MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VILLA CROP PROTECTION (PTY) LTD |
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Registered Office : |
42 / 44 Villa Valencia Office Park, Cnr Anemoon & Monument Roads, Glenmarais, Kempton Park, Gauteng |
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Country : |
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Date of Incorporation : |
7 May 1992 |
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Com. Reg. No.: |
1992/002474/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is an agent and wholesales agrochemicals only to the shareholding companies. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
On investigation contact was made with the Financial Manager, who declined to update historical information on the subject, whatsoever. It was stated that it is company policy not to divulge any information on the subject to 3rd parties. Nevertheless, historical information as at July 2007 reads as follows:
(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):
COMPANY NAME
VILLA CROP PROTECTION (PTY) LTD
Formerly
TRAVON CROP PROTECTION (PTY) LTD the name having been changed on 29 July 1999; formerly COMMODOCHEM (PTY) LTD the name having been changed on 3 April 1997; formerly TOM FRASER COMMODOCHEM (PTY) LTD the name having been changed on 13 July 1992.
PHYSICAL ADDRESS
Head Office:
42 / 44
Cnr Anemoon & Monument Roads
Glenmarais
POSTAL ADDRESS
ASTON MANOR
1630
TELEPHONE NUMBER: 011 396 2233
FAX NUMBER: 011 396 4666
SHAREHOLDERS No. of Shares
EXPORTOS SA (PTY)
LTD 56,921
NEXUS AG BELEGGINGS
(EDMS) BPK 8,232
TERASON HOLDINGS
(PTY) LTD 8,277
NOVON OOSVAAL (EDMS)
BPK 7,783
FARMERS AGRI-CARE
(PTY) LTD 6,891
LAEVELD AGROCHEM
(EDMS) BPK 6,688
CROPSERVE (EDMS) BPK 6,242
ADMIN BUSINESS CENTRE
(PTY) LTD 5,639
NOVON AGRI ALPHA
(EDMS) BPK 3,538
NOVON RETAIL COMPANY
(PTY) LTD 9,916
RETOUW LANDBOUW
TRUST 4,820
WENKEM BEHEREND
(EDMS) BPK 4,773
JAN WURM BK 4,698
TECHNICHEM OESBESKERMING
BK 4,404
NOVON WTP (EDMS) BPK 6,429
NOORD-KAAP
OESBESKERMING (EDMS) BPK 3,664
NOVON PROTECTA
(EDMS) BPK 6,775
CROP PROTECTION
SPECIALISTS CC 811
H F LAMMERDING 765
J P H DUJARDIN 640
BENNIE FERREIRA CC 589
158,495
ASSOCIATE COMPANIES
JOMARKT DESIGN (PTY) LTD
VILLA 44 VALENCIA (PTY) LTD (property owning company)
GETO INVESTMENTS (PTY) LTD (property owning company)
EXPORTOS SA (PTY) LTD
BYCHEM (PTY) LTD (dormant)
DIRECTORS
DR. A F SCHREUDER (Executive Managing Director)
H J POOL
L AUCAMP
G J J BORMAN
G I E DE NECKER
N J LIEBENBERG
A J SCHOEMAN
R L CACKETT
R GELDENHUYS
T FRASER (Chairman)
H LAMMERDING
BANKERS
NEDBANK, Aston Manor Branch, Account Number 1524013579. It was stated that the subject enjoys overdraft facilities to an extent of R5 million, secured by a cession of debtors. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
The subject also uses NEDBANK, Isando Branch, East Rand International when they import.
DATE REGISTERED
7 May 1992
Registration Certificate Number: 1992/002474/07
The subject officially started operations on 1 December 1994.
VAT NUMBER
4880145901
MAJOR OPERATION
The subject is an agent and wholesales agrochemicals only to the shareholding companies.
MAJOR SUPPLIERS
AGROPHARM East
AGRICURA Nelspruit
CHEM SERVE
DUPONT
BASF
BAYER
SYNGENTA
MAJOR CUSTOMERS OR
BUSINESS SECTORS
The shareholders of the subject in the agrochemical industry
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
70
OTHER PREMISES
It was stated that the subject has a store at
OWNED OR LEASED
The premises are reported to be owned by the associate
companies, JOMARKT DESIGN (PTY) LTD and VILLA 44
AUTHORISED SHARE
CAPITAL
R200 000 divided into 200 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R158 495
SHARE PREMIUM
R19 815 526
The following estimated financial situation as of 28 February 2005 from draft figures was submitted:
STOCK R 31 000 000
DEBTORS R 73 000 000
FIXED ASSETS incl. investments R 3 989 571
CREDITORS R 75 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R283 000 000
AUDITORS
MALAN & DU PREEZ INC Tel No. 012 340 0700
YEAR END
FEBRUARY
INSURANCE BROKERS
CHARL POTGIETER INSURANCE BROKERS
INSURANCE COMPANY
MUTUAL & FEDERAL
TRADE REFERENCES –
JANUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 yrs declined varies 30 days 30 days Very good
2. 10 yrs R1 000 000 R1 000 000 30 days 30 days Excellent
3. Old acc. R1 000 000 declined 30 days 30 days Very good
COMMENTS
This is an established company meeting its commitments timeously. We have not trace dealings to an extent of US$1 000 000 and would prefer to see a far lesser amount spread and secured. The relatively high creditors figure should be borne in mind.
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R100 000 R100 000 60 days 60 days Good
2. 7 yrs R30 mill R1.7 mill 60 days 60 days Excellent
3. Few yrs figures confidential 30 days 30 days Very Good
fluctuates
COMMENTS
This is an
established company meeting its commitments timeously. The subject is considered equal to its normal
business engagements on a secured basis.
The lack of updated information should be borne in mind.
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%)