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MIRA INFORM REPORT
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Report No. : |
515813 |
|
Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
CANSMART (PTY) LTD |
|
|
|
|
Registered Office : |
7 Silver Lane
Ormonde Johannesburg Gauteng South
Africa 2091 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
25.08.2009 |
|
|
|
|
Com. Reg. No.: |
2009/016682/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
The subject operates as
a manufacturer and wholesaler of tin cans. |
|
|
|
|
No. of Employees : |
60 [Permanent] 3 [Casual] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. 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 but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.
South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; 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 government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.
|
Source
: CIA |
COMPANY INFORMATION
OVERVIEW
|
History |
CANSMART (PTY) LTD was registered in August 2009, and operations commenced in
March 2010. |
STATUTORY INFORMATION
|
Registered Name |
CANSMART |
|
Registration Number |
2009/016682/07 |
|
Type Of Company |
Private Company |
|
Registered Date |
25/08/2009 |
|
Date Commenced Trading |
03/2010 |
|
Commercial Status |
In Business |
|
Financial Year End |
February |
CONTACT DETAILS
|
Contact Number |
+27 11 830 2566 |
|
Email Address |
|
|
Fax Number |
+27 11 803 1621 |
|
Website |
|
|
Social Media Presence |
The subject does not have a social media presence. |
|
Registered Physical Address |
7 Silver Lane
Ormonde Johannesburg Gauteng South
Africa 2091 |
|
Trading Physical Address |
7 Silver Lane
Ormonde Johannesburg Gauteng South
Africa 2091 |
|
Postal Address |
P O Box 1437 Crown Mines Gauteng South Africa 2025 |
TAX INFORMATION
|
Income Tax Number |
9070296190 |
VAT INFORMATION
|
VAT Status |
The subject is registered for VAT (VAT number/s made available) |
|
VAT Number |
4130254131 |
|
Status |
Active |
|
Registered Name |
CANSMART (PTY) LTD |
OFFICERS
AND PROFESSIONAL SERVICES
LIST OF OFFICERS AND PROFESSIONAL SERVICES
|
Type |
Name |
Contact Name |
Contact Number |
|
Insurance |
Prospes |
|
|
|
Auditor |
Grant Thornton |
Keagan Singh |
+27315765500 |
OWNERSHIP
STRUCTURE
SHAREHOLDING INFORMATION
CURRENT
|
Shareholder/Member Name |
Share/Interest |
Type |
Comment |
|
Poonam Morar |
50% |
Shareholder |
|
|
Yagnesh Gosai |
50% |
Shareholder |
|
|
Associated Companies |
Share |
Type |
Comment |
|
Pride-Pak Packaging (Pty) Ltd |
50% |
Associate |
|
|
Sachi Holding (Pty) Ltd |
50% |
Associate |
|
|
Expectra 239 (Pty) Ltd |
50% |
Associate |
|
|
Chandski Investments (Pty) Ltd |
50% |
Associate |
|
|
K K And M Investments (Pty) Ltd |
50% |
Associate |
|
PRINCIPAL
INFORMATION
Director / Member
|
Full Name |
ID No. |
Type |
Status |
DOA |
Active Interests |
Previous Interests |
Judgments |
Fraud Listing |
|
Poonam Morar |
8006220102080 |
Director |
Active |
20/05/2016 |
7 |
0 |
0 |
0 |
|
Yagnesh Gosai |
7803305033086 |
Director |
Active |
25/08/2009 |
9 |
0 |
0 |
0 |
|
Jogeetaben Gosai |
8007280151082 |
Director |
Resigned |
19/11/2009 |
0 |
0 |
0 |
0 |
ACTIVE BUSINESS INTERESTS: Poonam Morar
|
Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
|
Kk And M Investments |
2017/516386/07 |
In Business |
Active |
Director |
0 |
|
Chandoo Gosai Foundation Fund |
2016/008121/08 |
AR Deregistration Process |
Active |
Director |
0 |
|
Sachi Holding |
2015/065445/07 |
In Business |
Active |
Director |
0 |
|
Pride-Pak Packaging |
2002/002038/07 |
In Business |
Active |
Director |
0 |
|
Chandski Investments |
2001/012548/07 |
In Business |
Active |
Director |
0 |
|
Expectra 239 |
2001/016688/07 |
In Business |
Active |
Director |
0 |
|
Tanawize |
2014/094929/07 |
In Business |
Active |
Director |
0 |
ACTIVE BUSINESS INTERESTS: Yagnesh Gosai
|
Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
|
Pride-Pak Packaging |
2002/002038/07 |
In Business |
Active |
Director |
0 |
|
Chandski Investments |
2001/012548/07 |
In Business |
Active |
Director |
0 |
|
Dial-A-Box |
2001/008719/07 |
Deregistration Final |
Active |
Director |
0 |
|
Chandoo Gosai Foundation Fund |
2016/008121/08 |
AR Deregistration Process |
Active |
Director |
0 |
|
Tanawize |
2014/094929/07 |
In Business |
Active |
Director |
0 |
|
Expectra 239 |
2001/016688/07 |
In Business |
Active |
Director |
0 |
|
Ormonde Extension 44 Property Owners Association |
2010/011081/08 |
In Business |
Active |
Director |
0 |
|
Pride - Pak Engineering |
2008/018022/07 |
Deregistration Final |
Active |
Director |
0 |
|
Sachi Holding |
2015/065445/07 |
In Business |
Active |
Director |
0 |
Management
No principals found for this principal type.
Officer
No principals found for this principal type.
Other
No principals found for this principal type.
BANK
ACCOUNT INFORMATION
BANK ACCOUNT CLIENT REQUESTED DETAILS
|
Account Reference Number |
Account Holder |
Account Number |
Bank Name |
Branch Name |
Branch Code |
Verification Status |
|
ABB144118 |
CANSMART (PTY) LTD |
200067192 |
STANDARD BANK |
THE GLEN |
051001 |
Verified by Bank Code |
BANK ACCOUNTS
|
Account Reference Number |
Account Holder |
Account Number |
Bank Name |
Branch Name |
Branch Code |
Verification Status |
|
ABB128229 |
CANSMART (Pty) Ltd |
200067192 |
Standard Bank (South Africa) |
THE GLEN |
051001 |
Verified by Bank Code |
OPERATIONAL
ACTIVITIES
|
Operational Activities
Status |
The following information was provided |
|
Industry |
Manufacturing & Wholesale |
|
Major Industry SIC Code |
25991 - Manufacture of metal cans |
|
NACE Code |
25,99 - Manufacture of other fabricated metal products n.e.c. |
Major operation
|
Major Business Activities |
The subject operates as a manufacturer and wholesaler of tin cans. |
|
Foreign Trade Activities |
International |
|
Agencies Held |
Subject holds no agencies. |
|
Franchises Held |
The subject holds no franchises. |
|
Major Suppliers |
· Valspar ·
Ceva
Logistics ·
S G Agility · Henkel S A |
|
Major Customers |
·
Giants ·
Peppadew ·
Miami ·
Pakco · Nestle |
|
Major Brands |
Cansmart |
|
Major Contracts |
Subject does not operate on a contract basis. |
Import
Activities
Subject Imports
|
Imports From |
To the value of |
|
·
India ·
China · Canada |
|
Export
activities
Subject exports
|
Exports To |
To the value of |
|
Zimbabwe |
|
GENERAL
COMMENTS
General Comments The subject
imports most of its supplies and only makes small purchases locally for minor
necessities.
OPERATIONAL
FOOTPRINT
Operational Footprint Status The following
information was provided
BRANCH
& PREMISES INFORMATION
|
Location |
Description/Type |
# of Staff |
Rented or Owned |
Lease Expiry Date |
|
Johannesburg |
·
Office ·
Warehouse ·
Factory |
60 |
Leased |
N/A |
EMPLOYEES
|
Permanent Employees |
60 |
|
Casual Employees |
3 |
COMPANY
FLEET
Total Vehicles 3
The fleet is made
up of:
Forklift 3 Owned
FINANCING
TERMS
|
Sales Terms |
30 Days |
|
Overdraft Facility |
The Subject has an overdraft facility. |
|
Overdraft |
16,000,000 ZAR |
|
Overdraft Usage |
Regularly |
|
Sureties |
The Principals have not signed sureties. |
|
Debtors Ceded |
Debtors have been ceded. |
|
Debtors Factored |
Debtors have not been factored. |
|
Bonds |
The Subject has no bonds. |
GENERAL
COMMENTS
General Comments The premises are leased from the associate company
PRIDE-PAK PACKAGING (PTY) LTD.
FINANCIAL
FIGURES
GENERAL COMMENTS
General Comments Financial figures
not made available.
TRADE REFERENCES
|
Trade Reference |
Date |
Trade Score |
Terms Given (Taken) in days |
Monthly Limit Given (Taken) |
Account Opened |
Payment Trend (prev. 3 years) |
Account Insured |
Notes |
||
|
TR18062054 |
20/06/2018 |
N/A |
|
|
|
100% |
|
|
|
Relevant person unavailable |
|
TR18062053 |
20/06/2018 |
Neutral |
30 Days (30 Days) |
Confidential (Confidential) |
not stated |
50% |
|
|
No |
This is a good account, however, respondents stated that they normally do not give trade references and that is why they declined figures. |
|
TR18062052 |
20/06/2018 |
N/A |
|
|
|
|
|
|
|
Company policy not to provide trade references |
|
TR18062029 |
20/06/2018 |
N/A |
|
|
|
|
|
|
|
Awaiting response |
|
TR18012266 |
22/01/2018 |
N/A |
|
|
|
|
|
|
|
Dormant account |
|
TR18012265 |
22/01/2018 |
Neutral |
30 Days (30 Days) |
Open Account (400,000) (ZAR) |
2013 |
50% |
|
|
No |
This is a good account. |
|
TR171221117 |
21/12/2017 |
N/A |
|
|
|
|
|
|
|
Company policy not to provide trade references |
|
TR171221113 |
21/12/2017 |
N/A |
|
|
|
|
|
|
|
No record of account |
|
TR170626143 |
26/06/2017 |
N/A |
|
|
|
|
|
|
|
Awaiting response |
TRADE REFERENCE ANALYTICS
|
Number of valid
Trade References |
4 |
|
Overall Trade
Score |
75% |
|
Average Usage of
Terms |
100% |
|
Average Monthly Purchase |
400,000 ZAR |
|
Average Usage of
Credit Limit |
0% |
GENERAL COMMENTS
|
General Comments |
Further creditor details were not made available for
trade reference purposes. |
COURT
NOTICES
· No judgments on file in the name of the subject
· No liquidation applications on file in the name of the subject
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.95 |
|
Euro |
1 |
INR 78.85 |
|
ZAR |
1 |
INR 5.05 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.