MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION
DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
23 August 1971 |
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Com. Reg. No.: |
1971/009592/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, packers and wholesalers of rice. |
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
PHYSICAL ADDRESS
PAARDENEILAND
POSTAL ADDRESS
PAARDENEILAND
7420
TELEPHONE NUMBER: 021 511 0806
FAX NUMBER: 021 511 6311
SHAREHOLDERS
BERNARD FIG (6 shares)
DAVID FIG (6 shares)
DENNIS FIG (18 shares)
GABRIEL SACKS WILL TRUST (the trustees - 12 shares)
THE LONGLEAT TRUST (42 shares)
ASSOCIATE COMPANIES
CHOPSTICK PROPERTIES CC (property owning company)
AUTOMATIC FOOD PACKING COMPANY (PTY) LTD (property owning company)
DIRECTORS
D FIG
B FIG (MD) (Son)
BANKERS
STANDARD BANK, Milnerton branch, account number: 071181121. It was stated that the subject enjoys overdraft facilities to an extent of R1.9 million, secured by a cession of debtors. Utilisation is stated to fluctuate. It was stated that the subject also has a call account with STANDARD BANK.
DATE REGISTERED
23 August 1971
Registration
Certificate Number 1971/009592/07
The subject was
commenced as a new business.
VAT NUMBER
4610107692
MAJOR OPERATION
Importers, packers and wholesalers of rice under the brand name “CHOPSTICK” and “PADDY” and also legumes e.g. split peas, sugar beans, lentils etc.
MAJOR SUPPLIERS
The subject imports from
PENINSULA PACKAGING CapeTown
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retail chain stores
e.g. Pick ‘n Pay etc.
AREA OF DISTRIBUTION
AND SELLING
Mainly the
EXPORTS
Occasionally to
TOTAL EMPLOYEES
35
OTHER PREMISES
The subject has
agents in
OWNED OR LEASED
The premises are reported to be owned by AUTOMATIC FOOD PACKAGING COMPANY (PTY) LTD with a market value in the region of R2.5 million, free of bond.
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R84
The following estimated financial situation was submitted:
STOCK R 5 000 000
DEBTORS R 4 000 000
FIXED ASSETS net book value R 4 500 000
CREDITORS R 1 500 000
SHAREHOLDERS LOANS R 4 000 000
TURNOVER per annum R30 000 000
AUDITORS
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES –
NOVEMBER 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs+ R500
000 R50 000 30 days 30 days Excellent
c/l 2˝%
2. Old acc. ±R50 000 R50
000± 30 days 30 days Excellent
2˝%
3. Old acc. R50 000 R20
000± - 30 days 30 days Very good
R50
000
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±10 yrs open R85 000 30 days 30
days Very good
2. 2 yrs+ R200
000 R50 000 30 days 30 days Very
good
3. 06/2007 R 15 000 R12
000 30 days 30 days Too new to comment
COMMENTS
This is an established
company meeting commitments timeously. We have not traced dealings to an extent
of US$1 000 000 DA and suggest a far lesser amount spread.
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%)