MIRA INFORM REPORT

 

 

Report Date :

11.12.2013

 

IDENTIFICATION DETAILS

 

Name :

GLENLEA TRADING CC

 

 

Registered Office :

42 Monte Carlo Crescent Khayalami 1685

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.04.1999

 

 

Com. Reg. No.:

1999/022377/23

 

 

Legal Form :

Private Company

 

 

Line of Business :

·         importer of sweets, biscuits and noodles

Retail trade in bakery products

 

 

No. of Employees :

03

 

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 :

Unknown 

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

South Africa

A2

A2

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Africa ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. State power supplier Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

 

Subject Name

GLENLEA TRADING CC

Country

South Africa

Account Review

Recommended Every 6 Months

Subject Contact Person

COLLIN MCLELLAN - Owner

Assessment

This is a well-established business.

 

On investigation we made contact with COLLIN MCLELLAN owner, who assisted with information, however declined the financials.

 

We are still awaiting trade references.

 

Please see the available information on the subject below.

 

 

Company information

 

Registered Name

GLENLEA TRADING CC

Trading as/ Division Name

None

Previous Name

None

Date of Name Change

N/A

Registration Number

1999/022377/23

Registration Date

1999/04/28

Date Commenced Trading

1999-04-28

Age of Business

14 Years 8 Months

History of Business

The subject was established in 1999

History of Principals

There is 1 active principle within the subject

Shareholders/Members/Partners of subject and % holding

100%- COLLIN MCLELLAN

Status

In Business

Operations Assessment

The subject main operation is to import sweets, biscuits and noodles.

Industry/ Customers

Wholesalers

Export

None

Import

Yes

Major Industry Code / SICC

62203

Definition of Code

Retail trade in bakery products

Head Office Physical Address

42 Monte Carlo Crescent KHAYALAMI 1685

Head Office Postal Address

PO Box 32555 KHAYALAMI 1684

Current Tel Number

0836538551

Current Fax Number

0866733922

Current Email Address

glenlea@intekom.co.za

 

 

Auditors information

 

Company Registered Name

ALCHEMY AUDIT SERVICES INC

Registration Number

2005/010148/21

Physical Address

Unit 3 Bush Hill Office Park Jan Frederick Avenue Bush Hill 2154

Postal Address

PO Box 2627 Northriding 2162

Contact Person

Howard John Brockbank

Contact Number

0722244468

Principals

4

Subject Verified as Client

Yes

VAT Number

4830222354

Tax Number

9631415156

 

Previous Auditors Information - No Information on Record

 

Tax information

 

Vat Number

4180181044

Status

ACTIVE

Tax Number

9017283871

 

Black Economic Empowerment Information - No Information on Record

 

ISO Information - No Information on Record

 

Work Mans Information - No Information on Record

 

 

Company Structure

 

Subsidiaries Information - No Information on Record

 

Employees

Number of Employees

3

1. Salaried employees

3

2. Waged employees

--

3. Permanent employees

3

 

Company Fleet Information - No Information on Record

 

Offices

 

Offices

Offices

Head Office Owned/ Rented

Leased

Rental Company

CORP COO

Type of Premises

Office blocks and Warehouse

 

Branch Information - No Information on Record

 

Management Overview

 

Organisation Chart

Level

Position

Name

Comment

                    1                           DIRECTOR                        COLIN MCLELLAN

Holding

Company

Sub

Comment

 

 

 

 

 

Company Structure (Ownership)

Note: One level up and all levels down

 

Key Deals - No Information on Record

 

Trade References Information - No Information on Record

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

Business Rescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

 

Bank information

 

Bank

STANDARD BANK

Branch

SANDTON

Brach Code

051001

Bank Account Number

420936122

Type of Account

Current

Account Name

GLENLEA TRADING CC

Overdraft Facilities

YES

Bank Code

C For 150000

Bank Comment

The subject's bankers consider them good for all business normal engagements

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

Principals

 

 

Number of Principals

1

Average Age of Active Principals

44

 

Active Principals Principal - 1 of 1 COLIN MCLELLAN

Surname

MCLELLAN

First Name

COLIN

Other Names

 

Marital Status

Married

ID Number

6906035017088

Verified ID Number

Yes

Current Age

44 Years 6 Months

Designation

Director

Physical Address (at time of Appointment)

42 Monte Carlo Crescent Khayalami 1685

Postal Address

PO Box 32555 Khayalami1684

Current Tel Number

Unavailable

Cell number

0836538551

Shareholding/Membership

100%

 

Principal's Adverse - No information on record

 

Business Information for COLIN MCLELLAN

 

·         Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.21

UK Pound

1

Rs.100.65

Euro

1

Rs.84.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.