MIRA INFORM REPORT

 

 

Report Date :

11.06.2007

 

IDENTIFICATION DETAILS

 

Name :

PARAMOUNT MILLS (PTY) LTD

 

 

Registered Office :

4 Rayon Road, Gately, Beacon Bay, East London, Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.07.1998

 

 

Com. Reg. No.:

1998/013295/07

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Maize and wheat millers and rice packers

 

 

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

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

PARAMOUNT MILLS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

4 Rayon Road

Gately

Beacon Bay

East London

Eastern Cape

 

POSTAL ADDRESS

 

P O Box 15217

EAST LONDON

5205

 

TELEPHONE NUMBER: 043 731 2444

 

FAX NUMBER:  043 731 2577

 

 

SHAREHOLDERS

 

W G DU PREEZ           

B A SPANJAARD

R B SPANJAARD

P E SWANEPOEL

A H VARDY

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

W G DU PREEZ                        ID No. 7109305238083

B A SPANJAARD                      ID No. 6412165182008

R B SPANJAARD (brother)         ID No. 6205165253005

P E SWANEPOEL                     ID No. 6703285149087

A H VARDY                              ID No. 5804185122009

 

 

BANKERS

 

STANDARD BANK, East London Branch.  It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors.  Utilisation is stated to fluctuate.

 

DATE REGISTERED

 

10 July 1998

Registration Certificate Number: 1998/013295/07

 

 

Vat Number

 

4100175969

 

 

MAJOR OPERATION

 

Maize and wheat millers and rice packers

 

 

MAJOR SUPPLIERS

 

SENVEST

ATLAS TRADING

KAAP AGRI

TAURUS PACKING

NAMPAK SACKS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

 

AREA OF DISTRIBUTION AND SELLING

 

Eastern Cape

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

250

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject and valued in the region of R10 million, bonded in favour of STANDARD BANK, to an extent of R3 million.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         R  10 000 000

DEBTORS                     R  18 000 000

FIXED ASSETS             R  20 000 000

PROPERTY                  R  10 000 000

CREDITORS                  R    6 000 000

OVERDRAFT                Nil

TURNOVER per annum  R150 000 000

 

 

AUDITORS

 

MOORES ROWLAND

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

                                                                                   

TRADE REFERENCES

 

 

PERIOD            HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

                                    CREDIT CREDIT             PATTERN

 

1.         2 yrs                 R10 000 000      R6 000 000        21 days 21 days Excellent

 

2.         5 yrs                 declined            declined            30 days 30 days Very good

 

3.         5-10 yrs            R500 000          R200 000          30 days 30 days Very good

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 over 90 days.

 

 

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

 

 

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%)

 

 

 

 

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