MIRA INFORM REPORT

 

 

Report Date :

23.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

VOLCANO AGROSCIENCES (PTY) LTD

 

 

Registered Office :

22 Burnside Drive, Old Mill Industrial Park, Mount Edgecombe, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

18.08.1999

 

 

Com. Reg. No.:

1999/017961/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Exporters of Formulators and Agricultural Chemicals.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

COMPANY NAME

 

VOLCANO AGROSCIENCES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

22 Burnside Drive

Old Mill Industrial Park

Mount Edgecombe

DURBAN

Kwazulu Natal

 

 

POSTAL ADDRESS

 

P O Box 1726

MOUNT EDGECOMBE

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, Durban, account number 62017775141.  It was stated that the subject enjoys overdraft facilities to an extent of R5 million

 

The subject also banks with LAND BANK.  It was stated that the subject enjoys overdraft facilities to an extent of R75 million. Utilisation is stated to be partial.

 

 

 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 China and India through an in-house clearing agent and deals locally with:

 

            VILLA CROP  Johannesburg

            BAYER  Johannesburg

KING YORKER  Johannesburg

NIALCOR

SPECTRUM SHIPPING, Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Co-operatives and farmers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

110

 

 

OTHER PREMISES

 

The subject has a factory in Tongaat, Canelands (Kwazulu

Natal and depots throughout South Africa.

 

 

OWNED OR LEASED

 

Leased

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK seasonal                                               R120 000 000

DEBTORS                                                         R170 000 000

FIXED ASSETS net book value                           R  30 000 000

CREDITORS foreign (extended terms) & local       R140 000 000

SHAREHOLDERS LOANS                                 R100 000 000

TURNOVER per annum                                      R450 000 000

 

 

AUDITORS

 

B D O SPENCER STEWARD

 

 

YEAR END

 

DECEMBER

INSURANCE BROKERS 

 

BAY UNION

 

 

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

 

 

TRADE REFERENCES – APRIL 2007

 

            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 600 000      R3 500 000 -      60 days             90 days             Slow

                                                            R4 000 000

 

 

TRADE REFERENCES – NOVEMBER 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs               open                 R1 200 000        30 days             30 days             Very good

 

2.         6 yrs                 open                 R       1 000 -     60 days             60 days             Excellent

                                                            R   500 000

 

3.         2003                 R12 000 000      R4 000 000        60 days             60 days             Excellent

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 Yrs               R1 000 000        R50 000            60 days             60 days             Excellent

 

2.         June 91             R16 500 000      R3 000 000-       60 days             60 days             Fair

                                    C/L                   R12 000 000

 

3.         10 Yrs               open acc           R700 000          30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established company, which forms part of a well established group of companies. The subject is meeting its commitments timeously.  The subject is considered equal to US$1 000 000 over 60 days DA but the account may require monitoring.

 

 

 

 

 

 

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