%20LTD%2005-Feb-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AFRICAN AMINES (PTY) LTD |
|
|
|
|
Registered Office : |
Karbochem Road, Industrial Site, Newcastle, Kwa-Zulu Natal |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
13.08.1993 |
|
|
|
|
Com. Reg. No.: |
1993/004577/07 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers of alcohol amines, raw material of
pesticides, herbicides and explosives |
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 : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
AFRICAN AMINES (PTY) LTD
PHYSICAL ADDRESS
Karbochem Road
Industrial Site
NEWCASTLE
Kwa-Zulu Natal
POSTAL ADDRESS
Private Bag 6600
NEWCASTLE
2940
Telephone Number: 034 370 1111
Fax Number: 034 370 1383
SHAREHOLDERS
100% USA MINES (in the USA)
The Shareholding was previously 50% SASOL CHEMICAL INDUSTRIES LTD and 50% AIR PRODUCTS (PTY) LTD, having changed in November 2007.
The Shareholding was formerly 50% SASOL CHEMICAL INDUSTRIES LTD and 50% SENTRACHEM LTD, having been changed on 1 October 2002.
ASSOCIATE COMPANIES
The subject is reported to be associated to an international group
DIRECTORS
The Directors are currently in the process of changing in view of the new Shareholding and the new Directors are not available at present.
BANKERS
NEDBANK, Newcastle branch, account number 1337135860. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to fluctuate.
The bankers may change in the near future.
DATE REGISTERED
13th August 1993
Registration certificate number 1993/004577/07
The subject was commenced as a new business.
VAT NUMBER
4060144492
MAJOR OPERATION
Manufacturers of alcohol amines, raw material of pesticides, herbicides and explosives.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
M AND S SHIPPING
SASOLCHEM Durban (associate company)
DIRECT ENGINEERING Johannesburg
SASOL NITRO
SASOL CHEMICALS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Manufacturers of chemicals e.g. Sanachem, Anichem and L P M Chemicals etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Australia and Malaysia
TOTAL EMPLOYEES
22
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by KARBOCHEM, which is a division of SENTRACHEM LTD. The value of the property was not forthcoming, however it was stated that the plant comprises approximately 60 hectares. The fixed assets of the company were previously stated to be R58 million, however, they are re-evaluating the assets due to the change of shareholding. The property is free of bond.
AUTHORISED SHARE CAPITAL
R200 divided into 100 ordinary “A” shares of R1 each; 100 ordinary “B” shares of R1 each
ISSUED SHARE CAPITAL
R200
SHARE PREMIUM ACCOUNT
R31 699 800
Full financial information was not available in view of the changes occurring within the subject at present, however, the annual turnover is in the region of R100 million.
AUDITORS
BDO SPENCER STEWARD
YEAR END
DECEMBER
INSURANCE BROKERS
WILLIS SA at present
TRADE REFERENCES – DECEMBER 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 yrs+ declined declined 30 days 30
days Declined
2. 5 yrs R30
000 declined 30 days 30 days Excellent
2.5% 2.5%
3. 9 yrs R500
000 R400 000 30 days 30 days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R500
000 R 50 000- 30 days 30 days Excellent
c/l R200 000
2. 2 yrs+ declined R 10 000 30 days 30
days Excellent
3. Old acc declined declined 30 days 30
days Good
4. Do not give trade references.
COMMENTS
This is an established company meeting its commitments timeously. The subject is considered as equal to its normal business engagements.
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%)