MIRA INFORM REPORT

 

 

Report Date :

30.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CJP CHEMICALS (PTY) LTD

 

 

Formerly Known As :

CLIDET 694 (PTY) LTD

 

 

Registered Office :

32 Tiger Moth Avenue, Aeroton, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.09.2006

 

 

Com. Reg. No.:

2006/029528/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers, exporters, stockists and distributors of chemicals, raw materials and ingredients

 

 

No. of Employees :

180

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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

 

 

 

COMPANY NAME

 

CJP CHEMICALS (PTY) LTD

 

Formerly: CLIDET 694 (PTY) LTD the name having been changed on13 July 2007.

 

 

TRADING DIVISIONS

 

SHARON BOREL

 

 

PHYSICAL ADDRESS

 

32 Tiger Moth Avenue

Aeroton

Johannesburg

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 1353

Cresta

2118

 

TELEPHONE NUMBER:              +27 11 494 6700

FAX NUMBER:                           +27 11 494 6701

CELLULAR NUMBER:                 +27 83 276 1673

 

 

SHAREHOLDERS

 

51%      Management of the subject

49%      INVESTEC LTD

 

The shareholding changed in November 2013 and was previously:

 

80%      STANDARD BANK OF SOUTH AFRICA LTD

20%      Management of the Subject

 

It was stated by the respondent that the assets and operations of the subject will be incorporated into a shelf company and will have a simultaneous name change due to the change in shareholding. 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

S G LOXTON     ID No.   6806055215084

G G RALPH      ID No.   7203085260084

           

It was stated that the directors are in the process of changing.

 

 

BANKERS

 

STANDARD BANK, Johannesburg Branch, Branch Code: 00205, Account Number: 001405969. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

20 September 2006

Registration Certificate Number: 2006/029528/07

 

The subject is reported to have taken over operations and assets that formerly traded in a company C J PETROW CHEMICALS (PTY) LTD.  The management of the previous company affected a management buyout in July 2007.

 

 

VAT NUMBER

 

4530237256

 

 

TAX NUMBER

 

9421921157

 

 

MAJOR OPERATION

 

Importers, exporters, stockists and distributors of chemicals, raw materials and ingredients.  Brand names being INDUSTRIAL CHEM, SEAT CHEM, etc.

MAJOR SUPPLIERS

 

The subject imports chemicals from the East and Europe and deals locally with:

 

NCP Johannesburg

LAKE INTERNATIONAL Johannesburg

UPS Johannesburg

QUALITY SUGARS Johannesburg

LANCEWOOD Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The subject supplies a comprehensive range of specialized chemical raw materials for the pharmaceutical, neutraceutical, food, bakery, dairy, confectionery, personal care, cosmetic, wine, agricultural, feed, paint and industrial markets.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

SADC countries

 

 

TOTAL EMPLOYEES

 

180

 

 

OTHER PREMISES

 

The subject is reported to have branches in Durban, Cape Town, Johannesburg and Port Elizabeth.

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

FINANCIALS

 

The respondent stated that it is against company policy to divulge figures on the subject.

 

 

AUDITORS

 

KPMG INCORPORATED Johannesburg

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

COMRISK INSURANCE BROKERS

 

 

UNDERWRITERS

 

MUTUAL & FEDERAL

 

 

TRADE REFERENCES – SEPTEMBER 2006

 

      ACCOUNT    HIGHEST      AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT        CREDIT                          PATTERN

 

1.    11 years       R   200 000    R   200 000     30 days    30 days        Good

 

2.    1999             R2 500 000    R1 000 000 -    45 days    45 days        Good

                                               R2 000 000

 

3.    Do not give trade references

 

4.    Do not give trade references

 

 

TRADE REFERENCES – AUGUST 2007

 

      ACCOUNT    HIGHEST      AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT        CREDIT                          PATTERN

 

1.    15 years       declined         R     400 000   30 days    35-40 days    Average

 

2.       Do not give trade references

 

3.       Declined       R20 000 000   R  5 000 000-   75 days    75 days        Very Good

                                               R20 000 000

 

4.    1999             R 3 000 000   R  2 000 000    45 days    45 days        Fair

 

 

TRADE REFERENCES – SEPTEMBER 2008

 

      ACCOUNT    HIGHEST      AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT        CREDIT                          PATTERN

 

1.    15 years       R1 000 000    R800 000        30 days    30 days        Excellent

 

2.    Old Acc        R   200 000    R  10 000 -      45 days    45 days        Very Good

                                               R140 000

 

3.    Do not give trade references

 

TRADE REFERENCES – FEBRUARY 2009

 

      ACCOUNT    HIGHEST      AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT        CREDIT                          PATTERN

 

1.    Do not give trade references.

 

2.    Do not give trade references.

 

3.    8 years         R10 000 000   R3 000 000-     30 days    30 days        Very Good

                          c/l                 R5 000 000

 

4.    11 years       R  1 500 000  R   500 000-    30 days    30 days        Very Good

                          c/l                 R1 000 000

 

 

TRADE REFERENCES – MAY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    15 years       ±R1 000 000   ±R   500 000    30 days    30 days        Excellent

 

2.    Feb 2006        R1 200 000  ±R1 200 000    30 days    30 days        Good

                            c/l

 

3.    2 years           R1 300 000  ±R1 200 000    14 days    14 days        Good

                            c/l

 

 

TRADE REFERENCES – JUNE 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±15 years     undisclosed    ±R   800 000    30 days    30 days        Excellent

 

2.    Feb 2006      R1 200 000      R1 500 000    30 days    30 days        Good

                          c/l

 

3.    ±2 years       R1 200 000    ±R1 300 000    14 days    14 days        Good

                          c/l                                       (from weekly statement)

 

 

TRADE REFERENCES – FEBRUARY 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2 years+       R1 200 000    R409 000 -      30 days    30 days        Very Good

                          c/l                 R1 100 000     

 

2.    7 years+       R2 500 000    R800 000        7 days      7 days          Excellent

                          c/l                 R1 700 000 per week

 

3.    15 years       R300 000       R300 000        30 days    30 days        Very Good

 

4.    Do not give trade references

 

 

TRADE REFERENCES – MAY 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +5 years       R1 200 000    +R1 000 000    30 days    30 days        Very Good

                          c/l

 

2.    +6 years       R2 500 000    +R1 000 000    7 days      7 days          Excellent

                          c/l

 

3.    +10 years     declined         ±R   250 000    30 days    30 days        Very Good

 

 

TRADE REFERENCES – SEPTEMBER 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 years         ±R1 500 000                         30 days    30 days        Very Good

 

2.    20 years         R1 500 000 per week          7 days      7 days          Excellent

 

3.    Old               declined         ±R200 000       30 days    30 days        Very Good

 

4.    Do not give trade references.

 

TRADE REFERENCES – JULY 2011

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    6 Years        R1 200 000    R   700 000     30 days    30 days        Very Good

 

2.    +5 Years-     R2 500 000    R1 000 000      14 days    14 days        Very Good

                          c/l

 

3.    Awaiting a faxed trade reference

 

 

TRADE REFERENCES – MARCH 2012

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    15 Years       declined         R100 000        30 days    30 days        Good

      Last purchased in 2011

 

2.    Mar 2009      R5 570 000    R900 000        30 days    30 days        Excellent

                          c/l

 

3.    Do not give trade references

 

 

TRADE REFERENCES – AUGUST 2012

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 Years        R1 200 000    R100 000-       30 days    30 days        Very Good

                                               R1 000 000

 

2.    +4 Years      R3 100 000    R3 100 000      14 days    14 days        Good

 

3.    ±15 Years     Declined        ±R600 000       30 days    32 days        Excellent

 

4.    Do not give trade references

 

5.    Do not give trade references

 

 

TRADE REFERENCES – FEBRUARY 2013

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS        PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    ±15 years     R500 000       Declined          30 days       30 days        Very Good

 

2.    5 years         R1 200 000    R800 000-       30 days       30 days        Excellent

                                               R900 000

 

3.    Do not give trade references

 

4.    Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

       ACCOUNT    HIGHEST       AVERAGE       TERMS        PAYMENT    EXPERIENCE

       OPENED      CREDIT         CREDIT                             PATTERN

 

1.    +20 years     Declined          R100 000      30 days       +30-40 days   Good

 

2.    2009             R400 000       ±R200 000       30 days       30 days          Very good

 

3.    Do not give trade references

 

4.    2009             R5 750 000    ±R1 000 000    30 days       30 days          Very good

 

 

COMMENTS

 

This is an established and very well connected business that has had a recent shareholding change.  The lack of financial information should be borne in mind and the amount may require monitoring.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

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.