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Report No. : |
313568 |
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Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
STANDERTON MILLS (PTY) LTD |
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|
|
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Registered Office : |
Steyn Street, Industrial Area Standerton, Mpumalanga, P O Box 36, Standerton
2430 |
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Country : |
South
Africa |
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Date of Incorporation : |
29.08.1962 |
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Legal Form : |
Private Company |
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|
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Line of Business : |
Spinning and Weaving Company |
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No. of Employees : |
±539 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 |
STANDERTON MILLS (PTY) LTD
Steyn Street
Industrial Area
Standerton
Mpumalanga
P O Box 36
Standerton
2430
+27 17 712 2315
+27 17 712 5804
100% ST HELENA INVESTMENT
COMPANY (PTY) LTD
(Registration Certificate Number 1948/032053/07)
The shareholding was previously:
20% B DUFOUR
20% J J LEWIS
20% B A DUFOUR (brother)
20% P G LAMBERT
20% F DUFOUR
TROY TEXTILES (PTY) LTD
(Registration Certificate Number 1951/000525/07)
PAPYRUS CORPORATION (PTY) LTD
(Registration Certificate Number 1947/027358/07)
DISLER INVESTMENTS (PTY) LTD
(Registration Certificate Number 1975/002919/07)
TOGA LININGS (PTY) LTD
(Registration Certificate Number 1952/000732/07)
RICH REWARDS TRADING 148 (PTY) LTD
(Registration Certificate Number 2005/019529/07)
`
The subject was previously associated to NIGEL TEXTILE WORKS (PTY) LTD
but this business has since been sold.
B A DUFOUR ID No 5809295032006
FIRST NATIONAL BANK, Standerton branch, account number 61372921366.
It was stated that the subject does not require overdraft facilities as
credit balances are normally maintained at the bank.
29 August 1962
Registration Certificate Number: 1962/003235/07
STANDERTON MILLS (PTY) LTD was established in August 1962.
4280109416
9625212718
Level 8 Contributor
Spinning and weaving company
The subject imports cotton from India, Zimbabwe and Botswana and also
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.
Carpet, fabric and yarn manufacturing industry e.g. ROMATEX.
South Africa
Zimbabwe, Canada, the United Kingdom and Australia
±539 permanent employees
None
The Head Office premises on which the subject is situated are reported
to be owned by the subject, free of bond.
Full financial information was not forthcoming from respondents as they stated
that this is confidential and outside authorities were unable to assist in this
regard.
VAN DER MERWE AUDITORS
FEBRUARY
HERITAGE INSURANCE BROKERS (AON)
TRADE REFERENCES – JUNE 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 years R1 000 000 R600
000 30 days 30 days Excellent
c/l
2. 10 years+ R500 000 R500
000+ 30 days 30 days Excellent
3. 13 years R500 000 R100
000 30 days 30 days Very Good
TRADE REFERENCES – MARCH 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R 500 000 R
300 000 30 days 30 days Excellent
2. 01/1994 R2
000 000 R2 000 000 30 days 30
days Excellent
3. 6 years R2
000 000 R1 000 000 30 days 30
days Good
TRADE REFERENCES – SEPTEMBER 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years R2 000 000 R1
500 000 30 days 30 days Good
2. 1992 declined R1 300 000 30 days 15 days Excellent
-2.5%
3. 1991 R1
000 000 R100 000 - 30 days 30
days Good
R360 000
TRADE REFERENCES – MARCH 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 13 years R2 000 000 R2
000 000 30 days 30 days Very Good
2. 1994 declined R2 000 000+ 30 days 30 days Very Good
3. Old acc declined declined 30 days 30
days Good
TRADE REFERENCES – SEPTEMBER 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years R750 000 declined 30 days 30 days Good
c/l
2. 1992 declined R2 000 000 - 30 days 15 days Excellent
R3 000 000
3. Do not give trade references
4. Awaiting a fax trade reference
TRADE REFERENCES – MARCH 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1996 R750
000 R600 000 - 30 days 30
days Good
c/l (CGIC) R650
000
2. 1992 undisclosed R1 000 000 - 30 days 15 days Excellent
R3 000 000 2.5%
3. 1991 R1
500 000 R500 000 - 30 days 30
days Good
c/l R1
000 000
TRADE REFERENCES – MARCH 2011:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years+ do not disclose details 30 days 30
days Excellent
2. 27
years declined declined 30 days 30
days Excellent
3 May
1991 do not disclose details 30 days 30
days Excellent
-
insured with CGIC
TRADE REFERENCES – JUNE 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15
Years + Declined R500 000 30 days 30
days Very Good
2. ±10
Years Declined Declined 30 days 30
days Excellent
3. 20
Years R1 500 000 R1 100 000 30 days 30
days Very Good
TRADE REFERENCES – 10 APRIL 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R 500 000 R
110 000 30 days 30 days Very Good
2. 20
years Declined R 400 000- 30 days 30
days Excellent
R
500 000 (Insured CGIC)
3. +5
years Declined Declined 30 days 30
days Very Good
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. The
supplier stated that the client hadn’t traded with them in over 2 years, the
account remains open
2. 2001 R 500 000 R 200 000 30
days 30 days Excellent
3. Unable
to reach supplier as the numbers no longer exist.
(These descriptions relate respectively by number
to the above current trade transactions):
2. Logistics
This is an established business meeting its commitments timeously. The subject is considered equal to a maximum
figure of €150 000 over 30 days.
The lack of financial information and the apparent reduced level of
purchases should be borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.61 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.