MIRA
INFORM REPORT
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Report Date : |
08.05.2007 |
IDENTIFICATION DETAILS
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Name : |
METALS TRADING PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
7 August 2006 |
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Legal Form : |
Proprietary Company, Limited By Shares |
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Line of Business : |
Metal recycling and trading. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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REGISTERED NAME: |
METALS TRADING
PTY LTD |
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AUSTRALIAN
COMPANY NUMBER: |
009 052 868 |
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AUSTRALIAN
BUSINESS NUMBER: |
26 121 112 605 |
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OPERATING
ADDRESS: |
THOMASTOWN, VIC
3014 |
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REGISTERED
ADDRESS: |
MALVERN EAST,
VIC 3145 |
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OTHER TRADING
NAMES: |
Metropolitan Scrap |
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TELEPHONE
NUMBER: |
(03) 9357 3900 |
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WEB SITE
ADDRESS: |
www.assoc-metals.com |
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DATE OF
INCORPORATION: |
7 August 2006 – Incorporated in |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$100,051 |
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DIRECTORS: |
DAVID DAWSON ARTHUR JAMES
FOSTER MARK FRECHEVILLE MALVERN EAST, VIC 3145 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
MARK FRECHEVILLE
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AUDITORS: |
Not shown |
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REGISTERED
CHARGES: |
Refer REGISTERED CHARGES |
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PAYMENTS: |
Refer TRADING |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
30 |
PARENT COMPANY
RECOVCORP PTY LTD
ACTIVITIES
The subject undertakes metal recycling and trading.
Metals Trading
Pty. Ltd has the division, Associated
Metals Pty Ltd. This is part of a Nation wide group servicing all of
The company
are purchasers and processors of ferrous and nonferrous metals.
Associated
Metals Pty Ltd was formed in 1994 and has experienced a rapid expansion in the
market place to date. Associated Metals is a market leader in purchasing,
processing and marketing of both Ferrous and Non Ferrous metal scrap.
Associated
Metals offers a complete waste management solution to suit all industries.
Operations are conducted from premises situated at the heading address.
The subject has the following branches:
EAST HAWTHORN, VIC – Export Division
SEVEN HILLS, NSW
The subject employs 30 in activities.
HISTORY
The subject was incorporated in
Australian Company Number: 121 112 605.
Paid capital $100,051 in 11,500,000 issued shares.
Shares are held by:
RECOVCORP PTY LTD 11,500,000
The above information is in accordance with the last Company Statement
Annual lodged with the Australian Securities and Investments Commission and
compiled at report date.
By virtue of the shareholding the subject is a wholly owned subsidiary
of Recovcorp Pty Ltd. This company was incorporated in
Operations of the company were commenced in August 2006 at which time
the subject acquired the operations of an existing business.
Trading style, Metropolitan Scrap,
is registered in
DIRECTORS
DAVID DAWSON was born on 10
June 1970 and was appointed to the board of directors on 11 January 2007.
ARTHUR JAMES
FOSTER was born on 6 July 1948 and was appointed to the board of directors on 6
September 2006.
MARK FRECHEVILLE was born on 8
August 1958 and was appointed to the board of directors on 7 August 2006. He is
fully active in the day to day operations of the company. He is also the
Company Secretary, having been appointed to this position on 23 January 2007.
BANK
NATIONAL AUSTRALIA BANK LIMITED
MELBOURNE, VIC
3000
The bank holds a Registered Charge over company assets. Please refer to
the REGISTERED CHARGE section for
details.
TRADING
Following are details of a trade survey undertaken in May 2007:
Three references were provided during the current investigation, however
these could not be contacted as at report date. Messages left have remained
unanswered.
FINANCE
Due to amendments to the Corporations Law by
the First Corporate Law Simplification Act 1995, subject is not required to
lodge financial statements with the Australian Securities & Investment
Commission.
disclose there are no inquiries in relation
to finance applications:
REGISTERED CHARGES
The following Registered Charge has been recorded over the subject’s
assets:
On 29 January 2007, Fixed and Floating Charge to National Australia Bank
Limited, ASIC Charge No. 1409654.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with Mr Mark Frecheville, Director and
Company Secretary, in May 2007. At this time he confirmed operational and
trading details and advised the following:
Annual sales of the company are in the vicinity of $75,000,000.
Stock on hand at any given time is valued between $3,000,000-$5,000,000.
Trade debtors are valued at $5,000,000-$6,000,000 and trade creditors at
$2,000,000.
The subject maintains various facilities with the bank, the total limit
being $8,000,000.
However, further financial information could not be provided.
Enquiries made with trade sources failed to trace any additional
information in relation to the subject.
A Land Titles Search has not been undertaken to ascertain what land, if
any, stands in the subject’s name. This
can be undertaken on request.
CONCLUSION
The subject was incorporated in
Paid capital $100,051 in 11,500,000 issued shares.
The subject undertakes metal recycling and trading.
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/normal. |
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%)