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Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
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Name : |
CAPE PRODUCE COMPANY (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.09.1937 |
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Com. Reg. No.: |
1937/010149/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Exporting of Hides and Skins. |
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No. of Employees : |
260 |
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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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.
|
Source
: CIA |
COMPANY NAME: CAPE PRODUCE
COMPANY (PTY) LTD
TRADING NAME: PELTS PRODUCTS
SOUTH
AFRICAN WOOL & SKINS
PHYSICAL ADDRESS: 113 Grahamstown Road
NORTH END
Port Elizabeth
Eastern Cape
POSTAL ADDRESS: P O Box 278
PORT ELIZABETH
6000
TELEPHONE NUMBER: +27
41 484 4591
FAX NUMBER: +27 41 484 6575
PHYSICAL ADDRESS: Pelts Products Div. (Factory)
Studebaker Street
MARKMAN INDUSTRIAL
Port Elizabeth
Eastern Cape
POSTAL ADDRESS: Pelts Products Div.
P O Box 278
PORT ELIZABETH
6000
TELEPHONE NUMBER: Pelts
Products Div.
+27 41 461 1515
83.74% THE BENJY LAPINER CHILDREN’S TRUST, in which B
B LAPINER is a trustee and his children are the beneficiaries
12.7% RONELLE LAPINER CHILDRENS TRUST
1.73% BENJAMIN BARRY LAPINER FAMILY TRUST
1.73% RONELLE NORMA LAPINER FAMILY TRUST
SHAREHOLDERS: continued
The shareholding
changed and was previously:
100% THE BENJY LAPINER CHILDREN’S TRUST, in which
B B LAPINER is a trustee and his children are the beneficiaries.
It was stated that the
majority shares were previously held by L LAPINER, the father of B B LAPINER,
who died in September 2001
CROSSING ESTATES (PTY)
LTD (property owning company)
B B LAPINER (sole director) ID
No. 4908145002002
NEDBANK, Main Street
Port Elizabeth Branch. Account Number:
1212001869. It was stated that the
subject enjoys overdraft facilities to an extent of R40 000 000
secured by an insurance policy of B B LAPINER.
Utilisation of the overdraft is stated to fluctuate from nil to partial
at times.
11 September 1937
Registration
Certificate Number: 1937/010149/07
4450113073
9775221717
Non-compliant
Exporting of hides and
skins. PELTS PRODUCTS DIV. is a tannery.
The subject imports
hides from neighbouring 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.
Leather industry
5% South Africa and
95% Worldwide
95% Worldwide
260 having increased
from 230 reported in May 2010
Tannery division
situated in Markman Township
The head office
premises are reported to be owned by an associate company called CROSSING
ESTATES (PTY) LTD, free of bond, while the Markman Township premises are
reported to be owned by the subject, free of bond.
R160 000 divided into
40 000 “A” ordinary shares of R2 each; 40 000 “B” ordinary shares of
R2 each.
R124 416
The following
estimated financial situation was submitted as at 17 September 2014:
STOCK R 98 000 000
DEBTORS - fluctuates R 140 000 000
FIXED ASSETS - book value R
50 000 000
CREDITORS R 45 000 000
OVERDRAFT R 40 000 000
SHAREHOLDERS LOANS R 105 000 000
TURNOVER per annum R1
000 000 000
MOZARS MOORES ROWLAND,
Port Elizabeth +27 41 521 660
JUNE
HOUTBAY INSURANCE
BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 years R100 000 R100 000 C.O.D C.O.D Very Good
2. 4 years R100 000 R50 000- 25 days 25 days Good
R100
000
3. 5 years R35 000 ±R40 000 25 days 25 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1982 declined R500 000 30 days 30 days Excellent
2. 10 years R20 000 various 30
days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +7 years Open R
150 000 30 days 30 days Excellent
2. ±10 years Open R
800 000- 30 days 30 days Very
Good
R1 000 000
(These descriptions relate respectively by number to the above current
trade transactions)
1. Salt
2. Transport of skins
This is an established company which is
affecting a substantial turnover. The subject
is meeting its local commitments timeously and 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.61.57 |
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1 |
Rs.100.42 |
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Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.