MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
GOLDKEYS INTERNATIONAL PREPACKS CC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.12.2002 |
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Com. Reg. No.: |
2002/102773/23 |
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Legal Form : |
Proprietor |
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Line of Business : |
Importing and Prepacking of Grain |
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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Maximum Credit Limit : |
$1 000 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
GOLDKEYS INTERNATIONAL PREPACKS CC
TRADING NAME:
GOLDKEY PREPACKERS
ADDRESS
PHYSICAL ADDRESS
Point
Kwazulu Natal
POSTAL ADDRESS:
4000
TELEPHONE NUMBER: (031) 337-7648
FAX NUMBER: (031) 368-6695
MEMBERS
100% A ALLY
(formerly 50% MS S A ALLY and 50% MS A ALLYS – sisters – this is reported to have changed.)
ASSOCIATE COMPANIES
ZAFAE FAMILY TRUST
BANKERS
FIRST NATIONAL BANK, Queen Street Branch, account number 62063746625. It was stated that the subject enjoys overdraft facilities to an extent of R500 000, unsecured. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
5 December 2002
Registration certificate number 2002/102773/23.
The subject was registered to take over the assets and operations of a company styled GOLD KEYS PREPACKS CC registration number 1992/004467/23 when the member bought out the remaining shares from his sister.
It was stated that Mr A Ally has a B.Com. degree in finance.
VAT NUMBER
4500211349
MAJOR OPERATION
The importing and prepacking of grain.
MAJOR SUPPLIERS
S A TRADE
FLEXO THENE
IMPACT FREIGHT
M & L SHIPPING
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers and wholesalers.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
65
OTHER PREMISES
OWNED OR LEASED
The head office premises are reported to be owned by a property
trust namely the Zafae Family Trust and the
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R 5 000 000
DEBTORS R18 000 000
CREDITORS R 3 500 000
LOANS Nil
TURNOVER Per month R15 000 000
AUDITORS
D S T
FINANCIAL YEAR END
FEBRUARY
INSURANCE BROKERS
PRAESIDIUM
TRADE REFERENCES –
SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Unable to obtain trade reference
2. Unable to obtain trade reference
3. Unable to obtain trade reference
4. 1999 R200 000 R300 000 30 days 30/45 days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±5 yrs declined declined 30 days 30 days Good
2. 1996 R 50 000 R200 000 60 days 30 days Very good
2.5%
3. 2 yrs R200 000 R130 000 30
days 60 days Average
COMMENTS
We have not traced dealings to an extent of $1 000 000 and would prefer to see a lesser figure on a spread and secured basis.
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%)