MIRA INFORM REPORT

 

 

Report Date :

13.06.2008

 

IDENTIFICATION DETAILS

 

Name :

SIMITRI SPECIALITY CHEMEICALS (PTY) LTD

 

 

Registered Office :

200 Berg River Drive, Chloorkop, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

14.07.2005

 

 

Com. Reg. No.:

2005/024978/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Tanning of Leather and the Distribution of Tanning Chemicals.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

 

COMPANY NAME

 

SIMITRI SPECIALITY CHEMEICALS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

200 Berg River Drive

CHLOORKOP

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 12055

CHLOORKOP

1624

TELEPHONE NUMBER: 011 922 1674

FAX NUMBER:  011 976 2338

 

 

SHAREHOLDERS

 

100%    CHEMICAL SERVICES LTD

 

 

ASSOCIATE COMPANIES

 

Companies within this CHEMICAL SERVICES LIMITED GROUP.

 

 

DIRECTORS

 

C A BOYD                    ID No. 680423 5168 084

M A DYTOR                  ID No. 610718 5122 105

G E HARTIN                  ID No. 460606 5091 009

T A STREET                  ID No. 470313 5157 082

 

 

BANKERS

 

STANDARD BANK, Corporate Branch and  FIRST NATIONAL BANK, Corporate Branch.  It was stated that the subject is managed by a cash management scheme controlled by the holding company.

 

 

DATE REGISTERED

 

14 July 2005

Registration Certificate Number: 2005/024978/07

 

 

VAT NUMBER

 

4820225169

 

 

MAJOR OPERATION

 

Tanning of leather and the distribution of tanning chemicals.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with:

 

PROTEA CHEMICALS

P E CHEMICALS

EXCLUSIVE LOGISTICS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Leather industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

17

 

 

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

KPMG

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

AECI

 

 

TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

1. Do not give trade references

 

2. 5 yrs             declined            declined            30 days             30 days             Very good

 

3. 2006             R500 000          R500 000          30 days             30 days             Very good

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a lesser amount spread and secured.

 

 

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