MIRA
INFORM REPORT
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Report Date : |
31st
October 2006 |
IDENTIFICATION
DETAILS
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Name : |
PROTEA CHEMICALS (PTY LTD |
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Registered Office : |
2nd Floor, Omnia House Epsom
Downs Office Park, 13 Sloane Street BRYANSTON,
Gauteng |
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Country : |
South
Africa |
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Date of Incorporation : |
10 April 2003 |
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Legal Form : |
Pty Ltd |
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Line of Business : |
Distributors of fine and speciality
chemicals and commodities |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Note :
We wish to advise that the address of: 54 Killarney Avenue, Killarney Gardens, Milnerton, Cape Town 7441, belongs to the division: PROTEA CHEMICALS CAPE, which is a division of PROTEA CHEMICALS (PTY) LTD.
COMPANY NAME
PROTEA CHEMICALS (PTY) LTD
Formerly PROCHEM (PTY) LTD, the name having been changed in June 2005. Formerly AMENABLE INVESTMENTS (PTY) LTD, the name having been changed June 2004.
TRADING DIVISIONS
PROTEA MINING CHEMICALS, formerly MONTAN CHEMICALS
PROTEA ANIMAL FEED (formerly INTABA ANIMAL NUTRITION)
PROTEA SPECIALITY CHEMICALS, formerly CHEMPRO also has a Healthcare unit which includes ROGOFF FINE CHEMICALS.
AFRICAN POLYMERS
PROTEA CHEMICALS INLAND
PROTEA CHEMICALS CAPE
PROTEA CHEMICALS KWAZULU NATAL
PROTEA BULK RESOURCES, formerly DURAVIN CHEMICALS.
PROTEA WATER TREATMENT
PHYSICAL ADDRESS
2nd Floor
Omnia
House
Epsom
Downs Office Park
13 Sloane
Street
BRYANSTON
Gauteng
POSTAL ADDRESS
P O Box 69079
BRYANSTON
2021
TELEPHONE NUMBER: (011) 709-8888
FAX NUMBER: (011) 706-9046
SHAREHOLDERS
100% OMNIA FERTILIZER LTD, Registration Certificate Number: 1975/000759/06, which is in turn owned 100% by OMNIA GROUP LTD, Registration Certificate Number: 1964/003371/06, which is in turn owned 100% by OMNIA HOLDINGS LTD, Registration Certificate Number: 1967/003860/06 - quoted on the JSE Ltd.
ASSOCIATE COMPANIES
BULK MINING EXPLOSIVES LTD (dormant)
INTABA CHEMICALS LTD (dormant agency company of OMNIA FERTILIZER LTD)
E I ROGOFF (PTY) LTD, a non trading company which holds the licence for narcotics which are sold by the HEALTHCARE business unit. It was stated that this licence is held in the (Pty) Ltd company as it has to have a licence in a (Pty) Ltd company for narcotics and a pharmacist as a resident on the premises where the narcotics are distributed.
Plus other companies within the OMNIA group.
Subsidiary company
ACOL CHEMICAL HOLDINGS (PVT) LTD (Registered in Zimbabwe), in which the subject holds 50% shares.
With effect from 1 April 2004 the Polymer operations of a company namely DURAVIN CHEMICALS (PTY) LTD were incorporated together with the Polymer division of CHEMPRO into a business now known as PROTEA POLYMERS.
DIRECTORS
G C BRIMACOMBE (Joint Managing Director)
C E V Z CLOETE (Joint Managing Director
P G SPINAZZE
D L EGGERS (Financial Director of Omnia Holdings)
R B HUMPHRIS (Managing Director of Omnia Holdings)
N J CROSSE
T R SCOTT
BANKERS
The subject’s main bank is STANDARD BANK, Corporate branch, Simmonds Street, Johannesburg. It was stated that each division has its own bank account. It was stated that the divisions are managed by a cash management scheme controlled by the subject.
It was stated that the subject often utilises the Germiston branch as it is closer.
DATE REGISTERED
10 April 2003
Registration Certificate Number: 2003/008551/07
On investigation it was stated that the assets and operations of PROCHEM (PTY) LTD – Registration Certificate Number: 2001/003964/07, in which STANDARD CORPORATE MERCHANT BANK LTD held the majority of the shares, was sold to OMNIA HOLDINGS LTD on 1 September 2003 and incorporated into a shelf company namely, AMENABLE INVESTMENTS (PTY) LTD, which changed its name to PROCHEM (PTY) LTD.
The original PROCHEM (PTY) LTD, Registration Certificate Number 2001/003964/07, has now changed its name to Pro345 Distribution (Pty) Ltd.
PROCHEM (PTY) LTD – Registration Certificate Number: 2001/003964/07 was registered to take over the assets and operations of PROTEA CHEMICALS (PTY) LTD, Registration Certificate Number: 1998/024836/07, which originally commenced active operations on 1st March 1999 and has now become dormant. The latter company has now changed its name to Mechorp Shelfco (Pty) Ltd. It was stated that there was a management buy out of some of the divisions of a company namely PROCHEM (PTY) LTD, with the Registration Number: 1992/004768/07 and that those divisions were incorporated into PROTEA CHEMICALS (PTY) LTD.
PROCHEM (PTY) LTD became dormant and changed its name to SAD SHELF NO 3 (PTY) LTD. A new company was registered under the name of PROCHEM (PTY) LTD, which was an investment holding company, however it also became dormant in January 2001.
PROTEA CHEMICALS (PTY) LTD, Registration Certificate Number 2001/003964/07 is reported to have taken over operations and assets of a company, namely, PROTEA CHEMICALS (PTY) LTD which changed its name to S A D SHELF NO. 4 (PTY) LTD, Registration Number: 1998/003009/07.
MAJOR OPERATION
Distributors of fine and speciality chemicals and commodities.
MAJOR SUPPLIERS
SASOL POLYMERS Johannesburg
SANS Cape Town
EXEL / EAGLE FREIGHT Johannesburg
SASOL SOLVENTS
NCP
MAJOR CUSTOMERS OR BUSINESS
SECTORS
General industries, e.g. mining, food, petrol, pharmaceutical, coating and water treatments industries as well as municipalities.
AREA OF DISTRIBUTION AND SELLING
South Africa.
EXPORTS
Occasionally to Kenya, Zimbabwe, Mauritius and other African ountries.
TOTAL EMPLOYEES
800
OTHER PREMISES
The subject is reported to have approximately 12 locations countrywide, based in Gauteng, Welkom, Phalaborwa, Kwazulu-Natal, Cape Town, Port Elizabeth, East London, Nelspruit and King Williamstown.
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R1 000 divided into 1 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R1
The following estimated financial situation was submitted:
STOCK R 260 000 000
DEBTORS (55 days) approximately R 390 000 000
FIXED ASSETS (including good will from holding company)
nett book value R 527 000 000
CREDITORS (70 days) approximately R 350 000 000
EQUITY LOANS approximately R 36 000 000
TURNOVER per annum – anticipated R 2 000 000 000
AUDITORS
PRICEWATERHOUSECOOPERS INC
YEAR END
MARCH
INSURANCE BROKERS
G I B INSURANCE BROKERS / ALEXANDER FORBES
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 yrs R8
mill R4 mill 30 days 30 days Excellent
2. Old acc. do not disclose figures 60
days 60 days Excellent
3. 6 yrs R10
mill R10 mill 60 days 60 days Good
COMMENTS
This is a comparatively established company, which took over the assets and operations of an established business. The subject is meeting its commitments timeously and it is suggested that dealings to an extent of US$1 000 000 be spread over 60 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |