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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
TW METALS LTD |
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Registered Office : |
27 Seaward Drive, PO Box 213 Kingston |
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Country : |
Jamaica |
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Date of Incorporation : |
1987 |
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Reg. No.: |
57197 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importer/wholesaler and distributor of steel. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Jamaica |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
JAMAICA - ECONOMIC
OVERVIEW
The Jamaican economy is heavily dependent on services, which now account for nearly 65% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up about 10%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient, experiencing an increase of 4% in tourist arrivals. Tourism revenues account for roughly 10% of GDP, and both arrivals and revenues grew in 2010, up 4% and 6% respectively. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 120%. Jamaica's onerous public debt burden is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. In early 2010, the Jamaican government created the Jamaica Debt Exchange in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provided millions of dollars in loans and grants. Despite the improvement, debt servicing costs still hinder the government's ability to spend on infrastructure and social programs, particularly as job losses rise in a shrinking economy. The SIMPSON-MILLER administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade.
Source
: CIA
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Commonwealth Realm - Parliamentary system
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Currency: JMD |
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Ordered as: |
TW METALS LTD |
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Address in the order: |
27 Seaward Drive Kingstone 11, Jamaica West Indies Jamaica |
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Legal Name: |
TW METALS LIMITED (Tank Weld Metals (Steel Stockiest)) |
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Trade Name: |
UPDATE |
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Legal Address |
27 Seaward Drive, PO Box 213 Kingston 11 Jamaica |
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Operative Address |
27 Seaward Drive, PO Box 213 Kingston 11 Jamaica |
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Telephone: |
(876) 923-4717 / 8800 / 0895 |
Registration Number : |
57197 |
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Fax: |
(876) 923-0317 |
Legal Form: |
Limited Liability Company |
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Email: |
bbicknell@cwjamaica.com / mrosen@cwjamaica.com |
Registered in: |
Jamaica |
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Website: |
www.tankweld.com |
Date Created: |
1987 |
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Manager: |
Bruce Bicknell - Managing Director |
Date Incorporated: |
1987 |
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Staff: |
40 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Importer/wholesaler and distributor of steel. |
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BANKS |
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Name of the Bank |
REPUBLIC BANK |
BUSINESS
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HISTORY |
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Tank-Weld Metals began operations as steel stockiest in 1987. |
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PRINCIPAL ACTIVITY |
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The subject company operates the largest steel warehouse in Jamaica. |
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Products/Services description: |
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They distributes reinforcing steel bars, mild steel products,
alum-zinc and galvanized sheets, aluminum products, stainless steel products,
galvanized plates, tubes and angles, structural steel beams, columns and
channels, primer paints, nails, fabric mesh, steel shafting, artistic
forgings, chain-link fencing and accessories, expanded metal, tool steel and
doors. Manufactures chain-link fencing, wire rods and industrial roofing
profiles both alum-zinc and galvanized material. |
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Sales are: |
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Wholesale |
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Brands: |
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Butch |
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Clients: |
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Agro-merchants, building contractors, fabricators and various other
industries throughout Jamaica. |
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Suppliers: |
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Vulcan Materials Everglades Steel Corporation Chemplast (Caribbean) Ltd |
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Operations area: |
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National, Local |
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The company imports from USA mainly. |
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The company does not export |
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The subject employs 40 employee(s) |
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Comments on staff: |
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The staff number has not been confirmed by the company. |
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PAYMENTS |
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made on a 50 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company is headquartered at: 27 Seaward Drive, PO Box 213, Kingston 11, Jamaica |
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The property is: |
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Owned |
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Branches: |
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The company has a branch located at: Catherine Hall, Montego Bay Tel: 940-1290-5 Fax: 940-1296 |
Shareholders
- Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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TW METALS LIMITED is a subsidiary company of Tank-Weld Group.
Registered and incorporated in Jamaica on April 20, 1970 with share capital
of $10,000 into 10,000 shares of $1 each. Registration #7829. The Tank-Weld Group has invested USD$50 Million for the purchase and
development of the Rio Bueno Port in Trelawny. This includes the modification
of the previous needle pier into a wharf, the construction of warehouses and
some 10 acres of adjoining lands. Altogether including the Port, the land
holding is 40 acres. |
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Management: |
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Bruce Bicknell, Managing Director Michael Rosen, Sales Manager |
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Related Companies: |
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The following is a list of sister companies: Tank-Weld Special Projects (Civil Contractors): 691 Spanish Town Road. Kingston 11 Tel: (876) 934-1919 Fax: (876) 934-1380 Contact: Mike OConnell Email: moconnell@cwjamaica.com Web: www.tankweldsp.com Tank-Weld Steel Fabricators: 597 Spanish Town Road. Kingston 11 Tel: (876) 934-2369, 934-6949 / 934-2732, 933-1819 Fax: (876) 765-9989 Contact: Louis Aiken Email:laiken@tankweldfab.com Tank-Weld Equipment Rental 27 Seaward Drive. Kingston 11 Tel: (876) 765-3177 / 934-0627 Fax: (876) 934-1902 Contact: John Ralston Email:jralston@cwjamaica.com |
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As a private company the subject does not publish any financial
statements. |
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We have contacted Mr. Michael Rosen who refused to provide us any
financial data on grounds of confidentiality. |
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However our financial sources could provide us with the following data
: Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
12,100,000 |
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Operating Income |
765,000 |
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Net Income |
587,000 |
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Net worth |
3,600,000 |
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Bank liabilities |
0 |
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The cash flow is |
Normal |
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Currency |
DATE |
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USD |
2009 |
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Turnover |
11,800,000 |
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Operating Income |
564,000 |
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Net Income |
621,000 |
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Net worth |
3,000,000 |
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Bank liabilities |
120,000 |
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The cash flow is |
normal |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
12,500,000 |
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Operating Income |
834,000 |
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Net Income |
675,000 |
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Net worth |
2,500,000 |
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Bank liabilities |
250,000 |
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The cash flow is |
normal |
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Comments on the
financial data: Recent Financial Figures were not disclosed. |
Legal Filings
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The sources consulted record no
detrimental legal or labor court information. |
Rating
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Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
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TW METALS LIMITED has 31 years of experience as importer/wholesaler
and distributor of steel in Jamaica, this company currently operates with 40
employees in all the locations. TW METALS, is a subsidiary company of Tank-Weld Group, the parent
company has invested USD$50 Million for the purchase and development of the
Rio Bueno Port in Trelawny, considered as the most substantial investments
made by a local company. After our research we did not find negative data or legal against the
company and based on the information collected plus the good commercial references
that we found about the parent company we believe that the credit line
requested for USD 100,000 may be considered. |
SUMMARY
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Profitability |
CORRECT |
Public |
NO |
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Indebtedness |
NIL |
Payments |
REGULAR |
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Cash |
NORMAL |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.32 |
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|
1 |
Rs.87.36 |
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Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.