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Report Date : |
19.11.2014 |
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 : |
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Country : |
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Date of Incorporation : |
24.08.1963 |
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Legal Form : |
Limited 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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No of Employees : |
±16 200 in the
group, 8 000 - 10 000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 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 |
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:
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
114 Dennis Road
ATHOLL GARDENS
Johannesburg
Gauteng
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
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
AREA OF DISTRIBUTION AND SELLING: South
Africa
EXPORTS: Worldwide
TOTAL EMPLOYEES:
±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.
ISSUED SHARE CAPITAL: 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.
AUDITORS: DELOITTE &
TOUCHE Johannesburg
+27 11 806 5000
YEAR END: SEPTEMBER
WILLIS FABER INSURANCE BROKERS Johannesburg
TRADE REFERENCES – 6
OCTOBER 2009:
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)
TRADE REFERENCES –
DECEMBER 2009
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)
Do not give trade references
Do not give trade references
TRADE REFERENCES – MARCH
2010:
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
Do not give trade references
Do not give trade references
TRADE REFERENCES –
AUGUST 2010:
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
TRADE REFERENCES –
NOVEMBER 2010:
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%
Do not give trade references
2008 R2 000 000 R
600 000- 30 days 30 days Excellent
c/l R
700 000
TRADE REFERENCES – MAY
2011
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
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 years R 250 000 R100
000 30 days 30 days Good
TRADE REFERENCES (NAMPAK
TISSUE) – AUGUST 2012:
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)
Do not give trade
reference
TRADE REFERENCES (NAMPAK
GLASS) DECEMBER 2012:
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
Closed for Christmas
holidays
Unable to obtain a trade
reference
Close for Christmas
holidays
TRADE REFERENCES (NAMPAK FLEXIBLES) – APRIL 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
±15 years Declined Declined 30 days 30
days Excellent
Do not give trade references
Unable to obtain trade reference
2009 R1 500 000 ±R
10 000- 30 days 30 days Very Good
R1 000 000
TRADE REFERENCES – JUNE 2013 (NAMPAK GLASS):
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1999 Open R1 500 000- 30 days 30
days Excellent
Contract R2 200 000
±12 years R 800 000 R 100 000 30 days 30
days Very Good
Do not give trade references
Awaiting email trade references
TRADE REFERENCES – FEBRUARY 2014:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1999 R1 500 000 R1 500 000 30 days 30
days Excellent
10 years R 800 000 R 100 000 30
days 30 days Excellent
June 2010 R2 000 000 R1 000 000- 30 days 25
days Excellent
Insured
CGIC R1 500 000
TRADE REFERENCES – MAY 2014:
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
CURRENT TRADE
REFERENCES:
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. The
subject is considered equal to its normal business engagements
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.81 |
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1 |
Rs.96.77 |
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Euro |
1 |
Rs.77.09 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
|
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 |
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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 |
-- |
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.