MIRA
INFORM REPORT
|
Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LAKE INTERNATIONAL TECHNOLOGIES PTY LTD |
|
|
|
|
Formerly Known As : |
CHEMSERVE TECHNICAL PRODUCTS PTY LTD |
|
|
|
|
Registered Office : |
Building 2, Galaxy Park, 17 Galaxy Road, Linbro Business Park,
Sandton, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
7 November 1946 |
|
|
|
|
Com. Reg. No.: |
1946/023685/07 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is an agent for speciality chemicals and they also
manufacture chemical products |
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
LAKE INTERNATIONAL TECHNOLOGIES
(PTY) LTD
Formerly
CHEMSERVE TECHNICAL PRODUCTS PTY) LTD, the name having been changed on 1 September 2003.
INTERNAL TRADING DIVISION
LAKE FOOD &
EQUIPMENT (Formerly DARLEON)
EXPLOSIVES
LAKE
GENERAL CHEMICALS
SPECIALITIES
Plus
various other divisions
PHYSICAL ADDRESS
Building
2
Galaxy
Park
17
Galaxy Road
Linbro
Business Park
Sandton
Gauteng
POSTAL ADDRESS
Private
Bag X4137
BRYANSTON
2021
Telephone
Number: 011 409 5000
Fax
Number: 011 608 2345
The
subject moved from 12 Gemini Street, Linbro Business Park, Sandton.
It
was stated by respondents that the COATINGS DIVISION was sold to Crest
Chemicals on 1 May 2007.
Further
to our report dated 18 January 2008, updated information on the subject was obtained
and reads as follows:
SHAREHOLDERS
100% CHEMICAL SERVICES LTD (delisted from the JSE
Ltd), which in turn is owned 100% by AECI LTD (Quoted on the JSE Ltd).
ASSOCIATE COMPANIES
AKULU-MARCHON (PTY) LTD
CHEMSERVE POLYMER SCIENCES (PTY) LTD
CREST CHEMICALS (PTY) LTD
Plus
other companies within the AECI group.
DIRECTORS
T
A STREET (Chairman)
J
F VAN HEERDEN
F
BAKER
D
MURRAY (MD)
T
LOUW
R
HARRISON
G
SANDERS
BANKERS
FIRST
NATIONAL BANK, Johannesburg Branch, Account Number 58860880617. It was stated that the subject is managed by
a cash management scheme controlled by the holding company.
DATE REGISTERED
7
November 1946
Registration
certificate number 1946/023685/07
It was stated that the
subject bought and incorporated the coatings operations of JLM INDUSTRIES (SA)
(PTY) LTD into the Coating and Lake General Chemicals divisions on 1 July 2005.
It was stated that
the subject bought the assets and operations of a business namely, DARLEON CC
(Registration Certificate Number 1985/008889/23) and incorporated it as a
division into the subject.
VAT NUMBER
4230103154
MAJOR OPERATION
The
subject is an agent for speciality chemicals and they also manufacture chemical
products
MAJOR SUPPLIERS
The subject imports chemicals (colourants etc.) from Europe, Australia
and deals locally with:
UTI
TANKER
SERVICES Johannesburg
SHELL CHEMICALS
LUBRIZOL
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Industry
in general i.e. mining, painting, glass, chemical and detergent industries.
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
USA,
Northern Africa, Far East and on a small basis to Hong Kong.
TOTAL EMPLOYEES
±100
OTHER PREMISES
The subject has a plant in Umbogintwini (Durban), Natalspruit (Alberton), a laboratory in Chloorkop, an office in Cape Town and a division is situated in Linbro Park (Johannesburg).
OWNED OR LEASED
The head office and
plant premises are reported to be owned by a group property owning company.
AUTHORISED SHARE CAPITAL
R36 000 divided into 18 000 ordinary shares of R2
each
ISSUED SHARE CAPITAL
R34
290
The
following estimated financial situation was submitted:
STOCK R 22 000 000
DEBTORS R 30 000 000
FIXED ASSETS net book R 25 000 000
CREDITORS R 26 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R150
000 000
AUDITORS
PRICEWATERHOUSECOOPERS
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER
FORBES
TRADE REFERENCES – SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 11/2001 R3
000 000 R500 000 30 days 30 days Very good
c/l
2. Do not give trade references
3. Do not give trade
references
4. 1995 R500
000 R220 000 30 days 30 days Good
c/l
TRADE REFERENCES - FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1996 R500
000 R200 000 60 days 60/65 days Good
2. 20 yrs R 50 000 R 45 000 30
days 30 days Very good
TRADE REFERENCES – JUNE 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R 500 000 R200
000 30 days 30 days Very
Good
c/l
2. 2001 R3
000 000 R400 000 30 days 30 days Very Good
c/l
3. Do not give trade
references
4. Do not give trade references
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R 500 000 R400
000 30 days 30 days Good
c/l
2. 2001 R3
000 000 R500 000 30 days 30 days Good
c/l
3. Do not give trade references
4. Do not give trade
references
COMMENTS
This
is a well established and connected company, meeting its obtainable commitments
timeously. The subject is considered
equal to US$1 000 000 DA.
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%)