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MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
OCEANFRESH SEAFOOD AND
MEAT EMPORIUM–FOURWAYS (PTY) LTD |
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Formerly Known as : |
TWIN CITIES TRADING 169 (PTY) LTD |
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Registered Office : |
Shop 9, Cnr Noon &
Sunrise Boulevard, Fourways, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
30.01.2007 |
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Com. Reg. No.: |
2007/002669/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Retailers and
Wholesalers of Sea Foods and Meats |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
COMPANY NAME
TWIN CITIES TRADING (PTY) LTD
PHYSICAL ADDRESS
45 Koornhoff Street
JOHANNESBURG
Gauteng
On investigation it
was established that the correct registered name of the subject was TWIN CITIES
TRADING 169 (PTY) LTD, which changed its name to OCEANFRESH SEAFOOD & MEAT
EMPORIUM – FOURWAYS (PTY) LTD, which report should be consulted.
On investigation
numerous attempts have been made to establish a contact number for the subject,
which proved unsuccessful.
It would be
appreciated if our client can provide a contact number for the subject so that
further investigations may be instituted.
Nevertheless, please see statutory information obtained from CIPRO below:
ADDRESSES ON CIPRO RECORDS
REGISTERED ADDRESS:
54 Voortrekker Road
HUMANSDORP
Eastern Cape
POSTAL ADDRESS: P O Box 271
HUMANSDORP
6300
DIRECTORS
ANDRE GERBER
ID No. 7202215023081
Residential Address: 78 Bottlebrush, Wavecrest, Jeffreys Bay 6330
Postal Address: P O Box 2503, Noorskloof 6331
Date Appointed: 11 January 2007
DATE REGISTERED
31 May 2006
Registration Certificate Number: 2006/016689/07
YEAR END
FEBRUARY
COMPANY NAME
OCEANFRESH SEAFOOD AND
MEAT EMPORIUM–FOURWAYS (PTY) LTD
Formerly TWIN CITIES TRADING 169 (PTY) LTD, the name having been changed on 2
July 2007.
PHYSICAL ADDRESS
Shop 9
Cnr Noon & Sunrise
Boulevard
FOURWAYS
Gauteng
POSTAL ADDRESS
P O Box 4640
EDENVALE
1610
TELEPHONE NUMBER: 011 465 0444
FAX NUMBER: 011 465 6578
SHAREHOLDERS
100% OCEANFRESH SEAFOODS (PTY) LTD (Reg. No.
2003/006029/07)
ASSOCIATE COMPANIES
OCEANFRESH SEAFOOD
EMPORIUM CHESTNUT HILL (PTY) LTD (Reg. No. 2007/002620/07)
DIRECTORS
M LOMBARD ID No. 7311230084083
G VAN DER BERG ID No. 7208285196087
BANKERS
NEDBANK, Gauteng
Business Centre branch, account number: 1284117154. It was stated that the subject does not require overdraft
facilities as credit balances are maintained.
DATE REGISTERED
30 January 2007
Registration Certificate
Number: 2007/002669/07
It was stated that M
LOMBARD and G VAN DER BERG are Directors of the holding company in which M
LOMBARD holds 40% Shareholding.
VAT NUMBER
4280238025
MAJOR OPERATION
Retailers and
wholesalers of seafoods and meats
MAJOR SUPPLIERS
The subject imports most
of its supplies and deals locally with:
PREMIER FREIGHT
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers, restaurants
and the general public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
20
OTHER PREMISES
None
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R1000 divided into 1000
ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated
financial situation was submitted:
STOCK R1 500 000
DEBTORS & COD R 500 000
CREDITORS holding
company R1 500 000
LOANS Nil
TURNOVER per month R800 000 – R1 000 000
AUDITORS
WAKELY-SMITH DANTE
SINCLAIR
YEAR END
FEBRUARY
INSURANCE BROKERS
SANTAM
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2005 R500 000 R300 000 30
days 45/60 days declined
c/l
COMMENTS
This is a new business which is not a general credit seeker locally. The subject is meeting its one local commitment slowly. It is suggested that all dealings be on a letter of credit basis until the subject is better established.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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%)