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Report No. : |
302831 |
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Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
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Name : |
FOSKOR (PTY) LTD |
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Formerly Known As : |
FOSKOR LTD |
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Registered Office : |
Block G Riverview Office Park
Janadel Avenue Midrand Johannesburg Gauteng P O Box 2494 Halfway House 1685 |
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Country : |
South Africa |
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Financial As On : |
31.03.2014 |
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Date of Incorporation : |
18.08.1951 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is a Mining company, mining phosphate rock and producing
phosphoric and granular acids. |
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No. of Employees : |
1,842 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
|
Source
: CIA |
FOSKOR (PTY) LTD
Formerly: FOSKOR LTD, the
legal entity of the company having been changed in March 2005
Formerly: UNIE FOSFAAT ONTGINNINGS
MAATSKAPPY EDMS BPK, the name having been changed on 2 December 1987
Formerly:
FOSFAAT-ONTGINNINGSKORPORASIE (EDMS) BPK, the name having changed on
26 August 1974
MINING
ACID
Block G
Riverview Office Park
Janadel Avenue
MIDRAND
Johannesburg
Gauteng
P O Box 2494
HALFWAY HOUSE
1685
TELEPHONE NUMBER: +27 11 347 0600
FAX NUMBER: +27 11 347 0640
The subject moved its head office premises from
18 Thornhill Office Park, 94 Bekker Road, Midrand, Gauteng, in November 2008.
59 % THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH
AFRICA LTD (IDC), which in turn is owned by the S A GOVERNMENT
26 % BBBEEE – Consortium which consists of 3 companies :
The 26% BBBEEE is made up as follows:
15% MANYORO CONSORTIUM
6% KOPANO FOSKOR EMPLOYEES
TRUST
5% B A PHALABORWA AND
UMHLATHUZE COMMUNITY TRUST
continued
11.82% COROMANDEL FERTILISERS LTD
(Registered in Mauritius)
2.18% COROMANDEL INTERNATIONAL LTD (India)
1 %
SUN INTERNATIONAL FZE (Dubai)
The shareholding changed and was previously:
59% THE INDUSTRIAL DEVELOPMENT
CORPORATION OF SOUTH
AFRICA LTD, which in turn is owned by the S A GOVERNMENT.
26% BBBEEE – Consortium.
14% COROMANDEL FERTILISERS LTD
(Mauritius)
1% SUN INTERNATIONAL FZE Dubai
It was stated by the respondents that these shareholders COROMANDEL
FERTILIZERS LTD may be upgrading their shareholding to about 15% in the near
future. This, however, has not yet been
finalized.
ZIRCONIA (PTY) LTD
(Registration Certificate Number:
2003/075280/23)
INTER MINERALS HOLDINGS AG (SWITZERLAND)
IOF PROPERTY TRUST (SOUTH AFRICA)
FOSKOR SOCIAL RESPONSIBILITY TRUST
FOSKOR ZIRCONIA (PTY) LTD
(Registration Certificate Number: 2007/025096/07)
FOSKOR TECHNOLOGIES (PTY) LTD –
Dormant
FOSKOR ESOP SPV (PTY) LTD
(Registration Certificate Number: 2009/008799/07)
FOSKOR BEE SPV 1 (PTY) LTD
(Registration Certificate Number: 2008/027545/07)
FOSKOR BEE SPV 2 (PTY) LTD
(Registration Certificate Number: 2008/027514/07)
FOSKOR BEE SPV 3 (PTY) LTD
(Registration Certificate Number: 2009/008805/07)
PHOSPHATE SHIPPING (PTY) LTD
(Registration Certificate Number:
1988/001252/07)
PHOSFERT MARINE (PTY) LTD
(Registration Certificate Number:
1988/003553/07
INDIAN OCEAN FERTILIZER (PTY) LTD (dormant)
(Registration Certificate Number:
1951/003733/07)
The percentage of shareholding was not forthcoming
A VELLAYAN (non-exec) D.O.B. 530109 (India)
M A PITSE (CEO & president) ID
No. 5410075792081
G VAN WYK (non-exec) ID
No. 5909165005080
DR D S PHAHO (Ind
non-exec) ID No. 6804166018084
M G QHENA (Independent non-exec) ID
No. 6511045402088
F MADAVO (Ind non-exec) ID
No. 5908045270088
S P NGWENYA ID
No. 5309035726082
J R BARTON (Independent non-exec) ID
No. 4711295098089
N G NIKA (Independent non-exec) ID
No. 5804125384081
B MAGARA (Independent non-exec) ID
No. 6706245790190
MS R J GAVENI (non-exec) ID
No. 7107180331080
N MEDUPE ID
No. 7009220779080
The subject is reported to deal with all the major banks including FIRST
NATIONAL BANK, STANDARD BANK, NEDBANK and ABSA BANK, Phalaborwa Branch. Account
number: 1680000316.
18 August 1951
Registration Certificate Number: 1951/002918/07
The subject was founded in 1951 by the INDUSTRIAL DEVELOPMENT
CORPORATION OF SOUTH AFRICA LTD.
The subject was converted from a private company to a limited company in
July 1964. The subject took over assets and operations of a company named INDIAN
OCEAN FERTILIZER (PTY) LTD on 1 October 2001.
The subject converted to a private company on 30 March 2005.
VAT NUMBER: 4400106649
TAX NUMBER: Not available
BEE STATUS: Level 4 contributor
Mining company, mining phosphate rock and producing phosphoric and
granular acids.
The subject is reported to be a large organisation and is reported to
import most of its supplies through one of its subsidiary companies PHOSFERT
MARINE (PTY) LTD and deals locally with 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.
Fertilizer manufacturers and agricultural companies such as Fedmis,
Omnia, Sasol etc.
AREA OF
DISTRIBUTION AND SELLING: South
Africa
EXPORTS: Worldwide,
mainly India
TOTAL EMPLOYEES: ±1 842
having reduced from 1 945 reported in July 2004
The subject is reported to have divisions in Phalaborwa
(Mining Division) and Richard’s Bay (Acid Division).
The head office premises are
leased while the remainder of the premises are reported to be owned by
FOSKOR (PTY) LTD. The Phalaborwa
premises are stated to be free of bond.
The Richards Bay premises are reported to be owned by the subject.
R9 157 647 divided into 9 157 647 ordinary shares of R1 each
R9 157 647 (increased in June 2008)
Please find attached Comprehensive Income Statement and an integrated
report of group financial statements for the year ended 31st March
2014.
PRICEWATERHOUSECOOPERS INC 4000
+27 11 797 4000 /
NGUBANE & PARTNERS +27 11 254 0800)
YEAR END: MARCH
INSURANCE BROKERS: AON
INSURANCE BROKERS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old acc R2
500 000 R1 000 000- 30 days 30 days Excellent
c/l R1 500 000
2. Old acc R2 500 000 R 500 000 30 days 30
days Excellent
3. Do
not give trade references
4. Do
not give trade references
5. Do not give trade references
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do not give trade references
3. 10
years do not disclose figures 30 days 30
days Very Good
4. 10
years R12 000 000 R12 000 000 30
days 30 days Excellent
5. +10
years R 2 500 000 R 2 000 000 30
days 30 days Excellent
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do
not give trade references
3. 1999 R250 000 R 600 000- 30 days 30
days Very Good
R1
000 000
4. 10
years R3 500 000 R2 000 000 30
days 30 days Very Good
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do
not give trade references
3. 9
years R2 500 000 R1 300 000 30
days 30 days Very Good
4. Do
not give trade references
5. Oct
1993 R5 000 000 R2 500 000 30
days 30 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old Acc. R10
000 000 R3 500 000 30 days 30
days Very Good
2.
Do not give trade references
3.
10 years R2
500 000 R1 700 000- 30 days 30
days Very Good R2 500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. 16 years R10
000 000 ±R100 000- 30 days 30
days Good
c/l R 500
000
4. Unable to obtain trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not have such an account
2. 17 years R10 000 000 ±R2 000 000 30 days 30 days Excellent
c/l
3.
Unable to obtain trade references
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±10 years R10 000 000 R1 000 000- 30 days 30 days Very Good
c/l R3 000 000
2. +6 months open
acc R 30 000- 30 days 30 days Very Good
R 40 000
4.
Do not give trade references
5.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1993 R10 000 R1 600 000 60 days 60
days Very Good
2.
Do not give trade references
3.
Do not give trade references
4.
Do not give trade references
5. 2009 declined declined 30
days 30 days Very Good
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1993 R10 000 000 R500 000 60
days 60 days Good
2. 20 years open R3 000 000 30 days 30
days Excellent
3. 5
years R500 000 R200 000 30
days 30 days Good
4. Do
not give trade references
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not
give trade references
2. Do not
give trade references
3. Oct
1993 R10 000 000 R2 500 000 30
days 30 days Excellent
4. +15
years Open R4 000 000 30
days 30 days Very Good
5. Unable
to obtain trade reference
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not
give trade references
2. Do not give trade references
3. 1993 R10 000 000 R 2 000 000 30 days 30
days Good
c/l
4. Old
acc Open R
5 000 000 30 days 30 days Excellent
5. ±15
years Open R
5 000 000- 30 days 30 days Very
Good
R20 000 000
(These descriptions
relate respectively by number to the above current trade transactions):
3. Raw Materials
4. Water
5. Machinery and services
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +5 years Declined Declined 30 days 30 days Good
2. +18 years Open R5 000
000 30 days 30 days Good
3. Do not give trade reference
(These descriptions
relate respectively by number to the above current trade transactions):
1. Earthmoving equipment
2. Water
This is a very
large, well-established and well-connected 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.61.50 |
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|
1 |
Rs.92.16 |
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Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.