MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PETROW FOOD INGREDIENTS (PTY) LTD |
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Registered Office : |
68, 5th Street, Albertville, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.05.2000 |
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Com. Reg. No.: |
2000/009680/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing, Manufacturing and Trading in Herbs Spices and
Baking Confectionery. |
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
PETROW FOOD INGREDIENTS (PTY) LTD
Formerly
C J PETROW FOODS (PTY) LTD, the name having been changed on 1 December 2006
PHYSICAL ADDRESS
Head Office
68, 5th Street
Albertville
JOHANNESBURG
Gauteng
PHYSICAL ADDRESS
Operating offices
16 Endean Street
City Deep
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 11172
RANDHART
1457
TELEPHONE NUMBER: 011 613 2702
FAX NUMBER: 011 613 5362
SHAREHOLDERS
100% C J PETROW HOLDINGS (PTY) LTD, which in turn is 100% owned by CRIZOLIDA (PTY) LTD
ASSOCIATE COMPANIES
C J PETROW CHEMICALS (PTY) LTD
C J PETROW EXPORTS (PTY) LTD
PJC COMMODITIES (PTY) LTD
INTERCONTINENTAL EXPORTS (PTY) LTD
GEMINI SPICE COMPANY (PTY) LTD (dormant)
CJP TRADING (PTY) LTD (dormant)
Plus other companies within the C J PETROW group.
DIRECTORS
S M DOUGHERTY (Chariman) ID No. 4006255036082
J M GINSBERG ID No. 4701085047008
R G MOE ID No. 5607175053005
M SOSNOVIK ID No. 4502185057081
C W TAYLOR ID No. 6302275168080
G TOMAZOS
R VORSTER
BANKERS
STANDARD BANK, Alberton Branch (012342), Account Number: 020610491 and 020608276. It was stated that the subject enjoys a combined overdraft facility to the extent of R9 million, secured by the holding company guarantees and a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
23 May 2000
Registration Certificate Number: 2000/009680/07.
It was stated that the subject incorporated the operations and assets of GEMINI SPICE COMPANY (PTY) LTD and CJP TRADING (PTY) LTD in January 2007.
VAT NUMBER
4400190890
MAJOR OPERATION
The importing, manufacturing and trading in herbs spices and baking confectionery.
MAJOR SUPPLIERS
The subject imports most of its supplies from the East and the UK and deals locally with:
NEDAN OILS Bloemfontein
SAVOURY FOOD INDUSTRIES Johannesburg
BRIDGE MARINE Durban
KINGS TRANSPORT
MILLCO Johannesburg
EXTRACTED OILS AND RESINS Pretoria
GOODS IN TRANSIT Durban
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Food and catering industry, retailers, distributors and wholesalers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Occasionally to neighbouring countries, UK and Romania
TOTAL EMPLOYEES
90
OTHER PREMISES
The subject has warehouses in Durban and Cape Town
OWNED OR LEASED
The premises are reported to be leased.
AUTHORISED SHARE CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1
The following estimated financial situation was submitted:
STOCK R 24 000 000
DEBTORS R 30 000 000
FIXED ASSETS R 5 000 000
CREDITORS R 12 000 000
SHAREHOLDERS LOANS R 40 000 000
TURNOVER per annum R150 000 000
AUDITORS
LEVETON BONER HORWATH, Johannesburg Tel No. 011 883 4848
YEAR END
DECEMBER
INSURANCE BROKERS
JOHN LIVRANOS
TRADE REFERENCES – NOVEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R50 000 R30 000 on release of goods Very Good
2. Deals through an agent
3. 2 yrs R200 000 R100 000 - 30 days 30 days Very good
R200 000
TRADE REFERENCES - MAY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 yrs R100 000 R100 000 30 days 30 days Very Good
2. 4 yrs R220 000 R150 000 - 30 days 30 days Very Good
R220 000
3. July’01 R 80 000 R 80 000 C.O.D. have not purchased for 1 year.
4. Do not give trade references
5. Do not give trade references
6. Unable to obtain a trade reference
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 Yrs R300 000 R250 000- 30 days 30 days Very Good
R280 000
2. Old acc R150000 R150 000 30 days 30 days Good
3. 5 Yrs R100 000 R100 000 30 days 30 days Very Good
COMMENTS
This is an established and well connected company, meeting its obtainable commitments timeously. We have not traced dealings to an extent of $1 000 000 and would prefer to see such a figure spread over 90 days.
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%)