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MIRA
INFORM REPORT
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Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
WARREN CHEM SPECIALITES (PTY) LTD |
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Formerly Known as : |
WARREN CHEM SPECIALITIES CC |
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Registered Office : |
11 Mansell Road, Killarney Gardens, Milnerton, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
25.04.2000 |
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Com. Reg. No.: |
2000/008419/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, Wholesaling and Distribution of Specialised Chemicals |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
WARREN CHEM SPECIALITIES (PTY) LTD
PHYSICAL ADDRESS
11 Mansell Road
Killarney Gardens
Milnerton
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 36846
CHEMPET
7442
TELEPHONE NUMBER: 021 556 1920
FAX NUMBER: 021 556 1905
SHAREHOLDERS
50% THE COLLINS FAMILY TRUST, in which trust A COLLINS and B M COLLINS are Trustees.
50% THE WARREN FAMILY TRUST, in which trust R W WARREN and E WARREN are Trustees.
ASSOCIATE COMPANIES
WARREN CHEM PHARMACEUTICALS (PTY) LTD (dormant)
WARCOL PROPERTY TRUST (in which all the shareholders are involved) (property owning Trust)
DIRECTORS
A COLLINS
R W WARREN
E WARREN (Wife)
B M COLLINS (Wife)
It was stated that Mr Warren was involved in a company, namely, HOLPRO LOVASZ. It was stated that Mrs Collins was previously a secretary at HOLPRO LOVASZ and E WARREN is reported to be a qualified Micro Biologist.
BANKERS
ABSA BANK, Tableview Branch, Account Number: 3270950034. It was stated that the subject enjoys overdraft facilities to an extent of R6.5 million, secured by a cession of debtors. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
25 April 2000
Registration certificate number 2000/008419/07
The subject converted from a close corporation namely, WARREN CHEM SPECIALITIES CC, registration certificate number 1991/006889/23.
VAT NUMBER
4740102209
MAJOR OPERATION
Importing, wholesaling and distribution of specialised chemicals
MAJOR SUPPLIERS
The subject imports raw materials worldwide and deals locally with:
SKYLINE FREIGHT Johannesburg
GELITA Johannesburg
SASOL SOLVENTS Johannesburg
AG COMPUTER ACCOUNTING Cape Town
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Food, pharmaceutical, agricultural and wine industry
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Small to Zimbabwe and Namibia.
TOTAL EMPLOYEES
65
OTHER PREMISES
The subject is reported to have a branch in Johannesburg.
OWNED OR LEASED
The head office and Johannesburg premises are reported to be owned by the associate property owning Trust. The head office premises are valued in the region of R4 million and the Johannesburg premises are valued in the region of R6 million. Both properties are reported to be free of bond.
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted
STOCK R 32 000 000
DEBTORS R 33 000 000
CREDITORS R 12 000 000
SHAREHOLDERS’ LOANS R 2 500 000
TURNOVER per annum R150 000 000
AUDITORS
CECIL KILPEN & CO, Cape Town Tel No. 021 424 4000
YEAR END
FEBRUARY
INSURANCE BROKERS
THURA
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R5 000 000 R 800 000 - 45 days 45 days Very Good
c/l R1 000 000
2. Old acc R 100 000 R 100 000 30 days 30 days Good
3. Old acc R 30 000 R 20 000 - 30 days 30 days Good
R 30 000
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2006 R5 000 000 R 60 000 - 45 days 45 days Good
R5 000 000
2. Old acc open R 20 000 30 days 30 days Good
3. 10 yrs declined declined 30 days 30 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Few yrs R40
000 R10 000 - 30 days 30 days Very Good
R40 000
2. 2 yrs+ R15
000 R10 000 - 30 days 30 days Very Good
R15 000 before
3. Do not give trade references
4. Do not give trade references
COMMENTS
This is a comparatively established company that took over operations of an established close corporation. We have not traced dealings to an extent of US$1 500 000, however, the subject is considered equal to such a figure spread over 90 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. |
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%)