MIRA INFORM REPORT

 

 

Report Date :

28th June 2006

 

IDENTIFICATION DETAILS

 

Name :

LIONHEART CHEMICAL ENTERPRISES (PTY) LTD

 

 

Registered Office :

Cnr 15th Avenue & Cason Road

Boksburg North

Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20th June 1973

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Indent agents and overseas representatives and importers and distributors of various commodities including chemical and spices.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

LIONHEART CHEMICAL ENTERPRISES (PTY) LTD

 

 

PHYSICAL ADDRESS          

 

Cnr 15th Avenue & Cason Road

BOKSBURG NORTH

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 5230

BOKSBURG NORTH

1461

 

TELEPHONE NUMBER: (011) 917-9661

 

FAX NUMBER:                          (011) 917-1780

 

 

SHAREHOLDERS

 

100%    K U GERHARDT

 

The shareholding changed in May 2001 and was previously K U GERHARDT (majority shareholder) and M P VAN ROOYEN.  It was stated that Mr Van Rooyen sold his shares to Mr Gerhardt and is now an employee of the subject.

 

 

ASSOCIATE COMPANIES

 

NOSAC PROPERTIES CC – property-owning 

 

 

DIRECTORS

 

K U GERHARDT

R D THOMPSON

 

 

BANKERS

 

NEDBANK Edenvale, Johannesburg, Account Number: 1910213640.  It was stated that the subject enjoys overdraft facilities to an extent of R1 000 000, secured by a cession of debtors.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

20th June 1973

Registration Certificate Number: 1973/007520/07.

 

The subject was commenced as a new business.

 

 

VAT NUMBER          

 

4180108831

 

 

MAJOR OPERATION

 

Indent agents and overseas representatives and importers and distributors of various commodities including chemical and spices.

 

 

MAJOR SUPPLIERS

 

The subject imports commodities from Germany and Spain and deals locally with:

 

G L T TRUCKING Johannesburg

FREIGHTWELL Johannesburg

STOBELL Johannesburg

ROHLIG GRINDROD Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

 

Cosmetic, pharmaceutical and food industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Southern African countries mainly Zimbabwe.

 

 

TOTAL EMPLOYEES

 

15

 

OTHER PREMISES

 

The subject is reported to have a warehouse and agencies in Durban and Cape Town, which they lease and a warehouse at the heading premises.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate company, NOSAC PROPERTIES CC, valued in the region of R1 million, free of bond.

 

 

ISSUED SHARE CAPITAL

 

R500

 

The following estimated financial situation was submitted:

 

STOCK                                                             R7 000 000

DEBTORS                                                         R6 000 000

CREDITORS local                                              R1 000 000

CREDITORS overseas                                        R4 000 000

TURNOVER                              per month          R5 000 000

 

 

AUDITORS

 

G L PALMER COMPANY

 

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

FIRST LINK

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         2001                 R1 000 000        R500 000          120 days           120 days           Good

 

2.         15 yrs               declined            R400 000          90 days             90 days             Good

 

3.         ± 5 yrs              R1 000 000        R500 000          30 days             30 days             Good

 

 

COMMENTS

 

This is an established company, which imports most of its supplies.  We have not traced dealings to an extent of US$1 000 000 DA, however, the subject is considered equal to its normal business engagements.

 

 

             

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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