MIRA
INFORM REPORT
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Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
XENA
CHEMICALS CC |
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Registered Office : |
Unit 1A, Bush Hill Office Park, 1 Jan Frederick Avenue Randpark Ridge, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.11.2005 |
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Com. Reg. No.: |
2005/169991/23 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Representative
of overseas companies involved in manufacturing of pigments, colouration and
associated chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed
to be exercised |
Credit not recommended |
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Status : |
New
Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COMPANY NAME
XENA
CHEMICALS CC
PHYSICAL ADDRESS
Unit 1A
Bush Hill Office Park
1 Jan Frederick Avenue
RANDPARK RIDGE
Gauteng
POSTAL ADDRESS
P O Box 106
NORTHRIDING
2162
TELEPHONE NUMBER
011 794 3110
FAX NUMBER
011 794
3512
MEMBERS
100% D
HORNE ID No.
4703055121102
ASSOCIATE COMPANIES
None
BANKERS
STANDARD
BANK, Sandton Branch, Account Number: 421017228. It was stated that the subject enjoys overdraft facilities,
secured by the personal guarantee of the Member. Utilisation is stated to fluctuate.
DATE REGISTERED
23
November 2005
Registration
Certificate Number: 2005/169991/23
The
subject only began operations in 2006.
It was
stated that D HORNE was formerly a 25% Shareholder in a company called FIRST
CHEMICALS (PTY) LTD where he worked for 10 years. This business was then sold in 2003. Prior to that he is reported to have worked for BASF, another
chemical company.
VAT NUMBER
4700230610
MAJOR OPERATION
Representative
of overseas companies involved in manufacturing of pigments, colouration and
associated chemicals.
MAJOR SUPPLIERS
The subject
imports 100% from overseas and is currently awaiting its first shipment to
arrive this month. The clearing agents
are DM INTERNATIONAL.
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Coating
companies such as automotive industry and paint companies, plastic
manufacturers and printing industry.
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
None
TOTAL EMPLOYEES
1 (the
Member)
OTHER PREMISES
None
OWNED OR LEASED
The
premises are reported to be leased.
MEMBERS CONTRIBUTION
R100
Full financial information was not
forthcoming from respondents at the company in view of the infancy of the
concern, however, it was stated that D HORNE financed the business from the
sale of his 25% shareholding in First Chemicals (Pty) Ltd.
AUDITORS
SMITH
YONG & ASSOCIATES.
YEAR END
FEBRUARY
INSURANCE BROKERS
COMEX
for shipping insurance
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Too new to comment
COMMENTS
This is a
newly operative business that is still awaiting its first shipment from
overseas. We would therefore prefer to
see all credit dealings on a letter of credit basis only until the subject is
better established. A figure of US$1 000 000 DA is far too high.
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 |
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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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