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MIRA
INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CROPCHEM (PTY) LTD |
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Registered Office : |
117 H F Verwoed Street Heidelburg 1441 |
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Country : |
South Africa |
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Date of Incorporation : |
12.03.1975 |
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Com. Reg. No.: |
1975/000756/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Dealing, manufacturing and sale of
agricultural chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
Infancy Stage Under New Ownership |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Information
|
Registered
Name |
Cropchem (Pty) Ltd |
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Trading
as/ Division Name |
None |
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Previous Name |
None |
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Date of Name
Change |
N/A |
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Registration
Number |
1975/000756/07 |
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Registration
Date |
1975-03-12 |
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Date Commenced
Trading |
1975 |
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History of
Business |
The subject has been trading since 1975, however in February 2011 the shareholding
changed and the subject is now under new ownership and management. |
|
Shareholders of
subject and % holding |
85% Tagaros ( a company in India) 15% Natagro (Pty) Ltd |
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Authorised Share
Capital |
R1000 divided into 1000 shares of R1 |
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Issued Share
Capital |
R1000 |
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Age of Company |
36 years |
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Status |
Active |
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Industry/
Customers |
Agriculture |
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Major Industry
Code |
Unknown |
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Operations
Assessment |
Dealing, manufacturing and sale of
agricultural chemicals. |
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Head Office Physical
Address |
117 H F Verwoed Street Heidelburg 1441 |
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Head Office
Postal Address |
P O Box 1179 Kempton Park 1620 |
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Current Tel
Number |
082 9001607/ 016 3413001 |
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Current Fax
Number |
086 6696306 |
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Current Email
Address |
Tax Information
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Vat Number |
4410125787 |
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Vat Liable Date |
June |
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Status |
Active |
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Tax Number |
9147012844 |
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Tax Clearance |
Yes |
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Tax Clearance
Expire Date |
2012 |
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Financial Year
End |
February |
Black Economic Empowerment
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Status |
No |
ISO Status
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Type of ISO
Grade |
No |
Workman’s compensation
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Registered |
Yes |
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Compliance
Certified |
Yes |
Company Structure
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Branches |
0 |
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Associated
Companies |
0 |
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Shareholding |
|
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Registration
Number |
|
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Import / Export |
|
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Number of
Employees |
5 |
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1.
Salaried
employees |
5 |
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2.
Waged
employees |
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3.
Permanent
employees |
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4.
Casual
employees |
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5.
Contracted
employees |
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Company Fleet |
None |
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Fleet Operations |
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The Fleet is
made up of |
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1.
Cars |
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2.
Light
Delivery Vehicles |
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3.
Trailers |
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4.
Busses |
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5.
Trucks |
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6.
Fork
Lifts |
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7.
Other |
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Head Office
Owned/ Rented |
Leased |
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Rental Company |
A private individual, not named |
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Lease Agreement |
1 year |
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Lease Expire
Date |
June 2012 |
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Type of Premises |
Offices |
Trade References
Trade references were not available as the company has just changed shareholding
and management and is at present establishing its suppliers, some products are
imported from India.
The company is at present being financed by the holding comany in India.
Adverse Information on Subject
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Judgements |
None |
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Possible Judgements |
None |
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Civil Court |
None |
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RDs |
None |
Default Data
|
Date |
Details |
|
None |
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Notarial Bonds
|
Date |
Details |
|
None |
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Auditors Information
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Company
Registered Name |
Hendrik Ernest Fourie Chartered Accountants of South Africa |
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Trading Name |
Fourie and Associates |
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Registration
Number |
N/A Partnership |
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Profession
Number |
954837 |
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Contact Person |
Mr Fourie |
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Contact Number |
011 8252339 |
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Postal Address |
P O Box 4732 Germiston 1411 |
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Subject Verified
as Client |
Yes |
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Financial Year
End |
February |
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Years With
Auditors |
New |
Previous Auditors
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Company Name/ Tel |
Time With Previous Auditors |
|
Du Toit Greef and Du Plooy Inc |
Unknown |
|
Marias and Alcock |
Unknown |
Bank Information
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Bank |
State Bank of India |
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Branch |
Rosebank |
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Bank Account
Number |
32620060620101 |
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Type of account |
Current |
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Bank Code |
Not available from State Bank of India. |
Financial Information
Financial Estimates
In view of the infancy of new ownership it could only be estimated that
the first years turnover would be R20 000 000 with a budget of
R25 000 000.
Principals
|
Number of
Principals |
3 |
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Average Age of
Active Principals |
Unknown |
Active Principals
Principal 1 of 3
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Surname |
Scheepers |
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First Names |
P J |
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Birth Date |
1948-02-18 |
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Current Age |
63 |
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Designation |
Director, Local |
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Status |
Active |
Principal
2 of 3
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Surname |
Ventakachalam |
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First Names |
K |
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ID Number |
N/A In India |
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Designation |
Director |
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Status |
Active |
Principal 3 of 3
|
Surname |
Mahalingam |
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First Names |
V |
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ID Number |
N/A In India |
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Designation |
Director |
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Status |
Active |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.