MIRA INFORM REPORT

 

 

 

Report Date :

17.12.2008

 

IDENTIFICATION DETAILS

 

Name :

COLLECT-A-CAN (PTY) LTD

 

 

Registered Office :

5 / 13 Forssman Close, Barbeque Downs, KYALAMI, Midrand, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.03.1976

 

 

Com. Reg. No.:

1976/000919/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Recovery of used cans and industrial tin plate scrap

 

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

 

COLLECT-A-CAN (PTY) LTD

 

 

PHYSICAL ADDRESS

 

5 / 13 Forssman Close

Barbeque Downs

KYALAMI

Midrand

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 30500

KYALAMI

1684

 

TELEPHONE NUMBER: 011 466 2939

FAX NUMBER:              011 466 2941

 

 

SHAREHOLDERS

 

ARCELORMITTAL STEEL SOUTH AFRICA LTD

NAMPAK LTD

 

 

ASSOCIATE COMPANIES

 

COLLECT-A-CAN BOTSWANA (PTY) LTD

COLLECT-A-CAN NAMIBIA (PTY) LTD

 

 

DIRECTORS

 

The following directors were obtained from CIPRO:

 

HERCULAAS ALBERTUS AUCAMP                   ID No.   6801245828084

KLAUS ALBERT HASS                                      ID No.   6603255093085

RAJENDA JOSHI                                               D.O.B. 510514

PETRUS FUNANI MOJONO                               ID No.   6905165688080

JOHN MAXWELL MOYES                                  ID No.   4801055167004

RUDOLPH HENRY TORLAGE                            ID No.   6301135144000

 

BANKERS

 

STANDARD BANK Industria. Acc. No. 202729702. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

 

DATE REGISTERED

 

9 March 1976

Registration Certificate Number: 1976/000919/07

 

 

VAT NUMBER    

 

4420137103

 

 

MAJOR OPERATION

 

Recovery of used cans and industrial tin plate scrap

 

 

MAJOR SUPPLIERS

 

The subject is mainly supplied by its shareholders ARCELORMITTAL and NAMPAK and also obtains scrap from the public.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Recycling industry and scrap industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

East

 

 

TOTAL EMPLOYEES

 

108

 

 

OTHER PREMISES   

 

Branches in Pretoria, Aeroton, Vanderbijlpark, Durban, Cape Town, Namibia and Botswana.

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

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

 

 

ISSUED SHARE CAPITAL

 

R4 000 000

 

The following estimated financial situation was submitted:

 

STOCK                         R    8 000 000

DEBTORS                     R  18 500 000

CASH                           R  15 700 000

FIXED ASSETS             R    7 000 000

PROPERTY                  Nil

CREDITORS                  R  22 700 000

CAPITAL EMPLOYED    R  27 500 000

TURNOVER per annum  R200 000 000

 

 

AUDITORS    

 

DELOITTE

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS

 

GLENRAND MIB

 

 

TRADE REFERENCES    

 

NOT APPLICABLE

 

 

COMMENTS

 

This is an established and well connected company that is mainly supplied through the group and the public. The subject is considered equal to its normal business engagements but the lack of a payment pattern should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.82

UK Pound

1

Rs.73.08

Euro

1

Rs.65.56

 

 

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