MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BASF |
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Registered Office : |
852, |
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Country : |
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Date of Incorporation : |
28.10.1966 |
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Com. Reg. No.: |
1966/010235 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importers of industrial chemicals e.g. Chemicals, Performance Products, Plastics, and Agricultural Products, Nutrition and coaters of catalytic converters. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
BASF
PHYSICAL ADDRESS
852,
Halfway House
POSTAL ADDRESS
HALFWAY HOUSE
1685
TELEPHONE NUMBER : 011 314 2900
FAX NUMBER : 011 203 2433
SHAREHOLDERS
100% BASF HOLDINGS SOUTH
AFRICA (PTY) LTD, which is in turn owned 100% by BASF
The shareholding changed on 1 June 2007 and was
previously: 100% BASF AG in
ASSOCIATE COMPANIES
BASF COATINGS SERVICES (PTY) LTD
BASF COATINGS VANDERBIJLPARK (PTY) LTD
BASF CONSTRUCTION CHEMICALS
CHC ELASTOGRAN (PTY) LTD
It was stated that BASF ANIMAL NUTRITION S A (PTY) LTD was sold to management on 1 June 2007.
It was stated by respondents that the holding company has group companies worldwide.
DIRECTORS
DR. H MANDERY (German)
M DRESEL (MS) (German)
K LEVY
BANKERS
STANDARD BANK Midrand, account number 202525198,
The subject also banks with ABSA BANK, for their payroll.
The respondent stated that the subject has an offshore loan of approx.
R34 000 000 from BASF Coordination Centre in
DATE REGISTERED
28 October 1966
Registration certificate number 1966/010235/07
It was stated that the subject bought the assets, operations
and liabilities of ENGELHARD (
VAT NUMBER
4720111493
MAJOR OPERATION
Importers of industrial chemicals e.g. Chemicals, Performance Products, Plastics, and Agricultural Products, Nutrition and coaters of catalytic converters.
It was stated that the magnetic recording media section was sold in 1999.
MAJOR SUPPLIERS
The subject imports raw materials from
GOLD REEF
SAFCOR
MICRO STATIONERY
FREIGHTPACK
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Manufacturing industry e.g. plastic, paper etc.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
25% to African countries
TOTAL EMPLOYEES
420 approx. (including temporary staff and apprentices)
OTHER PREMISES
The subject has a factory in
It was stated that the research station in Nelspruit was
closed in October 2003, the
OWNED OR LEASED
The head office premises are reported to be owned, market value in the region of R29 million, free of
bond. It was stated that the factory in
AUTHORISED SHARE
CAPITAL
R16.2 million divided into 16.2 million ordinary R1 shares.
ISSUED SHARE CAPITAL: R16.2 million
The capital increased in 1997 from R10 million divided into 10 million ordinary shares. The capital increased from R150 000 to R250 000 on 30 June 1972; increased from R250 000 to R300 000 on 12 December 1973; increased from R300 000 to R500 000 on 17 February 1975; increased from R500 000 to R700 000 on 16 August 1976; increased from R700 000 to R1 500 000 on 18 November 1980; increased from R1 500 000 to R3 million on 9 June 1983; increased from R3 million to R6 million on 9 November 1984; increased from R6 million to R10 million on 9 December 1991.
The following estimated financial situation was submitted:
STOCK R 733 000 000
DEBTORS (including foreign debtors) R 847 000 000
FIXED ASSETS (intangible assets) R1 000 000 000
FIXED ASSETS (tangible assets) R 230 000 000
CREDITORS (90/120 days) local and foreign R1 000 000 000
TURNOVER per annum R4 000 000 000
AUDITORS
KPMG INC
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES MAY
2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2002 R10
mill R2 mill 30 days 30 days Very Good
c/l
2. Old acc R6
000 R5 000 30 days 30 days
Excellent
-R6 000
3. 5 yrs R8
mill R3 mill 60 days 60 days Excellent
c/l -R5 mill
4. Old acc R15
000 R10 000 30 days 30 days Very Good
-R15
000
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R 9 000 000 R5
000 000 30 days 30 days Excellent
c/l
2. Feb’00 R10
000 000 confidential 30 days 30
days Very Good
c/l
3. 20 yrs R 15 000 R 15 000 30
days 30 days Very Good
Every
3 months
COMMENTS
This is an established company, which recently incorporated the assets and operations of a well established company. The subject is meeting its commitments timeously and is considered equal to its normal business engagements.
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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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%)