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MIRA INFORM REPORT
|
Report No. : |
505501 |
|
Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ZIMCO GROUP (PTY) LTD |
|
|
|
|
Formerly Known As : |
·
ZIMCO INDUSTRIES ·
COOKSON (SA) |
|
|
|
|
Registered Office : |
Osborn
And Tedsone Roads Wadeville Germiston Kwazulu-Natal 1400 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
28.04.1947 |
|
|
|
|
Com. Reg. No.: |
1947/025245/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject is involved in the production and
wholesale supply of industrial and base minerals including zinc and aluminium
metal and alloys. |
|
|
|
|
No. of Employees : |
112 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. 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 but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.
South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; 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 government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.
|
Source
: CIA |
Executive
Summary
The subject is very well established. No judgments recorded against the subject. A comprehensive trade survey could not be obtained. No bank information supplied. The subject has an excellent reputation. The subject is part of a well financed group. The subject is considered equal to its normal business engagements. The lack of financial information should be borne in mind.
COMPANY INFORMATION
OVERVIEW
|
History |
Zimco
Group (Pty) Ltd was registered and commenced operations in April 1947 as
Cookson (SA) (Pty) Ltd. The subject underwent two name changes, the latest
one being to the current name in May 1999. Zinchem (Pty) Ltd (Registration
Certificate Number: 1967/005786/07) was registered and commenced operations in
1967. At an unconfirmed date the assets and operations were divisionalised
into the subject and the former entity was subsequently dissolved. |
STATUTORY
INFORMATION
|
Registered
Name |
ZIMCO
GROUP (PTY) LTD |
|
Previous
Names |
•
ZIMCO INDUSTRIES (10/05/1999) •
COOKSON (SA) (06/01/1984) |
|
Registration
Number |
1947/025245/07 |
|
Type
Of Company |
Private
Company |
|
Registered
Date |
28/04/1947 |
|
Date
Commenced Trading |
28/04/1947 |
|
Commercial
Status |
In
Business |
|
Financial
Year End |
December |
CONTACT DETAILS
|
Contact
Number |
+27
11 746 5000 |
|
Email
Address |
|
|
Fax
Number |
+27
11 746 5050 |
|
Website |
|
|
Social
Media Presence |
Facebook;
LinkedIn |
|
Registered
Physical Address |
Osborn
And Tedsone Roads Wadeville
Germiston Kwazulu-Natal South
Africa 1400 |
|
Trading
Physical Address |
Cnr
Lincoln And Styx Roads Industrial Sites Benoni
Gauteng South
Africa 1508 |
|
Postal
Address |
P
O Box 6645 Dunswart Johannesburg
Gauteng South
Africa 1508 |
TAX INFORMATION
TAX
INFORMATION
|
Income
Tax Number |
9700225718 |
|
VAT INFORMATION
|
VAT
Status |
The subject is registered for VAT (VAT number/s made
available) |
|
VAT
Number |
4660116759 |
|
Status |
Active |
|
Registered
Name |
ZIMCO GROUP (PTY) LTD |
|
Trading
Name |
FRYS METALS |
|
VAT
Number |
4640113280 |
|
Status |
Active |
|
Registered
Name |
ZIMCO GROUP (PTY) LTD |
|
Trading
Name |
ZINCHEM |
OFFICERS AND
PROFESSIONAL SERVICES
LIST OF
OFFICERS AND PROFESSIONAL SERVICES
|
Type |
Name |
Contact
Name |
Contact
Number |
|
|
Insurance |
Alexander
Forbes Insurance Brokers |
|
+27112690000 |
|
|
Auditor |
Ewa |
|
+27117723000 |
|
OWNERSHIP STRUCTURE
SHAREHOLDING INFORMATION
CURRENT
|
Ultimate
Holding Company |
Share |
Type |
Comment |
|
|
Quexco Incorporated |
100% |
Ultimate Holding Company |
Incorporated in Dallas, USA |
|
|
Holding
Company |
Share |
Type |
Comment |
|
|
Eco-Bat Technologies Limited |
100% |
Holding Company |
Incorporated in the UK |
|
PRINCIPAL
INFORMATION
Director / Member
|
Full
Name |
ID
No. |
Type |
Status |
DOA |
Active
Interests |
Previous
Interests |
Judgments |
Fraud
Listing |
|
Ian Christopher
Davies |
518412059 |
Non-Executive
Director |
Active |
01/03/2016 |
1 |
0 |
0 |
0 |
|
WOuter
Verwey |
5302155033082 |
Director |
Active |
18/12/2001 |
15 |
0 |
0 |
0 |
|
Donald
Angus Buchanan |
3804035045006 |
Director |
Deceased |
06/02/1987 |
21 |
20 |
0 |
0 |
|
Andre
Immelman |
7003085104088 |
Director |
Resigned |
01/07/2005 |
1 |
4 |
0 |
0 |
|
Arthur Vincent
Ferry |
511128 |
Director |
Resigned |
18/12/2001 |
0 |
0 |
0 |
0 |
|
Bruce Jonathan Addison |
4905235040009 |
Director |
Resigned |
18/12/2001 |
2 |
1 |
0 |
0 |
|
Colin
Edward Heywood |
5211195166002 |
Director |
Resigned |
18/12/2001 |
0 |
5 |
0 |
0 |
|
Darryl William Bowden |
5107215070002 |
Director |
Resigned |
25/02/1998 |
5 |
20 |
0 |
0 |
|
George
Irving Cummings |
490224 |
Director |
Resigned |
03/01/1999 |
0 |
0 |
0 |
0 |
|
George
Irving Cummins |
4902240000000 |
Director |
Resigned |
18/12/2001 |
0 |
0 |
0 |
0 |
|
Hubert Geoffrey
Ellis |
4205175114009 |
Director |
Resigned |
08/08/1990 |
5 |
18 |
0 |
0 |
|
Johan Bezuidenhout |
5604055074086 |
Director |
Resigned |
08/12/2003 |
2 |
12 |
0 |
0 |
|
Johan
Christiaan Strydom |
5608135006083 |
Director |
Resigned |
01/01/2003 |
6 |
3 |
0 |
0 |
|
John
Peter O'kane |
580618 |
Director |
Resigned |
04/07/2005 |
0 |
0 |
0 |
0 |
|
Louw Jordaan |
5110135004085 |
Director |
Resigned |
08/12/2003 |
0 |
2 |
0 |
0 |
|
Norris
Peter James
Haugland |
3911105084003 |
Director |
Resigned |
06/02/1987 |
7 |
16 |
0 |
0 |
|
Peter Mcintosh
King |
0990327260000 |
Director |
Resigned |
01/03/1999 |
0 |
0 |
0 |
0 |
|
Raymond Richard Kubis |
522344177 |
Non-Executive
Director |
Resigned |
01/08/2014 |
0 |
1 |
0 |
0 |
ACTIVE
BUSINESS INTERESTS: Ian Christopher Davies
|
Company
Name |
Registration
No. |
Business
Status |
Principal
Status |
Principal
Type |
Judgments |
|
Zimco
Group |
1947/025245/07 |
In
Business |
Active |
Non-Executive
Director |
0 |
ACTIVE
BUSINESS INTERESTS: Wouter Verwey
|
Company
Name |
Registration
No. |
Business
Status |
Principal
Status |
Principal
Type |
Judgments |
|
Mioxide
Mining |
2001/019736/07 |
In
Business |
Active |
Director |
0 |
|
Benadeplaas
Mining |
2001/019556/07 |
AR
Deregistration Process |
Active |
Director |
0 |
|
Ormiz
Plastics |
1975/001196/07 |
AR
Deregistration Process |
Active |
Director |
0 |
|
Taai
Sands Properties |
2001/019551/07 |
AR
Deregistration Process |
Active |
Director |
0 |
|
Plettenberg
Bay Bentonite Mining Company |
2003/029287/07 |
In
Business |
Active |
Director |
0 |
|
Zimco
Group |
1947/025245/07 |
In
Business |
Active |
Director |
0 |
|
Masala
Mining |
2001/019549/07 |
AR
Final deregistration |
Active |
Director |
0 |
|
Sondor
Industries |
1987/003475/07 |
In
Business |
Active |
Director |
0 |
|
G
And W Base And Industrial
Minerals |
1951/000928/07 |
In
Business |
Active |
Director |
0 |
|
Matsopa
Minerals |
2001/019554/07 |
In
Business |
Active |
Director |
0 |
|
Zimco
Metals |
1947/026672/07 |
In
Business |
Active |
Director |
0 |
|
East
Rand Business Development Centre |
2001/008076/08 |
AR
Final deregistration |
Active |
Director |
0 |
|
Ormiz
Rubber |
1980/002577/06 |
AR
Deregistration Process |
Active |
Director |
0 |
|
Africa
Anodes |
2018/206182/07 |
In
Business |
Active |
Director |
0 |
|
Leeuwhoek
Properties |
2001/019559/07 |
AR
Deregistration Process |
Active |
Director |
0 |
Management
No principals found for this principal type.
Officer
|
Full
Name |
ID
No. |
Type |
Status |
DOA |
Active
Interests |
Previous
Interests |
Judgments |
Fraud
Listing |
|
Peter
Douglas |
6408185120085 |
Company
Secretary |
Active |
10/02/2016 |
5 |
0 |
0 |
0 |
|
Deon Lucien Deetlefs |
6210125067081 |
Company
Secretary |
Resigned |
18/12/2001 |
11 |
7 |
0 |
0 |
|
Peter
John Cutler |
5907275024082 |
Company
Secretary |
Resigned |
10/10/2006 |
2 |
2 |
0 |
0 |
|
Trevor
John Spencer Anderson |
4502255108087 |
Company
Secretary |
Resigned |
30/09/1999 |
1 |
10 |
0 |
0 |
ACTIVE
BUSINESS INTERESTS: Peter Douglas
|
Company
Name |
Registration
No. |
Business
Status |
Principal
Status |
Principal
Type |
Judgments |
|
Carbon
Negative Solutions |
2015/075389/07 |
In
Business |
Active |
Director |
0 |
|
Africa
Anodes |
2018/206182/07 |
In
Business |
Active |
Company
Secretary |
0 |
|
Integrated
Food Energy Systems |
2015/444838/07 |
AR
Deregistration Process |
Active |
Director |
0 |
|
Zimco
Group |
1947/025245/07 |
In
Business |
Active |
Company
Secretary |
0 |
|
Zimco
Group |
1947/025245/07 |
In
Business |
Active |
Director |
0 |
Other
No principals found for this principal type
BANK ACCOUNT
INFORMATION
BANK ACCOUNTS
|
Account Reference Number |
Account Holder |
Account Number |
Bank Name sr |
Branch Code |
Verification Status |
|
ABB129583 |
ZIMCO
GROUP (Pty) Ltd |
1933099518 |
Nedbank
(South Africa) Sandown |
198
765 |
Verified
by Bank Code |
GENERAL COMMENTS
|
General
Comments |
Bank
details for Zinchem, a division of Zimco Group (Pty) Ltd were declined. |
OPERATIONAL ACTIVITIES
|
Operational
Activities Status |
The
following information was provided |
|
Industry |
Manufacturing
& Wholesale |
|
Major
Industry SIC Code |
24
- Manufacture of basic metals |
|
NACE
Code |
24
- Manufacture of basic metals |
MAJOR OPERATION
|
Major
Business Activities |
The
Zinchem division is involved in the production and wholesale supply of industrial
and base minerals including zinc and aluminium metal and alloys. |
|
Foreign
Trade Activities |
International |
|
Agencies
Held |
Subject
holds no agencies. |
|
Franchises
Held |
The
subject holds no franchises. |
|
Major
Suppliers |
• Arcelor Mittal • Duferco • Exxaro • Gma Logistics • Transvaal Galvanisers |
|
Major
Customers |
• Rubber And Tyre Manufacturers • The Mining Industry • The Agricultural Industry • Paint Manufacturers • The Pharmaceutical Industry |
|
Major
Brands |
Subject
does not have any brands. |
|
Major
Contracts |
Subject
operates on a contract basis, but declined information. |
IMPORT
ACTIVITIES
Subject
imports.
|
Imports
From |
To
the value of |
|
|
•
Botswana |
|
|
|
•
Zimbabwe |
|
|
|
•
Zambia |
|
|
EXPORT ACTIVITIES
Subject
exports
|
Exports
To |
To
the value of |
|
|
•
Namibia |
|
|
|
•
Zimbabwe |
|
|
|
•
Middle East |
|
|
OPERATIONAL FOOTPRINT
Operational
Footprint Status The following information was
provided
BRANCH
& PREMISES INFORMATION
|
Location |
Description/Type |
Size
(m2) |
#
of Staff |
Rented
or Owned |
Lease
Expiry Date |
|
Benoni |
•
Office •
Warehouse •
Factory |
|
|
Owned |
N/A |
EMPLOYEES
Permanent
Employees 112
COMPANY
FLEET
Total
Vehicles - 4
The fleet is made up
of:
|
Cars / SUV's |
2 |
Owned |
|
|
Light Delivery Vehicles |
2 |
Owned |
|
FINANCING TERMS
FINANCING
TERMS
|
Sales
Terms |
30 Days |
|
|
Overdraft
Facility |
The Subject has an overdraft facility. |
|
|
Overdraft
Usage |
Regularly |
|
|
Sureties |
Details have been declined |
|
|
Debtors
Ceded |
Details have been declined. |
|
|
Debtors
Factored |
Details have been declined. |
|
|
Bonds |
Details Declined |
|
GENERAL COMMENTS
|
General
Comments |
Full financing terms were declined. |
! |
FINANCIAL FIGURES
GENERAL
COMMENTS
General
Comments Financial figures were
declined.
TRADE REFERENCES
TRADE
REFERENCES
|
Trade Reference |
Date |
Trade Score |
Terms Given (Taken) in days |
Monthly Limit Given (Taken) |
Account Opened |
Payment Trend (prev. 3 years) |
Account Insured |
Notes |
||
|
TR180503148 |
03/05/2018 |
Neutral |
30 Days (30 Days) |
1,200,000 (850,000) (ZAR) |
2017 |
50% |
|
|
No |
This is a very good account. Monthly purchases range between ZAR500,000 and ZAR1,200,000. |
|
TR180503147 |
03/05/2018 |
N/A |
|
|
|
|
|
|
|
Dormant account |
|
TR180503146 |
03/05/2018 |
N/A |
|
|
|
|
|
|
|
Company policy not to provide trade references |
|
TR180503145 |
03/05/2018 |
N/A |
|
|
|
|
|
|
|
Account has been closed. Declined to comment |
|
TR180503144 |
03/05/2018 |
N/A |
|
|
|
|
|
|
|
Company policy not to provide trade references |
|
TR180503143 |
03/05/2018 |
Neutral |
30 Days (30 Days) |
Confidential (Confidential) |
2013 |
50% |
|
|
Yes |
This is a good account. |
TRADE REFERENCE ANALYTICS
|
Number
of valid Trade References |
2 |
|
Overall
Trade Score |
50% |
|
Average
Usage of Terms |
100% |
|
Average
Monthly Purchase |
850,000
ZAR |
|
Average
Usage of Credit Limit |
71% |
GENERAL COMMENTS
General Comments Further creditor details were not made available for trade reference purposes.
COURT
NOTICES
No judgments on file in the name of the subject
No liquidation applications on file in the name of the subject
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.11 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
|
ZAR |
1 |
INR 5.34 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.