MIRA INFORM REPORT

 

 

Report Date :

16th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

HITECH CHEMICALS (PTY) LTD

 

 

Registered Office :

5 Martin Drive, queensburgh, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

1986

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture, distributing and re-packaging of solvents, adhesives and detergents.

 

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

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

HITECH CHEMICALS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

5 Martin Drive

QUEENSBURGH

Kwazulu Natal

 

 

POSTAL ADDRESS

 

P O Box 28460

MALVERN

4055

 

 

TELEPHONE NUMBER

 

(031) 464 9300

 

 

FAX NUMBER

 

(031) 464 5170

 

 

SHAREHOLDERS

 

50%  G NAIDOO

50%  J NAIDOO (brother)

 

 

ASSOCIATE COMPANIES

 

CWT INVESTMENTS (PTY) LTD  (property owning)

MORMUR 1023 (PTY) LTD (property owning)

WORLD INVESTMENTS (property owning business), which is a partnership between the members.

 

 

DIRECTORS

 

G NAIDOO

J NAIDOO

 

 

BANKERS

 

STANDARD BANK, Durban branch, account number 50853171. It was stated that the subject has overdraft facilities available to an extent of R3 000 000, secured by a cession of debtors.  Utilisation of the overdraft is stated to fluctuate from nil to occasional at times.

 

 

DATE REGISTERED

 

15 September 2003

Registration Certificate Number 2003/022685/07

 

The subject converted from a close corporation that was previously trading in 1989, Registration Certificate Number 1989/021874/23.

 

The subject is reported to have originally started in 1986 as a partnership.

 

 

VAT NUMBER 

 

4070102449

 

 

MAJOR OPERATION

 

Manufacture, distributing and re-packaging of solvents, adhesives and detergents.

 

 

MAJOR SUPPLIERS

 

ENGEN  Cape Town

BP PETROLEUM  Cape Town

SASOL CHEMICALS  Durban

CREST CHEMICALS  Durban

SHELL CHEMICALS  Durban

 

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Various industries and retailers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

Kwazulu Natal

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

80

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The heading premises are reported to be owned by World Investments, valued in the region of R2 million, free of bond.

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                     R3 000 000

DEBTORS                                                   R6 000 000 -                          R7 000 000

FIXED ASSETS                                         R1 000 000

CREDITORS                                             R3 000 000

LOANS    vehicles                                     R1 000 000

TURNOVER  per month                              R6 500 000

 

 

AUDITORS

 

TED NAIDOO & ASSOCIATES

 

 

FINANCIAL YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

COMPENDIUM

 

 

TRADE REFERENCES – JUNE 2002

 

             ACCOUNT   HIGHEST   AVERAGE     TERMS   PAYMENT      EXPERIENCE

             OPENED     CREDIT     CREDIT                       PATTERN

 

1.          1994+         R1 mill       R700 000 -     30 days   30 days          Good

                               c/l             R800 000

 

2.          Do not give trade references              

 

3.          Few yrs       R80 000     R80 000         30 days   30 days          Good

 

4.          2 yrs           R1 mill       R600 000       30 days   30 days          Good

                               c/l

 

 

CURRENT TRADE REFERENCES

 

             ACCOUNT   HIGHEST   AVERAGE     TERMS   PAYMENT      EXPERIENCE

             OPENED     CREDIT     CREDIT                       PATTERN

 

1.          1998           R108 000   R43 000         30 days   30 days          Average

 

2.          1991           R150 000   R75 000         30 days   30 days          Good

                               c/l

 

3.          Do not give trade references

 

4.          Do not give trade references

 

 

COMMENTS

 

This is a well established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a 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