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MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHICKENLAND (PTY)
LTD |
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Registered Office : |
10A Victoria Street, Lorentzville, Johannesburg,
Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
27.08.1987 |
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Com. Reg. No.: |
1987/004022/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Selling of Fast Food, mainly Chicken and also
the Distribution of Bottled Sauces. |
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
CHICKENLAND (PTY) LTD
TRADING NAME
NANDO'S CHICKENLAND
PHYSICAL ADDRESS
10A Victoria Street
Lorentzville
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 53618
TROYEVILLE
2139
TELEPHONE NUMBER: 011 216 3300
FAX NUMBER: 011 216 3329
SHAREHOLDERS
100% NANDO'S
GROUP HOLDINGS LTD (delisted from the JSE LTD in 2007)
The shareholding
changed on 25th April 1997 and was formerly the HOLLARD INSURANCE COMPANY LTD (quoted
on the Johannesburg Stock Exchange) and BROSHORE INVESTMENTS (PTY) LTD.
ASSOCIATE COMPANIES
There are reported to
be associate companies in the group, the names of which were not forthcoming.
DIRECTORS
A MOOKADAM
C A G DIAS
K M UTIAN
P A DEAN
E H L KLYNSMITH
R C BROZIN
M D R RADOMSKY
BANKERS
NEDBANK, Eastgate
Branch and STANDARD BANK, Orange Grove branch.
It was stated that the subject enjoys overdraft facilities, secured by
the holding company.
DATE REGISTERED
27 August 1987
Registration
certificate number 1987/004022/07
VAT NUMBER
4530103508
MAJOR OPERATION
Selling of fast food,
mainly chicken and also the distribution of
bottled sauces.
MAJOR SUPPLIERS
IRVIN & JOHNSON
RAINBOW CHICKENS
(VECTOR) Durban
SPECIALITY GLASS Pretoria
LUFIL PACKAGING
The subject buys fruit
from various markets depending on quality and prices
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The general public.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Worldwide
TOTAL EMPLOYEES
Approximately 6500 in
total and at the corporate offices there are reported to be approximately 500
employees.
OTHER PREMISES
The subject is
reported to have 300 stores countrywide
OWNED OR LEASED
The head office premises
are reported to be owned by the group while the branch premises are leased.
AUTHORISED SHARE CAPITAL
R1 000 divided into
1000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R300
Full financial
information was not forthcoming from respondents at the subject, however, it
was stated that the annual turnover is R1.3 billion
AUDITORS
DELOITTE
YEAR END
FEBRUARY
INSURANCE BROKERS
DAVID LAING
TRADE REFERENCES – NOVEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc. special arrangement Very
good
2. Old
acc. R6 000 000 R6 000 000 30
days 30 days Very good
3. 5
yrs+ R2 000 000 R1 800 000 30
days 30 days Very good
c/l
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Do not give trade references
2. 10yrs+ R20 000 000 R20 000 000 15 days 15 days Very
good
c/l
3. Jan
2001 ±R 600 000 ±R 350 000 - 30
days 30 days Very good
R
500 000
4. 4yrs confidential R 800 000 - 30 days 30
days Very good
R 1 000 000
COMMENTS
This is a well
established company meeting commitments timeously. The subject is considered equal to its normal business
engagements. The lack of financial
information should be borne in mind.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)