MIRA INFORM REPORT

 

 

 

Report Date :

10.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SIYEZA FINE CHEM (PTY) LTD

 

 

Registered Office :

128 Industrial Road , Amalgam, JOHANNESBURG, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

15.10. 2008

 

 

Com. Reg. No.:

2008/024524/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Trading Company for Pharmaceutical Raw Materials.

 

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 :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

SIYEZA FINE CHEM (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

128 Industrial Road

Amalgam

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 39383

BOOYSENS

2016

 

TELEPHONE NUMBER: 011 830 0334

FAX NUMBER:             011 830 0334

 

 

SHAREHOLDERS

 

30%      S MOODLEY

30%      N T MOODLEY

20%      I MOHAMMED

20%      B CARRIM

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

S MOODLEY                 ID No. 6504155180081

N T MOODLEY (wife)     ID No. 6605120145081

I MOHAMMED

B CARRIM

 

 

BANKERS

 

NEDBANK, The Glen Branch, account number 1385053518.  The subject enjoys overdraft facilities to an extent of R3 million, secured by a cession of debtors.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

15 October 2008

Registration Certificate Number: 2008/024524/07

 

The subject converted from a close corporation that originated in 2006 (Reg. No. 2006/181730/23)

 

Active operations of the subject commenced on the 1 February 2007.

 

S MOODLEY was previously involved in KIRSCH PHARMA as Sales Director for the past 8½ years. N T MOODLEY was previously a housewife.

 

 

VAT NUMBER    

 

4090232770

 

 

MAJOR OPERATION

 

Trading company for pharmaceutical raw materials.

 

 

MAJOR SUPPLIERS

 

The subject imports from Italy and China and deals locally with:

 

D B FINE CHEMICALS

MARSING

MARK V SYSTEMS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The pharmaceutical industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS

 

Neighbouring countries

 

 

TOTAL EMPLOYEES

 

10

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

The following estimated financial situation was submitted:

 

STOCK                                                 R  5 000 000

DEBTORS                                             R5 000 000 – R  6 000 000

FIXED ASSETS                                     R     300 000

CREDITORS                                          R1 000 000 – R  1 500 000

LONG TERM LIABILITIES                       R     250 000

SHAREHOLDER LOANS                        R  3 800 000

TURNOVER                                          R15 000 000

TURNOVER anticipated for 2009 R40 000 000

 

 

AUDITORS    

 

ASHWYN DAYA & ASSOCIATES

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ANBEN CHETTY CONSULTANTS          


 TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         02/2007 R412 000          R65 000            30 days             30 days             Very good

 

2.         03/2007 R  25 000          R  2 000-           30 days             30 days             Good

                                                            R  5 000 varies

 

3.         Do not give trade references.

 

 

COMMENTS

 

This is a very established company meeting its commitments timeously.  We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see a lesser figure on a well spread basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.12

UK Pound

1

Rs.72.59

Euro

1

Rs.63.52

 

 

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