MIRA INFORM REPORT

 

 

 

Report Date :

03.10.2008

 

IDENTIFICATION DETAILS

 

Name :

FISH ON LINE (PTY) LTD

 

 

Registered Office :

5TH Floor, Hill House, De Smidt Street, GREENPOINT, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

17.06. 2005

 

 

Com. Reg. No.:

2005/021351/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Distributors of Seafood

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

FISH ON LINE (PTY) LTD

 

 

PHYSICAL ADDRESS

 

5TH Floor

Hill House

De Smidt Street

GREENPOINT

Western Cape

 

 

POSTAL ADDRESS   

P O Box  51908

WATERFRONT

8002

 

TELEPHONE NUMBER: 021 421 2015

FAX NUMBER:  021 425 1825

 

 

SHAREHOLDERS

 

37,5%   R P J BRINK

37,5%   J E MALAN

25%      K POST

 

 

ASSOCIATE COMPANIES

 

DREAMWORLD INVESTMENTS (PTY) LTD (property owning company)

 

 

DIRECTORS

 

R P J BRINK                             ID No. 6704165087082

J E MALAN                               ID No. 6604305045083

K POST            (resident in Holland)       ID No. BA0065123

 

 

BANKERS

 

FIRST NATIONAL BANK, Commercial Suite branch, account number: 62088300232.  It was stated that the subject enjoys overdraft facilities.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

DATE REGISTERED

 

17 June 2005

Registration Certificate Number: 2005/021351/07

 

 

VAT NUMBER    

 

4520222680

 

 

MAJOR OPERATION

 

Importers and distributors of seafood

 

 

MAJOR SUPPLIERS

 

The subject imports 90% of its supplies and deals locally with:

 

IMPSON FREIGHT

GIBCOR TRANSPORT

VECTOR COLD STORAGE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Hotel and restaurant industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Europe

 

 

TOTAL EMPLOYEES

 

4

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property owning company

 

 

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, however, it was stated that stock is R5 million and the estimated annual turnover is R40 million

 

 

AUDITORS

 

ROD MCGILVRAY

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

S I B CAPE GRO

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1991                 R1 500 000        R   375 000 -     30 days             30 days             Excellent

                                    R1 400 000

 

2.         2007                 R   100 000       R     10 000 -     30 days             30 days             Very good

                                    R     20 000

 

3.         2003                 declined            R     50 000 -     30 days             30 days             Very good

                                                            R   150 000

 

COMMENTS

 

This is an established business meeting its local commitments timeously.  We have not traced dealings to an extent of $1 000 000 over DA terms and suggest dealings be to a far lesser amount spread.  The lack of full financial information should be borne in mind.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.96

UK Pound

1

Rs.83.91

Euro

1

Rs.66.36

 

 

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