MIRA INFORM REPORT

 

 

Report Date :           

19.03.2011

 

IDENTIFICATION DETAILS

 

Name :

CHEM-I-PLAST (PTY) LTD

 

 

Registered Office :

20 Skeen Boulevard, Ground Floor, North Wing, Bedfordview, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.07.2003

 

 

Com. Reg. No.:

2003/015348/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Traders in speciality chemicals and plastics

 

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 :

Unknown

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

 

CHEM-I-PLAST (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

20 Skeen Boulevard

Ground Floor

North Wing

Bedfordview

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 904

Bedfordview

2008

Telephone Number:                  011 455 0981

Fax Number:                             011 455 0991

 

 

SHAREHOLDERS

 

100%    MRS T S M THOMAS

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

MRS T S M THOMAS – wife of R JOSE               ID No 7605170878184

R JOSE                                                            ID No 7102126201182

 

BANKERS

 

NEDBANK, Meyersdal branch.

 

It was stated that the subject enjoys overdraft facilities to an extent of

R100 000, secured by the personal guarantee of the shareholder. Utilisation of the overdraft is stated to be very seldom.

 

 

DATE REGISTERED

 

2 July 2003

Registration Certificate Number: 2003/015348/07

 

The subject was commenced as a new business.

 

 

VAT NUMBER

 

4740208048

 

 

MAJOR OPERATION

 

Traders in speciality chemicals and plastics such as additive masterbatches, biodegradable, compounds, colour moulding, PET masterbatches etc.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies mainly from India and also, on a smaller scale, from China and Europe.  The subject deals with the following South African clearing and forwarding agent:

 

ROHLIG GRINDROD, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Plastic and paint manufacturing industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to Southern Africa.    

 

 

TOTAL EMPLOYEES

 

8 permanent employees

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted as at 14 March 2011:

 

STOCK                                                                                            R10 000 000

DEBTORS                                                                 R   6 000 000 –R  7 000 000

FIXED ASSETS – net book                                                               R 3  000 000

CREDITORS                                                              R  4 000 000 – R 5  000 000

TURNOVER per annum/month                                     R50 000 000 – R55 000 000

 

AUDITORS    

 

LAMBAT AND POCHEE, Johannesburg 011 837 9663

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

DISCOVERY

 

 

TRADE REFERENCES – JULY 2007

 

                  PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    2005             R200 000       R600 000 -      30 days    30 days+      Good

                                               R700 000

 

 

TRADE REFERENCES – NOVEMBER 2008

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    03/2005        R800 000       R863 000        30 days    30 days        Good

                          c/l                 at present

 

 

TRADE REFERENCES – FEBRUARY 2009

 

        PERIOD      HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  CREDIT         CREDIT                          PATTERN

 

1.      2005           R400 000       R300 000 -     30 days    30 days          Good       

                                                R400 000

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2005             R1 600 000    declined          30 days    30 days        Very good

                          c/l

 

 

COMMENTS

 

This is an established business which imports most of its supplies. The subject is meeting its only local commitment timeously and is considered to be good for an amount of US$1 000 000 over 180 days.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.09

UK Pound

1

Rs.72.82

Euro

1

Rs.63.43

 

 

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.