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MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL RICE COMPANY (PTY) LTD |
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Registered Office : |
397 Victoria Road, Pietermaritzburg, Kwazulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
05.06. 1999 |
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Com. Reg. No.: |
1999/008838/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and Packaging of Rice, Beans, Sugar and Samp. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
ROYAL RICE COMPANY (PTY) LTD
TRADING NAME
ROYAL RICE
PHYSICAL ADDRESS
397 Victoria Road
PIETERMARITZBURG
Kwazulu Natal
POSTAL ADDRESS
P O Box 397
MSUNDUZI
3231
TELEPHONE NUMBER: (033) 345-9751
FAX NUMBER: 033 345-9758
SHAREHOLDERS
100% I KADODIA
ASSOCIATE COMPANIES
BASFOUR 336 (PTY) LTD, property owning company.
DIRECTORS
I KADODIA
BANKERS
ABSA BANK, Victoria Road branch, Account Number: 4048333704. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
5 June 1999
Registration Certificate Number: 1999/008838/07
VAT NUMBER
4750134589
MAJOR OPERATION
Importing and packaging of rice, beans, sugar and samp.
MAJOR SUPPLIERS
PHOENIX COMMODITIES Pietermaritzburg
FLEXOTHENE Durban
VERULAM WHOLESALERS Verulam
MAXIPREST TYRES, Pietermaritzburg
SAVE CASH & CARRY, Pietermaritzburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Food wholesalers and retailers.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Botswana
TOTAL EMPLOYEES
60
OWNED OR LEASED
The premises are stated to be owned by the group property owning company.
The following estimated financial situation was submitted from balance sheet figures end of June 2007.
STOCK R 7 600 000
DEBTORS R 14 300 000
CASH R 2 500 000
CREDITORS R 8 500 000
TURNOVER per annum R129 000 000
AUDITORS
MBB FINANCIAL SERVICES
YEAR END
JUNE
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES – JULY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R200 000 R100 000 30 days 30 days Good
2. 10 yrs R200 000 R200 000 30 days 30 days Good
3. 7 yrs R300 000 R250 000 30 days 30 days Very good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R250 000 R250 000 30 days 30 days Very Good
c/l 3% 3%
2. 5 yrs+ ±R40 000 R30 000 30 days 30 days Very Good
c/l
3. 1 year open R 5 000 - 30 days 30 days Very Good
R30 000 EFT
COMMENTS
This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 DA and would prefer to see such a figure spread over 180 days.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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%)