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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
C J ONEILL CC |
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Registered Office : |
17 Jules Street,
Middelburg, Mpumalanga |
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Country : |
South Africa |
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Date of Incorporation : |
23.07.1997 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Engineering business that specialises in the
manufacturing of furnace components. |
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No. of Employees |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 16th largest in the world. Even though the
country's modern infrastructure supports a relatively efficient distribution of
goods to major urban centers throughout the region, unstable electricity
supplies retard growth. The global financial crisis reduced commodity prices
and world demand. GDP fell nearly 2% in 2009 but has recovered since then,
albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty,
and inequality - among the highest in the world - remain a challenge. Official
unemployment is at nearly 25% of the work force, and runs significantly higher
among black youth. Eskom, the state-run power company, has built two new power
stations and installed new power demand management programs to improve power
grid reliability. Construction delays at two additional plants, however, mean
South Africa is operating on a razor thin margin; economists judge that growth
cannot exceed 3% until those plants come on line. 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 |
C J ONEILL CC
Note:
On investigation it was established that the correct name of the subject is FURNCOR ENGINEERING, which is a trading name of C J ONEILL CC, which report should be consulted.
FURNCOR ENGINEERING
17 Jules Street
MIDDELBURG
Mpumalanga
P O Box 1880
MIDDELBURG
1050
TELEPHONE NUMBER: +27 13 246 1174
FAX NUMBER: +27 13 246 1173
50% MRS A O’NEILL ID No. 5609160065002
50% C J O’NEILL ID No. 5301035083085
None
NEDBANK, Middelburg, Account Number:
1468046748. It was stated that the
subject enjoys overdraft facilities to an extent of R2 500 000, secured by
a cession of debtors. Utilisation of the
overdraft facility is stated to be seldom.
23 July 1997
Registration Certificate Number: 1997/039240/23
The subject was commenced as a new business.
4210174118
9055008693
Level 3 contributor
Engineering business that specialises in the
manufacturing of furnace components.
Previously, we have
divulged the names of the major suppliers in our reports. We have discontinued this practice to protect
our valuable sources of trade information.
This has become necessary because we now give a description of the goods
or services to which the trade references relate. This gives our client the ability to assess
whether the purchases are vital to the
subject’s operation and whether we have only been given their essential
suppliers that must be paid promptly for the subject to maintain its operation.
Mining sector and foundries
South Africa
India
50 permanent employees
None
The premises are reported to be owned by the
subject, free of bond.
R20
Full financial information was not forthcoming
from respondents at the subject and outside authorities were unable to assist
in this regard.
DANIE SAUER, Middelburg
+27 13 282 7258
FEBRUARY
CLAASEN INSURANCE BROKERS
TRADE REFERENCES – MARCH 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 15 years R3
000 000 R2 000 000- 30 days 30
days Good
R3
000 000 extended terms by arrangement
3. Old acc R 700 000 R 500 000- 30 days 30 days Very Good
R 700 000 – fluctuates
4. Old acc figures confidential 30 days 30 days Very Good
2˝%
CURRENT TRADE
REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old Declined R
100 000- 30 days 30 days Very
Good
R1 000 000
2. +10 years Open ±R
100 000 30 days 30 days Very
Good
3. ±10 years Open ±R 30 000 30 days 30 days Very Good
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions
relate respectively by number to the above current trade transactions):
1. Suppliers of Copper and Brass
2. Suppliers of Castings
3. Suppliers of high performance engineered
plastics, laminates and composites
This is a well-established business, meeting its commitments
timeously.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
|
-- |
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.