MIRA INFORM REPORT

 

 

Report Date :

18.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

EXIM SPICES (PTY) LTD

 

 

Formerly Known As :

TRESSO TRADING 172 (PTY) LTD

 

 

Registered Office :

372 Voortrekker Road, Maitland, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

06.10.2000

 

 

Com. Reg. No.:

2000/025537/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The importing, blending and roasting of spices

 

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

 

 

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

 

EXIM SPICES (PTY) LTD

                                                

Formerly TRESSO TRADING 172 (PTY) LTD, the name having been changed on 7 November 2002.

 

 

PHYSICAL ADDRESS    

 

372 Voortrekker Road

Maitland

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 277

Maitland

7405

 

TELEPHONE NUMBER:              021 511 4009

FAX NUMBER:                           021 511 7514

 

It was stated that the spice manufacturing and blending plant is situated at: 

5 Rusper Road, Maitland.

 

 

SHAREHOLDERS

 

·         331/3%       THE MANA TRUST

·         331/3%       ORIEL TRUST

·         331/3%       ZAC TRUST

 

It was stated that the NEILL brothers are trustees, while their wives are the beneficiaries in the above mentioned trusts.

 

 

ASSOCIATE COMPANIES

 

EXIM INTERNATIONAL (PTY) LTD

(Registration Certificate Number:  2001/023754/07)

 

EXIM REEF CC

(Registration Certificate Number:  1990/009645/23)

 

PAMAZINDA TRUST – property owning trust

 

KAROO CASINGS CC – property owning

(Registration Certificate Number: 1995/013013/23)

 

NATURAL HERBS AND SPICES CC

(Registration Certificate Number:  1994/029528/23)

 

 

DIRECTORS

 

·         B A NEILL               ID No:  6101235735081

·         G D NEILL               ID No:  6206255951086

·         P D NEILL               ID No:  6809305661082

 

 

BANKERS

 

NEDBANK, Business Southern Peninsula branch, account number:  1073283313. 

 

It was stated that the group enjoys an overdraft facility to an extent of

R4 000 000, secured by cross company guarantees, a cession of debtors and the personal guarantee of the directors.  Utilisation of the overdraft facility is stated to be seldom.

 

 

DATE REGISTERED

 

6 October 2000

Registration Certificate Number: 2000/025537/07

 

It was stated that the EXIM SPICES was previously a division of EXIM INTERNATIONAL (PTY) LTD.  The subject commenced active operations when it incorporated the division in November 2002.

 

 

VAT NUMBER

 

4060201193

 

 

MAJOR OPERATION

 

The importing, blending and roasting of spices.

 

 

MAJOR SUPPLIERS

 

The subject imports 80% of its supplies worldwide (India, Vietnam, China) and deals with the following South African suppliers on a small scale:

 

MULTIMODAL FREIGHT SERVICES, Cape Town

PROTEA CHEMICALS, Cape Town

CJ PETROW TRADING, Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mainly EXIM INTERNATIONAL (PTY) LTD and on a smaller scale to spice merchants.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Indirectly to Namibia and Zimbabwe.

 

 

TOTAL EMPLOYEES

 

40 permanent employees

 

OTHER PREMISES   

 

It was stated that the spice manufacturing and blending plant is situated at 5 Rusper Road, Maitland.

 

 

OWNED OR LEASED

 

The respondent stated that the heading premises are owned by PAMAZINDA TRUST, with an insured value of R18 000 000, free of bond.  It was stated that the plant premises are owned by EXIM REEF CC, with an insured value of R18 000 000, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                           R7 000 000 – R  8 000 000

DEBTORS                                           (internal and external) R10 000 000

CREDITORS                                                                        R  8 000 000

TURNOVER per annum                                                         R40 000 000

 

 

AUDITORS    

 

GRANT THORNTON, Cape Town, tel no:  021 481 9000

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

SIB CAPE GROW

 

TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                8 years         R700 000       R600 000        on delivery Good

                                      Open account -R700 000

 

2.                Few years     sporadic         purchases       COD         COD             Good

                                      Last purchased in April 2010

 

3.                10 years+     R200 000       R80 000          30 days    30 days        Very good

                                      c/l                 fluctuates

 

 

COMMENTS

 

This is an established company, which imports most of its supplies.  The subject is meeting its local commitments timeously and is considered equal to its normal business engagements.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.59

UK Pound

1

Rs.72.31

Euro

1

Rs.60.73

 

 

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

----

NB

New Business

----

 

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.