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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SETON SOUTH
AFRICA (PTY) LTD |
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Formerly Known As : |
CLIDET NO
153 (PTY) LTD |
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Registered Office : |
15, 2nd
Avenue VORSTERSKROON Nigel Gauteng P O Box 537 Nigel 1490 |
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Country : |
South Africa |
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Financials (as on) : |
December 2008 |
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Date of Incorporation : |
30.08.1996 |
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Com. Reg. No.: |
1996/011683/07 |
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Legal Form : |
Not Available |
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Line of Business : |
Subject is engaged in Tanners and finishers of motor vehicle leather upholstery. |
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No. of Employees : |
950 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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
SETON SOUTH
AFRICA (PTY) LTD
Formerly:
CLIDET NO 153 (PTY) LTD the name having
been changed
on 17 February 1997
15, 2nd Avenue
VORSTERSKROON
Nigel
Gauteng
P O Box 537
NIGEL
1490
: +27 11360 7500
+27 11 814
6402
100% GST AUTO
LEATHER (registered in Michigan, USA)
The
shareholding changed and was previously 100% SETON COMPANY in the
USA.
The
Shareholding was previously 75% SETON CO in the USA and 25% FOODCORP
OPERATIONS LTD,
having changed in September 1998
SETON
AUTOLEATHER (Registered in Europe)
OTHER
COMPANIES IN GST INC group.
E S EVANS
(CEO) S D.O.B.
561010
SEWNANDAN (MD)
D E ID No. 7503175210083
HILLER
(USA) D.O.B. 540602
L L F PAN
(Hong Kong) D.O.B. 760527
D E HILLER, is
president and chief executive officer of GST AUTO LEATHER (USA) and is
responsible for the daily operations of each division of the company, including
all operations, finance, business development, global sourcing, and human
resources. He joined GST AUTOLEATHER (USA) in 2004 after a nearly 30 year
career in the automotive components industry, including 25 years with COLLINS
AND AIKMAN, and most recently as chief executive officer of GUIDE CORPORATION
and president and CEO of AUTOMOTIVE COMPONENT SYSTEMS.
His vast
experience at COLLINS & AIKMAN includes being president of NORTH AMERICAN
AUTOMOTIVE INTERIOR SYSTEMS, president of the CARPET AND ACOUSTICS GROUP and
president of COLLINS & AIKMAN ACCESSORY MATS.
STANDARD BANK,
Nigel branch, current account numbers: 021992835 and
022004556. It
was stated that the subject enjoys a total facility to an extent of R40 000
000, secured by
a letter of comfort from the holding company. Utilisation is stated to
Fluctuate.
30 August 1996
Registration
Certificate Number: 1996/011683/07
The subject
was registered to take over a division of FOODCORP
OPERATIONS
LTD, namely HANNI LEATHERS, which had been established
for many
years.
4550167730
9010161843
Level 6
contributor
Tanners and
finishers of motor vehicle leather upholstery
The subject
imports chemicals mainly from Germany and the USA and deals locally
with:
BASF,
Johannesburg
CAPE PRODUCE
CO, Port Elizabeth
PWM NORTH WEST
(Professional Water Management), North West
Contact was
made with a respondent at AFRICAN GAMESKIN TRADING in Bellville who stated that
they are only an importing arm of a company in Brazil and they do not directly
invoice the subject, so a trade reference could not be obtained.
Sewing plants
e.g. SA Trim & Leather, Johnson Controls Automotive Trim, who in turn
supply to the automotive industry e.g. Mercedes
South Africa
Hungary,
Germany and Czech Republic
In 2012 the subject
was stated to have ± 800 waged and 150 on salaries. In July, August
and September
2011 approximately 200 staff members were retrenched.
The subject
has a factory on the same premises as the heading address OWNED OR
The premises
are reported to be owned by the subject, free of bond.
R1 000 divided
into 1 000 ordinary shares of R1 each
R1 000
Full financial
information was not forthcoming from the respondent at the subject and
outside
authorities were unable to assist in this regard, however please see previous
historical
financials submitted in December 2008:
CURRENT ASSETS
R200 000 000
FIXED ASSETS R104 000 000
CURRENT
LIABILITIES R 2 000 000
LONG TERM
LIABILITIES R 10 000
000
TURNOVER per
annum R680 000 000
DELOITTES
DECEMBER
MARSH
INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Old acc R3 000 000 R2 000 000- 30 days
30 days Very Good
R3 000 000
2. Old acc R millions R millions 7
days 7 days Very Good
3. Old acc R400 000 R 300 000- 30
days 30 days Very Good
R 400 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 7 years R2 500 000 R2 000 000 30 days
30 days Excellent
2. 10 years R2 000 000 R2 000 000 30 days
30 days Very Good
3. 10 years R4 000 000 R4 000 000 14 days
14 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 1997 +R3 000 000 R3 000 000 30 days 30 days Very Good
fluctuates
2. Old acc +R3 000 000 +R3 000 000 cash
against invoice 7 Excellent
days
3. Old acc +R2 000 000 +R2 000 000 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Do not give
trade references
2. Old Open R1 000000 -R3
000000 7 days 7 days Very Good
3. Old Open R 500 000 30
days 30 days Very Good
4. Old declined declined 30
days 30 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 6 years Open R
300 000- 30 days 3 0/45 days Was good nowproblematic
R500 000
2. unknown R1 000 000 7 days 7
days Good
3. 1997 R6 000 000 varies 30
days 30 days Good
4. Many years Open R8
000 000 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 10+ years R3 000 000 R1
000 000- 7 days 7 days Very Good
R3 000 000
2. Old R 950 000 R 500 000 30
days 30 days Good
3. Do not give
trade references
4. 1997 R1 000 000 R1 000 000 30 days
30 days Very Good
c/l up
to
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 2009 R6 000 000 ±R3 000 000 30 days 30 days Very Good
c/l
2. ±11 years undisclosed ±R 350 000 30 days 30 days Very Good
3. Strictly C.O.D -
invoices from R3 000 000 - R6 000 000 Excellent
4. - undisclosed undisclosed 30
days 30 days Very Good
5. Do not give
trade references
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Old Undisclosed R1 000 000- 14 days 14 days
Excellent
R3 000 000
2. 10 years Open R
300 000- 30 days 30 days Very Good
R 500 000
3. Old R10 000 000 ± R2 000 000 30
days 30 days Good
c/l
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 10 years + R3 000 000 R1
000 000- 14/21 days 14/21 days Very Good
R3 000 000
2. 10 years + R500 000 R
300 000- 36 days 36 days Very Good
R 500 000 as per arrangement
3. Do not give
trade references
4. 1997 R2 000 000 Large 30
days 30 days Good
c/l
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Do not give
trade references
2. 20 years R3 000 000 R2 000 000- 30 days
30 days Excellent
c/l R5
000 000
3. Do not give
trade references
4. 1997 R2 000 000 Large 30
days 30 days Good
c/f
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. 14 Years Open R3
000 000 21 days 21 days Very
Good
2. 2008 R100 000 Declined 30
days 30 days Very
Good
3. Apr 2010 R9 900 000 R4 000 000 30 days
30 days Very
Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Do not give
trade reference
2. +10 Years No limit +R5
000 000 21 days 21 days Excellent
3. No longer
trade with
4. June 2005 R7 000 000 ±R2 000
000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Do not give
trade references.
2. Old acc Open R1
000 000- 21 days 21 days Excellent
R3 000 000
3. No longer
have an account.
4. No longer
purchases from them.
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT
PATTERN
1. Do not give
trade references
2. +33 years Open Acc R1
000 000- 21 days 21 days Excellent
R3 000 000
3. ±5 years Declined R
50 000- 30 days 30 days Good
R 60 000
This is an
established and well-connected company meeting its commitments timeously. The
subject is considered equal to its normal business engagements, however, the lack
of updated financial information should be borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.