MIRA INFORM REPORT

 

 

Report Date :

07.08.2010

 

IDENTIFICATION DETAILS

 

Name :

KARBOCHEM (PTY) LTD

 

 

Formerly Known as :

CAPENSIS (PTY) LTD

 

 

Registered Office :

Bunsen Street, Industrial Site, Sasolburg, Free State

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.07.2002

 

 

Com. Reg. No.:

2002/015590/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacture and distribution of synthetic rubbers.

 

 

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 :

No Complaints  

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

COMPANY NAME

 

KARBOCHEM (PTY) LTD

 

Formerly CAPENSIS (PTY) LTD, the name having been changed in February 2003.

 

 

PHYSICAL ADDRESS

 

Bunsen Street

Industrial Site

Sasolburg

Free State

 

 

POSTAL ADDRESS   

 

P O Box 19

Sasolburg

9570

Telephone Number:                  016 970 1911

Fax Number:                             016 973 1412

 

It was stated by a respondent that P O Box 581, Bruma is the postal address of the marketing office of the subject

 

 

SHAREHOLDERS

 

100%     KARBOCHEM HOLDINGS (PTY) LTD, which in turn is 30% owned by DR. A J BRINK (Phd in Chemistry), 30% P J STEENKAMP,
30% D T BLACKBURN and 10% by the employees.

 

 

ASSOCIATE COMPANIES

 

KARBOCHEM PROPERTIES (PTY) LTD

KARBOCHEM INVESTMENTS (PTY) LTD

KARBOCHEM FIXED ASSETS (PTY) LTD

 

 

SUBSIDIARY COMPANIES

 

SYNTHETIC LATEX CO (PTY) LTD

ORCHEM (PTY) LTD

DIRECTORS

 

DR A J BRINK               ID No. 4601295005087

P J STEENKAMP          ID No. 5601285025003

D T BLACKBURN          ID No. 5012115025082

 

 

BANKERS

 

STANDARD BANK, Simmonds Street Corporate Branch, Account Number:  022093727. It was stated that the Sasolburg branch has been delegated to hold the account. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors as well as working capital. Utilisation is stated to be partial over month end.

 

 

DATE REGISTERED

 

2 July 2002

Registration Certificate Number: 2002/015590/07

 

A shelf company was utilised and the name was changed in February 2003 for trading to commence on 1 April 2003, when the subject took over a division and operations of a business named Karbochem, which was previously part of the Dow Division of SENTRACHEM LTD.

 

The original KARBOCHEM (PTY) LTD was commenced in 1966 (Reg. No. 1966/004465/07). The latter company was deregistered.

 

 

VAT NUMBER

 

4630205054

 

 

MAJOR OPERATION

 

Manufacture and distribution of synthetic rubbers. It was stated that the subject imports 2 key raw materials, Butadiene and Styrene, which are converted into synthetic rubber.

 

MAJOR SUPPLIERS

 

The subject imports raw materials from Saudi Arabia and deals locally with:

 

·         CREST CHEMICALS

·         FREIGHT MAX Durban

·         TANKER SERVICES Johannesburg

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Tyre industry, e.g. Dunlop, Bandag, Goodyear and re-treading industry, etc.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

EXPORTS

 

45% to Europe and Australia

 

 

TOTAL EMPLOYEES

 

355

 

 

OTHER PREMISES   

 

The subject has a manufacturing site in Newcastle as well as other premises in Sasolburg, where tenants rent from the subject.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the subject.  The subject also owns other premises that are rented out to approximately 6 tenants.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

The following estimated financial situation was submitted as at 16 February 2009:

STOCK                                     R   222 000 000

TRADE DEBTORS                     R   236 000 000

CASH   varies

FIXED ASSETS at cost              R     82 000 000

FIXED ASSETS net book value   R     50 000 000

TRADE CREDITORS                  R   136 000 000

SHAREHOLDERS LOANS         R     37 000 000

TURNOVER per annum              R1 600 000 000

 

 

AUDITORS    

 

MEINTJIES & VERMOOTEN, Pretoria. Tel. 012 424 2600

 

 

YEAR END    

 

AUGUST

 

 

INSURANCE BROKERS 

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – MAY 2006

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                Old acc        R1 000 000    R   700 000 -   30 days    30 days        Very Good

                                                           R1 000 000

 

2.                06/1998        R   500 000    R     50 000 -   30 days    30 days        Good

                                      c/l                 R   176 000

 

3.                15 yrs           R   500 000    R   500 000     30 days    30 days        Excellent

 

TRADE REFERENCES – MAY 2007

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                1999             R   500 000    R300 000        30 days    30 days        Very Good

                                      c/l

 

2.                Old acc        R1 000 000    R600 000        30 days    30 days        Very Good

 

3.                Old acc        R   500 000    R500 000        30 days    30 days        Very Good

 

 

TRADE REFERENCES – JANUARY 2008

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                9 yrs           R500 000       R   250 000     30 days    30 days        Very good

 

2.                Old acc        open              R   400 000     30 days    30 days        Very good

 

3.                Old acc        open              R3 000 000      30 days    30 days        Very good

 

 

TRADE REFERENCES – JUNE 2008

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                                      CREDIT         CREDIT                          PATTERN

 

1.                5 yrs            R2 mill+         R2 mill+          30 days    30 days        Very Good

 

2.                Old acc        R250 000+     R250 000+      30 days    30 days        Very Good before

 

3.                Old acc        R500 000       R500 000        30 days    30 days        Very Good

           

 

TRADE REFERENCES – FEBRUARY 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1992             Confidential    Confidential     30 days    30 days        Good

 

2.                Old Acc        Open             R2 000 000      30 days    30 days        Excellent

                                                           (up to)

 

3.                Old Acc        R500 000       R500 000        30 days    30 days        Very Good

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Aug 2007      open acc        R  900 000-     30 days    30 days        Excellent

                                                           R3 000 000      from statement

 

2.a              2007+           R2 000 000    R  550 000      30 days    30 days        Excellent

                                      c/l

   b              2007+           R2 000 000    R  500 000      30 days    30 days        Excellent

                                      c/l

 

3.                10 years+     declined         figures             30 days    30 days        Very Good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. Suppliers speak highly of the subject and no adverse comments have been heard. The subject is considered equal to its normal business engagements and a figure of US$1 000 000 over 30 days.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.02

UK Pound

1

Rs.73.21

Euro

1

Rs.60.70

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.