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MIRA
INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
OLAM SOUTH AFRICA (PTY)LTD |
|
|
|
|
Registered Office : |
5 Sinembe Crescent, Sinembe Office Park, La Lucia Ridge, Kwa-Zulu
Natal, 4051 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
22.08.2000 |
|
|
|
|
Com. Reg. No.: |
M2000/020922/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Supply chain manager and processor of agricultural products and food
ingredients |
|
|
|
|
No. of Employees : |
600 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
OLAM SOUTH AFRICA (PTY)LTD |
|
Country |
South Africa |
|
Subject Contact Person |
RONNIE KISTEN - 0315665499 |
|
Assessment |
On investigation we established that this is a large company which is a subsidiary of an international company, OLAM INTERNATIONAL LIMITED. The subject is meeting commitments timeously with it's suppliers. RIKIN MUKESHKUMAR SHAH has since resigned from his position as director. Please see the available information for the subject below. |
Company information
|
Registered Name |
OLAM SOUTH AFRICA (PTY)LTD |
|
Trading as/ Division Name |
None |
|
Previous Name |
None |
|
Date of Name Change |
Oct 25 2000 12:00AM |
|
Registration Number |
M2000/020922/07 |
|
Registration Date |
2000/08/22 |
|
Date Commenced Trading |
2000-08-22 |
|
Age of Business |
12 Years 2 Months |
|
History of Business |
OLAM has a direct sourcing and processing presence in most major producing countries catering to 12,300 customers across the world. The subject's global team of 18,000+ has built a leadership position in many of their businesses including cocoa, coffee, cashew, sesame, rice, cotton and wood products. The company handled 10.7 million tonnes of products for a sales revenue of $17.1 billion in the financial year of 2012. The headquarters are based in Singapore and listed on the SGX-ST. In 2005, OLAM ranked among the top 40 largest listed companies in Singapore in terms of market capitalization and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. |
|
History of Principals |
There are currently 5 active directors within the business. |
|
Shareholders/Members/Partners of subject and % holding |
100 % - OLAM INTERNATIONAL LIMITED The holding company has subsidiaries in the following countries: OLAM CAM SARL CAMEROON, OLAM GHANA LIMITED GHANA, OLAM IVOIRE SARL. IVORY COAST , OLAM NIGERIA LTD NIGERIA, NAARDEN AGRO PRODUCTS B.V NETHERLANDS, KEY FOODS HONG KONG LIMITED (3) HONG KONG, (B) 100 100 OLAM TANZANIA LTD TANZANIA, OUTSPAN IVOIRE SA IVORY COAST, OLAM GABON SARL. GABON, OLAM MOCAMBIQUE, LIMITADA MOZAMBIQUE, OLAM VIETNAM LIMITED VIETNAM, OLAM BRASIL LTDA BRAZIL, OLAM EUROPE LIMITED UNITED KINGDOM, PT OLAM INDONESIA INDONESIA, OUTSPAN BRASIL IMPORTACAO E EXPORTACAO, LTDA BRAZIL, OLAM SHANGHAI LIMITED CHINA, OLAM ARGENTINA S.A. ARGENTINA |
|
Authorised Share Capital |
R1000.00 |
|
Issued Share Capital/Members Contribution |
R 100.00 |
|
Status |
In Business |
|
Operations Assessment |
Supply chain manager and processor of agricultural products and food
ingredients |
|
Industry/ Customers |
Global markets |
|
Export |
Yes |
|
Export Countries |
India |
|
Import |
Yes |
|
Import Countries |
India |
|
Major Industry Code / SICC |
62110 |
|
Definition of Code |
Retail trade in non-specialised stores mainly food, beverages,
tobacco. |
|
Head Office Physical Address |
5 SINEMBE CRESCENT, SINEMBE OFFICE PARK, LA LUCIA RIDGE, KWA-ZULU
NATAL, 4051 |
|
Head Office Postal Address |
P 0 BOX 5103, SINEMBE PARK, KWA-ZULU NATAL, 4019 |
|
Current Tel Number |
0315665499 |
|
Cell Number |
Unavailable |
|
Current Fax Number |
0315666499 |
|
Current Email Address |
|
|
Web Site Address |
|
|
Comments |
Glass House Office Park Building No 3309 Umhlanga Rocks Drive, South
Africa is also an address of OLAM SOUTH AFRICA (PTY) LTD. |
Auditors information
|
Company Registered Name |
ERNST & YOUNG REGISTERED AUDITORS INC. |
||||
|
Trading Name |
None |
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Registration Number |
1998/014077/07 |
||||
|
Physical Address |
1 Pencarrow Crescent, Pencarrow Park. La Lucia, Ridge Office Estate,
La Lucia, 4051. |
||||
|
Postal Address |
P 0 BOX 859, DURBAN, 4000 |
||||
|
Contact Person |
Mike Foster |
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|
Contact Number |
0315768000 |
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Email |
|||||
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Principals |
1 |
||||
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Judgements Against Subject |
None |
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|
Judgements Against Principals |
None |
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|
Subject Verified as Client |
Yes |
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|
Practice Number |
908215E |
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|
VAT Number |
Unavailable |
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|
Tax Number |
9471356841 |
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|
BEE Status |
Level 2 |
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Financial Year End |
June |
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No of years in Business |
6 |
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Website |
|||||
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Previous Auditors |
|||||
|
Company Name |
Phone Number |
Time with previous auditors |
Comment |
|
|
|
ERNST AND YOUNG |
|
Unknown |
|
|
|
Tax information
|
Vat Number |
4810192569 |
|
Status |
ACTIVE |
|
Vat Liable Date |
2001/04/01 |
|
Tax Number |
9102167146 |
|
Tax Clearance Expire Date |
|
|
Financial Year End |
June |
Black Economic Empowerment
|
|
|
Status |
Yes |
|
Score |
4.00 |
|
BEE Certificate Available |
No |
|
|
|
|
ISO Information -
No Information on Record |
|
Workman's compensation
|
|
|
Registered |
Yes |
|
Compliance Certified |
Yes |
Company Structure
Subsidiaries Information - No Information on Record
|
Employees |
||||
|
Number of Employees |
600 |
|||
|
Comment |
A further breakdown was made available. |
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|
Company Fleet |
||||
|
Company Fleet |
No of vehicles: |
Owned/Leased |
Value |
Outstanding Balance |
|
Fleet Operations |
|
|
|
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The Fleet is made up of |
4 |
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|
Comment |
|
|||
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Cars |
4 |
Owned |
|
|
Offices
|
Offices |
Offices |
|
Head Office Owned/ Rented |
Leased |
|
Rental Company |
UNIGY PROPERTIES |
|
Lease Agreement |
5 YEARS |
|
Type of Premises |
OFFICES |
Branch Information
|
Branches Names |
Country |
Province |
|
JOHANNESBURG |
South Africa |
GAUYENG |
|
CAPE TOWN |
South Africa |
EASTERN CAPE |
Management Overview
Organisation Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
|
DIRECTOR |
SAM PLACID |
|
|
|
|||
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|
DIRECTOR |
RIKIN MUKESHKUMAR SHAH |
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|
|
|||
|
|
DIRECTOR |
MAHDURAY KISTEN |
|
|
|
|||
|
1 |
DIRECTOR |
DAMODARAN RAMESH MOOCHIKAL |
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|
|
|||
|
1 |
DIRECTOR |
ANESH PATEL |
|
Company Structure (Ownership)
Note:
One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
100% - OLAM INTERNATIONAL LIMITED |
OLAM SOUTH AFRICA (PTY) LTD |
|
|
Key Deals - No Information on Record
trade References
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
|
1 |
ATLAS TRADING |
0313021700 |
|
|
|
|
3 |
SANVES |
0184641804 |
|
|
|
|
2 |
FARM WISE |
0117873666 |
|
|
|
Trade References Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
2 Years |
|
R 3000000 |
VARIES |
R1000000 |
VARIES |
SEASONAL ACCOUNT,
EXCELLENT ACCOUNT |
|
3 |
4 Years |
|
|
30 Days |
|
30 Days |
Good Account,
figures considered confidential |
|
2 |
3 years |
|
R 40000000 |
VARIES |
R 20000000 |
VARIES |
THIS IS A SEASONAL |
|
|
|
|
|
|
|
ACCOUNT, NO
CREDIT LIMIT, TERMS CAN
VARY FROM 24 HOURS TO 30 DAYS,
EXCELLENT ACCOUNT |
Adverse Information on Subject
Judgements - No information on record
Business Rescue - No Information on Record
Default Listing - No information on record
Notarial Bonds - No information on record
Bank information
|
Bank |
STANDARD BANK |
|
Branch |
MHLANGA RIDGE |
|
Brach Code |
051001 |
|
Bank Account Number |
0522568814 |
|
Type of Account |
CURRENT |
|
Account Name |
OLAM SOUTH AFRICA (PTY)LTD |
|
Overdraft Facilities |
YES |
|
Bank Code |
C - R 100 000 over 30 Days |
|
Bank Comment |
Good for the amount quoted, if strictly in the way of business |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on
Record
Deeds Information
Property Interests for Company OLAM SOUTH AFRICA (PTY)LTD
|
Title Deed No. |
T162/2010 |
Erf/Site No. |
|
|
Deeds Office |
KIMBERLEY |
Physical Address |
JAN KEMPDORP JAN KEMPDORP |
|
Property Type |
Small Holding |
Extent / Size |
5.4978H |
|
Purchase Date |
2006/05/31 |
Purchase price |
|
|
% Ownership |
0.00 |
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Financial information
Financial
Estimates
|
Comment |
Financial statements of the holding company OLAM INTERNATIONAL LIMITED
as at June 2012 attached |
|
Please note the following: |
|
|
Turnover and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
Principals
|
Number of Principals |
5 |
|
Average Age of Active Principals |
46 |
|
Active
Principals Principal - 1of 5 SAM PLACID |
|
|
Surname |
PLACID |
|
First Name |
SAM |
|
Other Names |
None |
|
Marital Status |
Married |
|
ID Number |
6108010000000 |
|
Verified ID Number |
No |
|
Current Age |
51 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2011/12/01 |
|
Physical Address (at time of Appointment) |
B20-1 PEARL BREEZE, 6 LAGOON DRIVE, UMHLANGA, 4319 |
|
Postal Address |
P 0 BOX 5103, SINEMBE PARK, 4019 |
|
Current Tel Number |
031566 5499 |
|
Cell number |
|
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information for SAM PLACID
Principal Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
OLAM SOUTH AFRICA (PTY)LTD |
M2000/020922/07 |
In Business |
0 |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Principal's Deeds
Information - No information on record
Principal - 2of 5
BIKASH PRASAD
|
Surname |
PRASAD |
|
First Name |
BIKASH |
|
Other Names |
BHAGWAN |
|
Marital Status |
|
|
ID Number |
7411080000000 |
|
Verified ID Number |
No |
|
Current Age |
39 |
|
Designation |
CHIEF FINANCIAL OFFICER |
|
Status |
Active |
|
Appointment Date |
2012/11/09 |
|
Physical Address (at time of Appointment) |
47 COLUMBIA CRESCENT, MT EDGECOMBE,ESTATE 2, 4051 |
|
Postal Address |
P 0 BOX 13, LA LUCIA, 4019 |
|
Current Tel Number |
0315665499 |
|
Cell number |
|
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for BIKASH PRASAD
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
OLAM SOUTH AFRICA (PTY)LTD |
M2000/020922/07 |
In Business |
0 |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Principal's Deeds
Information - No information on record
Principal - 3of 5
MAHDURAY KISTEN
|
Surname |
KISTEN |
|
First Name |
MAHDURAY |
|
Other Names |
None |
|
Marital Status |
Married |
|
ID Number |
5203025134086 |
|
Verified ID Number |
Yes |
|
Current Age |
60 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2009/03/01 |
|
Physical Address (at time of Appointment) |
3 HOLLYWOOD CRESCENT, WOODVIEW, PHOENIX, 4051 |
|
Postal Address |
P O BOX 5103, SINEMBE PARK, 4019 |
|
Current Tel Number |
0313035990 |
|
Cell number |
0834554645 |
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for MAHDURAY KISTEN
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
OLAM SOUTH AFRICA (PTY)LTD |
M2000/020922/07 |
In Business |
0 |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Principal's Deeds
Information - No information on record
Principal - 4of 5 DAMODARAN MOOCHIKAL
|
Surname |
MOOCHIKAL |
|
First Name |
DAMODARAN |
|
Other Names |
RAMESH |
|
Marital Status |
|
|
ID Number |
6608280000000 |
|
Verified ID Number |
No |
|
Current Age |
46 |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
2007/06/01 |
|
Physical Address (at time of Appointment) |
29 MUIFIELD CIRCLE, MOUNT EDGECOMBE
ESTATE, 4319 |
|
Postal Address |
P O BOX 5103, SINEMBE PARK, 4019 |
|
Current Tel Number |
0315665499 |
|
Cell number |
|
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information
for DAMODARAN MOOCHIKAL
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
OLAM SOUTH AFRICA (PTY)LTD |
M2000/020922/07 |
In Business |
0 |
0 |
No |
|
|
CARAWAY FOODS INTERNATIONAL SOUTH AFRICA
(PTY) LTD |
M2005/023788/07 |
In Business |
7 Years 7 Months |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Principal's Deeds
Information - No information on record
Principal - 5of 5 ANESH PATEL
|
Surname |
PATEL |
|
First Name |
ANESH |
|
Other Names |
None |
|
Marital Status |
|
|
ID Number |
710901 |
|
Verified ID Number |
No |
|
Current Age |
Unknown |
|
Designation |
DIRECTOR |
|
Status |
Active |
|
Appointment Date |
|
|
Physical Address (at time of Appointment) |
302 NATALIE LODGE, 57 CLARIBEL ROAD, DURBAN, 4001 |
|
Postal Address |
P O BOX 52008, BEREA CENTRE, DURBAN, 4001 |
|
Current Tel Number |
0315665499 |
|
Cell number |
|
|
Shareholding/Membership |
0.0000 |
Principal's Adverse -
No information on record
Business Information for ANESH PATEL
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
OLAM SOUTH AFRICA (PTY)LTD |
M2000/020922/07 |
In Business |
0 |
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.55.04 |
|
UK Pound |
1 |
Rs.83.95 |
|
Euro |
1 |
Rs.70.93 |
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.