MIRA INFORM REPORT

 

 

Report Date :

22.09.2013

 

IDENTIFICATION DETAILS

 

Name :

EVEREST FLEXIBLES (PTY) LTD  - 236532

 

 

Formerly Known As :

EVEREST PLASTICS (PTY) LTD

 

 

Registered Office :

18 Spring Place Riverview  Verulam  Kwazulu-Natal P O Box 614  Verulam  4340

 

 

Country :

South Africa

 

 

Financials (as on) :

18.09.2013

 

 

Date of Incorporation :

21.03.1994

 

 

Com. Reg. No.:

1994/002041/07

 

 

Legal Form :

Not Available

 

 

Line of Business :

Manufacture, laminating and sale of plastic and allied products, e.g. printed bags and potato chips packets

 

 

No. of Employees :

343

 

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. 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

 

EVEREST FLEXIBLES (PTY) LTD

 

Formerly

 

EVEREST PLASTICS (PTY) LTD, the

name having been changed on 26 June 2001

Formerly: EVEREST PLASTIC MANUFACTURERS  (PTY) LTD, the name having been changed on 21 March 1994

 

 

PHYSICAL ADDRESS

 

18 Spring Place RIVERVIEW  Verulam  Kwazulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 614  VERULAM  4340

 

 

TELEPHONE NUMBER

 

+27 32 533 7813

 

 

FAX NUMBER

 

+27 32 533 7812

 

 

CELLULAR NUMBER

 

+27 83 777 7813 (V G Govender)

 

 

SHAREHOLDERS

 

52% THE DADDY GOVENDER FAMILY TRUST

48% THE VEGANTHERAN GOVENDER FAMILY TRUST

The shareholding changed and was previously 50% G K GOVENDER (Snr) and 50% V G GOVENDER (Jnr).

 

 

ASSOCIATE COMPANIES

 

BROPAK (PTY) LTD

(Registration Certificate Number: 1998/011159/07)

SAATRUNGEE INVESTMENTS (PTY) LTD

(Registration Certificate Number: 1999/026087/07) - property owning

ITHUNGA PRE-PRESS (PTY) LTD

(Registration Certificate Number: 2003/007157/07)

Plus other dormant companies EVEREST FLEXIBLES (PTY) LTD Page 2 of 6

 

 

DIRECTORS

 

V G GOVENDER ID No. 6904205123083

G K GOVENDER ID No. 3711035079051

S V EVANS ID No. 5703315056089

D GOVENDER ID No. 7406225221086

 

 

BANKERS

 

 

NEDBANK, Smith Street Corporate Branch, Account Number: 1648063233. It was stated that the subject enjoys a total facility to an extent of R30 000 000 secured by property. Utilisation is stated to fluctuate from nil to partial at times.

 

 

DATE REGISTERED

 

21 March 1994

Registration Certificate Number: 1994/002041/07

The subject was originally registered as a close corporation, which commenced in 1993, namely EVEREST PLASTIC MANUFACTURERS CC (Registration Certificate Number: 1993/027396/23)

In December 2001 the subject acquired NEWFLEX PACKAGING in Cape Town.

 

 

VAT NUMBER

 

4350140051

 

TAX NUMBER

 

 9091129206

 

 

BEE STATUS

 

Level 4 contributor

 

 

MAJOR OPERATION

 

Manufacture, laminating and sale of plastic and allied products, e.g. printed bags and potato chips packets

 

 

MAJOR SUPPLIERS

 

SASOL POLYMERS (POLYETHYLENE DIV) Johannesburg

CASTLE SEA FREIGHT Durban

MBT SA Johannesburg

HITECH CHEMICALS Durban

TREOPHAN

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Manufacturing industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

 South Africa

 

 

EXPORTS

 

Occasionally to Mauritius and neighbouring countries.

 

 

TOTAL EMPLOYEES

 

300 factory staff and 43 office staff (all permanent)

 

 

OTHER PREMISES

 

The subject is reported to have sales representatives throughout South Africa, and agents in Cape Town and Johannesburg. The subject also has a factory adjacent to the heading premises. EVEREST FLEXIBLES (PTY) LTD Page 3 of 6

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the subject and valued in the region of R30 000 000, free of bond. The new factory premises are valued in the region of R10 000 000, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

 R120

 

 

FINANCIALS

 

The following estimated financial situation was submitted on 18 September 2013 :

STOCK                                                 R 32 000 000

DEBTORS mostly 30 days                     R 70 000 000

FIXED ASSETS                                    R 280 000 000

CREDITORS fluctuates up to                 R 25 000 000

SHAREHOLDERS LOANS                     R 22 000 000

TURNOVER per annum              +R 300 000 000

 

 

AUDITORS

 

 GCABASHE INC Durban   +27 31 337 0455

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MARSH INSURANCE BROKERS

 

 

TRADE REFERENCES – MARCH 2006

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 1997             R7 000 000        R4 500 000        30 days            30 days                        Good

2. 5 years          R 500 000         R 200 000         45 days            45 days            Excellent

3. 1998             R3 000 000        R1 000 000        30 days            30 days            Good

 

 

TRADE REFERENCES – DECEMBER 2006

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 5 years          R 500 000         R 500 000         45 days            45 days            Excellent

2. Closed for Christmas holiday

3. 1997             R4 000 000        R3 000 000        30 days            30 days            Very Good

 

 

TRADE REFERENCES – MARCH 2007

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 10 years        Declined           R4 000 000        30 days            30 days            Excellent

2. 7 years          Declined           R 250 000         30 days            30 days            Very Good

3. 10 years        Declined           R 50 000 -         30 days            30 days            Very Good

R 60 000

4. 1995             R3 000 000        R3 000 000        30 days            30 days            Very Good

 

 

TRADE REFERENCES – AUGUST 2007

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. Old               R3 000 000        R3 000 000        30 days            30 days            Very Good

c/l

2. 7 years+        R 200 000         R 100 000         - 30 days          30 days            Very Good

R 200 000

3. 10 Years       Declined           Declined           30 days           30 days            Very Good

 

 

TRADE REFERENCES – FEBRUARY 2008

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 10 years        Declined           Declined           30 days            30 days            Good

2.5%                 2.5%

2. May 2004      R6 000 000        R1 000 000-       30 days            30 days            Good

R1 500 000

3. 5 years          open                 +R 100 000       30 days            30 days            Good

4. 1999             R3 000 000        R3 000 000        30 days            30 days            Very Good

 

 

TRADE REFERENCES – JUNE 2008

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 10 years        R 200 000         R 200 000         30 days            30 days            Very Good

2. 1999             R 6 000 000       R 2 000 000-      30 days            30 days            Very Good

R 3 000 000

3. Old acc         R10 000 000      R10 000 000      30 days            30 day              Excellent

 

 

TRADE REFERENCES – OCTOBER 2008

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 10 years        R 100 000         R 80 000           30 days            25 days            Very Good

2. 05/2004         R6 000 000        R1 500 000 -      30 days            30 days            Very Good

c/l                     R2 300 000

3. 4 years          R 500 000         last bought in    30 days            30 days            Excellent

c/l                     in April 2008-10-24

4. 1998             R3 000 000        R3 000 000        30 days                        30 days            Very Good

 

 

TRADE REFERENCES – MARCH 2009

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. June 1997     Undisclosed      R3 000 000       30 days                        30 days            Good

2. ±9 years        No limit             R 100 000-        30 days            30 days            Excellent

R 600 000

3. Have not traded since April 2008

4. 1999             R13 600 000      R 8 000 000 -     30 days            30 days            Very Good

R13 000 000

 

 

TRADE REFERENCES – MAY 2010

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 1997 ±           R4 000 000 ±     R2 500 000-       30 days            30 days            Very Good

R3 000 000

2. 15 years + ±R 300 000           ±R 150 000        30 days            30 days            Very Good

3. 1998             R13 000 000      R5 000 000-       30 days            30 days            Excellent

R7 000 000        - 2,5%               - 2,5%

 

 

TRADE REFERENCES – JANUARY 2011

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 1998             R13 000 000      R5 000 000        30 days            30 days            Good

c/l                     -R7 000 000

2. 15 years        R300 000          R200 000          30 days            30 days                        Very Good

Open account   -R300 000

3. 2007+           R1 400 000        R800 000          30 days            30 days            Very Good

c/l                     -R900 000

4. 10 years+      figures             confidential       30 days            30 days            Excellent

 

 

TRADE REFERENCES – FEBRUARY 2012

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 2001             Declined           Declined           30 days                        30 days            Excellent

2. 10 years        R500 000          R300 000          30 days            30 days            Very Good

R400 000

3. Do not give trade references.

4. 1998             R20 000 000      R 4 000 000       30 days            30 days            Excellent

R10 000 000

 

 

TRADE REFERENCES – JULY 2012

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. 10 years +     R1 000 000        R 100 000-        30 days            30 days            Very Good

R 600 000

2. 2001             Declined           R13 500 000      30 days            30 days            Very Good

3. ±8 years ±     R6 000 000        R 1 500 000-      60 days            60 days            Very Good

R 2 000 000

 

 

TRADE REFERENCES – FEBRUARY 2013

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. + 10 years     Declined           Declined           30 days            30 days            Very Good

2. 8-10 years     R1 000 000        R 200 000-        30 days            30 days            Very Good

c/l                     R 600 000

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                                            PATTERN

1. Do not give trade references

2. 10 years        R 1 000 000       R 200 000-        30 days            30 days            Very Good

R 500 000

3. May 2004      R 7 500 000       R 140 000         60 days            60 days            Very Good

Group c/l

4. 1998             R15 000 000      R 4 000 000-      30 days            30 days            Excellent

R11 000 000      1.5% settlement

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. The subject is spoken of highly by its suppliers. The subject is considered equal to a maximum of €1 000 000 over 30 days.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.24

UK Pound

1

Rs.99.90

Euro

1

Rs.84.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.