|
Report No. : |
318051 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN ACE (SOUTH AFRICA) (PTY) LTD |
|
|
|
|
Registered Office : |
12 Innes Road (Erf 145), Jet Park, Boksburg, Gauteng, P O Box 1070,
Kempton Park, 1620 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
11.09.1996 |
|
|
|
|
Com. Reg. No.: |
1996/012344/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturing of Polymer Additives. |
|
|
|
|
No. of Employees : |
25 having increased from 24 reported in July 2012 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Africa’s largest and among the top 20 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,
and GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly,
with 2014 growth less than 2%. Unemployment, poverty, and inequality - among
the highest in the world - remain a challenge. Official unemployment is roughly
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. Load
shedding and resulting rolling blackouts gripped many parts of South Africa in
late 2014 because of electricity supply constraints that resulted from
technical problems at some generation units, unavoidable planned maintenance,
and an accident at a power station in Mpumalanga province. The rolling black
outs were the worst the country faced since 2008. Construction delays at two
additional plants, however, mean South Africa will continue to operate 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 faces structural constraints that also limit
economic growth, such as skills shortages, declining global competitiveness and
frequent work stoppages. 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 |
SUN ACE (SOUTH AFRICA)
(PTY) LTD
PHYSICAL ADDRESS: 12 Innes Road (Erf 145)
JET PARK
Boksburg
Gauteng
POSTAL ADDRESS: P O Box 1070
KEMPTON PARK
1620
TELEPHONE NUMBER:+27 11 552 6200
FAX NUMBER: +27 11 552 6499
It was stated by the
respondent that the previous address of 145 Innes Road was the Erf number,
however the Municipality assigned numbers to the properties in the street.
100% SUN ACE Singapore (Located in Singapore)
The shareholding
changed and was previously:
71.1% SUN ACE Singapore (Located in Singapore)
28.9% G A VAN EYK
The shareholding
changed and was previously:
65% SUN ACE Singapore (Located in Singapore)
35% G A VAN EYK
It was stated that the
company is associated to numerous international companies associated through
the Holding Company.
G A VAN EYK ID
No. 5602185036082
V-C MEW ID
No. 8011180122086
R SASAKI (Resident in Singapore) D.O.B. 631001
I R LILIA (Resident in Australia)
Ppt No. M9469180
NEDBANK CORPORATE Sandton. It was stated that the
subject enjoys overdraft facilities to an extent of R15 000 000 which
is secured by a cession of debtors and the shareholders guarantees. Utilisation of the overdraft is stated to
fluctuate.
11 September 1996
Registration
Certificate Number: 1996/012344/07
It was stated that the
company commenced active operations as a new company on 1 October 1996.
VAT NUMBER: 4580160614
TAX NUMBER: 9091008830
Level 6 contributor. Awaiting new BBBEE certificate.
Manufacturing of
Polymer additives. Brand names not
applicable.
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.
Plastic manufacturing
industry
South Africa
Sub-Saharan Africa
25 having increased
from 24 reported in July 2012
None
The premises are reported to be leased currently
however it was stated by the respondent that by the end of 2015 they will be
looking into the option of purchasing the property.
The following
estimated financial situation was submitted as at 22 April 2015:
STOCK ±R 35 000 000 – R 40 000 000
DEBTORS R 30 000 000
FIXED ASSETS R 3 000 000 – R 3 500 000
CREDITORS ±R 20 000 000
LONG TERM LIABILITIES ±R 1 000 000
TURNOVER per annum R150 000 000
– R170 000 000
GRANT THORNTON
DECEMBER
INSURISK INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 2003 R 900 000 R 300 000 30
days 36 days Good
c/l
2. April 2004 R 500 000 R 120 000 30
days 30 days Good
c/l
3. 2003 R4
000 000 R1 500 000 60 days 60
days Excellent
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +1 Year R 500 000 R 200 000 30
days 30 days Good
c/l
2. 7 Years R2 500 000 fluctuates 60
days 60 days Excellent
c/l
3. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jun 2003 R2 200 000 R1 000 000- 30 days 30 days Very Good
R2 000
000
2. Do not
give trade references
3. 2003 R3 000 000 R
800 000- 60 days 7 days Excellent
R 900 000
4. 2006 Declined Declined 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Awaiting email trade reference
3. 2006 R1 500 000 R
60 000- 30 days 30 days Good
c/l R 300 000
4. 2011 R1 500
000 Varies 7 days 7
days Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. July 2003 Open R50 000- C.O.D C.O.D Very Good
R500 000
2. +10 years Declined
figures 30 days 30 days Very
Good
It was stated that the subject purchases
millions of rands of supplies
3. Awaiting trade reference.
4. Against company policy to divulge trade
reference information.
(These descriptions relate respectively by number to the above current
trade transactions):
1. Freight forwarders
2. Stabilisers
This is an established company meeting its
commitments timeously and is spoken of highly by its suppliers.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
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 |
|
|
<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.