MIRA INFORM REPORT

Report Date :

19.09.2013

IDENTIFICATION DETAILS

Name :	ACACIA SPECIALITY CHEMICALS (PTY) LTD
Formerly Known As :	ACACIA FINE CHEMICALS (PTY) LTD
Registered Office :	Cnr Strachan And Brammer Roads, Germiston, Gauteng
Country :	South Africa
Financials (as on) :	Group Financial as on 30.06.2012
Date of Incorporation :	15.05.2008
Legal Form :	Private Limited
Line of Business :	Importers, suppliers and exporters of industrial and speciality chemicals as well as raw materials
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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. 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

ATTENTION:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by Officials of the subject):

COMPANY NAME

ACACIA SPECIALITY CHEMICALS (PTY) LTD

Formerly: ACACIA FINE CHEMICALS (PTY) LTD the name having been changed on 27 October 2011.

Formerly: CHERRY HOLDINGS (PTY) LTD, the name having been changed on 9 March 2009.

PHYSICAL ADDRESS

Cnr Strachan and Brammer Roads

GERMISTON

Gauteng

POSTAL ADDRESS

P O Box 8695

WOODHILL

0076

TELEPHONE NUMBER: +27 87 151 4825

+27 11 873 0157 – Charles Dickinson

FAX NUMBER: +27 87 8203 0145 / +27 86 643 4770

CELL NUMBER: +27 83 252 7384 – Charles Dickenson

SHAREHOLDERS

51% AG-CHEM HOLDINGS (PTY) LTD (Registration Certificate Number: 1998/021776/07) which is ultimately owned by ROLFES HOLDINGS LTD, (Registration Certificate Number: 2000/002715/06), (quoted on the JSE LTD)

49% THE INDICATOR TRUST

ASSOCIATE COMPANIES

NEW HEIGHTS 390 (PTY) LTD

(Registration Certificate Number: 2000/023987/03) (Property owning company)

ROLFES COLOUR PIGMENTS INTERNATIONAL (PTY) LTD

(Registration Certificate Number: 1999/003720/07)

ROLFES TECHNOLOGY HOLDINGS LTD

(Registration Certificate Number: 2000/002715/07)

ROLFES SILICA (PTY) LTD

(Regisration Certificate Number: 1977/002739/07) ACACIA SPECIALITY CHEMICALS (PTY) LTD

ROLFES ASSET HOLDING (PTY) LTD

(Registration Certificate Number: 2000/002487/07) (Property owning company)

ROLFES LTD

(Registration Certificate Number: 1925/008416/06)

ROLFES CHEMICALS (PTY) LTD

(Registration Certificate Number: 2004/007903/07)

INTROLAB CHEMICALS (PTY) LTD

(Registration Certificate Number: 2005/039779/07)

DIRECTORS

C H DICKINSON ID No. 6204255047088

MRS L LYNCH ID No. 6603030026081

J J PRETORIUS ID No. 6509265081087

C H DICKINSON is the co-founder and Chief Executive of the subject and is a Chemical Engineer by training and is reported to have been in the chemical industry since 1989.

BANKERS

NEDBANK East Rand Mall, account number 1015931278. It was stated that the subject has substantial overdraft facilities which are secured by the holding company. Utilisation is stated to be partial at present.

DATE REGISTERED

15 May 2008

Registration Certificate Number: 2008/012160/07

The subject only commenced active operations in June 2009. It was stated that C H DICKINSON is still a 50% shareholder in a crop and speciality products business, which deals in agricultural chemicals, which business has been trading since 1998.

VAT NUMBER

4120253051

TAX NUMBER

9348585168

BEE STATUS

Group rating – level 8 contributor

MAJOR OPERATION

Importers, suppliers and exporters of industrial and speciality chemicals as well as raw materials.

MAJOR SUPPLIERS

The subject imports chemicals from China, India, Russia, Chile, France and Japan and deals locally with:

BLUE SKY LOGISTICS

MAJOR CUSTOMERS OR BUSINESS SECTORS

Agricultural industry, water treatment industry, healthcare and mining industry and the food ingredients industry ACACIA SPECIALITY CHEMICALS (PTY) LTD

AREA OF DISTRIBUTION AND SELLING

(70%) South Africa

EXPORTS

(30%) Zambia, Mozambique, Botswana and France

TOTAL EMPLOYEES

5

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by NEW HEIGHTS 390 (PTY) LTD the property owning company.

AUTHORISED SHARE CAPITAL

R1 000 divided into 1 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R100

FINANCIALS

Financial details were declined by the director, however, please see attached group financial highlights on ROLFES HOLDINGS LTD for the year ended 30 June 2012.

AUDITORS

SIZWE NTSALUBA GOBODO

YEAR END

JUNE

INSURANCE BROKERS

SENCERUS INSURANCE BROKERS

TRADE REFERENCES – JANUARY 2012

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 3 months open +R170 000 30 days 30 days Excellent

TRADE REFERENCES – MAY 2012

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not trade with subject

2. 2 Years R1 500 000 R700 000 30 days 30 days Very Good

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 5 years Declined ±R1 000 000 30 days 30 days Excellent

COMMENTS

This is an established well-connected company which is meeting its one obtainable commitment timeously. The subject is considered as equal to its normal business engagements. The lack of financial information should be borne in mind on the subject but the consolidated figures reflect a stable financial position and a profit for the year end 30 June 2012. The subject is considered equal to a maximum figure of €100 000 over 30 days.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.14
UK Pound	1	Rs.100.48
Euro	1	Rs.84.36

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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