MIRA INFORM
REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
OSMAN’S SPICE WORKS CC |
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Registered Office : |
178 and |
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Country : |
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Date of Incorporation : |
28.02.1995 |
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Com. Reg. No.: |
1995/008140/23 |
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Legal Form : |
Closed Corporation |
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Line of Business : |
Manufacturers, importers
and pre-packers of spices,
herbs, rice and related 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 but Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Note:
(The information contained in this report, other
than comment by outside authorities, has been voluntarily supplied by officials
of the subject):
COMPANY NAME
OSMAN’S SPICE WORKS CC
PHYSICAL ADDRESS
178 and
Clairwood
POSTAL ADDRESS
4000
Telephone Number: 031 465 1611 /
2
Fax Number: 031
465 4961
MEMBERS
35,2% MS S
OSMAN – mother ID
No 5106090121054
30% R
OSMAN - son ID
No 7802255099089
30% MRS
N HASSIM - daughter in law ID No
7302250229088
4,8% MS R OSMAN – daughter ID No 8011130087058
The membership and was previously 60% I OSMAN, 35.2% S OSMAN and 4.8% MS R OSMAN, having changed in September 2003.
ASSOCIATE COMPANIES
OSMANS SPICE WORKS PROPERTY INVESTMENTS (PTY) LTD
(Registration Certificate Number 1992/006493/07) -
property owning company
(Registration Certificate Number 1999/044808/23)
OSMAN’S TAJMAHAL PRODUCTS CC
(Registration Certificate Number 1988/034883/23) –
property owning company
BANKERS
HBZ BANK,
The respondent stated that the subject enjoys overdraft facilities to an extent of R10 000 000 secured by property owned by the OSMAN family. Utilisation of the overdraft is stated to fluctuate.
The subject also banks with FIRST NATIONAL BANK,
The respondent stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
28 February 1995
Registration certificate number 1995/008140/23
It was stated by the respondent that the subject converted from OSMAN’S SPICE WORKS (PTY) LTD (Registration Certificate Number 1973/009073/07) in February 1995. The subject is a family business and was originally commenced in 1930.
VAT NUMBER
4330136666
MAJOR OPERATION
Manufacturers, importers and pre-packers of spices, herbs, rice and related products.
MAJOR SUPPLIERS
The subject imports from the Far East (
AMIRANA TRADING COMPONENTS Rustenburg
IMPACT FREIGHT
MAJOR CUSTOMERS OR BUSINESS SECTORS
Wholesalers and retailers.
AREA OF DISTRIBUTION AND SELLING
80%
EXPORTS
Indirectly to African countries
TOTAL EMPLOYEES
150 permanent employees and the subject utilises sub-contracted employees totalling 250 to 300 employees at a time.
OTHER PREMISES
It was stated that the subject has a factory at
the heading address and a warehouse at
OWNED OR LEASED
The heading premises and the warehouse premises at 178 and
MEMBERS CONTRIBUTION
R100
The following
estimated financial situation was submitted as at 1 April 2011:
STOCK R 25 000 000
DEBTORS R 40 000 000
CREDITORS R 25 000 000
TURNOVER per annum R150
000 000
AUDITORS
GRANT THORNTON KESSEL FEINSTEIN, La Lucia
Tel No. 031 576 5500
YEAR END
FEBRUARY
INSURANCE BROKERS
PETER CHRISTIES
TRADE REFERENCES – SEPTEMBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5
years+ R500 000 R150 000 30
days 60/90 days Average
c/l
2. 25
years R150 000 R150 000 60
days 60 days Very good
3. 10
years R2 00 0000 R2 000 000 30
days 30 days Excellent
TRADE REFERENCES – NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc large R150 000 30
days 60/90 days Slow
2. 4-5
years R300 000 R270 000 30
days 30 days Very good
TRADE REFERENCES – NOVEMBER 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 9
years R700 000 R320 000 15
days 15 days Very good
2. 5
years R150 000 R100 000 30
days 30/45 days Good
c/l
3. 2000 R800 000 R200 000 - 30 days 37 days Average
c/l R300 000
TRADE REFERENCES – OCTOBER 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 9 years R900
000 R 50 000- 30
days 60-90 days Slow
(CGIC) R300 000
2. 14 years R500
000 R300 000- 30 days 30 days Very Good
R400
000
3. Handed over 1 year ago for undisclosed reasons.
TRADE REFERENCES – JANUARY 2010
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2000 undisclosed R
50 000- 30 days 30+ days Slow
R200
000
2. 3 years undisclosed R100 000- 30 days 30 days Good
R150
000
3. Handed over for slow payments
TRADE REFERENCES – MAY 2010
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2008 declined R50 000- 30 days 45-60 days Slow
R500 000
2. 3 years declined R600 000 30 days 30 days Good
3. Nov2008 R50 000 R21 000 30 days 45 days Average
c/l
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 30 years R150
000 R100 000 30 days 30 days Good
Open
account -R150 000
2. 2
years R150 000 R100 000 30
days 30 days Very good
Open
account -R150 000
3. 2000 R200
000 R60 000 - 30 days 30/90 days Slow
Open
account R200 000 Needs monitoring
COMMENTS
This is an established business meeting its commitments slowly at times and has done throughout its history. One supplier stated that the subject needs constant reminding for payments. It is therefore suggested that all dealings be on a letter of credit basis or fully secured basis only.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.22 |
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1 |
Rs.71.97 |
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Euro |
1 |
Rs.63.23 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.