MIRA INFORM REPORT

 

 

Report Date :

10.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

BLACK GINGER 77 (PTY) LTD

 

 

Registered Office :

Cnr Long & West Street, Greymont, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

13.07.2004

 

 

Com. Reg. No.:

2004/019437/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Sale of Edible Nuts and Dried Fruits

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

New Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

COMPANY NAME

 

BLACK GINGER 77 (PTY) LTD

 

 

TRADING NAME

 

EM TRADING

 

 

PHYSICAL ADDRESS

 

Cnr Long & West Street

Greymont

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 431

BERGBRON

1712

TELEPHONE NUMBER: 011 477 8840

FAX NUMBER:  011 477 1203

 

 

SHAREHOLDERS

 

80%      PSM HOLDINGS (PTY) LTD, which is owned by the MARKS family

20%      Outside Shareholder

 

The name of the 20% Shareholder was not known by respondents at the subject

 

 

ASSOCIATE COMPANIES

 

There are reported to be a number of companies owned by the MARKS family

 

 

DIRECTORS

 

E MARKS                     ID No. 6709155063084

W MARKS (brother)       ID No. 7008255065084

 

 

 

BANKERS

 

 

STANDARD BANK, Nigel branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Directors.  Utilisation is stated to fluctuate

 

 

DATE REGISTERED

 

13 July 2004

Registration Certificate Number: 2004/019437/07

 

The subject commenced trading in 2006.

 

 

VAT NUMBER    

 

4960227546

 

 

MAJOR OPERATION

 

Sale of edible nuts and dried fruits

 

 

MAJOR SUPPLIERS

 

The subject imports 99% of its supplies and deals locally with: CARGO

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and distributors

 

 

AREA OF DISTRIBUTION AND SELLING

 

Northern part of South Africa

 

 

EXPORTS

 

None

 

 

 

 

 

TOTAL EMPLOYEES

 

7

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased from a group company

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         R5 000 000 – R  7 000 000

DEBTORS                     R11 000 000

CREDITORS                  cash against document

TURNOVER per month   R5 000 000 – R  8 000 000

 

 

AUDITORS

 

IAPA

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

ZURICH

 

 

 

 

 

 

 

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                    PATTERN

 

1.         2 yrs                 open                 R   600 000 -     60 days             60 days             Excellent

R1 000 000

 

 

COMMENTS

 

This is a newly trading company meeting its local commitment timeously.  We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer such a figure to be well spread an secured.

 

 

 

 

 

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