MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
VOLCANO AGROSCIENCES (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18 August 1999 |
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Com. Reg. No.: |
1999/017961/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and exporters of formulators and agricultural chemicals. |
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 : |
Slow but correct |
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Litigation : |
Clear |
COMPANY NAME
VOLCANO AGROSCIENCES (PTY) LTD
PHYSICAL ADDRESS
Kwazulu Natal
POSTAL ADDRESS
4300
TELEPHONE NUMBER: (031) 502-4231
FAX NUMBER: (031) 502-4196
SHAREHOLDERS
100% CALLIETHA INVESTMENTS (PTY) LTD
ASSOCIATE COMPANIES
VOLCANO FORMULATION (PTY) LTD (dormant)
DIRECTORS
A H G H SHAIK
L M J R MAINGARD
N P M JAAME
C G J RICHARDS
E L BARBEDETTE
BANKERS
FIRST NATIONAL BANK, Corporate branch,
DATE REGISTERED
18 August 1999
Registration Certificate Number 1999/017961/07
The subject
commenced as a new business.
It was stated that the directors have been involved in the same type of industry since 1975.
The subject took over the assets and operations of an associate company, VOLCANO FORMULATION (PTY) LTD at the end of 2002.
VAT NUMBER
4110165885
MAJOR OPERATION
Importers and exporters of formulators and agricultural chemicals.
MAJOR SUPPLIERS
The subject imports 80% of its raw materials from
VILLA CROP
BAYER
KING YORKER Johannesburg
NIALCOR
SPECTRUM SHIPPING,
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Co-operatives and farmers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Worldwide
TOTAL EMPLOYEES
90
OTHER PREMISES
The subject has a factory in Tongaat, Canelands (Kwazulu Natal and depots throughout
OWNED OR LEASED
Leased
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK (seasonal) R 100 000 000
DEBTORS R 125 000 000
FIXED ASSETS nett book value R 30 000 000
CREDITORS overseas (extended terms) & local R 110 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R340 000 000
AUDITORS
B D O SPENCER STEWARD
FINANCIAL YEAR END
DECEMBER
INSURANCE BROKERS
BAY
TRADE REFERENCES –
OCTOBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 yrs R800 000 R800 000 30 days 30 days Very good
2. 5 yrs+ R600 000 R600 000 60 days 60 days Very good
3. 5 yrs R150 000 R150 000 60 days 60 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 9 yrs declined declined 30 days 30 days Good
2. 10 yrs open acc R100 000 60 days 60 days Very good
3. 2003 R12.6 mill R3.5 mill- 60 days 90 days Slow
R4 mill
COMMENTS
This is an established company, which forms part of a well established group of companies. The subject is meeting its commitments slowly at times and it is suggested that dealings to $1 000 000 be spread over 180 days and account may require monitoring.
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%)