MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SCAW |
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Registered Office : |
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Country : |
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Date of Incorporation : |
19 October 2006 |
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Com. Reg. No.: |
2006/029205/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of steel and alloy iron products, cast products, rolled products, grinding media, steel wire rope, wire and strand, chain products, fibre ropes and twines and filtration materials. |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
SCAW
TRADING NAME
SCAW METALS GROUP
PHYSICAL ADDRESS
Union Junction
GERMISTON
POSTAL ADDRESS
2107
TELEPHONE NUMBER: 011 842 9000
FAX NUMBER: 011 842 9703
SHAREHOLDERS
74% ANGLO AMERICAN PLC
21% Held by Black Consortium comprising:
IZINGWE HOLDINGS (PTY) LTD
SOUTHERN PALACE HOLDINGS (PTY) LTD
SHANDUKA RESOURCES (PTY) LTD
5% SCAW
EMPLOYEE SHARE TRUST
ASSOCIATE COMPANIES
CONSOLIDATED WIRE INDUSTRIES (PTY) LTD
DIRECTORS
A HARRIS ID No. 4508245078082
I J BURGER ID No. 6109105105087
K L
G F YOUNG ID No. 6911155173083
I BOTHA ID No. 7104225040081
C J COLEBANK ID No. 4911175070089
P S MAHLANGU ID No. 6203255588083
S M PITYANA ID No. 5908215813089
P K MAKHOSINI (Alternate) ID No. 7911045324085
A B ALLY (Alternate) ID No. 6410245219089
BANKERS
FIRST NATIONAL BANK, Corporate Account Services branch (255005), account number 59735993767. It was stated that the subject does not utilise overdraft facilities as credit balances are maintained at the Bank.
DATE REGISTERED
19 October 2006
Registration Certificate Number: 2006/029205/07
It was stated by respondent that the subject commenced trading when it took over the operations of SCAW METALS which was a division of ANGLO OPERATIONS LTD.
VAT NUMBER
4880111176
MAJOR OPERATION
The Scaw Metals Group is an international manufacturer of steel and alloy iron products, cast products, rolled products, grinding media, steel wire rope, wire and strand, chain products, fibre ropes and twines and filtration materials.
MAJOR SUPPLIERS
AFROX
GRAF UCAR
EXXARO
SHELL OIL
MITTAL STEEL
MAJOR CUSTOMERS OR
BUSINESS SECTORS
The transport industry, e g SPOORNET/TRANSNET, the mining industry, e g Platinum and Gold, heavy and light engineering, construction.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
West Africa, Far East and
TOTAL EMPLOYEES
6343
OTHER PREMISES
Subject has 13 branches throughout
OWNED OR LEASED
Most of the premises are reported to be owned by the subject which is free of bond.
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R1
Full financial information was not forthcoming from respondents at the subject, however, it was stated that the subject had an operating profit of US$160 000 000 in 2006.
AUDITORS
DELOITTE AND TOUCHE
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do not give trade references.
2. 30 yrs R16 200 000 R 7 000 000- 30 days 30 days Excellent
c/l R10 000 000
3. 5 yrs open acc R 9 000 000 30 days 30 days Excellent
4. Do not give trade references.
COMMENTS
This is an
established business meeting its commitments timeously. Subject is considered
equal to US$1 000 000 over DA.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)