MIRA INFORM REPORT

 

 

Report Date :

09.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SPOT-ON-CHEMICALS CC

 

 

Registered Office :

P. O. Box 1961, Nigel 1490 Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.10.1992

 

 

Com. Reg. No.:

1992/028593/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

Dealers in Agricultural; Chemicals and Related Products.

 

 

No. of Employees :

15

 

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

(31.03.2011)

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 Unemployment remains high and outdated infrastructure has constrained growth.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:                                  SPOT-ON-CHEMICALS CC

Requested Name:                                  SPOT ON CHEMICALS CC

Other Names:                                        None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  26 Fifth Ave, Vorsterskroon, Nigel, 1490

Postal Address:                                     P. o. Box 1961,

                                                            Nigel 1490 Gauteng,

Country:                                                South Africa

Phone:                                                  27-11-8191745/8144675

Fax:                                                      27-11-8144781

Email:                                                   spoton@cybertrade.co.za

Website:                                               None

 

 

CREDIT OPINION

Financial Index as of December 2013 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:

Close Corporation 

Date Incorporated:

20-Oct-1992 

Reg. Number:

1992/028593/23

Tax Number:

9170113857 

Nominal Capital

ZAR. 100

Subscribed Capital

ZAR. 100

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Johan Christiaan Jacob Nothnagel 

MD

 

 

 

DIRECTORS INFORMATION

 

Full Names

JOHAN CHRISTIAAN JACOB NOTHNAGEL 

Status

Active

ID / Passport No.

5405215106085 

Member interest (%)

100

Member Contribution(ZAR)

100

Residential Address

Hallgate Kleinhoewes 112, Nigel1490

Postal Address

P.o. Box 1336Nigel1490

Profession

Managing Director

Country of residence

South Africa

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as dealers in agriculture chemicals and related products

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Local agencies, firms and organizations  

Employees:

15 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

South Africa

Location:

Leased premises, 2,500 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

OCTAGON

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

South African Rand (ZAR.)

Approx. Ex. Rate:

1 US Dollar = 8.88 South African Rand

Fiscal Year End:

December 31, 2012

Inflation:

According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in ZAR.)

 

 

2012

Sales

 

25,000,000

 

 

BANK

 

Bank Name:

FirstRand Bank Limited

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.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.57

UK Pound

1

Rs.84.25

Euro

1

Rs.71.79

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.