MIRA INFORM REPORT
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Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
RICE-TIC SOUTH AFRICACC |
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Registered Office : |
40 Auckland Street, Paardeneiland 7405 |
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Country : |
South Africa |
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Date of Incorporation : |
22.12.2010 |
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Com. Reg. No.: |
2010/175933/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Large retail and
wholesale chain stores |
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No. of Employees
: |
28 persons |
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 |
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 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South Africa |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 |
Company summary
Company Information
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Registered Name |
RICE-TIC SOUTH AFRICA CC |
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Trading as/ Division Name |
None |
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Previous Name |
None |
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Date of Name Change |
N/A |
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Registration Number |
2010/175933/23 |
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Registration Date |
22-12-2010 |
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Date Commenced Trading |
Originally in 1971 |
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Age of Business |
40 Years 4 Months |
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History of Business |
The subject was formerly a
(PTY) LTD company registered in 1971
reg no: 19971/009592/07 |
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History of Principals |
The principals have been involved in the subject for many years even
when it was a company. |
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Members of subject and % holding |
71.43% NAPOLEON TRUST 21.43% BERNARD FIG 7.14% DAVID FIG |
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Members Contribution |
Nominal |
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Status |
This Business is Active |
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Operations Assessment |
The importing and packing of rice. |
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Industry/ Customers |
Large retail and wholesale chain stores. |
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Export |
None |
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Major Industry Code / SICC |
88950 financial and business |
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Definition of Code |
Packaging activities |
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Head Office Physical Address |
40 Auckland Street PAARDENEILAND 7405 |
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Head Office Postal Address |
P O Box 244 PAARDENEILAND 7420 |
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Current Tel Number |
021 5110806 |
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Cell number |
082 9013855 |
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Current Fax Number |
021 511 6311 |
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Current Email Address |
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Web Site Address |
None as yet |
Auditors Information
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Company Registered Name |
MAZARS |
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Trading Name |
None |
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Registration Number |
None- partnership |
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Physical Address |
Mazars House Rialto Road Grand Moorings Precinct CENTURY CITY 7441 |
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Postal Address |
PO Box 134 CENTURY CITY 7446 |
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Contact Person |
KENNETH ZAACKS |
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Contact Number |
021 8185106 |
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Email |
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Principals |
26 partners |
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Subject Verified as Client |
Yes |
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SAICA number |
900222 |
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BEE Status |
Level 5 |
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Years With Auditors |
10 years |
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Website |
Previous Auditors
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Company Name |
Phone Number |
Time with previous auditors |
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None |
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Tax
Information
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Vat Number |
4610107692 |
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Status |
Active |
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Vat Liable Date |
Monthly |
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Tax Number |
9680089035 |
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Tax Clearance Expire Date |
June |
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Financial Year End |
June |
Black
Economic Empowerment
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Status |
Process of applying at present |
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Score |
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Expire Date |
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BEE Certificate Available |
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ISO
Status
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Type of ISO Grade |
None |
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ISO Certificate |
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ISO Certificate Available |
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Certified by an Accredited Agent |
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Workman’s
compensation
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Registered |
Yes |
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Compliance Certified |
Yes |
Company
Structure
Subsidiaries
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Subsidiary Company |
None |
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Shareholding |
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Registration Number |
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Import / Export |
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Number of
Employees |
28 |
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1. Salaried
employees |
8 |
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2. Waged
employees |
20 |
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3. Permanent
employees |
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4. Casual
employees |
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5. Contracted
employees |
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Company Fleet |
No of vehicles: |
Owned/ Leased |
Value |
Outstanding Balance |
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Fleet Operations |
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The Fleet is made up of |
4 |
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1. Cars |
3 |
Owned |
R615 000 |
None |
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2. Light
Delivery Vehicles |
1 |
Owned |
R70 000 |
None |
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3. Trailers |
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4. Busses |
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5. Trucks |
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6. Fork
Lifts |
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7. Other |
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Offices |
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Head Office Owned/ Rented |
Owned by THE NAPOLEON TRUST |
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Rental Company |
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Owned by |
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Value |
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Bond |
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Bank |
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Lease Agreement |
None |
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Lease Expire Date |
None |
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Type of Premises |
Industrial warehouse and offices |
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Branches Names |
Country |
Province |
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None |
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Branches Owned/ Rented |
None |
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Rental Company |
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Owned |
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Value |
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Bank |
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Bond |
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Lease Agreement |
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Lease Expire Date |
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Type of Premises |
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Management Overview
Organisation chart
|
Level |
Position |
Name |
|
1 |
Managing Member |
BERNARD FIG |
|
2 |
Account |
S NORDIEN |
Company Structure
(Ownership)
Note: One level up and all levels down
|
Holding |
Company |
Sub |
|
71.43% NAPOLEON
TRUST 21.43% BERNARD
FIG 7.14% DAVID FIG |
RICE-TIC SOUTH
AFRICA CC |
None |
Trade
References
Key
deals signed within the past 12 months.
|
Company |
Value |
Contact |
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None |
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The subject imports
all of its supplies and deals with the clearing agent below.
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Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
|
1 |
IMPSON LOGISTICS |
031 3747000 |
None |
None |
Trade
References Detail
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
4-5 years |
R250 000 |
R150 000 |
30 days |
R100 000- R150 000 |
30 days |
Good |
Adverse
Information on Subject
Judgements
|
Judgements |
None |
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Possible
Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Business Rescue
|
Date registered |
Business rescue practitioner |
Contact Information |
Details |
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None |
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Default Listings
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Date |
Details |
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None |
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Notarial Bonds
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Date |
Details |
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None |
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Bank Information
|
Bank |
STANDARD BANK |
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Branch |
Milnerton |
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Bank Account Number |
071181121 |
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Type of Account |
Current |
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Account Name |
RICE-TIC SOUTH AFRICA CC |
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Overdraft Facilities |
Yes R2 700 000 secured by the debtors book |
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Bank Code |
C for R1 000 000 |
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Bank Comment |
The subject is considered as equal to its normal business engagements. |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
Years with bank |
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None |
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Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
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None |
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Deeds
Information
Property Interestsfor Company
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Title Deed No. |
Unknown |
Erf/Site No. |
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Deeds Office |
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Physical Address |
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Property Type |
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Extent / Size |
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Purchase Date |
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Purchase price |
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% Ownership |
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Bond Holder |
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|
Bond Number |
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Bond Amount |
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Financial Information
Financial
Estimates
|
CURRENT ASSETS |
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Stock |
R7- R9 000 000 |
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Debtors |
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FIXED ASSETS |
R850 000 |
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Plant, Equipment, Vehicles |
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Property |
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CURRENT LIABILITIES |
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Creditors |
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Loans/ From? |
Members loans R11 500 000 |
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LONG TERM LIABILITIES |
None |
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Morgage Bonds |
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Previous Year Turnover |
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Estimated Current Year Turnover |
R50- R55 000 000 |
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Current Turnover per month |
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Current Turnover per annum |
R50 000 000 |
Please note the
following:
|
Turnover and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
Principals
|
Number of Principals |
2 |
|
Average Age of Active Principals |
67 |
Active Principals
Principal 1 of 2: FIG BERNARD
|
Surname |
FIG |
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First Name |
BERNARD |
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Other Names |
BAKHTAWAR |
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Marital Status |
Unmarried |
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ID Number |
5908215030080 |
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Verified ID Number |
Yes |
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Current Age |
52 |
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Designation |
DIRECTOR |
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Status |
Active |
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Appointment Date |
None on record |
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Physical Address (at time of Appointment) |
308 The Island Club 2 North Bank Lane Montague Gardens 7441 |
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Postal Address |
PO Box 244 PAARDEN EILAND 7420 |
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Current Tel Number |
021 5113510 |
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Cell number |
082 8007640 |
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Current Fax Number |
021 5116311 |
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Current Email Address |
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Shareholding |
21.43% |
Adverse Information
for:FIG BERNARD
Judgement
|
Number of
Judgements |
None |
Debt
Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information for:FIG BERNARD
Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
AUTOMATIC FOOD PACKING COMPANY (PTY) LTD |
1960/002183/07 |
Conversion CO/CC
or CC/CO |
51 Years 6 Months |
0 |
No |
|
NAPOLEON TRUST PROPERTIES CC |
2010/018299/23 |
In Business |
1 Years 10 Months |
0 |
No |
|
CHOPSTICK PROPETIES CC |
B1994034170/23 |
In Business |
17 Years 2 Months |
0 |
No |
Previous
Business Interests
|
Average Age of
Previous Business Interests |
None |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
None |
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Deeds Information
Property
Interestsfor:FIG BERNARD
|
Title Deed No. |
ST274625/2004 |
Erf/Site No. |
5955,0 |
|
Deeds Office |
CAPE TOWN |
Physical Address |
|
|
Property Type |
Sectional Title / Unit |
Extent / Size |
127.0sqm |
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Purchase Date |
2003-06-20 |
Purchase price |
R875 000.00 |
|
% Ownership |
0.0000 |
Bond Holder |
NEDBANK LTD |
|
Bond Number |
B546232003 |
Bond Amount |
R 206 000 000.00 |
Active Principals
Principal
2 of2:FIG DENNIS
|
Surname |
FIG |
|
First Name |
DENNIS |
|
Other Names |
None |
|
Marital Status |
Unmarried |
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ID Number |
2808215506100 |
|
Verified ID Number |
No |
|
Current Age |
83 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
Unknown (Silent Member) |
|
Physical Address (at time of Appointment) |
505 Bordeaux Beach Road Sea Point 8001 |
|
Postal Address |
PO Box 244 PAARDEN EILAND 7405 |
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Current Fax Number |
021 5116311 |
|
Shareholding |
7.14% |
Adverse Information for:FIG DENNIS
Judgement
|
Number of
Judgements |
None |
Debt Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information for FIG DENNIS
Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
AUTOMATIC FOOD PACKING COMPANY (PTY) LTD |
1960/002183/07 |
Conversion CO/CC
or CC/CO |
51 Years 6 Months |
0 |
No |
|
CHOPSTICK PROPERTIES CC |
B1994/034170/23 |
In Business |
17 Years 2 Months |
0 |
No |
Previous Business
Interests
|
Average Age of Previous
Business Interests |
None |
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
|
None |
|
|
|
|
|
Deeds Information
Property
Interestsfor:FIG DENNIS
|
Title Deed No. |
None |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
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.