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Report No. : |
339934 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
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Name : |
VITAL HEALTH FOODS (PTY) LTD |
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Registered Office : |
Lavender Lane Kuilsriver Cape Town Western Cape P O Box
191 Kuilsriver 7580 |
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Country : |
South Africa |
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Date of Incorporation : |
03.09.1951 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacture, distribution and marketing of vitamins and health foods. |
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No. of Employees : |
±240 |
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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Maximum Credit Limits : |
€300 000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
VITAL HEALTH FOODS
(PTY) LTD
Lavender Lane
KUILSRIVER
Cape Town
Western Cape
P O Box 191
KUILSRIVER
7580
+27 21 903 3151 / 021 900 2500
+27 21 903 3158
www.vital.co.za
100% WOODWARD HOLDINGS (PTY) LTD
It was stated that the shareholding is in the process of change, however further information was not forthcoming from the respondent.
The shareholding changed in October 2010 and was previously:
87% WOODWARD HOLDINGS (PTY) LTD
10% BRAMDEN TRUST (in which Mr B W Dennison is involved)
3% VREDENHOF ENTERPRISES (PTY) LTD in which D J LOCH-DAVIS is involved
NATURAL FORMULAS LTD (British Virgin Islands)
VITAL HEALTH FOODS AUSTRALIA
VITALFARM (PTY) LTD (dormant)
100% V CIOLLI (PTY) LTD (property owning company)
There are reported to be property owning companies and other businesses in the group but the main operating company is the subject.
The
exact owning percentages of the subsidiaries were unknown to the respondent.
J A B GRIEVE (Ch) ID No. 4207315032083
G H GRIEVE (son) (MD) ID No. 7010065275085
K NASH ID No. 6407170028089
P S LEAF-WRIGHT ID No. 6112125080082
S G ALSTON ID No. 8003055186080
STANDARD BANK, Tyger Manor branch, account number 071970835. It was stated that the subject enjoys overdraft facilities to an extent of R5 million, unsecured. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
3 September 1951
Registration certificate number 1951/003081/07
VITAL HEALTH FOODS (PTY) LTD was established September 1951 as a new business.
4020101947
9290570280
Non-compliant
Manufacture,
distribution and marketing of vitamins and health foods.
The subject imports raw materials, gelatine and machine parts.
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.
Supermarkets,
health shops and pharmacies.
South
Africa
Worldwide
(Approx. 25 countries)
±240
The
subject has a depot in Johannesburg and agents in Port Elizabeth, East London and
Bloemfontein. The respondent stated that
the subject has agents worldwide (e.g. Zimbabwe, Kenya, Portugal, UK, United Arab
Emirates, Czech Republic).
The
head office premises are owned by the associate property owning company, and
bonded, however further information regarding the bond was not forthcoming from
respondents at the company.
The
following estimated financial situation was submitted as at 10 September 2015:
STOCK R 70 000 000
DEBTORS R 70 000 000
CREDITORS R 20 000 000
TURNOVER per annum R300
000 000
GRANT
THORNTON Kuilsrivier
FEBRUARY
AON
INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 12 Years R1 000 000 R600 000 30 days 30 days Excellent
c/l
2. 2 Years R 600 000 R600 000 30
days 30 days Excellent
3. 10 Years R
130 000 R75 000 25 days 25 days Very good
c/l
TRADE
REFERENCES JUNE 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 Years R1 500 000 R 800 000 - 30 days 30
days Very Good
c/l R1 500 000 +
2. Old acc R 200 000 R
100 000 - 25 days 25 days Very
Good
R 200 000 EFT
3. 2004 R 900 000+ R 45
000 - 30 days 30 days Very Good
R 900 000+
TRADE
REFERENCES - AUGUST 2012
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 18 Years open
acc R 1 000 000 30
days 30 days Excellent
2. 2006+ R 500 000 ±R5 000 000 30 days 30
days Very Good
3. unable to obtain a trade
reference
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years Open R500 000 60 days 60 days Very Good
2. 2006 R 500 000 Declined 30 days 30
days Very Good
c/l
3. 2007 R1 500 000 Declined 60
days 60 days Excellent
4. Do not give trade references
NATURE OF GOODS OR
SERVICES SUPPLIED:
(These descriptions relate respectively by number
to the above current trade transactions):
1. Packaging
2. Chemicals
3. Pharmaceutical
4. Chemicals
This is an established company meeting its commitments on time. No adverse information has been reported.
The subject is considered equal to a maximum of €300 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.58 |
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UK Pound |
1 |
Rs.102.29 |
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Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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
frobcalculated 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.