MIRA INFORM REPORT

 

 

Report Date :

22.10.2014

 

IDENTIFICATION DETAILS

 

Name :

SPICE MECCA (PTY) LTD

 

 

Registered Office :

7-11 Induland Crescent, P O Box 24459, Lansdowne 8001 Cape Town

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.09.2013

 

 

Com. Reg. No.:

2013/158509/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturing, Blending, Packaging and Supplying of Spices.

 

 

No. of Employees :

±85

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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

 

 

 

COMPANY NAME

 

SPICE MECCA (PTY) LTD

           

 

PHYSICAL ADDRESS

 

7-11 Induland Crescent

LANSDOWNE

Cape Town

 

 

POSTAL ADDRESS

P O Box 24459

LANSDOWNE

8001

 

 

TELEPHONE NUMBER   

 

+27 21 692 1288

 

 

FAX NUMBER

 

+27 21 692 1278

 

 

SHAREHOLDERS

                       

100%    M S ABASS                 

           

 

ASSOCIATE COMPANIES

 

SPICE MECCA PROPERTIES (ONE) CC

SPICE MECCA PROPERTIES (TWO) CC

 

 

DIRECTORS

 

M S ABASS                                                      ID No.   5612115017086

S ABASS (Wife)                                                ID No.   5901010142085

M N ABASS (Son)                                             ID No.   8912145211080

                       

 

BANKERS

 

STANDARD BANK, Cape Town Branch.  It was stated that the subject enjoys an overdraft facility secured by Shareholder guarantees.

 

AL BARACK BANK, Cape Town Branch. It was stated that the subject has a trade facility however further information was not forthcoming from the respondent.

           

           

DATE REGISTERED

 

2 September 2013

 

Registration Certificate Number: 2013/158509/07

 

The subject converted from a close corporation that was established in 1994. Registration Certificate number: 1994/023640/23 when it commenced as a new business

 

 

VAT NUMBER

 

4150154666 

           

 

TAX NUMBER    

 

9740738035                  

 

 

BEE STATUS 

 

Level 1

 

 

MAJOR OPERATION

 

Manufacturing, blending, packaging and supplying of spices

 

 

MAJOR SUPPLIERS

 

The subject imports supplies

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

           

 Retail Chain Stores

           

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa     

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

±85

 

 

OTHER PREMISES   

 

None               

           

 

OWNED OR LEASED

 

The premises are reported to be owned by an associate property owning company.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R100

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

MOGAMAT SHAFIEK DOLLIE

                                   

           

YEAR END

 

FEBRUARY                 

 

 

INSURANCE BROKERS 

 

CARL GREAVES INSURANCE BROKERS

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT   EXPERIENCE

            OPENED          CREDIT            CREDIT                                    PATTERN

 

1.         5 years             Declined           Declined           30 days            3          0 days              Very Good                   

2.         5 years             Open                R1 000 000        30 days                        30 days                        Excellent

3.         2006                 R  400 000        R   400 000       30 days                        30 days                        Very Good

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

(These descriptions relate respectively by number to the above current trade transactions):

 

1.         Spices 

                       

2.         Freight Forwarder         

 

3.         Spices 

 

 

COMMENTS

 

This is a newly registered company that converted from an established close corporation.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.30

UK Pound

1

Rs.99.16

Euro

1

Rs.78.59

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.