MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
MALLIES CENTRE CC |
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Registered Office : |
111 Carr Street,
Newtown, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.08.2004 |
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Com. Reg. No.: |
2004/084277/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Sellers
of Spices and Other Dry Products |
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 : |
Slow |
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Litigation : |
Clear |
COMPANY NAME
MALLIES CENTRE CC
TRADING NAME
MALLIES SPICES WORKS
PHYSICAL ADDRESS
111 Carr Street
Newtown
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 42303
FORDSBURG
2033
TELEPHONE NUMBER: 011 836 9517 / 834 3136
FAX NUMBER: 011 838 6795
MEMBERS
52% J J JHINA ID
No. 4103055058059
24% P JHINA ID
No. 7603165256086
24% P M JHINA ID
No. 7804205232083
ASSOCIATE COMPANIES
VALJAY INVESTMENTS CC
(property owning company)
MAGNOLIA TRADING CC
J J JHINA is involved in
both of the above companies
BANKERS
FIRST NATIONAL BANK,
Market Street branch. Further banking
information was not forthcoming from respondents at the subject
DATE REGISTERED
23 August 2004
Registration Certificate
Number: 2004/084277/23
The subject was
originally a private company that commenced in 1970.
VAT NUMBER
4590103505
MAJOR OPERATION
Importers and sellers of
spices and other dry products
MAJOR SUPPLIERS
The subject imports
supplies and deals locally with:
A H GROCERS Durban
JOSH LEVY Potchefstroom
READ SHIPPING
Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retailers, trade and
general public
AREA OF DISTRIBUTION AND SELLING
Gauteng & South
Africa
EXPORTS
None
TOTAL EMPLOYEES
20
OTHER PREMISES
None
OWNED OR LEASED
The premises are
reported to be owned by the associate property owning company
MEMBERS CONTRIBUTION
R100
Full financial
information was not forthcoming from respondents at the subject, however, it
was stated that the monthly turnover is R2.5 million to R3 million.
AUDITORS
IRSHAD NAKHOODA AND
ASSOCIATES, Johannesburg
YEAR END
FEBRUARY
INSURANCE BROKERS
WBS BROKERS
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R1 500 000 R600 000 - 30
days 30 days Excellent
c/l R700 000
2. Old acc declined R200 000 - 30
days 45 days Good
3. 1988 R 100 000 R100 000 30 days 30 days Very
good
varies
COMMENTS
This is an
established business that was formerly a private company. The subject is meeting its commitments over
terms at times. It is suggested
dealings be on a spread and secured basis.
The lack of financial information should be borne in mind.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
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%)