MIRA INFORM REPORT

 

 

Report Date :

10.03.2014

 

IDENTIFICATION DETAILS

 

Name :

D B FINE CHEMICALS (PTY) LTD

 

 

Registered Office :

Unit 12 Woodview Office Park, 1 Humber Street, Woodmead, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.05.1995

 

 

Com. Reg. No.:

1995/004258/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers and distributors of fine chemicals raw materials and capsules.

 

 

No. of Employees :

10

 

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 :

Slow but correct

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, 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. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom, the state-run power company, 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

 

 

 

 

Company name & address

 

COMPANY NAME:                    D B FINE CHEMICALS (PTY) LTD

PHYSICAL ADDRESS: Unit 12 Woodview Office Park

1 Humber Street

WOODMEAD

Sandton

Gauteng

POSTAL ADDRESS:                 P O Box 786

RIVONIA

2128

TELEPHONE NUMBER:            +27 11 807 2991

FAX NUMBER:              +27 11 807 0953

 

 

SHAREHOLDERS

 

100% D BAUMANN

 

 

ASSOCIATE COMPANIES

 

EIFEL PROPERTY (PTY) LTD

(Registration Certificate Number: 1999/008408/07)

M J E PROPERTIES (PTY) LTD (dormant since 2010)

(Registration Certificate Number: 1995/004651/07)

MAKARIOS PROPERTY (PTY) LTD (property owning company)

(Registration Certificate Number: 2003/024640/07)

 

 

DIRECTORS

 

D BAUMANN (Sole director)      ID No. 6209215240004

 

 

BANKERS

 

NEDBANK, Rivonia Branch, Account Number: 1969086599. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

DATE REGISTERED

 

16 May 1995

Registration Certificate Number: 1995/004258/07

 

It was stated that prior to commencing the subject D BAUMANN was the Managing Director of E I ROGOFF CHEMICALS (PTY) LTD for 6 years, however, it was stated that he was involved in the latter group for approximately 15 years.

 

VAT NUMBER: 4030202974

 

TAX NUMBER: 9023056873

 

BEE STATUS: Not applicable

 

 

MAJOR OPERATION

 

Importers and distributors of fine chemicals raw materials and capsules.

 

 

MAJOR SUPPLIERS

 

The subject imports 95% of its supplies and deals locally with:

KAPELE FREIGHT

KIRSCH PHARMA

ADCOCK INGRAM

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Pharmaceutical industry

 

AREA OF DISTRIBUTION AND SELLING:          South Africa

 

EXPORTS:                                                       Occasionally to Namibia and Zimbabwe

 

TOTAL EMPLOYEES:                                       10

 

OTHER PREMISES:                                          None

 

 

OWNED OR LEASED

 

The heading premises are reported to be owned by EIFEL PROPERTIES (PTY) LTD (reported to be owned by D BAUMANN), free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL    

 

R120

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 5 March 2014:

STOCK fluctuates                                  R 1 500 000

DEBTORS                                            R 3 000 000

FIXED ASSETS                                    R 1 500 000

CREDITORS                                         R 1 500 000

TURNOVER per annum              R60 000 000

 

 

AUDITORS:                              DE VOS RICHARDS, Johannesburg. +27 11 675 1866

 

YEAR END:                              FEBRUARY

 

INSURANCE BROKERS:           THE BROKERAGE INSURANCE BROKERS

 

TRADE REFERENCES – SEPTEMBER 2006

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 2003             R400 000          R250 000          30 days            30 days            Good

c/l

2. Aug 2003      R 25 000           sporadic           30 days            30 days                        Good

c/l

3. 2000             R 50 000           R 25 000 -         30 days            30 days            Very Good

R 50 000

 

TRADE REFERENCES – JANUARY 2007

 

ACCOUNT        HIGHEST         AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT           CREDIT                                    PATTERN

1. 2003             R400 000          R250 000 -        30 days            30 days            Very good

R315 000

2. Do not give trade references

3. 2001             R25 000            R 15 000 -         30 days            30 days            Very good

R 20 000

4. 2003             R25 000            declined            30 days            30 days            Good

 

 

TRADE REFERENCES - DECEMBER 2007

 

ACCOUNT        HIGHEST         AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 4 years          R400 000          R350 000          30 days            30 days            Very good

2. Do not give trade references

3. 2001             R 25 000           R 5 000 -           30 days            30 days            Excellent

R 25 000

 

TRADE REFERENCES – MARCH 2009

 

ACCOUNT        HIGHEST         AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 2003             R1 100 000        R600 000          30 days            30/45 days        Good

2. 2001             R 25 000           R 8 000-            30 days            40 days                       Good

c/l R                 76 000

3. 2008             R 25 000           R 3 000-            30 days            30 days            Excellent

c/l                     R 20 000

 

TRADE REFERENCES – APRIL 2009

 

ACCOUNT        HIGHEST         AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 6 years          R1 100 000        R300 000          30 days            30 days            Very good

c/l

2. 2001             R 25 000           R 10 000-          30 days            30+ days          Good

3. 2 years          declined            figures              30 days            30 days            Excellent

 

TRADE REFERENCES – APRIL 2010

 

ACCOUNT        HIGHEST          AVERAGE       TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 2003             R 25 000          R 75 000+         30 days            30 days            Excellent

c/l

2. 2 years          R1 100 000        R480 000          30 days            30 days            Good

c/l

3. 9+ years        R 40 000           R 10 000           30 days            30 days            Excellent

 

TRADE REFERENCES – MAY 2011

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                   PATTERN

1. 5 years          R1 000 000        R500 000-         30 days            30 days            Excellent

c/l                     R800 000

2. Last purchased August 2010

3. 10 years        R100 000          R 25 000-          30 days            30 days                        Very Good

R100 000

4. 10+ years      R100 000          R50 000            30 days            30 days            Good

c/l

 

TRADE REFERENCES – APRIL 2012

 

ACCOUNT        HIGHEST         AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 11 Years       R150 000          R 80 000           30 days            30 days            Problematic

Outstanding discrepancy of R25 000 since December 2011

2. 5 Years +      R1 000 000        R1 000 000        30 days            30 days            Excellent

3. 12½ Years     R100 000         R 3 000-            30 days            30-45 days        Good

R 80 000

4. Last purchases in 2009

 

TRADE REFERENCES – APRIL 2013

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. Unable to obtain trade reference

 

2. Dec 2012      R2 000 000        R 750 000-        30 days            30 days            Very Good

R1 000 000

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. Sept 2012     R2 000 000        R 500 000-        30 days            30 days            Very Good

R 700 000

2. C.O.D. The subject purchases in bulk once a year

 

 

COMMENTS

 

This is an established business which imports most of its supplies. The subject is meeting one of its local commitments on a C.O.D. basis and the other commitment is being met timeously. The subject is spoken of highly by its supplier. The subject is considered equal to its normal business engagements. In view of a previous payment pattern indicating commitments being met over terms, this account may require monitoring.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.99

UK Pound

1

Rs.102.07

Euro

1

Rs.84.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.