MIRA INFORM REPORT

 

 

Report Date :

27.04.2011

 

IDENTIFICATION DETAILS

 

Name :

FESTAL TRADING (PTY) LTD

 

 

Registered Office :

P O Box 3093 Prestondale 4021

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.10.2001

 

 

Com. Reg. No.:

2001/024603/07

 

 

Legal Form :

Private Company.

 

 

Line of Business :

Packing and Distribution of Rice and Grain Food Products.

 

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 :

Good

 

 

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

COMPANY NAME

 

FESTAL TRADING (PTY) LTD

 

 

TRADING NAME

 

INDEPENDENT FOOD PROCESSORS

 

 

PHYSICAL ADDRESS

 

20 Kyalami Road

Westmead

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 3093

Prestondale

4021

 

TELEPHONE NUMBER:             031 700 1911

FAX NUMBER               :           031 700 1991

 

It was stated that the subject moved from the premises 92 Johnson Road, Maydon Wharf, Durban.

 

 

SHAREHOLDERS

 

30%      SHAISEY TRUST

20%      ARTZ TRUST

10%      A G WHEATLEY

40%      EXCELLERATE INVESTMENT HOLDINGS (PTY) LTD

(Registration Certificate Number:  2001/025425/07, which is in turn owned by EXCELLERATE HOLDINGS LTD – listed on the JSE.

(Registration Certificate Number:  1997/009884/06)

 

 

ASSOCIATE COMPANIES

 

PAKCO (PTY) LTD

(Registration Certificate Number:  1998/007984/07)

BEFULA INVESTMENTS (PTY) LTD

(Registration Certificate Number:  2004/030026/07)

EXCELLTRADE (PTY) LTD

(Registration Certificate Number:  2001/018199/07)

Plus other companies within the EXCELLERATE group

 

 

DIRECTORS

 

R P DESAI                    ID. No. 5901315158083

A G WHEATLEY           ID. No. 4411075080080

A O MOOLA                  ID. No. 7505195040085

 

 

BANKERS

 

STANDARD BANK, Durban Branch, account number:  052926311.

The respondents stated that the subject enjoys a factoring facility with STANDARD BANK.

 

 

DATE REGISTERED

 

12 October 2001

Registration Certificate Number: 2001/024603/07

 

The subject utilised a dormant company for registration purposes and commenced trading in August 2006.

 

 

VAT NUMBER    

 

410207726

 

 

TAX NUMBER

 

9025499147

 

 

MAJOR OPERATION

 

Packing and distribution of rice and grain food products

 

 

MAJOR SUPPLIERS

 

The subject imports rice from India, Thailand, Brazil and deals with the following South African suppliers:

 

TROPIC PLASTICS, Durban

DLA GRAINS

GRS FREIGHT, Durban

FLEX-O-THENE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retail chain stores and wholesalers, e.g. Pick ‘n Pay, Spar and Boxer

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

Approximately 29 permanent employees

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

 

 

AUTHORISED SHARE CAPITAL

 

R2000 divided into 2000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted as at April 2011:

STOCK                                                                                                       R  10 000 000

DEBTORS                                                                                                  R  20 000 000

CASH ON HAND                                                                                         R    1 500 000

SHAREHOLDERS LOANS                                                                           R    2 000 000

CREDITORS                                                                         R15 000 000 – R  16 000 000

TURNOVER per annum                                                                                R180 000 000

 

 

AUDITORS    

 

LEVITT KIRSON, Durban

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS 

 

GOSURE BROKERS

 

 

TRADE REFERENCES – AUGUST 2006

 

TOO NEW TO COMMENT

 

 

 

 

 

 

 

 

TRADE REFERENCES – JUNE 2007

 

PERIOD              HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    08/2006        R2 000 000    R2 000 000      60 days    60 days        Very good

 

2.    1 yrs            R7 000 000    R3 000 000      60 days    60 days        Very good

 

 

TRADE REFERENCES – OCTOBER 2007

 

      PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    1 yr              open              R2 000 000      30 days    30 days        Very good

 

2.    declined        declined         R5 000 000 -    45/60 day  45/60 days    Excellent

                                               R6 000 000

 

 

TRADE REFERENCES – SEPTEMBER 2008

 

      PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    2 yrs            R15 000 000   R13 000 000    30/60        30/60 days    Very Good

                          Fluctuates                            days

 

2.    2 yrs            R  3 000 000  R  3 000 000    30 days    30 days        Good

 

 

TRADE REFERENCES – JANUARY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    3 years         Open             R5 000 000-     60 days    60 days        Very Good

                                               R7 000 000

 

2.    4 years         Open             R1 000 000-     No terms                      Excellent

                                               R2 000 000                    

 

3.    3/4 years      R6 000 000    R3 000 000      30 days    30 days        Very Good

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Awaiting a fax trade reference response

 

2.    2006             R100 000       R100 000+      30/45/60   30/45/60       Good

                              c/l                                   days as   days

                                                                                arranged

 

3.       Awaiting a fax trade reference response

 

4.    1 year           R150 000       R150 000        30 days    30 days        Good

                          Open account

 

 

COMMENTS

 

This is an established company, meeting its obtainable commitments as arranged.   We have not traced dealings to an extent of US$1 000 000 and it is suggested that dealings be to a lesser extent on a spread basis. 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.44

Euro

1

Rs.64.87

 

 

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

--

NB

                                       New Business

 

--

 

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.