MIRA
INFORM REPORT
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Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL BRANDS LTD |
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Formerly Known as: |
AVBAK FOOD HOLDINGS LTD |
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Registered Office : |
30 Sloane Street, Bryanston, Sandton, Gauteng. |
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Country : |
South
Africa |
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Date of Incorporation : |
30.04.1948 |
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Com. Reg. No.: |
1948/029389/06 |
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Legal Form : |
Limited
Company |
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Line of Business : |
The manufacture, marketing and distributing of fast moving branded consumer goods. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$1 000 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
COMPANY NAME
NATIONAL BRANDS LTD
Formerly AVBAK FOOD HOLDINGS LTD, the name having been changed during 1990.
TRADING DIVISIONS
FOOD DIVISION
COFFEE
BISCUITS
TEA
SNACKS
FOOD SERVICES DIVISION
It was stated that the NATIONAL INGREDIENT SUPPLIES division was sold to management on 1 October 2002.
It was stated that the YARDLEY OF LONDON division (formerly COSMETICS & TOILETRIES, the name having been changed on 1 July 1999), is reported to have been taken over by INDIGO COSMETICS (PTY) LTD as of 1 July 2003.
It was stated that the subject sold the PAKCO division
in 1999.
PHYSICAL ADDRESS
30 Sloane Street
BRYANSTON
Sandton
Gauteng
POSTAL ADDRESS
P O Box 5159
RIVONIA
2128
TELEPHONE NUMBER
(011) 707 7000
FAX NUMBER
(011) 707 7799
It was stated that the subject moved in 2003 from: 29 Autumn Street, Rivonia and that they are no longer using the postal address: P O Box 692, Rivonia, 2128
REQUEST FOR FURTHER PARTICULARS
On investigation it was
established that the tea factory of the subject is situated at: 399 Point Road, Durban, P O Box 2196,
Durban, 4000, telephone number: (031)
335 1300 and fax number: (031) 337
5158.
SHAREHOLDERS
100% AVI LTD (formerly ANGLOVAAL INDUSTRIES LTD)
– registration
certificate
number: 1944/017201/06 (Quoted on the
JSE Securities Exchange South Africa)
ASSOCIATE COMPANIES
IRVIN & JOHNSON LTD – registration certificate
number: 1952/001693/06.
Plus other companies within the ANGLOVAAL INDUSTRIES
group of companies.
Subsidiary companies:
Ø NATIONAL BRANDS DISTRIBUTORS (PTY) LTD – registration certificate number: 1962/003926/07 – (dormant)
Ø NATIONAL
BRANDS MANAGEMENT SERVICES (PTY) LTD – registration certificate number: 1948/031953/07 – (dormant)
Ø NEDAN OIL
MILLS (PTY) LTD – sold to management in October 2002.
Ø NATIONAL
PROTEIN (PTY) LTD – deregistered
Ø CEREBOS LTD (formerly NATIONAL SALT LTD), which was sold to management in October 2002.
Ø PYOTTS
(PTY) LTD (dormant) - deregistered
Ø BAUMANNS
BISCUITS (PTY) LTD (dormant) – deregistered
Ø BAKERS LTD
(dormant)
Ø T W BECKETT
& CO LTD (dormant)
Ø P F L
INVESTMENTS LTD (dormant)
Ø NBL BOTSWANA (PTY) LTD – registered in Botswana. The latter company is a tea packaging company. It was also stated that the subject does some exports via this company into Africa.
Ø SKREBA PROPERTIES (PTY) LTD – registration certificate number: 1956/000833/07, which is reported to be a property owning company.
Respondents stated that there are other dormant subsidiaries within the group, the names of which were not forthcoming.
DIRECTORS
C B SAMPSON (Divisional Managing Director)
MS .L MBONGWE
S L CRUTCHLEY (Chairman)
K R PHILLIPS
The directorship changed in August 2006.
BANKERS
STANDARD BANK, Corporate Branch Rivonia. It was stated that the subject is managed by a cash management scheme controlled by the treasury department of AVI LTD.
DATE REGISTERED
30 April 1948
Registration Certificate Number 1948/029389/06.
VAT NUMBER
4310107208
MAJOR OPERATION
The manufacture, marketing and distributing of fast moving branded consumer goods.
MAJOR SUPPLIERS
Deemed not necessary by respondents at the company in view of the standing of the subject.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Large chain stores, wholesalers, retailers, supermarkets e.g. Pick n Pay, Metro, Makro, Shoprite Checkers, etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
African countries and the Far East e.g. Hong Kong.
TOTAL EMPLOYEES
Approx. 2 000 employees
OTHER PREMISES
The
subject is reported to have 10 sales offices, depots, approximately 5 factories
and 2 warehouses countrywide.
OWNED OR LEASED
The head office premises are owned by SKREBA PROPERTIES (PTY) LTD, market
value in the region of R27 million. It
was stated that there is an arrangement with INVESTEC Bank over a period of 10 years.
It was stated that the subject owns some of the factory premises, while SKREBA PROPERTIES (PTY) LTD owns others. It was stated that the sales depots are leased.
AUTHORISED SHARE CAPITAL
R4 million divided into 4 million ordinary R1 shares
ISSUED SHARE CAPITAL
R3 509 474
The respondent declined to update financial information on the subject, nevertheless, the following estimated financial situation as at July 2003 reads as follows:
STOCK R 400 000 000
DEBTORS R 330 000 000
CREDITORS R 270 000 000
SHAREHOLDERS LOANS
Nil
TURNOVER per annum R6
700 000 000
AUDITORS
K P M G INC
Johannesburg (011) 647 7111
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES INSURANCE BROKERS
TRADE REFERENCES
Not available
COMMENTS
This is an established and well connected company. In view of its standing, the subject is considered equal to US$1 000 000 over 30 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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