MIRA INFORM REPORT

 

 

Report Date :

29.03.2008

 

IDENTIFICATION DETAILS

 

Name :

AKILA FOODS CC

 

 

Registered Office :

Unit 2, Olympic Park, Voortrekker Road, Goodwood, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

5th November 2001

 

 

Com. Reg. No.:

2001/075119/23

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Retailers of grain, rice and spices.

 

 

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

 

AKILA FOODS CC

 

 

PHYSICAL ADDRESS

 

Unit 2

Olympic Park

Voortrekker Road

GOODWOOD

Cape Town

Western Cape

 

 

POSTAL ADDRESS   

 
P O Box 306

GATESVILLE

7766

Telephone Number:       021 591 7030

Fax Number                  021 591 7703

 

 

MEMBERS

 

85%      D S BHANDARI             DOB:    8 September 1970

5%       G AUGUSTYN               ID No:   7705265070083

5%       I EBRAHIM                    ID No:   7106075598084

5%       J A VAN NIEKERK        ID No:   7806025020085

 

 

ASSOCIATE COMPANIES

 

AKILA TRADING (PTY) LTD (A company in which Mr D S Bhandari is involved)

 

 

BANKERS

 

STANDARD BANK, Potchefstroom Branch. It was stated that the subject enjoys overdraft facilities to an extent of R250 000, secured by the members guarantees. Utilisation is stated to be nil to partial.

 

 

DATE REGISTERED

 

5 November 2001

Registration Certificate Number: 2001/075119/23

 

VAT NUMBER          

 

4710196868

 

 

MAJOR OPERATION

 

Retailers of grain, rice and spices.

 

 

MAJOR SUPPLIERS

 

The subject purchases from its associate company, AKILA TRADING (PTY) LTD and will be importing from India soon.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers, wholesalers and pre-packers.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

5

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

MEMBERS CONTRIBUTIOn

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                    R  1 500 000

DEBTORS (C O D)                                   R     100 000

CREDITORS                                            ±R  1 000 000

TURNOVER per annum                            ±R10 000 000

 

 

AUDITORS    

 

S SAMSODIEN AND ASSOCIATES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SECURED INSURANCE BROKERS       

 

 

TRADE REFERENCES

 

NOT APPLICABLE

 

 

COMMENTS

 

This is an established business which purchases from its associate company. We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured. The absence of a payment pattern should be borne in mind.

 

 

 

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