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Report No. : |
322775 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MARINDEC PAINTS (PTY) LTD |
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Formerly Known As : |
NEW ADVENTURE SHELF 79 (PTY) LTD |
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Registered Office : |
21 Fuchs Street, Alrode, Alberton 1449, P O Box No. 634, Alberton 1450 |
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Country : |
South
Africa |
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Date of Incorporation : |
25.06.1998 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturing of paints for industry in general. |
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No. of Employees : |
± 200 plus some are
outsourced |
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 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. The global financial crisis reduced commodity prices and world demand, and GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly, with 2014 growth less than 2%. 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, has built two new power stations and installed 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 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 those plants come on line. 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. 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 |
COMPANY NAME: MARINDEC PAINTS (PTY) LTD
Formerly: NEW ADVENTURE SHELF 79 (PTY) LTD, the name having been changed on 28 August 1998.
PHYSICAL ADDRESS: 21 Fuchs Street,
Alrode
ALBERTON
1449
POSTAL ADDRESS: P O BOX 634
ALBERTON
1450
TELEPHONE NUMBER: +27 11 908 1056
FAX NUMBER: +27 11 908 4828
It was stated that the subject moved from its physical address 11 Fuchs Street, Alrode, Alberton during 2014.
A M M PATEL
K K D R ROSHANIA
The shareholder percentage was unconfirmed by the respondent at the subject.
ESTAC SUPPLIES (PTY) LTD
Registration Certificate Number: 1999/005810/07
It was stated that K K D R ROSHANIA is the 100% shareholder in the associate company.
It was stated by the Respondents that they believed that the Shareholders are involved in a number of other companies but further details were not available.
A M M PATEL D.O.B. 530122
K K D R ROSHANIA D.O.B. 551103
NEDBANK, East Rand Business Branch, Account Number: 1288004915. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to fluctuate.
25 June 1998
Registration Certificate Number: 1998/012141/07
MARINDEC PAINTS (PTY) LTD was registered in June 1998, when the details of a shelf entity styled NEW ADVENTURE SHELF 79 was utilised for registration purposes. The subject changed its name on 28 August 1998 to its current name. The date of when official operations commenced, was unconfirmed.
4530175647
9129027836
Unknown
The subject is involved in the manufacturing of paints for industry in general.
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.
Roads, heavy duty industry
South Africa
Small to Botswana
±200
plus some are outsourced
It
was stated by the respondent that the premises are owned by the shareholders in
their personal capacity however further information was not forthcoming from
the respondent.
The following estimated financial situation was submitted as 20 May 2015:
STOCK R3 500 000
DEBTORS fluctuates R5 000 000
CREDITORS R2 000 000
TURNOVER per month R5 300 000
EKSTEEN
LOUW AND BADENHORST +27 11 873 0203
FEBRUARY
OLD
MUTUAL INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 5 Years R150 000 R 15 000 - 60
days 60 days Good
c/l R150 000 by arrangement
3. 10 Years R500 000 R 50 000 - 60
days 60 days Excellent
R250
000
4. 10/1996 R 60 000 R
45 000 - 30 days 30 days Very
good
c/l R 50 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. March 2000 R150 000 declined 30
days 30 days Good
c/l
2. ±12 Years R80 000 ±R80 000 30 days 30 days Very Good
c.
3. ±20 Years ±R1 000 000 ±R30 000 60
days 60 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. +20 Years R5 000 000 R1 200 000 60 days 60 days Excellent
3. 15 Years R 70 000 R 50 000- 30 days 30
days Excellent
R 60 000
4. 5 Years R 50 000 R 15 000 30 days 30
days Excellent
CURRENT TRADE
REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R1 100 000 Declined 30
days 30 days Good
2. Do not give trade references
3. 15 years R350 000
R100 000 30 days 30 days Good
4. 1997 R50 000 ±R20 000 30 days 30 days Good
These descriptions relate respectively by number
to the above current trade transactions:
1. Chemicals
3. Containers
4. Plastic containers
This is an established business meeting its commitments timeously.
Suppliers regard the subject well and no adverse information has been reported.
The subject is considered equal to its normal business engagements
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.70 |
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1 |
Rs.98.92 |
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Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.