MIRA INFORM REPORT

 

 

Report No. :

313074

Report Date :

28.03.2015

 

IDENTIFICATION DETAILS

 

Name :

INTER-METMIN (PTY) LTD

 

 

Registered Office :

4 Arlington Road, Bryanston, Johannesburg, Gauteng, P O Box 782053, Sandton, 2146

 

 

Country :

South Africa

 

 

Year of Establishment  :

1975

 

 

Com. Reg. No.:

1975/000209/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Export traders in mineral ores and ferro-alloys

 

 

No. of Employee :

4

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

INTER-METMIN (PTY) LTD

 

PHYSICAL ADDRESS:                           4 Arlington Road

BRYANSTON

                                                 Johannesburg

                                                 Gauteng

 

POSTAL ADDRESS:                              P O Box 782053

                                                 SANDTON

                                                 2146

 

TELEPHONE NUMBER:                         +27 11 706 0322

 

FAX NUMBER:                                       +27 11 463 2475

 

 

SHAREHOLDERS

 

50%      G EVANS

50%      A PLOMP

 

The shareholding was previously:  O PREUSS and J E DAVID, having changed in February 2009.

 

The shareholding was formerly H P Preuss, who passed away in 2002, and his wife, Mrs U T Preuss.

 

 

ASSOCIATE COMPANIES    

 

GREEN WILLOWS PROPERTIES 101 (PTY) LTD

(Registration Certificate Number:  2004/035722/07)

INDEPENDENT MINERAL DISTRIBUTORS (PTY) LTD

(Registration Certificate Number:  1988/000489/07

P FACTOR SA CC 

(Registration Certificate Number:  1998/034437/23)

ITSHE RESOURCES (PTY) LTD 

(Registration Certificate Number:  2006/001172/07)

KABROS (PTY) LTD

Registration Certificate Number:  2005/036471/07

 

It was stated that Mr. Evans is involved in the above mentioned businesses.

 

DIRECTORS

 

G EVANS          ID No:  6102145040083

 

BANKERS

 

STANDARD BANK, FOURWAYS CROSSING BRANCH. The subject does not require an overdraft facility as credit balances are normally maintained at the bank. 

 

 

DATE REGISTERED

 

22 January 1975

Registration Certificate Number: 1975/000209/07

 

INTER-METMIN (PTY) LTD was established as a new company in 1975.

 

VAT NUMBER:              4100120189

 

TAX NUMBER:              9295067848

 

BBBEE STATUS:          Non-compliant

 

 

MAJOR OPERATION

 

Export traders in mineral ores and ferro-alloys

 

 

MAJOR SUPPLIERS

 

It was stated that the subject only deals with small local suppliers. Full supplier information was not forthcoming from the respondent at the subject.

 

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.

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Foundries, refactories and glass ceramic industries

 

 

AREA OF DISTRIBUTION AND SELLING

 

The subject is reported to export worldwide, mainly to the Far East and South America.

 

 

TOTAL EMPLOYEES

 

4

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased from INDEPENDENT MINERAL DISTRIBUTORS (PTY) LTD, Registration Certificate Number: 1998/000489/07.

 

 

FINANCIALS

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

HORWATH LEVETON BONER

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

OUTSURANCE and EIKOS (Marine insurance)

 

 

 

TRADE REFERENCES – JANUARY 2006:

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 yrs+         $   100 000     $   100 000      30 days    30 days        Very Good

 

2.    8 yrs            R3 000 000    R3 000 000      30 days    30 days        Good

 

3.    Old acc        R       6 000    R       5 000 -   30 days    30 days        Good

                                               R       6 000

 

 

TRADE REFERENCES – APRIL 2007

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    7-8 yrs          $200 000        $   100 000 -    30 days    30 days        Excellent

                                               $   200 000

 

2.    15 yrs           open             R1 500 000      varies       on time         Good

 

3.    15 yrs           declined        $     50 000 -    30 days    30 days        Very good

                                               $   130 000

 

 

TRADE REFERENCES-FEBRUARY 2012

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.     Unable to obtain a trade reference

 

2.    5 yrs            R250 000       R250 000        30 days    30 days        Excellent

      Also buys on a C.O.D. basis

 

3.    15 yrs           R3 000 000    R1 000 000      30/60        30/60 days   Very Good

                                               -R3 000 000     days

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.     +5 years       Open             R2 000 000      30 days    30 days        Excellent

 

2.     Debtors are based overseas

 

3.     No longer deals with this supplier

 

4.     No longer deals with this supplier

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Crane rods

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.   No adverse comments have been heard The lack of financial details and a better established payment pattern should be borne in mind.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.61

UK Pound

1

Rs.92.95

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.