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Report No. : |
331512 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SNEAKER SNACKS CC |
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Registered Office : |
9 Repens Road, Heriotdale,
Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
19.08.1997 |
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Com. Reg. No.: |
1997/044788/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Manufacturing of Potato Chips and a variety of Snacks. |
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No. of Employees : |
300 |
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 – 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 |
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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 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 |
COMPANY NAME: SNEAKER
SNACKS CC
PHYSICAL ADDRESS: 9 Repens Road
HERIOTDALE
Johannesburg
Gauteng
POSTAL ADDRESS: P O Box 91118
AUCKLAND
PARK
2006
TELEPHONE NUMBER: +27 11 626-1660
FAX NUMBER: +27 11
626-1698
50% G MAIN ID
No. 6805235213085
50% B POPAVIC ID
No. 6308125045089
None, however, it was stated that the members are also shareholders in
the following company, in addition to an associated property owning company,
however, the registered name of the company is unknown.
SORGI FOODS (PTY) LTD
Registration Certificate Number 2002/008681/07
FIRST NATIONAL BANK, Parktown. Account Number 62003807362. It was stated
that the subject does not require overdraft facilities as credit balances are
maintained.
19 August 1997
Registration Certificate Number:
1997/044788/23
SNEAKER SNACKS CC was established in August 1997.
4180176630
9569257844
Non-compliant
The subject is involved in the manufacturing of potato chips and a
variety of snacks.
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.
Retailers
South Africa
Botswana and Swaziland
300
None
The premises are reported to be leased from an associated property
owning company.
The following estimated financial situation was submitted as at 14 July
2015:
STOCK plus
work in progress R4 000 000 – R6 000 000
DEBTORS R7
000 000 – R8 000 000
FIXED ASSETS R3
000 000 – R4 000 000
CREDITORS R6
000 000
LONG TERM LIABILITIES R2
000 000
TURNOVER per month R7 000
000 – R7 500 000
MASSYNS INCORPORATED
FEBRUARY
S A EAGLE INSURANCE BROKERS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 8 years R1 500
000 R800 000 - 30 days 30 days Very good
R1 000
000
2. 2 years R200
000 R130 000 30 days 30 days Very good
3. 6 years R1 000
000 R500 000 30 days 30 days Very good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10
years R750 000 R750 000 30 days 30 days Very
Good
It was stated that the subject occasionally
purchases in excess of the credit limit with the suppliers approval.
2. 2007 Open R1 500 000- 30
days 30 days Very Good
R2 000
000
3. Against
company policy to divulge trade reference information but good account.
4. Against
company policy to divulge trade reference information.
(These descriptions relate
respectively by number to the above current trade transactions):
1. Plastic bags
2. Food flavouring and colorants
3. Oil
This is a well-established business which is commitments on time and the
subject is spoken of highly by its suppliers.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
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Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.