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MIRA INFORM REPORT

 

 

Report Date :            

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

C P S CHEMICALS (PTY) LTD

 

 

Registered Office :

4 Teakwood Road, Jacobs, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.04.1993

 

 

Com. Reg. No.:

1993/002289/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Chemical Commodity Agents

 

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

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME     

 

C P S CHEMICALS (PTY) LTD

 

 

PHYSICAL ADDRESS          

 

4 Teakwood Road

Jacobs

Kwazulu Natal

 

 

POSTAL ADDRESS        

 

P O Box 2193

New Germany

3620

Telephone Number:      031 465 7264

Fax Number:                031 465 8766

 

The contact numbers supplied by our client of 031 705 6628 and Fax Number: 031 705 6636, is reported to be previous numbers of the subject.

 

 

SHAREHOLDERS

 

50%      N R E COLEPEPER     

50%      R R SINGH

 

The subject changed shareholding in April 2006 when it was formerly N R COLEPEPER, R R SINGH, G A PETERS and G G PALMER.

 

 

ASSOCIATE COMPANIES

 

None

 

DIRECTORS

 

N R E COLEPEPER       ID No. 5504125171005

R R SINGH                    ID No. 5011165126055

 

 

BANKERS

 

FIRST NATIONAL BANK, Pinetown Branch, Current Account Number: 58881168480.   It was stated that the subject enjoys overdraft facilities to an extent of R3 000 000, secured by the personal guarantees of the Shareholders.  The subject also has an invoice discounting scheme facility at FIRST NATIONAL BANK, Account Number: 62048110788, to an extent of R30 000 000.  Utilisation is stated to be partial.

 

 

DATE REGISTERED

 

30 April 1993

Registration Certificate Number: 1993/002289/07

 

It was stated that N R E OLEPEPER and R R SINGH were previously employed at WITNEY CHEMICALS (PTY) LTD.

 

 

VAT NUMBEr    

 

4270136999

 

 

TAX NUMBER          

 

9059197203

 

 

MAJOR OPERATION

 

Chemical commodity agents e.g. coating services, ink, paint, petroleum and oil industries.

 

 

MAJOR SUPPLIERS

 

The subject imports ±80% of its supplies from Europe, India, USA, Australia and the UK and deals locally with:

 

SYNERGY FREIGHT Durban

BP SA Cape Town

SHELL SA Cape Town

FARO LOGISTICS

 

The subject imports mostly from:

 

KAMAN LLC, USA

DUNRAVEN CHEMICALS, UK

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Ink, paint, petroleum, oil, chemical, and adhesive industries.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Sub-Saharan African Countries (mainly on a C.O.D basis) such as Zambia and Zimbabwe.

 

 

TOTAL EMPLOYEES

 

±21

 

 

OTHER PREMISES   

 

It was stated that the subject has satellite offices in Johannesburg and Cape Town

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

It was stated that C P S CHEMICALS (PTY) LTD owns land at Princess Grant Estate on the North Coast, valued in the region of R300 000+. 

 

AUTHORISED SHARE CAPITAL

 

R100 divided into 100 ordinary shares of R1 each.

 

 

ISSUED SHARE CAPITAL

 

R100

 

Please see financial information attached dated 28 February 2010.  It was stated by the respondent that the 2011 figures will only be ready in July/August 2011.

 

 

AUDITORS    

 

BAKER TILLY MORRISON MURRAY, Tel No. 031 267 5300

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HTI INSURANCE

 

 

TRADE REFERENCES – MARCH 2006

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    6 yrs            R500 000       R400 000 -      30 days    30 days        Very good

                                               R500 000

 

2.    01/2004        R500 000       R112 000 -      30 days    30 days        Good

                          c/l                 R256 000

 

3.    2004             R500 000       R250 000 -      30 days    30 days        Excellent

                                               R300 000       


 

TRADE REFERENCES – JANUARY 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    6 yrs            R850 000       R400 000 -      30 days    30 days        Excellent

                                               R500 000

 

3.    3 yrs            R600 000       R500 000        30 days    30 days        Excellent

 

 

TRADE REFERENCES – FEBRUARY 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1997            declined        R200 000 -      30 days    30 days        Very good

                                               R500 000

 

2.    3 yrs            R500 000       R500 000 -      30 days    30 days        Very good

                                               R600 000

 

3.    2000             R200 000       R110 000        30 days    30 days        Good

 

4.    Do not give trade references

 

 

TRADE REFERENCES – FEBRUARY 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years         R   650 000    R500 000        30 days     30 days       Excellent

                          c/l                

 

2.    6 years         R1 200 000    R600 000        30 days     30 days       Excellent

                          c/l

 

3.    Do not give trade references

 

4.    Do not give trade references

 

TRADE REFERENCES – OCTOBER 2010

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 years         declined        R500 000        30 days    30 days        Very Good

 

2.    Do not give trade references

 

3.     Do not give trade references

 

4.    Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    14-15 years   R1 500 000    R600 000-       30 days    30 days        Excellent

                          c/l                 R700 000

 

2.    ±8 years       R500 000       R500 000±       30 days    30 days        Very Good

                          c/l

 

3.     Do not give trade references

 

4.     Do not give trade references

 

 

COMMENTS

 

This is an established company meeting its obtainable commitments timeously.  We have not traced dealings to an extent of US$1 000 000.  However, in view of the standing of the subject, it would be considered equal to such a figure as a maximum over 90 days.  The lack of updated financial information should be borne in mind.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

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.