MIRA INFORM REPORT

 

 

 

Report Date :

27.10.2008

 

IDENTIFICATION DETAILS

 

Name :

SHAN’S METAL BROKERS (PTY) LTD

 

 

Registered Office :

Isando Road, Wadeville, Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

05.03.2007

 

 

Com. Reg. No.:

2007/006922/07

 

 

Legal Form :

Private Limited Company 

 

 

Line of Business :

Traders in metals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints 

 

 

Litigation :

Clear

 

COMPANY NAME

 

SHAN’S METAL BROKERS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Isando Road

Wadeville

Germiston

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 14850

Wadeville

1422

Telephone Number:                  011 827 8137

Fax Number:                             011 827 8786

Cellular Number:                      083 449 6972

 

The subject moved from premises at 49 Woodlands Estate, 22 Smuts  Street, Halfway Gardens, Midrand and no longer utilises postal address P O Box 13292, Vorna Valley, 1686.

 

On investigation contact was made with a Director of the subject who could only assist with basic information, which reads as follows:

 

 

SHAREHOLDERS

 

70%      POWER METAL RECYCLERS (PTY) LTD

30%      B PILLAY

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

B PILLAY                      ID No. 7603165179080

 

There are also stated to be other Directors but the names were not known to the respondent.  A CIPRO search reflects only the above director as active.  It shows that E BURGESS, ID No. 5108270188085, resigned on 27 April 2007.

DATE REGISTERED

 

5 March 2007

Registration Certificate Number: 2007/006922/07

 

 

MAJOR OPERATION

 

Traders in metals

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Worldwide including the Far East

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

R1000 divided into 1000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

 

AUDITORS

 

CHARTER FINANCE SERVICES, 011 824 3430

 

 

YEAR END

 

FEBRUARY

 

 

COMMENTS

 

This is an established business but in the absence of detailed information it is suggested that dealings be on a letter of credit basis only. An email questionnaire has been forwarded to the Accountant of the subject to assist with extra information and as soon as information is available the same will be compiled and forwarded to our client.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

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