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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ELITE CHEMICAL INDUSTRIES (PTY) LTD |
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Registered Office : |
23 Barium Street, Alrode Ext 7, P O Box 123897, Alrode1451, Alberton, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
14.09.1971 |
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Com. Reg. No.: |
1971/010421/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The subject produces and distributes a wide range of epoxy / polyurethane
and polyester resin systems, glues, putties and encapsulating resins. |
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No. of Employees : |
22 permanent employees and 15 contract employees (fluctuates). |
RATING & COMMENTS
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MIRA’s 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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South Africa |
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
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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 |
ELITE
CHEMICAL INDUSTRIES (PTY) LTD
23
Barium Street
Alrode
Ext 7
ALBERTON
Gauteng
P
O Box 123897
ALRODE
1451
011
864 4620
011
864 3403
100% J A W FRIEDRICH
Shareholding
changed and was previously:
65% J A W FRIEDRICH
35% H M ADLER
ELI
DOUGH (PTY) LTD
JOINT MASTER (PTY) LTD
RESOLA
PROPERTIES (PTY) LTD (property owning company)
It was stated that J A W FRIEDRICH is involved in the abovementioned companies.
J
A W FRIEDRICH ID No: 4101135081109
O
A FRIEDRICH (Jnr) ID No: 7102035165080
NEDBANK,
Alberton Branch, account number 1902098730.
It was stated that the subject enjoys overdraft facilities. Utilisation is stated to be nil as credit
balances are normally maintained at the bank.
14
September 1971
Registration
Certificate Number 1971/010421/07
The
subject was commenced as a new business.
4440119883
9188114848
The
subject produces and distributes a wide range of epoxy / polyurethane and
polyester resin systems, glues, putties and encapsulating resins.
The subject imports resins from the USA, Brazil, Europe and the Far East.
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.
Mining,
electronic, encapsulation, quarrying, general and civil engineering
sectors. The subject also does contract
business on a tender basis.
South
Africa
The
subject supplies to a company named, ELICHEM in the UK, which is owned by O A Friedrich (son of J A W
Friedrich). The latter company in turn
distributes the products worldwide.
22
permanent employees and 15 contract employees (fluctuates).
None
The
premises are reported to be owned by the associate property owning company with
an insurance value in the
region of R4 million, free of bond.
R10
000 divided into 10 000 ordinary shares of R1 each
R10 000
Full financial information was not forthcoming
from respondents at the subject and outside authorities were unable to assist
in this regard.
The
last available turnover figure per annum was that reported in 2009 of
R45 000 000
MOORES
ROWLAND Johannesburg (011) 484 7700
FEBRUARY
MELNICK
FAGRI (MFW)
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs+ declined declined 30
days 30 days Excellent
2. 7 – 10 yrs R136
000 R20 000 - 30 days 30
days Very good
c/l R50 000
3. 02/1999 R110
000 R50 000 7 days 7 days Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R100
000 R60 000 30 days 30 days Very good
2. 8 yrs R70
000 R70 000 30 days 30 days Good
3. 5 yrs R22
000 R30 000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. 9 yrs R100
000 R100 000+ 7 days 7 days Very good
4.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 yrs R300 000 R300
000 30 days 30 days Very Good
2. Old acc figures confidential 30 days 30
days 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. Do
not give trade references.
2. Do
not give trade references.
3. ±10
years R200 000 R 20 000 - 30 days 14/30
days Very Good
c/l
(Coface) R400 000
4. Old
Acc. (big acc.) undisclosed Slow now
undisclosed (normally
good)
5. +Jul
2005 R300 000 R 40 000 - 30 days 30
days Excellent
c/l R150 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +2
years R200 000 R
10 000- 30 days 7/14 days Excellent
c/l R150 000
2. 2005 R
80 000 R 70 000 30
days 30 days Excellent
c/l
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. 12
Years Declined R 300 000 30 days 30 days Excellent
2. Do
not give trade references
3. Do
not give trade references
4. Do
not give trade references
(These descriptions relate respectively by number
to the above current trade transactions):
1. Freight
forwarder
2. Chemicals
3. Chemicals
4. Chemicals
This is an established company meeting its
obtainable commitment timeously. The
subject is considered equal to its normal business engagements. The lack of a
full payment pattern should be borne in mind.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.32 |
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1 |
Rs.99.00 |
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Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
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Analysis Done by
: |
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 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.