MIRA INFORM REPORT

 

 

Report Date :

29.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

AGRICOL (PTY) LTD

 

 

Registered Office :

Eagle Road, Brackenfell, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.12.1957

 

 

Com. Reg. No.:

1957/003946/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Seed Traders of All Types of Seeds

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

COMPANY NAME

 

AGRICOL (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Eagle Road

Brackenfell

CAPE TOWN

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 300

BRACKENFELL

7560

TELEPHONE NUMBER: 021 981 1126

FAX NUMBER:  021 981 1120

 

 

SHAREHOLDERS

 

100%    AGRICOL HOLDINGS LTD

 

 

ASSOCIATE COMPANIES:

 

SALOK (PTY) LTD (property owning company)

 

 

DIRECTORS

 

DR P F DE VILLIERS-CLUVER (Retired neuro surgeon)

P S MARAIS (MD & Director of Marketing)

T N KOTZE  (Director of research and development)

A L GIANI (Director of finances and administration)

A O ANDRAG

L W ANDRAG

W P ANDRAG

DR A S M KARAAN

 

 

 

 

 

 

BANKERS

 

ABSA BANK, Tyger Valley Branch, Account Number 0340140192.  It was stated that the subject enjoys overdraft facilities, secured by the holding company.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

4 December 1957

Registration Certificate Number: 1957/003946/07

 

It was stated by respondents at the company that the group companies were previously actively trading and restructuring took place in July 1995 when the subject took over the operations and assets of the associate companies and changed its name to AGRICOL (PTY) LTD.  The subject was previously trading on a small scale.

 

 

VAT NUMBER

 

4200106823

 

 

MAJOR OPERATION

 

Seed traders of all types of seeds

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

KAAP AGRI

STIMUPLANT Pretoria

DHL

LAUGHTON AND COMPANY Cape Town

MEADOW FEEDS Cape Town

BOSTON BAGS Cape Town

WESKAAP SAKKE Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers, retailers and the subject exports

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Europe, USA, African countries

 

 

TOTAL EMPLOYEES

 

120

 

 

OTHER PREMISES

 

The subject has branches at Kimberley, George, Pretoria, Nigel, Camperdown, Port Elizabeth and Potchefstroom

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by one of the property owning companies in the group and respondents stated that most of the branch premises are also owned. 

 

 

AUTHORISED SHARE CAPITAL

 

R60 000 divided into 30 000 ordinary shares of R2 each

 

 

ISSUED SHARE CAPITAL

 

R60 000

 

The following estimated financial situation was submitted:

 

STOCK             R40 000 000

DEBTORS         R  7 000 000

CREDITORS      R  3 500 000

OVERDRAFT    Fluctuates

TURNOVER      declined

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END

 

JUNE

 

INSURANCE BROKERS

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – NOVEMBER 2003:

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         Old acc.                       R100 000          R50 000            30 days             90 – 120            Slow

                                                            days

 

2.         1978                 R100 000         R70 000            30 days             30 days             Very good

 

3.         ±7 yrs              R500 000          R200 000 -        30 days             30 days             Excellent

                                                            R250 000

 

 

TRADE REFERENCES – JANUARY 2007

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         1995                 R500 000          R200 000 -        30 days             30 days             Excellent

                                    R250 000

 

2.         Do not give trade references

 

3.         Old acc.                        R400 000          R400 000          30 days             30 days             Very good

 

 

TRADE REFERENCES – JUNE 2007

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         1978                 open                 R50 000            30 days             30 days             Very good

 

2.         Do not give trade references

 

3.         Old acc             R50 000            R20 000 -          30 days             30 days             Very good

                                    R30 000

 

4.         Do not give trade references

 

5.         25 yrs               declined            R50 000±          30 days             30 days             Excellent

 

 

 

 

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         20 yrs               R250 000          R40 000 -          30 days             30 days             Excellent

                                    R50 000

 

3.         2003                 R  40 000          R20 000 -          30 days             30 days             Excellent

                                    R25 000

 

4.         1990                 open                 R80 000+          30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established and well connected company that took over operations and assets of group companies.  The subject imports most of its supplies and is meeting its local commitments timeously.  The subject is considered equal to its normal business engagements.

 

 

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