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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEMIPOL SOLUTIONS (PTY) LTD |
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Formerly Known As : |
CHEMIPOL TRADING (PTY) LTD |
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Registered Office : |
11 Billingham Road, Foundersview South,
Edenvale, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
02.02.1999 |
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Com. Reg. No.: |
1999/002078/07 |
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Legal Form : |
Private Limited |
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Line of Business : |
Import, export and trading in chemical products |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth
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Source : CIA |
CHEMIPOL SOLUTIONS (PTY) LTD
Formerly: CHEMIPOL TRADING (PTY) LTD, the name
having been changed on the 22 November 2011
11 Billingham Road
FOUNDERSVIEW SOUTH
Edenvale
Gauteng
P O Box 2659
EDENVALE
1610
TELEPHONE NUMBER: +27
11 372 4647
FAX NUMBER: +27 11 452 7310 / 9487
It was stated by the respondent that First Floor
Kingfisher Park, Cnr Kingfisher and Pheasant Street, Horison Park, Roodepoort,
1724 was the previous address for the subject.
100% SPEEDBIRD
INVESTMENT HOLDINGS (PTY) LTD
(Registration Certificate Number: 2000/015557/07),
It was reported that the directors of the subject
are all involved in the latter company.
The shareholding changed and was previously 25% A
F PETERS, 25% L PETERS, 25% A H McCREADIE, 25% G G PALMER.
LIQUID COLOURS (PTY) LTD
(Registration Certificate Number: 1992/005516/07)
KANNAR EARTH SCIENCES (PTY) LTD
(Registration Certificate Number: 2005/029268/07)
PERFORMANCE COLOUR SYSTEMS (PTY) LTD
(Registration Certificate Number: 1969/010925/07)
CHEMIPOL TRADING NATAL (PTY) LTD (dormant)
(Registration Certificate Number: 1999/002082/07)
POLYMER COLOUR SYSTEMS (PTY) LTD
(Registration Certificate Number: 2002/000885/07)
It was stated that the previous associate company HIGH-TECH INKS (PTY) LTD
(Registration Certificate Number: 1989/007131/07) has broken away from the SPEEDBIRD INVESTMENT HOLDINGS group.
A F PETERS ID No. 4402265072086
A H McREADIE ID No. 4810175096088
S A PETERS ID No. 7005215047087
L PETERS ID No. 7701025183084
J P DI BLASIO ID No. 7012115209080
C N FRANCIS ID No. 6403025074089
STANDARD BANK, Bedford Gardens branch, Account
Number 022609644. It was stated that the
overdraft has been taken over by the holding company. The overdraft facility
was to an extent of R5 200 000, secured by a cession of debtors. Utilisation was stated to fluctuate.
FIRST NATIONAL BANK, Musgrave Branch, Account
Number (Debtors): 62366842849, Account Number (Cheque): 62366842807.
2 February 1999
Registration Certificate Number 1999/002078/07
It was stated that the assets and operations of an associate company,
CHEMIPOL TRADING NATAL (PTY) LTD were incorporated into the subject on 1 March
2006.
4150180042
9465444843
Level 2 contributor, however, they are in the
process of updating their certificate which expired on 15 September 2013.
Import, export and trading in chemical products
The subject imports pigments and resins from Europe (Panax Colour) and
Asia as well as Korea and China which includes CINIC, INTER CHINA CHEMICAL and
deals locally with:
LOGWIN LOGISTICS Johannesburg
ISEGEN
SERVOCHEM Johannesburg
BASF
PROTEA SPECIALITY CHEMICALS (small)
Chemical traders, manufacturing companies and
plastic industry.
South Africa
Mainly Zimbabwe and Zambia
8
None
The respondent stated that the branch in Durban
has been closed down
Leased
R1 000 divided into 1 000 ordinary shares of R1
each
R100
Please see attached
Statement of Financial Position and Statement of Comprehensive Income, dated 29
February 2012, however, an email was forwarded to the respondent to request the
latest available financial statements and we currently await a response.
DE VOS, RICHARDS Roodepoort Tel No. +27 11 675 1866
FEBRUARY
AON INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Old acc R 600 000 R600
000 60 days 60 days Good
sporadic
purchases
2. Old
acc figures confidential 60
days 60 days Good
3. 2002 R1 300 000 R300 000- 45 days 45 days Good
c/l R600 000- fluctuates
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R
750 000 R 700 000 30
days 30 days Excellent
2. Old
acc R2 000 000 R2 000 000 60
days 60 days Excellent
3. Do
not give trade references
4. 2002 R1 300 000 R 150 000- 45 days 45-50
days Fair
R 650 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R4 000 000 R1 000 000- 30 days 30
days Good
c/l R1 400 000
2. 6 years R2 000 000 R 500 000- 60
days 65/80 days Good
R2 000 000
3. Old acc +R
100 000 +R 100 000 30
days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R2
000 000 R 200 000- 30
days 30 days Very Good
c/l R 800 000
2. 2002 declined R
400 000- 60 days 80 days Slow
c/l R1 500 000
3. 10
years declined undisclosed 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 years R2 000 000 R
70 000- 30 days 30 days Very
Good
R1 000
000
2. 20 years declined R1 000 000- 60 days 60
days 50% Good
R3 000 000 90 days 50%
3. Before 2003 R2 000 000 R
400 000- 45 days 45 days Good
c/l R 500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R2 000 000 R
50 000- 30 days 30 days Very
Good
c/l insured R700 000
2. 2003 declined ±R400 000 60 days 67 days Very Good
3. Feb 2003 R2 000 000 declined 45
days 45 days Very Good
c/l insured CGIC
4. 10 years+ declined declined 30 days 30 days Very Good
5. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not
give trade references.
2. 7 Years R1 000 000 R 60 000- 30 days 30
days Good
c/l R100 000
3. Do not give
trade references.
4. 10 Years R2 000 000 R 30 000 - 45 days 45
days Good
c/l R800 000
credit
insured
5. Associate
company Very
Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R2
000 000 R200 000- 30 days 30
days Fair
R500
000
2. 2002 R110
000 R20 000 60 days 60 days Good
3. ±10 Years R2
000 000 R70 000- 45 days 45 days Very Good
R800
000
4.
Associate company
5. No longer trading with the subject
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 8 years R1 000 000 R100 000- 30 days 31 days Good
c/l R690 000
3. +20 years R2 000 000 R
5 000- 60 days 30 days Good
c/l R690 000
4. ±8 years R2 000 000 R950 000 45 days 45 days Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2011 R1 000 000 R600 000 30 days 30 days Excellent
2. 9 years R1 000 000 R100 000- 30 days 31 days Good
R150 000
3. 2002 R2 000 000 R600 000 60 days 60 days Very good
This is an established company meeting its commitments
timeously as per arranged terms. The subject is considered equal to a maximum
figure of 150 000 over 30 days, but the lack of updated financial
information should be borne in mind.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.33 |
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|
1 |
Rs.100.79 |
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Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.