MIRA
INFORM REPORT
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Report Date : |
07.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
G M ASSOCIATES CC |
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Registered Office : |
1157 Anvil Road, Robertville, Florida, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.07.1986 |
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Com. Reg. No.: |
1986/013477/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of specialised chemicals for the mining
industry |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
G M ASSOCIATES CC
PHYSICAL ADDRESS
1157 Anvil Road
Robertville
FLORIDA
Gauteng
POSTAL ADDRESS
P O Box 261
LINMEYER
2105
Telephone Number: 011 672 2666
Fax Number: 011 672 2616
MEMBERS
95% G J NEILSON
5% B WATSON
ASSOCIATE COMPANIES
None
BANKERS
FIRST NATIONAL BANK, Carlton Centre branch, account number: 50380798891. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
23 July 1986
Registration Certificate Number 1986/013477/23
The subject was commenced as a new business. It was stated that both Members are
qualified Engineers and have been
involved in the same type of industry for many years.
VAT NUMBER
4390110668
MAJOR OPERATION
Manufacturers of specialised chemicals for the mining industry.
MAJOR SUPPLIERS
The subject imports most food grade products namely, Guar Gum from India and deals locally with:
Z A TRANS Johannesburg
SCHALK SNYMAN TRANSPORT Vereeniging
ALL BAGS / BULK BAGS Johannesburg
DHL Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Mining sector and on a small scale to the food industry. It was stated that Guar Gum is used to thicken sauces, ice creams etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Worldwide
TOTAL EMPLOYEES
15
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the subject, free of bond.
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R5 000 000 – R 6 000 000
DEBTORS R 8 000 000
FIXED ASSETS R 7 000 000
CREDITORS local and foreign R 5 000 000
LOANS Nil
TURNOVER per month R6 000 000 - R 8 000 000
AUDITORS
KER ACCOUNTING AND TAX SERVICES
YEAR END
FEBRUARY
INSURANCE BROKERS
D A B BROKING
TRADE REFERENCES – JANUARY 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R300 000 R200 000 30 days 30 days Very Good
c/l
2. 1996 Open R120 000 30 days 28-30 days Excellent
3. Do not give trade references
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R 800 000 declined 30 days 30 days Good
c/l
2. Do not give trade references
3. 1988 R10 000 000 R5 000 000 30 days 30 days Excellent
4. Do not give trade references.
COMMENTS
This is an established business meeting commitments timeously. The subject is considered equal to US$1 000 000 DA.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)