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Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
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Name : |
IMPROCHEM (PTY)
LTD |
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|
|
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Formerly Known As : |
CLP INVESTMENTS NO 19 (PTY) LTD |
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Registered Office : |
Maxwell Drive, 1 Pinelands Hill (Business
Park), Modderfontein, Kempton Park Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
06.06.2005 |
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Legal Form : |
Private Company |
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Line of Business : |
Water management,
energy, process chemicals, technology and solutions supplier including
products, services, equipment and technology. |
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No of Employees : |
±647 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
IMPROCHEM
(PTY) LTD
Formerly: CLP INVESTMENTS NO 19 (PTY) LTD, the name having been changed
on 23 February 2006
Maxwell Drive
1 Pinelands Hill (Business Park)
MODDERFONTEIN
Kempton Park
Gauteng
P O Box 2954
KEMPTON PARK
1620
+27 11 971 0400
+27 11 971 0485 / 394 3436
The subject moved from 138 Plane Road, Spartan, Kempton Park in November
2013 to the current address.
The address of 13 Waterson Street, Sasolburg is reported to be a small
district sales office of the subject.
100 % CHEMICAL SERVICES LTD
(Registration Certificate Number:
1969/003338/06) which is in turn owned by 100% AECI LTD (Registration Certificate
Number: 1924/002590/06) and are listed on the JSE
The subject’s shareholding is reported to
have changed in July 2009 and was formerly 74.9% CHEMICAL SERVICES LTD and
25.1% TISO CHEMICALS (PTY) LTD.
IMPROCHEM TANZANIA (PTY) LTD
IMPROCHEM NAMIBIA (PTY) LTD
IMPROCHEM ZIMBABWE (PVT) LTD
IMPROCHEM KENYA (PTY) LTD
IMPROCHEM MOZAMBIQUE (PTY) LTD
ONDUKA (PTY) LTD
(Registration Certificate Number 1991/001924/07)
BLENDTECH (PTY) LTD
The respondent stated that the subject incorporated operations of a
division, WATER TREATMENT TECHNOLOGIES of a company called CLARIANT (PTY) LTD
as from 1 July 2014.
And other companies within the CHEMICAL SERVICES Group.
J L DU TOIT (MD) ID
No. 5706075014081
M A DYTOR ID
No. 6107185122089
H C BASSON ID
No. 6307095134089
K V WAGHMARAE ID
No. 6008215110088
(MS) A CALITZ ID
No. 7509080059085
FIRST NATIONAL BANK, Global Transactional
Service Branch, Johannesburg. Account Number: 50490104441. It was stated that
the subject is managed by a cash management scheme controlled by the holding
company.
6 June 2005
Registration Certificate Number: 2005/019505/07
The subject was formed from assets and operations that were formerly
part of a company named CHEMSERVE WATER AND ENERGY SOLUTIONS (PTY) LTD.
4580221424
9082075160
Level 4 contributor
Water management, energy, process chemicals, technology and solutions supplier including products,
services, equipment and technology.
The subject imports a
small percentage of raw materials from Europe, USA and China.
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.
Electronics, food, beverage, processing, chemical,
petroleum, refineries, steel, mining, power generation and metal works.
South Africa
Sub-Saharan African countries, Mauritius and
Europe
±647
The subjects staff
compliment increased from 443 as reported in July 2013
The subject has a factory in Umbogintwini,
KwaZulu-Natal and approximately 12 branches countrywide and a district office
in Sasolburg.
The premises are reported to be leased
R40 000 000 divided into 4 000 ordinary shares of
R10 000 each
R40 000 000
The share capital has been confirmed by the
subjects auditor who stated that even though CIPC state the subject has
4 000 ordinary R1 shares, it is not recorded in CIPC that each of the
shares were issued at a premium of R10 000 each, therefore making the
share capital R40 000 000. The
issued share capital was confirmed as being R40 000 000 by the
auditors.
Please see previous financial information
submitted as at 31 December 2012 :
STOCK R100
000 000
DEBTORS R100
000 000
FIXED ASSETS nett book
value incl. intangible assets R130
000 000
CREDITORS R 50 000 000
SHAREHOLDERS LOANS
from CHEMICAL SERVICES LTD R 99 000 000
TURNOVER per annum R600
000 000
K P M G INC Johannesburg +27 11 647 8340
DECEMBER
WILLIS INSURANCE BROKERS
TRADE REFERENCES – DECEMBER 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years R60 000 R 30 000- 30 days 30
days Very Good
c/l R 40 000
2. 10
years R250 000 R250 000 30
days 30 days Good
3. 1994 R400 000 R 30 000- 30 days 35
days Good
c/l R160 000
TRADE REFERENCES – OCTOBER 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years open R 50 000 30 days 30
days Good
2. 5
years R1 000 000 R
600 000 30 days 30 days Good
3. 15
years open R1 000 000 30
days 30 days Excellent
TRADE REFERENCES – JULY 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years figures confidential 30 days 31/32
days Excellent
2. 15 years figures confidential 30 days 30
days Excellent
3. Do not give trade references
4. Do not give trade references
5. Do not give trade references
TRADE REFERENCES – MAY 2009
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb 2004 R1 300 000 ±R 600 000 30
days 30 days Very Good
2. 2003 declined ±R 300 000- 30
days 30 days Very Good
R 500
000
3. 15 years declined ±R2
000 000- 30 days 30 days Excellent
R3 000 000
TRADE REFERENCES –
FEBRUARY 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb 2004 R1 000 000 R
400 000 30 days 30 days Very
Good
2. 15 years R2 000 000 R2 000 000 30 days 30 days Very Good
3.
Do not give trade references
4.
Do not give trade references
5.
Do not give trade references
TRADE REFERENCES – MAY
2011:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 11 years undisclosed
R2 000 000 30 days 30 days Excellent
2. 2004 R1 000 000 ±R
500 000 30 days 30 days Very
Good
3.
Do not give trade references
4.
Do not give trade references
5.
Do not give trade references
TRADE REFERENCES – MAY
2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R1 000 000 R
500 000 30 days 30 days Good
c/l
2. 15 Years Declined R2 000 000 30 days 30
days Good
3. Do not give trade references
4.
Do not give trade references
5.
Do not give trade references
6.
Do not give trade references
7.
Do not give trade references
8.
Do not give trade references
TRADE REFERENCES – APRIL 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Aug 1994 R1 800 000 R
500 000- 30 days 30 days Good
R 700 000
2. ±15 years Declined R2 000 000 30 days 30
days Very Good
3. Awaiting fax trade reference
4. Do not give trade references
5. Do not give trade references
6. Do not give trade references
TRADE REFERENCES – JULY 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R3 200 000 R3 000 000 30 days 31 days Excellent
2. 10 years R1 000 000 R
500 000 30 days 30 days Good
3. Do not give trade references
4. Awaiting fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give
trade references
2. Declined Declined Declined 30 days 30
days Good.
3. Old Act R2 000 000 ±R1 500 000 60 days 60 days Very Good
c/l
unsecured
4. Sept
1998 R2 900 000 R2 300 000- 30
days 31 days Very Good
c/l
R2 500 000
5. Unable to
obtain trade reference – needs permission letter from subject
6. Awaiting
a faxed trade reference
(These descriptions relate respectively by number to the above current
trade transactions):
2. Chemicals
3. Packaging
solutions
4. Freight
transport, chemical storage and distribution
This is a well-established and very
well-connected company meeting one of its commitments slightly over terms at
times and other as per arranged terms timeously. The subject is considered as equal to its
normal business engagements
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SMN |
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 |
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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 |
|
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 |
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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 |
|
<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.