|
Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORESTCHEM
CC |
|
|
|
|
Registered Office : |
39
Rorvick Avenue, Musgrave, Durban, 4001 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
22.05.2006 |
|
|
|
|
Com. Reg. No.: |
B2006/079146/23 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject operates as an importer and distributor of raw materials such as citric acid, edible oils, glycerine, gum resin, lonseed oils, phosphoric acid, putty oils, solvents, steric acid, waxes, pine oils 85%, sodium bicarbonate. |
|
|
|
|
No. of Employees |
Not Available |
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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
|
Subject
Name |
FORESTCHEM
CC |
|
Country |
South
Africa |
|
Account
Review |
Recommended
Every 3 Months |
|
Subject
Contact Person |
WADE
MATTHEWS HEATH - MEMBER |
|
Assessment |
This
is an established business. On investigation contact was made with WADE
MATTHEWS HEATH the member who requested the name of the principal inquire
before he may provide any information. Please see the available information
on the subject below. |
|
Registered
Name |
FORESTCHEM
CC |
|
Trading
as/ Division Name |
None |
|
Previous
Name |
None |
|
Date
of Name Change |
2011-01-31 |
|
Registration
Number |
B2006/079146/23 |
|
Registration
Date |
2006/05/22 |
|
Date
Commenced Trading |
2006-05-22 |
|
Age
of Business |
8
Years 1 Months |
|
History
of Business |
The
subject commenced trading as a new business in 2006. It underwent a name change
in 2011 from an undisclosed name to the current. |
|
History
of Principals |
There
is 1 active member within the business |
|
Shareholders/Members/Partners
of subject and % holding |
100
% - WADE MATTHEW HEATH |
|
Authorised
Share Capital |
|
|
Issued
Share Capital/Members Contribution |
|
|
Status |
In
Business |
|
Operations
Assessment |
The
subject operates as an importer and distributor of raw materials such as
citric acid, edible oils, glycerine, gum resin, lonseed oils, phosphoric
acid, putty oils, solvents, steric acid, waxes, pine oils 85%, sodium
bicarbonate. |
|
Industry/
Customers |
The
manufacturing, industrial and food industries |
|
Export |
Yes |
|
Export
Countries |
|
|
Import |
Yes |
|
Import
Countries |
|
|
Major
Industry Code / SICC |
61210 |
|
Definition
of Code |
Wholesale
trade in agricultural raw materials and livestock |
|
Head
Office Physical Address |
39
RORVICK AVENUE, MUSGRAVE, DURBAN, 4001 |
|
Head
Office Postal Address |
39
RORVICK AVENUE, MUSGRAVE, DURBAN, 4001 |
|
Current
Tel Number |
0132549033 |
|
Cell
Number |
0827867301 |
|
Current
Fax Number |
0139148405 |
|
Current
Email Address |
|
|
Web
Site Address |
|
|
Comments |
|
|
Company
Registered Name |
CULVERWELL
& CO |
|
Trading
Name |
Unavailable |
|
Registration
Number |
Unavailable |
|
Physical
Address |
Unavailable |
|
Postal
Address |
P
O BOX 1532, PIETERMARITZBURG, 3200 |
|
Contact
Person |
Unavailable |
|
Contact
Number |
Unavailable |
|
Email |
Unavailable |
|
Principals |
|
|
Judgements
Against Subject |
Unavailable |
|
Judgements
Against Principals |
Unavailable |
|
Subject
Verified as Client |
|
|
Practice
Number |
935077 |
|
VAT
Number |
Unavailable |
|
Tax
Number |
Unavailable |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
Unavailable |
|
No
of years in Business |
6
Years 3 Months |
|
Website |
Unavailable |
|
Comment |
|
Previous
Auditors Information - No Information on Record
|
Vat
Number |
4610245773 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2008/03/01 |
|
Tax
Number |
9171277164 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
Black
Economic Empowerment Information - No Information on Record
ISO
Information - No Information on Record
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
|
Comment |
|
Subsidiaries
Information - No Information on Record
Employees
Information - No Information on Record
Company
Fleet Information - No Information on Record
Offices
Information - No Information on Record
Branch Information - No Information on Record
Company
Structure (Ownership)
Key
Deals - No Information on Record
|
Holding |
Company |
Sub |
Comment |
|
100
% - WADE MATTHEW HEATH |
FORESTCHEM
CC |
NONE |
|
Trade
References Information - No Information on Record
Adverse
Information on Subject
Judgements
- No information on record
BusinessRescue
- No Information on Record
Default
Listing - No information on record
Notarial
Bonds - No information on record
Bank
Information - No Information on Record
Bank
Code History - No Information on Record
Previous
Bank Account Information - No Information on Record
Deeds
Information - No information on record
|
Number
of Principals |
1 |
|
Average
Age of Active Principals |
45 |
|
Active
Principals Principal - 1 of 1 WADE HEATH |
|
|
Surname |
HEATH |
|
First
Name |
WADE |
|
Other
Names |
MATTHEW |
|
Marital
Status |
|
|
ID
Number |
6905125177083 |
|
Verified
ID Number |
Yes |
|
Current
Age |
45
Years 1 Months |
|
Designation |
Director |
|
Status |
Active |
|
Appointment
Date |
2010/11/11 |
|
Physical
Address (at time of Appointment) |
39
RORVICK AVENUE, MUSGRAVE, DURBAN, 4001 |
|
Postal
Address |
39
RORVICK AVENUE, MUSGRAVE, DURBAN, 4001 |
|
Current
Tel Number |
0314513740 |
|
Cell
number |
0837867301 |
|
Shareholding/Membership |
100
% |
Principal's
Adverse - No information on record
Business
Information for WADE HEATH
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
FORESTCHEM
CC |
B2006/079146/23 |
In
Business |
8
Years 8 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal
Deeds Information
|
Property
Interests for WADE HEATH |
|||
|
Title
Deed No. |
T36005/1996 |
Erf/Site
No. |
304 |
|
Deeds
Office |
JOHANNESBURG |
Physical
Address |
2
SCORPIO RANDBURG |
|
Property
Type |
F |
Extent
/ Size |
|
|
Purchase
Date |
1996/03/17 |
Purchase
price |
R191000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
STANDARD
BANK OF SOUTH AFRICA LTD |
|
Bond
Number |
B375291996 |
Bond
Amount |
R191000.00 |
|
Comment |
|
||
|
Property
Interests for WADE HEATH |
|||
|
Title
Deed No. |
ST1220/2003 |
Erf/Site
No. |
678,10 |
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
457
INNES WINDERMERE BEREA |
|
Property
Type |
U |
Extent
/ Size |
|
|
Purchase
Date |
2002/11/13 |
Purchase
price |
R
200000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
55S |
|
Bond
Number |
I-17681992C-K37819 |
Bond
Amount |
R
0.00 |
|
Comment |
|
||
|
Property
Interests for WADE HEATH |
|||
|
Title
Deed No. |
T67749/2005 |
Erf/Site
No. |
2156 |
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
39
RORVIK ESSENWOOD BEREA |
|
Property
Type |
E |
Extent
/ Size |
|
|
Purchase
Date |
2005/10/25 |
Purchase
price |
R1350000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
INVESTEC
BANK LTD |
|
Bond
Number |
B766292005 |
Bond
Amount |
R1230000.00 |
|
Comment |
|
||
|
Title
Deed No. |
T26297/2001 |
Erf/Site
No. |
1229 |
|
Deeds
Office |
PIETERMARITZBURG |
Physical
Address |
DUNCAN
PENNINGTON PENNINGTON |
|
Property
Type |
E |
Extent
/ Size |
|
|
Purchase
Date |
2001/02/28 |
Purchase
price |
R
200000.00 |
|
%
Ownership |
0.00 |
Bond
Holder |
STANDARD
BANK OF SOUTH AFRICA L |
|
Bond
Number |
B160412001 |
Bond
Amount |
R
200000.00 |
|
Comment |
|
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.