MIRA
INFORM REPORT
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Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ETHNICHEM CC |
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Registered Office : |
21 Angus Crescent, Longmeadow, Business East, Modderfontein, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
2 October 2001 |
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Com. Reg. No.: |
2001/068646/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers of raw chemical specialised for the cosmetic industry |
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 |
COMPANY NAME
ETHNICHEM CC
PHYSICAL ADDRESS
21 Angus Crescent
Longmeadow
Business East
MODDERFONTEIN
Gauteng
POSTAL ADDRESS
P O Box 751651
GARDENVIEW
2047
TELEPHONE NUMBER: 011 608 1069
FAX NUMBER: 011 608 1078
MEMBERS
80% A A RAHME ID No. 6009275075005
10% C ROODMAN
10% D CRAUSE
The shareholding of the subject changed in August 2007 and was formerly 50% MRS A BROWN and 50% A A RAHME. It was stated by the respondent that C ROODMAN and D CRAUSE have been employees at the company for some time.
A A RAHME has been involved in the associate company, KAYELLE (PTY) LTD, which also operates in the cosmetic chemical industry.
ASSOCIATE COMPANIES
KAYELLE PRODUCTS (PTY) LTD (dormant) in which A A RAHME is the sole Shareholder
DECAPON CC (property owning company)
BANKERS
NEDBANK, Wadeville Branch, Account Number: 1936099802. It was stated that the subject enjoys overdraft facilities to an extent of R3 000 000, secured by the personal guarantees of the Members. Utilisation is stated to be partial.
DATE REGISTERED
2 October 2001
Registration Certificate Number: 2001/068646/23
The subject converted from a well established private company namely, ETHNICHEM (PTY) LTD, Registration Certificate Number: 1997/011683/07 in 2001.
It was stated by the respondent that the assets and operations of TUSCANY TECHNOLOGIES (PTY) LTD were taken over on 1 March 2005.
VAT NUMBER
4790168829
MAJOR OPERATION
Importers of raw chemical specialised for the cosmetic industry
MAJOR SUPPLIERS
The subject imports chemicals from China, Philippines, UK and France and deals locally with:
INTERCARGO Johannesburg
MS CARGO Johannesburg
CORD CHEMICALS Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Cosmetic industry e.g. L’Oreal etc
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Occasionally to African countries.
TOTAL EMPLOYEES
12
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by DECAPON CC.
MEMBERS CONTRIBUTION
R100
The following estimated financial situation was submitted:
STOCK R8 000 000
DEBTORS R8 000 000
CREDITORS R4 000 000
OVERDRAFT at present Nil
TURNOVER per month R5 500 000
AUDITORS
HORWATH LEVETON BONER
YEAR END
FEBRUARY
INSURANCE BROKERS
INSURANCE SOLUTIONS
TRADE REFERENCES MARCH 2003
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 yrs R850
000 R 80 000 30 days 30 days Excellent
c/l
2. 2 yrs R350
000 R200 000- 30 days 30
days Good
R350
000
3. Do not give trade references
TRADE REFERENCES – AUGUST 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R850
000 varies 30 days 30
days Very Good
c/l
2. 4 yrs open
acc R 70 000- 30 days 30 days Very Good
R300
000
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Declined figures and terms Excellent
2. Do not give trade references
3. 4 yrs open R200 000+ 30 days 30
days Good
COMMENTS
This is an established close corporation that converted from a well established private company. The subject imports most of its supplies and is meeting its local commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser figure on a spread basis.
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)