MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SASOL CHEMIESE NYWERHEDE (PTY) LTD

 

 

Formerly Known As :

LESLIE COAL DEVELOPMENT COMPANY (PTY) LTD

 

 

Registered Office :

1 Sturdee Avenue, Rosebank, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.11.1968

 

 

Com. Reg. No.:

1968/013914/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Engaged in producing and marketing of mining Explosives; Gases, Petrochemicals, Fertilizers and the refining of Tar Acids.

 

 

No of Employees :

Approximately 30 000 (In The Whole Group)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Group under Restructuring

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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

 

 

           


Note:

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

 

On investigation contact was made with the respondent who stated that the subject is undergoing a restructuring process. The respondent declined to assist with information telephonically and requested that an email questionnaire be forwarded. This was duly sent. As soon as further information is forthcoming the same will be forwarded to our client. In the meantime please see historical information dated October 2014.

 

 

COMPANY NAME

 

SASOL CHEMIESE NYWERHEDE (PTY) LTD   

 

 

TRANSLATED NAME

 

SASOL CHEMICAL INDUSTRIES (PTY) LTD

 

The subject converted to a Private Company in 2013, effective as at 7 June 2013.  The subject previously became a public company on 26 May 1995

 

Formerly: LESLIE COAL DEVELOPMENT COMPANY (PTY) LTD, the name having been changed on 3 May 1994

 

 

TRADING DIVISIONS    

 

SASOL NITRO (integrated:  SASOL EXPLOSIVES,

SASOL AGRI)

SASOL INFRACHEM

(incorporating the SASOL ONE plant)

SASOL SOLVENTS

SASOL POLYMERS (formerly Polifin)

 

Business Units:

POLYTHENE

VINYL (previously PVC)

MONOMERS

CHEMICALS

POLYPROPYLENE

INTERNATIONAL TRADING

 

SASOL WAX

SASOL AMMONIA

 

 

PHYSICAL ADDRESS

 

1 Sturdee Avenue

ROSEBANK

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 5486

JOHANNESBURG

2000

TELEPHONE NUMBER:            +27 11 441 3111

FAX NUMBER:              +27 11 788 5092

 

The group of companies is in the process of undergoing major restructuring which is being undertaken one section of the group at a time.  The entire restructuring is expected to be complete by 1 July 2015.

 

It was confirmed by the Senior Administrative Officer Mpho Mthulini, that the subject converted to a private company in July 2013, however, this was not reflected at CIPC until later in the year. 

 

 

SHAREHOLDERS

 

100%    SASOL LTD (listed on the JSE LTD)

            (Registration Certificate Number:  1979/003231/06)

 

 

SUBSIDIARY COMPANIES

 

It was stated that due to the restructuring within the group of companies, many of the associate companies have also undergone or are in the process of undergoing changes.  The following were previously stated to be subsidiary companies, however, the list has been forwarded to the Group’s Company Secretary, Nomadlozi Mashinini, who has stated that she will forward an updated list to the investigator as soon as one becomes available.  As soon as further information is forthcoming the same will be compiled and forwarded to our client.

 

DELMAS KUNSMIS (PTY) LTD (100%)

(Registration Certificate Number:  1990/005404/07)

SASOL ACRYLATES (PTY) LTD (100%)

(Registration Certificate Number:  2002/022782/07)

SASOL ACRYLATES (SOUTH AFRICA) (PTY) LTD (50%)

(Registration Certificate Number:  2002/022504/07)

DUROPENTA NATAL PROPERTIES (PTY) LTD (100%) – In the process of Voluntary Liquidation

(Registration Certificate Number:  1951/002664/07)

MERCEDES PROPERTIES (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1966/011789/07)

PEROXIDE CHEMICALS (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1967/001143/07)

PORTION 27 FOUNDERS HILL (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1997/016329/07)

PRICE’S CANDLES (PTY) LTD (100%) - dormant

(Registration Certificate Number:  1963/002362/07)

P V C COMPOUNDERS (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1963/002362/07)

RECYCLING PLASTIC (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1965/001380/07)

SASOL DYNO NOBEL (PTY) LTD (50%)

(Registration Certificate Number:  1992/000103/07)

SASOL FIBRES (PTY) LTD (50%)

(Registration Certificate Number:  1991/004149/07)

SASOL NITRO (MINERALS) (PTY) LTD (100%) – In the process of voluntary liquidation

(Registration Certificate Number:  1961/000919/07)

SMI TECHNOLOGY (PTY) LTD (100%)

(Registration Certificate Number:  1995/013754/07)

ATTAN AG (100%)

 

 

ASSOCIATED COMPANIES

 

It was stated that due to the restructuring within the group of companies, many of the associate companies have also undergone or are in the process of undergoing changes.  The following were previously stated to be associated companies, however, the list has been forwarded to the Group’s Company Secretary, Nomadlozi Mashinini, who has stated that she will forward an updated list to the investigator as soon as one becomes available.  As soon as further information is forthcoming the same will be compiled and forwarded to our client.

 

SECUNDA SYNFUELS (PTY) LTD

(Registration Certificate Number: 1968/013914/07)

IXIA COAL (PTY) LTD

IXIA COAL FUNDING (PTY) LTD

SASOL NEW ENERGY HOLDINGS (PTY) LTD

SASOL MINING HOLDINGS (PTY) LTD

SASOL SYNFUELS (PTY) LTD

SASOL TECHNOLOGY (PTY) LTD

SASOL FINANCING (PTY) LTD

SASOL INVESTMENT GROUP (PTY) LTD

SASOL HOLDINGS (PTY) LTD

SASOL OIL (PTY) LTD

SASOL CHEMICAL HOLDINGS INTERNATIONAL (PTY) LTD

(Registration Certificate Number: 2000/028939/07)

SASOL SOLVENTS GERMANY GMBH

 

- plus other companies within the Sasol group.

 

DIRECTORS

 

F R GROBLER                                                  ID No.   6106285085089

V D KAHLA                                                       ID No.   7002195728083

P VICTOR                                                         ID No.   7203235025080

 

 

BANKERS

 

ABSA BANK Rosebank, Sasolburg and Secunda branches.  It was stated that each division has its own bank account.  It was stated that the group is controlled by a central treasury scheme controlled by SASOL FINANCING (PTY) LTD. 

 

 

DATE REGISTERED

 

20 November 1968

Registration Certificate Number: 1968/013914/07

 

The company SASOL CHEMICAL INDUSTRIES (PTY) LTD (Registration Certificate Number: 1971/000503/07), sold its business to SASOL INDUSTRIES (PTY) LTD (Registration Certificate Number: 1975/002033/07), which then changed its name to SASOL CHEMICAL INDUSTRIES (PTY) LTD and then changed its name back to SASOL INDUSTRIES (PTY) LTD on 3 May 1994. 

 

The original company SASOL CHEMICAL INDUSTRIES (PTY) LTD (Registration Certificate Number: 1971/000503/07) then changed its name to SASOLCHEM (PTY) LTD on the 15 September 1993.  The latter company is now dormant. 

 

A company namely LESLIE COAL DEVELOPMENT CO LTD (Registration Certificate Number: 1968/013914/07) changed its name to SASOL CHEMICAL INDUSTRIES LTD on 3 May 1994.

 

The subject re-converted to a Private Company on 7 June 2013.

 

 

VAT NUMBER

 

4800142160

 

 

TAX NUMBER

 

9000054602

 

MAJOR OPERATION

 

The producing and marketing of mining explosives; gases, petrochemicals, fertilizers and the refining of tar acids.

 

 

MAJOR SUPPLIERS

 

It was stated that each division does its own purchasing.

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Mining, chemical, fertilizer industries

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

30 000 approx. in the whole Group.

 

 

OTHER PREMISES

 

Countrywide.  The main plants are at Sasolburg and Secunda.


OWNED OR LEASED

 

The head office premises are reported to be owned by SASOL PENSION FUND.

 

 

AUTHORISED SHARE CAPITAL

 

R10 000 of no par value shares, 200 authorised capital no par value shares divided into 200 ordinary shares of R1 each.

 

 

ISSUED SHARE CAPITAL

 

R152

 

 

FINANCIALS

 

For full financial information please see the Statement of Financial Position, Statement of Comprehensive Income and Statement of Cash Flows on the Holding Company as at 30 June 2014.

 

 

AUDITORS    

 

PWC

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

WILLIS INSURANCE BROKERS

 

TRADE REFERENCES – OCTOBER 2006

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc.       R1 000 000    R400 000        30 days    30 days        Very Good

 

2.    Old acc.       R   500 000    R300 000        30 days    30 days        Very Good

 

3.    Do not give trade references

 

 

TRADE REFERENCES – MARCH 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.     Do not give trade references

 

2.    5 years         R200 000       R80 000          30 days    30 days        Good

 

 

TRADE REFERENCES – SEPTEMBER 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        declined        declined          30 days    30 days        Very Good

 

2.    20 years       open acc       R4 000 000      30 days    30 days        Very Good

 

3.    12 years       open acc       R1 500 000-     30 days    30 days        Very Good

                                               R2 000 000

 

 

TRADE REFERENCES – MARCH 2008

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R5 000 000    R5 000 000      30 days    30 days        Good

 

2.    Old acc        R1 000 000    R1 000 000      30 days    30 days        Good

 

3.    Old acc        large              amounts         30 days    30 days        Good

 

TRADE REFERENCES – JULY 2008

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R  2 600 000  R  2 600 000    30 days    30 days        Excellent

      On the Solvents divisions

 

2.    Old acc        R  1 000 000  R  1 000 000    30 days    30 days        Excellent

 

3.    Old acc        R10 000 000   R  5 000 000-   30 days    30 days        Excellent

                                               R10 000 000

 

 

TRADE REFERENCES – FEBRUARY 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10-12 years   R5 000 000    R4 000 000 -    30 days    30 days        Very Good

                                               R5 000 000

 

2.    10 years+     R3 000 000    R2 000 000      30 days    30 days        Very Good

 

3.    New Acc       R2 300 000    R   500 000±    30 days    30 days        Good

                          c/l

 

4.    14 years       R1 000 000    R1 000 000      30 days    30 days        Very Good

 

 

TRADE REFERENCES – MAY 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    15 years       open acc       R4 500 000      30 days    30 days        Very Good

 

2.    25 years       open acc       R1 000 000-     30 days    30 days        Very Good

                                               R6 000 000

 

3.    1 year           open acc       R   800 000-    30 days    30 days        Excellent

                                               R1 200 000

 

TRADE REFERENCES – AUGUST 2009

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       R2 000 000      R   700 000   30 days    30 days        Very Good

                          c/l                   R1 000 000

 

2.    Old              declined        +R1 000 000    30 days    30 days        Very Good

 

3.     Do not give trade references

 

4.     Do not give trade references

 

 

TRADE REFERENCES – FEBRUARY 2010

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    3 years         Declined        R      1 000-     30 days    30 days        Good – last

                                                                                     purchase was in 2007

 

2     7 years         R20 000         R    20 000      30 days    30 days        Good

                          open

 

3.    15 years       R400 000       R   400 000     30 days    30 days        Excellent

                          open

      

4.    15 years+     R6 000 000    R5 000 000-     30 days    30 days        Excellent

                          open             R6 000 000

 

 

TRADE REFERENCES – JUNE 2010

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       open             R  50 000-       30 days    30 days        Very Good

                                               R200 000

 

2.    Do not give trade references

 

3.     Do not give trade references

 

4.     Do not give trade references

 

TRADE REFERENCES – DECEMBER 2010

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1990             undisclosed   R1 200 000      30 days    30 days        Very Good

 

2.    Do not give trade references

 

3.     Do not give trade references

 

4.    Do not give trade references

 

 

TRADE REFERENCES – MAY 2011

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       R22 000 000   varies             30 days    30 days        Very Good

                          c/l

 

2.    Do not give trade references

 

3.     Do not give trade references

 

4.    Do not give trade references

 

 

TRADE REFERENCES – APRIL 2012

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS       PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    ±15 years     open acc       R15 000 000    30 days       30 days       Very Good

 

2.    ±14 years     no limit          R  3 000 000    30 days       30 days       Very Good

 

3.    15 years       no limit          R  1 500 000    30 days       30 days       Very Good

 

4.    5 years         R5 000 000    R  1 500 000    30 days       30+ days     Average

                                                                                       (only this month)

 

TRADE REFERENCES – OCTOBER 2012

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS       PAYMENT   EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    2002             R2 200 000    ±R2 000 000    30 days       30 days       Good

 

2.    +5 years       R   450 000    Declined         30 days       30 days       Good

 

3.    Nov 2007      Declined        Declined         30 days       30 days       Good

 

 

TRADE REFERENCES – OCTOBER 2013

 

       ACCOUNT   HIGHEST       AVERAGE     TERMS     PAYMENT   EXPERIENCE

       OPENED     CREDIT         CREDIT                          PATTERN

 

1.     2008             Declined        Declined        30 days     30 days       Good

 

2.     5 years         R450 000        Declined        30 days     30 days       Good

 

3.     +15 years      No limit          R3 000 000     30 days     30 days       Very Good

 

 

TRADE REFERENCES – OCTOBER 2014

 

       ACCOUNT   HIGHEST       AVERAGE     TERMS     PAYMENT   EXPERIENCE

       OPENED     CREDIT         CREDIT                          PATTERN

 

1.     +15 years    Open             R10 000 000-  30 days     30 days       Very Good

                                               R12 000 000

 

2.     18 years      Open             R  2 500 000   30 days     30 days       Very Good

 

3.     2007            R20 000 000   R  5 000 000   30 days     30 days       Very Good

 

NATURE OF GOODS OR SERVICES SUPPLIED:

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Storage

     

2.    Transport

 

3.    Transport

 

COMMENTS

 

This is a well-established and very well-connected business meeting its commitments timeously and is spoken of very highly by its suppliers.

 

The SASOL group is, however, in the process of undergoing significant changes, and it is suggested that our client request a further report on the subject at a later stage. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.