MIRA INFORM REPORT

 

 

 

Report Date :

05.12.2008

 

IDENTIFICATION DETAILS

 

Name :

FRIMAX FOODS (PTY) LTD

 

 

Registered Office :

15 / 17 Lakeview Place, Riverview Industrial, Verulam, Kwazulu - Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

11.09.1981

 

 

Com. Reg. No.:

1981/009118/07.

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Snack Food Manufacturers, e.g. Chips and Popcorn

 

 

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     

 

FRIMAX FOODS (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

15 / 17 Lakeview Place

Riverview Industrial

VERULAM

Kwazulu - Natal

 

 

POSTAL ADDRESS   

 

P O Box 1995

VERULAM

4340

 

TELEPHONE NUMBER:             032 533 8616 / 7 / 8

FAX NUMBER:                         032 533 8622

 

 

SHAREHOLDERS

 

M H ESSA (father)

A K ESSA (son)

M S ESSA (son)

A F ESSA (son)

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

M H ESSA                    ID. No. 4504055091059

A K ESSA                     ID. No. 7311095215087

M S ESSA                    ID. No. 7507165142081

A F ESSA                     ID. No. 7705195181083

 

 

BANKERS

 

ABSA Business Centre Kwa–Zulu Natal. Acc. No. 4046542842. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

11 September 1981

Registration Certificate Number: 1981/009118/07.

 

It was stated that the subject commenced as a new business.

 

 

VAT NUMBER    

 

4010102764

 

 

MAJOR OPERATION

 

Snack food manufacturers, e.g. chips and popcorn.

 

 

MAJOR SUPPLIERS

 

NEDAN OIL, Durban

PRIDE MILLING, Free State

McCORMICK SA

PLASTICWRAP

MICOR, Durban

SCHENCKER FREIGHT, Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers, e.g. Game, Shoprite, Diskom, Hyperamas,  general trade and schools.

 

 

AREA OF DISTRIBUTION AND SELLING 

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

300+

 

 

OTHER PREMISES   

 

The subject is reported to have branches in Johannesburg and Cape Town and is reported to have agents in Johannesburg and Durban.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject.

 

 

ISSUED SHARE CAPITAL    

 

R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

 

 

AUDITORS

 

LOGIE GOVENDER & CO, Durban

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MARSH

 

 

TRADE REFERENCES – OCTOBER 2002

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         1992                 R400 000          R300 000          30                     30                     Very good

 

2.         5 yrs+               R1.2 mill           R1 mill              30                     30                     Very good

 

3.         Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old Acc                        R5 000 000        R5 000 000        30 days             30 days             Good

 

2.         ±11 yrs             R8 000 000        ±R   400 000 -    30 days             30 days             Very Good

                                                              R1 000 000

 

3.         Do not give trade references.

 

4.         5 yrs                 R1 000 000        ±R800 000         30 days             30 days             Excellent

                                    c/l

 

 

COMMENTS

 

This is an established company meeting commitments timeously.  The subject is considered as equal to US$1 000 000 spread over 90 days. The lack of financial information should be borne in mind.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.69

UK Pound

1

Rs.72.96

Euro

1

Rs.63.46

 

 

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