MIRA INFORM REPORT

 

 

 

 

Report Date :

19.12.2013

 

IDENTIFICATION DETAILS

 

Name :

CUSTOM EXTRUSION (PTY) LTD 

 

 

Formerly Known As :

SAPLING TRADE AND INVEST 40 (PTY) LTD

 

 

Registered Office :

10 Livingstone Road, Pinetown, Kwazulu-Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.08.2008

 

 

Com. Reg. No.:

2008/018562/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers of polypropylene extrusions and polypropylene bulk bags

 

 

No. of Employees :

±315

 

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. 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

 

 

COMPANY NAME

 

CUSTOM EXTRUSION (PTY) LTD

 

Formerly: SAPLING TRADE AND INVEST 40 (PTY) LTD, the name having been changed on 22 January 2010

 

 

TRADING DIVISIONS

 

·         CUSTOM BULK BAGS

CUSTOM EXTRUSION

 

 

PHYSICAL ADDRESS

 

10 Livingstone Road

PINETOWN

KwaZulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 1110

KLOOF

3640

TELEPHONE NUMBER:             +27 31 717 5900

FAX NUMBER:                          +27 31 717 5909

 

SHAREHOLDERS

 

100% SEARDEL GROUP TRADING (PTY) LTD

 

 

ASSOCIATE COMPANIES

 

Companies within the SEARDEL GROUP

 

 

DIRECTORS

 

·         D DUNCAN ID No. 5503215178185

S A QUEEN ID No. 7205085306080

 

 

BANKERS

 

STANDARD BANK, Pinetown Branch. Further information on banking facilities was not forthcoming from the respondent at the subject.

 

DATE REGISTERED

 

1 August 2008

Registration Certificate Number: 2008/018562/07

 

 

VAT NUMBER

 

4910255464

 

 

TAX NUMBER

 

9834082159

 

 

BEE STATUS

 

Level 3 contributor

 

 

MAJOR OPERATION

 

Manufacturers of polypropylene extrusions and polypropylene bulk bags

 

 

MAJOR SUPPLIERS

 

The subject imports supplies and deals locally with:

·         SA POLYPROP YARNS

SASOL POLYPROPYLENE

B & A WEBBING

DHL


MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mills

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

 ±315

 

 

OTHER PREMISES

 

The subject has a factory in Pietermaritzburg at 15 Steelpark, 20 Oldfield Road, Mkondeni, Pietermaritzburg

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

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

 

 

AUDITORS

 

KPMG

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MARSH INSURANCE BROKERS

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST                      AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT                        CREDIT                                    PATTERN

 

1. Closed for the Christmas period

2. Do not give trade references

3. 5 years          Open                            R1 000 000        30 days             30 days             Very Good

 

COMMENTS

 

This is a relatively established and well-connected business meeting its obtainable commitment timeously. The subject is considered equal to its normal business engagements and to a maximum figure of €100 000 over 30 days.


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.100.83

Euro

1

Rs.85.27

 

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%)

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.