MIRA INFORM REPORT

 

 

 

Report Date :

15.01.2013

 

IDENTIFICATION DETAILS

 

Correct Name :

ASSA ABLOY (SA) (PTY) LTD 

 

 

Formerly Known As :

VIRO LOCKS (SA) (PTY) LTD

 

 

Registered Office :

176 Progress Road, Technikon, Roodepoort, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.07.1971

 

 

Com. Reg. No.:

1971/008368/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

All aspects of manufacturing and distribution of all locking devices

 

 

No. of Employee:

680

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH AFRICA - ECONOMIC OVERVIEW

 

south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

Note:

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

 

 

COMPANY NAME

 

ASSA ABLOY (SA) (PTY) LTD

 

Formerly VIRO LOCKS (SA) (PTY) LTD, the name having being changed in September 2001.

 

 

PHYSICAL ADDRESS    

 

176 Progress Road

Technikon

Roodepoort

Gauteng

 

 

POSTAL ADDRESS        

 

P O Box 146

Roodepoort

2135

Telephone Number:     (011) 761 5000

Fax Number:                (011) 766 3389

 

 

SHAREHOLDERS

 

100%    ASSA ABLOY HOLDINGS (PTY) LTD, which is in turn, ultimately owned by ASSA ABLOY in SWEDEN.

 

The shareholding changed on 1 July 2001 and was formerly 100 % V L S (PTY) LTD.

 

 

ASSOCIATE COMPANIES

 

·         TUGGS INVESTMENTS (PTY) LTD (property owning company)

·         TIPPINS INVESTMENT (PTY) LTD (property owning company)

 

The respondent stated that there are other associate companies worldwide. 

 

DIRECTORS

 

·         J L MIDDLETON      ID No.   5602045028089

·         N H ARGO              ID No.   5704085068080

·         S A ROSSITER       ID No.   6302165005004

·         G D VAN STADEN   ID No.   7108145111088

 

 

BANKERS

 

FIRST NATIONAL BANK, Westgate.  It was stated that the subject has a large cash management scheme, which is controlled by the holding company.  Further details were not forthcoming from the respondent.

 

 

DATE REGISTERED

 

27 July 1971

Registration certificate number 1971/008368/07.

 

 

VAT NUMBER

 

4270120779

 

 

MAJOR OPERATION

 

All aspects of manufacturing and distribution of all locking devices (e.g. locks, keys etc.)

 

 

MAJOR SUPPLIERS

 

It was stated that the subject imports supplies and deals locally with:

 

            BRASS EXTRUDERS                 Johannesburg

            NON FERROUS METALS          Johannesburg

            SPRING MANUFACTURERS      Johannesburg

            BEARING MAN                         Johannesburg

            STEEL SUPPLIES                     Johannesburg

            KAPELA FREIGHT                    Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and chain stores (e.g.  Pick ‘n Pay).

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries (e.g. Namibia, Zimbabwe) as well as to Kenya, Sri Lanka, Mauritius and Australia.

 

 

TOTAL EMPLOYEES

 

680

 

 

OTHER PREMISES   

 

The subject has a factory in Roodepoort.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by Tuggs Investments (Pty) Ltd

 

 

AUTHORISED SHARE CAPITAL

 

R50 000 divided into 100 000 ordinary 50 cents shares.

 

 

ISSUED SHARE CAPITAL

 

 R25 000

 

            The following estimated financial situation was submitted as at 18 January 2011:

 

                         STOCK                                                        R50 000 000 – R  70 000 000

                         DEBTORS                                                     R55 000 000 – R  60 000 000

                         CREDITORS                                                  R10 000 000 – R  15 000 000

                         TURNOVER                                               per annum           R450 000 000

 

 

AUDITORS 

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END  

 

DECEMBER

 

 

INSURANCE BROKERS 

 

It was stated that the subject is insured through a group scheme in the ASSA ABLOY GROUP.

 

 

TRADE REFERENCES – AUGUST 2006

 

                         ACCOUNT   HIGHEST    AVERAGE    TERMS   PAYMENT      EXPERIENCE

                         OPENED     CREDIT       CREDIT                      PATTERN

 

1.                      10 yrs         R500 000     R300 000 -    30 days   30 days          Good

                                                             R400 000      2½%       2½%

 

2.                      11 yrs         R342 000     R200 000 -    30 days   30 days          Good

                                                             R300 000                   

 

3.                      1997           R20 000      R20 000       30 days   30 days          Good

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    20+ years     undisclosed    undisclosed     30 days    30 days        Very Good

 

2.    Old               declined         figures             30 days    30 days        Very Good

 

3.    2006             R3 500 000    R2 000 000-     60 days    60 days        Very Good

                          c/l                 R3 000 000

 

 

COMMENTS

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.88.17

Euro

1

Rs.73.13

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.