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MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DICLA FARM AND SEED (PTY) LTD |
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Registered Office : |
Plot 11 Van Wyksvlei Next to R28 Muldersdrift Krugersdorp 1747 |
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Country : |
South Africa |
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Financials (as on) : |
30.04.2010 |
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Date of Incorporation : |
27.03.2009 |
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Com. Reg. No.: |
2009/006254/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The building, selling and erecting of
tunnels, hydroponic tunnels, green houses, piggeries, broilers and the
supplying of fertilizers, pesticides, spraying equipment, greenhouse film, shade
nets, irrigation equipment and accessories such as irrigation controllers,
water tanks etc . |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Assessment
This is a well established family business,
which was originally established as a sole proprietorship.
Suppliers speak highly of the subject.
The subject is meeting its commitments
timeously.
The subject’s bankers consider them good for
all business normal engagements up to an amount of R1 000 000 over 30
days.
Company Information
|
Registered
Name |
DICLA FARM AND SEED (PTY) LTD |
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|
Registration
Number |
2009/006254/07 |
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Registration
Date |
27 March 2009 |
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Date Commenced
Trading |
1993 |
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History of
Business |
The subject converted from DICLA FARM AND SEED CC – registration
certificate number: 1997/024485/23 in
March 2009 and simultaneously incorporated the trading operations and assets
of an associated close corporation namely, TIJBROS AGRICULTURAL MACHINERY CC
(Registration Certificate Number:
1988/002062/23). The subject was originally commenced as a sole proprietorship by D
TIJSSEN in 1990. |
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|
Shareholders of
subject and % holding |
90% J TIJSSEN 10% MRS. C H TIJSSEN – wife The shareholding changed in December 2010 and was previously 100% D
TIJSSEN, the father of the majority shareholder. |
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Authorised Share
Capital |
R1 000 divided into 1 000 ordinary R1 shares. |
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Issued Share
Capital |
R100 |
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Age of Company |
2 years 4 months |
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Status |
Active |
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Operations
Assessment |
The building, selling and erecting of
tunnels, hydroponic tunnels, green houses, piggeries, broilers and the
supplying of fertilizers, pesticides, spraying equipment, greenhouse film,
shade nets, irrigation equipment and accessories such as irrigation
controllers, water tanks etc . The importing and selling of farm
implements such as tractors, generators and related machinery. The subject also operates as a vegetable
farm. |
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Area of distribution |
South Africa |
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Export |
Neighbouring countries such as Namibia, Botswana and Zimbabwe |
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Industry/
Customers |
Agricultural industry such as farmers etc. The vegetables are sold to retailers |
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Major Industry
Code / SICC |
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Definition of
Code |
Wholesale trade in agricultural raw materials and livestock |
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Head Office
Physical Address |
Plot 11 Van Wyksvlei Next to R28 MULDERSDRIFT Krugersdorp 1747 |
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Head Office
Postal Address |
P O Box 339 MULDERSDRIFT 1747 |
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Current Tel
Number Cell number |
011 622 1371 |
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Current Fax
Number |
011 662 1363 |
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Current Email
Address |
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Web Site Address |
Bookkeeper Information
|
Company
Registered Name |
VAN DE BEEKEN BOER REKENDUNDIGEDIENSTE CC |
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Trading Name |
VAN DE BEEK EN BOER |
|
Registration
Number |
2002/002341/23 |
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Physical Address |
B3 White Thorn Office Park 606 Kudu Street ALENS NECK Roodepoort |
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Postal Address |
P O Box 1210 RANDBURG 2125 |
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Contact Person |
Cor Boer |
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Contact Number |
011 475 7211 083 458 6135 |
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Email |
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|
Principals |
2 |
|
Judgements Against
Subject |
None |
|
Judgements
Against Principals |
None |
|
Subject Verified
as Client |
Yes |
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Practice number |
2756 |
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VAT Number |
4890237177 |
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Financial Year
End |
February |
|
Years with
Bookkeeper |
1990 |
Auditors Information
|
Company
Registered Name |
VAN DYK& ASSOCIATES |
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Postal Address |
P O Box 50331 RANDBURG 2125 |
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Contact Person |
Nic van Dyk |
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Contact Number Cellular Number |
011 888 6024 082 782 7172 |
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Email |
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Practice number |
900237 |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
No information on record |
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Tax Information
|
Vat Number |
4540171461 |
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Status |
Active |
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Vat Liable Date |
1990 |
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Tax Number |
9553317844 |
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Tax Clearance
Expire Date |
20 October 2011 |
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Financial Year
End |
APRIL |
Black Economic Empowerment
|
Status |
None |
ISO Status
|
Type of ISO
Grade |
No |
Workman’s compensation
|
Registered |
Yes |
|
Compliance Certified
|
Yes |
Company Structure
|
Branches |
The subject has
3 title deeds covering 70 hectares in the Tarlton district which is reported
to owned by the associated companies, with a combined market value in the
region of R20 000 000. The subject has
approximately 30 dealerships countrywide. |
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Subsidiary
Company |
None |
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Number of
Employees |
250 |
|
1.
Salaried
employees |
50
administration staff 200 farm workers |
Company Fleet |
20 |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
10 |
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2.
Light
Delivery Vehicles |
7 |
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3.
Trucks |
3 |
Head
OfficeOwned/ Rented |
The heading
premises are owned. |
|
Owned by |
TIJBROS AGRICULTURAL MACHINERY CC |
|
Value |
Market value in the region of R10 000 000 |
|
Bond |
Free of bond. |
|
Type of Premises |
The heading premises cover 6.8 hectares, which comprise of
administration offices, storage, warehousing and workshop facilities as well
as a small vegetable farm with 40 tunnels. |
Trade References
The subject imports machinery from India,
China, Turkey, Italy, Holland, Germany and Korea.
|
Supplier |
Contact |
|
BARLOWORLD |
011 898
0000 |
|
CARGOCARE
FREIGHT |
011 822
4111 |
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NORTHGATE TYRE |
011 660
6360 |
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NUTRIMENTUM |
011 662
1533 |
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OCEANS AGRICULTURE |
011 662
1947 |
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
2000 |
R150 000 |
R70 000 |
30 |
R60 000 |
30 |
Very good |
|
2007 |
R1 000 000 |
R500 000 |
30 |
R300 000 |
30 |
Very good |
|
2010 |
Open account |
R80 000 |
30 |
R40 000 |
30 |
Good |
Adverse Information on Subject
|
Judgements |
No information on record |
|
Possible
Judgements |
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|
Civil Court |
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RDs |
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Judgements
|
Case Number |
No information on record |
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Amount |
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Reason |
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Court Name |
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Judgement Type |
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Judgement Date |
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Plaintiff
(Multiple) |
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Default Data
|
Date |
Details |
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No information on record |
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Notarial Bonds
|
Date |
Details |
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No information on record |
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Deeds Information
|
Property Interest |
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Property Type: |
No information on record |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
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Transfer ID: |
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Title Deed Number: |
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Purchase Date: |
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Transfer Date: |
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Erf Size: |
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Sold Price: |
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Bank Information
|
Bank |
ABSA Bank |
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Branch |
Clearwater Mall |
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Bank Account
Number |
4050205682 |
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Type of account |
Cheque |
|
Branch Code |
630841 |
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Account Name |
DICLA FARM AND SEED (PTY) L TD |
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Date Opened |
2 October 1998 |
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Bank Code |
C |
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Bank Comment |
The subject’s bankers consider them good for all business normal
engagements |
It was stated that the subject enjoys an
overdraft facility to an extent of R6 500 000,secured by personalsureties of the shareholders and
limited cession of debtors. The
overdraft facility is utilized for working capital purposes.
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
No information on record |
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Previous Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
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Financial Information
Financial Estimates
|
CURRENT ASSETS |
|
|
Stock |
R30 000 000 |
|
Total Debtors 30 day Debtors |
R 9 000 000 R 4 000 000 |
|
Cash on Hand |
Fluctuates |
|
FIXED ASSETS |
|
|
Plant,
Equipment, Vehicles |
|
|
Property |
R10 000 000 |
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CURRENT
LIABILITIES |
|
|
Local Creditors Foreign
Creditors |
R2 500 000 R1 500 000 |
|
Loans from D TIJSSEN |
R8 000 000 |
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LONG TERM
LIABILITIES |
|
|
Morgage Bonds |
R4 000 000 |
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ANNUAL Turnover |
R100 000 000 – R120 000 000 |
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Previous Year
Turnover (2010) |
R 80 000 000 |
|
Estimated
Current Year Turnover (2012) |
R120 000 000 |
Principals
|
Number of
Principals |
2 |
|
Average Age of
Active Principals |
49 |
Active Principals
Principal 1 of 2
|
Surname |
TIJSSEN |
|
First Names |
CORNELIA, HELENA |
|
Marital Status |
Married out of community |
|
ID Number |
751200121081 |
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Verified ID
Number |
Yes |
|
Current Age |
36 |
|
Designation |
Director |
|
Status |
active |
|
Address (at time
of Appointment) |
Plot 4 Van BergenwegAanwins ROODEPOORT Gauteng |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt review |
No information on record |
Other
|
Default data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
JOMANDI
GENERATORS CC |
2005/110523/23 |
Active |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
No information on record |
|
|
|
|
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
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|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
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% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 2 of 2
|
Surname |
TIJSSEN |
|
First Names |
JOHANNES |
|
Marital Status |
Married out of community |
|
ID Number |
7806135133083 |
|
Verified ID
Number |
Yes |
|
Current Age |
33 |
|
Designation |
Director / business person |
|
Status |
Active |
|
Address
(at time of Appointment) |
256 Bartlett Road Thorny Valley KRUGERSDORP 1747 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt review |
No information on record |
Other
|
Default data |
No information on record |
Business Information on Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
KIRD PROPERTIES
(PTY) LTD |
1971/013438/07 |
In business |
0 |
No |
|
DICLA ARM AND
SEED CC |
1997/024485/23 |
Conversion CO/CC
or CC/CO |
0 |
No |
Previous Business Interests
|
Average Age of Previous
Business Interests |
11 years 4 months |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
JOMAJOCOBOERDERY
CC |
1988/014507/23 |
In business |
0 |
No |
|
TIJBROS
AGRICULTURAL MACHINERY CC |
1998/002062/23 |
In business |
0 |
No |
|
JOMANDI
GENERATORS CC |
2005/110523/23 |
In business |
0 |
No |
|
DICLA TRAINING
AND FARMING CC |
2007/210871/23 |
In business |
0 |
No |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Financials
BALANCE SHEET INFORMATION
As at 30 April 2010
Notes 2010 2009
ASSETS
Fixed Assets 11 632 666 3 728 609
|
618 925 162 517 11 013 741 3 566 092 |
Property, Plant, Equipment 5
Loan related businesses 6
Current Assets 28 493 058 18 424 396
|
6 812 069 7 549 702 - 209 194 21 410 000 10 665 500
270 989 - |
Debtors
Loans to directors
Inventory / stock
Tax paid in advance
TOTAL ASSETS 40 125 724 22 153 005
SHAREHOLDERS EQUITY AND LIABILITIES
Capital and reserves 9 899 117
9 200 338
|
100 100 9 899 017 9 200 238 |
Share capital 2
Retained earnings
Non current liabilities
26 509 170 -
|
13 244 999 - 13 264 171 - |
Loans from shareholders
Loans from related businesses
4
Current Liabilities 3 717 437 12 952 667
|
1 439 000 8 945 492 - 19 007 2 278 437 3 400 792 -
587 376 |
Creditors
Short term loans
Bank
Tax payable
TOTAL SHAREHOLDERS EQUITY & LIABILITIES 40 125 724 22 153 005
DICLA FARM &
SEED (PTY) LTD
2009/006354/07
CASH FLOW
STATEMENTS FOR THE YEAR ENDED
30 APRIL 2010
2010 2009
Cash flow from
operating activities
Net profit before tax 1 002 971 1 198
788
Adjustments for:
Depreciation
320 608 226 528
Interest paid
711 855 743 933
Interest received
(236 360)
(459 748)
Operating profit / loss before changes in working capital 1 799 074 1 709 501
Changes in working capital
(17 513 358) (356 609)
|
737 634 2 059 868
(10 744 500)
(6 647 250)
(7 506 492) 4 230 773 |
Increase / decrease in debtors
Decrease / increase in inventory
Decrease / increase in creditors
Cash flow from operating activities
(15 714 284)
1 352 892
Interest paid (711 855)
(743 933)
Interest received 236 3600 459 748
Tax
received / paid (1 162 557) (1 187 862)
Cash flow from operating activities
(17 352 336) (119 155)
Investment Activities
Incorporation of fixed assets
Vehicles (751 782)
(69 597)
Machines and equipment (4 300) -
Office equipment (20 934) -
Net cash flow from investing activities (777 016)
(69 597)
Cash Flow from financing activities
(Decrease) / increase in loans
from members 13 454 193
73 185
(Decrease) / increase in long
term loans - (20 233)
(Decrease) / increase in short
term loans (19 007)
(14 601)
(Increase) / decrease in loans
to associated businesses (7 447 649) (2 753 940)
(Decrease) / increase in loans from associated businesses
13 264 171 -
Net cash flow from financing activities 19 251 708 (2 715 589)
NET INCREASE/DECREASE IN CASH AND 1 122 356 (2 904 341)
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR (3 400 793) (496 452)
CASH AND CASH EQUIVALENTS END OF YEAR (2 278 437) (3 400 793)
DICLA FARM &
SEED (PTY) LTD
2009/006354/07
INCOME STATEMENT
FOR THE YEAR
ENDING 30 APRIL 2010
Notes 2010 2009
Revenue 8 R62 908 189 R44 519 303
Earnings before interest 2 797 689 2 191 390
Interest Received 236 360 459 748
2 031 087 1 452 350
|
320 608 226 528 711 855 743 933 996 124 481 889 2 500 - |
Depreciation
Interest paid
Directors remuneration
Auditors remuneration
Auditors earnings
Net income before tax 1 002 971 1 198 788
Tax (304 192) (355 065)
Income after tax 698 779 843 723
Retained earnings at beginning of year 9 200 238 8 356 515
Net profit for the
year R 9 899 017 R
9 200 238
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.