MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
VERSATILE CHEMICALS CC |
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Registered Office : |
Unit B5 , |
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Country : |
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Date of Incorporation : |
27.01. 2006 |
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Com. Reg. No.: |
2006/013496/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Distributors
of Food Colourants as well as the Manufacturing of Snack Food Flavour |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
VERSATILE CHEMICALS CC
PHYSICAL ADDRESS
Unit B5
CENTURION
POSTAL ADDRESS
THE REEDS
0158
TELEPHONE NUMBER: 012 653 4447
FAX NUMBER: 012 653 7561
MEMBERS
100% C
ASSOCIATE COMPANIES
None
BANKERS
FIRST NATIONAL BANK,
Fourways branch, account number: 62153932952.
It was stated that the subject enjoys overdraft facilities to an extent
of R250 000, secured by the personal guarantee of the Member. Utilisation is stated to fluctuate.
DATE REGISTERED
27 January 2006
Registration Certificate
Number: 2006/013496/23
The subject commenced
active operations in March 2006.
VAT NUMBER
4930225117
MAJOR OPERATION
Importers and
distributors of food colourants as well as the manufacturing of snack food
flavour
MAJOR SUPPLIERS
The subject imports most
of its supplies and deals locally with:
NICOLA-J FLAVOURS AND
FRAGRANCES
PERFORMANCE MASTERBATCH
CELL CHEM
QUEST CHEMICALS
HELLMANS INTERNATIONAL
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Food snack manufacturers
AREA OF DISTRIBUTION AND SELLING
EXPORTS
African countries
TOTAL EMPLOYEES
10
OTHER PREMISES
None
OWNED OR LEASED
Leased
MEMBERS CONTRIBUTION
R100
The following estimated
financial situation was submitted:
STOCK R 800 000
DEBTORS R1 300 000
FIXED ASSETS R
700 000
CREDITORS R 750 000
OVERDRAFT Nil
LOANS R1 500 000
TURNOVER per month R900 000 – R1 500 000
AUDITORS
L H M M VERMAAK
YEAR END
FEBRUARY
INSURANCE BROKERS
SANTAM
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2006 declined R 80 000 30 days 30 days Very
good
2. 5 yrs declined R100 000 30
days 30 days Very good
Good
for
3. 04/2008 declined R 50 000 30 days 30 days Very
good
COMMENTS
This is an established business meeting its local commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.29 |
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1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
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%)