MIRA INFORM REPORT

 

 

Report Date :

07.08.2010

 

IDENTIFICATION DETAILS

 

Name :

VOLCANO AGROSCIENCE (PTY) LTD

 

 

Formerly Known As :

SHAIK AGCHEM (PTY) LTD

 

 

Registered Office :

51 Marshall Drive Mount Edgecombe Durban Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

08.03.2000

 

 

Com. Reg. No.:

2000/004551/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers and exporters of formulators and agricultural chemicals.

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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

 

VOLCANO AGROSCIENCE (PTY) LTD

 

Formerly  SHAIK AGCHEM (PTY) LTD, the name having been changed on 22 February 2002.

 

TRADING NAME:         

ARYSTAL LIFESCIENCE

 

 

Address

 

PHYSICAL ADDRESS: 

51 Marshall Drive

Mount Edgecombe

DURBAN

Kwazulu Natal

 

POSTAL ADDRESS:    

P O Box 1726

MOUNT EDGECOMBE

4300

 

TELEPHONE NUMBER:             031 538 9700

 

FAX NUMBER:                          031 538 9600

 

On investigation contact was made with the Financial Manager of the subject and the following was obtained:

 

The subject moved from premises at 22 Burnside Drive, Old Mill Industrial Park, Mount Edgecombe.

 

 

SHAREHOLDERS

 

100%    CALLIETHA INVESTMENTS (PTY) LTD (Registration Certificate Number: 1999/017961/07) in turn owned by a company called ARYSTAL LIFESCIENCE SOUTH AFRICA (PTY) LTD which is ultimately owned by ARYSTAL LIFESCIENCE CORPORATION in Tokyo, Japan.

 

 

ASSOCIATE COMPANIES

 

VOLCANO FORMULATION (PTY) LTD (dormant)

 

 

 

DIRECTORS

 

N P M JAMME                          D.O.B.  631226

J P BARNES                             ID. No.  6204185084086

P DE GRYSE                            ID. No.  7604225130089

N C GOVENDER                       ID. No.  6804275131083

 

                                                           

BANKERS

 

FIRST NATIONAL BANK, Durban Corporate Branch. Acc. No. 62017775141. It was stated that the subject enjoys overdraft facilities to an extent of

R20 000 000, unsecured.

 

 

DATE REGISTERED

 

8 March 2000

Registration Certificate Number: 2000/004551/07 (confirmed at CIPRO)

 

The subject commenced as a new business.

 

It was stated that the directors have been involved in the same type of industry since 1975.

 

The subject took over the assets and operations of an associate company, VOLCANO FORMULATION (PTY) LTD at the end of 2002.

 

 

VAT NUMBER    

 

4110165885 (confirmed at SARS)

 

 

MAJOR OPERATION

 

Importers and exporters of formulators and agricultural chemicals.

 

MAJOR SUPPLIERS

 

The subject imports 80% of its raw materials from China and India through an in-house clearing agent and deals locally with:

 

 

VILLA CROP, Johannesburg

BAYER, Johannesburg

KING YORKER, Johannesburg

NIALCOR

SAFCOR PANELPINA, Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Co-operatives and farmers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

160

 

 

OTHER PREMISES   

 

The subject has a factory in Canelands (Kwazulu Natal and depots throughout South Africa.)

 

 

OWNED OR LEASED

 

Leased

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted as a 4 January 2010:

 

STOCK seasonal                                               R160 000 000

DEBTORS                                                         R220 000 000

FIXED ASSETS net book value                           R  65 000 000

CREDITORS foreign (extended terms) & local       R200 000 000

SHAREHOLDERS LOANS (Tokyo)                      R160 000 000

TURNOVER per annum                                      R760 000 000

 

 

AUDITORS    

 

ERNST & YOUNG, Durban (Tel No. 031 576 8000)

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS 

 

AON

 

 

TRADE REFERENCES – OCTOBER 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         8 years             R800 000          R800 000          30 days             30 days             Very Good

 

2.         5 years+           R600 000          R600 000          60 days             60 days             Very Good

 

3.         5 years             R150 000          R150 000          60 days             60 days             Very Good

 

TRADE REFERENCES – APRIL 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         9 years             declined            declined            30 days             30 days             Good

 

2.         10 years            open acc           R100 000          60 days             60 days             Very Good

 

3.         2003                 R12 600 000      R3 500 000 -      60 days             90 days             Slow

                                                            R4 000 000

 

 

TRADE REFERENCES – NOVEMBER 2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 years            open                 R1 200 000        30 days             30 days             Very Good

 

2.         6 years             open                 R       1 000 -     60 days             60 days             Excellent

                                                            R   500 000

 

3.         2003                 R12 000 000      R4 000 000        60 days             60 days             Excellent

 

 

TRADE REFERENCES – APRIL 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 years            R  1 000 000      R       50 000     60 days             60 days             Excellent

 

2.         June 1991         R16 500 000      R  3 000 000-     60 days             60 days             Fair

                                    C/L                   R12 000 000

 

3.         10 years            open                 R     700 000     30 days             30 days             Excellent

 

 

 

TRADE REFERENCES – JANUARY 2009

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

            Do not give trade references.

 

            Do not give trade references.

 

Still closed for holidays.

 

            7 years+           R500 000          R    5 000 -        60 days             60 days             Good

                                                            R500 000

 

            July 1991          R20 000 000      R  1 500 000 –   60 days             67 days             Fair

                                    c/l                     R10 000 000

 

 

TRADE REFERENCES – JANUARY 2010

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

            ±8 years            open acc           R1 000 000        30 days             30 days             Excellent

                                                            up to

 

            4 years             R20 000 000      R1 000 000        60 days             60 days             Good

                                                            up to

 

Do not give trade references

 

Do not give trade references

 

No answer

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old                   R800 000          R400 000-         30 days             30 days             Very Good

                                                            R800 000

 

2.         10 years            R500 000          R500 000          60 days             60 days             Very Good

 

3.         Do not give trade references

 

COMMENTS

 

This is an established company, which forms part of a well established group of companies, is meeting its commitments timeously. The subject is considered equal to its normal business engagements and to a figure of US$1 000 000 over 90 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.