MIRA INFORM REPORT

 

 

Report Date :

20.12.2012

 

IDENTIFICATION DETAILS

 

Name :

LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD

 

 

Registered Office :

Building 2 Galaxy Park 17, Galaxy Road, Linbro Business Park, Sandton, Bryanston 2065, Gauteng

 

 

Country :

South Africa

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.11.1946

 

 

Com. Reg. No.:

1946/023685/07

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

manufacturers and distributors of chemicals and dyes, food products

 

 

No. of Employees :

150 employees

 

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Africa - ECONOMIC OVERVIEW

 

south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

SUBJECT'S NAME   

 

Registered Name:                                   LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD

Requested Name:                                   LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Building 2 Galaxy Park 17, Galaxy Road, Linbro Business Park, Sandton,

                                                              Bryanston 2065, Gauteng

Postal Address:                                      Private Bag X4137

                                                              Bryanston 2021,

Country:                                                 South Africa

Phone:                                                   27-11-4095000/4095027/5000/5021/5012/828076810

Fax:                                                       27-11-6082345/2527037/2345

Email:                                                     lance.robertson@lake.co.za

Website:                                                 www.lake.co.za

 

 

CREDIT OPINION

 

Financial Index as of December 2011 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           7-Nov-1946

Reg. Number:                                                  1946/023685/07

Tax Number:                                                    9000170713

Nominal Capital                                                ZAR. 13,395

Subscribed Capital                                           ZAR. 13,395

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Jacobus Francois Van Heerden                   CEO                               

Mr. Dean Keith Murray                                      Director                          

Mr. Francis Piers Portal Baker                           Director                          

Mr. Trevor Alan Street                                       Director                          

Mr. Ryan Alvin Harrison                                    Director                          

Mr. Graham Innes Sanders                                Director                          

Mr. Tracey Norma Davies                                 Director                          

AECI LTD                                                        Holding Co.                     13,395

 

DIRECTORS INFORMATION

 

Full Names                                                      JACOBUS FRANCOIS VAN HEERDEN

Status                                                             Active

Date of Birth                                                    22/03/1967

ID / Passport No.                                             6703225038085

Residential Address                                         20 Kiaat Place Doonheights Amanzimtoti 4120

Postal Address                                                P o Box 439 Umbogintwin 4120

Profession                                                       Chief Executive Officer

Country of residence                                        South Africa

                                                                      

Full Names                                                      DEAN KEITH MURRAY

Status                                                             Active

Date of Birth                                                    27/09/1968

ID / Passport No.                                             6809275031084

Residential Address                                         No.7Monterey29VanDerLindeRoad Bedfordview 2007

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

                                                                      

Full Names                                                      FRANCIS PIERS PORTAL BAKER

Status                                                             Active

Date of Birth                                                    4/03/1953

ID / Passport No.                                             5303145072081

Residential Address                                         17 Bryanston Drive Bryanston 2191

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

                                                                      

Full Names                                                      TREVOR ALAN STREET

Status                                                             Active

Date of Birth                                                    13/03/1947

ID / Passport No.                                             4703135157084

Residential Address                                         11 Tambotie Close Morningside Valley Sandton 2196

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

                                                                      

Full Names                                                      RYAN ALVIN HARRISON

Status                                                             Active

Date of Birth                                                    05/01/1978

ID / Passport No.                                             801055016087

Residential Address                                         53 La Viale Galloway Avenue Douglasdale 2191

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

                                                                      

Full Names                                                      GRAHAM INNES SANDERS

Status                                                             Active

Date of Birth                                                    11/10/1972

ID / Passport No.                                             7210115013086

Residential Address                                         6 Sapphire Street Witkoppen Ext 6 2068

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

                                                                      

Full Names                                                      TRACEY NORMA DAVIES

Status                                                             Active

Date of Birth                                                    05/01/1975

ID / Passport No.                                             7501050144088

Residential Address                                         11 Louvain Avenue Thornhill Estate Modderfontein 1609

Postal Address                                                Private Bag X137 Bryanston 2021

Profession                                                       Director

Country of residence                                        South Africa

 

 

RELATED COMPANIES  

 

AECI LTD.                                                       Parent company.

CHEMSERVE WEST AFRICA LTD (NIGERIA)    Subsidiary company.

Listed Below                                                    Affiliated companies.

None                                                               Shareholder of subject firm.

3 in South Africa                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as manufacturers and distributors of chemicals and dyes, food products under the divisions:

 

LAKE OPERATIONS PLATFORM.

LAKE FOODS.

LAKE SPECIALTIES.

 

Imports:                                                           Asia, Europe

Exports:                                                          None

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                       Main Customers:            firms and organizations  

Employees:                                                     150 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             South Africa

Location:                                                         Leased premises, 20,000 square feet,

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                          South African Rand (ZAR.)

Approx. Ex. Rate:                                            1 US Dollar = 8.64 South African Rand

Fiscal Year End:                                              December 31, 2011

Inflation:                                                          According to information given by independent sources, the

                                                                       inflation at December 31st, 2011 was of 13%.

 

Group Financial Information Submitted         

                                                                      

Profit and Loss (expressed in ZAR.)

                                                                                      2011

Sales                                                                              300,000,000

 

 

BANK 

 

Bank Name:                                                     FIRST NATIONAL BANK

Account Number:                                             62025962392.

Branch:                                                            South Africa

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                  Good

                                                                    

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

AFFILIATED COMPANIES

AECI CAPTIVE INSURANCE COMPANY LIMITED - SOUTH AFRICA

AECI COATINGS - SOUTH AFRICA

AECI INTERNATIONAL (IRELAND) LTD

AECI MODDERFONTEIN PROPERTIES - SOUTH AFRICA

AECI OPERATIONS SERVICES - SOUTH AFRICA

AECI PROPERTIES - SOUTH AFRICA

AECI PROPERTY SERVICES - SOUTH AFRICA

AECI REAL ESTATE - SOUTH AFRICA

AECI TECHNOLOGY - SOUTH AFRICA

AECI TREASURY HOLDINGS (PTY) LTD - SOUTH AFRICA

AECI UMBOGINTWINI PROPERTIES - SOUTH AFRICA

AECI ZOMERVELD PROPERTIES - SOUTH AFRICA

AEL (MAURITIUS) LTD

AFRICAN EXPLOSIVES (BOTSWANA) LIMITED

AFRICAN EXPLOSIVES (MALI) LTD

AFRICAN EXPLOSIVES (NIGERIA) LTD

AFRICAN EXPLOSIVES (ZIMBABWE) LTD

AFRICAN EXPLOSIVES INTERNATIONAL LTD - SOUTH AFRICA

AFRICAN EXPLOSIVES LIMITED - SOUTH AFRICA

AKULU MARCHON (PTY) LTD - SOUTH AFRICA

ATHENA INVESTMENTS (PTY) LTD - SOUTH AFRICA

ATHENA INVESTMENTS LTD SA - LUXEMBOURG

ATHENA PAINT INVESTMENTS SA - LUXEMBOURG

ATLAS CONSOLIDATED INDUSTRIES (PTY) LTD - SOUTH AFRICA

CAPEX (PTY) LTD - SOUTH AFRICA

CHEMICAL INITIATIVES (PTY) LTD - SOUTH AFRICA

CHEMICAL SERVICES LTD -, SOUTH AFRICA

CHEMIPHOS S.A. (PTY) LTD - SOUTH AFRICA

CHEMRISK SERVICES (PTY) LTD - SOUTH AFRICA

CHEMSERVE PERLITE (PTY) LTD - SOUTH AFRICA

CHEMSERVE SYSTEMS (PTY) LTD - SOUTH AFRICA

DETNET SOLUTIONS (PTY) LTD - SOUTH AFRICA

EXPERT EXPLOSIVES (PTY) LTD - SOUTH AFRICA

GLENJOHN PROPERTIES (PTY) LTD - SOUTH AFRICA

HEARTLAND LEASING - SOUTH AFRICA

HEARTLAND LEASING (PTY) LTD - SOUTH AFRICA

HEARTLAND PROPERTIES - JOHANNESBURG, SOUTH AFRICA

INDUSTRIAL OLEOCHEMICAL PRODUCTS (PTY) LTD

INDUSTRIAL URETHANES - SEBENZA, SOUTH AFRICA

KYNOCH KOMPOS - SOUTH AFRICA

CHEMSERVE SURFACE TECHNOLOGIES (PTY) LTD

NULANDIS

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.74

UK Pound

1

Rs.89.02

Euro

1

Rs.72.48

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.