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MIRA
INFORM REPORT
|
Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROLFES CHEMICALS (PTY) LTD |
|
|
|
|
Formerly Known As : |
ROLFES RESINS (PTY) LTD |
|
|
|
|
Registered Office : |
12 Jet Park Road Jet Park Boksburg Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
19.03.2004 |
|
|
|
|
Com. Reg. No.: |
2004/007903/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Distributors of various solvents, paint
and lacquer thinners, creosotes, waxes and specialized 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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Assessment
This is an established company forming part of
a large group.
Most of the subject’s big suppliers do not
provide trade references.
The subject received a bank code C for
R1 000 000 over 30 days.
The subject is well connected and would be
considered equal to your figure on a well spread basis and larger dealings be
secured by the holding company.
Company Information
|
Registered
Name |
ROLFES CHEMICALS (PTY) LTD |
|
Trading
as/ Division Name |
The subject previously traded under the name TRIANGLE SOLVENTS. |
|
Previous Name |
ROLFES RESINS (PTY) LTD |
|
Date of Name
Change |
22 March 2007 |
|
Registration
Number |
2004/007903/07 |
|
Registration
Date |
19 March 2004 |
|
Date Commenced
Trading |
19 March 2004 |
|
History of
Business |
The subject converted from CHEMPOINT CHEMICAL TECHNOLOGY CC –
Registration Certificate Number:
2001/015410/23 in March 2007. |
|
Shareholders %
holding |
100% ROLFES TECHNOLOGY HOLDINGS LTD – listed on the JSE Registration
Certificate Number: 2000/002715/06 |
|
Authorised Share
Capital |
R1 000 divided into 1 000 ordinary R1 shares |
|
Issued Share
Capital |
R100 |
|
Age of Company |
7 |
|
Status |
Active |
|
Operations
Assessment |
Distributors of various solvents, paint and
lacquer thinners, creosotes, waxes and specialized chemicals. |
|
Industry/
Customers |
Industry in general |
|
Major Industry
Code / SICC |
61909 Wholesale retail |
|
Definition of
Code |
General wholesale trade |
|
Head Office
Physical Address |
12 Jet Park Road JET PARK Boksburg Gauteng |
|
Head Office
Postal Address |
P O Box 8112 ELANDSFONTEIN 1406 |
|
Current Tel
Number |
011 874 0634 |
|
Current Fax
Number |
011 874 0784 |
|
Current Email
Address |
group@rolfesza.com |
|
Short term Insurance
Brokers |
ABSA brokers |
|
Underwriters |
Alliance of Africa |
The postal address: P O Box
14075, Wadeville, 1422 and physical address:
Cnr. Strachen & Brammer Road, Germiston South, Gauteng belongs to the
Gauteng operational offices of the subject.
Auditors Information
|
Company
Registered Name |
BDO SOUTH AFRICA INC |
|
Registration
Number |
1995/002310/23 |
|
Physical Address |
13 Wellington Road PARKTOWN Johannesburg Gauteng |
|
Postal Address |
Private Bag X60500 HOUGHTON 2041 |
|
Contact Person |
Japie Schoeman |
|
Contact Number |
011 488 1700 |
|
Email |
jschoeman@bdo.co.za |
|
Principals |
43 |
|
Judgements
Against Subject |
No information recorded |
|
Judgements
Against Principals |
No information recorded |
|
Subject Verified
as Client |
Yes |
|
SAICA / Practice
number |
905526E |
|
VAT Number |
4910148685 |
|
Tax Number |
9040488844 |
|
Financial Year
End |
DECEMBER |
|
Years With
Auditors |
7 years |
|
Website |
www.bdo.co.za |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
No information on record |
|
Tax Information
|
Vat Number |
4730197508 |
|
Status |
Active |
|
Vat Liable Date |
1 December 2001 |
|
Tax Number |
9018407149 |
|
Tax Clearance
Expire Date |
2010 The subject is in the process of applying for a renewal. |
|
Financial Year
End |
June |
Black Economic Empowerment
|
Status |
Yes |
|
Score |
Level 5 |
|
Expire Date |
2010 The subject is in the process of updating their score. |
|
BEE Certificate
Available |
Awaiting the new certificate |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
None |
|
ISO Certificate
Available |
No |
|
Certified
by an Accredited Agent |
Not applicable |
Workman’s compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
The subject has the following branches: 12 Jig Avenue MONTAGUE GARDENS Cape Town Western Cape And 207 Dayal Road CLAIRWOOD Durban Kwazulu Natal |
The subject does not have subsidiary companies but large associate
companies in the group include the following.
|
Company |
ROLFES SILICA (PTY) LTD |
|
Shareholding |
100% Rolfes Technology Holdings Ltd |
|
Registration
Number |
1977/002739/07 |
|
Operations
assessment |
Manufacturers and distributors of pure beneficiated silica |
|
Company |
ROLFES COLOUR PIGMENTS INTERNATIONAL (PTY)
LTD |
|
Shareholding |
100% Rolfes Technology Holdings Ltd |
|
Registration
Number |
1999/003720/07 |
|
Operations
assessment |
The manufacturing and distribution of resins dispersions organic and
inorganic pigments, pigments paste, additives and dyes. |
|
Company |
ROLFES ASSET HOLDINGS (PTY) LTD |
|
Shareholding |
100% Rolfes Technology Holdings Ltd |
|
Operations
assessment |
Invests in and lets out property, plant and equipment. |
|
Registration
Number |
2000/002487/07 |
|
Company |
NEW HEIGHTS 390 (PTY) LTD trading as
TRIANGLE SOLVENTS |
|
Shareholding |
100% Rolfes Technology Holdings Ltd |
|
Registration
Number |
2000/023987/07 |
|
Operations
assessment |
Property holding company |
|
Company |
ROLFES LOGISTICS (PTY) LTD – dormant |
|
Shareholding |
100% Rolfes Technology Holdings Ltd |
|
Registration Number |
1998/007811/07 |
|
Import / Export |
None |
|
Number of total
employees |
55 |
|
1.
Salaried
employees |
25 |
|
2.
Waged
employees |
30 |
Company Fleet |
|
|
Fleet Operations |
7 in total |
|
The Fleet is
made up of |
|
|
1.
Light
Delivery Vehicles |
1 |
|
2.
Trucks |
6 – 1 ton trucks |
Head Office
Owned/ Rented |
Owned |
|
Owned by |
ROLFES ASSET HOLDINGS (PTY) LTD |
|
Book value |
R22 500 000 |
|
Bank |
There is a notorial bond over the
head office premises in favour of SASOL SOLVENTS. |
|
Bond |
R2 500 000 outstanding |
Branches Owned/
Rented |
The Durban branch premises are leased. |
|
Rental Company |
RUNGA TRANSPORT |
|
Lease Agreement |
Yearly lease agreement |
|
Lease Expire
Date |
December 2011 |
Branches Owned/
Rented |
The Cape Town branch premises are leased. |
|
Rental Company |
JAN HEMMIES FAMILY TRUST |
|
Lease Agreement |
Yearly lease agreement |
|
Lease Expire
Date |
June 2012 |
Trade References
|
Supplier |
Contact |
|
SASOL SOLVENTS |
011 4413111 |
|
SASOL WAX |
DO NOT GIVE T/R |
|
ENGEN |
DO NOT GIVE T/R |
We are awaiting the company to provide more trade references.
Trade References
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
Awaiting a |
Fax |
Trade |
reference |
|
|
|
|
Do |
Not |
Give |
Trade |
References |
|
|
|
Do |
Not |
Give |
Trade |
References |
|
|
Adverse Information on Subject
|
Judgements |
None on record |
|
Possible Judgements |
None |
|
Civil Court |
None |
|
RDs |
None |
Deeds Information
|
Property Interest |
|||
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Property Type: |
None |
Stand Number: |
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Street Number: |
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Street Name: |
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Municipal Suburb: |
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Municipal City: |
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Township Name: |
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Province: |
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Deeds Office: |
|
Transfer ID: |
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|
Title Deed Number: |
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Purchase Date: |
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|
Transfer Date: |
|
Erf Size: |
|
|
Sold Price: |
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|
|
Bank Information
|
Bank |
NEDBANK |
|
Branch |
East Rand Business |
|
Bank Account
Number |
1288135718 |
|
Type of account |
Current |
|
Branch Code |
128842 |
|
Account Name |
ROLFES CHEMICALS (PTY) LTD |
|
Date Opened |
23-10-2008 |
|
Bank Code |
C |
|
Bank Comment |
The subject’s bankers consider them good for all business normal
engagements |
Bank Codes History
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
None |
|
|
|
|
|
|
Previous Bank Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
None |
|
|
|
|
|
Financial Information
Financial Estimates
For detailed financial information on the group please see attached the consolidated
statements as at 30 June 2010.
Principals
|
Number of
Principals |
3 |
|
Average
Age of Active Principals |
52 |
Active Principals
Principal 1 of 3
|
Surname |
MOLLER |
|
First Names |
KURT |
|
Marital Status |
married |
|
ID Number |
4902095090083 |
|
Verified ID
Number |
Yes |
|
Current Age |
62 |
|
Designation |
CEO |
|
Status |
Active |
|
Appointment Date |
2 August 2010 |
|
Address
(at time of Appointment) |
6 Mallard Street ELSPARK 1428 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt
Review
|
Debt review |
None |
Other
|
Default data |
None |
Business Information on Principal
Current
Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Previous
Business Interests
|
Average Age of
Previous Business Interests |
Not applicable |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
None |
|
|
|
|
Deeds Information
Property
Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 2 of 3
|
Surname |
LYNCH |
|
First Names |
LIZETTE |
|
Marital Status |
divorced |
|
ID Number |
6603030029081 |
|
Verified ID
Number |
Yes |
|
Current Age |
45 |
|
Designation |
Financial Director |
|
Status |
Active |
|
Appointment Date |
25 June 2008 |
|
Address
(at time of Appointment) |
13 The Melrose Mkernick Avenue MELROSE NORTH 2196 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information recorded |
Debt Review
|
Debt review |
No information recorded |
Other
|
Default data |
No information recorded |
Business Information on Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROLFES SILICA (PTY) LTD |
1977/002739/07 |
In business |
0 |
No |
|
ROLFES COLOUR PIGMENTS INTERNATIONAL (PTY)
LTD |
1999/003720/07 |
In business |
0 |
No |
|
NEW HEIGHTS 390 (PTY) LTD |
2000/023987/07 |
In business |
0 |
No |
|
ROLFES EUROPE TRADING (PTY) LTD |
2001/029919/07 |
In business |
0 |
No |
|
AYMAN PROPERTY INVESTMENT CC |
2005/037436/23 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
4.5 years |
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
DAWN CARGO (PTY) LTD |
1993/007905/07 |
In business |
0 |
No |
|
B J T DEVELOPMENT CC |
1997/024436/23 |
In business |
0 |
No |
|
ROLFES LOGISTICS (PTY) LTD |
1998/007811/07 |
In business |
0 |
No |
|
ROLFES TECHNOLOGY HOLDINGS LTD |
2000/002715/06 |
In business |
0 |
No |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
Principal 3 of 3
|
Surname |
VAN DER MERWE |
|
First Name |
ERHARD |
|
Marital Status |
married |
|
ID Number |
6207305024080 |
|
Verified ID
Number |
Yes |
|
Current Age |
49 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1 February 2007 |
|
Address
(at time of Appointment) |
13B Victoria Road OAKLANDS 2192 |
Adverse Information on Principal
Judgement
|
Number of
Judgements |
No information recorded |
Debt Review
|
Debt review |
No information recorded |
Other
|
Default data |
No information recorded |
Business Information on Principal
Current Business Interests
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
ROLFES SILICA (PTY) LTD |
1977/002739/07 |
In business |
0 |
No |
|
ROLFES COLOUR PIGMENTS INTERNATIONAL (PTY)
LTD |
1999/003720/07 |
In business |
0 |
No |
|
NEW HEIGHTS 390 (PTY) LTD |
2000/023987/07 |
In business |
0 |
No |
|
ROLFES EUROPE TRADING (PTY) LTD |
2001/029919/07 |
In business |
0 |
No |
|
INVESTMENT FACILITY 581 (PTY) LTD |
1997/004659/07 |
Deregistration final |
0 |
No |
|
ROLFES LOGISTICS (PTY) LTD |
1998/007811/07 |
In business |
0 |
No |
|
THURLOE INVESTMENT HOLDINGS (PTY) LTD |
1998/013384/07 |
Deregistration final |
0 |
No |
|
BRIDGEWAY HOLDINGS LTD |
1998/025173/06 |
Deregistration final |
0 |
No |
|
FE SQUARED HOLDINGS LTD |
1998/025729/06 |
Deregistration final |
0 |
No |
|
THURLOE GROUP HOLDINGS (PTY) LTD |
1998/025800/07 |
Deregistration final |
0 |
No |
|
ROLFES ASSET HOLDINGS (PTY) LTD |
2000/002487/07 |
In business |
No |
No |
|
ROLFES TECHNOLOGY HOLDINGS LTD |
2000/002715/06 |
In business |
0 |
No |
|
YELLOW STAR PROPERTIES 1066 (PTY) LTD |
2000/016617/07 |
In business |
0 |
No |
Previous Business Interests
|
Average Age of
Previous Business Interests |
2.1 years |
|
Company
Name |
Registration No |
Status |
Judgements |
Liquidation |
|
DATANET DISTRIBUTION (PTY) LTD |
1994/002285/07 |
Deregistration
final |
0 |
No |
|
DIAMOND CORE RESOURCES LTD |
1998/013468/06 |
In business |
0 |
No |
|
DIAMOND CORE RESOURCES (PTY) LTD |
1998/013468/07 |
In business |
0 |
No |
|
VUNA AFRIKA CORPORATE FINANCE (PTY) LTD |
1998/018481/07 |
In business |
0 |
No |
|
DELPHI STRATEGIES (PTY) LTD |
1999/005864/07 |
In business |
0 |
No |
|
BISHOP CORPORATE FINANCE (PTY) LTD |
2000/012695/07 |
In business |
0 |
No |
|
DATANET INFRASTRUCTURE GROUP (PTY) LTD |
2002/032100/7 |
In business |
0 |
No |
|
JBX TRADING 1008 (PTY) LTD |
2004/028378/07 |
Deregistration
process |
0 |
No |
Deeds Information
Property Interests of Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.