MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
METALS TRADING PTY LTD |
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Registered Office : |
7/1957 Malvern Road Malvern East, Victoria 3145 |
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Country : |
Australia |
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Date of Incorporation : |
07.08.2006 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Market Leader in Purchasing, Processing and Marketing of
both Ferrous and Non Ferrous Metal Scrap. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
METALS TRADING PTY LTD
ACN: 121 112 605
ABN: 26 121 112
605
CORPORATE SEARCH
Incorporation
Date: 07 Aug 2006
Incorporation
State: Victoria
Registered Office 7/1957 MALVERN
Road
MALVERN
EAST, Victoria 3145 Australia
Charges Date Registered:
01 Jul 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1656188
Date Registered: 01 Jul 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1656186
Date Registered: 01 May 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1628368
Date Registered: 14 Apr 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1620137
Date Registered: 05 Feb 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1583760
Date Registered: 04 Feb 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1583057
Date Registered: 03 Jan 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1569492
Date Registered: 03 Jan 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1569446
Date Registered: 03 Jan 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1568471
Date Registered: 03 Dec 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1553544
Date Registered: 03 Dec 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1553539
Date Registered: 06 Sep 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1509220
Date Registered: 03 Sep 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1506979
Date Registered: 20 Aug 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1501522
Date Registered: 14 Aug 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1498249
Date Registered: 14 Aug 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1498248
Date Registered: 14 Aug 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1498221
Date Registered: 25 Jun 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1471839
Date Registered: 19 Jun 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1469009
Date Registered: 18 Jun 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1468016
Date Registered: 01 Jun 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed charge
ASIC Charge No: 1461611
Date Registered: 29 Jan 2007
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed and floating charge
ASIC Charge No: 1409654
Number of Shares
Issued: 11500000
Paid Capital: 100051
Shareholders RECOVCORP PTY LTD
Number
of Shares: 11500000
Directors FOSTER, ARTHUR
JAMES
Appointment Date: 06 Sep 2006
Date of Birth: 06 Jul 1948
Gender: Male
Address: 142 POWLETT Street EAST MELBOURNE, Victoria 3002 Australia
Resident Overseas: No
FRECHEVILLE, MARK
Appointment Date: 07 Aug 2006
Date of Birth: 08 Aug 1958
Gender: Male
Address: 30 GRANT Street MALVERN EAST, Victoria 3145 Australia
Resident Overseas: No
Secretary MARK FRECHEVILLE
AND OTHERS
Appointment
Date: 07 Aug 2006
BUSINESS STRUCTURE
TRADING ADDRESS 8
to 21 Aylwood Ave
THOMASTOWN,
VIC
TELEPHONE (613) 9469 7400
BRANCHES The subject
maintains 8 outlets across Australia.
HOLDING
ENTITY RECOVCORP
P/L
ULTIMATE HOLDING
ENTITY HASTINGS FUNDS MANAGEMENT
LIMITED
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in Victoria on 7 August 2006 under the
current style.
The subject was formed in January 2007 as a
result of a merge between Associated Metals Victoria and Metropolitan Scrap
Metals N.S.W, since this time the group has further expanded to include
regional sites in Corowa, Wagga Wagga, Swan Hill, and Mildura.
The subject is
part of the Recovcorp group, an entity backed by Hastings Funds Management Pty
Ltd.
OPERATIONS
The subject operates as a market leader in purchasing, processing and
marketing of both Ferrous and Non Ferrous metal scrap.
The subject has developed a reputation for processing of
security sensitive scrap such as reject automotive components, electronic
equipment, gas & water meters. All of these commodities must be destroyed /
mutilated so as to be rendered unworkable.
Activities are conducted from premises located at the above listed
trading address.
SIC Classification:
3341 Secondary Smelting and Refining of Nonferrous Metals
ADVERSE
A search of the of Credit Advantage Limited failed to trace any
litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial
Controller, Howard Hong, he declined to confirm or provide any details
pertaining to the subject’s financial position unless the source of the enquiry
is disclosed.
Details in this regard were subsequently unable to be obtained for the
current enquiry.
The subject was formed in January 2007 as a result of a merge between
Associated Metals Victoria and Metropolitan Scrap Metals N.S.W,
The subject is ultimately owned by Hastings Funds Management Ltd was
established in 2001 and is a leading Australian private equity manager with in
excess of $240 million in funds under management.
The subject maintains a number of financing facilities with the National
Australia Bank which are secured by a total of 22 registered charges.
TRADE SURVEY
During the current investigation, details pertaining to the subject’s suppliers were not provided.
A trade survey on the subject was subsequently unable to be conducted
SUMMARY
The subject was incorporated in Victoria on 7 August 2006 under the
current style.
The subject was formed in January 2007 as a
result of a merge between Associated Metals Victoria and Metropolitan Scrap
Metals N.S.W.
Details pertaining to the subject’s financial
and trading position were unable to be obtained for the current enquiry.
The subject is ultimately owned by Hastings Funds Management Ltd was
established in 2001 and is a leading Australian private equity manager with in
excess of $240 million in funds under management.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)