|
Report No. : |
327728 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCAW SOUTH AFRICA (PTY) LTD |
|
|
|
|
Formerly Known As : |
MAIN STREET 473 (PTY) LTD |
|
|
|
|
Registered Office : |
Lower Germiston Road Heriotdale Johannes burggauteng, P O
Box 61721 Marshalltown 2107
|
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
18.09.2006 |
|
|
|
|
Com. Reg. No.: |
2006/029205/07 |
|
|
|
|
Legal Form : |
Private company |
|
|
|
|
Line of Business : |
Subject is involved in the manufacturing of steel and alloy iron products, cast products, rolled products, grinding media, steel wire rope, wire and strand, chain products, fibre ropes and twines and filtration materials. |
|
|
|
|
No. of Employee : |
±7 000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
SCAW SOUTH AFRICA
(PTY) LTD
Formerly: MAIN STREET 473 (PTY) LTD, the name
having been changed 19 October 2006.
SCAW METALS GROUP
PHYSICAL ADDRESS
Lower Germiston Road
HERIOTDALE
Johannesburg
Gauteng
MARSHALLTOWN
2107
TELEPHONE NUMBER
+27 11 621 1555
FAX NUMBER
+27 11 621 1590
The address of 60 Strachan Street, Industria,
Germiston, Telephone Number: +27 11 876 2626, is stated to be a factory
premises of the subject.
The address of 15 Birmingham Street Benoni
South, +27 11 747 5000, is stated to be the premises of the ECLIPSE EAST
FOUNDRY.
The address of Jansen Road, Nuffield, Springs,
is stated to be a branch of the subject.
The address of
Union Junction Black Reef Road, Dinwiddie Germiston is reported to be the
factory premises of the subject on the telephone number +27 11 842 9000
and fax number +27 11 842 9703.
74% INDUSTRIAL
DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
21% MAIN
STREET 510 (PTY) LTD
5% SCAW EMPLOYEE SHARE TRUST
The shareholding changed in 2012 and was
previously:
74% ANGLO
AMERICAN PLC
21% Held
by Black Consortium comprising IZINGWE HOLDINGS (PTY) LTD, SOUTHERN PALACE
HOLDINGS (PTY) LTD and SHANDUKA RESOURCES (PTY) LTD
5% SCAW EMPLOYEE SHARE TRUST
CONSOLIDATED WIRE INDUSTRIES (PTY) LTD
(Registration Certificate Number: 1949/033261/07)
The percentage of shareholding was unknown by the respondent.
A B ALLY (alt)
ID No. 6410245219089
L L TSEKI
ID No. 7911045458081
U KHUMALO (Chairman) ID No. 6602055286089
N G NIKA
ID No. 5804125384081
V O TWALA
ID No. 6309235681086
N V MOKHESI
ID No. 6102110608088
N A MPULO
ID No. 7911120460085
S SEROTE
ID No. 8111195298085
M M HANNEMANN (CEO) ID No. 6705105119083
O SHARP
ID No. 8201140103082
NEDBANK, Sandton branch. It was stated
that the subject enjoys overdraft facilities secured by property. Utilisation
is stated to fluctuate. Further banking
information was declined.
18 September 2006
Registration Certificate Number: 2006/029205/07
SCAW SOUTH AFRICA (PTY) LTD was established
in November 2006 when the operations of SCAW METALS, a division of ANGLO
OPERATIONS LTD (Registration Certificate Number 1921/006730/07), were
incorporated into a shelf company styled MAIN STREET 473 (PTY) LTD, for
registration purposes. The name of the
company was changed in October 2006 to the current name.
It was stated that operations commenced many
years prior to this, however, further information was unknown.
As of 19 June 2008 the assets and operations
of OZZ INDUSTRIES (PTY) LTD (Registration Certificate Number 2002/012715/07)
with all its business interests, including ECLIPSE FOUNDRIES LTD (Registration
Certificate Number 1927/000441/07) were incorporated into SCAW SOUTH AFRICA
(PTY) LTD. Both the former companies became
dormant and were liquidated.
4880111176
9099385164
Level 3 contributor
The subject is involved in the manufacturing
of steel and alloy iron products, cast products, rolled products, grinding
media, steel wire rope, wire and strand, chain products, fibre ropes and twines
and filtration materials.
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.
The transport industry, e g
SPOORNET/TRANSNET, the mining industry,
e.g. Platinum and Gold, heavy and light
engineering, construction.
South Africa
West Africa, Far East and North America.
±7 000
The subject has 13 branches and 7 factories
throughout South Africa.
2 of the branches and all the factories and
head office are reported to be owned by the subject, free of bond.
Full financial information was declined by the
respondent at the subject and outside authorities were unable to assist in this
regard.
DELOITTE AND TOUCHE +27
11 806 5000
MARCH changed from DECEMBER
MARSH INSURANCE BROKERS
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
1. Do not give trade references
2. 30 years R16
200 000 R 7 000 000- 30
days 30 days Excellent
c/l R10 000 000
3. 5 years open
acc R 9 000 000 30
days 30 days Excellent
4. Do not give trade references
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT
1. 20 years R16
200 000 R 5 000 000- 30
days 30 days Excellent
R10
000 000
2. Old acc R 8 100 000 R 1 000 000- 30
days 30 days Very Good
R 3 500 000
3. 30 years large R
2 000 000 30 days 30 days Very
Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Aug
2006 undisclosed undisclosed 30
days 30 days Good
(Coface) 2.5% 2.5%
2. +10
years R16 600 000 ±R10 000 000 30
days 30 days Excellent
c/l
3. ±20
years R10 000 000
R 3 000 000- 30 days 30
days Very Good
R 5
000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Old
acc R 5 000 000 R 4 000 000 30 days 30
days Very Good
4. +10
years R100 000 000 R 2 500 000- 30 days 30 days Very Good
c/l R10 000 000
5. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R
3 200 000 R 1 000 000- 30 days 30 days Very Good
c/l R 3 000 000
2. 10
years R 10 000 000 R 5 000 000- 30 days 30
days Very Good
c/l R10 000 000
3. 2008 R100 000 000 R20 000 000 30 days 30
days Very Good
c/l -2,5% -2,5%
4. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years R16 600 000 ±R
7 700 000 30 days 30 days Excellent
c/l
2. 1999
R4 000 000 ±R
1 500 000 30 days 30 days Excellent
c/l
3. ±10
years R24 000 000
R 5 000 000- 30 days 30
days Excellent
c/l R10 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +8
years Declined Declined 30
days 30 days Excellent
2. Do
not give trade references
3. 1999 R4 100 000 R1 000 000– 30 days 30 days Excellent
R3 700
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R5 000 000 R1 000 000- 30 days 30 days Excellent
R5 000 000
2. 5-10
years R10 000 000 R6 000 000 30 days 30 days Excellent
3. 5
years declined declined 30
days 30 days Excellent
4. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10
Years R25 000 000 ±R9 000 000 30 days 30 days Excellent
2.
Unable
to obtain
3.
Do not
give trade references
4.
Do not
give trade references
5.
Do not
give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R3 000 000 R
1 500 000- 30 days 30 days Very
Good
R 2 000 000
2. +10
Years R25 000 000 R10 000 000 30 days 30 days Excellent
3. Feb
2008 Declined Declined 30 days 30 days Very
Good
Insured
with Coface -2.5%
4. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 Years Open R3 000 000- 30 days 30
days Very Good
R5 000
000
2. Last dealt with them in 2011
3. 2006 Declined Declined 30
days 30 days Very Good
Insured CGIC 2.5%
4. Do not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do
not give trade references
3. 2007 Declined Declined 30 days 30 days Excellent
Insured
CGIC 2.5%
4. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. Do
not give trade references
3. 2008 Declined Declined 60 days 60 days Very
Good
Insured:CGIC
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7
years Open R5 000 000- 30
days 30 days Very Good
R9 000 000
2. +11
years Declined +R100 000 000 30/60
days 30/60 days Very Good
3. Against
company policy to divulge trade reference information.
4. Against
company policy to divulge trade reference information.
NATURE OF GOODS OR
SERVICES SUPPLIED:
(These descriptions relate respectively by number
to the above current trade transactions):
1. Iron
ore products
2. Steel
This is an established
business that has its origins many years ago as a division of ANGLO OPERATIONS
LTD. The subject is meeting its commitments on time as per arrangements. In
view of the standing of the subject they are considered equal, preferably
secured due to a lack of financial information.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared by
: |
ANK |
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.