MIRA INFORM REPORT

 

 

Report Date :

01.08.2007

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL WIRE CONVERTORS (PTY) LTD

 

 

Registered Office :

88 – 5th Street, Booysens Reserve, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

24 August 1998

 

 

Com. Reg. No.:

1998/016575/07

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Wire producers

 

 

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 :

Usually correct

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

INTERNATIONAL WIRE CONVERTORS (PTY) LTD

 

 

TRADING NAME

 

I W C

 

 

PHYSICAL ADDRESS

 

88 – 5th Street

Booysens Reserve

JOHANNESBURG

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 38061

BOOYSENS

2016

TELEPHONE NUMBER:  011 496 3634

FAX NUMBER:                011 496 1021

 

 

SHAREHOLDERS

 

G COLMAN

M L METZ

 

 

ASSOCIATE COMPANIES

           

METZ BEDDING (PTY) LTD

BUFFALO TEXTILES (PTY) LTD

PREMIER SPRING INDUSTRIES (PTY) LTD

BEDDING COMPONENT MANUFACTURERS (PTY) LTD

 

 

DIRECTORS

 

H P BORCHERDS         ID No.   5002095099082

G COLMAN                   ID No.   6107115044080

M L METZ                     ID No.   5708055030004

W S NAY                      ID No.   7203085143082

L H A WESSELS           ID No.   6211285078082

 

 

BANKERS

 

NEDBANK, Johannesburg Branch.  Further banking information was not forthcoming from respondents at the subject and outside authorities could not assist in this regard.

 

 

DATE REGISTERED

 

24 August 1998

Registration Certificate Number:  1998/016575/07

 

 

VAT NUMBER

 

4810198368

 

 

MAJOR OPERATION

 

Wire producers

 

 

MAJOR SUPPLIERS

 

MITTAL STEEL

SURFACE TREATMENT TECHNOLOGIES

ISIS DYES

DOW’S ELECTRICAL

CHEMSERVE SYSTEMS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

80% to other group companies and 20% export.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

65

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

LIGHT AND LIVINGSTONE INC

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

UNKNOWN TO RESPONDENT

 

 

TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         06/2006 R20 000            R10 000            30 days             30 days             Excellent

                                                                                    2.5%

 

3.         8 yrs                 R250 000          R150 000          30 days             30 days             Very good

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  The subject is considered equal to its normal business engagements fully secured.  The lack of financial information should be borne in mind.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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