.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
OPAL SPORTSWEAR (PTY) LTD |
|
|
|
|
Formerly Known As : |
AMP ENGINEERING (PTY) LTD |
|
|
|
|
Registered Office : |
65 Superior Road, MIDRAND, Johannesburg, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
14.04.1966 |
|
|
|
|
Com. Reg. No.: |
1966/002882/07 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Distribution of sports goods |
|
|
|
|
No. of Employees : |
27 |
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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
OPAL SPORTSWEAR (PTY) LTD
Formerly: OPAL CANVAS AND WEBBING (1975) (PTY) LTD the name having been
changed on 12 April 1979
Formerly: AMP ENGINEERING (PTY) LTD the name having been changed on 9
July 1975
65 Superior Road
MIDRAND
Johannesburg
Gauteng
P O Box 83205
SOUTH HILLS
2136
TELEPHONE NUMBER:
+27 11 695 9640
FAX NUMBER:
+27 11 695 9698
The subject moved from 4 & 5 Capital Park, Outspan Road, City Deep,
Johannesburg in April 2013
70% MRS N A VILAS
10% N D PROUT
10% H N PROUT
10% R F PROUT
OPAL SPORTSWEAR PROPERTY CC
(Registration Certificate Number: 1993/005776/23)
H N PROUT ID
No. 2901225025003
N D PROUT ID
No. 6108315173000
MRS N A VILAS (MD) ID
No. 6004190084000
D G VILAS ID
No. 5511025148003
NEDBANK Fox Street Johannesburg.
It was stated that the subject enjoys overdraft facilities. Further information on banking facilities was
declined by respondents at the company.
14 April 1966
Registration Certificate Number: 1966/002882/07
4410137311
9188459847
Distribution of sports goods
The subject imports 100% of its goods through PENFREIGHT in Durban and
MENTOR FREIGHT in Johannesburg.
Chain stores, sports and golf shops
South Africa
Southern Africa
27
Agents in Durban, Cape Town and Port Elizabeth.
The premises are reported to be owned by the property
owning company. Further information was not forthcoming from the
respondent at the subject
R4 000 divided into 4 000 ordinary R1 shares
R300
Full financial information was not forthcoming from the respondent and
outside authorities were unable to assist in this regard.
BDO SOUTH AFRICA INC
FEBRUARY
INSURANCE ZONE INSURANCE BROKERS
TRADE REFERENCES –
AUGUST 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Unable to obtain trade reference
2. 8 years R1 000 000 R700 000- 30 days 30
days Very Good
R800 000
TRADE REFERENCES – FEBRUARY 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Account closed
2.
Account closed
The respondent at the subject declined to assist with further trade
references and would not provide an account number or reference number for the accounts
with their 2 suppliers. It was stated that they currently owe 6 shipments
outstanding to CONTRACT FORWARDING. It was however stated by the shippers that
they do not have any account details on their system and that the accounts have
been closed. We therefore were unable to obtain any payment patterns.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 R3 000 000 R
800 000- 30 days 30 days Very
Good
R1 500
000
2. 2006 R2 000 000 R
500 000 30 days 30 days Good
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 14 years R1 000 000 R
500 000 30 days 30 days Excellent
2. 2009 R
500 000 R 800 000 30
days 30 days Average/Slow
This is an established company meeting its one commitment slightly over
terms at times. The subject is
considered equal to a maximum of US$80 000 over 30 days, however, this
account may require monitoring.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.98 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.