MIRA INFORM REPORT

 

 

Report Date :

24.10.2008

 

IDENTIFICATION DETAILS

 

Name :

NICOLA-J FLAVOURS AND FRAGRANCES (PTY) LTD

 

 

Registered Office :

Stand 64, Capital Hill Business Park, Le Roux Street, Midrand, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.03. 2001

 

 

Com. Reg. No.:

2001/005451/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of Flavours and Colours

 

 

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

 

NICOLA-J FLAVOURS AND FRAGRANCES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Stand 64

Capital Hill Business Park

Le Roux Street

MIDRAND

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 6837

HALFWAY HOUSE

1635

TELEPHONE NUMBER: 011 315 6582

FAX NUMBER:              011 805 4536

 

The subject moved from Unit 4, Coventry Park, Old Pretoria Main Road, Midrand a few years ago.

 

 

SHAREHOLDERS

 

J VLANTIS

N VLANTIS

G BOAST

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

J VLANTIS                    ID No. 6002155012008

N VLANTIS (wife)           ID No. 6505120071008

G BOAST                      ID No. 5801195123084

 

 

 

 

BANKERS

 

STANDARD BANK, Sandton branch, account number: 023259310.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

12 March 2001

Registration Certificate Number: 2001/005451/07

 

The subject converted from a close corporation that originated in 1996 (Reg. No. 1996/025431/23) in 2001.

 

 

VAT NUMBER    

 

4090158363

 

 

MAJOR OPERATION

 

Manufacturing of flavours and colours

 

 

MAJOR SUPPLIERS

 

CREST CHEMICALS

SAVOURY FOODS

SPICE LAND

WARREN CHEMICALS

HELLMANS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Food manufacturing industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

18

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

ELLIS G

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NOT DISCLOSED

 

 

TRADE REFERENCES

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1. 2004        declined        declined         30 days           30 days                        Very good

 

2. 4 yrs       open             R  30 000 -     30 days           30 days                        Very good

                                               R  60 000

 

3. 5 yrs       declined        R200 000       30 days           30 days                        Very good

 

 

COMMENTS

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.95

UK Pound

1

Rs.79.56

Euro

1

Rs.63.65

 

 

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