MIRA INFORM REPORT

 

 

Report Date :

17.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

MACSTEEL INTERNATIONAL SOUTH AFRICA (PTY) LTD

 

 

Formerly Known as :

SOUTH AFRICA STEEL EXPORTERS (PTY) LTD

 

 

Registered Office :

187 Rivonia Road, Morningside, Johannesburg , Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.10.1975

 

 

Com. Reg. No.:

1975/003705/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Exporting Steel

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

COMPANY NAME

 

MACSTEEL INTERNATIONAL SOUTH AFRICA (PTY) LTD

 

Formerly SOUTH AFRICA STEEL EXPORTERS (PTY) LTD the name having been changed on 22nd May 1996

 

 

PHYSICAL ADDRESS

 

187 Rivonia Road

MORNINGSIDE

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 8370

JOHANNESBURG

2000

TELEPHONE NUMBER: 011 302 0000

FAX NUMBER:  011 302 0171

 

 

SHAREHOLDERS

 

100% MACSTEEL INTERNATIONAL HOLDINGS B V

 

 

ASSOCIATE COMPANIES

 

MACSTEEL INTERNATIONAL FAR EAST (PTY) LTD, incorporated in Hong Kong

MACSTEEL INTERNATIONAL UK (PTY) LTD, incorporated in London, UK

MACSTEEL INTERNATIONAL USA, incorporated in New York, USA

MACSTEEL INTERNATIONAL FREEZONE, incorporated in Dubai, UAE

MACSTEEL INTERNATIONAL AUSTRALIA, incorporated in Sydney, Australia

MACSTEEL INTERNATIONAL MAURITIUS, incorporated in Mauritius

MACSTEEL INTERNATIONAL BUSINESS SUPPORT SERVICES (PTY) LTD

ERF 1396 (PTY) LTD

 

 

DIRECTORS

 

L W PRICE

P C H JONES

W A KRUGER

S P D CLAASEN

L WEENIK

R S MORGAN

D A AUSTIN

W J WESSELS

 

 

BANKERS

 

NEDBANK, Sandown Branch, account number 1933110368.  Further information on banking facilities was declined by respondents at the company and outside authorities were unable to assist in this regard.

 

 

DATE REGISTERED

 

20 October 1975

Registration Certificate Number: 1975/003705/07

 

 

VAT NUMBER    

 

4130159520

 

 

MAJOR OPERATION

 

Exporting steel

 

 

MAJOR SUPPLIERS

 

MITTAL STEEL Johannesburg

MACSTEEL GROUP COMPANIES

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Steel industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

Africa

 

 

EXPORTS

 

Africa

 

 

 

TOTAL EMPLOYEES

 

60

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased by the group company

 

 

AUTHORISED SHARE CAPITAL

 

R4 000 divided into 4 000 ordinary shares of R1 each.

 

 

ISSUED SHARE CAPITAL

 

R2

 

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

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

GLENRAND MIB

TRADE REFERENCES – MAY 2006

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         15 yrs               R2 000 000        R1 000 000        30 days             30 days             Excellent

 

 

CURRENT TRADE REFERENCES

 

            PERIOD            HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

                                    CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             open                 R10 000 000      30 days             30 days             Excellent

 

 

COMMENTS

 

This is a large, well established and well connected company that is meeting its one commitment timeously.  The subject is considered equal to US$1 000 000 over 30 days.  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.

 

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