MIRA INFORM REPORT
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Report No. : |
331500 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
IMBAZO FOODS CC |
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Formerly Known As : |
IMBAZO TRADING 36 CC |
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Registered Office : |
21 Woodland Drive, Woodlands Industrial Park, Waterfall Durban,
KwaZulu Natal, P O Box 804, Hillcrest, 3650 |
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Country : |
South
Africa |
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Date of Incorporation : |
25.03.2003 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Manufacture of Snacks |
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No. of Employees : |
120 Permanent
Staff and 100 Casual Staff |
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) |
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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
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.
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Source
: CIA |
COMPANY
NAME:
IMBAZO FOODS CC
Formerly: IMBAZO TRADING 36 CC, the name having been changed on 9 April
2010
PHYSICAL
ADDRESS:
21 Woodland Drive
Woodlands Industrial Park
WATERFALL
Durban
KwaZulu Natal
POSTAL
ADDRESS:
P O Box 804
Hillcrest
3650
TELEPHONE
NUMBER:
+27 31 766 0088
FAX
NUMBER:
+27 31 7660087
MEMBERS:
100 % C A MEE ID No.
6711155105089
ASSOCIATE
COMPANIES:
None
BANKERS:
FIRST NATIONAL BANK, Kloof Branch.
It was stated that the subject has an overdraft facility. Utilisation of
the overdraft is stated to be nil.
DATE
REGISTERED:
25 March 2003
Registration Certificate Number:
2003/023056/23
The subject commenced trading in 2003 as a new business.
VAT
NUMBER:
4030207585
TAX
NUMBER:
9230482151
BBBEE:
Level 6
MAJOR
OPERATION:
The subject is involved in the manufacture of snacks. The brand name
being Jiggies.
MAJOR
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.
MAJOR
CUSTOMERS OR BUSINESS SECTORS:
Cash and Carry and Hawkers
AREA
OF DISTRIBUTION AND SELLING:
Kwazulu-Natal and Eastern Cape
EXPORTS:
None
TOTAL
EMPLOYEES:
120 permanent Staff and 100 casual staff
OTHER
PREMISES:
None
OWNED
OR LEASED:
The premises are reported to be owned by the subject, however further
information on the value of the premises was not forthcoming.
FINANCIALS:
Full financial information was not forthcoming from respondents at the
subject, however, it was stated that the annual turnover is over R50 000
000
AUDITORS:
WILDNER AND COMPANY
FINANCIAL
YEAR END:
FEBRUARY
INSURANCE
BROKERS:
CRAWFORD DOUGALL INSURANCE BROKERS
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4
years R1 100 000 R1 000 000 30 days 30
days Very Good
c/l
2. ±5
years R R 400 000 14 days 14
days Very Good
3. 5
years R2 000 000 R1 000 000 30 days 30
days Excellent
NATURE
OF GOODS OR SERVICES SUPPLIED:
(These descriptions relate respectively by number to the above current
trade transactions):
1. Maize
2. Shipper
3. Oil
COMMENTS:
This is an established business meeting its commitments timeously. The subject
is considered to a maximum figure of USD100 000 over 30 days. The lack of
full financial information should be borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
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1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
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SAN |
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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.