MIRA INFORM REPORT

 

 

 

Report Date :

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

LANXESS PTY LTD

 

 

Formerly Known As :

SYBRON CHEMICALS (SA) (PTY) LTD

 

 

Registered Office :

27 Wrench Road, Isando, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.11.1981

 

 

Com. Reg. No.:

1681/011724/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Producing and Marketing of Industrial Chemicals.

 

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 :

Regular

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

COMPANY NAME

 

LANXESS (PTY) LTD

Formerly SYBRON CHEMICALS (SA) (PTY) LTD, the name having been changed on 4 May 2004

 

 

PHYSICAL ADDRESS              

 

27 Wrench Road

ISANDO

Gauteng

 

 

POSTAL ADDRESS                  

 

P O Box 143

ISANDO

1601

 

TELEPHONE NUMBER 

 

011 921 5888 / 5057

 

 

FAX NUMBER              

 

011 921 5890

 

SHAREHOLDERS

 

100%    LANXESS DEUTSCHLAND GmbH (Germany), which in turn is owned by LANXESS AG, quoted on the Frankfurt Stock Exchange. 

 

 

ASSOCIATE COMPANIES

 

LANXESS MINING (PTY) LTD

LANXESS CISA (PTY) LTD formerly CHROME INTERNATIONAL SA (PTY) LTD.  The latter company is a joint venture between DOW SA and LANXESS (PTY) LTD.

 

 

DIRECTORS

 

M U KRANCHER                       D.O.B.  19570308

R E VAN DER MERWE             ID No.   5801025163086

DR B J WEHLING (Germany)      D.O.B.  19491001

 

BANKERS

 

STANDARD BANK, Isando Branch.  Account Number: 020100582. It was stated that the subject has overdraft facilities available secured by the holding company. Utilisation of the overdraft is stated to fluctuate to partial at times as credit balances are normally maintained at the bank.

 

 

DATE REGISTERED

 

27 November 1981

Registration Certificate Number: 1981/011724/07

 

The subject only commenced operations in July 2004 and was formerly a dormant company. It was stated that the subject took over existing operations of the Bayer Group that included operations of Bayer (Pty) Ltd’s Chemical and Polymer Divisions.

 

 

VAT NUMBER    

 

4430211914

 

 

MAJOR OPERATION

 

Producing and marketing of industrial chemicals.

 

 

MAJOR SUPPLIERS

 

The subject imports finished products and raw materials from Germany, China and sister companies worldwide and deals locally with:

 

SAFCOR PANALPINA Johannesburg

NEW RAK MINING Rustenburg

ORKILA Johannesburg

SPOORNET  Johannesburg

ESKOM Johannesburg

MASTER TRUCKING  Rustenburg

KUEHNE & NAGEL  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Chemical industry in general

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS        

 

Internationally

 

 

TOTAL EMPLOYEES

 

400 permanent employees.

 

 

OTHER PREMISES   

 

Production site in Isethebe and a chrome derivative factory in Merebank  Durban which premises are reported to be owned. 

 

 

OWNED OR LEASED

 

The head office premises are reported to be leased

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                                                     R  60 000 000

DEBTORS                                                                                                 R  80 000 000

FIXED ASSETS including property                                                               R  75 000 000

CREDITORS                                                                                              R  40 000 000

HOLDING COMPANY LOANS                                                                     R198 000 000

TURNOVER per annum                                                                             ±R800 000 000

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS INC Johannesburg

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS           

 

ALEXANDER FORBES

 

TRADE REFERENCES – JANUARY 2006 

 

       ACCOUNT    HIGHEST       AVERAGE     TERMS      PAYMENT    EXPERIENCE

       OPENED      CREDIT         CREDIT                          PATTERN

 

1.    May’05         R2 500 000    R2 500 000    15 days      15 days        Excellent

                          c/l                

 

2.    5 yrs+          R2 000 000    R2 000 000    30 days      30 days        Good

 

3.    2004             R2 500 000    R2 500 000+  15 days      15 days        Excellent

 

 

TRADE REFERENCES – MARCH 2007

 

      ACCOUNT    HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT           PATTERN

 

1.    2004             R     110 000  R      60 000    15 days    15 days        Excellent

                                               c/l

 

2.    15 yrs           R  1 200 000  R  1 200 000    15 days    15 days        Very Good

 

3.    26 yrs           R30 000 000   R30 000 000    30/60        30/60 days    Excellent

                                               Per annum                      days

 

 

TRADE REFERENCES – JUNE 2007

 

      ACCOUNT    HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2005             R2 500 000    R1 400 000-     15 days    15 days        Very Good

                          c/l                 R1 500 000

 

2.    4-5 yrs          R2 500 000    R2 500 000      30 days    30 days        Good

                          c/l

 

3.    Old acc        open acc        R3 000 000-     45 days    45 days        Good

                          c/l                 R5 000 000

 

4.    06/2004        R   110 000    R          500-    15 days    15 days        Very Good

                          c/l                 R     24 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references

 

2.    6 yrs            R5 000 000    R5 000 000      30 days    30 days        Very good

 

3.    COD account

 

4.    15 yrs           open              R1 000 000 -    15 days    150 days      Excellent

                                               R1 500 000

 

5.    10 yrs           open              R   400 000     45 days    45 days        Very good

 

 

 COMMENTS

 

This is an established and well-connected company meeting commitments timeously. No adverse comments have been heard and the subject is considered equal to its normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.