MIRA INFORM REPORT

 

 

Report Date :

24.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FOSKOR (PTY) LTD

 

 

Formerly Known As :

FOSKOR LTD

 

 

Registered Office :

Block G, Riverview Office Park, Janadel Avenue, Midrand, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

18.08.1951

 

 

Com. Reg. No.:

1951/002918/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Mining company, mining phosphate rock and producing phosphoric and granular acids

 

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

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

 

FOSKOR (PTY) LTD

 

·         Formerly FOSKOR LTD, the legal entity of the company having been changed in March 2005. 

·         Formerly UNIE FOSFAAT ONTGINNINGS MAATSKAPPY EDMS BPK, the name having been changed on 2 December 1987.

·         Formerly FOSFAAT-ONTGINNINGSKORPORASIE (EDMS) BPK, the name having changed on

·         1 November 1951.

 

 

PHYSICAL ADDRESS    

 

Block G

Riverview Office Park

Janadel Avenue

Midrand

Johannesburg

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 2494

Halfway House

1685

Telephone Number:                  011 347 0600

Fax Number:                             011 347 0640

 

The subject moved its head office premises at 18 Thornhill Office Park, 94 Bekker Road, Midrand, Gauteng, in November 2008.

 

 

SHAREHOLDERS

 

85%      THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LTD, which in turn is owned

by the S A GOVERNMENT.

14%      COROMANDER FERTILIZERS LTD

  1%     SUN INTERNATIONAL LTD

 

It was stated by the respondents that these shareholders COROMANDER FERTILIZERS LTD may be upgrading their shareholding to about 15% in the near future.  This, however, has not yet been finalized.

 

 

ASSOCIATE COMPANIES

 

ZIRCONIA (PTY) LTD

(Registration Certificate Number:  2003/075280/23)

 

PHOSPHATE SHIPPING (PTY) LTD

(Registration Certificate Number:  1988/001252/07)

 

PHOSFERT MARINE (PTY) LTD

(Registration Certificate Number:  1988/003553/07

 

INDIAN OCEAN FERTILIZER (PTY) LTD (dormant)

(Registration Certificate Number:  1951/003733/07)

 

The percentage of shareholding was not forthcoming

 

DIRECTORS

 

M A PITSE (CEO & president)                            ID No: 5410075792081

G VAN WYK (non-exec)                                     ID No: 5909165005080

DR D S PHAHO                                     ID No: 6804166018084

A VELLAYAN                                                    D.O.B: 530109 (India)

M G QHENA (Chairman)                         ID No: 6511045402088

MS S S NGOMA (non-exec)                               ID No: 7607040556081

F MADAVO                                                       ID No: 5908045270088

MRS J M MODISE (non-exec)                             ID No: 6303160323087

M BOOI                                                            ID No: 6107065731082

 

It was stated that the Directors are in the process of change.

 

 

BANKERS

 

The subject is reported to deal with all the major banks including FIRST NATIONAL BANK, STANDARD BANK, NEDBANK and ABSA BANK, Phalaborwa Branch. Account number: 1680000316.

 

 

DATE REGISTERED

 

18 August 1951

Registration Certificate Number: 1951/002918/07

 

The subject was converted from a private company to a limited company in July 1964.  The subject took over assets and operations of a company named INDIAN OCEAN FERTILIZER (PTY) LTD on 1 October 2001.  The subject converted to a private company on 30 March 2005.  

 

 

VAT NUMBER    

 

4400106649

 

 

MAJOR OPERATION

 

Mining company, mining phosphate rock and producing phosphoric and granular acids.

 

 

MAJOR SUPPLIERS

 

The subject is reported to be a large organisation and is reported to import most of its supplies through one of its subsidiary companies PHOSFERT MARINE (PTY) LTD and deals locally with the following suppliers:

·         ESKOM

·         SPOORNET

·         AKULU MARCHON, Johannesburg

·         MHLATUZE WATER PRISM

·         KAMATSU CORPORATION

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Fertilizer manufacturers and agricultural companies such as Fedmis, Omnia, Sasol etc.

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide, mainly India

 

TOTAL EMPLOYEES

 

±1 800

 

 

OTHER PREMISES   

 

The subject is reported to have divisions in Phalaborwa and Richard’s Bay.

 

 

OWNED OR LEASED

 

The head office premises are leased while the remainder of the premises are reported to be owned by FOSKOR (PTY) LTD.  The Phalaborwa premises are stated to be free of bond.  The Richards Bay premises are reported to be owned by the subject.

 

 

AUTHORISED SHARE CAPITAL

 

R9 157 647 divided into 9 157 647 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R9 157 647 (increased in June 2008)

 

Please see latest available group income statement and balance sheet attached.

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC 4000 (Tel No: 011 797 4000) / NGUBANE & PARTNERS (Tel No: 011 254 0800)

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS 

 

GLENRAND MIB

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                Old acc.       R2 500 000    R1 000 000-     30 days    30 days        Excellent

                                      c/l                 R1 500 000

2.                Old acc.       R2 500 000    R   500 000     30 days    30 days        Excellent

 

3.                Do not give trade references

 

4.                Do not give trade references

 

5.                     Do not give trade references

 

 

TRADE REFERENCES – APRIL 2007

 

      PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.       Do not give trade references

 

3.    10 years       do not disclose figures          30 days    30 days        Very good

 

4.    10 years       R12 000 000   R12 000 000    30 days    30 days        Excellent

 

5.    10 years+     R  2 500 000  R  2 000 000    30 days    30 days        Excellent

 

TRADE REFERENCES – NOVEMBER 2007

 

      PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    Do not give trade references

 

3.    1999             R250 000       R   600 000-    30 days    30 days        Very good

                                               R1 000 000

 

4.    10 years       R3 500 000    R2 000 000      30 days    30 days        Very good

 

 

CURRENT TRADE REFERENCES – JULY 2008

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                Do not give trade references

 

2.                Do not give trade references

 

3.                9 years         R2 500 000    R1 300 000      30 days    30 days        Very good

 

4.                Do not give trade references

 

5.                Oct 1993      R5 000 000    R2 500 000      30 days    30 days        Excellent

 

 

TRADE REFERENCES – MARCH 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old Acc.       R10 000 000   R3 500 000      30 days    30 days        Very Good

 

2.       Do not give trade references.

 

3.       10 years       R2 500 000    R1 700 000-     30 days    30 days        Very Good                        

                                               R2 500 000

 

TRADE REFERENCES – OCTOBER 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Do not give trade references.

 

2.                Do not give trade references.

 

3.                16 years       R10 000 000   ±R100 000-      30 days    30 days        Good

                                      c/l                 R  500 000

 

4.                Unable to obtain trade reference.

 

 

TRADE REFERENCES – JUNE 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Do not have such an account

 

2.                17 years       R10 000 000   ±R2 000 000    30 days    30 days        Excellent

                                      c/l

 

3.                     Unable to obtain trade references

 

4.                Do not give trade references

 

 

TRADE REFERENCES – SEPTEMBER 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                ±10 years     R10 000 000   R1 000 000-     30 days    30 days        Very Good

                                      c/l                 R3 000 000

 

2.                +6 months    open acc        R     30 000-    30 days    30 days        Very Good

                                                           R     40 000

 

4.                  Do not give trade references

 

5.                  Do not give trade references

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1993             R10 000         R1 600 000      60 days    60 days        Very Good

 

2.                    Do not give trade references

 

3.                               Do not give trade references

 

4.                    Do not give trade references

 

5.                2009             declined         declined          30 days    30 days        Very Good

 

 

COMMENTS

 

This is a very large, well-established and well-connected company meeting its obtainable commitments timeously. The subject is considered as equal to its normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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.