MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	HITECH CHEMICALS (PTY)LTD

Registered Office :	5 Martin Drive, Queensburgh, Durban, 4093

Country :	South Africa

Date of Incorporation :	15.09.2003

Com. Reg. No.:	M2003/022685/07

Legal Form :	Private Company

Line of Business :	wholesale trader of pharmaceuticals, toiletries and medical equipment

No. of Employees :	105

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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 30th, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

South Africa

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 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. State power supplier 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.

Source : CIA

Subject Name	HITECH CHEMICALS (PTY)LTD
Country	South Africa
Subject Contact Person	KAVILAN NAIDOO-Director
Assessment	This is an established business. On investigation we made contact with KAVILAN NAIDOO the director who assisted with most of the required information, however declined financials. The subject is meeting commitments timeously with suppliers. Please see the available information on the subject below.

Auditors information

Company Registered Name	D JANSE VAN RENSBURG
Trading Name	Unavailable
Registration Number	Unavailable
Physical Address	Unavailable
Postal Address	P O BOX 22561, GLENASHLEY, 4022
Contact Person	D JANSE VAN RENSBURG
Contact Number	0315777543
Email	Unavailable
Judgements Against Subject	No found on file
Judgements Against Principals	No found on file
Subject Verified as Client	Yes
Practice Number	03330371
VAT Number	Unavailable
Tax Number	Unavailable
BEE Status	Unavailable
Financial Year End	Unavailable
No of years in Business	21 Years 3 Months
Website	Unavailable
Comment	We are still awaiting information from the auditor

Previous Auditors Information - No Information on Record

Tax Information

Vat Number	4070102449
Status	ACTIVE
Vat Liable Date	1991/09/30
Tax Number	9126174201
Financial Year End	June
Black Economic Empowerment
Status	Yes
Score	2.00
Expire Date	Oct 25 2014
BEE Certificate Available	No

ISO Information - No Information on Record

Workman's compensation

Registered

Yes

Compliance Certified

Yes

Company Structure

Subsidiaries Information - No Information on Record

Employees

Number of Employees	105
1. Salaried employees	105
2. Waged employees	--
3. Permanent employees	105
Company Fleet
Company Fleet	No of vehicles:	Owned/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	19
Comment
Cars	1	Leased
Light delivery Vehicles	16	Leased
Trucks	2	Leased

Offices

Offices	Offices
Head Office Owned/ Rented	Owned
Owned by	HITECH CHEMICALS (PTY)LTD
Type of Premises	Offices and factory

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	Director	KAVILAN NAIDOO

1	Director	MORGACHADRAN NAIDOO

Company Structure Information - No Information on Record

Note: One level up and all levels down

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	SASOL	0313271218
2	ENGEN	0312502685
3	GANTRANS	0314658681

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	3 Years	R 20000.00	R 20000	30 Days	R 6000	30 Days	Good account
2	10 Years		R10000000	60 Days	R 500000	60 Days	Very good account,the supplier declined to assist with the credit limit
3	4 Years		R100000	30 Days	R 80000	30 Days	Good account,the subject has an open credit limit with the supplier

Adverse Information on Subject

· Judgements - No information on record

Business Rescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

Bank information

Bank	STANDARD BANK
Branch	QUEENSBURGH
Brach Code	051001
Bank Account Number	050853171
Type of Account	CURRENT
Account Name	HITECH CHEMICALS(PTY)LTD
Overdraft Facilities	YES
Bank Code	C for R 200 000
Bank Comment	The subject's bankers consider them good for all business normal engagements

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

Principals

Number of Principals	2
Average Age of Active Principals	38

Active Principals

Principal - 1 of 2 KAVILAN NAIDOO

Surname	NAIDOO
First Name	KAVILAN
Other Names	NONE
Marital Status
ID Number	7706195144089
Verified ID Number	Yes
Current Age	36 Years 6 Months
Designation	BUSINESSMAN
Status	Active
Appointment Date	2012/03/09
Physical Address (at time of Appointment)	56 GLEN ROAD, ESCOMBE, 4070
Postal Address	P O BOX 39364, QUEENSBURGH, 4070
Current Tel Number	0314632531
Cell number	0784578888
Shareholding/Membership	0.00

Principal's Adverse - No information on record
Business Information for KAVILAN NAIDOO

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
C W T PROPERTIES (PTY)LTD	M2003/023785/07	In Business	10 Years 10 Months	0	No
HITECH CHEMICALS (PTY)LTD	M2003/022685/07	In Business	10 Years 10 Months	0	No
SHOCK PROOF INVESTMENTS 13 (PTY)LTD	M2003/013749/07	In Business	10 Years 10 Months	0	No
XENISYS CC	B2011/029048/23	In Business	2 Years 2 Months	0	No

Principal's Previous Business Interests - No information on record

Principal Deeds Information

Property Interests for KAVILAN NAIDOO

Title Deed No.	T19753/2011	Erf/Site No.
Deeds Office	PIETERMARITZBURG	Physical Address	56 GLEN ESCOMBE QUEENSBURGH
Property Type	Freehold	Extent / Size	1816.0SQM
Purchase Date	2011/03/05	Purchase price
% Ownership	0.00	Bond Holder	STANDARD BANK OF SOUTH AFRICA L
Bond Number	B150362011	Bond Amount

Principal - 2 of 2 MORGACHANDRAN NAIDOO

Surname	NAIDOO
First Name	MORGACHANDRAN
Other Names	NONE
Marital Status
ID Number	7302185153080
Verified ID Number	Yes
Current Age	40 Years 10 Months
Designation	BUSINESSMAN
Status	Active
Appointment Date	2012/03/09
Physical Address (at time of Appointment)	20 KHORSHED ROAD, NO.6 KORSHED CREEK, MALVERN, 4055
Postal Address	P O BOX 39364, QUEENSBURGH, 4070
Current Tel Number	0314644889
Cell number	0837779245
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information for MORGACHANDRAN NAIDOO

Principal Current Business Interests

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

HITECH

CHEMICALS

(PTY)LTD

M2003/022685/07

In Business

10 Years 10 Months

SHOCK PROOF INVESTMENTS 13 (PTY)LTD

M2003/013749/07

In Business

10 Years 10 Months

Principal's Previous Business Interests - No information on record

Principal Deeds Information

Property Interests for MORGACHANDRAN NAIDOO

Title Deed No.	ST31902/2001	Erf/Site No.	789,3
Deeds Office	PIETERMARITZBURG	Physical Address	20 KHORSHED MALVERN QUEENSBURGH
Property Type	Sectional Title	Extent / Size	107.0SQM
Purchase Date	2001/03/27	Purchase price
% Ownership	0.00	Bond Holder	B O E BANK LTD
Bond Number	SB188912001	Bond Amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

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.

Registered Name	HITECH CHEMICALS (PTY)LTD
Trading as/ Division Name	HITECH CHEMICALS
Previous Name	None
Date of Name Change	None
Registration Number	M2003/022685/07
Registration Date	2003/09/15
Date Commenced Trading	2003-09-15
Age of Business	10 Years 3 Months
History of Business	The subject was established in 2003
History of Principals	There are 2 active directors within the subject
Shareholders/Members/Partners of subject and % holding	Unavailable
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 0.00
Status	In Business
Operations Assessment	The subject main operation is to wholesale pharmaceuticals and food stuffs.
Industry/ Customers	All major retailers
Export	Yes
Import	Yes
Major Industry Code / SICC	61394
Definition of Code	Wholesale trade in pharmaceuticals, toiletries and medical equipment
Head Office Physical Address	5 MARTIN DRIVE, QUEENSBURGH, DURBAN, 4093
Head Office Postal Address	P O BOX 28460, MALVERN, 4058
Current Tel Number	0314649300
Cell Number	None
Current Fax Number	0314645170
Current Email Address	kevin@hitech.co.za
Web Site Address	Unavailable