MIRA INFORM REPORT
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEGALICIOUS (PTY) LTD |
|
|
|
|
Formerly Known As : |
JOZISMART (PTY) LTD |
|
|
|
|
Registered Office : |
34A |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.10.2010 |
|
|
|
|
Com. Reg. No.: |
2010/021706/07 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Design, manufacturer
and wholesale in the food stuffs industry under the brand name saucalicious. |
|
|
|
|
No. of Employees : |
6 |
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 – September 30, 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. 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 |
MEGALICIOUS (PTY) LTD
Formerly: JOZISMART (PTY) LTD, the name having been
changed on 12 April 2013
34A 6th
Street
WYNBERG
Sandton
Gauteng
P O Box 61244
MARSHALLTOWN
2107
+27 11 440 8822
+27 11 887 5723
B BLOCH
G D BLOCH
The percentage of
shareholding was unknown
CATERCORP (PTY)
LTD.
It was stated that there
are other associate companies, the names of which were unknown.
B BLOCH ID
No. 4706145021083
G D BLOCH ID
No. 7704155086085
FIRST NATIONAL BANK,
Melrose Arch Branch. It was stated that the
subject does not require overdraft facilities as credit balances are normally
maintained at the bank.
27 October 2010
Registration
Certificate Number: 2010/021706/07
The subject utilised a
shelf company for registration purposes. The subject underwent a name-change and
commenced trading in April 2013. It was
stated that the Directors were previously both involved in the associate
company CATERCORP (PTY) LTD and prior to that, they were involved in a
corporate background.
4740257128
9173215188
Non-compliant
Design, manufacturer
and wholesale in the food stuffs industry under the brand name SAUCALICIOUS
The subject deals
locally with :
CIBAPACK
GEOPLASTICS
HULETTS ALUMINIUM
Catering, hospitality,
wholesale, retail and butchery industries
South Africa
None
6
None
The premises are reported to be owned by the Directors in their
personal capacity.
R1 000 divided into 1
000 ordinary shares of R1 each
R100
Full financial information
was not forthcoming from respondents at the subject, however, it was stated
that the turnover per month is R2 500 000.
TICHAUER & BLOCH +27
11 442 6623
FEBRUARY
Unknown
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT
EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. April
2013 R2 500 000 R 850
000 30 days 30 days Very Good
2. April
2013 Open R 250 000 30 days 30
days Very Good
3. 1 ˝
years R 350 000 R 220 000 30
days 30 days Very Good
Insured:
CGIC 2.5%
It was stated by two of the subject’s suppliers,
that they are impressed with the subject’s
high growth and apparent potential of the company.
This is a newly established business, meeting
its commitments timeously and is spoken of very highly by its suppliers. The subject is considered equal to a maximum
figure of €120 000 over 30 days, however, the infancy of the subject should be
borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.