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Report No. : |
323023 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
WACO AFRICA (PTY) LTD |
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Formerly Known As : |
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Registered Office : |
Building 2 Harrowdene Office Park Western
Service Road Woodmead Sandton Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
04.01.2012 |
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Com. Reg. No.: |
2012/000665/07 |
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Legal Form : |
Private company |
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Line of Business : |
Subject is engaged in erection and
hire and dismantling of scaffolding and providing of industrial maintenance
surfaces e.g. painting thermal installations.
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No. of Employee : |
Approximately 3 800 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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 |
WACO AFRICA (PTY) LTD
Formerly:
WACO SOUTH AFRICA (PTY) LTD the name having been changed on 20 July 2012
Formerly: SA OPCO (PTY) LTD, the name having been changed
on 30 May 2012
Formerly: BUSINESS VENTURE 1624 (PTY) LTD, the
name having been changed on 10 May 2012
TRADING DIVISIONS
FORM-SCAFF
SGB-CAPE
SANITECH
ABACUS MODULAR
SKY JACKS
Foreign Branches
SGB-CAPE ZAMBIA
SGB-CAPE NAMIBIA
FORM-SCAFF NAMIBIA
FORM-SCAFF SWAZILAND
FORM-SCAFF ZAMBIA
SGB-CAPE GHANA
Building 2
Harrowdene Office Park
Western Service Road
WOODMEAD
Sandton
Gauteng
Head Office:
181 Barbara Road
ELANDSFONTEIN
Gauteng
P O Box 669
ISANDO
1600
TELEPHONE NUMBER: +27 11 461 1400
FAX NUMBER: +27 11 461 1450
WEBSITE ADDRESS: www.wacoafrica.com
EMAIL ADDRESS: markt@wacoint.co.za
74.9% WACO
SA SECURITY (PTY) LTD
(Registration Certificate Number: 2012/012663/07)
which in turn is 100% owned by WACO INTERNATIONAL HOLDINGS (PTY) LTD
(Registration Certificate Number: 2012/002104/07)
25.1% BOPA
MORUO
The shareholding had changed and was previously:
74.9% WACO
SA SECURITY (PTY) LTD
(Registration Certificate Number: 2012/012663/07)
which in turn is 100% owned by WACO INTERNATIONAL HOLDINGS (PTY) LTD
(Registration Certificate Number: 2012/002104/07)
25.1% KAGISO
STRATEGIC INVESTMENTS (PTY) LTD (BEE PARTNER) (Registration Certificate Number:
2002/032033/07)
100% WACO
SA SECURITY (PTY) LTD
74.9% WACO
AFRICA (PTY) LTD (owned by WACO SECURITY (PTY) LTD
(Registration Certificate Number: 2012/000665/07)
with the divisions of:
FORM-SCAFF (Registered in Ghana)
SGB-CAPE
SANITECH
ABACUS MODULAR
WACO MOZAMBIQUE LIMITADA (Registered in
Mozambique)
WACO TANZANIA (PTY) LTD (Registered in Tanzania)
WACO AFRICA EQUIPMENT RENTAL LTD (dormant)
(Registration Certificate Number: 1938/011914/06)
EDGLEN LTD (dormant)
(Registration Certificate Number: 1969/004829/06)
GLEN ANIL DEVELOPMENT CORPORATION LIMITED (PTY)
LTD (dormant)
(Registration Certificate Number: 1954/002774/06)
GLEN ANIL INVESTMENTS (PTY) LTD (dormant)
(Registration Certificate Number: 1949/034907/07)
FORM-SCAFF (PTY) LTD (Registered in South Africa),
which has a foreign branch FORM-SCAFF MAURITIUS
FORM-SCAFF SWAZILAND (PTY) LTD (Registered in
Swaziland) (dormant)
Foreign Branches of WACO AFRICA (PTY) LTD:
SGB-CAPE ZAMBIA
SGB-CAPE NAMIBIA
FORM-SCAFF NAMIBIA
FORM-SCAFF SWAZILAND
FORM-SCAFF ZAMIBIA
Australasian Operations:
100% WACO SA SECURITY (PTY) LTD (A subsidiary of
WACO INTERNATIONAL HOLDINGS (PTY) LTD
100% KWIKFORM ACQUISITION HOLDINGS (PTY) LTD
(Registration
Certificate Number: ACN 157779961)
100% WACO KWIKFORM AUSTRALIA (Registered in
Australia)
(Registration
Certificate Number: ABN 48002835369)
100% WACO KWIKFORM LEASING (PTY) LTD (Registered
in Australia)
(Registration
Certificate Number: ABN 98073932135) (dormant)
100% APL KWIKFORM (PTY) LTD (Registered in
Australia)
(Registration
Certificate Number: ABN 65010795785) with 2 branches :
APL NEW ZEALAND
UNITED SCAFFOLDING NEW
ZEALAND)
ASSOCIATE COMPANIES: continued
UK Operations:
PIPES UK (HOLDINGS)
(PTY) LTD (Registered in England)
WACO UK HOLDINGS LIMITED
(Registered in England)
WACO MOLULAR BUILDINGS
UK LTD (Registered in England)
WACO UK LIMITED
(Registered in England)
FORM-SCAFF CHILE S.A. (Registered
in Chile)
WACO MODULAR UK LTD
(Registered in England)
INTERLINK SUPPORT
SERVICES LTD (Registered in England) (dormant)
INTERLINK BUILDING
SYSTEMS (Registered in England) (dormant)
Please see the
organograms attached.
M G ELS (CEO) ID No. 6802215108088
S J M GOODBURN (Chairman) ID
No. 6307095021088
P D NGCOBO ID
No. 6512245560089
S P BURNETT ID
No. 6206010749080
G M SLABBERT (Alternate to M G ELS) ID No. 6507295160087
B TLHABANELO ID
No. 7702285362087
M R TOWLER ID
No. 6002075146084
N D KHOELE ID
No. 7207025328083
STANDARD BANK, Sandton Branch. Main Account Number: 023244569. Branch Code: 019205. It was stated that there are approximately 20
– 30 bank accounts held at the STANDARD BANK for the different divisions and
group companies. It was stated that the
subject enjoys overdraft facilities, however, the extent was not stated. The security held for the overdraft
facilities is pledge of assets. The
utilisation of the overdraft is to the full.
The group is managed by a cash management scheme controlled by M TOWLER,
the Company Secretary, at the holding company.
4 January 2012
Registration Certificate Number:2012/000665/07
WACO AFRICA (PTY) LTD
was established in March 2012, utilising a shelf entity styled BUSINESS VENTURE
INVESTMENTS NO 124 (PTY) LTD for registration purposes and incorporated the
assets and operations of WACO AFRICA 2005 (PTY) LTD, (Registration Certificate
Number: 2005/038286/07), into the concern. In May 2002 the name changed to WACO
SA (PTY) LTD and in July 2012 to the current name.
WACO AFRICA 2005 (PTY)
LTD is now dormant.
4320260534
9257083197
Level 2 contributor
SGB-CAPE does erection and hire and dismantling of
scaffolding and providing of industrial maintenance surfaces e.g. painting
thermal installations. SANITECH
sanitation supplying toilets as well as the maintenance thereof.
ABACUS MODULAR supplies rooms and buildings, as
well as the manufacturing distribution being selling and renting, as well as
the installation of these rooms and buildings.
FORM-SCAFF rents out scaffolding.
It was stated that the subject imports steel from
Asia, which is in turn manufactured in South Africa. It was stated that each division has its own
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.
Construction industry, construction companies and
industry in general. The largest contract
that the subject has at present is the ESKOM MODUPE POWER STATION which is
approximately 70 – 80 % of their turnover.
South Africa
Southern Africa doing the service and hiring of equipment etc.
Approximately 3 800, as well as approximately
between 2 500 to 4 000 labour brokers.
The divisions of FORM-SCAFF have approximately
50 branches, SGB-CAPE has 30 branches.
SANITECH has 25 branches and ABACUS MODULAR has 8 branches, as well as
the foreign branches, which numbers are included in the operating
divisions.
The head office premises are reported to be leased
while 80% of the branch premises are reported to be leased and 20% of the
branch premises are owned by WACO AFRICA (PTY) LTD and valued in the region of
R20 000 000 to R25 000 000 and mortgaged in favour of
STANDARD BANK.
Full financial information was not forthcoming from
respondents at the subject and outside authorities were unable to assist in
this regard.
KPMG Johannesburg
JUNE
AON INSURANCE BROKERS
Not available as each division has its own
suppliers
This is a recently established company which took over the assets and
operations of a well-established company. In the absence of a comprehensive
payment pattern and key financial information, we find we are unable to comment
on a maximum figure.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.84 |
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1 |
Rs.98.38 |
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Euro |
1 |
Rs.69.64 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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.