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MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AFRICA FOOD AND CHEMICAL EXPORT COMPANY (PTY) LTD |
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Registered Office : |
80 Hunslet Road, Phoenix Industrial Park, Durban, Kwa-Zulu
Natal |
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Country : |
South Africa |
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Date of Incorporation : |
19.08.1992 |
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Com. Reg. No.: |
1992/004728/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporting
of Food, Machinery, Chemical and Allied Products |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
AFRICA FOOD AND CHEMICAL EXPORT COMPANY (PTY) LTD
PHYSICAL ADDRESS
80 Hunslet Road
Phoenix Industrial Park
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 60512
PHOENIX
4080
TELEPHONE NUMBER: 031 508 9500
FAX NUMBER: 031 500 7864
On
investigation contact was made with the Financial Manager at the subject who
stated that they were importing from overseas, however, a ban was imposed and
therefore they are not importing from overseas at present. Respondents were therefore not prepared to
submit detailed information on the subject and were only prepared to assist
with basic information, which reads as follows:
SHAREHOLDERS
100% S I AKOONJEE
ASSOCIATE
COMPANIES
None
DIRECTORS
S I
AKOONJEE ID No. 7308185163086
BANKERS
FIRST
NATIONAL BANK, Verulam branch.
DATE
REGISTERED
19 August
1992
Registration
Certificate Number: 1992/004728/07
VAT
NUMBER
4160166676
MAJOR
OPERATION
Exporting
of food, machinery, chemical and allied products
MAJOR
SUPPLIERS
Declined
MAJOR
CUSTOMERS OR BUSINESS SECTORS
Wholesalers
and retailers
AREA
OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
Europe,
Australia and New Zealand
TOTAL
EMPLOYEES
2
OTHER
PREMISES
None
OWNED
OR LEASED
Leased
AUTHORISED
SHARE CAPITAL
R2000
divided into 2000 ordinary shares of R1 each
ISSUED
SHARE CAPITAL
R100
AUDITORS
DESAI
JADWAT INC, Durban
YEAR
END
FEBRUARY
INSURANCE
BROKERS
NONE
TRADE
REFERENCES
NOT
AVAILABLE
COMMENTS
This is an
established business, however, in view of the absence of a payment pattern and financial
information we are not in a position to recommend credit dealings.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)