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Report No. : |
317868 |
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Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SYLKO (PTY) LTD |
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Formerly Known As : |
CLIDET NO 305 (PTY) LTD |
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Registered Office : |
6 Prospecton Road Prospecton Durban Kwazulu Natal, P O Box 12221 Jacobs 4026 |
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Country : |
South Africa |
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Date of Incorporation : |
21.12.1999 |
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Com. Reg. No.: |
1999/028291/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Suppliers of disposable and recyclable
household foils, paper and plastic tableware, food wraps and baking
accessories. |
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No. of Employee : |
±167 permanent
employees |
RATING & COMMENTS
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MIRAs 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 December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Africas 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.
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Source
: CIA |
SYLKO (PTY) LTD
CLIDET NO 305 (PTY) LTD, the name having been
changed on 13 March 2001.
PHYSICAL ADDRESS
6 Prospecton Road
PROSPECTON
Durban
Kwazulu Natal
POSTAL ADDRESS
P O Box 12221
JACOBS
4026
TELEPHONE NUMBER: +27 31 913 9500
FAX NUMBER: +27 31 913 9501 / 031 467 0171
The address supplied by our client of 12-16
Dudley Street, Durban is an old address from which the subject relocated in
approximately 2006.
It was previously stated that Block A Surrey
Park, 6 Barham Road, Off Essex Terrance in Westville is reported to belong to
the auditors.
78.43% C
R ATTWOOD
9.8 % R PELCZARSKI
9.8 % EMPCO INVESTMENTS (PTY) LTD - BEE
investor/employees
1.97% P MURUGAN
The shareholding changed and was previously:
80% C
R ATTWOOD
10% R
PELCZARSKI
10% EMPCO
INVESTMENTS (PTY) LTD - BEE investor/employees
It was stated that C R ATTWOOD bought G F RECHNERS
shares in the subject in July 2004
None
C R ATTWOOD ID
No. 5205015082001
G C ATTWOOD (Son) ID No. 8010095087087
M R ATTWOOD (Son) ID No. 8503225180087
R PELCZARSKI ID
No. 5612315129087
H M F DE N GONCALVES ID No. 5508175055182
D M NAIDOO ID
No. 6602025220085
P MURUGAN ID
No. 7212015020088
STANDARD BANK, Jacobs branch, branch code: 04332607, account number.
051603217.
It was stated that the subject enjoys overdraft facilities to an extent
of
R15 000 000 secured by a cession of debtors. Utilisation of the overdraft is stated to be
partial.
21 December 1999
Registration Certificate Number 1999/028291/07
- confirmed at CIPC
SYLKO (PTY) LTD was established in March 2001
when a shelf company, styled CLIDENT NO 305 (PTY) LTD, was used to incorporate
the assets and operations of SYLKO, a division of KOHLER PACKAGING LTD. The
subject then underwent a name change and converted to a Private Company.
KOHLER PACKAGING LTD had previously
incorporated the assets and operations of SYLKO PAPER COMPANY LTD (Registration
Certificate Number 1966/010228/06) which has since been deregistered.
VAT NUMBER: 4710190820
TAX NUMBER: 9569002141
BBBEE RATING: Level 4 contributor
Suppliers of disposable and recyclable
household foils, paper and plastic tableware, food wraps and baking
accessories.
The subject imports about 5% of its raw
materials from Europe and the East as well as purchasing supplies locally.
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
subjects operation and whether we have only been given their essential
suppliers that must be paid promptly for the subject to maintain its operation.
Chain stores and retailers such as PICK N PAY, SHOPRITE and SPAR.
Throughout South Africa
African countries such as Namibia, Botswana and Zimbabwe as well as to
Mauritius.
±167 permanent employees
The subject has branches at Midrand (Gauteng) and Durbanville (Western
Cape) as well as warehousing facilities in Port Elizabeth, Bloemfontein, Cape
Town and Johannesburg.
It was stated that the heading premises comprise of administration
offices, a manufacturing facility and a warehouse.
All property is reported to be leased.
R1 000 divided into 1 000 ordinary R1 shares.
R100
The following estimated financial situation was
submitted as at 23 April 2015:
STOCK ±R 22 000 000
DEBTORS ±R 20 000 000
FIXED ASSETS - net book R 22 000 000
CREDITORS ±R 17 000 000
TURNOVER - per month R215 000 000
R S M BETTY AND DICKSON, Durban
FEBRUARY
BAY UNION INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years declined R1 000 000 30
days 30 days Excellent
2. July 2004 R
100 000 R 100 000 30
days 30 days Very good
3. 15 years R1 300 000 R 200 000 35 days 35
days Very good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. 6 years do not disclose figures 30 days 30 days Excellent
Do not give trade references
4. Do not give trade
references
5. 2002 R600 000 R400
000 30 days 30 days Very good
2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5+ years R500 000+ R500 000 30
days 30 days Very good
2. 2002 R1 155 000 R500
000 - 30 days 30 days Very good
c/l R800 000
3. Old R200 000 R200
000 30 days 30 days Good
4. Do not give trade
references.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Awaiting a fax trade reference response
2. 10 years+ declined declined 30 days 30 days Excellent
3. Awaiting a fax trade reference response
4. 5 years declined declined 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5+ years undisclosed undisclosed 30 days 30 days Excellent
2. 3+ years undisclosed undisclosed 30 days 30 days Very Good
Do not give trade references
Do not give trade references
6 years R1 300 000 undisclosed 30 days 30 days Very Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10
Years Declined Declined 30 days 30
days Very good
2. +6
Years Open R600 000- 30 days 30 days Excellent
R800
000
3. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10 years Declined Declined 30
days 30 days Very Good
2. Old R1 000 000 R600 000 30
days 30 days Very Good
3. Awaiting email trade
reference.
Against company policy to divulge trade reference information.
Against company policy to divulge trade reference information.
(These descriptions relate respectively by number
to the above current trade transactions):
1. Transport and logistics
2. Shipping
This is a well-established company meeting its
commitments timeously.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.00 |
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1 |
Rs.95.42 |
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Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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
SCs 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.