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MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EUROPEAN METAL TRADING (AFRICA) (PTY) LTD |
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Registered Office : |
7 Vulcan Place, Phoenix, Durban, KwaZulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
02.03.1998 |
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Com. Reg. No.: |
1998/003808/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Export of Scrap Metals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
EUROPEAN METAL TRADING (AFRICA) (PTY) LTD
TRADING NAME
EUROTRADE
PHYSICAL ADDRESS
7 Vulcan Place
PHOENIX
Durban
KwaZulu-Natal
POSTAL ADDRESS
P O Box 47032
GREYVILLE
4023
TELEPHONE NUMBER: 031 538 7444
FAX NUMBER: 031 538 7400
The subject has a branch at 20-24 Kent Road, Greyville, Durban; telephone 031-308-9400 and fax 031-309-7744.
SHAREHOLDERS
M FLANAGAN
D G FLANAGAN (brother)
I M DAVIE
ASSOCIATE COMPANIES
CADE MANAGEMENT CC, trading as SCRAPMET
LEE SCRAP METALS CC
CASHMET CC
METAL SOLUTIONS CC
DIRECTORS
M FLANAGAN
I M DAVIE
BANKERS
STANDARD BANK, Jacobs Branch, Account Number 051771632. It was stated that the subject enjoys overdraft facilities to an extent of R5 million, secured by the shareholders guarantees.. Utilisation of the overdraft is stated to be partial.
DATE REGISTERED
2 March 1998
Registration Certificate Number 1998/003808/07
VAT NUMBER
4730173052
MAJOR OPERATION
Export of scrap metals.
MAJOR SUPPLIERS
BIDPORT OPERATIONS Durban
R P T TRANSPORT
MASSLIFT Durban
REDSCRAP Richards Bay
MAJOR CUSTOMERS OR BUSINESS
SECTORS
End users and manufacturers.
AREA OF DISTRIBUTION AND SELLING
The subject exports to China, Korea and UK.
TOTAL EMPLOYEES
200
OTHER PREMISES
The subject is reported to have premises at Kent Road, Durban, a branch in Phoenix and various bucket shops on sites in the Kwazulu Natal area.
OWNED OR LEASED
The heading premises and the Greyville premises are reported to be owned by the subject valued in the region of R15 million, free of bond.
ISSUED SHARE CAPITAL
R200
The Following estimated financial situation was submitted:
STOCK (inventory) R 7 700 000
DEBTORS (trade & other receivables) R 10 000 000
FIXED ASSETS (property, plant & equipment) R 23 000 000
CREDITORS (trade & other payables) R 2 000 000
OVERDRAFT R 5 000 000
LONG TERM LIABILITIES R 26 000 000
(including interest bearing loans)
CAPITAL EMPLOYED R 4 000 000
TURNOVER per annum R150 000 000
AUDITORS
SWABY & CO
YEAR END
FEBRUARY
INSURANCE BROKERS
STEVE SLATTER & CO
TRADE REFERENCES JUNE 2005:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs+ R70
000 R40 000 30 days 30 days Very
good
c/l
2. ±8 yrs R15
000 R12 000 - 30 days 30
days Very good
R15 000
3. Few yrs R30
000 R20 000 - 30 days 60
days Fair
R30 000
TRADE REFERENCES – JULY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 10 yrs R30 000 R20 000 30 days 30 days Very Good
c/l
3. 5 yrs+ open acc R300 000 30 days 30 days Very Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references.
2. Do not give trade references.
3. Mar 1999 R30 000 R 7 000- 30
days 30 days Very good
c/l R13
000
varies
4. 4 yrs Last purchased in 2007 7 days 7 days Good
COMMENTS
This is a well established company meeting its commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and suggest a far lesser figure on a well spread basis.
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%)