%20LTD-66064%2003-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZIMCO GROUP (PTY) LTD |
|
|
|
|
Formerly Known As : |
COOKSON (SA) (PTY) LTD |
|
|
|
|
Registered Office : |
Cnr
Osborne & Tedstone Roads, Wadeville, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
28.04.1947 |
|
|
|
|
Com. Reg. No.: |
1947/025245/07 |
|
|
|
|
Legal Form : |
Propriety Limited |
|
|
|
|
Line of Business : |
Manufacturers of Zinc, Lead, Plastic, Chemical and Aluminium Products,
as well as Industrial Minerals and Plastics. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
ZINCHEM
(PTY) LTD
PHYSICAL ADDRESS
10 Cnr Lincoln & Styx Roads
Industrial Sites
Benoni
Gauteng
On investigation it was established that ZINCHEM (PTY) LTD is dormant. The assets and operations were incorporated as a division of ZIMCO GROUP (PTY) LTD, which report should be consulted.
COMPANY NAME
ZIMCO
GROUP (PTY) LTD
Formerly
ZIMCO INDUSTRIES (PTY) LTD, the name having been changed on 10 May 1999;
formerly COOKSON (SA) (PTY) LTD, the name having been changed on 16 March 1989;
formerly FRY'S METALS LTD, the name having been changed on 6 January 1984;
formerly ENTHOVEN FRY LTD, the name having been changed on 31 January 1957.
TRADING DIVISION
ASSOCIATED
ADDITIVES (formerly Cookson Chemicals the name having been changed)
FRY'S
METALS
ZINCHEM (incorporating AFRICAN ZINC MILLS and ZIMCO MINERAL AND CHEMICALS divisions)
CASTLE
LEAD WORKS
ZIMCO
ALUMINIUM (ZIMALCO)
DUTTON
PLASTICS ENGINEERING
PHYSICAL ADDRESS
Cnr Osborne &
Tedstone Roads
WADEVILLE
Gauteng
POSTAL ADDRESS
P O Box 519
Germiston
1400
Telephone
Number: 011 827 5413
Fax
Number: 011 824
4865
SHAREHOLDERS
100% ECO-BAT TECHNOLOGIES LTD in the UK.
The
shareholding was previously 52.48% ZIMCO HOLDINGS (PTY) LTD which was
liquidated on 1 March 1999.
SUBSIDIARY COMPANIES
G
& W BASE & INDUSTRIAL MINERALS (PTY) LTD (100%)
SONDOR
INDUSTRIES (PTY) LTD (100%)
DIRECTORS
A
IMMELMAN
G
I CUMMINS (Resident in the UK) (Alternate)
P
M KING (MD) (Resident in the UK)
B
J ADDISON
W
VERWEY
J BEZUIDENHOUT
L
JORDAAN
BANKERS
NEDBANK,
Sandown Branch, Account Number 1933099518 as well as NEDBANK Corporate
Branch. The subject also banks with STANDARD
BANK, Rosebank Branch and STANDARD BANK Corporate Branch. It was stated that the subject enjoys
overdraft facilities as well as a short term bank facility to an extent of R120
million, secured by a notarial bond over assets.
The
respondent stated that each division has its own bank account.
DATE REGISTERED
28
April 1947
Registration
certificate number 1947/025245/07
VAT NUMBER
Each
division has its own VAT Number
Zinchem
VAT Number: 4640113280
MAJOR OPERATION
A
holding company for its divisions, which are manufacturers of zinc, lead,
plastic, chemical and aluminium products, as well as industrial minerals and
plastics.
MAJOR SUPPLIERS
Each
division has its own suppliers.
The
FRY’S METALS DIVISION deals locally with:
AFROX
WASTETECH
SASOL
GAS
DEMACO
ENGINEERING
VAN
DER HEEVER TRANSPORT
The
ZINCHEM DIVISION deals locally with:
ARCELORMITTAL
STEEL
EXARO
DUFERCO
GM
ARCACHE
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Battery
and cable manufacturers, building, painting, motor and mining industry
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
South
America, Europe, Africa and Far East
TOTAL EMPLOYEES
1300
OTHER PREMISES
The divisions are situated
at: Benoni, Alberton, Wadeville, Germiston, Durban and Krugersdorp.
OWNED OR LEASED
All premises are
reported to be owned by the subject and valued at R250 million, free of bond.
AUTHORISED SHARE CAPITAL
R1 355 000 divided
into 677 500 ordinary R2 shares each (confirmed by Company Secretary)
ISSUED SHARE CAPITAL
R1 353 000
SHARE PREMIUM ACCOUNT
R16 332 000
The following estimated financial situation was
submitted:
STOCK R 280 000 000
DEBTORS R 190 000 000
FIXED ASSETS net book
value R 228 000 000
CREDITORS R 207 000 000
SHAREHOLDERS LOANS
from ECOBAT R 15 000 000
CAPITAL AND RESERVE R 474 057 000
TURNOVER per
annum R1
500 000 000
AUDITORS
ERNST
& YOUNG
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER
FORBES
TRADE REFERENCES - JUNE 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 4
yrs R100 000 R50 000 30
days 30 days Very Good
c/l
2. Old
acc R300 000 R150 000 30 days 30 days Excellent
3. 1993 R350 000 R200 000 30 days 30 days Very
Good
c/l
TRADE REFERENCES – JUNE 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.
Do not give
trade references
2.
15 yrs R200 000 R200 000 30 days 30 days Very
Good
3.
1993 R350 000 R100 000 - 30 days 30 days Good
R260
000
TRADE REFERENCES – APRIL 2008
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Do
not give trade references
2. 2001 open R500 000 - 30
days 30 days Very good
R700
000
3. Do
not give trade references
4. 30
yrs open R300 000 30
days 30 days Very good
5. 35
yrs open R400 000 7 days 7 days Average
TRADE REFERENCES – JULY 2008: FRYS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.
2001 R1 500 000 R
700 000 - 30 days 30 days Good
c/l R1 00 000
2. Do
not give trade references
3. 20
yrs open R 200 000 - 30 days 30
days Excellent
R 500 000
4. 40
yrs open R 500 000 - 30 days 30
days Excellent
R 700 000
CURRENT TRADE REFERENCES: ZINCHEM
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.
1999 R17 300 000 R 2
000 000- 30 days 30 days Very good
c/l R11 500 000
2. 10/2000 open R 2 500 000 30
days 30 days Very good
3. Old
acc declined declined 30 days 30 days Very
good
COMMENTS
This is a very well
established and well-connected company effecting a substantial turnover. The Zinchem division is meeting its
commitments timeously. We have not
traced dealings to an extent of $1 000 000 over DA but the subject is
considered equal to such a figure.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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%)