MIRA INFORM REPORT

 

 

Report Date :           

05.09.2011

 

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 :

Private Company

 

 

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

 

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Africa

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

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

(Registration Certificate Number: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

(Registration Certificate Number 1996/009856/07 - dormant

REM HOLDINGS (PTY) LTD

(Registration Certificate Number 2006/034432/07) – de-registered

 

Both the above mentioned companies are owned by BRECO HOLDINGS.

 

 

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 stated that the subject enjoys overdraft facilities secured by holding company guarantees.  The respondent stated that the overdraft is utilised for working capital purposes.  

 

 

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

TUNACOR 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

 

65 permanent employees

 

 

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 R30 000 000, bonded in favour of NEDBANK to an extent of R2 000 000.

 

 

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 as at 6 April 2011:

 

STOCK                                                                                         R   45 000 000

DEBTORS                                                                                    R   90 000 000

CREDITORS                                                                                 R   10 000 000

OVERDRAFT                                                                                       fluctuates

TURNOVER per annum – in excess of                                              R400 000 000

 

 

AUDITORS

 

CECIL KILPIN AND CO, Cape Town.  Tel No: 021 527 4060

 

 

YEAR END    

 

MARCH

 

INSURANCE BROKERS

 

ABSA BROKERS

 

TRADE REFERENCES – AUGUST 2006

 

                  ACCOUNT    HIGHEST   AVERAGE    TERMS   PAYMENT    EXPERIENCE

                  OPENED      CREDIT      CREDIT         PATTERN

 

1.                10 years       R200 000     R150 000      30 days   30 days        Very Good

 

2.                6 years         R250 000     R200 000      30 days   30 days        Good

 

3.                8 years         R150 000     R   80 000     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 years         open              R100 000-       30 days    30 days        Very Good

                                                           R300 000

 

4.                4 years         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 years         R300 000       R200 000        30 days    30 days        Excellent

 

2.                Do not give trade references

 

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

                                                           R200 000

 

TRADE REFERENCES – DECEMBER 2008

 

                  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

 

 

TRADE REFERENCES – SEPTEMBER 2009

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                5 years         open acc        R   100 000-    30 days    30 days        Very Good

                                                           R   300 000

 

2.                Old acc        declined         R4 000 000-     7 days      7 days          Very Good

                                                           R5 000 000

 

3.                Do not give trade references.

 

4.       Do not give trade references.

 

 

TRADE REFERENCES – JANUARY 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                ±7 years       open acc        R     50 000-    30 days    30 days        Very Good

                                                           R   100 000

 

2.                5 years         open acc        declined          30 days    30 days        Good

 

3.                ±7 years       open acc        R1 000 000-     30 days    30 days        Very good

                                                           R1 500 000

 

TRADE REFERENCES – MAY 2010

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                Old               R1 500 000    R1 000 000+    30 days    30 days        Excellent

 

2.                5+ years       R150 000       R50 000-         30 days    30 days        Very good

                                                           R150 000

 

3.                4+ years       R100 000       R100 000        30 days    30 days        Very good

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    6 years         R1 500 000    R150 000 -      30 days    30 days        Excellent

                          Insured          R1 500 000

 

2.    8 years         R500 000       R500 000        30 days    30 days        Excellent

                         

3.    5 years+       R1 000 000    confidential      30 days    30 days        Good

                          c/l

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to its normal business engagements. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.90

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.