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MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BRECO (PTY) LIMITED |
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Formerly Known As : |
BRECO COLD STORAGE (PTY) LTD |
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Registered Office : |
P O Box 36637, Chempet 4, Printers Way, Montague Gardens, Cape Town, 8000, |
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Country : |
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Date of Incorporation : |
10.03.1995 |
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Com. Reg. No.: |
1995/002205/07 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importers and exporters of frozen fish and seafood as well
as a cold storage company |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
ADDRESS
PHYSICAL ADDRESS
POSTAL ADDRESS
CHEMPET
7442
TELEPHONE NUMBER : 021 551 8700
FAX NUMBER : 021 551 8668
On investigation it was established that she subject, registration certificate number 1996/009856/07 was the registration number for a company originally known as BRECO (PTY) LTD which changed its name to BRECO CAPE TOWN (PTY) LTD on 1st January 2005. The operations and assets of the company were then incorporated into a company called BRECO COLD STORAGE (PTY) LTD which then changed its name BRECO (PTY) LTD, registration certificate number 1995/002205/07, which report should be consulted. The subject BRECO CAPE TOWN (PTY) LTD is, therefore, dormant.
COMPANY NAME
BRECO (PTY) LTD
Formerly BRECO COLD STORAGE (PTY) LTD, the name having been
changed on 24 February 2005. Formerly
BRECO (
ADDRESS
PHYSICAL ADDRESS
Milnerton
POSTAL ADDRESS
CHEMPET
7442
TELEPHONE NUMBER : 021 551 8700
FAX NUMBER : 021 551 8668
SHAREHOLDERS
100% BRECO HOLDINGS (PTY) LTD (Reg. No.1996/008679/07), which is in turn owned by N PASCALL, E A BRAUN, R AGOSTINELLI and A BOONZAAIER.
ASSOCIATE COMPANIES
BRECO CAPE TOWN (PTY) LTD (Reg. No.1996/009856/07 dormant)
REM HOLDINGS (PTY) LTD
DIRECTORS
E A BRAUN Identity number: 6407145131083
N PASCALL Identity number: 7301055051085
R AGOSTINELLI Identity number: 6511175133084
A BOONZAAIER Identity number: 6506255004087
BANKERS
NEDBANK, Western Cape Commercial branch, account number 1232006610. It was stated that the subject enjoys overdraft facilities to an extent of R35 million, secured by the personal guarantees of the Shareholders. Utilisation is stated to fluctuate.
DATE REGISTERED
10 March 1995
Registration Certificate Number 1995/002205/07
The subject was previously registered as a property company, BRECO COLD STORAGE (PTY) LTD, which took over the assets and operations of a company namely, BRECO (PTY) LTD – registration certificate number: 1996/009856/07 on 1 January 2005. The company then changed its name to BRECO CAPE TOWN (PTY) LTD and became dormant.
It was stated that BRECO (PTY) LTD – registration certificate
number: 1996/009856/07, took over the
assets and operations of a comparatively well established externally registered
company namely, BRECO (
VAT NUMBER
4790154308
MAJOR OPERATION
Importers and exporters of frozen fish and seafood as well as a cold storage company.
MAJOR SUPPLIERS
The subject imports from
IRVIN & JOHNSON
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Wholesalers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Worldwide
TOTAL EMPLOYEES
40
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by BRECO (PTY) LTD, replacement value in the region of R16 million+, bonded in favour of Nedbank to an extent of R2 000 000.
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1 000 ordinary R1 shares.
ISSUED SHARE CAPITAL: R200
The following estimated financial situation as at August 2006 was submitted:
STOCK R 14 000 000
DEBTORS R43 000 000 – R 44 000 000
CREDITORS R 8 000 000 – R 9 000 000
OVERDRAFT R 12 000 000
SHAREHOLDERS LOANS None
TURNOVER per annum R250 000 000+
AUDITORS
CECIL KILPIN & CO
YEAR END
MARCH
INSURANCE BROKERS
SKY MARKET INSURANCE
TRADE REFERENCES –
AUGUST 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R200 000 R150 000 30 days 30 days Very good
2. 6 yrs R250 000 R200 000 30 days 30 days Good
3. 8 yrs R150 000 R80 000 30 days 30 days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Old acc declined declined 30 days 30 days Good
3. 5 yrs open R100 000 - 30 days 30 days Very good
R300 000
4. 4 yrs large amount R250 000 30 days 30 days Good
COMMENTS
This is an established company meeting its commitments timeously. The subject is considered equal to its normal business engagements.
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%)