MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNNYFIELD PACKING COMPANY (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
30 August 1990 |
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Com. Reg. No.: |
1990/005197/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of rice and salt, plus other agricultural products
and the packaging, milling and marketing thereof. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
SUNNYFIELD PACKING COMPANY (PTY) LTD
PHYSICAL ADDRESS
MOBENI
Kwa-Zulu
POSTAL ADDRESS
4000
TELEPHONE NUMBER: 031 462 2332
FAX NUMBER: 031 462 5610
It was stated by the respondent that the subject moved from
SHAREHOLDERS
25% N M I ABDOOLA
25% A M ABDOOLA ISMAIL
25% N M I ABDOOLA
25% F M ABDOOLA
The above shareholders are reported to be brothers and it was stated that their respective trusts hold equal shares in the subject. The trusts were not named by the respondent.
ASSOCIATE COMPANIES
DISCERN INVESTMENTS (PTY) LTD
IQLAAS FOODS (PTY) LTD
CHECKOUT (PTY) LTD
ELANDSFONTEIN BEVERAGE MARKETING (PTY) LTD
HULLEY AND RICE (PTY) LTD
CAPITAL TOBACCO AND DISTRIBITION (PTY) LTD
FANG BROTHERS FAMILY TRUST
Plus other property companies, which names were not forthcoming.
DIRECTORS
N M I ABDOOLA
A M ABDOOLA ISMAIL
N M I ABDOOLA
F M ABDOOLA
BANKERS
ABSA BANK, Durban Business Branch as well as NEDBANK, Kruis Street Branch. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
30 August 1990
Registration Certificate Number: 1990/005197/07
It was stated by the respondent at the subject, that the directors were involved in the associated companies prior to commencing the subject.
VAT NUMBER
4660119480
MAJOR OPERATION
Importers of rice and salt, plus other agricultural products
and the packaging, milling and marketing thereof. It was stated that the subject is the second
largest seller of rice in
MAJOR SUPPLIERS
The subject imports most of its supplies and does its own shipping, clearing and forwarding, however the following list of suppliers was submitted:
EVEREST PLASTICS
BP SA
ORANJE SALT
CHEP
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Wholesalers, retailers and chain stores
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
EMPLOYEES
80 - 100
OTHER PREMISES
The subject has branches in
OWNED OR LEASED
The premises are reported to be owned by FANG BROTHERS FAMILY TRUST and valued in the region of R30 to 40 million, bonded in favour of STANDARD BANK. The branch premises are reported to be leased.
AUTHORISED SHARE
CAPITAL
R100 000 divided into 100 000 ordinary R1 shares
ISSUED SHARE CAPITAL
R100 000
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
SULTAN & ASSOCIATES
YEAR END
JUNE
INSURANCE BROKERS
NEW NATIONAL
TRADE REFERENCES –
SEPTEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 yrs R500
000 R400 000 30 days 30 days Very
Good
2. 9 yrs R280
000 N/A 30 days 30
days Very Good
3. Unable to obtain trade reference
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R800 000 R100 000 - 60 days 60 days Good
R600 000 2%
2. 1991 open R 30 000 - 30 days 30 days Very good
R 70 000
3. 12 yrs+ R700 000 R320 000 30 days 30 days Very good
COMMENTS
This is an established business which imports most of its supplies. The subject does its own clearing and forwarding. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure spread and secured.
During our investigation it was gathered that the company has not gone into liquidation, so far.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)