MIRA INFORM REPORT

 

 

Report Date :

28.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

DELI-SPICES (PTY) LTD

 

 

Formerly Known As :

SPICE BLENDERS (PTY) LTD

 

 

Registered Office :

25 Bertie Avenue, EPPING 2, Cape Town, stern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

2 June 1981

 

 

Com. Reg. No.:

1981/001050/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

The blending of spices using 500 different recipes

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

DELI-SPICES (PTY) LTD

 

Formerly SPICE BLENDERS (PTY) LTD, the name having been changed on 26 April 2000.

 

 

PHYSICAL ADDRESS    

 

25 Bertie Avenue

EPPING 2

Cape Town

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 611

EPPINDUST

7745

TELEPHONE NUMBER: 021 505 2000

FAX NUMBER:                          021 505 2010

 

 

SHAREHOLDERS

 

90%      DELI-SPICES INVESTMENTS HOLDINGS (PTY) LTD, which in turn is owned by the W A HALLER FAMILY TRUST, R A HALLER FAMILY TRUST, C D HALLER FAMILY TRUST, T A HALLER FAMILY TRUST and J RICKETTS.

 

10%      H R LIEBCHEN

 

The Shareholding was formerly W A HALLER; R A HALLER; C D HALLER; T A HALLER and J RICKETTS, having been changed.

 

 

ASSOCIATE COMPANIES

 

DELI TRADING (CAPE) (PTY) LTD

 

W A H INVESTMENTS (PTY) LTD (property owning company)

 

DELI-SPICE (EASTERN CAPE) (PTY) LTD

 

DELI-SPICES NELSPRUIT (PTY) LTD

 

DELI-SPICES (NORTH RAND) (PTY) LTD

 

 

 

DIRECTORS

 

W A HALLER                            ID No. 3404295067103

 

T A HALLER (son)                     ID No. 6510035220003

 

C D HALLER (son)                     ID No. 6612085234000

 

R A HALLER (son) (MD) ID No. 7201035199089

 

J H RICKETTS (Mrs)                  ID No. 6804260145080

 

 

BANKERS

 

FIRST NATIONAL BANK, Claremont Branch, Account Number: 50192025862.  It was stated that the subject enjoys overdraft facilities to an extent of R2 million, secured by a cession of debtors and stock.  Utilisation is stated to fluctuate

 

 

DATE REGISTERED

 

2 June 1981

 

Registration certificate number 1981/001050/07

 

 

VAT NUMBER

 

4610105530

 

 

MAJOR OPERATION

 

The blending of spices using 500 different recipes

 

 

MAJOR SUPPLIERS

 

The subject imports 70% of its raw materials from India and the Commores and deals locally with:

 

PROTEA INDUSTRIAL CHEMICALS Cape Town

 

SAVANNAH FINE CHEMICALS Cape Town

 

EXIM Cape Town

 

RHODE & LIESENFELD Cape Town

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The subject supplies mainly to its distributing agents as well as to wholesalers, general industry and the associate companies.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia, Botswana

 

 

TOTAL EMPLOYEES

 

120

 

 

OTHER PREMISES

 

The subject has branches in Cape Town, Port Elizabeth, Nelspruit, East London, Bloemfontein, George, Limpopo, Windhoek and Namibia.  The subject also has agencies in Zambia.

 

 

OWNED OR LEASED

 

The premises are owned by the associate property owning company with a market value in the region of R12 million, bonded in favour of FIRST NATIONAL BANK for a small outstanding amount.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R600

 

The following estimated financial situation was submitted:

 

STOCK                                                 R13 000 000 – R14 000 000

DEBTORS                                             R  9 000 000

FIXED ASSETS net book value               R  7 000 000

 

CREDITORS extended terms                  R  5 000 000 – R  6 000 000

SHAREHOLDERS LOANS                     NIL

TURNOVER per annum                          R60 000 000

           

 

AUDITORS    

 

RADEMEYER & WESSON  Cape Town

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

PRESTIGE

 

 

TRADE REFERENCES – MAY 2006

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

           

1.         8 yrs                 R75 000            R    5 000          30 days             55 by                Excellent

                                                                                    net                    arrangement

 

2.         5 yrs +              declined            R150 000          55 days             55 days             Good

 

 

3.         2000                 R200 000          R100 000          30 days             30/37 days        Late payer

 

 

TRADE REFERENCES – JUNE 2007

 

            PERIOD            HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs                R250 000          R200 000          55 days             55 days             Good

                                                                                    by arrangement

 

 

2.         5 yrs+               R  75 000          R  11 000 -        55 days             55 days             Very good

                                                            R  36 000                                  by arrangement

 

 

3.         Old acc             declined            declined            30 days             30 days             Good

TRADE REFERENCES – JUNE 2007

 

            PERIOD            HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                     CREDIT           CREDIT                                    PATTERN

 

1.         Do not give trade references.

 

2.         6 yrs+               open acc           varies                30 days             30 days             Good

 

3.         5 yrs                 declined            declined            30 days             30 days             Good

 

4.         May 2004          R50 000            R70 000-           30 days             30 days             Very good

                                                            R80 000

 

COMMENTS

 

This is an established company meeting its commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see a lesser amount spread and 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