|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BID INDUSTRIAL HOLDINGS (PTY) LTD |
|
|
|
|
Formerly Known As : |
CATER PLUS (PTY)
LTD, |
|
|
|
|
Registered Office : |
Bidvest House, 18 Crescent Drive, Melrose Arch, Melrose, Johannesburg,
Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Financials (as on) : |
30.06.2013 (Group) |
|
|
|
|
Date of Incorporation : |
06.07.1990 |
|
|
|
|
Com. Reg. No.: |
1990/003829/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
· Providing of financial services · Manufacturers of fastenings, packaging and stationery ·
Manufacturers of catering and refrigeration
equipment |
|
|
|
|
No. of Employees : |
±140 000 in the BIDVEST group |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
BIDVEST FOODSERVICE GROUP
60 Saturn Crescent
Linbro Office Park
SANDTON
+27 11 553 9600
On investigation it was established that the subject is a group of companies, which although separate legal entities, are sub-divisions of BIDFOOD (PTY) LTD, such as BIDVEST FOODSERV (PTY) LTD, CATER SALES (PTY) LTD, CHIPKINS CATERING SUPPLIES (PTY) LTD, etc. BIDFOOD (PTY) LTD and its sub-divisions have an agency agreement with its holding company BID INDUSTRIAL HOLDINGS (PTY) LTD. The agency companies are dormant and operate ostensibly as divisions and sub-divisions of the latter company that is responsible for all payments as stipulated in the agency agreements signed with the agency companies. All the assets and liabilities are in BID INDUSTRIAL HOLDINGS (PTY) LTD, which report should be consulted.
BID INDUSTRIAL
HOLDINGS (PTY) LTD
Formerly: CATER
PLUS (PTY) LTD, the name having been changed on 6 August 1990
Formerly: HIGH
PROFILE INVESTMENTS (PTY) LTD, the name having been changed on 6 July 1990
Bidvest House
18 Crescent Drive
Melrose Arch
MELROSE
Johannesburg
Gauteng
P O Box 87274
HOUGHTON
2041
+27 11 772 8700
+27 11 772 8970/5
100% THE BIDVEST GROUP LTD (Quoted on the JSE Ltd)
(Registration Certificate Number. 1946/021180/06)
BID CORPORATE SERVICES (PTY)
LTD
(Registration Certificate Number: 1988/006984/07)
BIDFREIGHT
(PTY) LTD
(Registration Certificate Number: 1971/000757/07)
BIDFREIGHT TERMINALS (PTY) LTD
(Registration Certificate Number: 1999/000644/07)
BULK CONNECTIONS (PTY) LTD
(Registration Certificate Number: 1999/000506/07)
BIDFREIGHT PORT OPERATIONS (PTY) LTD
(Registration Certificate Number: 1999/000091/07)
SOUTH AFRICAN CONTAINER DEPOTS (PTY) LTD (Registration Certificate Number:
1999/000645/07) (SACD)
BIDFREIGHT INTERMODAL (PTY) LTD
(Registration Certificate Number: 1999/000652/07)
MARINE SERVICES
RENNIES SHIPS AGENCY (PTY) LTD
(Registration Certificate Number: 1999/012438/07)
RENNIES DISTRIBUTION SERVICES (PTY) LTD
(Registration Certificate Number: 2003/001812/07)
MARINE INSURANCE
DIVISION
RENNIE MURRAY & CO (PTY) LTD
(Registration Certificate Number: 1999/000572/07)
P & I ASSOCIATES (PTY) LTD
(Registration Certificate Number: 1999/000985/07)
BIDSERV (PTY) LTD
(Registration Certificate Number: 1993/007657/07)
AVIATION SERVICES
BIDAIR SERVICES (PTY) LTD
(Registration Certificate Number: 1988/002125/07)
EXPRESS AIR SERVICES (PTY) LTD
(Registration Certificate Number: 2003/000229/07)
PRESTIGE CLEANING SERVICES (PTY) LTD
(Registration Certificate Number: 1993/003085/07)
TMS GROUP INDUSTRIAL SERVICES (PTY) LTD
(Registration Certificate Number: 1998/004008/07)
INDUSTRIAL CLEANING (IC)
ACCESS MAINTENANCE INSULATION (AMI)
(Incorporating SPI)
MANUFACTURING AND MAINTENANCE
VERICON
VERISERVE
LAUNDRY SERVICES
FIRST GARMENT RENTAL (PTY) LTD
(Registration Certificate Number: 1996/011023/07)
STEINER GROUP
STEINER HYGIENE (PTY) LTD
(Registration Certificate Number: 1969/005893/07)
PUREAU FRESH WATER COMPANY (PTY) LTD
(Registration Certificate Number: 1998/018288/07)
EXECUFLORA (PTY) LTD
(Registration Certificate Number: 1999/001577/07)
STEINER ENVIRONMENT SOLUTIONS (PTY) LTD
(Registration Certificate Number: 2002/011771/07)
BIDSERV INDUSTRIAL PRODUCTS (PTY) LTD
(Registration Certificate Number: 2002/031805/07)
GREENS SERVICES
TOP TURF GROUP (PTY) LTD
(Registration Certificate Number: 1970/001058/07)
BIDSERV RISK SOLUTIONS (PTY) LTD
(Registration Certificate Number: 2001/019863/07)
MAGNUM SHIELD SECURITY SERVICES (PTY) LTD
(Registration Certificate Number: 1998/022683/07)
VERICON OUTSOURCING (PTY) LTD
(Registration Certificate Number: 1999/004893/07)
PROVICOM PRORISK SOLUTIONS (PTY) LTD
(Registration Certificate Number: 1999/003721/07)
GLOBAL PAYMENT
TECHNOLOGIES PROCUREMENT
MYMARKET.COM HOLDINGS (PTY) LTD
(Registration Certificate Number: 2000/014777/07)
HOTEL AMENITIES AND
ACCESSORIES
HOTEL AMENITY SUPPLIERS (PTY) LTD
(Registration Certificate Number: 1997/010301/07)
PROMO SACHETS (PTY) LTD
(Registration Certificate Number: 2001/008766/07)
BIDFOOD (PTY) LTD
(Registration Certificate Number: 1993/004227/07)
BIDVEST FOODSERV (PTY) LTD
(Registration Certificate Number: 1964/002063/07)
CATERSALES (PTY) LTD
(Registration Certificate Number: 1993/003086/07)
CCW CATERING SUPPLIES (PTY) LTD
(Registration Certificate Number: 1998/005155/07)
CHIPKINS CATERING SUPPLIES (PTY) LTD
(Registration Certificate Number: 1993/003084/07)
VULCAN CATERING EQUIPMENT (PTY) LTD
(formerly VULCAN PRESIDENT (PTY) LTD
(Registration Certificate Number: 1954/002040/07)
D & R LOWE CATERING SUPPLIES (PTY LTD)
(Registration Certificate Number: 1979/004142/07)
FIRST FOOD DISTRIBUTORS (PTY) LTD
(Registration Certificate Number: 997/005052/07)
LOU’S WHOLESALERS (PTY) LTD
(Registration Certificate Number: 1993/002522/07)
M&M QUALITY CHOICE (PTY) LTD
(Registration Certificate Number: 1999/019914/07)
RFS CATERING SUPPLIES (PTY) LTD
(Registration Certificate Number: 1996/004222/07)
BLUE MARINE FROZEN FOODS (PTY) LTD
(Registration Certificate Number: 1999/004243/07)
3663 FIRST FOR FOODSERVICE (PTY) LTD
(Registration Certificate Number: 1996/004223/07)
SPECIALITY
PATLEYS (PTY) LTD
(Registration Certificate Number: 1971/006411/07)
BIDFOOD (PTY) LTD
(Registration Certificate Number: 1993/004227/07)
BIDFOOD TECHNOLOGIES (PTY) LTD
(Registration Certificate Number: 2002/012688/07)
CROWN NATIONAL (PTY) LTD
(Registration Certificate Number: 1963/001736/07)
BID FOOD INGREDIENTS (PTY) LTD
(Registration Certificate Number: 1972/007857/07)
BID INDUSTRIAL AND
COMMERCIAL PRODUCTS
AFRICAN COMMERCE DEVELOPING COMPANY (PTY) LTD (AFCOM)
(Registration Certificate Number: 1961/001762/07)
BUFFALO EXECUTAPE (PTY) LTD
(Registration Certificate Number: 1998/022667/07)
TUNING FORK (PTY) LTD
(Registration Certificate Number: 2010/001048/07)
BIDVEST PAPER PLUS
STATIONERY
HORTORS STATIONERY (PTY) LTD
(Registration Certificate Number: 1982/009670/07)
SOUTH AFRICAN DIARIES (PTY) LTD
(Registration Certificate Number: 1997/009397/07)
KOLOK (PTY) LTD
(Registration Certificate Number: 1997/010970/07)
CONTRACT OFFICE PRODUCTS (PTY) LTD
(Registration Certificate Number: 1997/013242/07)
LUFIL PACKAGING (PTY) LTD
(Registration Certificate Number: 2000/020528/07)
BID OFFICE
CECIL NURSE (PTY) LTD
(Registration Certificate Number: 1990/001345/07)
WALTONS STATIONERY CO (PTY) LTD
(Registration Certificate Number: 1927/000485/07)
BUDGET DESKS AND CHAIRS (PTY) LTD
(Registration Certificate Number: 1985/002319/07)
SEATING (PTY) LTD
(Registration Certificate Number. 1988/006005/07)
KOLOK AFRICA (PTY) LTD
(Registration Certificate Number: 1997/010940/07)
SILVERAY STATMARK COMPANY (PTY) LTD
(Registration Certificate Number: 1962/003497/07)
GLOBAL PAYMENT TECHNOLOGIES (PTY) LTD t/a GPT
(Registration Certificate Number: 1998/00673/07)
KONICA MINOLTA (PTY) LTD
(Registration Certificate Number: 2004/033648/07)
All of the above companies are Agency Agreement companies having an agreement with an undisclosed principle. They are therefore to all intents and purposes trading divisions of BID INDUSTRIAL HOLDINGS (PTY) LTD as all the assets and liabilities are in BID INDUSTRIAL HOLDINGS (PTY) LTD
LITHOTECH (PTY) LTD (divisions: CORPORATE, SALES AND EXPORTS)
RENNIES BANK LTD
RENNIES BANK HOLDINGS LTD
SEBENZA FORWARDING AND SHIPPING CONSULTANCY (PTY) LTD
BIDTRAVEL (PTY) LTD
VOLTEX LTD
MCCARTHY MOTOR HOLDINGS (PTY) LTD
MANICA AFRICA (PTY) LTD
BIDAUTO
BIDVEST EUROPE
BIDVEST ASIA PACIFIC
B JOFFE (CEO) ID No. 4706025112002
L P RALPHS ID No. 5509045034084
D E CLEASBY (FD) ID No. 6207165130084
A W DAWE ID No. 6510115139083
STANDARD BANK, Johannesburg Corporate Branch and
NEDBANK, Johannesburg branch, the subject deals with bankers countrywide. It was stated that the subject is managed by
a cash management scheme controlled by the holding company.
6 July 1990
Registration Certificate Number: 1990/003829/07
A company was registered to take over the operations and assets of BIDSUB (PTY) LTD, formerly CATER PLUS (PTY) LTD. Respondents stated that over the years three companies in the group have at one time traded under the name of CATER PLUS (PTY) LTD.
The subject is involved in a Number of operations, namely:
· Travel and tourism;
· Providing of financial services;
· Manufacturers of fastenings, packaging and stationery;
· Range of hygiene services, washroom services and cleaning services;
· Textile rental;
· Security;
· Major distributor of products such as groceries, meat, seafood, vegetables and allied products to the leisure, hospitality and food industries, e.g. hotels, restaurants, hospitals etc.;
· Manufacturers of catering and refrigeration equipment;
· Distributors of a large range of pre-mixed baking ingredients;
· Supply of spices, seasonings, sausage casings and butchery equipment to butcheries;
· Supplies of computers and all office products;
· Freight and shipping;
· Banking and finance operations;
·
Motor
vehicle trade.
Each division is reported to have its own suppliers
BUFFALO EXECUTAPE
WALTONS
SICAD
MULTI PLASTICS
DISAKI
ECO LOGISTICS
T M S INDUSTRIAL
SERVICES
G FOX
ROCKFIBRE
ISOVER SAINT GOBAIN
STONECOR
The subject’s agency agreement companies supply to the Sun International group of hotels, as well as a vast range of other hotels throughout South Africa, as well as caterers, restaurants, cafes, the building industry and companies etc.
South Africa
Occasionally to neighbouring countries
±140 000 in the BIDVEST group
The subject has premises countrywide
Some of the premises are reported to be owned by a property-owning company within the group while others are leased. The head office premises are leased.
R1 000 divided into 1 000 ordinary shares of R1 each
R100
Please see group balance sheet and income statement on BIDVEST GROUP LIMITED attached for year ended 30 June 2013.
DELOITTE & TOUCHE Johannesburg
JUNE
JLT INSURANCE BROKERS
TRADE REFERENCES – AUGUST 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years R6 600 000 R2 000 000- 30 days 30 days Excellent
R3 000
000
2. 19
years Declined Declined 15
days 15 days Excellent
3. 2006 Open R4 000 000- 30
days 30 days Excellent
R9 000 000
TRADE REFERENCES – APRIL 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2007 Open R 200 000- 15 days 15
days Excellent
R 500 000
2. ±5
years Declined Declined 60
days 60 days Very Good
3. ±8
years Open R
6 000 30 days 30 days Excellent
R 30 000
TRADE REFERENCES –
JUNE 2013: FIRST FOOD DISTRIBUTORS (PTY) LTD
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 13 years R6 000 000 ±R2 000 000 30 days 30
days Excellent
2. +5 years Declined Declined 30
days 30 days Very Good
3. Do not give trade references
4. 8 years R 800 000 R
250 000- 30 days 30 days Very
Good
R
300 000
5. Do not give trade references
TRADE REFERENCES –
JULY 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2 years R2 000 000 R
500 000- 30 days 45/60 days Fair
R 600 000
2. Do not give trade references
3. 2007 R1 000 000
R 50 000- 30 days 30/37
days Good
R
320 000
CURRENT TRADE REFERENCES: GLOBAL PAYMENT
TECHNOLOGIES (PTY) LTD
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. Associate Company
This is a well-established and well-connected company. In view of the standing of the subject, it is considered equal to a maximum amount of £1 000 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.