MIRA INFORM REPORT

 

 

Report Date :

24.10.2007

 

IDENTIFICATION DETAILS

 

Name :

CHEM-I-PLAST (PTY) LTD

 

 

Registered Office :

P O Box 904, Bedfordview 20 Skeen, Boulevard Northwing Johannesburg 2007, South Africa

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.07.2003

 

 

Com. Reg. No.:

2003/015348/07

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Traders in speciality chemicals and plastics

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

CHEM-I-PLAST (PTY) LTD

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

20 Skeen Boulevard

North Wing

Bedfordview

Gauteng

 

POSTAL ADDRESS:     

 

P O Box 904

BEDFORDVIEW

2008

TELEPHONE NUMBER  : 011 455 0981

FAX NUMBER               : 011 455 0981

 

 

SHAREHOLDERS

 

R JOSE

T S M THOMAS

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

T S M THOMAS (Ms)     ID No.   7605170878184

R JOSE                        ID No.   7102126201182

 

 

BANKERS

 

NEDBANK, Meyersdal Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders. Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

2 July 2003

Registration Certificate Number: 2003/015348/07

 

 

VAT NUMBER

 

4740208048

 

 

MAJOR OPERATION

 

Traders in speciality chemicals and plastics

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its supplies and deals locally with:

 

ROHLIG GRINDROD

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Plastic and paint industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Southern African

 

 

TOTAL EMPLOYEES

 

6

 

 

OTHER PREMISES

 

None

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

ISSUED SHARE CAPITAL:         R100

 

The following estimated financial situation was submitted:

 

STOCK                         R2 000 000 – R  3 000 000

DEBTORS                     R4 000 000 – R  5 000 000

FIXED ASSETS                                  R  1 500 000

CREDITORS                  R2 000 000 – R  3 000 000

OVERDRAFT                                                    Nil

TURNOVER per annum  R10 000 000 – R15 000 000

 

 

AUDITORS

 

LAMBAT AND POCHEE

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NONE

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         2005                 R200 000          R600 000 -        30 days             30 days+           Good

                                                            R700 000

 

 

COMMENTS

 

This is an established business that is which imports most of its supplies. The subject is meeting its one local commitment timeously. It is suggested that dealings be well spread and secured.

 

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.

 

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

 

 

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%)

 

 

 

 

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