MIRA INFORM REPORT
|
Report No. : |
353697 |
|
Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SA METAL GROUP (PTY) LTD |
|
|
|
|
Formerly Known As : |
S A METAL AND MACHINERY COMPANY |
|
|
|
|
Registered Office : |
Mazars House Rialto Road, Grand Moorings Precinct, Century City, 7441 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
08.10.1948 |
|
|
|
|
Com. Reg. No.: |
1948/030773/07 |
|
|
|
|
Legal Form : |
Private Company (Pty) Ltd |
|
|
|
|
Line of Business : |
The
subject trades in all types of scrap metal and produces steel reinforcing bars
and coils manufactured from recycled steel scrap. |
|
|
|
|
No. of Employee : |
1200 |
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 : |
No complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved.
South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.
|
Source
: CIA |
General
Comments
This is a very well-established company meeting
its commitments on time. No adverse information has been reported. The subject
is regarded as equal to its normal business engagements and a maximum of
EUR160,000 over 30 days. The lack of full financial information should be borne
in mind.
COMPANY
INFORMATION
OVERVIEW
|
History |
SA
METAL GROUP (PTY) LTD was founded in 1919, when UK emigrant Wolfe Barnett
first began collecting scrap metal for export to markets in industrialised countries.
The Group has grown to become one of Southern Africa's largest metal
recycling companies. Initially, the subject's main business was buying up used machinery and breaking it up for spares. Scrap was a by-product but, as spare parts became more readily available elsewhere, the machine business dried up and scrap metal became the subject's main line of business. The
subject was formally registered in 1948 and underwent a name change from S A
METAL AND MACHINERY COMPANY to the current name. |
|
Major
Operations or Business Sectors |
The
subject operates as scrap metal processors. |
|
Industry |
Recycling. |
|
SIC
Code(s) |
39510(Recycling
Of Metal Waste And Scrap N.E.C.) |
STATUTORY
INFORMATION %20LTD%20-%20353697%2017-Dec-2015_files/image006.jpg)
|
Registered
Name |
SA
METAL GROUP (PTY) LTD |
|
Previous
Names |
S
A METAL AND MACHINERY COMPANY (2010/07/01); |
|
Registration
Number |
1948/030773/07 |
|
Type
of Company |
Private
Company (Pty) Ltd |
|
Registration
Date |
08/10/1948 |
|
Date
Commenced Trading |
01/01/1919 |
|
Commercial
Status |
In
Business |
CONTACT
DETAILS
|
Contact
Number +27 21 590 3900 |
|
|
Fax
Number +27 21 590 3973 |
|
|
Website www.sametal.co.za |
|
|
Social
Media Presence |
The
subject does not have social media presence. |
|
Registered
Physical Address |
MAZARS
HOUSE RIALTO ROAD GRAND
MOORINGS PRECINCT CENTURY CITY 7441 |
|
Trading
Physical Address |
14
CHRISTIAN AVENUE EPPING 2 CAPE TOWN South
Africa |
|
Postal
Address |
P
O BOX 134 CENTURY CITY 7446 |
TAX
INFORMATION
Income
Tax Number
9760056037
VAT
Number
4190108110
AUDITORS
INFORMATION
Name
MAZARS
INSURANCE BROKER INFORMATION
Insurance
Broker Name
RBS
OWNERSHIP STRUCTURE
SHAREHOLDING INFORMATION
|
Holding
Company Name |
Holding
Company Share (%) |
|
WINTHORPE
INVESTMENTS LTD |
52% |
|
Shareholders/Members |
Share/Interest
(%) |
|
GRAHAM
LESLEY FAMILY TRUST (GL Barnett is involved) |
24 |
|
CLIFFORD
STEVEN FAMILY TRUST (CS Barnett is involved) |
24 |
PRINCIPAL INFORMATION
PRINCIPAL DETAILS
|
Full
Name |
ID
No. |
Designation |
Status |
Date
of Appoint- ment |
Active
Interests |
Prev.
Interests |
Judg-
ments |
Fraud
Listing |
|
BARNETT,
GRAHAM LESLIE |
5706265027000 |
Director |
Active |
27/12/1984 |
9 |
0 |
0 |
0 |
|
HYGEFT
TRUST COMPANY, |
|
|
Active |
28/02/1969 |
0 |
0 |
0 |
0 |
|
BARNETT,
CLIFFORD STEPHEN |
6101275083004 |
Director |
Active |
26/11/1986 |
12 |
0 |
0 |
0 |
|
MARTIN,
RICHARD GRANTLEY |
6305025030880 |
Director |
Active |
01/01/1997 |
1 |
0 |
0 |
0 |
|
BARNETT,
CECILE |
3302240046083 |
|
Active |
01/03/2014 |
1 |
0 |
0 |
0 |
|
BARNETT,
AUBREY ARTHUR |
2906305026003 |
Director |
Decease
d |
19/10/1950 |
0 |
0 |
0 |
0 |
|
BIDERMAN-PAM,
JONATHAN RICHARD |
5708055183001 |
Director |
Resigned |
01/06/1994 |
0 |
0 |
0 |
0 |
|
HAINS,
DEREK HILTON PATRICK |
4601215043085 |
|
Resigned |
01/10/2004 |
0 |
0 |
0 |
0 |
|
LUMLEY,
PETER JOHN |
6710185204003 |
|
Resigned |
01/10/2004 |
0 |
0 |
0 |
0 |
|
JEFTHA,
DEON ARTHUR |
5201205140014 |
Director |
Resigned |
01/01/1997 |
0 |
0 |
0 |
0 |
|
KESLER,
ABRAM |
1407270000000 |
Director |
Resigned |
23/11/1948 |
0 |
1 |
0 |
0 |
|
DE
KLERK, ALAN GORDON |
6603295082080 |
|
Resigned |
01/04/2008 |
0 |
0 |
0 |
0 |
|
FAZAKERLEY,
XAVIER DENNIS |
7308135159085 |
|
Resigned |
01/04/2008 |
0 |
0 |
0 |
0 |
|
KOOPMAN,
DENNIS |
5708075140015 |
Director |
Resigned |
01/01/1997 |
0 |
0 |
0 |
0 |
|
BEASLEY,
JAMES DANIEL CHRISTOPHER |
6208285267087 |
|
Resigned |
01/10/2004 |
0 |
0 |
0 |
0 |
|
DE
KLERK, CHRISTO JOHAN |
6710115088088 |
|
Resigned |
01/04/2008 |
0 |
0 |
0 |
0 |
ACTIVE
BUSINESS INTERESTS
ACTIVE
BUSINESS INTERESTS: CLIFFORD STEPHEN BARNETT
|
Company
Name |
Registration
No. |
Business
Status |
Principle
Status |
Judgments |
|
BAMGOR
PROPERTIES |
1988/029202/23 |
Dissolved |
Active |
0 |
|
BAMGOR
PROPERTIES |
1988/029202/23 |
Dissolved |
Active |
0 |
|
BAYBREAK PROPERTIES |
2010/014507/07 |
In
Business |
Active |
0 |
|
BAYBREAK PROPERTIES |
2008/059867/23 |
Conversion
CO/CC or CC/CO |
Active |
0 |
|
MIDNIGHT
FEAST PROPERTIES 11 |
2006/032525/07 |
In
Business |
Active |
0 |
|
ORDANTA
INVESTMENTS |
1988/004922/07 |
In
Business |
Active |
0 |
|
S
A METAL INDUSTRIES |
1973/015995/07 |
Deregistration
Final |
Active |
0 |
|
SA
COPPERWORKS |
1988/006060/07 |
In
Business |
Active |
0 |
|
TOD
INVESTMENTS |
1988/004869/07 |
In
Business |
Active |
0 |
|
WASTE
CONTROL |
1971/011498/07 |
In
Business |
Active |
0 |
|
WESTERN
CAPE STEELWORKS |
1994/008451/07 |
In
Business |
Active |
0 |
ACTIVE
BUSINESS INTERESTS: GRAHAM LESLIE BARNETT
|
Company
Name |
Registration
No. |
Business
Status |
Principle
Status |
Judgments |
|
BAMGOR
PROPERTIES |
1988/029202/23 |
Dissolved |
Active |
0 |
|
BAMGOR
PROPERTIES |
1988/029202/23 |
Dissolved |
Active |
0 |
|
ORDANTA
INVESTMENTS |
1988/004922/07 |
In
Business |
Active |
0 |
|
S
A METAL INDUSTRIES |
1973/015995/07 |
Deregistration
Final |
Active |
0 |
|
SA
COPPERWORKS |
1988/006060/07 |
In
Business |
Active |
0 |
|
TOD
INVESTMENTS |
1988/004869/07 |
In
Business |
Active |
0 |
|
WASTE
CONTROL |
1971/011498/07 |
In
Business |
Active |
0 |
|
1994/008451/07 |
In
Business |
Active |
0 |
BANK ACCOUNT VERIFICATION
|
Verified |
Yes |
|
Bank
Name |
STANDARD
BANK |
|
Branch
Code |
020909 |
|
Account
Holder |
SA
METAL GROUP (PTY) LTD |
|
Account
Number |
070901325 |
OPERATIONS
MAJOR
OPERATIONS
|
The
subject trades in all types of scrap metal and produces steel reinforcing
bars and coils manufactured from recycled steel scrap. The
subject has facilities and equipment to process, load and weigh multi- Major
Business Activities container
shipments of scrap metals. The
subject also provides large-scale demolition, rehabilitation and waste
removal work. |
|
|
Foreign
Trade Activities |
The
subject occasionally exports to the far east. |
|
Major
Suppliers |
TOPFAST
Cape Town CALTEX
Cape Town AFROX
Cape Town KILO
TREADS Cape Town EME
ENGINEERING Cape Town |
|
Major
Brands |
The
subject does not have any brands. |
BRANCH
& PREMISES INFORMATION
Area
of Distribution
South
Africa
|
Location |
Description/Type |
Size
(m²) |
#
of Staff |
Rented
or Owned |
If
rented: Lease Expiry Date |
|
Kraaifontein |
Not
disclosed. |
|
|
Owned |
n/a |
|
Johannesburg
1 |
Not
disclosed. |
|
|
Owned |
n/a |
|
Johannesburg
2 |
Not
disclosed. |
|
|
Owned |
n/a |
|
Epping |
Offices |
|
|
Owned |
n/a |
|
Epping |
Depot |
|
|
Owned |
n/a |
|
Blackheath |
Not
disclosed. |
|
|
Owned |
n/a |
|
Salt
River (Cape Town) |
Not
disclosed. |
|
|
Owned |
n/a |
|
Wetton |
Warehouse |
|
|
Unknown |
n/a |
|
Pretoria |
Not
disclosed. |
|
|
Owned |
n/a |
|
Phillipi |
Not
disclosed. |
|
|
Owned |
n/a |
EMPLOYEES
|
Salaried
Employees |
1,200 |
|
Waged
Employees |
0 |
|
Total
Permanent Employees |
1,200 |
|
Casual
Employees |
0 |
|
Contracted
Employees |
0 |
GENERAL
COMMENTS
Company
fleet information was not disclosed. The above premises are owned through
associate concern.
FINANCING
TERMS
|
Sales
Terms |
Unknown, |
|
Overdraft |
The
subject utilises an overdraft facility to the value of ZAR120,000,000. |
|
Year
End |
December |
GENERAL
COMMENTS
Comments
Full
Financing term information was declined.
FINANCIAL
FIGURES
Actual
numbers, 000' or mio
Actual
Numbers
BALANCE
SHEET
|
|
Current
Financial Year (Est) |
Previous
Financial Year |
Assets
|
--Inventory/Stock |
115,000,000 |
|
|
--Accounts Receivable/Debtors |
118,000,000 |
|
|
900,000,000 |
|
Comment
Full
financial information was declined.
TRADE
REFERENCES
TRADE
REFERENCE ANALYTICS
|
#
of Trade Refs in the last 3 years |
Overall
Trade Score |
Average
Usage of Terms |
Average Monthly Purchase |
Average
Usage of Credit Limit |
|
14 |
86% |
96% |
409,285.71
ZAR |
31% |
TRADE
REFERENCES
|
Trade
Ref # |
Date |
Trade
Score 2
= best 0
= worst |
Terms
Given (Taken) in days |
Monthly
Limit Given (Taken) |
Account
Opened years |
Payment
Trend (prev.
3 years) |
Acc.
Insured |
Notes |
||
|
Ref
1 |
07/12/2015 |
1 |
30
(30) |
1,600,000 ZAR
(600,000 ZAR) |
7 |
1 |
- |
- |
No |
The
subject qualifies for a 1,5% discount.
Good account. The subject is provided with machinery repairs. |
|
Ref
2 |
07/12/2015 |
1 |
30
(30) |
1,500,000 ZAR
(500,000 ZAR) |
13 |
1 |
- |
- |
Unknown |
Good
account. The subject is supplied with parts and provided with machinery
repair services. |
|
Ref
3 |
07/12/2015 |
1 |
30
(30) |
Open
(100,000 ZAR) |
+10 |
1 |
- |
- |
No |
Good
account. The subject is supplied with parts and provided with machinery
repair services. |
|
Ref
4 |
06/08/2013 |
2 |
30
(30) |
Open
(150,000 ZAR) |
15 |
- |
2 |
2 |
Unknown |
The
subject qualifies for a 2,5% discount.
Very good account. |
|
Ref
5 |
06/08/2013 |
2 |
30
(14/30 Days
) |
Open
(900,000 ZAR) |
37 |
- |
2 |
2 |
Unknown |
Excellent
account. |
|
Ref
6 |
06/08/2013 |
2 |
30
(30) |
(200,000 ZAR) |
Man |
- |
2 |
2 |
Unknown |
Very
good account. |
|
Ref
7 |
06/08/2013 |
1 |
30
(30) |
500,000 ZAR
(600,000 ZAR) |
7 |
- |
1 |
2 |
Unknown |
Good
account. |
|
Ref
10 |
|
2 |
30
(30) |
Open
(300,000 ZAR) |
7 |
- |
- |
- |
Unknown |
Very
good account. |
|
Ref
8 |
|
2 |
30
(30) |
Open
(100,000 ZAR) |
+12 |
- |
- |
- |
No |
Very
good account. |
|
Ref
9 |
|
2 |
30
(30) |
4,500,000 ZAR
(500,000 ZAR) |
37 |
- |
- |
- |
Unknown |
Excellent
account. |
ADMIN DETAILS
INTERVIEWER
|
Contact
Tel No. |
+27
10 001 0540 |
|
INTERVIEWEE
|
Contact
Person Richard Martin |
|
|
|
Position |
Director |
|
|
Company
Tel No. |
+27
21 590 3900 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
ZAR |
1 |
Rs. 4.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.