |
ACTIVE |
|
Vat Liable Date |
1991/09/30 |
|
Tax Number |
9096113205 |
|
Financial Year End |
February |
|
Status |
Yes |
|
Score |
4.00 |
|
Expire Date |
Apr 30 2014 |
|
BEE Certificate Available |
No |
|
Comment |
|
ISO Information - No Information on Record
|
Registered |
Yes |
|
Compliance Certified |
Yes |
Subsidiaries Information - No Information on Record
Employees
|
Number of Employees |
350 |
|
1. Salaried employees |
250 |
|
2. Waged employees |
100 |
|
3. Permanent employees |
250 |
|
4. Casual employees |
|
|
5. Contracted employees |
100 |
|
Company Fleet |
No of vehicles: |
Ownerd/Leased |
Value |
Outstanding Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is made up of |
8 |
|||
|
Comment |
|
|||
|
Cars |
5 |
Owned |
|
|
|
Trucks |
3 |
Owned |
|
|
|
Offices |
Offices |
|
Head Office Owned/ Rented |
Leased |
|
Rental Company |
PARKLEX PROPERTY TRUST |
|
Type of Premises |
Offices and factory |
Branch Information - No Information on Record
Organisation Chart
|
Holding |
Company |
Sub |
Comment |
|
80.4%-MC BHABHA
TRUST |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
|
|
8.35%-ZAN FAMILY
TRUST |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
|
|
6%-ROBERT SLATER |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
|
|
5.35%-MOHAMED CASSIM BHABHA |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
|
Company Structure (Ownership)
Note: One level up and all levels down
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Director |
MOHAMED CASSIM BHABHA |
|
|
|
|||
|
1 |
Director |
ROBERT SLATER |
|
|
|
|||
|
1 |
Director |
MOHAMMED ABDOOL KHALICK KAJEE |
|
Key Deals - No Information on Record
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
|
1 |
HYPE INKS |
0319413622 |
|
|
|
|
2 |
XEON |
0114766055 |
|
|
|
|
3 |
EAGLE INKS |
0319121928 |
|
|
|
Trade References
Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
15 Years |
R 2000000.00 |
R1500000 |
30 Days |
R1500000 |
30 Days |
Good account |
|
2 |
15 Years |
|
|
30 Days |
|
30 Days |
Good account,
the supplier declined to assist with any figures |
|
3 |
14 Years |
R1500000.00 |
R1700000 |
30 Days |
R1200000 |
30 Days |
Excellent account |
Judgements - No
information on record
Business Rescue - No
Information on Record
Default Listing - No
information on record
Notarial Bonds - No
information on record
|
Bank |
STANDARD BANK |
|
Branch |
DURBAN |
|
Brach Code |
051001 |
|
Bank Account Number |
251739481 |
|
Type of Account |
CURRENT |
|
Account Name |
FLEX-O-THENE PLASTICS (PTY)LTD |
|
Overdraft Facilities |
NONE |
|
Bank Code |
C For R 1500000 |
|
Bank Comment |
The subject's bankers consider them good for all business normal
engagements |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on Record
Property Interests for Company FLEX-O-THENE PLASTICS(PTY)LTD
|
Title Deed No. |
T53632/2006 |
Erf/Site No. |
|
|
Deeds Office |
PIETERMARITZBURG |
Physical Address |
40 ABERDARE PHOENIX INDUSTRIAL PHOENIX |
|
Property Type |
Freehold |
Extent / Size |
4176.0SQM |
|
Purchase Date |
2006/08/30 |
Purchase price |
|
|
% Ownership |
0.00 |
Bond Holder |
PHOENIX IND PARK LOT OWNERS ASS |
|
Bond Number |
K13481993S |
Bond Amount |
|
|
Number of Principals |
3 |
|
Average Age of Active Principals |
56 |
Active Principals
Principal - 1 of 3 MOHAMMED KAJEE
|
Surname |
KAJEE |
|
First Name |
MOHAMMED |
|
Other Names |
NONE |
|
Marital Status |
|
|
ID Number |
5606095144050 |
|
Verified ID Number |
Yes |
|
Current Age |
57 Years 2 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1995/05/22 |
|
Physical Address (at time of Appointment) |
6 VISTA AVENUE, WESTVILLE, 3630 |
|
Postal Address |
P O BOX 40722, REDHILL, 4071 |
|
Current Tel Number |
0315077061 |
|
Cell number |
0824518189 |
Principal's Adverse -
No information on record
Business Information
for MOHAMMED KAJEE
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
FLEX-O-THENE PLASTICS (PTY)LTD |
M1971/009572/07 |
In Business |
42 Years 6 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
Principal - 2 of 3
MOHAMED BHABHA
|
Surname |
BHABHA |
|
First Name |
MOHAMED |
|
Other Names |
CASSIM |
|
Marital Status |
|
|
ID Number |
6508185115058 |
|
Verified ID Number |
Yes |
|
Current Age |
48 Years 3 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1991/09/17 |
|
Physical Address (at time of Appointment) |
P O BOX 40722, REDHILL, NATAL, 4071 |
|
Postal Address |
P O BOX 40722, REDHILL, 4071 |
|
Current Tel Number |
0312661108 |
|
Cell number |
0825536300 |
|
Shareholding/Membership |
5.35% |
Principal's Adverse -
No information on record
Business Information
for MOHAMED BHABHA
Principal Current Business
Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
FLEX-O-THENE PLASTICS (PTY)LTD |
M1971/009572/07 |
In Business |
42 Years 6 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 29 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
BHABHA INVESTMENTS (PTY)LTD |
M1954/000708/07 |
Deregistration Final |
59 Years 11 Months |
0 |
No |
|
|
HEINZ BANK INVESTMENTS (PTY)LTD |
M1982/011331/07 |
Deregistration Final |
31 Years 7 Months |
0 |
No |
|
|
PARKFLEX PROPERTIES (PTY)LTD |
M1982/003834/07 |
Deregistration Final |
31 Years 7 Months |
0 |
No |
|
|
RAFFIA INVESTMENTS (PTY)LTD |
M1996/008867/07 |
Deregistration Final |
17 Years 5 Months |
0 |
No |
|
|
SAMBO INVESTMENTS (PTY)LTD |
M1998/018019/07 |
Deregistration Final |
15 Years 3 Months |
0 |
No |
|
|
TERRA TRADING COMPANY (PTY)LTD |
M1988/002311/07 |
Deregistration Final |
25 Years 1 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
Principal - 3 of 3
ROBERT SLATER
|
Surname |
SLATER |
|
First Name |
ROBERT |
|
Other Names |
NONE |
|
Marital Status |
|
|
ID Number |
5001075078108 |
|
Verified ID Number |
Yes |
|
Current Age |
63 Years 4 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1982/09/03 |
|
Physical Address (at time of Appointment) |
Unavailable |
|
Postal Address |
6 VISTA AVENUE, WESTVILLE, 3630 |
|
Current Tel Number |
0315077061 |
|
Cell number |
0726367811 |
|
Shareholding/Membership |
6% |
Principal's Adverse -
No information on record
Business Information
for ROBERT SLATER
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
FLEX-O-THENE PLASTICS (PTY)LTD |
M1971/009572/07 |
In Business |
42 Years 6 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.23 |
|
UK Pound |
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.64 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.