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Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SOUTH BAKELS (PTY) LTD |
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Registered Office : |
235 Main Road Martindale Johannesburg Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
10.12.1948 |
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Com. Reg. No.: |
1948/032124/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturers of pre-mixed ingredients for bakeries and confectioners. |
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No. of Employees : |
210 permanent – It was stated that the subject also employs
approximately 350 contract employees from 2 labour brokers. |
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 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 and a stock exchange that is the
15th largest in the world. Even though the country possesses modern
infrastructure that support a relatively efficient distribution of goods to
major urban centers throughout the region, some components retard growth. The
economy began to slow in the second half of 2007 due to an electricity crisis.
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. Subsequently, the global
financial crisis reduced commodity prices and world demand. GDP fell nearly 2%
in 2009 but has recovered since then. Unemployment, poverty, and inequality
remain a challenge, with official unemployment at nearly 25% of the work force.
Eskom has built two new power stations and installed new power demand
management programs to improve power grid reliability. South Africa's economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces 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 |
SOUTH BAKELS (PTY) LTD
PHYSICAL ADDRESS: 235 Main Road
MARTINDALE
Johannesburg
Gauteng
POSTAL ADDRESS: P O Box 9583
JOHANNESBURG
2000
TELEPHONE NUMBER: +27 11 673 2100
FAX NUMBER: +27 11 477 9073
96.4% EMU AG of Switzerland
3.6% GOTHA (PTY) LTD
(Registration Certificate Number: 1957/000633/07)
The Shareholding was previously 99.99% EMU AG of Switzerland and 0.01%
GOTHA (PTY) LTD.
BAKELS CISKEI (PTY) LTD (dormant)
INDEPENDENT FEED MILLS (PTY) LTD (dormant)
The assets and operations of the above mentioned companies were
incorporated into the subject.
J H F KLOSTA (Managing Director) ID
No. 5007305029001
A ULRICH – Switzerland D.O.B. 490503
G M GROBBELAAR ID
No. 6311155096089
NEDBANK, Fox Street branch, account number 1908698004. It was stated
that the subject has various accounts at NEDBANK. It was stated that the
subject enjoys a total facility to an extent of R12 000 000, secured by the
holding company guarantee and fixed assets. Utilisation is stated to be nil at
present. The respondent stated that the
subject is cash positive at present.
10 December 1948
Registration Certificate Number: 1948/032124/07
The subject was commenced as a new business.
VAT NUMBER: 4650102041
TAX NUMBER: 9575210712
Manufacturers of pre-mixed ingredients for bakeries and confectioners.
The subject imports raw materials from Australia, New Zealand and
Switzerland and deals locally with:
SIAMEX Durban
HULETTS STARCH (previously AFRICAN PRODUCTS) Johannesburg
C J PETROW CHEMICALS Johannesburg
TRADING HOSPITALITY Cape Town
The food industry e.g. bakeries and retail group and chain stores e.g.
Spar, Pick ‘n Pay, Shoprite Checkers
AREA OF
DISTRIBUTION AND SELLING: South
Africa
EXPORTS: Neighbouring
countries and Indian Ocean Islands
210 permanent – It was stated that the subject also employs
approximately 350 contract employees from 2 labour brokers.
The subject has branches and depots countrywide and has 4
factories: one in East London, one in
Johannesburg, one in Cape Town and one in Pietermaritzburg. The subject also has a warehouse in Port
Elizabeth
The respondent stated that all the factory premises are owned by the
subject. It was stated that the East
London factory premises are bonded in favour of NEDBANK.
R2 000 000 divided into 200 000 "A" ordinary shares of R1
each; 1 600 000 "B" ordinary R1 shares; 200 000 6% cumulative
preference shares of R1 each.
ISSUED SHARE
CAPITAL: R1 400 000
The following estimated financial situation was submitted as at 11
October 2013:
STOCK R 80 000 000
DEBTORS R120
000 000
FIXED ASSETS net book value R 84 000 000
CREDITORS R 86 000 000
OVERDRAFT Nil
SHAREHOLDERS LOANS R 1 300 000
TURNOVER per annum R745 000
000
AUDITORS: RSM BETTY & DICKSON Randburg +27 11
329 6000
YEAR END: DECEMBER
Previously GLENRAND MIB. The new
insurance brokers are unknown to the respondent
SEPTEMBER 2006:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 11
Years R1 000 000 R500 000 30
days 30 days Good
2. 1986 R 300 000 R200
000- 30 days 30 days Good
R250
000
3. Unable
to obtain trade reference
Do not give trade references
TRADE REFERENCES –
FEBRUARY 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2004 R50 000 R 50 000 30
days 30 days Very good
c/l
2. 2002 R100 000 R150
000 30 days 30 days Very good
c/l
3. 20 years R100 000 R 50 000 30 days 30 days Excellent
c/l
TRADE REFERENCES –
NOVEMBER 2007:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R6 000 000 R6 000 000 30 days 25
days Excellent
2. 18 Years R
300 000 R 280 000 30
days 30 days Excellent
c/l
3. Old acc R1 000 000+ R 800 000 - 30 days 30 days Very Good
R1
000 000+
TRADE REFERENCES –
FEBRUARY 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open R 800 000 30
days 25 days Excellent
2. 10 Years declined R 150 000 30 days 30
days Good
3. Dec 1995 open R6
000 000 30 days 3 0
days Excellent
TRADE REFERENCES –
OCTOBER 2008:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R1 000 000 R 500 000 - 30
days 30 days Very good
R1
000 000
2. Do not give trade
references
3. 10 Years declined R 500 000 30 days 30
days Good
4. Old acc R3 000 000 R1
000 000 30 days 30 days Very good
TRADE REFERENCES –
MARCH 2009:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±9 Years Unlimited R1 000 000+ 14
days 14 days Very Good
(per
month)
2. 20 Years R800 000 ±R800 000 30
days 30 days Very Good
3. 10 Years Unlimited ±R3 000 000 30
days 30 days Excellent
TRADE REFERENCES –
NOVEMBER 2009
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 Years R1 200 000 R1 000 000 30
days 30 days Excellent
c/l Not insured
2. 20 Years declined R1 000 000 Payment
on 5th and 20th
of each
month. Excellent
3. 15 Years R1 300 000 R900 000 - 30
days 30 days Excellent
c/l R1 000 000
TRADE REFERENCES – MARCH 2010:
ACCOUNT HIGHEST AVERAGE
TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±22 years R1 000 000+ 14 days 14
days Excellent
2. 15 years+ R1 200 000 ±R300 000- 30 days 30 days Very Good
c/l
R500 000
Unable to obtain trade references
Unable to obtain trade references
TRADE REFERENCES – NOVEMBER 2010:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old R1 000 000 R
300 000- 30 days 30 days Very Good
c/l R 400 000
2. 10 years R1 000 000 R
200 000- 30 days 30 days Very Good
R1 000
000
3. 10 years R1 000 000 R
200 000- 30 days 30 days Very Good
R 300 000
TRADE REFERENCES – FEBRUARY 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ± 15 Years R1 200 000 ±R500 000 30
days 30 days Excellent
2. 10 Years R1 000 000+ R400 000- 30 days 30 days Very Good
R1
000 000
3. 10 Years open R1
200 000 30 days 30 days Excellent
TRADE REFERENCES-JUNE 2012
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 Years R1 200 000 R500 000 30 days 30
days Excellent
2. +10 Years R1 000 000 +R300 000 30 days 30
days Very Good
3. 10 Years R1 000 000 R1 000 000 30 days 30
days Very Good
CURRENT TRADE
REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
+10 years R1 200 000 ±R
600 000 30 days 30 days Excellent
+12 years Open Acc
R 400 000- 30 days 30
days Excellent
R2 000 000
+10 years Open Acc
R 900 000- 30 days 30
days Excellent
R1 000 000
Unable to obtain trade reference
This is a well-established and well-connected business meeting its
commitments timeously. The subject is
considered equal to a maximum amount of €1 000 000 over 30 days.
11 October 2013
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.16 |
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|
1 |
Rs.97.77 |
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Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.