MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION
DETAILS
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Name : |
BEIER SAFETY FOOTWEAR (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
5 June 1996 |
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Com. Reg. No.: |
1996/007058/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of safety footwear e.g. boots, etc. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
BEIER SAFETY FOOTWEAR (PTY) LTD
PHYSICAL ADDRESS
PINETOWN
Kwazulu Natal
POSTAL ADDRESS
PINETOWN
3600
TELEPHONE NUMBER: 031 710 0400 / 0538
FAX NUMBER: 031 700 2607
SHAREHOLDERS
37% BEIER INDUSTRIES (PTY) LTD, which is in turn owned by the N FULCHER FAMILY TRUST, H BEIER FAMILY TRUST (majority) and M TIADEN FAMILY TRUST.
37% LEMAITRE
SECURITÉ SAS (Based in
26% ALDABRI 29 (PTY) LTD (BEE Company)
The subject’s shareholding is reported to change in 2004 and was previously 50% BEIER INDUSTRIES (PTY) LTD and 50% LEMAITRE SECURITE SA.
ASSOCIATE COMPANIES
BEIER FELT AND FILTERS (PTY) LTD
EDP CONSULTING (PTY) LTD (dormant)
BEIER
Plus other companies within the BEIER group.
DIRECTORS
J M HECKEL (Controls Lemaitre Securite SA in
H H H BEIER
S M MAZIYA
BANKERS
ABSA BANK, Corporate Branch
DATE REGISTERED
5 June 1996
Registration Certificate Number: 1996/007058/07
VAT NUMBER
4460162326
MAJOR OPERATION
Manufacture of safety footwear e.g. boots, etc.
MAJOR SUPPLIERS
The subject imports leather, polyurethane and toecaps from
CLOVER CARGO
BOND SEAL
KENPRINT
MENDELSOHN & FROST
TUFFTEX
MAJOR CUSTOMERS OR
BUSINESS SECTORS
It was stated that the subject sells through a distribution network to mines, the construction industry and industry in general.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
African countries and occasionally to
TOTAL EMPLOYEES
186
OTHER PREMISES
None, however, the subject is reported to have distribution companies
in the Group throughout
OWNED OR LEASED
The premises are reported to be owned by a group company and valued in the region of R6 million+, free of bond.
AUTHORISED SHARE
CAPITAL
R50 000 divided into 50 000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R50 000
The following estimated financial situation was submitted:
STOCK R 23 000 000
DEBTORS R30 000 000 – R 40 000 000
FIXED ASSETS net book value R 10 000 000
CREDITORS R 20 000 000
SHAREHOLDERS’ LOANS R 5 000 000
TURNOVER per annum R140 000 000
AUDITORS
MARWICK,
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER FORBES,
TRADE REFERENCES –
JUNE 2005
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R 70 000 R 30 000 - 60
days 60/69 days Good
R 70 000
2. May’03 R1
000 000 R100 000 - 60 days 70/80
days Good
credit cover R250 000 (needs monitoring)
3. Old acc R 30 000 R 30 000 60
days 60 days+ Good
TRADE REFERENCES –
MARCH 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. N/A R3
000 000 R600 000 7 days
7days Very good
2. 7 yrs R 80 000 R 10 000 - 30
days 30 days Excellent
R 50 000
3. 25 yrs R 350 000 R200
000 60 days 60 days Excellent
4. 20 yrs R 100 000 R 70 000 60
days 60 days Very good
TRADE REFERENCES –
MARCH 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 7 yrs R 100 000 R 10 000 - 30
days 30 days Excellent
R 70 000
2. 2003 R1
000 000 R200 000 - 60 days 60
days Very good
R600
000
3. 25 yrs R
350 000 R200 000 60 days 60 days Excellent
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 26 yrs R 450 000 R200
000 60 days 60 days Excellent
2. declined R1 700 000 R300
000 - 60 days 60 days Very good
R500
000
3. 16 yrs R 200 000 R170
000 60 days 60 days Very good
COMMENTS
This is an established and well connected company which is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000, however, the subject is considered equal to such an amount over 90 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. |
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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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%)