MIRA INFORM REPORT

Report No. :	345435
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	SAMCHEM CORPORATION (PTY) LTD
Registered Office :	629 Deauville Road Kyalami Estates Kyalami, Gauteng 1684
Country :	South Africa
Date of Incorporation :	29.10.1999
Com. Reg. No.:	1999/024252/07
Legal Form :	Private Company (Pty) Ltd
Line of Business :	Subject is Importer and distributor of raw plastic materials
No. of Employee :	5

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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

General Comments

The subject is well established. Accounts are paid on due date. The subject is considered equal for its normal business engagements. A maximum credit limit not exceeding ZAR1 500 000 over 30 days is suggested. The lack of financial information should be borne in mind

COMPANY INFORMATION

OVERVIEW

SAMCHEM CORPORATION PTY LTD was registered in 1998 as a Close Corporation History and commenced operations upon registration. The entity converted in 1999 to a private company. There have been no major changes since the conversion.
Major Operations or Business Sectors	The company operates as an agent for Samsung Korea plastics and chemicals and distributes plastics, plastic additives and chemical raw material.
Industry	WHOLESALE
SIC Code(s)	619(Other Wholesale Trade)

STATUTORY INFORMATION

Registered Name	SAMCHEM CORPORATION (PTY) LTD
Registration Number	1999/024252/07
Type of Company	Private Company (Pty) Ltd
Registration Date	29/10/1999
Date Commenced Trading	01/01/1998
Commercial Status	In Business

CONTACT DETAILS

Contact Number +27 11 807 8092
Email Address	samchemcorp@icon.co.za
Fax Number	+27 11 807 2947
Website	www.samchemcorp.co.za
Social Media Presence	None found.
Registered Physical Address	629 DEAUVILLE ROAD KYALAMI ESTATES KYALAMI GAUTENG 1684
Trading Physical Address	629 Deauville Road Kyalami Estate MIDRAND Gauteng
Postal Address	P O BOX 3043 RIVONIA 2128

TAX INFORMATION
Income Tax Number	9295029020
VAT Number	4700172879
AUDITORS INFORMATION

Name	IRVIN M TEICHNER
Contact Person	IRVIN TEICHNER
Contact Number	+27 82 411 6023

INSURANCE BROKER INFORMATION

Insurance Broker Name	COMEX INSURANCE BROKERS
Contact Person	BERNIE BELMONT
Contact Number	+27 11 486 0404

GENERAL COMMENTS

Comments Transport of all materials is handled by an outside contractor.

OWNERSHIP STRUCTURE

Shareholders/Members	Share/Interest (%)
HJ LASAROW	100

PRINCIPAL INFORMATION PRINCIPAL DETAILS

Full Name	ID No.	Designation	Status	Date of Appoint- ment	Active Interests	Prev. Interests	Judg- ments	Fraud Listing
LASAROW, HADLEY JONATHAN	6607115093003	DIRECTOR	Active	29/10/1999	10	1	0	0

ACTIVE BUSINESS INTERESTS: HADLEY JONATHAN LASAROW

Company Name	Registration No.	Business Status	Principle Status	Judgments
BEARCHEM TRANSVAAL EXPORT	1996/035792/23	AR Final deregistration	Active	0
EARTH FOOD EXPORTS	1994/026690/23	AR Final deregistration	Active	0
EQUITAL EXPORTERS AND IMPORTERS	1995/038477/23	AR Final deregistration	Active	0
EQUITAL TRADING COMPANY	1989/025948/23	Deregistration Final	Active	0
JOINTSHELF 1101	2000/045594/23	Conversion CO/CC or CC/CO	Active	0
JOINTSHELF 1101	2001/023165/07	In Business	Active	0
PFS IMPORTS	2004/033831/07	In Business	Active	0
SAMCHEM CORPORATION	1994/021598/23	Conversion CO/CC or CC/CO	Active	0
THE BREAKFAST CLUB	1988/024397/23	AR Final deregistration	Active	0

PREVIOUS BUSINESS INTERESTS: HADLEY JONATHAN LASAROW

Company Name	Registration No.	Business Status	Principle Status	Judgments
HADSURE INVESTMENTS	1993/012253/23	In Business	Resigned	0

GENERAL COMMENTS

Comments Not compliant

BANK ACCOUNT VERIFICATION

Verified	Yes
Bank Name	ABSA BANK
Branch Code	632005
Account Holder	SAMCHEM CORPORATION (PTY) LTD
Account Number	4049183324

OPERATIONS

MAJOR OPERATIONS

Major Business Activities Importer and distributor of raw plastic materials
Foreign Trade Activities Product is imported from the Far East, Middle East and Europe.
Major Suppliers	The respondent stated that they import 100% of their raw plastic materials and are not local credit seekers, however, they do deal locally with: SASOL ENGEN TIME TRACKING READ SHIPPING NANUCHAR
Major Customers	JOE JOE TANKS ACD ROUTALS PIPE FLOW
Major Brands	The company does not own or represent any brands.

BRANCH & PREMISES INFORMATION

Area of Distribution South Africa

Location	Description/Type	Size (m²)	# of Staff	Rented or Owned	If rented: Lease Expiry Date
Johannesburg	OFFICE			Rented
Cape Town	WAREHOUSE			Rented
Durban	WAREHOUSE			Rented

EMPLOYEES

Salaried Employees	0
Waged Employees	0
Total Permanent Employees	5
Casual Employees	0
Contracted Employees	0

COMPANY FLEET

FINANCING TERMS

Sales Terms Cash,COD,210 days, 60 days

Year End February

GENERAL COMMENTS

Comments Financing terms were not available

FINANCIAL FIGURES

Actual numbers, 000' or mio Actual Numbers

Comment Financial figures declined

TRADE REFERENCES

TRADE REFERENCE ANALYTICS

# of Trade Refs in the last 3 years	Overall Trade Score	Average Usage of Terms	Average Monthly Purchase	Average Usage of Credit Limit
4	62%	100%	892,500.00 ZAR	50%

TRADE REFERENCES

Trade Ref #	Date	Trade Score 2 = best 0 = worst	Terms Given (Taken) in days	Monthly Limit Given (Taken)	Account Opened years	Payment Trend (prev. 3 years)			Acc. Insured	Notes
Ref 1	19/10/2015	1	30 (30)	Open (30,000 ZAR)	5	1	-	-	Unknown	Good account.
Ref 2	19/10/2015	2	30 (30)	4,000,000 ZAR (2,000,000 ZAR)	2	2	-	-	Yes	Very good account.
Ref 3	19/10/2015	1	30 (30)	Open (1,500,000 ZAR)	10	1	-	-	No	Good account.
Ref 4	19/10/2015	1	30 (30)	Open (40,000 ZAR)	10	1	-	-	No	Good account.

ADMIN DETAILS

INTERVIEWER

Researcher	Inoxico
Contact Tel No.	+27 10 001 0540
Email	research@inoxico.com

INTERVIEWEE

Contact Person	PATRICK
Position	CREDIT CONTROLLER
Company Tel No.	+27 11 468 4871

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

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%)

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