MIRA INFORM REPORT

 

 

Report Date :           

25.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PAINTECIDE (PTY) LTD

 

 

Formerly Known As :

DREAM WEAVER TRADING 383 (PTY) LTD

 

 

Registered Office :

38 Romyn Street, Rensburg, Heidelberg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.01.2009

 

 

Com. Reg. No.:

2009/001324/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

subject is the registered international distributor of “WALLOP”, which are agrochemicals used as pesticides in paint

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

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 – 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

 

 Bottom of Form

 

Note:

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

 

 

COMPANY NAME

 

PAINTECIDE (PTY) LTD

 

Formerly DREAM WEAVER TRADING 383 (PTY) LTD, the name having been changed on 1 April 2009.

 

 

PHYSICAL ADDRESS

 

38 Romyn Street

Rensburg

Heidelberg

Gauteng

 

 

Postal Address

 

P O Box 847

Heidelberg

1438

Telephone Number:                  016 341 4370

Fax Number:                             016 341 4364

 

 

SHAREHOLDERS

 

40%      C H MEYER

40%      G T MYBURG

  1%     TAGROS CHEMICALS LTD INDIA

  1%     MRS. M DE LANGE

 

The respondent stated that 170 shares have not been allocated.

 

 

ASSOCIATE COMPANIES

 

HITECH POLYMERS CC in which C H MEYER is the member.

 

DIRECTORS

 

C H MEYER                  ID No. 7007125045086

G T MYBURGH             ID No. 7110155097082

 

 

BANKERS

 

FIRST NATIONAL BANK, Heidelberg branch, account number:  62242932300. 

 

It was stated that the subject enjoys an overdraft facility to an extent of R100 000, secured by the personal guarantee of the directors.  The respondent stated that the overdraft facility is utilised for working capital purposes.

 

 

DATE REGISTERED

 

27 January 2009

Registration Certificate Number: 2009/001324/07

 

The subject commenced active operation in 2009.  The respondent stated that the subject will only be generating a profit from the 2012 financial year end as it has been in the “start up phase” since 2009.

 

It was stated that prior to commencing the subject, G T MYBURGH owned his own paint manufacturing business.

 

 

VAT NUMBER          

 

The subject is not registered for VAT

 

 

TAX NUMBER

 

9062695185

 

 

MAJOR OPERATION

 

The subject is the registered international distributor of “WALLOP”, which are agrochemicals used as pesticides in paint.

MAJOR SUPPLIERS

 

The respondent stated that the subject outsourced the manufacturing to 3rd parties in India.  It was established that the merchandise are transported from the plant directly to the client.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The subject has only one customer namely DULUX, which is a paint manufacturer.

 

 

AREA OF DISTRIBUTION AND SELLING

 

worldwide excluding South Africa

 

 

TOTAL EMPLOYEES

 

only the 2 directors

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

It was stated that the heading offices are at the home of G T MYBURGH, which is owned in his personal capacity.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the subject does not carry any stock and that the projected turnover for 2012 is in the region of R60 000 000.

 

AUDITORS    

 

REN MOORE & ASSOCIATES, Heidelberg

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

MUTUAL & FEDERAL

 

 

TRADE REFERENCES

 

Not applicable

 

 

COMMENTS

 

This is a comparatively new business, which will only start generating a profit from the 2012 financial year.  In view of the lack of a payment pattern and financial information, we are not in a position to recommend credit dealings to an extent of US$1 000 000 and suggest that much lesser dealings be undertaken on a fully secured basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

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%)

 

 

 

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.