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MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DYECHEM INDUSTRIAL
(PTY) LTD |
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Registered Office : |
5 Chloor Road,
Chloorkop, Kempton Park, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
09.04.1969 |
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Com. Reg. No.: |
1969/005327/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Manufacturing and
Distribution of Edible Dyes, Dye Stuffs and the Blending of Artificial
Flavouring. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
slow |
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Litigation : |
Clear |
COMPANY NAME
DYECHEM INDUSTRIAL (PTY)
LTD
PHYSICAL ADDRESS
5 Chloor Road
Chloorkop
KEMPTON PARK
Gauteng
POSTAL ADDRESS
P O Box 30102
KYALAMI
1684
TELEPHONE NUMBER: 011 393 1045
FAX NUMBER:
011 393 1173
It was stated that the
subject moved from premises at 468 Kyalami Boulevard, Kyalami Business Park,
Gauteng in 2006.
SHAREHOLDERS
G A FLETCHER
J H FELLINGHAM
ASSOCIATE COMPANIES
DYECHEM (PTY) LTD
(dormant)
GLEN JAY PROPERTIES
(PTY) LTD (property owning company)
DIRECTORS
J C FELLINGHAM ID No. 6305065114081
J H FELLINGHAM ID No. 3105125064000
A T FLETCHER ID No. 7411210238087
G A FLETCHER ID No. 3410085033007
BANKERS
STANDARD BANK, Rivonia
branch, account number: 023035714. It
was stated that the subject enjoys overdraft facilities, secured by the
personal guarantees of the Shareholders.
Utilisation is stated to be nil as credit balances are normally
maintained at the bank.
DATE REGISTERED
9 April 1969
Registration Certificate
Number: 1969/005327/07
The subject was
dormant until G A FLETCHER purchased
the subject and commenced operations in 1979.
VAT NUMBER
4550121349
MAJOR OPERATION
Manufacturing and
distribution of edible dyes, dye stuffs and the blending of artificial
flavouring.
MAJOR SUPPLIERS
CIM
CH CHEMICAL
C J PETROW
CREST CHEMICALS
PROTEA CHEMICALS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Mainly the food industry
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Occasionally to neighbouring countries
TOTAL EMPLOYEES
50
OTHER PREMISES
The subject has a
representative in Durban.
OWNED OR LEASED
The premises are reported
to be owned by the associate property owning company
AUTHORISED SHARE CAPITAL
R100 divided into 100
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
HOWARTH LEVERTON BONER
YEAR END
FEBRUARY
INSURANCE BROKERS
LUMLEY
TRADE REFERENCES – JANUARY 1996
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 yrs+ R40 000 R30 000 - 30 days 30
days Very good
R40 000
2. Few yrs R40 000 R21 000 30 days 45
days Good
3. Unable to obtain a trade reference
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1997 R150 000 R
20 000 - 60 day 60 days Very good
R150 000
2. 1994 R 24 000 R 15 000 - 30
days 30/35 days Good
3. Do not give trade references
4. Do not give trade references
COMMENTS
This is an established business meeting its commitments over terms at times. We have not traced dealings to an extent of $1 000 000 over DA and suggest a far lesser figure on a well spread and secured basis. The lack of financial information should be borne in mind.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.67 |
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UK Pound |
1 |
Rs.75.47 |
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Euro |
1 |
Rs.61.19 |
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%)