MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
LANXESS PTY LTD |
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Formerly Known As : |
SYBRON CHEMICALS (SA) (PTY) LTD |
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Registered Office : |
27 Wrench Road, Isando, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
27.11.1981 |
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Com. Reg. No.: |
1681/011724/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Producing and Marketing of Industrial Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
LANXESS
(PTY) LTD
Formerly
SYBRON CHEMICALS (SA) (PTY) LTD, the name having been changed on 4 May 2004
PHYSICAL ADDRESS
27
Wrench Road
ISANDO
Gauteng
POSTAL ADDRESS
P
O Box 143
ISANDO
1601
TELEPHONE NUMBER
011
921 5888 / 5057
FAX NUMBER
011
921 5890
SHAREHOLDERS
100% LANXESS DEUTSCHLAND GmbH (Germany), which in turn is owned by LANXESS AG, quoted on the Frankfurt Stock Exchange.
ASSOCIATE COMPANIES
LANXESS MINING (PTY) LTD
LANXESS CISA (PTY) LTD formerly CHROME INTERNATIONAL SA (PTY) LTD. The latter company is a joint venture between DOW SA and LANXESS (PTY) LTD.
DIRECTORS
M
U KRANCHER D.O.B. 19570308
R
E VAN DER MERWE ID No. 5801025163086
DR
B J WEHLING (Germany) D.O.B. 19491001
BANKERS
STANDARD BANK, Isando Branch. Account Number: 020100582. It was stated that the subject has overdraft facilities available secured by the holding company. Utilisation of the overdraft is stated to fluctuate to partial at times as credit balances are normally maintained at the bank.
DATE REGISTERED:
27
November 1981
Registration
Certificate Number: 1981/011724/07
The
subject only commenced operations in July 2004 and was formerly a dormant company.
It was stated that the subject took over existing operations of the Bayer Group that
included operations of Bayer (Pty) Ltd’s Chemical and Polymer Divisions.
VAT NUMBER
4430211914
MAJOR OPERATION
Producing
and marketing of industrial chemicals.
MAJOR SUPPLIERS
The
subject imports finished products and raw materials from Germany, China and
sister companies worldwide and deals locally with:
SAFCOR
PANALPINA Johannesburg
NEW
RAK MINING Rustenburg
ORKILA
Johannesburg
SPOORNET Johannesburg
ESKOM
Johannesburg
MASTER
TRUCKING Rustenburg
KUEHNE
& NAGEL Johannesburg
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Chemical
industry in general
AREA OF DISTRIBUTION
AND SELLING
South
Africa
EXPORTS
Internationally
TOTAL EMPLOYEES
400
permanent employees.
OTHER PREMISES
Production
site in Isethebe and a chrome derivative factory in Merebank Durban which premises are reported to be
owned.
OWNED OR LEASED
The
head office premises are reported to be leased
ISSUED SHARE CAPITAL
R100
The
following estimated financial situation was submitted:
STOCK R 60 000 000
DEBTORS R 80 000 000
FIXED ASSETS including property R 75 000 000
CREDITORS R 40 000 000
HOLDING COMPANY LOANS R198
000 000
TURNOVER per annum ±R800
000 000
AUDITORS
PRICEWATERHOUSECOOPERS
INC Johannesburg
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER
FORBES
TRADE REFERENCES –
JANUARY 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. May’05 R2 500 000 R2 500 000 15 days 15
days Excellent
c/l
2. 5 yrs+ R2 000 000 R2 000
000 30 days 30 days Good
3. 2004 R2 500 000 R2 500
000+ 15 days 15 days Excellent
TRADE REFERENCES –
MARCH 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R 110 000 R 60 000 15
days 15 days Excellent
c/l
2. 15 yrs R 1 200 000 R 1 200 000 15
days 15 days Very Good
3. 26 yrs R30
000 000 R30 000 000 30/60 30/60
days Excellent
Per
annum days
TRADE REFERENCES – JUNE 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2005 R2 500 000 R1
400 000- 15 days 15 days Very
Good
c/l R1 500 000
2. 4-5 yrs R2 500 000 R2 500
000 30 days 30 days Good
c/l
3. Old acc open acc R3 000
000- 45 days 45 days Good
c/l R5 000 000
4. 06/2004 R 110 000 R
500- 15 days 15 days Very
Good
c/l R 24 000
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 6 yrs R5 000 000 R5 000
000 30 days 30 days Very good
3. COD account
4. 15 yrs open R1
000 000 - 15 days 150 days Excellent
R1
500 000
5. 10 yrs open R 400 000 45
days 45 days Very good
COMMENTS
This is an established and well-connected company meeting commitments timeously. No adverse comments have been heard and the subject is considered equal to its normal business engagements.
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%)