MIRA INFORM REPORT

 

 

 

Report Date :

04.08.2008

 

IDENTIFICATION DETAILS

 

Name :

SAINT-GOBAIN PIPELINES SOUTH AFRICA (PTY) LTD

 

 

Formerly Known as :

FALKIRK INDUSTRIES (PTY) LTD,

 

 

Registered Office :

200 Watt Road, Pretoria West, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

17.12.1984

 

 

Com. Reg. No.:

1984/011416/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of Cast Iron Products e.g. valves, frames for pipelines and manhole covers.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

SAINT-GOBAIN PIPELINES SOUTH AFRICA (PTY) LTD

 

Formerly BESAANS DU PLESSIS FOUNDRIES (PTY) LTD, the name having been changed on 26 February 2001, formerly FALKIRK INDUSTRIES (PTY) LTD, the name having been changed on 30 September 1994.

 

 

PHYSICAL ADDRESS

 

200 Watt Road

PRETORIA WEST

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 631

PRETORIA

0001

TELEPHONE NUMBER: 012 380 4600

FAX NUMBER:  012 386 7708

 

 

SHAREHOLDERS

 

100%    SAINT-GOBAIN PLC, which is situated in the UK and is in turn owned 100% by SAINT-GOBAIN in France.

 

 

ASSOCIATE COMPANIES

 

SAINT-GOBAIN ABRASIVES (PTY) LTD

SAINT-GOBAIN CONSTRUCTION PRODUCTS (PTY) LTD

 

The subject is associated to an international group of companies.

 

 

DIRECTORS

 

P QUERU (Resident in France)

G M B G DE RAPHELIA SISSAN (resident in France)

O J A BLUCHE (resident in France)

 

 

BANKERS

 

STANDARD BANK, West End branch (000345) Pretoria, account number:  011404876.  It was stated that the subject enjoys overdraft facilities to an extent of R3 million, unsecured.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

17th December 1984

Registration Certificate Number 1984/011416/07

 

It was stated that the subject has been trading for 55 years and has undergone numerous name and entity changes over the years.

 

 

VAT NUMBER

 

4300175447

 

 

MAJOR OPERATION

 

Manufacture of cast iron products e.g. valves, frames for pipelines and manhole covers.

 

 

MAJOR SUPPLIERS

 

The subject imports from Brazil and India and deals locally with:

 

NAMAKWA SANDS Cape Town

ROHLIG/GRINDROD Johannesburg

MINERAL LOY Johannesburg

DIEDERICKS & FERREIRA Pretoria

METALLURG Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Builders, contractors as well as the industrial and trade sectors.

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

 

EXPORTS

 

Small to neighbouring countries

 

 

TOTAL EMPLOYEES

 

580

 

 

OTHER PREMISES   

 

It was stated that the subject has 2 foundries in Pretoria and sales offices in Port Elizabeth, Cape Town and Durban.

 

 

OWNED OR LEASED

 

The head office and foundry premises are reported to be owned by the subject.  The sales offices are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R14 794 000 divided into 14 729 000 000 ordinary shares of 0.01 cent each and 6 500 000 preference shares of 0.01 cent each.

 

Authorised share capital increased on 21 September 1999 from R14 793 000 divided into 14 728 000 000 ordinary shares of .001 cent each and 6 500 000 preference shares of .01 cent each to current.

 

 

ISSUED SHARE CAPITAL

 

R14 791 000

 

 

SHARE PREMIUM ACCOUNT

 

R43 349 525.0054

 

The following estimated financial situation was submitted:

 

STOCK                                                                                        R  25 000 000

DEBTORS                                                                                    R  40 000 000

FIXED ASSETS net book value incl. tangible assets                        R  25 000 000

CREDITORS                                                                                 R  15 000 000

TURNOVER per annum                                                                 R200 000 000

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS, Pretoria 012 429 0000

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS 

 

MARSH

 

 

TRADE REFERENCES – OCTOBER 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    14 yrs           R   400 000    R   400 000     30 days    30 days        Good

 

2.    Old acc        R1 500 000    R   300 000 -   30 days    30 days        Good

                                               R1 500 000

 

3.    Old acc        R   500 000    R   500 000     30 days    30 days        Good

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    8 yrs            R1 200 000    R1 000 000      30 days    30 days        Excellent

 

2.    Old acc        R2 500 000    R1 700 000      30 days    30 days        Very good

 

3.    20 yrs           R2 500 000    R1 000 000 -    30 days    30 days        Excellent

                                               R1 500 000

 

4.    2001             R1 000 000    sporadic          30 days    30 days        Good

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to US$1 000 000 over 90 days.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.37

UK Pound

1

Rs.84.00

Euro

1

Rs.65.96

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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