.
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESSCO FOODS CC |
|
|
|
|
Registered Office : |
73
Marias Street, Paarslhoop, Johannesburg 2092 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
25.05.2005 |
|
|
|
|
Com. Reg. No.: |
2005/055215/23 |
|
|
|
|
Legal Form : |
Private
Company |
|
|
|
|
Line of Business : |
Manufacturer
of food and snacks |
|
|
|
|
No. of Employees : |
200 |
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 – 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. 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 |
ESSCO
FOODS CC |
|
Country |
South
Africa |
|
Subject
Contact Person |
MAHBUB
ALAM- ACCOUNTANT |
|
Assessment |
This is an
established business. On Investigation we made contact with MAHBUB ALAM the
Accountant who assisted with most of the required information, however
declined the financial information. The
subject has changed its auditor. The subject is meeting commitments timeously
with suppliers. Please
see the available information on the subject below. |
|
Registered
Name |
ESSCO
FOODS CC |
|
Registration
Number |
2005/055215/23 |
|
Registration
Date |
2005/05/25 |
|
Date
Commenced Trading |
2005-05-25 |
|
Age of
Business |
8 Years
6 Months |
|
History
of Business |
The
subject was established in 2005 |
|
History
of Principals |
There
are 2 Principals within the subject |
|
Shareholders/Members/Partners
of subject and % holding |
50%- MOHAMED
ESSACK 50%- YASEEN ESSACK |
|
Status |
In
Business |
|
Operations
Assessment |
Manufacturing
of food and snacks |
|
Industry/
Customers |
The
subjects main customers are the Public and Private businesses |
|
Import |
Yes |
|
Import
Countries |
China,India |
|
Major
Industry Code / SICC |
30401 |
|
Definition
of Code |
MANUFACTURE OF FOOD PREPARATION
PRODUCTS |
|
Head
Office Physical Address |
P.O Box:
800, Crown Mines, Johannesburg 2025 |
|
Head
Office Postal Address |
P O BOX 800
Crown Mines JOHANNESBURG2025 |
|
Current
Tel Number |
0118393786 |
|
Cell
Number |
0837868482 |
|
Current
Fax Number |
0118390786 |
|
Current
Email Address |
|
|
Web Site
Address |
|
Company
Registered Name |
MAC'S
BOOKKEEPING AND SECRETERIAL SERVICES CC |
|
Registration
Number |
1987/012020/23 |
|
Physical
Address |
82 Mint
Road Fordsburg 2033 |
|
Postal
Address |
P O BOX
42277 FORDSBURG 2033 |
|
Contact
Person |
ASLAM
CARRIM |
|
Contact
Number |
0118321774 |
|
Email |
|
|
Principals |
1 |
|
Practice
Number |
Unavailable |
|
VAT
Number |
Unavailable |
|
Tax
Number |
9374081843 |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
February |
|
No of
years in Business |
Unknown |
Previous
Auditors
|
Company Name |
Phone Number |
Time with previous auditors |
Comment |
|
S OSMAN |
0116463414 |
Unavailable |
|
|
Vat
Number |
4570219602 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2005/05/01 |
|
Tax
Number |
9020912151 |
|
Financial
Year End |
February |
|
Status |
Yes |
|
Score |
|
ISO
Information - No Information on Record
Work Mans
Information - No Information on Record
Subsidiaries
Information - No Information on Record
Employees
|
Number
of Employees |
200 |
|
1.
Salaried employees |
|
|
2. Waged
employees |
|
|
3.
Permanent employees |
60 |
|
4.
Casual employees |
|
|
5.
Contracted employees |
140 |
|
Comment |
|
Company
Fleet
|
Company Fleet |
No of vehicles: |
Ownerd/Leased |
Value |
Outstanding Balance |
|
Fleet
Operations |
|
|
|
|
|
The
Fleet is made up of |
18 |
|||
|
Comment |
|
|||
|
Light
delivery Vehicles |
18 |
Owned |
|
|
Offices
|
Offices |
Offices |
|
Head
Office Owned/ Rented |
Leased |
|
Rental
Company |
SIYAAM
PROPERTIES |
|
Owned by |
|
|
Value |
|
|
Bond |
|
|
Bank |
|
|
Lease
Agreement |
|
|
Lease
Expire Date |
|
|
Type of
Premises |
Offices
and Factory |
|
Comment |
|
Branch
Information - No Information on Record
Organisation
Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
MOHAMED
ESSACK |
Member |
|
|
|
|||
|
1 |
YASEEN
ESSACK |
Member |
|
Company
Structure Information - No Information on Record
Note: One
level up and all levels down
Key Deals
- No Information on Record
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
|
1 |
Cranbrook
Flavours |
0113986001 |
|
|
|
|
2 |
DBC |
0315338500 |
|
|
|
|
3 |
WILMAR
CONTINENTAL |
0112780300 |
|
|
AWAITING
FAX FROM THE SUPPLIERS |
Trade References
Detail
|
Nr |
Age of
Acc |
Credit
Limit |
Max
Credit |
Terms |
Average
Purchases |
Terms
Taken |
Comment |
|
1 |
8 Years |
|
|
30 Days |
R 300000 |
30 Days |
Good
account, the subject has an open account with the suppliers. |
|
2 |
1 Year |
R
500000.00 |
R 500000 |
30 Days |
R 300000 |
30 Days |
Good
account |
|
3 |
|
|
|
|
|
|
|
Judgements
- No information on record
BusinessRescue
- No Information on Record
Default Listing
- No information on record
Notarial
Bonds - No information on record
|
Bank |
STANDARD
BANK |
|
Branch |
Fordsburg |
|
Brach
Code |
051001 |
|
Bank
Account Number |
401272540 |
|
Type of
Account |
Current |
|
Account
Name |
Essco Food
CC |
|
Overdraft
Facilities |
|
|
Bank
Code |
C for
300000 |
|
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 ESSCO FOODS CC
|
Title
Deed No. |
T3927/2013 |
Erf/Site
No. |
|
|
Deeds
Office |
JOHANNESBURG |
Physical
Address |
70 VLEI
INDUSTRIA WEST JOHANNESBURG |
|
Property
Type |
Freehold |
Extent /
Size |
3.9261H |
|
Purchase
Date |
2012/09/03 |
Purchase
price |
|
|
%
Ownership |
0.00 |
Bond
Holder |
FIRSTRAND
BANK LTD |
|
Bond
Number |
B28872013 |
Bond
Amount |
|
|
Comment |
|
||
|
Number of
Principals |
2 |
|
Average
Age of Active Principals |
32 |
Active
Principals
Principal
- 1 of 2
MOHAMMED
ESSACK
|
Surname |
ESSACK |
|
First
Name |
MOHAMMED |
|
Other
Names |
|
|
Marital
Status |
|
|
ID
Number |
7910035040081 |
|
Verified
ID Number |
Yes |
|
Current
Age |
34 Years
1 Months |
|
Designation |
Member |
|
Status |
Active |
|
Appointment
Date |
2005/05/25 |
|
Physical
Address (at time of Appointment) |
23 NORTH
RIDING ROAD UNIT 29 TILBURY ILLOVO 2196 |
|
Postal
Address |
P O BOX 2769
HOUGHTON 2041 |
|
Current
Tel Number |
0113272786 |
|
Cell
number |
0837868482 |
|
Shareholding/Membership |
50.00 |
Principal’s Adverse –
No information on record
Business
Information for MOHAMMED ESSACK
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
39TH
STREET INVESTMENTS 86 CC |
B2001/022468/23 |
Conversion
CO/CC or CC/CO |
0 |
0 |
No |
|
|
39TH STREET
INVESTMENTS 86 SHARE BLOCK (PTY)LTD |
M2003/000807/07 |
In
Business |
10 Years
10 Months |
0 |
No |
|
|
ESSCO
FOODS CC |
B2005/055215/23 |
In
Business |
8 Years
8 Months |
0 |
No |
|
|
ESSPAK PACKAGING
CC |
2006/139079/23 |
In
Business |
7 Years 7
Months |
0 |
No |
|
|
I L
MOLINO CC |
B2004/053718/23 |
In
Business |
9 Years
9 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
Principal
- 2 of 2
YASEEN
ESSACK
|
Surname |
ESSACK |
|
First
Name |
YASEEN |
|
Other
Names |
|
|
Marital
Status |
|
|
ID
Number |
8308075682087 |
|
Verified
ID Number |
Yes |
|
Current
Age |
30 Years
3 Months |
|
Designation |
Member |
|
Status |
Active |
|
Appointment
Date |
2005/05/25 |
|
Physical
Address (at time of Appointment) |
73
MARIAS STREETPAARSLHOOPJOHANNESBURG2092 |
|
Postal
Address |
P O BOX
800 CROWNMINES 2025 |
|
Current
Tel Number |
0118393786 |
|
Cell
number |
|
|
Shareholding/Membership |
50.00 |
Principal’s Adverse –
No information on record
Business
Information for YASEEN ESSACK
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
ESSCO
FOODS CC |
B2005/055215/23 |
In
Business |
8 Years
8 Months |
0 |
No |
|
|
ESSPAK PACKAGING
CC |
2006/139079/23 |
In
Business |
7 Years
7 Months |
0 |
No |
|
|
I L
MOLINO CC |
B2004/053718/23 |
In
Business |
9 Years
9 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.