MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PRETERITE CC

 

 

Registered Office :

23 Central Avenue, Mayfair, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.01.1999

 

 

Com. Reg. No.:

1999/003223/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers and distributors of spices and groceries

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

PRETERITE CC

 

 

TRADING NAME 

 

AKHALWAYAS SPICES OF MAYFAIR

 

 

PHYSICAL ADDRESS

 

23 Central Avenue

Mayfair

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 421033

Fordsburg

2033

Telephone Number:                  011 839 2113

Fax Number:                             011 839 2113

 

 

MEMBERS

 

100%    MRS S BHAIJEE           ID No.   6903270098089

 

 

ASSOCIATE COMPANIES

 

None

 

BANKERS

 

ABSA BANK, Fordsburg branch.  It was stated that the subject enjoys overdraft facilities secured by the personal guarantee of the member. Utilisation is stated to be nil.

 

The subject also banks with HBZ BANK, Fordsburg branch. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

25 January 1999

Registration Certificate Number: 1999/003223/23

 

It was stated that the company commenced trading in 2002

 

 

VAT NUMBER

 

4640202356

 

 

MAJOR OPERATION

 

Importers and distributors of spices and groceries.

 

 

MAJOR SUPPLIERS

 

It was stated that the subject imports supplies and deals locally with:

 

·         A H KHAN

·         M AND F SHIPPING

 

The subject also deals with other suppliers on a C.O.D basis.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Public

 

AREA OF DISTRIBUTION AND SELLING

 

Gauteng and surrounding areas

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

5

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

MEMBERS CONTRIBUTION

 

R50

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that stock is ±R3 000 000, debtors mainly C.O.D and Creditors mainly on a letter of credit basis of ±R900 000.

 

 

AUDITORS    

 

A ASHRAF, Johannesburg

 

 

YEAR END    

 

FEBRUARY

 

INSURANCE BROKERS 

 

ABSA INSURANCE

 

 

TRADE REFERENCES – AUGUST 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old               declined         R35 000          30 days    30 days        Very Good

 

2.    10 years       R54 000         R35 000          30 days    30 days        Very Good

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    20 years       R100 000       R50 000-         30 days    30 days        Excellent

                                               R80 000

 

2.    Deals on a C.O.D basis

 

 

COMMENTS

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.50

UK Pound

1

Rs.73.07

Euro

1

Rs.61.63

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.