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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIO
MUELLER CHEMICALS DISTRIBUTION SOUTH AFRICA (PTY) LTD |
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Formerly Known As : |
METALLGESELLSCHAFT
(SOUTH AFRICA) (PTY) LTD |
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Registered Office : |
275 Oak
Avenue Ferndale Randburg
Gauteng |
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Country : |
South Africa |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
19.01.1962 |
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Com. Reg. No.: |
1962/000158/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading in
chemicals |
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No. of Employees : |
90 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
INTERNATIO MUELLER CHEMICALS DISTRIBUTION SOUTH AFRICA
(PTY) LTD
Formerly: SOLVADIS (PTY) LTD, the
name having been changed on 27 July 2006
Formerly: MG CHEMAG (SOUTH AFRICA) (PTY) LTD, the name
having been changed on 27 November 2000
Formerly: METALLGESELLSCHAFT (SOUTH AFRICA) (PTY) LTD, the
name having been changed on 6 September 2000
IMCD SOUTH AFRICA
275 Oak Avenue
FERNDALE
Randburg
Gauteng
P O Box 1412
BASSONIA
2061
+27 11 570 4260
+27 11 787
3513
With reference
to your query dated 26 July 2013, the subject has incorporated the assets and
operations of CHEMIMPO SOUTH AFRICA (PTY) LTD as at 1 June 2013, however, shareholding
remains:
100%
INTERNATIO MUELLER CHEMICALS DISTRIBUTION BV in Rotterdam.
The
shareholding changed on 10 April 2006 and was previously 100% SOLVADIS GmbH AG
in Frankfurt.
Formerly 100%
CHEMAT AG (formerly M G HANDEL UND BETEILIGUNGEN AG) in Frankfurt, the name
having been changed in November 2000) INTERNATIO MUELLER CHEMICALS DISTRIBUTION
SOUTH AFRICA (PTY) LTD
None in South
Africa, however the subject forms part of the IMCD GROUP globally.
H J J
KOOIJMANS (Netherlands) D.O.B. 8 February 1961
P C J VAN DER
SLIKKE (Netherlands) D.O.B. 1 September 1956
O BRINKMAN ID
No. 5804235193182
FIRST NATIONAL
BANK, Karaglen, Branch Code: 255805, Account Number: 62045736363. It was stated
that the subject enjoys a total facility to an extent of R10 000 000, secured
by a letter of comfort from the holding company. Utilisation of the overdraft
facility is nil as credit balances are normally maintained at the bank.
It was stated
that the subject no longer banks with NEDBANK, International Main Street
branch, Johannesburg, Account Number: 1986207994.
The bank
considers the subject good for R2 000 000 over 30 days if strictly in the way
of business. CODE C
19 January
1962
Registration
Certificate Number: 1962/000158/07
The subject
incorporated the assets and operations of CHEMIMPO SOUTH AFRICA (PTY) LTD as at
1 June 2013, however, CHEMIMPO SOUTH AFRICA (PTY) LTD is still in the process
of winding down its operations.
It was stated
that the Directors have been involved in the company since 1970.
The subject
incorporated the assets and operations of a company in March 2008 named
SILOXANE IMPORTS CC (Registration Certificate Number: 1994/007075/23).
The subject
took over the assets, operations and liabilities of 2 divisions being the food
and chemicals divisions (7th
Sense Foods) and the
speciality chemicals division in February 2007 from a company named T AND C
CHEMICALS (PTY) LTD, which in turn is owned by TAUBER AND CORSSEN (PTY) LTD.
4140118623
9397008849
Level 6 contributor
Trading in
chemicals, e.g. talc, siloxane and latex INTERNATIO MUELLER CHEMICALS
DISTRIBUTION SOUTH AFRICA (PTY) LTD Page 3 of 5
The subject
imports 90% of its supplies from Germany, Brazil, China, India and France and
deals with the local forwarding and clearing agent FREIGHTPAK in Johannesburg.
The paint,
plastic, food and ingredients industries
South Africa
Africa
90 permanent
employees
None
The premises
are reported to be owned by the subject free of bond
R50 000
divided into 200 000 ordinary shares of R0, 25 cents each
R50 000
The following
estimated financial situation was submitted as at December 2012:
STOCK ±R40
000 000
DEBTORS R 25 000 000
FIXED ASSETS R 1 000 000
CREDITORS R 20 000 000
OVERDRAFT Nil
HOLDING
COMPANY LOANS R 60 000 000
TURNOVER per
annum R250 000 000
KPMG INC
Parktown +27 11 647 7111
DECEMBER
AON INSURANCE
BROKERS
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. Jan 1998 R500 000 R
30 000- 30 days 30 days Very Good
c/l R180
000
2. 9 years R20 000 R 20 000 30
days 0 days Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 2002 R500 000 R300 000 30
days 30 days Very Good
2. 5 years R 10 000 R 10 000 30
days 30 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. Oct 2006 R100 000 R100
000 30 days 34 days Good
2. 6 years Open R
8 000 30 days 30 days Very Good
3. Feb 2007 R3 000 000 R500 000- 30 days 60 days Slow
R700 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 11 years R30 000
R 5 000- 30 days 30 days Very Good
EFT
2. 2007 R500 000 300 000- 0
days 30 days Good
R500 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 2 years R4 000 000 R2 000 000- 30 days
30 days Excellent
c/l R4
000 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. +2 years R4 000 000 R2 000 000- 30 days
30 days Very Good
c/l R4
000 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. Feb 07 R600 000 R400 000- 30
days 30 days Excellent
c/l R450
000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 2007 R1 000 000 R450 000 30 days
30 days Excellent
R500 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 10 years Open R500
000 30 days 31 days Very Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. 2007 Open
R450 000- 30 days 31 days Very Good
R600 000
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. +10 years Open acc R500
000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1. Feb2007 R2 500 000 R400 000 30 days
30 days Good
This is a
well-established and well-connected business which recently incorporated the
assets and operations of another well-established business. The subject imports
most of its supplies and is not a general credit seeker, however, it is meeting
its one local commitment timeously.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
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|
1 |
Rs.101.08 |
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Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.