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Report No. : |
308226 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
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Name : |
POLYOAK PACKAGING (PTY) LTD |
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Formerly Known As : |
POLYOAK (PTY) LTD POLYOAK PRODUCTS (PTY) LIMITED |
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Registered Office : |
Waterford House, 3 Waterford Road, Diep River, Cape Town, Western
Cape, P O Box 125, Plumstead, 7800 |
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Country : |
South
Africa |
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Date of Incorporation : |
14.03.1974 |
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Legal Form : |
Private Company |
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Line of Business : |
The design and
manufacture of injection and blow moulded rigid plastic packaging. |
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No. of Employees : |
2200 |
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 |
POLYOAK PACKAGING (PTY) LTD
Formerly: POLYOAK (PTY) LTD, the name having been changed in June 2003
Formerly: POLYOAK PRODUCTS (PTY) LIMITED the name having been changed in
1991
DAIRYPACK TUBS
BLOWPACK
DAIRYPACK
POLYPET
AFRICAN CLOSURES
DESIGN FIRST
CONTAN BUCKETS & PAILS
VISCONTI GARMENT HANGERS
Waterford House
3 Waterford Road
Diep River
Cape Town
Western Cape
P O Box 125
PLUMSTEAD
7800
+27 21 710 9200
+27 21 712 1342
It was stated that the address of 17 Aeroton Road, Aeroton,
Johannesburg, Gauteng, and the telephone number +27 11 247 6000 supplied
by our client is that of the DAIRY PACK TUBS division situated in Aeroton.
100% POLYOAK PACKAGING GROUP
(PTY) LTD (Registration Certificate Number:
2008/023208/07) (formerly COLUMBIA HOLDINGS (PTY) LIMITED), which is in
turn owned by certain of the directors of the subject.
HANGERMAN (PTY) LTD
(Registration Certificate Number:
1972/002589/07)
POLYOAK MANAGEMENT SERVICES (PTY) LTD
(Registration Certificate Number:
1998/000552/07)
POLYOAK PROPERTIES (PTY) LTD
(Registration Certificate Number:
1973/014628/07)
POLYOAK BUSINESS SCHOOL (PTY) LTD
(Registration Certificate Number:
2007/022124/07)
H J LOUW (Chairman) ID
No. 4503055053002
J L K MACKINTOSH (MD) ID
No. 5608275158009
G E HAIRD ID
No. 6103255009082
D RIDGARD ID
No. 6509155044005
B J F RASSON (FD) ID
No. 5711215089084
MRS. L I LOUW D.O.B.
460613
STANDARD BANK, Blue Route, Account Number: 270043888. It was stated that the group enjoys overdraft
facilities, secured by various assets.
The respondent stated that the overdraft facility is utilised for
working capital purposes.
14 March 1974
Registration Certificate Number: 1974/000190/07
It was stated that
the subject was originally established in 1970.
It was stated that the present shareholders bought the company in 1981
and changed its name.
4800106892
Level 4 contributor
The design and
manufacture of injection and blow moulded rigid plastic packaging. It was stated that the trading names are the
subject’s brand names.
Dairypack: Manufacturers of plastic packaging for milk,
dairy beverages, juices and opaque beer (sorghum).
Dairypack Tubs: Manufacturers of thin-walled containers for
ice-cream, yoghurt, cheese, butter, spreads and other food markets.
Blowpack: Manufacturers of plastic containers for the
industrial, chemical and food markets.
Polypet: Manufacturers of PET containers and preforms
for the beverage, food and wine markets.
African Closures: Manufacturers of plastic closures for dairy,
beverage, food, chemical and industrial applications.
Design First: In house research, development and design
service for Polyoak Packaging.
Lubripack is a manufacturer and supplier of decorated plastic containers and closures to the motor oil industry offering a one stop packaging solution.
The subject imports raw materials from Israel and machinery from
Europe. The subject deals with the
following South African 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.
Large companies such as dairy companies, oil companies, container and
bottling companies, food and beverage manufacturing companies as well as
garment hanger manufacturers.
South Africa
Small to African countries, USA, Mauritius and Madagascar
Approximately 2 200 employees
Manufacturing operations and distribution centres are in Cape Town,
Durban, Johannesburg, East London.
All injection moulded manufacturing takes place at the Head Office in Cape
Town.
Sales and distribution centres are in all other major South African cities and
towns: - Bloemfontein, Middelburg, Nelspruit, Polokwane, Worcester, George and
Port Elizabeth.
It was stated that the majority of the premises is owned by POLYOAK
PROPERTIES (PTY) LTD.
R100 000 divided into 100 000 ordinary shares of R1 each
R100 000
Full financial information was not forthcoming from respondents at the
company and outside authorities were unable to assist in this regard.
GREENWOODS, Cape Town +27 21
421 4510
MARCH
AON INSURANCE BROKERS
TRADE REFERENCES – FEBRUARY 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1998 do not disclose figures 30 days 30
days Good
2. 5 yrs R
50 000 R 50 000 30
days 30 days Very Good
3. 10 yrs US$800 000 US$700 000 30 days 30 days Excellent
TRADE REFERENCES – OCTOBER 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R15 000 000 declined 30
days 30 days Excellent
2. 1998 declined declined 30 days 30 days Very
Good
3a. 2002 R 2
000 000 R2 000 000
7 days 7 days Excellent
3b. 2002 R 1 800
000 R 300 000 - 30
days 30 days Very Good
R1
800 000
TRADE REFERENCES – JANUARY 2009
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20
yrs declined R1 600 000 30
days 30 days Excellent
2. 1992 R
530 000 R 380 000 30
days 30 days Excellent
3. Do
not give trade references
4. 5
yrs R5 000 000 R 600 000 7
days 7 days Excellent
c/l varies
5. 5
yrs R5 00 000 R 300 000 30 days 30
days Excellent
TRADE REFERENCES – MARCH 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 years+ R5 000 000 Declined 30
days 30 days Excellent
c/l
2. 15 years Declined ±R120 000 30
days 30 days Excellent
(bank
guarantee)
3. 10 years+ Undisclosed Undisclosed 30 days 30 days Very Good
Do not give trade references
TRADE REFERENCES – MAY 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years figures confidential 30
days 30 days Excellent
2. Aug’92 R540 000 R540
000 30 days 30 days Excellent
3. 11
months R800 000 R400 000 30 days 30
days Good
c/l
4. Do
not give trade references
TRADE REFERENCES - SEPTEMBER 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old declined figures 30 days 30
days Excellent
2. Old declined figures 30 days 30
days Very Good
3. 1 year declined R400 000± 30 days 30
days Very Good
TRADE REFERENCES – JANUARY 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years Declined Declined 30
days 30 days Very Good
2. Old acc Declined Declined 30 days 30 days Very
Good
3. Do not give trade
references.
TRADE REFERENCES – NOVEMBER 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +20
years Declined Declined 30 days 30
days Excellent
2. Since
2006 Open Acc R
90 000- 30 days 30 days Good
R 105 000
3. Do
not give trade references
4. Since
1998 Open Acc R5 000 000- 30 days 30
days Excellent
R6 000
000
TRADE REFERENCES – MAY 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 25 years Declined Declined 30
days 30 days Excellent
2. 2000 Open Acc R200 000- 30 days 30
days Very Good
R230 000
3. Do not give trade references
4. Do not give trade
references
TRADE REFERENCES – AUGUST 2013
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +20 years R30 000 000 R25 000 000 30 days 30
days Very good
2. Need permission from the
subject to give a trade ref
3. Do not give trade
references
4. Do not give trade
references
TRADE REFERENCES – APRIL 2014:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +20 years Declined Declined 30
days 30 days Excellent
2. 1992 Declined ±R400 000 30 days 30 days Very
Good
3. ±30 years R3 000 000 +R1 000 000 30 days 30
days Very Good
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +30 years Millions Millions 30 days 30 days Excellent
2. +10 years Declined R700 000 30
days 30 days Very Good
3. Against company policy
to divulge trade reference information.
(These descriptions relate respectively by number to the above current
trade transactions):
1. Raw materials
2. Fuel
This is a very well-established company which is well known in South
Africa. The subject is meeting its commitments timeously and is spoken of highly
by its suppliers. The subject is
considered equal to its normal business engagements; however, the lack of
financial information should be borne in mind. It is regarded as equal to a
maximum figure of €1 500 000 over 30 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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1 |
Rs.96.24 |
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Euro |
1 |
Rs.70.38 |
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.