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Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SEA HARVEST CORPORATION (PTY) LTD |
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Formerly Known As : |
BUSINESS VENTURE INVESTMENTS No 1322 (PTY) LTD. |
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Registered Office : |
1st Floor Block C, |
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Country : |
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Date of Incorporation : |
15.10.2008 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is engaged in deep sea trawling and the marketing of frozen
and chilled sea foods and distribution nationally and internationally |
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No of Employees : |
2 108 |
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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South Africa |
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 - 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.
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Source
: CIA |
SEA HARVEST
CORPORATION (PTY) LTD
Formerly: BUSINESS
VENTURE INVESTMENTS No 1322 (PTY) LTD, the name having been changed on 8 June
2009.
1st Floor Block C, Boulevard Office Park, Searle Street,
Woodstock, Western Cape
P O Box 761
CAPE TOWN
8000
+27 21 468 7900
+27 21 468 7900
With reference to your special request, it was established that OLD SEA
HARVEST CORPORATION LIMITED is a deregistered company which underwent a
restructure in 2008 when the assets and operations of the latter company were
sold to SEA HARVEST CORPORATION (PTY) LTD.
100% SEA HARVEST HOLDINGS (PTY)
LTD
The shareholding changed and was previously 25.88% KAGISO (PTY) LTD,
56.94% BRIMCO (PTY) LTD, 15% MANAGEMENT INVESTMENT TRUST,
0.17% Staff and management of the subject and 2% THE CHRIS NISSEN TRUST.
None
SEAVUNA FISH COMPANY (PTY) LTD, (Formerly
MARIETTE FISHING COMPANY (PTY) LTD, the name having been changed.) (50%)
VUNA FISHING COMPANY (PTY) LTD (holding
company of SEAVUNA FISH COMPANY (PTY) LTD
(Registration Certificate Number: 1955/003403/07)
F J ROBERTSON (Chairman) ID No. 5407075162083
I R ESAU ID
No. 6908175220084
M C NORRIS ID
No. 4709135097089
L J PENZHORN ID
No. 4601175063008
L Z BROZIN ID
No. 5601045010089
B J HINSON ID
No. 7306205329083
T S SETSCHEDI ID
No. 8102285372088
K GELDENHUYS ID
No. 6911275255083
J P M A DE FREITAS ID No. 7002245226088
F RATHEB ID
No. 7303015156087
STANDARD BANK, Thibault Square Branch, Cape Town. It was stated by the
respondent that they do not require overdraft facilities as credit balances are
maintained at the bank.
15 October 2008
Registration Certificate Number: 2008/024147/07
The subject was registered to take over the assets and operations of a company
named SEA HARVEST CORPORATION LTD, (Registration Certificate Number: 1964/001745/06) which was owned 73% by TIGER
BRANDS LTD
4720252610
9569355168
Level 2 contributor
Deep sea trawling and the marketing of frozen and chilled sea foods and
distribution nationally and internationally
The subject deals with local fishing companies and also undertakes their
own fishing. The subject imports fish, parts for vessels, plant and equipment
from Europe, USA and Scandinavian countries and deals locally with suppliers.
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.
Retailers and wholesalers such as PICK ‘N PAY, CHECKERS, the SPAR Group
South Africa
Worldwide
2 108 permanent and flexi staff
The subject has manufacturing depots in Mossel Bay and Saldanha Bay and
a delivery site in Montague Gardens.
The head office premises are reported to be leased. It was stated that
the land on which the manufacturing depots are situated are leased, while the subject
owns the buildings. The market value of the buildings is stated to be in the
region of R100 000 000.
R1 000 divided into 1000 ordinary shares of R1 each
R100
The following estimated financial situation was submitted as at 30 July
2014:
TRADING STOCK R 99 000 000
STOCK consumables, spares R 26 000 000
DEBTORS R 159 000 000
FIXED ASSETS (net) R 235 000 000
CREDITORS R 208 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R1
280 000 000
DELOITTE AND TOUCHE Cape Town
+27 21 670 1500
DECEMBER
MARSH INSURANCE BROKERS
TRADE REFERENCES – SEPTEMBER 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +20 years Undisclosed 60 days 60
days Good
2. 2003 R2 500 000 R300
000- 60 days 60 days Good
c/l R900 000 1.5% 1.5%
Have not bought since 2007
Do not give trade references.
The above trade references refer to the previous company SEA HARVEST
CORPORATION LTD. (Registration Certificate Number: 1964/001745/06)
TRADE REFERENCES – JANUARY 2010
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Dec 1998 R2 300 000 R 10 000- 90
days 90 days Very Good
c/l
R 30 000
2. 6 years R2 500 000 ±R250
000 60 days 60 days Good
c/l -1.5%
3. 3 years R3 000 000 undisclosed 60 days 60
days Very Good
c/l
TRADE REFERENCES – JULY 2010
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 years+ R4 000 000
R2 000 000 30 days 30 days Average
c/l
2. 3 years R
500 000 R
200 000- 60 days 60 days Very
Good
c/l
R 300 000
3. 7 years R2 500 000 ±R 190 000 60 days 60
days Good
c/l
4. Do not give trade references
TRADE REFERENCES – SEPTEMBER 2011:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±10 years R2 500 000 R150 000 65 days 65 days Excellent
c/l
2. 3/4 years R1 000 000 R
250 000- 60 days 60 days Good
R
600 000
Do not give trade references
No longer trades with the subject
TRADE REFERENCES - MARCH 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10 years R2 500 000 R
70 000 60 days 65-67 days Good
2. 3 years R500 000 R 300 000- 60
days 60 days Good
R 500 000
3. 2008 R1 000 000 R1 000 000 30
days 30 days Very Good
TRADE REFERENCES – JULY 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
Closed for 2 years
+10 years R 2 500 000 R 120 000 60 days 60
days Good
6 years R10 000 000 R1 500 000 60 days 60
days Excellent
Do not give trade references
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do
not give trade references
3. 6-7
years R8 000 000 R2 000 000- 60 days 60
days Very Good
R3 000 000
4. Old
acc Open R1 500 000 30 days 30
days Very Good
(These descriptions relate respectively by number to the above current
trade transactions):
1. Printing and packaging
2. Freight Forwarder
This is an established and well-connected business meeting its
commitments timeously. The subject is
spoken of highly by its suppliers and is considered equal to its normal
business engagements and to a maximum figure of €1 000 000 over 30
days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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|
1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
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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 |
-- |
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.