MIRA INFORM REPORT

 

 

Report Date :

17.09.2013

 

IDENTIFICATION DETAILS

 

Name :

COLUMBIT (PTY) LTD

 

 

Registered Office :

6th Floor, 119 Hertzog Boulevard, Foreshore, Cape Town

 

 

Country :

South Africa

 

 

Financials (as on) :

09.03.2012

 

 

Date of Incorporation :

25.07.1938

 

 

Com. Reg. No.:

1938/011449/07

 

 

Legal Form :

Not Available

 

 

Line of Business :

Sale of wine production machinery, meat machinery and distribution of spares and servicing.

 

 

No. of Employees :

250

 

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 :

No complaints

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)

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 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

 

COMPANY NAME and address

 

COLUMBIT (PTY) LTD

 

TRADING DIVISION                              COLPAK DIVISION

COLUMBIT INDUSTRIES

PHYSICAL ADDRESS:                          Head Office:

71 7th Avenue

KENSINGTON

Maitland

Cape Town

Western Cape

7405

POSTAL ADDRESS:                             P O Box 2737

CAPE TOWN

8000

TELEPHONE NUMBER:                        +27 21 593 3161/8523

FAX NUMBER:                                      +27 21 593 3171

On investigation it was established that the address provided by our client of 6th Floor, 119 Hertzog Boulevard, Foreshore, Cape Town is the registered address of the subject.

 

 

SHAREHOLDERS

 

100% COLUMBIT HOLDINGS (PTY) LTD

(Registration Certificate Number: 1979/002560/07)

 

 

ASSOCIATE COMPANIES

 

COMILLE (PTY) LTD (property owning company)

(Registration Certificate Number: 1979/002560/07)

COLPAK (PTY) LTD

(Registration Certificate Number: 2002/020008/07) COLUMBIT (PTY) LTD Page 2 of 5

 

 

DIRECTORS

 

H H ZEH ID No: 3810065043003

G A ZEH – son ID No: 6412265045001

T A HAUGHTON ID No: 4511035045089

N I SCOTT ID No: 5602105842080

S W P BROEKHUYSEN ID No: 7204225146084

R M SMITH ID No: 5411065101085

A THEUNISSEN ID No: 5403245103081

 

BANKERS

 

NEDBANK, Southern Peninsula branch, branch code: 123209, account number: 1232116262. The subject is reported to have three current accounts. The respondent stated that the subject enjoys overdraft facilities, secured by a cession of debtors. However, further information regarding banking details was not forthcoming from respondents at the subject.

 

 

DATE REGISTERED

 

25 July 1938

Registration Certificate Number: 1938/011449/07

The subject commenced as a new business. It was stated that the associate company COLPAK (PTY) LTD was established in 1952 which company’s operation was subsequently taken over by the subject.

 

 

VAT NUMBER

 

4550259040

 

 

MAJOR OPERATION

 

The COLPAK DIVISION manufactures: packaging, casings, shank shelves, wine capsules and processed flexible packaging.

The major operation of the group is the sale of wine production machinery, meat machinery and distribution of spares and servicing thereof and the manufacturing of packaging, casings and shank shelves and wine capsules.

 

 

MAJOR SUPPLIERS

 

WALTONS STATIONERS Cape Town

PALL Johannesburg

DOCKS SHIPPING (LASER LOGISTICS) Cape Town

COATES PRINTING INKS Cape Town

CAPITOL GRAPHICS Cape Town

MCG Cape Town

COLPAK DIVISION:

SUN CHEMICALS, Cape Town

MAVERICK FLEXIBLE, Cape Town

SEALFLEX, Durban

It was stated that 30% - 35% of the purchasing undertaken by the subject is import based.

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

The wine industry and food industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

 South Africa COLUMBIT (PTY) LTD

 

 

EXPORTS

 

Botswana, Zambia, Mauritius, Kenya, Zimbabwe, UK and Australia. It was stated that the subject no longer exports to Israel.

 

 

TOTAL EMPLOYEES

 

±250 employees in the group including the Colpak division.

 

 

OTHER PREMISES

 

Branches in Johannesburg and a factory in Cape Town.

It was stated by the respondent that the COLPAK DIVISION has premises which is situated next door to the head office premises.

 

 

OWNED OR LEASED

 

The factory premises in Cape Town and head office premises are reported to be owned by COMILLE (PTY) LTD, bonded in favour of NEDBANK, valued in the region of R15 000 000. The branch premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL

 

R70 000 divided into 70 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R60 000

 

 

FINANCIALS

 

The following estimated group financial situation was submitted as at 9 March 2012:

STOCK R 24 000 000

DEBTORS R 15 000 000

FIXED ASSETS – net book value R 30 000 000

CREDITORS R 16 000 000 – R 20 000 000

TURNOVER per annum R250 000 000

It was requested by the financial accountant that we forward an e-mail questionnaire which would enable her to forward it to Mr Russell Smith the financial director to submit annual financial statements and to date no response has been forthcoming.

 

 

AUDITORS

 

GRANT THORNTON Cape Town +27 21 417 8806

 

YEAR END:                              JUNE

INSURANCE BROKERS:           PHOENIX

 

TRADE REFERENCES – MARCH 2006:

 

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 15 years        R2 000 000        R1 200 000        60 days            60 days            Very good

2. 3 years          R1 500 000        R 500 000         60 days            60 days            Excellent

3. 13 years        open                R 20 000           30 days            30 days            Good

 

 

TRADE REFERENCES – JUNE 2007:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. 25 years        R2 000 000        R500 000 -        60 days            60 days            Very good

R600 000

2. 4 months       R 30 000           R 1 500 -           30 days            31 days            Good

R 4 000

3. 5 years          R 5 000 R          5 000                30 days            30 days            Good

 

 

 

 

 

TRADE REFERENCES – OCTOBER 2007:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

1. Do not give trade references

2. 14 years        declined            declined            30 days                       30 days            Good

3. 4 years          R30 000 R         2 000-               30 days            30 days            Good

c/l                     R 15 000

4. 12 years        open                 R 80 000-          30 days            30 days            Good

R150 000

 

 

TRADE REFERENCES – OCTOBER 2008:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1. Do not give trade references

2. 30 years        R2 000 000        R2 000 000        60 days            60 days            Excellent

3. Old acc         R 30 000           R 5 000             30 days            30 days            Very good

4. 10 years        open                 R 100 000         30 days            30 days            Very good

 

 

TRADE REFERENCES – FEBRUARY 2009:

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1. Do not give trade references.

2. 2 years          R700 000          R700 000          30 days            30 days            Very good

3. +7 years        R30 000            R 4 000 -           30 days            30 days            Very good

c/l                     R 5 000

4. ±14 years      open                 R100 000          30 days            30 days            Very good

c/l

5. 1994             R30 000 ±         R30 000            30 days            30 days            Very good

 

 

 

TRADE REFERENCES – AUGUST 2010:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

 

1. 14 years        open                 R 50 000-          50 days            30 days            Excellent

R100 000          R 100 000         -2.5%

2. 10 years        R30 000            R 5 000-            30 days            30 days            Very Good

c/l                     R 30 000

3. +15 years      R4 000 000        R 230 000-        30 days            30 days            Very good

c/l                     R2 000 000

4. Do not give trade references

4. Do not give trade references

 

TRADE REFERENCES – MARCH 2012:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1. 5+ Years       R2 500 ±           R 4 000             30 days            30 days            Good

2. ±25 Years      R4 000 000        R1 500 000        60 days            60 days            Very Good

3. ±15 Years      Open Acc         R 50 000–         30 days            30 days            Very Good

R 100 000

 

TRADE REFERENCES – AUGUST 2012:

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1. 5 Years         R900 000 ±        R900 000          60 days            60 days            Excellent

 

2. 1 Year           R300 000          R 250 000         30 days +         30 days            Good/Average

Sometimes

3. +10 Years     Open Acc         R 200 000         30 days            30 days            Very Good

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

OPENED          CREDIT            CREDIT                                    PATTERN

 

1. Only purchase from Pall UK not Pall SA

 

2. 1999             R1 000 000        R500 000-         60 days            60 days            Very good

R800 000

3. 5 years          R1 850 000        R937 000          60 days            60 days            Excellent

 

 

COMMENTS

 

This is a very well-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.62.48

UK Pound

1

Rs.99.66

Euro

1

Rs.83.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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

--

NB

New Business

 

--

 

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.