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MIRA
INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
BRANDCORP (PTY) LTD |
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Formerly Known as : |
BRANDCORP LTD |
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Registered Office : |
Unit 2 & 5, Omni
Park, Aerodrome Road, Aeroton, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
14.05.2007 |
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Com. Reg. No.: |
2007/014063/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Distribution of
Luggage and Handbag Related Products, Tools, Motor Accessories and Home
Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
BRANDCORP (PTY) LTD
Formerly BRANDCORP LTD,
the name having been changed on 23 August 2007.
TRADING NAMES
INTERBRAND
MATUS
HOUSE & HOME
MOTORQUIP
PHYSICAL ADDRESS
Unit 2 & 5
Omni Park
Aerodrome Road
AEROTON
Gauteng
POSTAL ADDRESS
P O Box 1063
MONDEOR
2013
TELEPHONE NUMBER: 011 494 3680 / 247 8700
FAX NUMBER: 011 494 3436
SHAREHOLDERS
100% ETHOS PRIVATE EQUITY
ASSOCIATE COMPANIES
None
DIRECTORS
C S DATNOW ID No. 4806085070007
J D GOLDBERG
M J HANKINSON
I KGABOESELE
H B MARCUS
C B ROOS ID No. 7111185269089
B D TAUROG ID No. 7101025037085
S ZAGNOEV ID No. 6609135233080
BANKERS
NEDBANK. It was stated that the subject enjoys group
overdraft facilities, secured by various securities including assets of the
company. Each division is reported to
have a separate bank account with NEDBANK.
DATE REGISTERED
14 May 2007
Registration Certificate
Number: 2007/014063/07
The subject was
registered to take over the assets and operations of a number of companies
including INTERBRAND (PTY) LTD. The
subject was previously a public company that was quoted on the JSE Ltd.
VAT NUMBER
4010247734
MAJOR OPERATION
Distribution of luggage
and handbag related products, tools, motor accessories and home products.
MAJOR SUPPLIERS
The subject imports from
overseas and it was stated that the INTERBRAND division deals locally with:
MICOR SHIPPING
The MATUS DIVISION deals
locally with:
STANLEY WORKS
GEDORE TOOLS
IRWIN INDUSTRIAL
RHODE & LIESENFELD
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Retail chain stores i.e.
Hyperama, Edgars, Foschini, Makro, Game, etc
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Seldom to African countries
TOTAL EMPLOYEES
100 and the subject
utilises casuals
OTHER PREMISES
None, although the
subject has agents throughout the country
OWNED OR LEASED
Leased
AUTHORISED SHARE CAPITAL
R1000 divided into 1000
ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1
The following estimated
financial situation for the INTERBRAND division was submitted dated May 2007:
STOCK R 20 000 000
DEBTORS R 32 000 000
FIXED ASSETS R 3 000 000
CREDITORS R 10 000 000
OVERDRAFT Nil
LONG TERM LIABILITIES R 810 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R140 000 000
AUDITORS
GRANT THORNTON, Sandton
YEAR END
JUNE
INSURANCE BROKERS
SHIELD FINANCIAL
SERVICES
TRADE REFERENCES
INTERBRAND DIVISION
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1989 R4 500 000 R4 500 000 30 days 30
days Excellent
c/l 2.5% 2.5%
2. Old acc declined figures and terms Very
good
3. Do not give trade
references
4. Awaiting a fax trade
reference
COMMENTS
This is a new
company that took over the assets and operations of well established and well
connected businesses. We have not
traced dealings to an extent of US$1 000 000 over DA terms and would prefer to
see dealings on a well spread and fully secured basis only.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
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%)