.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Formerly Known As : |
CHEMSERVE TECHNICAL PRODUCTS PTY) LTD |
|
|
|
|
Registered Office : |
Building 2 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
07.11.1946 |
|
|
|
|
Com. Reg. No.: |
1946/023685/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject engaged in division wise Chemical Division : The subject is an
agent for speciality chemicals and they also manufacture and distribute chemical
products, Food Division: Distributors of speciality
ingredients, products and services to the food industry Surfactants Division : Supplier of
fertiliser, agricultural chemicals, additives and emulsifiers. |
|
|
|
|
No of Employees : |
350 |
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 30, 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. 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 |
LAKE INTERNATIONAL TECHNOLOGIES (PTY) LTD
Formerly: CHEMSERVE TECHNICAL
PRODUCTS PTY) LTD, the name having been changed on 23 June 2003
LAKE FOODS (Formerly DARLEON)
SOLUTIONS
INFIGRA
AFOODABLE
COBITO
LAKE CHEMICALS
EXPRESS
SURFACTANTS
FERTILISERS & AGRICULTURAL
CHEMICALS
GENERAL CHEMICALS
SPECIALISTY CHEMICALS
INDUSTRIAL URETHANES
- plus various other divisions
Building 2 Galaxy Office Park
17 Galaxy Road
Linbro Business Park
LINBRO PARK
Sandton
Gauteng
Private Bag X137
BRYANSTON
2021
+27 11 409 5000
+27 11 608 2345
The subject moved from the premises Gemini Street,
Linbro Business Park, Sandton a few years ago and no longer utilise the
telephone number +27 11 458 8000.
100% AECI
LTD
(Registration Certificate Number 1924/002590/06)
(quoted on the JSE LTD)
The shareholding was previously 100% CHEMICAL
SERVICES LTD which in turn is owned by AECI LTD having changed.
AKULU-MARCHON (PTY) LTD
CHEMICAL INITIATIVES (PTY)
LTD
ATLAS CONSOLIDATED
INDUSTRIES (PTY) LTD trading as INDUSTRIAL URETHANES
SENMIN (PTY) LTD
CHEMIPHOS SA (PTY) LTD
(Registration
Certificate Number 1998/014017/07) – which was purchased by the subject in May
2005
CREST CHEMICALS (PTY)
LTD – 50% owned by the subject
CHEMSERVE SYSTEMS (PTY)
LTD – 100% owned by the subject
CHEMSERVE PERLITE (PTY)
LTD
SA PAPER CHEMICALS (PTY)
LTD
And other companies in
AECI LIMITED group
80% AFOODABLE
(PTY) LTD (Marinades and Sauces)
(Registration Certificate Number: 2003/009337/07)
J F VAN HEERDEN ID
No.6703225038085
D K MURRAY (Chairman) ID
No.6809275031084
T N DAVIES (MD for
Lake Foods) ID
No.7501050144088
B HARVEY (FD) ID
No.7409205199082
G GERBER (MD for Lake Chemicals) Not
available
Mr. G Gerber was previously the Managing Director for PLASTAMID and
prior to his commencement at the subject a Managing Director at INDUSTRIAL
URETHANES.
FIRST NATIONAL BANK, Johannesburg Branch, Account
Number: 58860880617. It was stated that
the subject is managed by a cash management scheme controlled by the holding
company.
7 November 1946
Registration Certificate Number 1946/023685/07
It was stated that the subject bought and incorporated the coatings
operations of JLM INDUSTRIES (SA) (PTY) LTD into the Coating and Lake General
Chemicals divisions on 1 July 2005.
It was stated that the subject bought the assets and operations of a
business namely, DARLEON CC (Registration Certificate Number 1985/008889/23)
and incorporated it as a division into the subject.
4230103154 (Confirmed at
SARS)
9000170713
Level 5 contributor
Chemical Division
The subject is an agent for speciality chemicals and
they also manufacture and distribute chemical products,
Food Division
Distributors of speciality ingredients, products
and services to the food industry
Surfactants Division
Supplier of fertiliser, agricultural chemicals,
additives and emulsifiers.
The subject imports chemicals (colourants) from Europe, Australia and
deals with the following South African suppliers:
UTI Johannesburg
TANKER SERVICES Johannesburg
SHELL CHEMICALS
Johannesburg
CONEKT BUSINESS GROUP
Johannesburg
SAFCOR PANALPINA
SYNERGY WORLDWIDE
LOGISTICS Durban
Industry in general
i.e. mining, painting, glass, chemical and detergent industries.
USA, Northern Africa, Far East and on a small
basis to Hong Kong, Australasia and South America.
350
The subject has a plant in Umbogintwini 1 Dickens
Road, Industrial Park (KwaZulu-Natal South Coast) +86 099 0011.,
Natalspruit, Alberton, a laboratory in Chloorkop, an office in Cape Town and a
division is situated in Linbro Park, Johannesburg.
The head office premises are reported to be owned
by a group property owning company. The various
plant premises, Cape Town office and laboratory premises are reported to be
leased.
R36 000 divided into 18 000 ordinary shares of R2
each
R34 290
The following estimated financial situation was
submitted as at December 2012:
STOCK R 100 000 000
DEBTORS R 80 000 000
FIXED ASSETS –
(including goodwill) R 90 000 000
CREDITORS R 50 000 000
SHAREHOLDERS LOANS Nil
TURNOVER - per annum R 800 000 000
KPMG
DECEMBER
WILLIS INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Nov 2001 R3 000 000
R500 000 30 days 30 days
Very Good
c/l
2. Do not give trade references
3. Do not give trade references
4. 1995 R500 000 R220 000
30 days
30 days Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1996 R500 000 R200
000 60 days 60/65 days Good
2. 20 years R
50 000 R 45 000 30
days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R 500 000 R200 000 30
days 30 days Very Good
c/l
2. 2001 R3 000 000 R400 000 30
days 30 days Very Good
c/l
3. Do not give trade references
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R
500 000 R400 000 30 days
30 days Good
c/l
2. 2001 R3 000 000 R500
000 30 days 30 days Good
c/l
3. Do not give trade references
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3 years R500 000 R400 000 30 days 35 days Very Good
2. 5 years open
acc R350 000- 30 days 30 days Good
R400
000
3.
Do not give trade references
4.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2006 R100 000 R60 000 30 days 30 days Very Good
-R100
000
2.
Do
not give trade references
3.
2007 R950 000 R500 000 30 days 30 days Very Good
c/l
4. Sporadic
purchases – haven’t bought for a while
5.
Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 3+
years R950 000 R200 000- 30 days 30 days Very Good
c/l R400 000
2. 2+
years undisclosed R
80 000± 30 days 30
days
Very Good
3.
Do not
give trade references
4.
Do not
give trade references
5.
Do not
give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4+
years R950 000 R200 000 30 days 30 days Very Good
c/l
2. ±4
years undisclosed R150 000 30 days 30 days Very Good
3. 2009 R75 000 undisclosed 30 days 30 days
Very Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 R
900 000 ±R 500 000
30 days 30 days Very Good
c/l
2. 2009 R
200 000 R 30 000 30 days 30 days
Good
c/l
3. 2006 open ±R 100 000
30 days 30 days Very Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 R
950 000 R 400 000 30
days 30 days Good
2. 2010 R
100 000 R 65 000 30 days 30 days No problems
3. 2006 Open R 100 000- 30 days
30 days Very Good
R 250 000
4.
Do not
give trade references
5. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 R
950 000 R 350 000
30 days
30 days Very Good
2. 2006 Open R 200 000 60 days 60 days
Very Good
3. Do
not give trade references
4. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2
years R5 000 000 R2 500 000 14 days 14 days
Very Good
2. 2007 R
500 000 R 100 000 30
days 30 days Very Good
3. 2006 Open Acc R 100 000 30 days
30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT
CREDIT PATTERN
1.
2007 R 950 000 R400 000 30 days 30 days
Very good
2.
Unable to obtain
3.
4 years R5 000 000 R3 000 000 14 days 14 days
Excellent
This a well-established and well-connected company
meeting its commitments timeously as per arranged terms. The subject is undertaking restructuring
within the group, however, the subject would be considered as equal to its
normal business engagements and to a maximum figure of over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.98 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.