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Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
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Name : |
NAMPAK PRODUCTS LTD |
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Formerly Known As : |
NATIONAL PACKAGING
COMPANY LTD |
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Registered Office : |
114 Dennis Road Atholl Gardens Johannesburg Gauteng |
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Country : |
South
Africa |
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Date of Incorporation : |
24.08.1963 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacture, marketing and servicing of primary packaging, secondary
packaging and printing and paper-related products, industrial packaging as
well as the manufacturing of beer and carbonated soft drink products. |
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|
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No. of Employees : |
8,000 to 10,000 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
South
Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
COMPANY NAME: NAMPAK PRODUCTS LTD
Formerly: NATIONAL PACKAGING COMPANY LTD, the name having been changed on 4 July 1980.
The subject has 4 major divisional groupings known as:
PAPER FLEXIBLES
METALS
GLASS
PLASTICS
The divisions are segmented into the following:
TRADING DIVISIONS: NAMPAK GLASS
NAMPAK POLYCYCLERS
PETPAK
MEGAPAK
NAMPAK LIQUID PACKAGING
BEVCAN
NAMPAK CARTONS & LABELS
NAMPAK CLOSURES
NAMPAK CORRUGATED
NAMPAK PAPER ROSSLYN
DIVFOOD
NAMPAK FLEXIBLES
I AND CS
RESEARCH AND DEVELOPMENT
NAMPAK RECYCLING
NAMPAK SACKS
NAMPAK MANAGEMENT SERVICES
NAMPAK TISSUE
NAMPAK TUBES
PHYSICAL ADDRESS: 114
Dennis Road
ATHOLL GARDENS
Johannesburg
Gauteng
POSTAL ADDRESS: P O Box 784324
SANDTON
2146
TELEPHONE: +27 11 719 6300
FAX NUMBER: +27 11 444 4794 / 444 6212
It was stated that the DIVFOOD division is situated at 3 Noble Boulevard Vanderbijlpark and P O Box 120 Vanderbijlpark 1900. Telephone number +27 16 950 3000 and Fax number +27 16 950 3400.
NAMPAX FLEXIBLES KZN can be contacted on +27 31 719 6333 and is situated at 88 Wiltshire Road, Southmead Industrial Park, Pinetown, KwaZulu-Natal.
It was stated that the supplied address of 39E Hendrik Van Eck Street, Rosslyn, Pretoria, Telephone Number: +27 12 521 1700 is that of a sub division NAMPAK PAPER ROSSLYN.
100% NAMPAK LTD (quoted on the JSE LTD)
(Registration Certificate Number: 1968/008070/06)
ANGOLATA LDA (registered in Angola)
BLOWMOCAN HOLDINGS LTD (registered in the UK)
CARTONAGENS DE MOCAMBIQUE LDA (registered in Mozambique)
CROWN CORK CO ZAMBIA LTD
DISAKI CORES AND TUBES (PTY) LTD (registered in South Africa)
INTERNATIONAL CARTONS AND PACKAGING LTD (registered in Zambia)
INTERPAK BOOKS (PTY) LTD (registered in South Africa)
MALBAK LTD (registered in South Africa)
NAMPAK CARTONS BV (registered in the Netherlands)
NAMPAK CARTONS NIGERIA LTD
NAMPAK CORRUGATED (SWAZILAND) LTD
NAMPAK HOLDINGS (UK) PLC
NAMPAK HOLDINGS LTD (registered in Mauritius)
NAMPAK INTERNATIONAL LTD (registered Isle of Man)
NAMPAK LIQUID BOTSWANA (PTY) LTD
NAMPAK NIGERIA PLC
NAMPAK PAPER HOLDINGS LTD (registered in the UK)
NAMPAK PROPERTIES (ISLE OF MAN) LTD
NAMPAK PROPERTIES NIGERIA LTD
NAMPAK SOUTHERN AFRICA HOLDINGS LTD (registered in Mauritius)
NAMPAK TANZANIA LTD
NAMPAK TECHNICAL SERVICES LTD (registered Isle of Man)
NAMPAK ZAMBIA LTD
PACKAGING INDUSTRIES MALAWI LTD
PRINTECH SYSTEMS BV (registered in the Netherlands)
STOREY EVANS HOLDINGS LTD (registered in the UK)
STOREY EVANS AND COMPANY LTD (registered in the UK)
TEKNOL BV (registered in the Netherlands)
BULLPAK LTD (registered in Kenya)
CROWN CORK COMPANY (MOZAMBIQUE) LTD
ELOPAK SOUTH AFRICA (PTY) LTD
NAMPAK GLASS (PTY) LTD (formerly: NAMPAK WIEGAND GLASS (PTY) LTD (Registration Certificate Number: 2004/035080/07)
SANCELLA SOUTH AFRICA (PTY) LTD
COLLECT-A-CAN (PTY) LTD (registered in South Africa)
GROUP RISK HOLDINGS (PTY) LTD (registered in South Africa)
The subject has an agency agreement with NAMPAK GLASS (PTY) LTD and incorporated the operations and assets into the subject as a division with effect from April 2012.
P A DE WEERDT ID No. 5403175053082
R G MORRIS ID No. 6112285082084
G GRIFFITHS ID No. 5303305068085
S E MSANE ID No. 6209035684084
E E SMUTS ID No. 7003305029081
F V TSHIQI ID No. 5406195689082
A M DE RUYTER ID No. Not available
C BURMEISTER ID No. Not available
The subject uses various banks, e.g. FIRST NATIONAL BANK, NEDBANK and STANDARD BANK. It was stated that STANDARD BANK is the main banker of the group. The head office account is held at STANDARD BANK, Sandton branch.
It was stated that the subject enjoys substantial overdraft facilities. It was stated that each division has its own account and there are approximately 500 banking accounts countrywide for the subject and its divisions.
24 August 1963
Registration Certificate Number: 1963/004547/06
VAT NUMBER: 4230113039
It was reported that NAMPAK FLEXIBLES utilise the same VAT number as the subject.
TAX NUMBER: 9900081713
The operation of the company is the manufacture, marketing and servicing of primary packaging, secondary packaging and printing and paper-related products, industrial packaging as well as the manufacturing of beer and carbonated soft drink products.
The division NAMPAK FLEXIBLES deals with the following supplies:
EAGLE INK SYSTEMS Cape Town
SASOL POLYMERS Johannesburg
CONRO PRECISION Cape Town
BARRIER FILM CONVERTORS Durban
The NAMPAK CARTONS & LABELS division deals with the following suppliers:
MONDI PAPER
PETERS PAPERS
SAPPI
BESWICK
COATES BROTHERS
The BEVCAN division deals with the following suppliers:
ARCELLOR MITTAL
HULAMIN
MAJOR SUPPLIERS: continued
The NAMPAK TISSUE division deals with the following suppliers:
SAPPI FINE PAPER
UTI
SAFEPAK
HENKEL
TRANSMAN
The CORRUGATED
division deals with the following suppliers:
IMPERIAL TRUCK Johannesburg
ABB SOUTH AFRICA
SAPPI
MONDI
TOW GRANT HULLETS STARCH Johannesburg
The NAMPAK LIQUID
division deals with the following suppliers:
UNIPRINT Durban
SAFRIPOL Johannesburg
NORTH SAFETY PRODUCTS Durban (The Boomerang
ROTOCOR Durban
The NAMPAK GLASS
division imports most of its supplies and deals locally with the following
suppliers:
SAMQUARZ Delmas
CAPE LIME Vredendal
SILICIA SAND Delmas
CHC Johannesburg
Industry and commerce in general, including the Government
South Africa
Worldwide
±16 200 in the group, 8 000 - 10 000 in South Africa, while the remainder are in the rest of Africa and Europe
The subject has branches throughout the country
The head office premises are stated to be leased.
However, it was stated that certain divisional premises of NAMPAK PRODUCTS LTD are either owned by the company or by subsidiary companies.
The industrial manufacturing buildings are owned by the subject.
R3 554 500 divided into 7 109 000 ordinary shares of R0, 50 cents each.
R3 528 641
Please see attached the extracts from the JSE LTD handbook on the Holding Company and financial statements for the year ended 30 September 2013.
DELOITTE & TOUCHE Johannesburg +27 11 806 5000
SEPTEMBER
WILLIS FABER INSURANCE BROKERS Johannesburg
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10 years undisclosed undisclosed 30
days 30 days Excellent
(Over R1 000 000)
2. 40 years undisclosed undisclosed 30
days 30 days Very Good
(Over R1 000 000)
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +17 years ±R3
000 000 +R3 000 000 30 days 30
days Excellent
open acc 2.5%
2. 2006 R 250
000 Undisclosed 7 days 30 days Good
(No longer deals with
them)
3.
Do not give trade references
4.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc declined R3 700 000 30 days 30
days Very Good
2. 10 years R2 000 000 R1 500 000 30 days 30 days Very Good
3.
Do not give trade references
4.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 25 years R5 000 000 R3 000 000 60 days 45 days Excellent
2. ±9 years declined R
50 000- 30 days 30 days Very
Good
R 300 000 2.5%
3. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old +R1 000 000 +R1 000 000 60 days 60 days Excellent
2. +10 years R4 000 000 R3 000 000 30 days 30
days Excellent
2,5% 2,5%
3.
Do not give trade references
4.
2008 R2 000 000 R
600 000- 30 days 30 days Excellent
c/l R 700 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Oct’
05 R1 000 000 R
20 000- 30 days 30 days Excellent
c/l R 25 000
3. 5
years R 500 000 R 50 000- 60
days 60 days Good
c/l R500 000
4. 10
years amounts confidential 30 days 30 days Excellent
5.
+5 years R 250 000 R100
000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Do not give trade references
2. 17
years Declined R2 500 000- 30 days 30 days Excellent
c/l R3 000 000 Less 2,5%
3.
Do not give trade references
4.
Old acc R 400 000 R 200 000 7 days 7
days Very Good
(Per
week)
6. Do not give trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 No limit R 400 000- 30 days 30
days Very Good
R 500 000
2. Closed for Christmas holidays
3. Unable to obtain a trade reference
4. Close for Christmas holidays
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
±15 years Declined Declined 30
days 30 days Excellent
2.
Do not give trade references
3.
Unable to obtain trade reference
4.
2009 R1 500 000 ±R
10 000- 30 days 30 days Very
Good
R1 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
1999 Open R1 500 000- 30 days 30
days Excellent
Contract R2 200 000
2.
±12 years R 800 000 R 100 000 30 days 30
days Very Good
3.
Do not give trade references
4.
Awaiting email trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
1999 R1 500 000 R1 500 000 30 days 30 days Excellent
2.
10 years R 800 000 R 100 000 30
days 30 days Excellent
3.
June 2010 R2 000 000 R1 000 000- 30 days 25
days Excellent
Insured CGIC R1 500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +8 years Very
high ±R2 000 000 30 days 30
days Very Good
c/l
2. 2009 R3 000 000 R1 100 000- 30 days 30
days Good
c/l R1 500 000
3. +10 years R3 000 000 R1 500 000- 30 days 30
days Excellent
c/l R3 000 000 2.5% discount
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +8 years Open R7 500 000 45 days 45
days Very Good
2. 2009 R3 000 000
R500 000- 30 days 35 days Good
R1 500
000
3. Do not give trade references
(These descriptions relate
respectively by number to the above current trade transactions):
1. Suppliers of printing ink.
2. Plastic packaging products
This is a well-established and well-connected division of a
well-connected business. The subject is meeting
its commitments timeously.
NAMPAK CLOSURES
On investigation it
was established that NAMPAK CLOSURES is a trading division of NAMPAK PRODUCTS
which report should be consulted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
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|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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-- |
NB |
New Business |
-- |
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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.