MIRA INFORM REPORT

 

 

 

Report Date :

16.12.2008

 

IDENTIFICATION DETAILS

 

Name :

CROWN CHICKENS (PTY) LIMITED

 

 

Registered Office :

Kruisriver Road, Uitenhage, Port Elizabeth, Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

21.02.1991

 

 

Com. Reg. No.:

1991/000935/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Fresh and frozen poultry manufacturing and distributing and value added food processing, feed mill and the breeding and hatching of day old chicks.

 

 

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

 

CROWN CHICKENS (PTY) LIMITED

 

 

TRADING NAME

 

ROCKLANDS POULTRY

ROCKLANDS ANIMAL FEEDS

 

 

PHYSICAL ADDRESS    

 

Kruisriver Road

Uitenhage

Port Elizabeth

Eastern Cape

 

 

POSTAL ADDRESS   

 

P O Box 124

Uitenhage

6230

Telephone Number:   041 955 5460 / 1700

Fax Number:                086 688 8795

 

 

SHAREHOLDERS

 

100%    SOVEREIGN FOOD INVESTMENT LTD, quoted on the JSE Ltd.

 

 

ASSOCIATE COMPANIES

 

Companies within the SOVEREIGN FOOD INVESTMENT Group.

 

 

DIRECTORS

 

C COOMBES                 ID No. 6606115827089

M J B DAVIS                 ID No. 6111275010089

E DU PREEZ                 ID No. 7411015129085

M MANLEY                   ID No. 6009045117087

B J VAN RENSBURG     ID No. 7111085091088

G G WALTER                ID No. 7209045039088

 

 

BANKERS

 

STANDARD BANK, Port Elizabeth branch.  It was stated that the subject has an overdraft facility available to an extent of R2.5 million.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

21 February 1991

Registration certificate number 1991/000935/07

 

Respondents stated that the subject was commenced as a new business, but on further investigation it was found that the company, named ROCKLANDS POULTRY (PTY) LTD, had gone into liquidation in 1991. It was stated by respondents at the company that the shareholders of the subject were not previously involved in ROCKLANDS POULTRY (PTY) LTD and that it was owned by Mr Edward Brett.

 

 

VAT NUMBER          

 

4800125777

 

 

MAJOR OPERATION

 

Fresh and frozen poultry manufacturing and distributing and value added food processing, feed mill and the breeding and hatching of day old chicks.

 

 

MAJOR SUPPLIERS

 

PIENAAR BROS

CROWN NATIONAL

FREDDY HIRSCH

COBB SOUTH AFRICA

ARBOR ACHRES

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Chain stores, wholesalers, etc.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

500, plus 1200 contract staff.

 

 

OTHER PREMISES   

 

The subject is reported to have 14 farms in the Eastern Cape, The factory is in Uitenhage.

 

 

OWNED OR LEASED

 

All the premises are reported to be owned valued in the region of R100 million, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R5 500 divided into 4 000 "A" ordinary shares of R1 each and 150 000 "B" ordinary shares of 1 cent each

 

 

ISSUED SHARE CAPITAL    

 

R4 972.50

 

Full financial information was not forthcoming from respondents at the company.  It was, however, stated that the turnover per annum is R900 million.

 

AUDITORS    

 

PKF

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – AUGUST 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2003             R100 000       R15 000 -        30 days    30 days        Good

                                               R50 000

 

2.    Old acc.       R800 000       R800 000        30 days    30 days        Good

 

3.    2004             R30 000         R15 000 -        30 days    30 days        Good

 

                                               R25 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R200 000       R100 000        30 days    30 days        Very Good

                          c/l

 

2.    Do not give trade references

 

3.    2004             R  30 000       R  30 000        30 days    30 days        Good

                          c/l                

 

4.    2007             Last purchase June 2007       30 days    30 days        Good

 

 

COMMENTS

 

This is a comparatively established and well connected company which is meeting commitments timeously.  No adverse comments have been heard and the subject is considered equal to its normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.82

UK Pound

1

Rs.73.08

Euro

1

Rs.65.56

 

 

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