MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
FESTAL TRADING (PTY) LTD |
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Registered Office : |
92 Johnson Road, Maydon
Wharf, Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
12 October 2001 |
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Com. Reg. No.: |
2001/024603/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Packing and distribution of rice and grain food products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
FESTAL TRADING (PTY) LTD
TRADING NAME
INDEPENDENT FOOD PROCESSORS
PHYSICAL ADDRESS
92 Johnson Road
Maydon Wharf
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 3093
PRESTONDALE
4021
TELEPHONE NUMBER: 031 205 4244
FAX NUMBER: 031 205 4246
SHAREHOLDERS
20% SHAISEY TRUST
19% PAUL COUZYN FAMILY TRUST
19% PETER ALCOCK FAMILY TRUST
SIMSEY TRUST
ALLISTER WHEATELY
JACQUEST WICKENS FAMILY TRUST
ARTZ TRUST
JUAN DEL VALLE FAMILY TRUST
NAKFAM TRUST
The Shareholding was previously 100% R P DESAI having been changed in September 2006.
ASSOCIATE COMPANIES
PAKCO (PTY) LTD
BEFULA INVESTMENTS (PTY) LTD
R P DESAI is reported to be involved in the associate companies
DIRECTORS
P ALCOCK ID No. 4310105108087
P COUZYN ID No. 5804125133082
R P DESAI ID No. 5901315158083
A G WHEATELY ID No. 4411075080080
BANKERS
STANDARD BANK, Durban Branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
12 October 2001
Registration Certificate Number 2001/024603/07
The subject utilised a dormant company for registration purposes and commenced trading in August 2006.
VAT NUMBER
4410207726
MAJOR OPERATION
Packing and distribution of rice and grain food products
MAJOR SUPPLIERS
The subject imports from India and pays in advance and deals locally with:
SMART INTERNATIONAL
DLA GRAINS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retail chain stores and wholesalers, e.g. Pick ‘n Pay, Spar and Boxer
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
10 permanent and 40 casuals
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
AUTHORISED SHARE CAPITAL
R2000 divided into 2000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
AUDITORS
PRICEWATERHOUSECOOPERS
YEAR END
JUNE
INSURANCE BROKERS
V K
TRADE REFERENCES – AUGUST 2006
Too new to comment
TRADE REFERENCES – JUNE 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 08/2006 R2 000 000 R2 000 000 60 days 60 days Very good
2. 1 yrs R7 000 000 R3 000 000 60 days 60 days Very good
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1 yr open R2 000 000 30 days 30 days Very good
2. declined declined R5 000 000 - 45/60 day 45/60 days Excellent
R6 000 000
COMMENTS
This is a newly operative and well connected business meeting its commitments timeously. The subject appears to be able to handle a figure of US$1 000 000 over 60 days but in view of the infancy of the concern, security for such dealings would be prudent.
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. |
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%)