|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TUBES AND METALS TRADING (PTY) LTD |
|
|
|
|
Formerly Known As : |
DRYDEN STEEL (PTY) LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.08.1958 |
|
|
|
|
Com. Reg. No.: |
1958/002592/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Import Agents for Steel Mill Merchants |
|
|
|
|
No. of Employees : |
5 having reduced
from 6 reported in March 2012 |
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 : |
Slow but correct |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH AFRICA - ECONOMIC OVERVIEW
South Africa is a
middle-income, emerging market with an abundant supply of natural resources;
well-developed financial, legal, communications, energy, and transport sectors and
a stock exchange that is the 16th largest in the world. Even though the
country's modern infrastructure supports a relatively efficient distribution of
goods to major urban centers throughout the region, unstable electricity
supplies retard growth. The global financial crisis reduced commodity prices
and world demand. GDP fell nearly 2% in 2009 but has recovered since then,
albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty,
and inequality - among the highest in the world - remain a challenge. Official
unemployment is at nearly 25% of the work force, and runs significantly higher
among black youth. Eskom, the state-run power company, has built two new power
stations and installed new power demand management programs to improve power
grid reliability. Construction delays at two additional plants, however, mean
South Africa is operating on a razor thin margin; economists judge that growth
cannot exceed 3% until those plants come on line. South Africa's economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
|
Source
: CIA |
COMPANY NAME: DRYDEN STEEL (PTY) LTD
PHYSICAL ADDRESS: Langenhoven Road
PARK RAND
Boksburg
TELEPHONE NUMBER:+27 11 913
4250
On investigation it was established that the subject underwent a name-change to TUBES ANDMETALS TRADING (PTY) LTD, which report should be consulted.
COMPANY
NAME: TUBES AND METALS TRADING
(PTY) LTD
Formerly: DRYDEN
STEEL (PTY) LTD the name having been changed on 8 June 2010
Formerly: THE
DRYDEN STEEL COMPANY (PTY) LTD the name having been changed on 1 August 1958
TRADING
DIVISION: TUBES & METALS
PHYSICAL
ADDRESS: 99 Langenhoven Road
Park Rand
BOKSBURG
Gauteng
POSTAL
ADDRESS: P O Box 18939
SUNWARD PARK
1470
TELEPHONE
NUMBER: +27 11 913 4250
FAX
NUMBER: +27 11 913 4257
100% BENMORE
HOLDINGS (PTY) LTD (Reg. No. 1940/013949/07), in which company G J DALTON is
the 100% Shareholder.
ERF 282 PARK RAND CC (property-owning
company)
BENMORE TRADING (PTY) LTD (dormant)
G J DALTON (Sole Director) ID No: 5804295101830
FIRST NATIONAL BANK, Sunward Park branch,
Account Number: 56050020027. It was stated
that the subject enjoys overdraft facilities to an extent of R1 300 000,
secured by a cession of debtors and the personal guarantee of the
Director. Utilisation is stated to
fluctuate.
1 August 1958
Registration Certificate Number:
1958/002592/07
In October 1998 the subject’s merchandising
operation closed and the subject took over the assets and operations of a
company namely TUBES & METALS (PTY) LTD.
The latter company became dormant.
Respondents at the company are aware of their
deregistration at CIPRO for non compliance of annual returns and stated that
they are attending to the problem and will rectify it immediately.
4840119905
9100053835
Import agents for steel mill merchants in
Europe, Far East, UK and USA.
The subject imports all of its supplies and
deals locally with suppliers.
Previously, we have divulged the names of the major suppliers in our
reports. We have discontinued this
practice to protect our valuable sources of trade information. This has become necessary because we now give
a description of the goods or services to which the trade references relate. This gives our client the ability to assess
whether the purchases are vital to the
subject’s operation and whether we have only been given their essential
suppliers that must be paid promptly for the subject to maintain its operation.
Steel merchants and large end users
South Africa.
Occasionally but not very recent to Lion
Match (Pvt) Ltd in Zimbabwe
5 having reduced from 6 reported in March
2012
None
The premises are reported to be owned by the
associate property owning company and valued in the region of R1 300 000,
bonded in favour of FIRST NATIONAL BANK PRIVATE
BANK for less than R500 000.
R100 000 divided into 100 000 ordinary R1
shares.
R100 000.
The following estimated financial situation
was submitted as 23 September 2014:
STOCK R 2 500 000
DEBTORS +
R 3 000 000
FIXED ASSETS comprises
of 4 cars and 1 building R 1 300 000
CREDITORS local R 2 000 000
CREDITORS
International Fluctuates ±R 1 000 000
LOANS Nil
TURNOVER incl.
commissions earned, per annum ±R15 000
000
The turnover per annum reduced from
R30 000 000 reported in March 2012 to R15 000 000 per annum
at present. It was stated by the
respondent that the decrease in turnover is due to the recent strikes in the
steel and mining industry.
H L B BARNETT AND CHOWN INC (Tel No.
011 856 5300)
SEPTEMBER
ROWLAN NATIONAL BROKERS & INVESTORS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. June 2004 R500
000 +R500 000 30 days 30
days Very good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R500
000 R100 000 - 30 days 30
days Excellent
R300
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R650
000 R200 000 - 30 days 30
days Excellent
R600
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Jan 2008 R 57 000 R 300 - COD COD Good
R 57 000
2. June 2004 R400
000 R300 000 30 days 30 days Excellent
R400
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2008 Confidential R 80
000 30 days 30 days Good
2. 4-5 years Open R400 000 – 30 days 30 days Excellent
R500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. C.O.D
2. ±5 years ±R300
000 ±R200 000 30 days 30 days Very Good
3. Oct 2008 declined ±R
1 000 30 days 30 days Very
Good
4.
Unable to obtain trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Deals on a C.O.D basis
2. Do not give trade references
3. 2008 declined ±R
1 000 30 days 30 days Very
Good
4. 5 years declined
R300 000- 30 days 30 days Very
Good
R400 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Few years undisclosed R80 000± Deals on a C.O.D basis
Good
2. 8+ years R100 000 R70 000- 60 days 60 days Very Good
R80
000
3. 2009 R1 000 000 R
700 000- 30 days 30 days Very
Good
c/l R1 000 000
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Awaiting faxed trade reference.
2.
6 years R 200 000 R 50 000 30
days 30 days Very Good
3.
Dec 2009 R2 000 000 R1 000 000 – 30 days 30-90
days Good
R1 500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 12 years Open R
150 000 30 days 30 days Very
Good
2. 2009 R 500 000 R 250 000 60
days +60 days Slow
3. Do not give trade references
(These descriptions relate respectively by number to the above current
trade transactions):
1. Logistics
2. Shipper
This is an established company that imports supplies. The subject is meeting one of its commitments
slowly. This account may require
monitoring. The subject is considered
equal to its normal business engagements, however, the recent strike in the
steel and mining industry, which resulted in a decrease in turnover, should be
borne in mind. When larger dealings are
contemplated it would be prudent to obtain security.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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 |
|
|
-- |
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.