MIRA INFORM REPORT

 

 

Report Date :

19.01.2008

 

IDENTIFICATION DETAILS

 

Name :

SIKA SOUTH AFRICA (PTY) LTD

 

 

Formerly Known as :

SIKA (PTY) LTD

 

 

Registered Office :

9 Hocking Place, Westmead Pinetown, KwaZulu-Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

31.08.1988

 

 

Com. Reg. No.:

1988/004964/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and Distributors of Construction and Automotive 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 :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

SIKA SOUTH AFRICA (PTY) LTD

 

Formerly: SIKA (PTY) LTD, the name having been changed in 2002.

 

 

PHYSICAL ADDRESS

 

9 Hocking Place

WESTMEAD

Pinetown

KwaZulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 15408

WESTMEAD

3608

TELEPHONE NUMBER: (031) 792-6500

FAX NUMBER: (031) 700-1784

 

 

SHAREHOLDERS

 

100%    SIKA AG in Switzerland

 

 

ASSOCIATE COMPANIES

 

The subject does not have any local associate companies but is reported to be associated to an international group of companies.

 

 

DIRECTORS

 

B LANZENDORFER (Resident in Germany)

P LAENG (Resident in Switzerland)

J L VAZQUEZ (Resident in Spain)

N WYLDE (Managing Director)

J D IZQUIERDO (Resident in Spain)

S CASTANERA (Resident in Spain)

 

 

BANKERS

 

STANDARD BANK, Briardene Branch, Account Number: 250744031.  It was stated that the subject does not require an overdraft facility as credit balances are maintained.

 

DATE REGISTERED

 

31 August 1988

Registration Certificate Number: 1988/004964/07.

 

On investigation it was established that in 1990 the subject took over the assets and operations of a company, namely R F K CHEMICALS (PTY) LTD.  The latter company is dormant.

 

 

VAT NUMBER

 

4500102613

 

 

MAJOR OPERATION

 

Manufacturers and distributors of construction and automotive chemicals.

 

 

MAJOR SUPPLIERS

 

The subject imports finished goods and raw materials worldwide and deals locally with:

 

REVERTEX Durban

DIVPAC Durban

DANZAS

ZA TRANS

NOEL P HUNT

CHEMIMPO

BURCAP

 

MAJOR CUSTOMERS OR BUSINESS SECTORS:

 

Automotive industry e.g. Mercedes Benz, P G Auto Glass and Glassfit Perifory and building industry.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa.

 

 

 

EXPORTS

 

Neighbouring countries.

 

 

TOTAL EMPLOYEES

 

127

 

 

OTHER PREMISES

 

Branches in Johannesburg, Port Elizabeth, Cape Town and Richards Bay.

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the subject, valued in the region of R11 000 000 free of bond and the Johannesburg premises are reported to be owned, valued at R3 500 000 free of bond.  The balance of the premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R25 000 000 divided into 25 000 ordinary shares of R1 000 each.

 

 

ISSUED SHARE CAPITAL

 

R22 186 000.

 

The following estimated financial situation was submitted:

 

STOCK                                                                         R20 000 000

DEBTORS                                                                     R20 000 000

FIXED ASSETS nett value for plant and machinery            R18 000 000

PROPERTY                                                                  R14 500 000

CREDITORS                                                                  R9 000 000

SHAREHOLDERS LOANS                                             R24 000 000

TURNOVER per annum                                                  R120 000 000

 

 

AUDITORS

 

ERNST & YOUNG, Durban

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

GLENRAND MIB

 

 

TRADE REFERENCES – MAY 2005

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.1999              R500 000          R500 000          30 days             30 days             Very Good

 

2.11/2002          R30 000            R10 000            30 days             30 days             Good

-R30 000

 

3.1990              R300 000          R100 000          30 days             30 days             Good

C/L

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1.7 yrs              R   700 000       R600 000          30 days             30 days             Very good

c/l

 

2.Old acc          R1 200 000        R200 000          30 days             30 days             Very good

c/l                     R400 000

(varies)

 

3.Apr 1990        R   400 000       R150 000          30 days             30 days             Excellent

c/l

 

COMMENTS

 

This is an established and overseas connected company meeting its commitments timeously.  The subject appears able to cope with a figure of 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%)

 

 

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