MIRA INFORM REPORT

Report No. :	498457
Report Date :	30.03.2018

IDENTIFICATION DETAILS

Name :	NICOLA-J FLAVOURS AND FRAGRANCES (PTY) LTD
Registered Office :	64 Capital Hill Commercial Estate Le Roux Street Midrand Gauteng South Africa 1685
Country :	South Africa
Financials (as on) :	2017
Date of Incorporation :	1996
Com. Reg. No.:	1996/025431/23
Legal Form :	Private Company
Line of Business :	Subject is involved in the manufacturing of non branded fragrances, flavours and food colourants.
No. of Employees :	38

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
South Africa	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 Africa’s largest and among the top 20 in the world.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

COMPANY INFORMATION

OVERVIEW

History

NICOLA-J FLAVOURS AND FRAGRANCES (PTY) LTD was established in May 1996 as a Close Corporation (Registration Certificate Number: 1996/025431/23). In March 2001 the subject converted to a private company.

STATUTORY INFORMATION

Registered Name	NICOLA-J FLAVOURS AND FRAGRANCES
Registration Number	2001/005451/07
Type Of Company	Private Company
Registered Date	12/03/2001
Date Commenced Trading	31/03/1996
Commercial Status	In Business
Financial Year End	February

CONTACT DETAILS

Contact Number	+27 11 315 6582
Email Address	jason@njflavours.co.za
Fax Number	+27 11 805 4536
Website	www.njflavours.co.za
Social Media Presence	Facebook; LinkedIn
Registered Physical Address	64 CAPITAL HILL COMMERCIAL ESTATE LE ROUX STREET MIDRAND Gauteng South Africa 1685
Trading Physical Address	Stand 64 Capital Hill Business Park; Le Roux Street MIDRAND Gauteng South Africa 1685
Postal Address	P O Box 6837 HALFWAY HOUSE Gauteng South Africa 1685

TAX INFORMATION

TAX INFORMATION

Income Tax Number 9281375841

VAT Status The subject is registered for VAT (VAT number/s made available)

VAT INFORMATION

VAT Number	4090158363
Status	Active
Registered Name	NICOLA J FLAVOURS AND FRAGRANCES PTY LTD
Trading Name	NICOLA-J FLAVOURS AND FRAGRANCES

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name	Contact Number
Auditor	LSG INTEGRATED
Insurance	MELLVO INSURANCE BROKERS

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

CURRENT

Holding Company	Share	Type	Comment
JANIC TRUST	90.00%	Holding Company
Shareholder/Member Name	Share/Interest	Type	Comment
GARY BOAST	10.00%	Shareholder

PRINCIPAL INFORMATION

Director / Member

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
GARY BOAST	5801195123084	Director	Active	12/03/2001	0	0	0	0
JASON VLANTIS	6002155012008	Director	Active	12/03/2001	1	1	0	0
NICOLA VLANTIS	6505120071008	Director	Active	12/03/2001	2	0	0	0

DIRECTORSHIP ANALYTICS

Average Tenure/Director	17 years 0 months
Total Tenure	51 years 1 months
Director Singularity Index ™	1	2	3	4	5	6	7	8	9	10	n/a
Notes	1=lowest, 10=highest This measures the exposure of the directors to other boards through directorships relative to the total commercial landscape in South Africa. It indicates board effectiveness. A high score can indicate potential conflicts of interest and is associated with a higher likelihood of incurring judgments.

ACTIVE BUSINESS INTERESTS: JASON VLANTIS

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
3 10TH AVENUE RIVONIA	2001/068246/23	Deregistration Final	Active	Member	0

PREVIOUS BUSINESS INTERESTS: JASON VLANTIS

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
CAPITAL HILL HOMEOWNERS ASSOCIATION	2000/022241/08	In Business	Resigned	Director	0

ACTIVE BUSINESS INTERESTS: NICOLA VLANTIS

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
3 10TH AVENUE RIVONIA	2001/068246/23	Deregistration Final	Active	Member	0
VLANFAM INVESTMENTS	1994/035163/23	In Business	Active	Member	0

Management

No principals found for this principal type.

Officer

No principals found for this principal type.

Other

No principals found for this principal type.

BBBEE

BBBEE INFORMATION

Certified Subject is not certified

BANK ACCOUNT INFORMATION

BANK ACCOUNTS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB133756	NICOLA-J FLAVOURS AND FRAGRANCES (PTY) LTD	023259310	Standard Bank (South Africa)	SANDTON	051001	Verified by Document

OPERATIONAL ACTIVITIES

Operational Activities Status	The following information was provided
Industry	Manufacturing
Major Industry SIC Code	107 - Manufacture of other products

MAJOR OPERATION

Major Business Activities	The subject is involved in the manufacturing of non branded fragrances, flavours and food colourants.
Foreign Trade Activities	International
Agencies Held	VIDHI SPECIALITY FOODS
Franchises Held	The subject holds no franchises.
Major Suppliers	• CREST CHEMICALS • SCHENKER • CJP CHEMICALS
Major Customers	• Food Industry • Manufacturing Industry
Major Brands	Subject does not have any brands.
Major Contracts	Subject does not operate on a contract basis.

OPERATIONAL FOOTPRINT

Operational Footprint Status The following information was provided

BRANCH & PREMISES INFORMATION

Location	Description/Type	Size (m^2)	# of Staff	Rented or Owned	Lease Expiry Date
MIDRAND	• Office • Factory			Owned	N/A

Employees

Permanent Employees	38
Salaried Employees	38

COMPANY FLEET

Total Vehicles

6

The fleet is made up of:

Light Delivery Vehicles	3	Owned
Trucks	3	Owned

FINANCING TERMS

FINANCING TERMS

Sales Terms	• 30 Days • Cash • COD • 60 Days
Overdraft Facility	The Subject has an overdraft facility.
Overdraft Usage	Seldom
Sureties	The Principals have not signed sureties.
Debtors Ceded	Debtors have not been ceded.
Debtors Factored	Debtors have not been factored.
Bonds	The Subject has no bonds.

FINANCIAL FIGURES

FINANCIAL FIGURES

Financial Year	2017	2016
Currency	ZAR	ZAR
Actual numbers, 000' or mio	Actual Numbers	Actual Numbers
Source	Annual Financial Statement	Annual Financial Statement

INCOME STATEMENT

Turnover/Revenue	62,336,973	48,514,066
Cost of Goods Sold	38,894,884	29,605,655
Gross Profit	23,442,089	18,908,411
Operating Profit	4,372,362	4,330,596
Net Profit	3,249,070	3,260,003

BALANCE SHEET

Property, Plant & Equipment	5,007,400	3,676,315
Current Assets	31,311,410	23,853,208
Inventory	10,166,704	8,776,498
Account Receivable	13,214,289	10,766,002
Cash	7,678,870	4,310,708
Total Assets	36,951,450	29,563,277
Current Liabilities	7,577,824	3,438,721
Accounts Payable	7,558,509	3,405,629
Total Equity and Liabilites	36,951,450	29,563,277

FINANCIAL RATIOS

Gross Profit Margin	38.0%	39.0%
Operating Profit Margin	7.0%	9.0%
Current Ratio	4.1	6.9
Acid Test Ratio	2.8	4.4

TRADE REFERENCES

TRADE REFERENCES

Trade Reference	Date	Trade Score	Terms Given (Taken) in days	Monthly Limit Given (Taken)	Account Opened	Payment Trend (prev. 3 years)	Account Insured	Notes
TR180320182	20/03/2018	Positive	30 Days (30 Days)	200,000 (160,000) (ZAR)	2005	100%	Yes	This is an excellent account.
TR180320180	20/03/2018	Neutral	30 Days (30 Days)	1,000,000 (600,000) (ZAR)	2006	50%	Yes	This is a good account.
TR180320177	20/03/2018	N/A						Company policy not to provide trade references
TR180320176	20/03/2018	N/A				100%		Awaiting response
TR180320174	20/03/2018	N/A						Company policy not to provide trade references
TR170810153	10/08/2017	N/A						Company policy not to provide trade references
TR17020813	08/02/2017	N/A						Awaiting response

TRADE REFERENCE ANALYTICS

Number of valid Trade References	3
Overall Trade Score	83%
Average Usage of Terms	100%
Average Monthly Purchase	380,000 ZAR
Average Usage of Credit Limit	70%

COURT NOTICES

No judgments on file in the name of the subject

No liquidation applications on file in the name of the subject

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
ZAR	1	INR 5.50

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.