MIRA INFORM REPORT

 

 

Report Date :

29.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

SOUTH SPICE INTERNATIONAL (PTY) LTD

 

 

Registered Office :

21 Amalgam Place, Amalgam, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

5th August 2004

 

 

Com. Reg. No.:

2004/022106/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Milling, manufacturing and distribution of spices and butchers’ requisites

 

 

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

 

SOUTH SPICE INTERNATIONAL (PTY) LTD

                                                

 

PHYSICAL ADDRESS

 

21 Amalgam Place

AMALGAM

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 2161

Cresta

2118

Telephone Number: 011 837 1304

Fax Number:               011 837 2063

 

 

SHAREHOLDERS

 

100%    N R WEIGHTMAN

 

 

ASSOCIATE COMPANIES:

 

None

 

 

DIRECTORS

 

N R WEIGHTMAN          ID No:   4211235058087

 

 

BANKERS

 

NEDBANK Blackheath. It was stated that the subject enjoys overdraft facilities secured by the personal guarantee of the shareholder. Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

5 August 2004

Registration Certificate Number: 2004/022106/07.

The subject is reported to have taken over the operations and assets of a previous business called SOUTH SPICES CC which had been trading since 1990; registration certificate number 1990/018697/23.

 

 

VAT NUMBER          

 

4030217048

 

 

MAJOR OPERATION

 

Milling, manufacturing and distribution of spices and butchers’ requisites

 

 

MAJOR SUPPLIERs

 

The subject imports some of its supplies and deals locally with:

 

PILOT FREIGHT

NEDAN OIL  Potgietersrus

McCALLUM & ASSOCIATES

SPICES INTERNATIONAL

AFRICAN SALT (AGRITRADE)

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Butcheries and retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Botswana and Zambia

 

 

TOTAL EMPLOYEES

 

50

 

 

OTHER PREMISES   

 

Cape Town

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

ISSUED CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                         R4 000 000

DEBTORS                                                                               Mainly COD    R3 500 000

FIXED ASSETS                                                                                             R1 000 000

CREDITORS                                                                                                  R3 400 000

LOANS                                                                                                                      Nil

TURNOVER per month                                                                                   R2 200 000

 

 

AUDITORS

 

LEADER ARENDSE AND ASSOCIATES

 

 

YEAR END         

 

FEBRUARY

 

 

INSURANCE BROKERS

 

REEF INSURANCE

 

 

TRADE REFERENCES

 

      PERIOD       HIGHEST       AVERAGE   TERMS        PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    10/99            R20 000         R20 000+    30 days        30 days            Very Good

 

2.    7 yrs+          R70 000         R50 000      30 days        30 days            Very Good

 

3.    5 yrs+          R30 000         R10 000      30 days        30 days            Very Good

 

 

TRADE REFERENCES

 

      PERIOD       HIGHEST       AVERAGE   TERMS        PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    20 yrs           open acc        R  80 000-   30 days        30 days        Excellent

                                               R400 000

                                               (varies)

 

2.    5-6 yrs          open acc        R  20 000-   30 days        30 days        Very good

                                               R  30 000

 

3.    Old acc        open acc        declined      30 days        30 days        Very good

 

4.    4-5 months   open acc        Too new to comment.

 

 

COMMENTS

 

This is an established business that is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and it is suggested that dealings to a lesser extent be well spread.

                                                                             

                                                                                                           

 

             

 

 

 

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