MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Name :

LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD

 

 

Formerly Known As :

CHEMSERVE TECHNICAL PRODUCTS PTY) LTD

 

 

Registered Office :

Building 2, Galaxy Park, 17 Galaxy Road, Linbro Business Park, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

07.11.1946

 

 

Com. Reg. No.:

1946/023685/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

subject is an agent for speciality chemicals and they also manufacture chemical products

 

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

 

Note: Bottom of Form

 

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

 

 

COMPANY NAME

 

LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD

 

Formerly CHEMSERVE TECHNICAL PRODUCTS PTY) LTD, the name having been changed on 1 September 2003.

 

 

INTERNAL TRADING DIVISION

 

LAKE FOOD & EQUIPMENT (Formerly DARLEON)

EXPLOSIVES

LAKE GENERAL CHEMICALS

SPECIALITIES

- plus various other divisions

 

 

PHYSICAL ADDRESS    

 

Building 2

Galaxy Park

17 Galaxy Road

Linbro Business Park

Sandton

Gauteng

 

 

POSTAL ADDRESS        

 

Private Bag X137

Bryanston

2021

Telephone Number:                 011 409 5000 

Fax Number:                            011 608 2345

 

 

SHAREHOLDERS

 

100%    AECI LTD

(Registration Certificate Number 1924/002590/06) - quoted on the JSE LTD.

 

The shareholding was previously 100% CHEMICAL SERVICES LTD which in turn is owned by AECI LTD having changed.

 

 

ASSOCIATE COMPANIES

 

AKULU-MARCHON (PTY) LTD

CHEMICAL INITIATIVES (PTY) LTD

ATLAS CONSOLIDATED INDUSTRIES (PTY) LTD trading as INDUSTRIAL URETHANES

SENMIN (PTY) LTD

CHEMIPHOS SA (PTY) LTD

(Registration Certificate Number 1998/014017/07) – which was purchased by the subject in May 2005

CREST CHEMICALS (PTY) LTD – 50% owned by the subject

CHEMSERVE SYSTEMS (PTY) LTD – 100% owned by the subject

CHEMSERVE PERLITE (PTY) LTD

SA PAPER CHEMICALS (PTY) LTD

 

 

DIRECTORS

 

J F VAN HEERDEN                               ID No.   6703225038085

D K MURRAY – managing director          ID No.   6809275031084

T N DAVIES                                          ID No.   7501050144088

M A DYTOR                                          ID No.   6107185122089

 

 

BANKERS

 

FIRST NATIONAL BANK, Johannesburg Branch, account number 58860880617.

 

It was stated that the subject is managed by a cash management scheme controlled by the holding company.

 

 

DATE REGISTERED

 

7 November 1946

Registration Certificate Number 1946/023685/07

 

It was stated that the subject bought and incorporated the coatings operations of JLM INDUSTRIES (SA) (PTY) LTD into the Coating and Lake General Chemicals divisions on 1 July 2005.

 

It was stated that the subject bought the assets and operations of a business namely, DARLEON CC (Registration Certificate Number 1985/008889/23) and incorporated it as a division into the subject.

 

VAT NUMBER    

 

4230103154

 

 

MAJOR OPERATION

 

The subject is an agent for speciality chemicals and they also manufacture chemical products

 

 

MAJOR SUPPLIERS

 

The subject imports chemicals (colourants etc.) from Europe, Australia and deals with the following South African suppliers:

 

UTI Johannesburg

TANKER SERVICES Johannesburg

SHELL CHEMICALS Johannesburg

BOARDROOM SOLUTIONS, Johannesburg

CONEKT BUSINESS GROUP, Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry in general i.e. mining, painting, glass, chemical and detergent industries.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

USA, Northern Africa, Far East and on a small basis to Hong Kong.

 

 

TOTAL EMPLOYEES

 

±140

 

 

OTHER PREMISES

 

The subject has a plant in Umbogintwini (KwaZulu-Natal South Coast), Natalspruit, Alberton, a laboratory in Chloorkop, an office in Cape Town and a division is situated in Linbro Park, Johannesburg.

 

 

OWNED OR LEASED

 

The head office and plant premises are reported to be owned by a group property owning company.

 

 

AUTHORISED SHARE CAPITAL

 

R36 000 divided into 18 000 ordinary shares of R2 each

 

 

ISSUED SHARE CAPITAL

 

R34 290

 

The Financial Accountant declined to assist with the latest balance sheet and income statement.  Nevertheless a letter from our client has been forwarded to the respondent.  We are awaiting a reply

 

The following estimated financial situation was submitted as at 27 May 2011:

 

STOCK                                                                                                        R  80 000 000

DEBTORS                                                                                                    R  80 000 000

FIXED ASSETS - net book                                                                             R  25 000 000

CREDITORS                                                                                                 R  50 000 000

SHAREHOLDERS LOANS                                                                                             Nil

TURNOVER - per annum                                                                               R150 000 000

 

 

AUDITORS    

 

KPMG

 

 

YEAR END    

 

DECEMBER

 

INSURANCE BROKERS   

 

ALEXANDER FORBES

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Nov 2001      R3 000 000    R500 000        30 days    30 days        Very gGood

                          c/l

 

2.    Do not give trade references

 

3.       Do not give trade references

 

4.    1995             R500 000       R220 000        30 days    30 days        Good

                          c/l

 

 

TRADE REFERENCES - FEBRUARY 2007

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1996             R500 000       R200 000        60 days    60/65 days    Good

 

2.    20 years       R  50 000       R  45 000        30 days    30 days        Very good

 

 

TRADE REFERENCES – JUNE 2006

 

ACCOUNT    HIGHEST     AVERAGE        TERMS     PAYMENT    EXPERIENCE

OPENED      CREDIT        CREDIT                           PATTERN

 

1.    1995             R   500 000   R200 000          30 days    30 days        Very Good

                          c/l

 

2.    2001             R3 000 000   R400 000          30 days    30 days        Very Good

                          c/l

 

3.       Do not give trade references

 

4.       Do not give trade references

 

TRADE REFERENCES – FEBRUARY 2008

 

ACCOUNT    HIGHEST     AVERAGE        TERMS     PAYMENT    EXPERIENCE

OPENED      CREDIT        CREDIT                           PATTERN

 

1.    Old acc        R   500 000    R400 000        30 days    30 days        Good

                          c/l

 

2.    2001             R3 000 000    R500 000        30 days    30 days        Good

                          c/l

 

3.       Do not give trade references

 

4.       Do not give trade references

 

 

TRADE REFERENCES - JANUARY 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    3 years         R500 000       R400 000        30 days    35 days        Very Good

 

2.    5 years         open acc        R350 000-       30 days    30 days        Good

                                               R400 000

 

3.       Do not give trade references

 

4.       Do not give trade references

 

 

TRADE REFERENCES – OCTOBER 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2006             R100 000       R60 000          30 days    30 days        Very Good

                                               -R100 000

 

2.       Do not give trade references

 

3.       2007             R950 000       R500 000        30 days    30 days        Very good

                          c/l

 

4.    Sporadic purchases – haven’t bought for a while

 

5.       Do not give trade references

 

TRADE REFERENCES – JANUARY 2011

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    3+ years       R950 000       R200 000-       30 days    30 days        Very Good

                          c/l                 R400 000

 

2.    2+ years       undisclosed    R  80 000±      30 days    30 days        Very Good

 

3.       Do not give trade references

 

4.       Do not give trade references

 

5.       Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    4+ years       R950 000       R200 000        30 days    30 days        Very Good

                          c/l

 

2.    ±4 years       undisclosed    R150 000        30 days    30 days        Very Good

 

3.    2009             R75 000         undisclosed     30 days    30 days        Very Good

                          c/l

 

 

COMMENTS

 

This is a well established and well connected company, meeting its obtainable commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see such dealings spread.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.