MIRA INFORM REPORT

 

 

Report Date :           

31.03.2011

 

 

IDENTIFICATION DETAILS

 

Name :

PEARL STAR 90 CC

 

 

Registered Office :

60 Estuary Drive, Riverview Industrial Park, Verulam, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.10.2003

 

 

Com. Reg. No.:

2003/082717/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Manufacturing of polystyrene food packaging trays and cups

 

 

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 :

Small Company 

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

 

PEARL STAR 90 CC

 

Formerly PEARL STAR INVESTMENTS 90 CC, the name having been changed on 29 June 2004.

 

 

PHYSICAL ADDRESS    

 

60 Estuary Drive

Riverview Industrial Park

Verulam

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 597

Verulam

4340

Telephone Number:                  032 533 0240

Fax Number:                             032 533 9860

Cell Number:                            084 514 1122 (Samantha – Ceo)

                                                 084 599 9970 (MRS J RAMDEWU)

 

 

MEMBERS

 

100%    MRS J RAMDEWU        ID No. 6301310226085

 

 

ASSOCIATE COMPANIES

 

·         T & J FAMILY TRUST

·         TJ PLASTICS CC (Registration Certificate Number: 1999/040814/23)

·         XPS BOARDS CC

 

 

BANKERS

 

ABSA BANK, Verulam, Acc No. 4060189694. It was stated that the subject does not enjoy overdraft facilities as credit balances are maintained at the bank.

 

DATE REGISTERED

 

1 October 2003

Registration Certificate Number: 2003/082717/23

 

 

VAT NUMBER    

 

4480210014

 

 

TAX NUMBER          

 

9246595152

 

 

MAJOR OPERATION

 

Manufacturing of polystyrene food packaging trays and cups.

 

 

MAJOR SUPPLIERS

 

·         KAPRENE ENTERPRISES

·         FOOD PACKAGING

·         BASF

·         AFROX

·         SCHENKER CLEARING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Food packaging manufacturers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

EXPORTS

 

Ghana, Botswana and Zimbabwe

 

 

TOTAL EMPLOYEES

 

300 – It was also stated by the respondent that the total will increase to 325 from the end of April 2011.

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased from the associated trust

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted as at 25 March 2011:

 

STOCK                                                                                          ±R  5 000 000

DEBTORS                                                                                     ±R  4 957 769

CASH                                                                                            ±R  2 100 000

CREDITORS                                                                                  ±R  3 500 000

LOANS                                                                                           R     700 000

TURNOVER per annum                                                                     R40 000 000

 

 

AUDITORS    

 

SULTAN & ASSOCIATES

 

 

YEAR END

 

FEBRUARY

 

INSURANCE BROKERS

ETONA INSURANCE BROKERS

 

TRADE REFERENCES – MAY 2009:

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 years+       Open             R1 500 000 -    30 days    30 days        Excellent

                                               R2 000 000

 

2.    ±3 years       R2 000 000    R800 000 -      30 days    30 days        Excellent

                          c/l                 R900 000        (from statement)

 

3.    Nov 2008      R1 000 000    ±R100 000       7 days      7 days          Very Good

                          c/l (insured)

 

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.    Do not give trade references

 

2.    Awaiting a fax trade reference

 

3.    ±2 years       R1 000 000    R600 000±       7 days      7 days          Very Good

                          c/l

 

4.    ±2004           R2 500 000±   R1 400 000±    30 days    30 days        Excellent

 

5.    +6 years       R150 000       R800 000±       30 days    30 days        Very Good

                          c/l                                       (from date of statement)

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000.  However, the subject is considered equal to such a figure over 90 days. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.71.69

Euro

1

Rs.63.02

 

 

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.