MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

G M ASSOCIATES CC

 

 

Registered Office :

1157 Anvil Road Robertville Florida Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.07.1986

 

 

Com. Reg. No.:

1986/013477/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Manufacturers of specialised chemicals for the mining industry.

 

 

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

 

COMPANY NAME

 

G M ASSOCIATES CC

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

1157 Anvil Road

Robertville

FLORIDA

Gauteng

 

POSTAL ADDRESS:    

P O Box 261

LINMEYER

2105

 

TELEPHONE NUMBER: 011 672 2666

 

FAX NUMBER:                          011 672 2616

 

 

MEMBERS

 

95%      G J NEILSON

 5%      B WATSON

 

 

ASSOCIATE COMPANIES    

 

None

 

 

BANKERS

 

FIRST NATIONAL BANK, Carlton Centre branch, account number:  50380798891.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

23 July 1986

Registration Certificate Number 1986/013477/23

 

The subject was commenced as a new business.  It was stated that both Members are qualified Engineers and have been involved in the same type of industry for many years.

 

 

VAT NUMBER    

 

4390110668

 

 

MAJOR OPERATION

 

Manufacturers of specialised chemicals for the mining industry.

                                                                                               

 

MAJOR SUPPLIERS

 

The subject imports most food grade products namely, Guar Gum from India and deals locally with:

 

Z A TRANS Johannesburg

SCHALK SNYMAN TRANSPORT Vereeniging

ALL BAGS / BULK BAGS Johannesburg

DHL Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mining sector and on a small scale to the food industry.  It was stated that Guar Gum is used to thicken sauces, ice creams etc.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

TOTAL EMPLOYEES

 

15

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject, free of bond.

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted as at 18 January 2011:

 

STOCK                                     ±R5 000 000 – R  6 000 000

DEBTORS                                 ±R  8 000 000

FIXED ASSETS                         ±R  7 000 000

CREDITORS local and foreign     ±R  5 000 000

LOANS                                     Nil

TURNOVER per month               ±R6 000 000 - R  8 000 000

 

 

AUDITORS

 

I J EMMET                    Tel no.  011 396 1344

 

 

YEAR END

 

FEBRUARY  

 

 

INSURANCE BROKERS

 

D A B BROKING

 

TRADE REFERENCES – JANUARY 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1999                 R300 000          R200 000          30 days             30 days             Very Good

                                                            c/l

 

2.         1996                 Open    R120 000                      30 days             28-30 days        Excellent

 

3.         Do not give trade references

                                                                                               

 

TRADE REFERENCES – JANUARY 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1999                 R     800 000     declined            30 days             30 days             Good

                                    c/l                                                        

 

2.         Do not give trade references

 

3.         1988                 R10 000 000      R5 000 000        30 days             30 days             Excellent

 

4.         Do not give trade references.

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         Do not give trade references       

 

3.         20 years            R100 000          R100 000          30 days             30 days             Excellent

 

4.         Unable to obtain

 

 

COMMENTS

 

This is an established business meeting its one obtainable commitment timeously. The subject is considered equal to US$1 000 000 on a spread basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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.