%20LTD%2008-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CURE-CHEM SOUTH AFRICA (PTY) LTD |
|
|
|
|
Registered Office : |
126 Serenade Road, Rustivia EXT 3, Germiston, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
31.10.2005 |
|
|
|
|
Com. Reg. No.: |
2005/038739/07 |
|
|
|
|
Legal Form : |
Propriety Limited |
|
|
|
|
Line of Business : |
Trading in Industrial Mining, Chemicals, Agro-Chemicals
and Food 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 : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
CURE-CHEM SOUTH AFRICA (PTY) LTD
PHYSICAL ADDRESS
126 Serenade Road
Rustivia EXT 3
GERMISTON
Gauteng
POSTAL ADDRESS
P O Box 374
EDENVALE
1610
TELEPHONE NUMBER: 011 822 7379 / 011 882 7385
FAX NUMBER: 011 822 7387
SHAREHOLDERS
50% A CHAND
50% U MAHAJAN
ASSOCIATE COMPANIES
CURE-CHEM ZAMBIA LTD
CURE-CHEM INDIA LTD
DIRECTORS
A CHAND D.O.B. 520521
U MAHAJAN D.O.B. 590212
BANKERS
FIRST NATIONAL BANK, Isando Branch. It was stated that the subject enjoys overdraft facilities to an extent of R1 million, secured by a cession of debtors and property. Utilisation is stated to fluctuate.
DATE REGISTERED
31 October 2005
Registration Certificate Number: 2005/038739/07
The subject converted from a close corporation registered in 2001 (Reg. No. 2001/043639/23). The subject converted to a private company in October 2005.
VAT NUMBER
4120199767
MAJOR OPERATION
Trading in industrial mining, chemicals, agro-chemicals and food chemicals.
MAJOR SUPPLIERS
C H CHEMICALS
P E CHEMICALS
TAG SOLVENTS
SASOL WAXES
TRIANGLE SOLVENTS
ORION FREIGHT
MAJOR CUSTOMERS OR BUSINESS
SECTORS:
Detergent and liquid soap industries and mining industry.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries
TOTAL EMPLOYEES
22
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the subject and valued in the region of R4.2 million, bonded in favour of FIRST NATIONAL BANK to an extent of R3 million.
AUTHORISED SHARE CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R150
The following estimated financial situation was submitted:
STOCK $ 500 000
DEBTORS R 8 000 000
CREDITORS R 6 000 000
SHAREHOLDERS LOANS R 4 800 000
TURNOVER per annum R55 000 000
AUDITORS
SOLLY NOORMOHAMED, Johannesburg
YEAR END
FEBRUARY
INSURANCE BROKERS
OUTSURANCE / FIRST LINK
TRADE REFERENCES – AUGUST 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 4 yrs R1 500 000 R 500 000 - 30 days 30 days Good
R1 000 000
2. 3 yrs R 200 000 R 120 000 30 days 30 days Very good
3. 06/2006 R 50 000 R 20 000 - 30 days 30 days Good
R 40 000
TRADE REFERENCES – MARCH 2008
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 3 yrs open R500 000 30 days 30 days Very good
2. Do not give trade references
3. 3-4 yrs declined declined 30 days 30 days Very good
4. 2 yrs declined declined 30 days 30 days Excellent
5. 4 yrs declined R 50 000 30 days 30 days Good
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not give trade references
2. 2 yrs Don’t Disclose 30 days 30 days Excellent
3. 2 yrs Don’t Disclose 30 days 30 days Excellent
4. May 2004 R350 000 R240 000 30 days 30 days Excellent
C/L R450 000
5. 3 yrs R500 000 R500 000 30 days 30 days Very Good
COMMENTS
This is a relatively new company which converted from an established close corporation. The subject is meeting its commitments timeously. We have not traced dealing to an extent of $1 000 000 over DA terms and suggest a lesser amount on a well spread basis.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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%)