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Report No. : |
304901 |
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Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
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Name : |
IMCD SOUTH AFRICA
(PTY) LTD |
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Formerly Known As : |
INTERNATIO
MUELLER CHEMICALS DISTRIBUTION SOUTH AFRICA (PTY) LTD |
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Registered Office : |
275 Oak
Avenue, Ferndale, Randburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
19.01.1962 |
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Com. Reg. No.: |
1962/000158/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Engaged
in trading of chemicals, e.g. Talc, Siloxane and
Latex |
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No of Employees : |
90 permanent employees |
RATING & COMMENTS
|
MIRAs 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 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 |
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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.
|
Source
: CIA |
IMCD SOUTH AFRICA (PTY) LTD
Formerly: INTERNATIO MUELLER CHEMICALS DISTRIBUTION
SOUTH AFRICA (PTY) LTD, the name having been changed on 24 March 2014
Formerly:
SOLVADIS (PTY) LTD, the name having been changed on 27 July 2006
Formerly:
MG CHEMAG (SOUTH AFRICA) (PTY) LTD, the name having been changed on 27 November
2000
Formerly:
METALLGESELLSCHAFT (SOUTH AFRICA) (PTY) LTD, the name having been changed on 6
September 2000
IMCD SOUTH
AFRICA
275 Oak
Avenue
FERNDALE
Randburg
Gauteng
P O Box
1412
BASSONIA
2061
TELEPHONE NUMBER: +27 11 570 4260
FAX NUMBER: +27 11 787 3513
Two
separate companies merged together and decided to move premises from 3 Waterpas
Street, Isando, Gauteng to the current heading address.
100% INTERNATIO MUELLER CHEMICALS DISTRIBUTION
SOUTH AFRICA (PTY) LTD
The shareholding changed and was previously:
With
reference to your query dated 26 July 2013, the subject incorporated the assets
and operations of CHEMIMPO SOUTH AFRICA (PTY) LTD as at 1 June 2013, however,
shareholding remains:
100% INTERNATIO MUELLER CHEMICALS DISTRIBUTION BV
in Rotterdam.
The
shareholding changed on 10 April 2006 and was previously 100% SOLVADIS GmbH AG
in Frankfurt.
Formerly
100% CHEMAT AG (formerly M G HANDEL UND BETEILIGUNGEN AG) in Frankfurt, the
name having been changed in November 2000)
None in South Africa, however the subject forms part of
the IMCD GROUP globally.
H J J
KOOIJMANS (Netherlands) D.O.B. 8 February 1961
P C J VAN
DER SLIKKE (Netherlands) D.O.B. 1 September 1956
O BRINKMAN ID
No. 5804235193182
FIRST
NATIONAL BANK, Karaglen, Branch Code: 255805, Account Number: 62045736363. It was stated that the subject enjoys a total
facility to an extent of R10 000 000, secured by a letter of comfort from the
holding company. Utilisation of the
overdraft facility is nil as credit balances are normally maintained at the
bank.
It was
stated that the subject no longer banks with NEDBANK, International Main Street
branch, Johannesburg, Account Number:
1986207994.
19 January
1962
Registration
Certificate Number: 1962/000158/07
The subject
incorporated the assets and operations of CHEMIMPO SOUTH AFRICA (PTY) LTD as at
1 June 2013, however, CHEMIMPO SOUTH AFRICA (PTY) LTD is still in the process
of winding down its operations.
It was
stated that the Directors have been involved in the company since 1970.
The subject
incorporated the assets and operations of a company in March 2008 named
SILOXANE IMPORTS CC (Registration Certificate Number: 1994/007075/23).
The subject
took over the assets, operations and liabilities of 2 divisions being the food
and chemicals divisions (7th Sense Foods) and the speciality
chemicals division in February 2007 from a company named T AND C CHEMICALS
(PTY) LTD, which in turn is owned by TAUBER AND CORSSEN (PTY) LTD.
4140118623
9397008849
Level 6
contributor
Engaged in trading of chemicals, e.g. Talc, Siloxane and Latex
The subject
imports 90% of its supplies from Germany, Brazil, China, India and France and
has local 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.
The paint,
plastic, food and ingredients industries
South
Africa
Frequent to
Africa
90
permanent employees
None
The
premises are reported to be owned by the subject free of bond
R50 000
divided into 200 000 ordinary shares of R0, 25 cents each
R50 000
The following estimated financial situation was
submitted as at 7 November 2014:
STOCK R130 000
000
DEBTORS R110
000 000
FIXED ASSETS R 3 800 000
CREDITORS R 86 000 000
OVERDRAFT Nil
HOLDING COMPANY
LOANS R230 000
000
TURNOVER per annum R600
000 000
KPMG INC Parktown
+27 11 647 7111
DECEMBER
AON INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 1998 R500 000 R 30 000- 30
days 30 days Very Good
c/l R180 000
2. 9 years R 20 000 R
20 000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R500 000 R300
000 30 days 30 days Very Good
2. 5 years R 10 000 R
10 000 30 days 30 days Very
Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Oct 2006 R100 000 R100
000 30 days 34 days Good
2. 6 years Open R 8 000 30
days 30 days Very Good
3. Feb 2007 R3 000 000 R500
000- 30 days 60 days Slow
R700 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 11 years R30 000 R 5 000- 30
days 30 days Very Good
EFT
2. 2007 R500 000 R300
000- 30 days 30 days Good
R500
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 years R4 000 000 R2 000
000- 30 days 30 days Excellent
c/l R4 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +2
years R4 000 000 R2 000 000- 30
days 30 days Very Good
c/l R4 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb 2007 R600 000 R400 000- 30 days 30
days Excellent
c/l R450 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 R1 000 000 R450 000 30 days 30
days Excellent
R500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years Open R500 000 30
days 30-31 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 Open R450 000- 30 days 31
days Very Good
R600
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10 years Open acc R500 000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Feb 2007 R2 500
000 R400 000 30 days 30
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 R2 000
000 R1 500 000 30 days 31
days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 years R2 000
000 R1 500 000 30 days 31
days Good
(These descriptions relate respectively by number
to the above current trade transactions):
1. Freight services
This is a well-established and well-connected business. The subject imports most of its supplies and is not a general credit seeker locally, however, it is meeting its one local commitment timeously. The subject is considered equal to its normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
UK Pound |
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
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-- |
NB |
New Business |
-- |
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.