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MIRA
INFORM REPORT
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Report Date : |
06.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AKILA TRADING (PTY) LTD |
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Registered Office : |
Unit 2, Olympic Park, Voortrekker road, Goodwood, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
30.09.1999 |
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Com. Reg. No.: |
1999/022012/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Imports and Exports of Grain, Rice, Spices, Beans,
etc. |
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 : |
No complaints |
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Litigation : |
Clear |
COMPANY NAME
AKILA TRADING (PTY) LTD
PHYSICAL ADDRESS
Unit 2
Olympic Park
Voortrekker road
GOODWOOD
Western Cape
POSTAL ADDRESS
P O Box 306
GATESVILLE
7766
TELEPHONE NUMBER:
021 591 7030
FAX NUMBER: 021 591 7703
The subject moved
from 28 Agric Street, Western Province Park, Epping.
SHAREHOLDERS
50% D BHANDARI
50% S KHAN
ASSOCIATE COMPANIES
JOSH LEVY TRADING (PTY) LTD – registration certificate number: 2000/19257/07 in which S Khan is a shareholder and director. It was stated that the latter company buys beans from farmers and then cleans, processes and bags the beans and distributes them to canning and repacking companies.
AKILA HOLDINGS in India
It was stated that Mr Bhandari is involved in two family businesses in India that have the same operation as the subject. These two businesses are reported to supply the subject with grain. It was stated that Mr Bhandari has been a South African resident since 2002 and is reported to have been actively involved in the two companies in India.
DIRECTORS
D BHANDARI
S KHAN (resident in Potchefstroom)
BANKERS
STANDARD BANK, Potchefstroom branch, account number 030552176. It was stated that the subject enjoys overdraft facilities to an extent of R1 million, secured by a cession of debtors. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
30 September 1999
Registration Certificate number: 1999/022012/07
The subject was commenced as a new business in August 2000.
VAT NUMBER
4070190741
MAJOR OPERATION
Imports and exports of grain, rice, spices, beans, etc. It was stated that the subject imports from India, Thailand, Vietnam, etc.
MAJOR SUPPLIERS
The subject imports 90% and deals locally with:
ROHLIG Johannesburg
R J SHIPPING Durban
JOSH LEVY TRADING Potchefstroom
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers and wholesalers, re-packers and canning industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
The subject exports indirectly to African countries e.g. Zambia, Namibia etc.
TOTAL EMPLOYEES
10
OTHER PREMISES
It was stated that the subject has branches at Walvis Bay, Durban and East London
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK R4 000 000
DEBTORS 30 days R1 500 000
CREDITORS local & foreign R2 500 000
TURNOVER per month R5 000 000
AUDITORS
PKF INC Cape Town 021 421 0544
YEAR END
FEBRUARY
INSURANCE BROKERS
SECURED INSURANCE, Claremont
TRADE REFERENCES – NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2000 R350
000 R300 000 30 days 30 days Good
c/l from
statement
2. Few yrs $ 20 000 $ 20 000 30
days 30/45 days Good
have not
purchased for a while -
occasionally 45 days
3. 6 yrs R600
000 R100 000 - 7 days 7
days+ Average
R600 000 (needs
monitoring)
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 yrs R300
000 R100 000 30 days 30 days Very
good
2. 2000 R500
000 R350 000 30 days 30 days+ Good
3. Associate company
COMMENTS
This is an established company that imports most of its supplies. The subject is meeting its commitments over terms at times. We have not traced dealings to an extent of US$1 000 000 over DA terms and it is suggested that dealings be to a lesser extent and well spread. The account may require monitoring.
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%)