MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NKUNZI CHEMICALS (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10 February 2006 |
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Com. Reg. No.: |
2006/004070/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, distributors, retailers and wholesalers of chemical
raw materials and industrial products. |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
CHEMINMARK (PTY) LTD
TRADING NAME
CIM (CHEMICAL AND INDUSTRIAL MARKETING)
PHYSICAL ADDRESS
12 Hocking Place
WESTMEAD
Kwa-Zulu
POSTAL ADDRESS
WESTMEAD
3608
TELEPHONE NUMBER: 031 700 8617
FAX NUMBER: 031 700 8637
note
On investigation it was established that CHEMINMARK (PTY) LTD, registration certificate number 1983/11324/07 is a company that has become dormant and the assets and operations have been taken over with effect from 1 February 2007 by a company, namely GLOBAL PACT TRADING 371 (PTY) LTD, trading as CIM.
GLOBAL PACT TRADING 371 (PTY) LTD changed its name on 26 February 2007 to NKUNZI CHEMICALS (PTY) LTD, which report should be consulted.
COMPANY NAME
NKUNZI CHEMICALS (PTY) LTD
Formerly
GLOBAL PACT TRADING 371 (PTY) LTD, the name having been changed on 21 February 2007.
TRADING NAME
CIM
PHYSICAL ADDRESS
Mahogany Ridge
WESTMEAD
Pinetown
Kwazulu Natal
POSTAL ADDRESS
WESTMEAD
3608
TELEPHONE NUMBER: 031 700 8617
FAX NUMBER: 031 700 8637
It was stated by respondents that the subject moved from the
premises at
SHAREHOLDERS
50% MANAGEMENT OF THE SUBJECT
50% NKUNZI INVESTMENT HOLDINGS (PTY) LTD (BEE Company), which in turn is owned by P C
SEPTEMBER, J E WILTSHIRE and M B MAGWAZI who is the Chairman of the holding company.
ASSOCIATE COMPANIES
ABSORBETECH ENVIRONMENTAL (PTY) LTD
Companies within the NKUNZI INVESTMENT HOLDINGS (PTY) LTD group of companies
DIRECTORS
P C SEPTEMBER (Chairman) (Non-Executive)
J E THOMPSON (MD)
J BLAKENEY (FD)
D P BOOYSE
A G P EDWARDS
(Alternate)
J E WILTSHIRE (Mrs)
(Non-Executive)
J E THOMPSON, J
BLAKENEY and D P BOOYSE have been involved in the company for many years. JE THOMPSON originally having commenced the
business as a Sole Proprietorship in 1976.
J BLAKENEY has been involved in the business for the last 15 years and
is reported to be a Chartered Accountant.
BANKERS
NEBANK, KZN Business Branch, where the subject holds two accounts, one being a debtors deposit account and the second being a current account, Account Number: 1648154328. It was stated that the account was opened on 1st February 2007 and the company is in the process of structuring new overdraft facilities at the bank and will ultimately cede their debtors book to the bank.
DATE REGISTERED
10 February 2006
Registration Certificate Number: 2006/004070/07
The subject was registered to take over the assets and operations of an established business namely CHEMINMARK (PTY) LTD, which company was originally commenced as a sole proprietorship by J E THOMPSON in 1976 and was subsequently taken over by the C J PETROW GROUP.
VAT NUMBER
4520228273
MAJOR OPERATION
Importers, distributors, retailers and wholesalers of
chemical raw materials and industrial products.
The subject also imports dispensers from the
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
JLM INDUSTRIES
AKULU MARCHON (for which they are agents in
C J PETROW
SAFCOR
I O P
REVERTEX
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Unilever, Hudson & Knight, Elida Ponds, detergent manufacturers, food and cosmetic manufacturers and the food industry
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Small to
TOTAL EMPLOYEES
100
OTHER PREMISES
The subject is reported to have offices and warehouses in
OWNED OR LEASED
All the premises are reported to be leased.
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R120
Respondents declined to update previous financial information submitted in February 2006 which reads as follows:
STOCK R17 000 000 – R 18 000 000
DEBTORS R 24 000 000
FIXED ASSETS R3 500 000 – R 4 000 000
CREDITORS R14 000 000 – R 17 000 000
OVERDRAFT Nil
LONG TERM LIABILITIES R 1 300 000
SHAREHOLDERS LOANS R 4 000 000
TURNOVER per annum R145 000 000
AUDITORS
MORRIS & MURRAY
YEAR END
SEPTEMBER
INSURANCE BROKERS
GAMSY SUMNER,
TRADE REFERENCES –
FEBRUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R 500 000 R 300 000 - 30
days 30 days Very Good
c/l R 500 000
2. 10 yrs R2
500 000 R1 000 000 30 days 30
days Very Good
c/l
3. Old acc R 100 000 R 100 000 30
days 30 days Very Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R2 700 000 R500 000 30 days 30 days Very good
2. 10 yrs R150 000 R100 000 30 days 30 days Excellent
3. Old acc. R250 000 R200 000 30 days 30 days Very good
The above trade references apply to the business of
CHEMINMARK (PTY) LTD when they were owned by the C J PETROW GROUP. The subject has remained with the major
suppliers that were applicable to the previous company. Please see attached an extract from the
MERCURY in
COMMENTS
This is a newly registered company that has taken over the assets and operations of a well established company. It is now a Black Economic Empowerment company and the Directors of the holding company and the subject are confident that this company will grow and reach new heights. We have not traced dealings to an extent of US$10 000 000 DA and would prefer to see such dealings on a spread basis.
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%)