MIRA INFORM REPORT

 

Report No. :

340090.2

Report Date :

02.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SCR CHEMICALS (PTY) LTD

 

 

Registered Office :

Unit 35, APD Industrial Park Elsecar Street KYA SANDS Northriding Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.05.1995

 

 

Legal Form :

Private Company

 

 

Line of Business :

Distributors of raw materials in the chemical industry

 

 

No. of Employees :

8

 

 

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 :

Slow but correct

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved.

South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.

 

Source : CIA

 

COMPANY NAME and ADDRESS

 

SCR CHEMICALS (PTY) LTD

 

PHYSICAL ADDRESS:                          

 

Unit 35, APD Industrial Park

Elsecar Street

KYA SANDS

Northriding

Gauteng

 

POSTAL ADDRESS:    

 

Postnet Suite 449

Private Bag X033

RIVONIA

2121

 

TELEPHONE NUMBER:            +27 11 708 1299

 

FAX NUMBER:                          +27 11 708 6999

 

 

SHAREHOLDERS

 

100 %   C BARKER

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

C BARKER                   ID No.   3812315119185

A CRYER                      ID No.   4710260054184

 

 

BANKERS

 

STANDARD BANK, Fourways Crossing Branch. Account Number: 202521575. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

DATE REGISTERED

 

20 May 1999

Registration Certificate Number:  1999/010444/07

 

The subject commenced trading in 1999.

 

 

VAT NUMBER

 

4330210370                      

 

 

TAX NUMBER    

 

9074297202      

 

 

BBBEE STATUS 

 

Non-compliant

 

 

MAJOR OPERATION

 

Distributors of raw materials in the chemical industry

 

 

MAJOR 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 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.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The paint industry

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

           

 8

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at October 2015:

 

STOCK                                                                                                       R  2 413 261

DEBTORS                                                                                                   R10 880 093

FIXED ASSETS                                                                                          R  1 061 195

CREDITORS                                                                                                R10 842 820

LONG TERM LIABILITIES                                                                             R     116 408

TURNOVER per annum                                                                                R46 884 518

 

 

AUDITORS    

 

CENTNER LEVINE AND COMPANY

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

NYATHI INSURANCE BROKERS

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT          HIGHEST      AVERAGE      TERMS     PAYMENT   EXPERIENCE

OPENED            CREDIT         CREDIT                          PATTERN

 

1.    2006             R2 000 000    R600 000        60 days     60 days       Very Good

                          c/l

 

2.    2004             R2 000 000    R700 000        60 days     60 days       Excellent

                          c/l

 

3.    2010             R1 500 000    R350 000-       60 days     60 days       Excellent

                          c/l                 R750 000

 

 

 

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.     Polymers

 

2.     Chemicals

 

3.     Raw chemicals

 

 

COMMENTS

 

This is an established company meeting its commitments timeously. No adverse information has been reported.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.67

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.