MIRA INFORM REPORT

 

 

Report Date :

20.02.2014

 

IDENTIFICATION DETAILS

 

Name :

SIGNAL PLASTICS CC

 

 

Formerly Known As :

SIGNAL TRANSPORT CC

 

 

Registered Office :

42 Curzon Road Bryanston  Gauteng 2021 P O Box 3107 Dainfern Gauteng 2055

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.02.1995

 

 

Legal Form :

Private Company

 

 

Line of Business :

Imports and distributes raw plastic materials utilised in plastic manufacturing such as Masterbatch

 

 

No. of Employees :

02

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 30, 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 growt

 

Source : CIA

 

 

COMPANY NAME

 

SIGNAL PLASTICS CC

 

Formerly: SIGNAL TRANSPORT CC, the name having been changed on 6 August 2013

 

 

PHYSICAL ADDRESS

 

42 Curzon Road

BRYANSTON

Gauteng

2021

 

 

POSTAL ADDRESS

 

P O Box 3107

DAINFERN

Gauteng

2055

 

 

TELEPHONE NUMBER   

 

+27 11 704 0113

 

 

FAX NUMBER

 

+27 11 704 4694

 

 

MEMBERS

 

100%    E KELSEY                                           

ID No.  6101025709080

 

 

ASSOCIATE COMPANIES

 

None

 

BANKERS

 

ABSA BANK, Rivonia Branch.  The subject does not require an overdraft facility as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

2 February 1995

Registration Certificate Number: 1995/003462/23

 

 

VAT NUMBER    

 

4500149275

           

 

TAX NUMBER    

 

9543591847

 

 

BEE STATUS 

 

Non-compliant

 

 

MAJOR OPERATION

 

The subject imports and distributes raw plastic materials utilised in plastic manufacturing such as MASTERBATCH

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its raw materials and deals with the following freight forwarders:

 

ALLPORT CARGO SERVICES

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Plastic manufacturers, both hard plastics, such as chairs and tables, as well as soft plastics, such as bags

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

2 having reduced from 3 reported in April 2010

 

 

OTHER PREMISES   

 

The subject has a storage facility situated in Wynberg, which is reported to be leased.

 

 

OWNED OR LEASED

 

It was stated that the subject operates from an office at the home premises of E KELSEY, which is owned in his personal capacity.

 

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the turnover per annum is approximately R4 000 000.

 

 

AUDITORS    

 

W A D SOUTHEY

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

UNINSURED

 

 

TRADE REFERENCES- APRIL 2010

 

Not applicable

 

CURRENT TRADE REFERENCES:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1.3 years           R150 000          R  30 000          30 days                        30 days                        Good

                        c/l

 

 

COMMENTS

 

This is an established small business which is not a general credit seeker locally.  The subject is meeting its one small commitment timeously but the level of dealings is very low and the staff complement has reduced. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

 

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.