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MIRA INFORM REPORT

 

 

Report Date :            

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

DEEMSTER (PTY) LTD

 

 

Registered Office :

Utopia Plaas, Lindley Street, Bethlehem, Free State

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.03.1973

 

 

Com. Reg. No.:

1973/003851/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers of canned beetroot, gherkins and asparagus

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME

 

DEEMSTER (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

Utopia Plaas

Lindley Street

Bethlehem

Free State

 

 

POSTAL ADDRESS   

 

P O Box 58

Bethlehem

9700

 

Telephone Number:                   058 303 7878

Fax Number:                             058 303 7879

 

It was stated by the respondent that the subject moved from premises at Farm Platkop, Gumtree, Ficksburg, Free State in 2008.

 

 

SHAREHOLDERS

 

F M R D LAGE

 

 

ASSOCIATE COMPANIES

 

LA CUISINE FROZEN FOODS (PTY) LTD

(Registration Certificate Number: 1981/006223/07)

 

HENRY FOODS (PTY) LTD

(Registration Certificate Number: 2005/004459/07)

 

FREE STATE PRODUCE PROCESSORS (PTY) LTD

(Registration Certificate Number: 1992/004965/07)

 

BESTFORM NO 4 (PTY) LTD

(Registration Certificate Number: 2002/001806/07)

 

BUZZA PROPS 4 (PTY) LTD

(Registration Certificate Number: 2002/029689/07)

 

GLACE PROCESSORS (PTY) LTD

(Registration Certificate Number: 2003/007053/07)

 

V EN L VERVOER CC

(Registration Certificate Number: 1998/024043/23)

 

 

DIRECTORS

 

F M R D LAGE              ID No. 5511215140105

 

 

BANKERS

 

STANDARD BANK, Bethlehem Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the director. The respondent stated that the overdraft is utilised for working capital purposes.

 

 

DATE REGISTERED

 

27 March 1973

Registration Certificate Number: 1973/003851/07

 

 

VAT NUMBER    

 

4490114149

 

 

TAX NUMBER          

 

9175057711

MAJOR OPERATION

 

Manufacturers of canned beetroot, gherkins and asparagus.

 

 

MAJOR SUPPLIERS

           

·         CARNAUDMETALBOX FOOD SA

·         CHEP

·         J P BOTHA, Bethlehem

·         CONSOL GLASS, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesale and retail chain stores.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Spain and Germany

 

 

TOTAL EMPLOYEES

 

20 permanent, 40 semi-permanent and the subject utilises between 150 and 200 casual staff depending on seasons.

 

 

OTHER PREMISES

 

It was stated by the respondent that the Director also farms from ±4 farms producing vegetables and produce.

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject, free of bond.

 

Full financial information was not forthcoming from respondents at the subject, nevertheless, it was previously stated, however, that the value of the stock was in the region of R1 000 000 in August 2009.

 

 

AUDITORS

 

MARAIS & CROWTHER CA (SA) INCORPORATED

Tel No. 058 303 5696

 

 

YEAR END    

 

JUNE

 

 

INSURANCE BROKERS

 

SANTAM

 

 

TRADE REFERENCES – MARCH 2007

 

       PERIOD       HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    8 yrs            R1 000 000    R250 000        30 days    30 days        Good

 

2.    2006             R   250 000    R250 000        30 days    30 days        Good

 

3.    3 yrs            declined        R  40 000 -      30 days    30 days        Good

                                               R100 000

 

 

TRADE REFERENCES – MARCH 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +4 years       open             ±R  10 000 -    14 days    30 days        Very Good

                                                 R  20 000

 

2.    +10 years     R1 500 000    ±R100 000 -     30 days    30 days        Very Good

                          c/l                   R800 000

                                                 (seasonal)

 

3.    3 years         declined        ±R100 000       30 days    30 days        Very Good

 

 

TRADE REFERENCES – AUGUST 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years+       R1 500 000    R200 000 -      30 days    30 days        Excellent

                          c/l                 R800 000

                                               per month during season

 

2.    2 years+       R1 500 000    R450 000 -      30 days    30 days        Very good

                          c/l                 R600 000                                            - insured

 

3.    10 years+     open             R100 000 -      30 days    30 days        Excellent -

                                               R500 000                                            the best!!

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old Acc        R1 500 000    R1 500 000±    30 days    30 days        Very Good

                          c/l                                                       less 2%

 

2.    ±4 years       R300 000±     R50 000±        30 days    30 days        Very Good

 

3.    6 years         R500 000       R100 000        30 days    30 days        Good

                                                                     nett

 

COMMENTS

 

This is a very well established business meeting its commitments timeously. We have not traced dealings to an extent US$1 000 000 and would prefer to see such large figures on a well spread and fully secured basis.  However, the subject is considered equal to a maximum figure of US$250 000 over 30 days.  The lack of full financial information should be borne in mind.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.