MIRA INFORM REPORT

 

 

Report Date :

2nd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

LAMBERTI SPECIALTY CHEMICALS (PTY) LTD

 

 

Formerly Known as:

MAJORSHELF 19 (PTY) LTD

 

 

Registered Office :

F34, Kyalami Industrial Park, 26 – 30 Kyalami Road, Westmead, Pinetown, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

29.08.2000

 

 

Com. Reg. No.:

2000/021829/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and suppliers of pigments and speciality chemicals.

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

COMPANY NAME     

 

LAMBERTI SPECIALTY CHEMICALS (PTY) LTD

 

Formerly MAJORSHELF 19 (PTY) LTD, the name having been changed on 4 January 2001.

 

 

PHYSICAL ADDRESS    

 

F34

Kyalami Industrial Park

26 – 30 Kyalami Road

WESTMEAD

Pinetown

Kwazulu Natal

 

 

POSTAL ADDRESS        

 

P O Box 15155

WESTMEAD

3608

 

 

TELEPHONE NUMBER   

 

031 700-8106

 

 

FAX NUMBER     

 

031 700 8475

 

 

SHAREHOLDERS

 

95%      LAMINT SARL (Luxembourg), which in turn is held 100% by LAMBERTI (Italy)

5%       R J WATERSTON

 

 

ASSOCIATE COMPANIES

 

Companies within the LAMBERTI Group

 

 

DIRECTORS

 

M CACCIA (Resident in Italy)

M GAGLIARDI (Resident in Italy)

R PORRO (Resident in Italy)

R J WATERSTON

 

 

BANKERS

 

ABSA BANK, Pinetown, account number 4052795916.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

29 August 2000

Registration Certificate Number 2000/021829/07

 

The subject bought the assets and operations of a close corporation namely, INTEXMA DYESTUFFS (CAPE) CC, in January 2001.

 

 

VAT NUMBER

 

4740191079

 

 

MAJOR OPERATION

 

Manufacturers and suppliers of pigments and speciality chemicals

 

 

MAJOR SUPPLIERS

 

The subject imports 95% of its supplies from Italy and deals locally with:

 

RHODE & LIESENFELD

REVERTEX

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Textile, agricultural, paper and paint industries.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

8

 

 

OTHER PREMISES

 

The subject has a warehouse in Observatory, Cape Town and a warehouse at the heading premises.  The subject has two distributors in Kwazulu Natal and one in the Western Cape and 20 consignees in South Africa.

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

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  5 000 000

DEBTORS                                                                                                     R  5 000 000

CREDITORS local                                                                                          R     200 000

CREDITORS overseas                                                                                     R10 000 000

SHAREHOLDERS LOANS                                                                                             Nil

TURNOVER per month                                                                                    R  1 200 000

AUDITORS

 

ALLAN H ENGLISH & CO  Westville (031) 266 0427

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

MERCGUARD

 

 

TRADE REFERENCES – SEPTEMBER 2004

 

       ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT     EXPERIENCE

       OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 yrs            Up to R20 000                      7 days      7 days           Good

 

2.    5 yrs+          varies             varies              7 days      7 days           Very good

 

3.    10 yrs+         R150 000       R150 000+      30 days    30 days         Excellent

                          c/l                

 

CURRENT TRADE REFERENCES

 

       ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT     EXPERIENCE

       OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 yrs           declined         declined          7 days      5/7 days        Excellent

 

2.    1999             R200 000       R45 000          45 days    45 days         Very good

 

 

COMMENTS

 

This is a very new company, which took over a well established close corporation.  The subject is meeting its commitments timeously, however we have not traced dealings to an extent of US$1 million and would prefer to see a far lesser figure spread and secured.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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