MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

RUDOLF CHEMICALS (PTY) LTD 

 

 

Registered Office :

17 Progress Road, New Germany, Durban, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

25.07.1983

 

 

Com. Reg. No.:

1983/007665/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers of textile auxiliaries (Chemicals).

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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

 

NotE:

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

 

 

COMPANY NAME

 

RUDOLF CHEMICALS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

17 Progress Road

New Germany

Durban

Kwazulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 2395

Pinetown

3600

Telephone Number:                  031 705 8961

Fax Number:                             031 705 8964

 

 

SHAREHOLDERS

 

100%    I B INDUSTRIE CHEMIE GmbH in Germany.

 

 

ASSOCIATE COMPANIES

 

RUDOLF CHEMICAL – MAURITIUS (registered in Mauritius).  It was reported that the latter subsidiary is the warehouse distribution arm of the subject.

PT. RUDOLF CHEMICALS INDONESIA

RUDOLF FRANCE S.A.

RUDOLF SOFT INUSTRIA QUIMICA LTDA - Brazil

 

DIRECTORS

 

W SCHUMANN (CEO) (German) D.O.B   441008

W J LOURENS                                      ID No:   6701105126087

A E SCHUMANN (Son) (German)            D.O.B   750924

DR W A SCHUMANN (Son) (German)     D.O.B   730709

 

 

BANKERS

 

NEDBANK, Pinetown branch, account number 1339326310.  It was stated that the subject enjoys overdraft facilities to an extent of R1 500 000, secured by a pledge of property.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

25 July 1983

Registration Certificate Number: 1983/007665/07

 

 

VAT NUMBER

 

4140107303

 

 

MAJOR OPERATION

 

Manufacturers of textile auxiliaries (Chemicals).

 

 

MAJOR SUPPLIERS

 

The subject imports raw materials from Europe, Thailand, Singapore, Brazil, India and the USA and deals locally with:

 

·         RED BASE  Durban

·         ROHM & HAAS  Durban

·         ACTI CHEM SA  Durban

·         FREIGHT PACK Durban

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Textile industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Zimbabwe and Mauritius

 

 

TOTAL EMPLOYEES

 

17

 

 

OTHER PREMISES   

 

The subject has a branch in Cape Town

 

 

OWNED OR LEASED

 

The head office premises are reported to be owned by the company, valued in the region of R7 200 000, free of bond, while the branch premises are leased.

 

 

AUTHORISED SHARE CAPITAL

 

R500 000 divided into 500 000 ordinary shares of R1 each

 

 

ISSUED CAPITAL

 

R500 000

 

The following estimated financial situation was submitted as at  24 January 2011:

 

STOCKS                                                                                                     R10 000 000

DEBTORS                                                                             R12 000 000 – R13 000 000

FIXED ASSETS                                                                                           R  2 100 000

CREDITORS fluctuate                                                            R  3 000 000 – R  4 000 000

LOANS                                                                                                                      Nil

TURNOVER per annum                                                                                R38 000 000

 

 

AUDITORS    

 

KPMG, Durban, (Tel No: 031 327 6000)

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

REID RIETZER

 

 

TRADE REFERENCES – AUGUST 2005

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.         20 yrs+ R400 000          R400 000          30 days             30 days             Very good

2.         ±10 yrs R250 000          R20 000            30 days             30 days             Good

                        c/l

3.         1985     R60 000            -           30 days                         30 days             Good

                        c/l

 

TRADE REFERENCES – AUGUST 2008

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS            PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                                    PATTERN

 

1.         Old acc             R700 000          R600 000 -        30 days             30 days             Very Good

                                    R700 000

2.         Old acc             declined            declined            30 days             30 days             Good

3.         1998                 R250 000          R10 000            30 days             30 days             Good

                                c/l

TRADE REFERENCES – JANUARY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS                        PAYMENT             EXPERIENCE

      OPENED      CREDIT         CREDIT                                              PATTERN

 

1.         5 yrs                 Open                R600 000 -        30 days                         30 days             Excellent

                                    c/l                     R700 000

2.         Before 1998       R250 000          ±R5 000            30 days                         30 days             Good

                                    c/l

3.   Awaiting trade reference.

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       R1 000 000    R   600 000-    30 days    30 days        Very Good

                                               R1 000 000

 

2.    Debt centralised to Europe

 

3.    10 years+     R   250 000    R     10 000     30 days    30 days        Good

                          c/l

 

4.    5 years         R   100 000    R     50 000-    30 days    30 days        Very Good

                                               R   100 000

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a lesser figure on a well spread basis.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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.