MIRA INFORM REPORT

 

 

 

Report Date :

09.09.2008

 

IDENTIFICATION DETAILS

 

Name :

DISTILLATION SOLUTIONS (PTY) LTD

 

 

Formerly Known as :

CCG 129 INVESTMENTS (PTY) LTD

 

 

Registered Office :

29 Yaron Avenue, Florida, Roodepoort, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.10.2000

 

 

Com. Reg. No.:

2000/026799/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers of Distillation Column Internals.

 

 

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

 

DISTILLATION SOLUTIONS (PTY) LTD

 

Formerly CCG 129 INVESTMENTS (PTY) LTD, the name having been changed on 13 December 2001.

 

 

TRADING NAME 

 

DISTECH CHEMDES

 

 

PHYSICAL ADDRESS

 

29 Yaron Avenue

Florida

ROODEPOORT

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 30529

WIBSEY

1717

TELEPHONE NUMBER: 011 472 1610

FAX NUMBER:  011 472 2760

 

 

SHAREHOLDERS

 

26,5%   R A ELFLEIN

26,5%   J POWELL

26,5%   G J WURTS

20,5%   B C NIENABER

 

The Shareholding was previously 37.5% D J BHOOLIA, 37.5% P JERAM, 5% C ANDERSON, 5% R A ELFLEIN, 5% B C NIENABER, 5% J POWELL and 5% G J WURTS having changed recently.

 

 

ASSOCIATE COMPANIES

 

None

 

 

 

DIRECTORS

 

R A ELFLEIN                 ID No. 7612065032083

B C NIENABER             ID No. 7505315026089

J POWELL                    ID No. 7112135107080

G J WURTS                  ID No. 5910035124085

 

 

BANKERS

 

STANDARD BANK, Northcliff branch.  It was stated that the subject enjoys overdraft facilities to an extent of R200 000, secured by a cession of debtors and the personal guarantee of the shareholders.  Utilisation of the overdraft is stated to be seldom.

 

 

DATE REGISTERED

 

20 October 2000

Registration Certificate Number 2000/026799/07

 

It was stated that there was a management buyout of the assets and operations of a company namely, CHEMDES TECHNOLOGIES (PTY) LTD – registration certificate number:  1991/002551/07 with effect from August 2001.

 

 

VAT NUMBER    

 

4510195243

 

 

MAJOR OPERATION

 

Manufacturers of distillation column internals.

 

 

MAJOR SUPPLIERS

 

NDE STAINLESS STEEL  Johannesburg

VRN STEEL  Johannesburg

POWERTRUCK HIRE  Johannesburg

MAGIC BOLT AND TOOLS  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Refineries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to Kenya and Angola

 

 

TOTAL EMPLOYEES

 

18

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R60

 

The following estimated financial situation was submitted:

 

STOCK                                                 buy on an order basis

DEBTORS fluctuates                              R300 000 – R  1 000 000

CREDITORS fluctuates                           R300 000 – R     800 000

LOANS                                                 Small

TURNOVER per annum                          R25 000 000

 

 

AUDITORS    

 

RUSSEL BEDFORD SOUTHERN AFRICA (JHB) INC

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

MALB BROKERS

 

 

TRADE REFERENCES – AUGUST 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2004                 R600 000          R240 000          30 days             30 days             Very Good

                                    c/l                     - per annum       2½%

 

2.         10 yrs               R  40 000          R  40 000          30 days             30 days             Very Good

 

3.         7 yrs                 R  70 000          R  60 000 -        30 days             30 days             Very Good

                                                            R  70 000 - fluctuates

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs                 declined            declined            30 days             30 days             Good

 

2.         10 yrs               R100 000          R100 000          30 days             30 days             Very good

 

3.         7-10 yrs                        R120 000          R120 000          30 days             30 days             Excellent

 

 

COMMENTS

 

This is a comparatively new company, which took over a well established company.  The subject is meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see a far lesser figure well spread.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.78.86

Euro

1

Rs.63.33

 

 

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