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Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
The Voorbaai Crescent, Bayview Industrial, P O Box 57, Mossel Bay
6500, Western Cape |
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Country : |
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Date of Incorporation : |
09.12.2003 |
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Com. Reg. No.: |
2003/031169/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturers and marketers of wood preservatives, chemicals (water and
oil borne products) as well as solvent based products used for sawn timber
and poles. |
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No. of Employees : |
25 |
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 : |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
DOLPHIN BAY CHEMICALS (PTY) LTD
DOLPHIN PETROCHEMICALS
The Voorbaai Crescent
Bayview Industrial
MOSSEL BAY
Western Cape
P O Box 57
MOSSEL BAY
6500
TELEPHONE NUMBER: +27
44 695 1575
FAX NUMBER: +27 44 695 0777
100% B COETZEE
The shareholding changed and was previously:
100% P L COETZEE
DOLPHIN BAY CHEMICALS CC
(Registration
Certificate Number: 1995/036100/23)
DOLPHIN BAY TRADING (PTY) LTD
(Registration Certificate Number:
2005/013234/07)
DOLPHIN BAY PRODUCTION (PTY) LTD
(Registration Certificate Number:
2007/019208/07)
P L COETZEE ID
No. 3907085037086
B COETZEE ID
No. 8411080266084
NEDBANK, Mossel Bay Branch, Account Number: 1626023913. It was stated that the subject enjoys
overdraft facilities to an extent of R2 500 000 secured by the
personal guarantee of the Shareholder.
Utilisation of the overdraft is stated to be partial.
The subject previously banked with ABSA BANK, Mossel Bay Branch, Account
Number: 01007890962, where no overdraft facilities were utilised, as credit
balances were maintained at the bank, however, it was stated that this account
is no longer utilised.
9 December 2003
Registration Certificate Number:
2003/031169/07
The subject was registered to incorporate the assets and operations of an
established close corporation named DOLPHIN BAY PETROCHEMICALS CC (Registration Certificate Number: 1995/036100/23)
which commenced active operations in 1998.
It was stated that P L COETZEE previously worked as a marketing manager
for 20 years for SASOL CHEM and for 5 years for MOSSGAS. P L COETZEE is reported to have a diploma in
chemistry.
4410160115
9000592106
Level 8 contributor
Manufacturers and marketers of wood preservatives, chemicals (water and
oil borne products) as well as solvent based products used for sawn timber and
poles.
The subject imports 100% of its supplies from the Far East and deals
locally with suppliers.
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
subjects operation and whether we have only been given their essential suppliers
that must be paid promptly for the subject to maintain its operation.
Forestry and saw milling industry
Mpumalanga, Gauteng, Eastern and Western Cape
Tanzania
25, having increased from 15 reported in August 2014
It was stated that the subject has a factory in Sabie (22 Plein Street,
Klein Sabie, +27 13 764 3110, which has 5 employees.
The premises are reported to be owned by the subject.
R1 000 divided
into 1 000 ordinary shares of R1 each
R100
Full financial
information was not forthcoming from respondents at the subject and outside
authorities were unable to assist in this regard.
SAAYMAN EN KIE Oudtshoorn +27 44 272
8310
PRICEWATERHOUSECOOPERS
JUNE
INDWE INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 years R80 000 R50
000 30 days 30 days Very
Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb 2003 R
700 000 R290 000 30 days 30
days Excellent
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R 700 000 R145 000 30
days 30/35 days Average
c/l
2. 2000 R2 000 000 R400
000- 30 days 30/37 days Very Good
c/l R600 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 R 560 000 R 211 000± 30
days 40 days Slow
c/l
2. 2000 R5
000 000 R1 200 000± 60 days 65
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Unable to trace the account
2. Jan 2006 R1 000 000 R
400 000- 60 days 60 days Very
Good
c/l R 500 000
3.
Awaiting a fax trade reference
4.
Awaiting a fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 2006 R1 000 000 R1 000 000 30 days 30 days Very Good
2. Do not give trade references
3. Awaiting fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 2006 R1 500 000 R1 000 000- 60 days 60 days Very Good
R1 500
000
2. Do not give trade references
3. Do not give trade references
(These descriptions
relate respectively by number to the above current trade transactions):
1. Freight Forwarder
This is an established business that imports substantially from
overseas, however, is meeting its one local obtainable commitment timeously as
per arranged terms. The subject is
spoken of highly by its freight forwarders.
The subject is considered equal to its normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIT |
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.