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MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
UMNGANI TRADING (PTY) LTD |
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Formerly Known as : |
OREPORT TRADING (PTY) LTD |
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Registered Office : |
Unit 4, Harrowdene Office Park, Western Service Road, Woodmead,
Sandton, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
21.03.1986 |
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Com. Reg. No.: |
1986/001155/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and Export Merchant of specialised steel such as stainless
steel. |
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
UMNGANI TRADING (PTY) LTD
Formerly OREPORT TRADING (PTY) LTD, the name having been changed on 15
August 2003.
PHYSICAL
ADDRESS
Unit 4
Harrowdene Office Park
Western Service Road
WOODMEAD
Sandton
Gauteng
POSTAL ADDRESS
Private Bag X15
GALLO MANOR
2052
TELEPHONE NUMBER: 011 233 7451
FAX NUMBER: 011 233 7380
SHAREHOLDERS
100% GRINDROD
LTD (quoted on the JSE LTD)
ASSOCIATE COMPANIES
OREPORT HOLDINGS (PTY) LTD (property owning company)
As well as other companies in the GRINDROD LTD group of companies
DIRECTORS
R E GOLDSTONE ID No.
5808145064086
BANKERS
RAND ASIA BANK, Sandton Branch.
It was stated that the subject enjoys overdraft facilities. Utilisation is stated to fluctuate.
It was stated that the subject also banks with NEDBANK, Sandton
Branch. It was stated that the subject
does not require overdraft facilities as credit balances are maintained at the
bank.
DATE REGISTERED
21 March 1986
Registration Certificate Number: 1986/001155/07
The subject commenced active operations in 1986.
VAT NUMBER
4070121902
MAJOR OPERATION
Import and export merchant of specialised steel such as stainless
steel. The subject also supplies the
following products: coils – cold and
hot rolled, plates – 3CR12, hot and rolled, sheets - cold rolled, Austenitic,
304, 316, Ferritic, 409k 430, 3CR12 etc.
MAJOR SUPPLIERS
The subject imports from the Far East and India and deals locally with:
EAST COAST MARITIME Johannesburg
MAJOR CUSTOMERS OR BUSINESS SECTORS
Stockists
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Worldwide such as Europe, Brazil and Argentina
TOTAL EMPLOYEES
6
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported
to be leased from the associate property owning company
Full financial information was not
forthcoming from respondents at the subject, however, it was stated that the
annual turnover is R100 million.
AUDITORS
DELOITTE & TOUCHE
YEAR END
DECEMBER
INSURANCE BROKERS
FNB
TRADE REFERENCES – JULY 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1 year large
amounts cash upfront
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 3 yrs open R
300 000 - paid up front Good
R3
000 000
COMMENTS
This is a well established and well connected
company that imports most of its supplies.
The subject is meeting its only local commitment on a cash upfront
basis. It is therefore suggested that
dealings to an extent of US$1 000 000 be on a spread basis. The lack of full financial information
should be borne in mind.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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%)