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Report No. : |
337975 |
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Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SANSPAR ENGINEERING SALES (PTY) LTD |
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Registered Office : |
39 Industry Road Paardeneiland Cape Town
Western Cape Town |
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Country : |
South Africa |
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Date of Incorporation : |
09.10.1972 |
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Com. Reg. No.: |
1972/010571/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The subject operates as retailers and wholesalers
of various types of valves, caskets, manhole covers, couplings and saddles. |
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No. of Employees : |
50 permanent employees, having increased
from 28 reported in 2012. |
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 – 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.
|
Source
: CIA |
COMPANY NAME: SANSPAR ENGINEERING SALES
(PTY) LTD
PHYSICAL ADDRESS: 39 Industry Road
PAARDENEILAND
Cape Town
Western Cape
POSTAL
ADDRESS: P
O Box 273
PAARDENEILAND
7420
TELEPHONE
NUMBER: +27 21
511 0283 / 4
FAX NUMBER: +27 21 511 6993
EMAIL
ADDRESS: info@sanspar.co.za
100% G
C KIRTON
The shareholders have changed and were
previously:
90% G
C KIRTON
10% N
ROSSOUW
The shareholding changed in July 2008 having
previously been 100% G C KIRTON.
CAMKIR INVESTMENTS (PTY) LTD
Registration Certificate Number: 1995/009939/07
– property owning company
ERF 17722 PAARDEN EILAND CC
Registration Certificate Number:
1993/002976/07 – property owning company
The percentages for the associate companies
were not confirmed. It was stated that the companies are associated through the
director G C KIRTON.
G C KIRTON ID
No. 4601235058006
STANDARD BANK Milnerton branch (code 026509)
Account number 071183523. It was stated that the subject enjoys overdraft
facilities in excess of R7 500 000, secured by the personal guarantee of the
shareholder. Utilisation of the overdraft is nil as normally credit balances
are maintained at the bank.
9 October 1972
Registration Certificate Number:
1972/010571/07
SANSPAR ENGINEERING SALES (PTY) LTD was established
in October 1972.
4240103814
9720304030
Non-compliant
The subject operates as retailers and
wholesalers of various types of valves, caskets, manhole covers, couplings and saddles.
The subject imports from the East 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.
Industry in general e.g. industrial building
contractors, boilermakers, engineering industry, municipalities, irrigation
- and agricultural industry.
South Africa
Occasionally neighbouring countries.
50 permanent employees, having increased from
28 reported in 2012.
The subject has a branch in Boksburg.
The premises are reported to be owned by ERF
17722 CC, market value in the region of R3 300 000, bonded in favour of Standard
Bank. It was stated that there is also a property at 7 Bridgewater Street,
Paardeneiland owned by CAMKIR INVESTMENTS (PTY) LTD (property holding
company). The branch premises in
Boksburg are reported to be leased.
Full financial information
was not forthcoming from respondents at the subject and outside authorities
were unable to assist in this regard, however, historical information dated 17
August 2012 reads as follows:
STOCK R 15 000 000
DEBTORS R7 000 000
- R 8 000 000
PROPERTY R 8 000 000
CREDITORS local R 630
000
TURNOVER per annum ±R35 000 000
AUDITORS: NOLANDS, Cape Town
YEAR END: FEBRUARY
INSURANCE
BROKERS: RISK
BENEFIT SOLUTIONS INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1984 R200
000 R200 000 30 days 30 days Good
2. 30 years R20 000 R10
000 30 days 30 days Excellent
-R20 000
3. 15 years R500 000 R100
000 30 days 30 days Excellent
-R500 000 2˝%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1983 R350 000 R60 000 30
days 30 days Good
2. 30
years Declined R
10 000 - 30 days 30 days Good
R600
000
3. 2001
R800 000 R
600 000 - 30 days 7/30 days Good
c/l R1 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R1 000 000 R100 000- 30
days 30 days Very Good
R1 000 000
2. 4
Years R100 000 R10 000- 30
days 30 days Very Good
R90 000
3. Awaiting
fax trade reference
4. Awaiting
fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Unable
to obtain trade reference-there is no record of an account.
2. Unable
to obtain trade reference-debtor’s clerk is not available.
3. Awaiting
emailed trade reference.
4. 2010 R120 000 R70 000 30
days 30 days Good
(These descriptions relate respectively by number to the above current
trade transactions):
4. Pipes
This is an established
business meeting its commitments timeously. The subject is considered equal to
its normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
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UK Pound |
1 |
Rs.101.22 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
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.