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MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BARKER FOOTWEAR (PTY) LTD |
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Formerly Known As : |
TRIFECTA 112 (PTY) LTD |
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Registered Office : |
Losack Avenue, Epping 2, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
25.02. 2002 |
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Com. Reg. No.: |
2002/004243/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture of mainly Men’s Footwear as well as Ladies and
Children’s Footwear |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
BARKER FOOTWEAR (PTY) LTD
Formerly TRIFECTA 112 (PTY) LTD, the name having been changed in September 2002.
POSTAL ADDRESS
Losack Avenue
Epping 2
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 85
EPPINGDUST
7475
TELEPHONE NUMBER: 021 534 3531
FAX NUMBER: 021 534 7725
SHAREHOLDERS
46% R M DURRABAUM
18% M C ROLFE
18% M LIEBENBERG
18% F D L SANTOS
ASSOCIATE COMPANIES
Orion Properties (Pty) Ltd
DIRECTORS
R M DURRABAUM
M C ROLFE
M LIEBENBERG (Mrs)
F D L SANTOS
S VAN AARDE
BANKERS
STANDARD BANK, Parow Branch, Account Number 072766522. It was stated that the subject enjoys overdraft facilities to an extent of R3 million+, secured by the personal guarantees of the Shareholders. Utilisation is stated to be partial. The respondent stated that the subject has money on call at the bank.
DATE REGISTERED
25 February 2002
Registration Certificate Number 2002/004243/07
The subject commenced active operations in August 2002. It was stated that there was a management buyout of the BARKER FOOTWEAR division of a well established company named CONSHU TRADING (PTY) LTD and the assets and operations of the division were incorporated it into the subject. It was stated that the take over was backdated to January 2002.
It was established that R M DURRABAUM is a director of CONSHU TRADING (PTY) LTD, M C ROLFE was reported to be the Financial Manager, M LIEBENBERG was the Human Resources Manager and F D L SANTOS was the Designer Manager of the Barker Footwear division.
VAT NUMBER
4670202656
MAJOR OPERATION
The manufacture of mainly men’s footwear as well as ladies and children’s footwear.
MAJOR SUPPLIERS
JOHN WHITTLE Durban
JAS FORWARDING Cape Town
B U SHOE Cape Town
NAMPAK CARTONS & LABELS Cape Town
DUONAMIX SOLUTIONS Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retail chain stores, shoe retailers etc.
AREA OF DISTRIBUTION AND SELLING
South Africa, however, mainly the Gauteng Province
EXPORTS
Namibia and France
TOTAL EMPLOYEES
350
OTHER PREMISES
None
OWNED OR LEASED
The premises are owned by a property owning company
AUTHORISED SHARE CAPITAL
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R100
The following estimated financial situation was submitted:
STOCK finished & work in progress R12 000 000
DEBTORS R20 000 000
CREDITORS R2 000 000 – R3 000 000
TURNOVER per month R20 000 000
AUDITORS
LAUBSER DU PLESSIS INC, Stellenbosch
YEAR END
FEBRUARY
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – MAY 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 5 yrs R50 000 R50 000 60 days 60 days Very good
2. 4 yrs R100 000 R100 000 30 days 30 days Excellent
3. 4 yrs R200 000 R100 000 30 days 30 days Excellent
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 yrs open R50 000 30 days 30 days Excellent
2. Old acc R500 000 declined 30 days 30 days Very good
3. 10 yrs open declined 30 days 30 days Very good
5% 5%
COMMENTS
This is a comparatively new company which took over assets and operations of a well established division of the CONSHU GROUP. The subject is considered equal to US$1 000 000 spread over 180 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%)