MIRA INFORM REPORT
|
Report No. : |
353021 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEABOARD OVERSEAS TRADING AND SHIPPING (PTY) LTD |
|
|
|
|
Formerly Known As : |
SEABOARD SHIPPING SERVICES |
|
|
|
|
Registered Office : |
KPMG Incorporated, 20 Kingsmead Boulevard, Kinsmead Office
Park DURBAN KwaZulu-Natal 4001 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.01.1996 |
|
|
|
|
Com. Reg. No.: |
1996/000056/07 |
|
|
|
|
Legal Form : |
Private Company (Pty) Ltd |
|
|
|
|
Line of Business : |
Wholesale traders of agricultural raw products. |
|
|
|
|
No. of Employee : |
55 |
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 |
|
Maximum Credit Limit : |
EUR 305,000. |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. 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, is building three new power stations and is installing 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 and early 2015 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 electrical supply problems are resolved.
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 due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.
|
Source
: CIA |
General
Comments
This is an established company
which forms part
of a well-established international Group
of Companies. The subject
is meeting its obtainable local
commitments timeously. In view of the standing of the Group, the subject
is considered equal to its normal business engagements and a maximum
of EUR305,000.
COMPANY INFORMATION
OVERVIE
|
History |
SEABOARD OVERSEAS TRADING AND SHIPPING
(PTY) LTD was established in January 1996 as SEABOARD SHIPPING SERVICES
(PTY) LTD, which changed its name to the current name in May 2001. |
|
Major Operations or Business Sectors |
Wholesale traders of agricultural raw
products. |
|
Industry |
Wholesalers |
|
SIC Code(s) |
6121(Wholesale Trade In Agricultural Raw
Materials And Livestock) |
STATUTORY INFORMATION %20LTD%20-%20353021%2018-Dec-2015_files/image013.jpg)
|
Registered Name |
SEABOARD OVERSEAS TRADING AND SHIPPING
(PTY) LTD |
|
|
Previous Names |
SEABOARD SHIPPING SERVICES (2001/05/02); |
|
|
Registration Number |
1996/000056/07 |
|
|
Type of Company |
Private Company (Pty) Ltd |
|
|
Registration Date |
01/04/1996 |
|
|
Date Commenced Trading |
04/01/1996 |
|
|
Commercial Status |
In Business |
|
CONTACT DETAILS
|
Contact Number |
+27 31 581 4500 |
|
Fax Number |
+27 31 566 6951 |
|
Website |
|
|
Social Media Presence |
Linked-In |
|
Registered Physical Address |
KPMG Incorporated, 20 Kingsmead Boulevard,
Kinsmead Office Park DURBAN KwaZulu-Natal 4001 |
|
Trading Physical Address |
1st Floor, Building 1, Glass House Office
Park, 309 Umhlanga Ridge Umhlanga DURBAN KwaZulu-Natal 4000 |
|
Postal Address |
P O BOX 337 UMHLANGA RIDGE Durban 4000 |
TAX INFORMATION
%20LTD%20-%20353021%2018-Dec-2015_files/image014.gif)
AUDITORS INFORMATION
Name KPMG
INSURANCE BROKER INFORMATION
%20LTD%20-%20353021%2018-Dec-2015_files/image015.gif)
OWNERSHIP STRUCTURE
SHAREHOLDING
INFORMATION
|
Holding
Company Name |
Holding
Company Share (%) |
|
|
SEABOARD CORPORATION (listed on the US
Stock Exchange) |
100% |
|
ASSOCIATED COMPANIES
|
Company
Name |
Relationship |
|
INTERAFRICA GRAINS (PTY) LTD, Registration
Certificate Number 2000/030358/07. |
100% Subsidiary Company |
GENERAL COMMENTS
Comments
It was stated
that the subject
is affiliated to numerous companies within the SEABOARD Group
of Companies
PRINCIPAL INFORMATION
PRINCIPAL
DETAILS
|
Full Name |
ID No. |
Designation |
Status |
Date of Appoint-
ment |
Active Interests |
Prev. Interests |
Judg- ments |
Fraud Listing |
|
BRESKY,
STEVEN JAMES |
530402 |
Director |
Active |
11/01/1996 |
1 |
0 |
0 |
0 |
|
BECKER,
DAVID M |
6112260000000 |
|
Active |
31/08/2001 |
1 |
0 |
0 |
0 |
|
DANNOV,
DAVID |
6106280000000 |
|
Active |
21/08/2001 |
2 |
0 |
0 |
0 |
|
HIGH,
MICHAEL JOHN |
6005175046088 |
|
Active |
31/08/2001 |
4 |
1 |
0 |
0 |
|
CUMMINGS,
GAIL THERESE |
5610210157088 |
|
Active |
03/10/2005 |
3 |
1 |
0 |
0 |
|
STEER,
ROBERT |
5908280000000 |
|
Active |
31/08/2001 |
2 |
0 |
0 |
0 |
|
BRESKY,
HARRY |
250714 |
Director |
Decease
d |
11/01/1996 |
1 |
1 |
0 |
0 |
|
RODRIUES,
JOSEPH |
361030 |
Director |
Resigned |
11/01/1996 |
0 |
1 |
0 |
0 |
|
CHEARY,
GAIL |
5610210157088 |
Director |
Resigned |
11/01/1996 |
3 |
1 |
0 |
0 |
|
KEUBLER,
KIM MICHAEL |
530105 |
|
Resigned |
01/08/2006 |
0 |
1 |
0 |
0 |
|
COMBRINK,
JOHANNES GERT HENDRIK |
6304245064001 |
|
Resigned |
09/05/2005 |
0 |
0 |
0 |
0 |
|
MARTALAS,
ANDREW |
5609305145107 |
|
Resigned |
31/08/2001 |
0 |
0 |
0 |
0 |
|
DU
PREEZ, ESME |
5411060181009 |
Director |
Resigned |
04/01/1996 |
0 |
0 |
0 |
0 |
ACTIVE BUSINESS INTERESTS: DAVID DANNOV %20LTD%20-%20353021%2018-Dec-2015_files/image016.jpg)
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
SEABOARD OVERSEAS LIMITED
INCORPORATED IN NASSAU,BAHAMAS |
2000/004329/10 |
Deregistration Final |
Active |
0 |
|
ACTIVE BUSINESS INTERESTS: GAIL THERESE CUMMINGS
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
EUROGERM SOUTH AFRICA |
2012/142823/07 |
In Business |
Active |
0 |
|
|
RUSSELLSTONE PROTEIN |
2010/015141/07 |
In Business |
Active |
0 |
|
%20LTD%20-%20353021%2018-Dec-2015_files/image017.jpg){kind=small}
ACTIVE BUSINESS INTERESTS: MICHAEL JOHN HIGH
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
EUROGERM SOUTH AFRICA |
2012/142823/07 |
In Business |
Active |
0 |
|
|
JURA INVESTMENTS |
1997/011971/07 |
AR Deregistration Process |
Active |
0 |
|
|
SEA-TRADE SPECIALISED COMMODITIES |
2010/001060/07 |
In Business |
Active |
0 |
|
ACTIVE BUSINESS INTERESTS: ROBERT STEER
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
SEABOARD OVERSEAS LIMITED INCORPORATED IN NASSAU,BAHAMAS |
2000/004329/10 |
Deregistration Final |
Active |
0 |
|
PREVIOUS BUSINESS INTERESTS: GAIL THERESE CUMMINGS
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
SEABOARD OVERSEAS TRADING AND SHIPPING |
1996/000056/07 |
In Business |
Resigned |
0 |
|
PREVIOUS BUSINESS INTERESTS: MICHAEL JOHN HIGH
|
Company Name |
Registration No. |
Business Status |
Principle Status |
Judgments |
|
|
2000/030358/07 |
In Business |
Resigned |
0 |
|
GENERAL COMMENTS
Comments In the process of being reviewed
BANK ACCOUNT VERIFICATION
|
Verified |
Yes |
|
|
Bank Name |
CITI BANK |
|
|
Account Holder |
SEABOARD OVERSEAS TRADING AND SHIPPING
(PTY) LTD |
|
|
Account Number |
0201014018 |
|
OPERATIONS
MAJOR OPERATIONS
|
Major
Business Activities |
The subject is a wholesale trader of agricultural
commodities for wheat, corn, soybean meal, feed ingredients, DDG's, specialty
grains and pulses. |
|
|
Foreign Trade Activities |
The subject is reported to neither import
nor export. |
|
|
Major Suppliers |
The subject sources supplies and services
from the following companies: ·
DURBAN BULK SHIPPING, Durban ·
AGRIPORT, TRANSNET, Durban ·
SENWES ·
AFGRI VKB |
|
|
Major Customers |
The agricultural sector. |
|
|
Major Brands |
Not applicable, as the subject trades in
raw agricultural produce. |
|
BRANCH & PREMISES
INFORMATION
Area of Distribution South Africa
|
Location |
Description/Type |
Size
(m²) |
#
of Staff |
Rented
or Owned |
If
rented: Lease Expiry Date |
|
UMHLANGA |
Head Office |
|
|
Rented |
|
EMPLOYEES
|
Salaried Employees |
50 |
|
Waged Employees |
5 |
|
Total Permanent Employees |
55 |
|
Casual Employees |
0 |
|
Contracted Employees |
0 |
Company
Fleet
Financing Terms
|
Sales Terms |
COD,7 days,14
days,30 days,60 days,90 days, |
|
|
Overdraft |
It was stated that the subject does
not require overdraft facilities, however, the subject has a Working Capital Loan
Facility to an extent of ZAR1,000,000,000 secured by the Holding Company. |
|
|
Sureties |
Sureties are held
by the Holding Company. |
|
|
Debtors Ceded |
The
debtors are not ceded. |
|
|
Debtors Factored |
The
debtors are not factored. |
|
|
Bonds |
Unconfirmed |
|
|
Date Obtained |
17/12/2015 |
|
|
Year End |
December |
|
FINANCIAL FIGURES
|
Currency |
USD |
|
Actual numbers, 000' or mio |
Actual Numbers |
|
Source |
Please see attached, the audited financials
for the Holding Company for the financial year ending 31 December 2014. |
INCOME STATEMENT
|
|
Current Financial Year (est) |
Previous Financial Year |
Prior Financial Year |
|
Turnover/Revenue |
5,372,547 |
5,431,402 |
|
|
Cost of Goods Sold |
5,795,054 |
6,201,565 |
|
|
Gross Profit |
678,022 |
468,849 |
|
BALANCE SHEET
Assets
|
--Inventory/Stock |
736,302 |
698,998 |
|
--Accounts Receivable/Debtors |
645,926 |
664,236 |
|
Fixed Assets/Investments |
|
|
|
--Property, Plant and Equipment |
846,757 |
863,573 |
|
|
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
--Accounts Payable/Creditors |
181,686 |
186,468 |
Comment Full financial not given
TRADE REFERENCES
TRADE REFERENCE
ANALYTICS
|
#
of Trade Refs in the last 3 years |
Overall
Trade Score |
Average
Usage of Terms |
Average Monthly Purchase |
Average
Usage of Credit Limit |
|
5 |
100% |
0% |
4,000,000.00 ZAR |
0% |
TRADE
REFERENCES
|
Trade Ref # |
Date |
Trade Score 2 = best 0 = worst |
Terms Given (Taken)
in days |
Monthly Limit Given
(Taken) |
Account Opened
years |
Payment Trend (prev. 3 years) |
Acc. Insured |
Notes |
||
|
Ref
1 |
17/12/2015 |
N/A |
see
notes (see notes) |
() |
|
- |
- |
- |
Unknown |
It
is against company policy to divulge trade reference information. |
|
Ref
2 |
17/12/2015 |
N/A |
see
notes (see notes) |
() |
|
- |
- |
- |
Unknown |
It
is against company policy to divulge trade reference information. |
|
Ref
3 |
17/12/2015 |
2 |
see
notes (see notes) |
Open
(4,000,000 ZAR) |
+10 |
2 |
- |
- |
Unknown |
The
subject is reported to have a 14 day and a 30 day account, which are both paid timeously. |
|
Ref
4 |
17/12/2015 |
2 |
cod
(cod) |
Not
applicabl e () |
Before
1998 |
2 |
- |
- |
Unknown |
The
supplier declined to divulge figures, however, stated that this is a
substantial account. |
|
Ref
5 |
17/12/2015 |
N/A |
see
notes (see notes) |
() |
|
- |
- |
- |
Unknown |
Unable
to obtain. The switchboard rings continually without answer. |
ADMIN
DETAILS
INTERVIEWER
|
Researcher |
Inoxico |
|
|
Contact Tel No. |
+27 10 001 0540 |
|
|
Email |
|
INTERVIEWEE
|
Contact Person Clive |
|
|
Position Assistant to Ross,
the Financial Manager |
|
|
Company Tel No. +27 31 581 4500 |
|
LEGEND
%20LTD%20-%20353021%2018-Dec-2015_files/image018.gif)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
ZAR |
1 |
Rs.4.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TRU |
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.