MIRA INFORM REPORT

 

 

Report Date :

24.10.2007

 

IDENTIFICATION DETAILS

 

Name :

CAPE CONFECTIONS CC

 

 

Formerly Known As :

CAPE SWEETENERS CC

 

 

Registered Office :

Nthombeni Way Plot 27, Noordhoek Cape Down,

 

 

Country :

South Africa

 

 

Date of Incorporation :

7 August 1986

 

 

Com. Reg. No.:

1986/014276/23

 

 

Legal Form :

Limited Liability

 

 

Line of Business :

Manufacturers and exporters of colourings, flavourings and other food ingredients

 

 

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

 

CAPE CONFECTIONS CC

 

Formerly CAPE SWEETENERS CC, the name having been changed on 16 August 1991.

 

TRADING NAME:           CAPE FOOD INGREDIENTS

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

Plot 22

936 Danieldale

Nthombeni Way

Noordhoek

Western Cape

 

POSTAL ADDRESS:     

 

P O Box 617

Noordhoek

7985

TELEPHONE NUMBER  : 021 789 1885

FAX NUMBER               : 021 789 1233

 

 

MEMBER

 

100%    B R LANTON     ID No. 5711035772182

 

 

ASSOCIATE COMPANIES

 

DELITE FOODS (PTY) LTD

 

B R LANTON is reported to have shares in some foreign companies which are also in a similar industry.

 

 

BANKERS

 

ABSA BANK Table View branch, Account Number: 01001326151.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the Member.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

7 August 1986

Registration Certificate Number:  1986/014276/23

 

The subject was commenced as a new business

 

 

VAT NUMBER

 

4080129374

 

 

MAJOR OPERATION

 

Manufacturers and exporters of colourings, flavourings and other food ingredients

 

 

MAJOR SUPPLIERS

 

The subject imports raw materials from China and India and deals locally with:

 

C J PETROW Cape Town

DAVID WRIGHT MARKETING (FLAVOROME) Johannesburg 

ROTOFLEX Pietermaritzburg

WALTONS STATIONERY Cape Town

CONTRACT FORWARDING Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Food manufacturers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries e.g. Zambia and Zimbabwe

 

 

TOTAL EMPLOYEES

 

21

 

 

OTHER PREMISES

 

The subject has a factory in Tokai (Cape Town).

 

OWNED OR LEASED

 

The heading premises are reported to be owned by the Member, while the factory premises are leased. 

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the company, however it was previously stated that the average turnover per annum is R15 000 000 and total group turnover per annum is reported to be R60 000 000.

 

 

AUDITORS

 

FRIEDBERG MILLER GRUFT & CO. Cape Town

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

PROMARK

 

 

TRADE REFERENCES – SEPTEMBER 2005:

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         4 yrs                 fluctuates          fluctuates          30 days             30 days             Good

 

2.         1½ yrs              R  30 000          R30 000            60 days             60 days             Good

 

3.         12 1994 R300 000          R50 000            30 days             30 days             Good

                                    c/l

 

 

TRADE REFERENCES – June 2007

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         09/1994 R    5 500          R  1 000-           30 days             30 days             Good

                                    c/l                     R  2 000

 

2.         2004                 R  10 000          R     500-           30 days             30 days             Very Good

                                    R10 000

 

3.         10 yrs+             R500 000          R60 000            30 days             30 days             Good

                                    c/l

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT         HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

            OPENED          CREDIT CREDIT                         PATTERN

 

1.         10 Yrs+-           R6 500              R2 000              30 days             30 days             Very Good

                                    C/L

 

2.         Old acc             declined figures                          30 days             30 days             Very Good

 

3.         Old acc             R500 000          R300 000-         30 days             30 days             Good

                                                            R500 000

 

 

COMMENTS

 

This is an established business meeting commitments timeously.  We have not traced dealings to an extent of  $1 000 000 and would prefer to see a far lesser amount spread and secured in view of the lack of full financial information.

 

 

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.

 

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