MIRA INFORM REPORT

 

 

 

Report Date :

31.10.2008

 

IDENTIFICATION DETAILS

 

Name :

FESTDIAM CUTTING WORKS (PTY) LTD

 

 

Registered Office :

3rd Floor Suite 308, S A Jewellery Centre, 225 Main Street, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.02.1956

 

 

Com. Reg. No.:

1956/000465/07

 

 

Legal Form :

Pty Ltd

 

 

Line of Business :

Cutting and Polishing of Rough Diamonds.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

FESTDIAM CUTTING WORKS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

3rd Floor

Suite 308

S A Jewellery Centre

225 Main Street

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 260951

EXCOM

2023

TELEPHONE NUMBER: 011 334 0024

FAX NUMBER:  011 334 5851

 

 

SHAREHOLDERS

 

L MEENTS

L MEENTS (jnr)

J MEENTS

 

 

ASSOCIATE COMPANIES

 

FINE DIAMONDS (NEW YORK)

 

 

DIRECTORS

 

L MEENTS (father)                     ID No. 2407315030101

J MEENTS (son)                        ID No. 4907075026106

L MEENTS (son)                        ID No. 5311255041101

 

BANKERS

 

NEDBANK, Johannesburg Commercial Branch.  Further banking information was not forthcoming from respondents at the subject.

 

 

DATE REGISTERED

 

28 February 1956

Registration Certificate Number: 1956/000465/07

 

 

VAT NUMBER

 

4300125368

 

 

MAJOR OPERATION

 

Cutting and polishing of rough diamonds.

 

 

MAJOR SUPPLIERS

 

Declined due to the competitive nature of the business

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

 

Export marketing

 

 

AREA OF DISTRIBUTION AND SELLING   

 

Worldwide

 

TOTAL EMPLOYEES

 

25

 

 

OTHER PREMISES   

 

None

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL:    

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

LUTRIN ABRAHAMS AKLAR

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS 

 

RAND INTERNATIONAL

 

 

TRADE REFERENCES

 

NOT AVAILABLE

 

 

COMMENTS

 

This is a very well established business.  In view of the lack of a payment pattern and financial information it is suggested that dealings to an extent of US$1 000 000 be undertaken on a letter of credit basis.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

 

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