MIRA INFORM REPORT

 

 

Report Date :

9th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

BLUE ATLANTIC TRADING (PTY) LTD

 

 

Registered Office :

4 Vibra Street, Philippi, Cape Town, Western Cape.

 

 

Country :

South Africa

 

 

Date of Incorporation :

13.03.1995

 

 

Com. Reg. No.:

1995/002218/07

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importers and sellers of seafood products.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME     

 

BLUE ATLANTIC TRADING (PTY) LTD

 

 

PHYSICAL ADDRESS

 

4 Vibra Street

PHILIPPI

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 42891

OTTERY

7808

 

 

TELEPHONE NUMBER   

 

(021) 690-1400

 

 

FAX NUMBER

 

(021) 690-1410

 

 

SHAREHOLDERS

 

50%      SNOEK WHOLESALERS (PTY) LTD

50%      BLUE CONTINENT PRODUCTS (PTY) LTD

 

 

ASSOCIATE COMPANIES         

 

The following companies are within the SNOEK WHOLESALERS (PTY) LTD group of companies:

 

Ø       THOMSON & THOMSON (PTY) LTD (property owning company)

Ø       GOURMET FISH PRODUCTS (PTY) LTD

Ø       THOMSON & THOMSON GOURMET (PTY) LTD

Ø       ELLALOU (PTY) LTD

 

The following companies are within the OCEANA GROUP of companies, and linked to BLUE CONTINENT PRODUCTS (PTY) LTD:

 

COMMERCIAL COLD STORAGE PAARDENEILAND (PTY) LTD

T R T SHIPPING SERVICES (PTY) LTD

TUNA MARINE (PTY) LTD

CALAMARI FISHING (PTY) LTD (100% subsidiary of Blue Continent Products (Pty) Ltd)

ERONGO SEA PRODUCTS (PTY) LTD (100% subsidiary of Blue Continent Products (Pty) Ltd).

 

 

DIRECTORS

 

B S ZIVE (Father)

R J ZIVE (Son)

P E BURTON

A MARSHALL

R NICOL

 

 

BANKERS

 

STANDARD BANK, Cape Town Corporate Branch.  It was stated that the subject has overdraft facilities available, secured by shareholders’ guarantees and a cession of debtors.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE STARTED

 

13 March 1995

Registration Certificate Number: 1995/002218/07.

 

The original partnership had been operating since April 2002.  The subject was a shelf company that began trading on 1 October 2004 and was previously reported to have been a partnership between SNOEK WHOLESALERS (PTY) LTD and BLUE CONTINENT PRODUCTS (PTY) LTD, trading as BLUE ATLANTIC TRADING.

 

 

VAT NUMBER

 

4770213777                                                                                                                              

 

 

MAJOR OPERATION

 

Importers and sellers of seafood products.

 

 

MAJOR SUPPLIERS

 

It was stated that the subject purchases most of its supplies from group companies.

 

TRT SHIPPING Cape Town (associate company)

VIKING FISHING Cape Town

OCEAN STAR  Cape Town

G F VERVOER  Cape Town

           

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and public.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

20

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by THOMPSON & THOMPSON (PTY) LTD

 

Full financial information was not forthcoming from respondents at the company.  It was, however, stated that the approximate turnover per annum is in the region of R150 000 000.

 

 

AUDITORS    

 

DELOITTE

 

 

FINANCIAL YEAR END  

 

SEPTEMBER

 

 

INSURANCE BROKERS 

 

ALEXANDER FORBES INSURANCE BROKERS

 

 

TRADE REFERENCES

 

                  ACCOUNT   HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED     CREDIT         CREDIT          PATTERN

 

1.                5+ yrs         do not disclose figures            30 days    30 days        Very good

 

2.                3 yrs           R600 000        R600 000        30 days    30 days        Very good

 

3.                3 yrs           R250 000        R250 000        30 days    30 days        Very good

 

                                                                       

COMMENTS

 

This is a newly operative company that was formerly a partnership.  The subject is meeting commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see such dealings on a spread basis.  The lack of full financial information should be borne in mind.

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions