|
Report No. : |
300047 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DOW AGROSCIENCES SOUTHERN AFRICA (PTY) LTD |
|
|
|
|
Formerly Known As : |
SANACHEM (PTY) LTD |
|
|
|
|
Registered Office : |
2nd Floor, SLA Meadow Business Park, Campus Office Park,
Cnr Main & Sloane Streets Bryanston,
Randburg
Gauteng
Private Bag X55, Bryanston, 2021 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
03.07.1967 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacture and distribution of agricultural (crop protection)
chemicals such as herbicides, pesticides and insecticides |
|
|
|
|
No. of Employee : |
210-220 [In The Group] |
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 : |
No Complaints |
|
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 |
DOW AGROSCIENCES SOUTHERN AFRICA (PTY) LTD
Formerly: SANACHEM (PTY) LTD, the name having been changed on 12
September 2000
Formerly: SA NATIONAL AGRICULTURAL CHEMICALS (PTY) LTD the name having
been changed in May 1995
Formerly: FARM MACHINERY (PTY) LIMITED the name having been changed on 1
March 1984
2nd Floor
SLA Meadow Business Park
Campus Office Park
Cnr Main & Sloane Streets
Bryanston
Randburg
Gauteng
Private Bag X55
Bryanston
2021
+27 11 575 0808
+27 11 575 6088
The subject’s operational site is based at Old Mill Site Canelands North
Coast KwaZulu-Natal and can be contacted on +27 32 439 1111.
100% DOW AGROSCIENCES LLC in the
USA, (Registered in Indianapolis). The
latter company was delisted from the Chicago Stock Exchange on the 16th
of July 2012 and is in turn owned by DOW CHEMICAL COMPANY INC in the USA.
SENTRACHEM LTD
(Registration Certificate Number: 1967/002258/06)
DOW SOUTH AFRICA HOLDINGS (PTY) LTD
(Registration Certificate Number: 1997/011422/07)
AMERICAN CHAMBER OF COMMERCE IN S A (ASSOCIATION INC.)
(Registration Certificate Number: 1977/003776/08)
continued
DOW SOUTH AFRICA (PTY) LTD
CISVAAL (PTY) LTD - dormant
(Registration Certificate Number: 1962/003795/07)
ROHM AND HAAS SOUTH AFRICA (PTY) LTD
(Registration Certificate Number: 1997/019822/07)
- plus other companies within the DOW group.
N S LUTSEKE ID
No. 5309250832086
It was stated by the respondent that G T PIJL HOGEWEG (Resident in DUBAI)
recently resigned as a director and
the subject is in the process of appointing another director.
NEDBANK, Durban North Branch.
Account Number: 1454012153. It was stated that the subject is managed by
a cash management scheme which is controlled by SENTRACHEM LTD.
The subject also utilises an account at NEDBANK, City Bank Branch. Branch Code: 350005. Account number: 0200581016.
It was stated by the respondent that they use different accounts for
different currencies.
3 July 1967
Registration Certificate Number: 1967/007147/07
4010102442
9264211203
The manufacture and distribution of agricultural (crop protection)
chemicals such as herbicides, pesticides and insecticides
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.
Agricultural distributors such as AGRICURA that sells to farmers,
retailers.
AREA OF DISTRIBUTION
AND SELLING: South
Africa
EXPORTS: 60 countries worldwide
TOTAL EMPLOYEES: 210-220 in the group.
The subject has operational sites in Canelands, Durban +27 32 439
1111, branches in Sasolburg and Paarl, Cape Town +27 21 872 1751, a
warehouse in Chloorkop +27 11 393 2453 and administrative offices in Bryanston,
Johannesburg +27 11 575 6088. It is
reported that the group has approximately 7 manufacturing sites across South
Africa.
OWNED OR LEASED: The
premises are reported to be leased
R2 000 divided into 1 000 ordinary shares of R2 each
R2 000
Full financial information was not forthcoming from respondents at the
subject and outside authorities were unable to assist in this regard.
DELOITTE AND TOUCHE, Durban +27 31 560 7000
DECEMBER
MARSH INSURANCE BROKERS (Previously ALEXANDER FORBES), AIG INSURANCE
BROKERS and CHARTIS INSURANCE BROKERS
TRADE REFERENCES – AUGUST 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R4 500 000 R1 500 000 - 30 days 30 days Very Good
R2
000 000
2a. 4 years R1 500 000 R900
000 - 30 days 30 days Very Good
R1
000 000
2b. 4 years R1 500 000 R500
000 - 30 days 30 days Excellent
R900
000
2c. 4 years R600 000 R100
000 30 days 30 days Excellent
TRADE REFERENCES – JUNE 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade
references
2. 10 years+ declined declined 30
days 30 days Good
3. 2000 R100 000 R1
000 30 days 30 days Good
4. 10 years R500 000 R200 000 - 30
days 30 days Good
R300
000
TRADE REFERENCES – AUGUST 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade
references
2. 8 years declined declined 30 days 30 days Excellent
3. 2004 R2 000 000 R800
000 30 days 30 days Very Good
TRADE REFERENCES – SEPTEMBER 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 8 years confidential confidential 30 days 30
days Very Good
2. Feb 2004 R2 000 000 R300 000 30
days 30 days Very Good
c/l
Do not give trade references
Do not give trade references
TRADE REFERENCES – JULY 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R2 000 000 R450 000 30
days 30 days Good
c/l
2. 10 years + declined declined 30
days 30 days Good
3. 2000 declined declined 30 days 30 days Good
4. Before 2002 R100 000 R55 000- 30
days 30 days Very Good
c/l R60 000
TRADE REFERENCES – MAY 2011:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
Do not give trade
references
Do not give trade
references
Do not give trade
references
2004 R2 000 000 R400
000 30 days 30 days Very Good
c/l -
at present, used to be much more
10 years+ declined large amount 30
days 30 days Very Good
10 years declined declined 30
days -30 days Excellent
- discount
TRADE REFERENCES –
NOVEMBER 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +
15 years R26 000 000 R12 000 000 30 days 30
days Excellent
2. Awaiting
a fax trade reference
3. Do
not give trade references
TRADE REFERENCES- AUGUST 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb
2004 R 2 000 000 ±R 100 000 30 days ±90
days Average
2. 10
years R30 000 000 R20 000 000 30 days 30
days Excellent
3. 10
years Declined Declined 30 days 30
days Excellent
4. Do
not give trade references
Do not give trade references
Do not give trade references
CURRENT TRADE REFERENCES :
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002
R
100 000 ±R 30 000 30 days 30 days Very Good
2. 2007 Declined R10 000 000 30 days 30
days Very Good
3. Do
not give trade references
4. Do
not give trade references
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions relate respectively by number to
the above current trade transactions):
1. Chemicals
2. Shipper
This is a very well established and well-connected company that is
meeting its commitments timeously. The suppliers regard the subject highly and
it is considered equal to a maximum figure of €1 500 000 over 30
days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.