MIRA INFORM REPORT

 

 

Report Date :

01.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

PANACHE SPICES (PTY) LTD

 

 

Registered Office :

1 Crownwood Road, Crown Mines, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.05.2002

 

 

Com. Reg. No.:

2002/012529/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importing and Sale of Spices

 

 

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

 

 

 

 

 

COMPANY NAME

 

PANACHE SPICES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

1 Crownwood Road

CROWN MINES

Johannesburg

Gauteng

 

POSTAL ADDRESS

P O Box 572

CROWN MINES

2025

TELEPHONE NUMBER: 011 837 9002

FAX NUMBER:  011 837 6855

 

 

SHAREHOLDERS

 

We are waiting for the respondent to contact the investigator with the names of the shareholders.

 

 

ASSOCIATE COMPANIES

 

SEETHA FAMILY HOLDINGS (PTY) LTD (property owning company)

 

It was stated that both directors are involved in a number of associate companies, the names of which were not forthcoming.

 

 

DIRECTORS

 

A E PANDOR                ID No:   6303065110084

Y PANDOR (Brother)      ID No:   6012255198086

 

 

BANKERS

 

STANDARD BANK, Fordsburg branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the Bank.

 

 

DATE REGISTERED

 

28 May 2002

Registration Certificate Number:   2002/012529/07

 

The two brothers are also stated to be involved in a number of IT companies.

 

 

VAT NUMBER    

 

4760198863

 

 

MAJOR OPERATION

 

Importing and sale of spices.

 

 

MAJOR SUPPLIERS

 

The subject is not a general credit seeker importing most of its supplies and deals locally with:

 

UTI

TRUTO SHIPPING

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers, retailers and manufactuaring industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Gauteng

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

60

 

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate property owning company.

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                     R2 500 000

DEBTORS (over 90 days)           R2 000 000

CREDITORS                              Fluctuates

TURNOVER per month               R700 000 – R  800 000

 

 

AUDITORS    

 

KBST ACCOUNTING AND AUDITING SERVICES

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

ESSOP S BHANA

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         Do not give trade references.

 

2.         8-9 yrs              open acc           R  9 000-           30 days             30 days             Excellent

                                                            R20 000

 

 

COMMENTS

 

This is an established company meeting its moderate local commitment timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure on a well spread and secured basis.

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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