MIRA INFORM REPORT

 

 

 

Report Date :

13.12.2008

 

IDENTIFICATION DETAILS

 

Name :

BRECO (PTY) LTD

 

 

Formerly Known As :

BRECO COLD STORAGE (PTY) LTD

 

 

Registered Office :

4 Printers Way, Printers Park, Milnerton, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.03.1995

 

 

Com. Reg. No.:

1995/002205/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Importers and Exporters of Frozen Fish and Seafood as well as a Cold Storage Company.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

BRECO (PTY) LTD

 

Formerly BRECO COLD STORAGE (PTY) LTD, the name having been changed on 24 February 2005; formerly BRECO (SOUTH AFRICA) INVESTMENTS (PTY) LTD, the name having been changed on 12 June 1998; formerly CINPROP 0038 (PTY) LTD, the name having been changed on 10 March 1995.

 

 

PHYSICAL ADDRESS    

 

4 Printers Way

Printers Park

MILNERTON

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 36637

CHEMPET

7442

 

TELEPHONE NUMBER: 021 551 8700

FAX NUMBER:              021 551 8668

 

 

SHAREHOLDERS

 

100%    BRECO HOLDINGS (PTY) LTD (Reg. No.1996/008679/07), which in turn is 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                  ID No. 6407145131083

N PASCALL                  ID No. 7301055051085

R AGOSTINELLI            ID No. 6511175133084

A BOONZAAIER            ID No. 6506255004087

BANKERS

 

NEDBANK,  Western Cape Commercial branch, account number 1232006610.  It was previously 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 named BRECO COLD STORAGE (PTY) LTD, which took over the assets and operations on 1 January 2005 of a company named BRECO (PTY) LTD (Reg. No. 1996/009856/07).  The company then changed its name to BRECO CAPE TOWN (PTY) LTD and became dormant. 

 

It was stated that BRECO (PTY) LTD (Reg. No. 1996/009856/07), took over the assets and operations of a comparatively well established externally registered company named BRECO (SOUTH AFRICA) LTD, (registered in the British Virgin Islands) (Reg. No. 1995/002110/10) in 1998.

 

 

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 India, New Zealand, USA and Canada and deals locally with:

 

IRVIN & JOHNSON Johannesburg

SKELETON COAST TRAWLING Walvis Bay

VIKING FISHING Cape Town

SERVER TRADE Cape Town

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers

 

AREA OF DISTRIBUTION AND SELLING   

 

 South Africa

 

 

EXPORTS

 

Worldwide

 

 

TOTAL EMPLOYEES

 

50

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by BRECO (PTY) LTD with a replacement value in the region of R16 million+, bonded in favour of NEDBANK to an extent of R2 million.

 

 

AUTHORISED SHARE CAPITAL

 

R1 000 divided into 1 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R200

 

The following estimated financial situation was submitted:

 

STOCK                                     R    15 000 000

DEBTORS                                 R    45 000 000

CREDITORS                              R    10 000 000

OVERDRAFT                            fluctuates

SHAREHOLDERS LOANS         None

TURNOVER per annum              R300 000 000+

 

AUDITORS    

 

CECIL KILPIN & CO, Cape Town

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS

 

ABSA BROKERS

 

 

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

 

 

TRADE REFERENCES – SEPTEMBER 2007

 

            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

 

TRADE REFERENCES – JUNE 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 yrs                R300 000          R200 000          30 days             30 days             Excellent

 

2.         Do not give trade references

 

3.         5 yrs                 R200 000          R100 000 -        30 days             30 days             Good

                                                            R200 000

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Do not give trade references

 

2.         Unable to obtain trade reference.

 

3.         5 years +          R200 000          R60 000            30 days             30 days             Very good

 

4.         6 years             Large amounts                           30 days             30 days             Excellent

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of $1 000 000 over DA terms and would prefer to see such dealings on a well spread basis. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.71

UK Pound

1

Rs.72.85

Euro

1

Rs.64.70

 

 

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