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MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TSUNAMI PLANT
PROTECTION (PTY) LTD |
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Registered Office : |
Cnr R23 Benoni
& R550 Nigel Brakpan District Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
26.07.2004 |
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Com. Reg. No.: |
2004/020524/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture and
Wholesale Distribution of Agricultural Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
TSUNAMI PLANT
PROTECTION (PTY) LTD
PHYSICAL ADDRESS
Cnr R23 Benoni
& R550
NIGEL
Brakpan District
Gauteng
POSTAL
ADDRESS:
P O Box 466
HEIDELBERG
1438
TELEPHONE NUMBER:
011 812 9800
FAX NUMBER: 011 812 9812
SHAREHOLDERS
82% AFGRI OPERATIONS LTD (formerly AGK LTD)
18% Directors of the subject
ASSOCIATE COMPANIES
TSUNAMI CROP CARE
(PTY) LTD, formerly TSUNAMI CROP PROTECTION (PTY) LTD, the name having been
changed.
Plus many other
companies in the AFGRI OPERATIONS Group.
DIRECTORS
P J J SMIT (MD)
M DREYER
W OOSTHUIZEN
BANKERS
ABSA BANK,
Heidelberg, account number 4062957324.
It was stated that the subject does not require overdraft facilities as
normally credit balances are maintained.
DATE REGISTERED
26 July 2004
Registration
Certificate Number 2004/020524/07
A company named HYPER AGROCHEMICALS (PTY) LTD in which P J J Smit was involved closed down. It was stated that the company ceased trading. Certain of its assets were transferred to TSUNAMI PLANT PROTECTION (PTY) LTD which is the wholesale division of the business and other assets to TSUNAMI CROP CARE (PTY) LTD which is a retailer.
Certain suppliers previously stated that they have dealt with the subject when it was HYPER AGROCHEMICALS (PTY) LTD and told the reporter that the latter company had changed its name. This is not the case but an assumption as they did not know about the transfer of assets.
VAT NUMBER
4750220792
MAJOR OPERATION
Manufacture and
wholesale distribution of agricultural chemicals.
MAJOR SUPPLIERS
PROTEA CHEMICALS Johannesburg
CREST CHEMICALS Johannesburg
POWER METALS Johannesburg
NIALCOR Johannesburg
CHESPAK Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Wholesale customers
and retail distributors.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries
TOTAL EMPLOYEES
32
OTHER PREMISES
None
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R1 000 divided into
1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1 000
The following
estimated financial situation was submitted:
STOCK R 15 000
000
DEBTORS R25 000 000-R
30 000 000
FIXED ASSETS R 20 000 000
CREDITORS R16 000 000-R 18
000 000
LOANS Nil
TURNOVER per annum R208 000 000
AUDITORS
RICEWATERHOUSECOOPERS,
Sunninghill
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES
via the AGRI GROUP.
TRADE REFERENCES – OCTOBER 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 07/2005 R400 000 R200 000 30 days 30 days Good
2. 5 – 6 yrs R800 000 R500 000 60
days 60 days Good
3. 7 yrs R200
000 R120 000 COD Very
good
TRADE REFERENCES – FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs R500
000 R250 000 30 days 30 days Very
good
2. 16 months R800 000 R400
000 60 days 60 days Good
3. 1 yr R750
000 R300 000 30 days 30 days Very
good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. Last purchased in November 2007 Very
good
4. 2005 open R1 000 000 60 days 60
days Good
Varies
5. Old acc declined declined 30 days 30
days Very good
COMMENTS
This is a
comparatively newly registered company that is well connected. The subject is
meeting its commitments timeously. No
adverse comments have been heard and the subject is considered equal to US$1
000 000 DA.
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. |
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%)