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MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRENCH INDUSTRIES SA (PTY) LTD |
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Registered Office : |
57 Forssman
Close, Barbeque Downs, Kyalami, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
17.11.1956 |
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Com. Reg. No.: |
1956/002972/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Distributors of Essential Oils and Raw Materials |
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
FRENCH INDUSTRIES SA (PTY) LTD
TRADING NAME
COSMA
PHYSICAL ADDRESS
57 Forssman Close
Barbeque Downs
KYALAMI
Gauteng
POSTAL ADDRESS
P O
Box 87493
HOUGHTON
2041
Telephone Number: 011 466 3055
Fax Number: 011
466 3059
SHAREHOLDERS
100% E
P G MAUGER
ASSOCIATE COMPANIES
It was stated that E P G MAUGER is involved in other businesses, the
names of which were declined by the respondent.
DIRECTORS
E P G MAUGER ID No.
3908245089108
BANKERS
FIRST NATIONAL BANK, Wierda Valley branch (260950). It was stated that the subject enjoys
overdraft facilities, secured by the personal guarantee of the
Shareholder. Utilisation is stated to
fluctuate.
DATE REGISTERED
17 November 1956
Registration Certificate Number: 1956/002972/07
The subject was commenced as a new business.
VAT NUMBER
4010103127
MAJOR OPERATION
Importers and distributors of essential oils and raw materials.
MAJOR SUPPLIERS
The subject imports most of its supplies from France and deals locally
with:
RHEEM SA, Johannesburg
SAVANNAH FINE CHEMICALS, Johannesburg
BROAD SPEED, Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Perfume and household manufacturing industry.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
4
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be owned by the subject, free of bond.
AUTHORISED SHARE CAPITAL
R10 000 divided
into 5 000 ordinary shares of R2 each
ISSUED SHARE CAPITAL
R10 000
The following estimated financial situation was submitted:
STOCK at cost R 1 000 000
DEBTORS R 1 000 000
CREDITORS R 1 000 000
TURNOVER per annum R10 000 000
AUDITORS
CHARLES ORBACH & CO, Illovo
YEAR END
FEBRUARY
INSURANCE BROKERS
SERRA
TRADE REFERENCES – MARCH 2008
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 01/2007 R59
804 R 6 500 - 30 days 32 days Good
R59
804
2. 9 yrs R20
000 R10 000 - 30 days 30
days Good
c/l R20 000 – haven’t bought for 3
months
3. Awaiting a fax trade reference
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1999 R23
000 R 9 000 30 days 30 days Good
Have not purchased in a while
2. 01/2007 R25
000 R 6 000 30 days 30 days Very
good
c/l sporadic purchases
3. 2-3 yrs declined declined 30 days 30 days Good
COMMENTS
This is a well established company, which
imports most of its supplies. The
subject is meeting its moderate commitments timeously. The subject is considered equal to its moderate
business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)