MIRA INFORM REPORT

 

 

Report Date :

29th January, 2007

 

IDENTIFICATION DETAILS

 

Name :

D B FINE CHEMICALS (PTY) LTD

 

 

Registered Office :

P O Box 786, Rivonia 2128

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.05.1995

 

 

Com. Reg. No.:

1995/004258/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and distributors of fine chemicals as well as agents

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

D B FINE CHEMICALS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Unit 2

23 Morris Street

WOODMEAD EXT

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 786

RIVONIA

2128

 

 

TELEPHONE NUMBER

 

(011) 807-2991

 

 

FAX NUMBER

 

(011) 807-0953

 

 

SHAREHOLDERS

 

100%  D BAUMANN

 

 

ASSOCIATE COMPANIES

 

EIFEL PROPERTY (PTY) LTD (property owning company)

N J E PROPERTIES (PTY) LTD

 

 

 

DIRECTORS

 

D BAUMANN (Sole director)

 

 

BANKERS

 

NEDBANK Rivonia, account number 1969086599.  It was stated that the subject enjoys overdraft facilities to an extent of R100 000 secured by the personal guarantee of the shareholder.  Utilisation of the overdraft is stated to be seldom.

 

 

DATE REGISTERED

 

16 May 1995

Registration certificate number 1995/004258/07.

 

It was stated that prior to commencing the subject Mr Baumann was the Managing Director of E I Rogoff Chemicals (Pty) Ltd for 6 years, however, it was stated that he was involved in the latter group for approx. 15 years.

 

 

VAT NUMBER

 

4030202974

 

 

MAJOR OPERATION

 

Importers and distributors of fine chemicals as well as agents

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

HENEWAYS FREIGHT

INTERNATIONAL HEALTHCARE DISTRIBUTORS (AVENTIS PHARMA)

KIRSCH PHARMA Johannesburg

AKULU MARCHON  (LEOCHEM)  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Pharmaceutical industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to Namibia and Zimbabwe.

 

 

TOTAL EMPLOYEES

 

11

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by N J E PROPERTIES (PTY) LTD, valued in the region of R1 200 000, free of bond. 

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R120

 

The estimated financial situation was submitted as follows:

 

STOCK                                                                fluctuates       R       500 000

DEBTORS                                                                     R    1 000 000

CASH                                                                                       fluctuates

FIXED ASSETS                                                             R    1 500 000

CREDITORS                                            R300 000   -   R       500 000

OVERDRAFT                                                                Nil at present

TURNOVER                              per annum                     R  18 000 000

AUDITORS

 

DE VOS RICHARDS

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

BOUWER COLLINGS

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

        ACCOUNT  HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

        OPENED     CREDIT       CREDIT                      PATTERN

 

1.     2003           R400 000     R250 000      30 days   30 days       Good

                          c/l

 

2.     Aug’03       R25 000      sporadic       30 days   30 days       Good

                          c/l

 

3.     200             R50 000      R25 000        30 days   30 days       Very Good

                                            -R50 000

 

CURRENT TRADE REFERENCES

 

        ACCOUNT  HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

        OPENED     CREDIT       CREDIT                      PATTERN

 

1.     2003           R400 000     R250 000 -    30 days   30 days       Very good

                                            R315 000

 

2.     Do not give trade references

 

3.     2001           R25 000      R15 000 -      30 days   30 days       Very good

                                            R20 000

 

4.     2003           R25 000      declined        30 days   30 days       Good

 

 

 

COMMENTS

 

This is an established company meeting its commitment timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see dealings to a far lesser extent on a spread basis.

 

 

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