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Report No. : |
301772 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SENMIN INTERNATIONAL (PTY) LTD |
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Formerly Known As : |
SENMIN (PRIVATE)
LIMITED |
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Registered Office : |
Bunsen Street, Industrial Area, Sasolburg, Free State P O Box 19 Sasolburg 1947 |
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Country : |
South Africa |
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Financials (as on) : |
09.01.2015 |
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Date of Incorporation : |
29.05.1958 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is manufacturers of mining chemicals, surfactants (soap industry), fuel additives and water treatment chemicals. |
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No. of Employee : |
400 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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 |
COMPANY
NAME: SENMIN INTERNATIONAL (PTY) LTD
Formerly: SENMIN
(PTY) LTD the name having been changed on 5 December 2006.
Formerly: CHEMSERVE
STEINHALL (PTY) LTD, the name having been changed on 18 March 2003.
PHYSICAL
ADDRESS: Bunsen Street
Industrial Area
SASOLBURG
Free State
POSTAL ADDRESS: P O Box 19
SASOLBURG
1947
TELEPHONE
NUMBER: +27 16 970 1911 / 1542
FAX
NUMBER: +27 16 970 1523
100% CHEMICAL
SERVICES LTD (CHEMSERVE LTD - abbreviation) unquoted public company, which in
turn is owned 100% by AECI LTD (quoted on the JSE Ltd)
PELICHEM (PTY) LTD (dormant)
INDUSTRIAL OLEOCHEMICAL PRODUCTS (PTY) LTD
AKULU-MARCHON (PTY) LTD
ATLAS CONSOLIDATED INDUSTRIES (PTY) LTD,
trading as
Industrial
Urethanes
CHEMIPHOS SA (PTY) LTD
Plus other companies within the CHEMICAL
SERVICES and AECI group.
M A DYTOR
(Chairman) ID
No. 6107185122105
J E AUPIAS ID
No. 5406215018007
F J LABUSCHAGNE ID
No. 5808245042081
M J T BOTHA ID
No. 5907215031007
S J FOSTER ID
No. 6108045273187
P F DICKS ID
No. 5804295083109
A N MYEZA ID
No. not available
FIRST NATIONAL BANK, Johannesburg Corporate branch, Account Number:
62051492157. It was stated that the
subject does not require overdraft facilities as funds are provided by the
holding company.
29 May 1958
Registration Certificate Number 1958/001760/07
It was stated that the subject incorporated the assets and operations of
a group company namely, PELICHEM (PTY) LTD on 1 October 2005.
The subject commenced operations and changed its name in 2003 when it
took over assets and operations of a division of Sentrachem Ltd, which had been trading for many years.
The subject is reported to have taken over the manufacturing and
marketing operations of mining, petroleum and inorganic chemicals of ORCHEM
(PTY) LTD.
VAT NUMBER: 42302044903
TAX NUMBER: 9525171717
Manufacturers of mining chemicals, surfactants (soap industry), fuel
additives and water treatment chemicals.
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.
The mining sector e.g. INVESTCHEM (PTY) LTD, ANGLO PLATINUM, IMPALA
PLATINUM and PHALABORWA MINING.
Rustenburg, Potgietersrus, Phalaborwa, Lydenburg and Gauteng
Small to Zimbabwe, Zambia and Australia.
400 having increased from 390 reported in 2012
It was stated that
the manufacturing plant is situated in Sasolburg and the subject has an office
in Woodmead.
The heading premises are reported to be owned by the subject. The
Woodmead premises are leased.
The following estimated financial situation was submitted as at 09
January 2015:
STOCK R 275 000 000
DEBTORS R 221 000 000
CREDITORS ±R 121 000 000
TURNOVER per month
±R 130 000 000
KPMG
DECEMBER
THEBE HOSKINS INSURANCE BROKERS (through the
holding company)
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R1 000 000 declined 7 days 7 days Very
good
c/l
2. 10
years+ R2 000 000 R1 500 000 - 30 days 30 days Excellent
R2
000 000
3. 15
years R 400 000 R 400 000 30
days 30 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Oct 2004 R1 200 000 R700
000 7 days 7 days Very
good
c/l
2. 10 years+ R2 000 000 varies 30 days 30 days Very good
3. 15 years+ R
500 000 R450 000 30 days 30
days Very good
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 4 years R1
200 000 R500 000 7 days 7 days Excellent
c/l
2. 10 years+ declined R2 000 000 30 days 30 days Very Good
3. Old acc open
acc R500 000 30 days 30 days Excellent
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not give trade references.
2. ±25 years declined R2 000 000 30 days 30 days Excellent
3. June 2000 R20
000 000 R9 828 924 30 days 30
days Good
4.
Do not give trade references.
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 9 years + R35
000 000 ±R12 000 000 30 days 30
days Excellent
c/l
2. 20 years R650
000 +/-R500 000 30 days 30
days Excellent
3. 20 years Declined R2 000 000 - 30 days 30 days Excellent
R3
000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±20 years undisclosed ±R 3
000 000 30 days 30 days Excellent
2. June 2000 R35
000 000
R12 000 000 30 days 30 days Very
Good
c/l
3. 15 years ±R 700 000 ±R 500 000 30
days 25 days Very Good
4.
Do not give trade references
5.
Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R29 000 000 R12 000 000- 30 days 30 days Excellent
R15 000
000
2. 5+ years declined figures 30
days 30 days Very Good
3. ±25 years undisclosed R
3 000 000 30 days 30 days Very
Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years Undisclosed R1 500 000 30 days 30 days Excellent
2. Do not give trade references
3. 7 years declined figures 30
days 30 days Very Good
4. 15+ years undisclosed R4 000 000 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 declined declined 7
days 7 days Very Good
2. 20 years open R2 000 000- 30 days 30
days Excellent
R3 000 000
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. 2004 Declined Declined 7
days 7 days Very Good
2. 20 years + Declined R2 000 000- 30 days 30
days Excellent
R2 500 000
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. Since
2004 Declined Declined 7 days 7 days Excellent
2. ±R20
years Declined ±R1 500 000 30
days 30 days Excellent
3. Do not
give trade references
4. Do not
give trade references
6.
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. Do not give trade references
This is a very well established and well connected company that is
meeting its commitments timeously.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.69 |
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1 |
Rs. 93.41 |
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Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.