MIRA INFORM REPORT

 

 

Report Date :

18.10.2013

 

IDENTIFICATION DETAILS

 

Name :

GORIMA’S KITCHEN CC

 

 

Registered Office :

21-23 Turners Avenue, Berea, Durban, Kwazulu-Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.12.2001

 

 

Com. Reg. No.:

2001/082750/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Importers, wholesalers and retailers of spices

 

 

No. of Employees :

+45

 

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 :

No Complaints 

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

 

 

(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by Officials of the subject):

 

 

COMPANY NAME

 

GORIMA’S KITCHEN CC

 

 

TRADING NAME

 

GORIMAS 

 

 

PHYSICAL ADDRESS

 

21-23 Turners Avenue

BEREA

Durban

KwaZulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 429

PAVILLION

3611

 

TELEPHONE NUMBER:              +27 31 207 3486

FAX NUMBER:                           +27 31 301 7381

 

The subject moved from Unit 4 72 Brickfield Road Overport Durban in June 2013.

 

CELLPHONE NUMBER: +27 82 451 2452 (ARSHAD)

 

 

MEMBERS

 

33.3%   K MALL                                                            ID No. 5005160711085

33.3%   Y A MOOLA                                          ID No. 6901175054082

33.3%   A A MOOLA (brother)                             ID No. 7511045095089

 

ASSOCIATE COMPANIES

 

·         LILIA INVESTMENTS CC

GORIMA’S TRUST (property owning trust)

 

 

BANKERS

 

STANDARD BANK, Westville Branch as well as FIRST NATIONAL BANK, Musgrave Branch.  The subject does not require overdraft facilities as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

4 December 2001

Registration Certificate Number:  2001/082750/23

 

The subject commenced trading in 2001

 

 

VAT NUMBER

 

4600207114

 

 

TAX NUMBER    

 

9085375146

 

 

MAJOR OPERATION

 

Importers, wholesalers and retailers of spices

 

 

MAJOR SUPPLIERS

 

The subject imports supplies and deals locally with:

 

A H GROCERS

LIBERTY FOODS

ACE NUT TRADERS

G M ARCACHE

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers and the public

 

 

AREA OF DISTRIBUTION AND SELLING

 

KwaZulu-Natal

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

           

±45

 

 

OTHER PREMISES   

 

The subject has 3 retail shops in Durban

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the trust, however, the branch retail stores are leased.

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 15 October 2013:

 

STOCK                                                                                R  2 000 000

DEBTORS                                                                            Mainly COD

CREDITORS                                                                        R  1 500 000

TURNOVER per annum                                                         R30 000 000

 

 

AUDITORS

 

TED NAIDOO INCORPORATED

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MI CASSIM BROKERS

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                           PATTERN

 

1.    2004             Open Acc      R300 000-       30 days        30 days       Excellent                                     R500 000

 

2.    2008             Open Acc      R  10 000-       30 days       30 days        Very good

                                               R200 000

 

3.    May 2012     R250 000       R150 000        30 days       30 days        Very good

 

 

COMMENTS

 

This is an established business meeting its local commitments timeously.  The subject is considered equal to a maximum amount of €40 000 over 30 days.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.58

UK Pound

1

Rs.98.51

Euro

1

Rs.83.49

 

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.