MIRA INFORM REPORT

 

 

Report Date :

20.03.2008

 

IDENTIFICATION DETAILS

 

Name :

SAMCHEM DRILLING FLUIDS AND CHEMICALS (PTY) LTD

 

 

Registered Office :

31 Basalt Street, Cnr Boron, Alrode Ext 7, Alberton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

05.05.2005

 

 

Com. Reg. No.:

2005/014335/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer and Supplier of Drilling 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

 

SAMCHEM DRILLING FLUIDS AND CHEMICALS (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

31 Basalt Street

Cnr Boron

Alrode Ext 7

ALBERTON

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 16761

BRACKENDOWNS

1454

TELEPHONE NUMBER: 011 908 5595

FAX NUMBER:  011 908 5887

 

 

SHAREHOLDERS

 

100%    INDEX LTD, quoted on the Australian Stock Exchange

 

 

ASSOCIATE COMPANIES

 

None locally, however, there are associate companies worldwide via the holding company

 

 

DIRECTORS

 

B W RIDGEWAY (resident in Australia)   D.O.B. 531125

G E WESTON                                       D.O.B. 450326

H J BARKER                                         D.O.B. 451208

 

 

BANKERS

 

STANDARD BANK, Alberton Branch.  Further banking information was declined by respondents at the subject.

DATE REGISTERED

 

5 May 2005

Registration Certificate Number: 2005/014335/07

 

The subject took over the assets and operations of a company named S A MUD SERVICES (PTY) LTD, which originated in 1983.

 

 

VAT NUMBER

 

4620220378

 

 

MAJOR OPERATION

 

Manufacturer and supplier of drilling chemicals

 

 

MAJOR SUPPLIERS

 

The subject imports worldwide and deals locally with:

 

ICOSA

IMPROCHEM

CHEMQUEST

ARGUS FREIGHT

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mining industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

59

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

DEBTORS                                 R20 000 000

CREDITORS                              R20 000 000

LOANS                                     Nil

TURNOVER per month               R15 000 000 – R20 000 000

 

 

AUDITORS

 

MOORES STEVENS, Johannesburg

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

WILLIS

 

TRADE REFERENCES:

 

PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             open                 R   300 000       30 days             34 days             Good

varies

 

2.         4-5 yrs              R946 000          R1 000 000        30 days             30 days             Excellent

 

3.         5 yrs                 R850 000          declined            30 days             30 days             Very good

 

 

COMMENTS

 

This is an established and well connected business that took over the assets and operations of a well established company.  The subject is meeting its commitments timeously and no adverse comments have been heard.  The subject is equal US$1 000 000 over 90 days.

 

 

 

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