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Report No. : |
308622 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ORICA AFRICA (PTY) LTD |
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Formerly Known As : |
ORICA SOUTH AFRICA (PTY) LTD LARITZA INVESTMENTS NO 146 (PTY) LTD |
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Registered Office : |
Cnr Vanacht and Gewel Street, Isando, Kempton Park, Gauteng, P O Box 3985, Randburg 2125 |
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Country : |
South
Africa |
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Date of Incorporation : |
26.03.2004 |
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Legal Form : |
Private Company |
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Line of Business : |
Import and supply of electronic detonators and manufacture of circuit
boards. |
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No. of Employees : |
70 |
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 – 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 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 |
ORICA AFRICA (PTY) LTD
Formerly: ORICA SOUTH AFRICA (PTY) LTD, the name having been changed on
17 January 2014.
Formerly LARITZA INVESTMENTS NO 146 (PTY) LTD, the name having been
changed on 11 June 2004.
Cnr Vanacht and Gewel Street
Isando
Kempton Park
Gauteng
P O Box 3985
Randburg
2125
+27 10 596 3101
+27 11 923 1935
The subject moved from the premises 1ST Kent Boulevard, 1st
Floor, 293 Kent Avenue, Ferndale, Randburg, Gauteng on 19 January 2015. It was
stated that the subject is still in the process of changing its postal address.
The subject moved from the premises Unit 202, 2nd Floor,
Dalefern Building, 284 Oak Avenue, Ferndale, Randburg, Gauteng years ago.
100% ORICA GERMANY GMBH
The subject is an associate of an international group of companies
through their holding company. The main holding company is reported to be in
Melbourne, Australia.
N HARIPARSAD ID
No. 7812025040081
Y M MAKRA ID
No. 6303105099081
It was stated that the directors are in the process of changing and up
to date details will be loged at CIPC
CITIBANK, Sandton branch.
The subject will soon move its banking facilities to STANDARD CHARTERED
BANK.
It was stated that the subject is managed by a cash management scheme,
controlled by ORICA FINANCE in Melbourne, Australia.
26 March 2004
Registration Certificate Number 2004/008296/07
The subject commenced trading on 1 August 2004.
4850213234
9146735155
In the process of obtaining BBBEE certificate
Import and supply of electronic detonators and manufacture of circuit
boards.
The subject imports most of its supplies from sister companies in
Zambia, and Canada and deals with local 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.
Mining sector and construction companies
South Africa
The subject exports to group companies in Ghana, Canada, Tanzania and
Australia
70, having increased from 34 permanent employees and 7 contract workers
reported in 2010.
The subject has a manufacturing facility in Cape Town and
storage facilities at Bapsfontein.
The premises are reported to be leased.
R1 000 divided into 1 000 ordinary shares of R1 each.
R120
The following financial information was supplied as at 17 February 2015:
STOCK R 9 500 000
DEBTORS R108 000 000
FIXED ASSETS – net book R 28 000 000
CREDITORS R 91 000 000
LOANS Nil
TURNOVER R374 000 000
The turnover has increased substantially since 2010 when it was stated
to be R85 000 000 per annum.
KPMG INCORPORATED, Johannesburg. Tel no:
+27 11 647 7111
SEPTEMBER
AON INSURANCE BROKERS
TRADE REFERENCES – NOVEMBER 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2005 R100
000 R45 000 30 days 30 days Very
good
c/l
2. Do not give trade references.
TRADE REFERENCES – FEBRUARY 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 02/2005 R 50 000 R 47 000 30
days 30 days Good
2. Do not give trade references
3. 3 yrs R1
000 000 R500 000 30 days 30 days Good
TRADE REFERENCES – JANUARY 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Apr 2005 Open ±R150
000 30 days 30 days Good
c/l
2. 4 yrs R1 500 000 R 900 000 - 30
days 30 days Good
R1
500 000
C.O.D.
Do not give trade references
TRADE REFERENCES-JULY 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 years open R2 500 30
days 30 days Dormant since
R2 500 2009
Unknown account
3. 2005 R1
500 000 R1 200 000 30 days 30
days Very Good
c/l
Do not give trade
references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
Do not give trade
references
+6 years Open R200 000- 30 days 30
days Very Good
R500 000
2008 R800 000 R200 000-
30 days 30 days Very Good
R600 000
(These descriptions relate respectively by number
to the above current trade transactions):
2. Transport
Clearing and forwarding
This is an established overseas connected company, which imports most of
its supplies. The subject is meeting its obtainable commitments timeously and
is well regarded by its suppliers. The subject is considered equal to its
normal business engagements and to a maximum figure of €400 000 over 30
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.05 |
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1 |
Rs.96.03 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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 |
-- |
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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.