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Report No. : |
317465 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
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Name : |
FISH ON LINE (PTY) LTD |
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Registered Office : |
20 Vrystaat Road Paarden Eiland Cape Town Western Cape, P O Box 51908 Waterfront 8002 |
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Country : |
South Africa |
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Date of Incorporation : |
17.06.2005 |
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Com. Reg. No.: |
2005/021351/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Importers, exporters and distributors of a wide range
of seafood products under the brand name OCEAN FRESH. |
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No. of Employee : |
30, having increased from 21 reported in 2013. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
SOUTH AFRICA ECONOMIC OVERVIEW
South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.
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Source
: CIA |
FISH ON LINE (PTY) LTD
PHYSICAL ADDRESS: 20 Vrystaat Road
PAARDEN EILAND
Cape Town
Western Cape
POSTAL ADDRESS: P O Box 51908
WATERFRONT
8002
TELEPHONE NUMBER: +27 21 510 5638
FAX NUMBER: +27 21 510 5090
The subject moved from 7 Signal Crescent, Montague
Gardens, Cape Town, Western Cape in October 2013.
100% LONRHO
LTD
The shareholding changed in 2013 and was previously:
68% LONRHO
PLC
16% D W
STACEY
16% J E
MALAN
The shareholding changed in 2011 and was previously:
37.5% R P J
BRINK
37.5% J E
MALAN
25% K
POST
None in South Africa
B WARD ID
No. 7201275381082
R SUTER PPT
No. F1806749
FIRST NATIONAL BANK, Commercial Suite branch Cape
Town, Branch Code: 223636, Account Number: 62088300232. It was stated that the subject enjoys
overdraft facilities. Utilisation is
stated to be nil as credit balances are normally maintained at the bank.
17 June 2005
Registration Certificate Number: 2005/021351/07
The subject commenced trading as a new business in
2005.
VAT NUMBER: 4520222680
TAX NUMBER: 9341712157
BBBEE STATUS: Non-compliant
Importers, exporters and distributors of a wide
range of seafood products under the brand name OCEAN FRESH.
The subject imports 90% of its supplies and deals
with local suppliers.
Previously, we have divulged the names of the
major suppliers in our reports. We have
discontinued this practice to protect our valuable sources of trade
information. This has become necessary
because we now give a description of the goods or services to which the trade
references relate. This gives our client
the ability to assess whether the purchases
are vital to the subject’s operation and whether we have only been given their
essential suppliers that must be paid promptly for the subject to maintain its
operation.
Wholesalers
AREA OF DISTRIBUTION AND SELLING: South Africa
EXPORTS: Namibia,
Botswana and Zimbabwe
TOTAL EMPLOYEES: 30, having increased
from 21 reported in 2013.
OTHER PREMISES: None
OWNED OR LEASED: The premises are
reported to be leased.
The following estimated financial situation was
submitted as at 2 March 2015:
STOCK R 45 000 000
DEBTORS R 30 000 000
CREDITORS R 31 000 000
LOANS None
TURNOVER per annum R 100 000 000
KPMG
DECEMBER
S I B CAPE GRO INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 R1
500 000 R 375 000- 30
days 30 days Excellent
R1 400 000
2. 2007 R 100 000 R 10 000- 30
days 30 days Very good
R 20 000
3. 2003 declined R
50 000- 30 days 30 days Very good
R 150 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. June 1991 R1 500 000 R 550 000- 60 days 60-90
days Slow
c/l R1
300 000
2. 2007 R
100 000 fluctuates 30 days 30 days Good
c/l
3. +5 years +R
100 000 R 100 000 30
days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1991 Declined Declined 15 days 15 days Excellent
2. 10
Years R100 000 R50 000 30 days 30
days Very good
3. +2
Years Declined Declined 30 days 30
days Very good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 18 years Open acc R 90 000- 30 days 30
days Very good
R100 000
2. 8-10 years Open acc R200 000- 30
days 30 days Excellent
R250 000
3. +5 years Open acc R 5 000- 30 days 30
days Very good
R 50 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years Open +R100 000 30 days 30
days Very Good
2. 5 years Open R600 000 30 days 30 days Very
Good
3. Associate company
(These descriptions relate respectively by number
to the above current trade transactions):
1. Cold storage facilities
2. Cold storage facilities
This is an established and well-connected company meeting its
commitments timeously. The suppliers
regard the subject very well.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.39 |
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|
1 |
Rs.91.06 |
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Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.