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Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
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Name : |
BSN MEDICAL (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.02.2001 |
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Com. Reg. No.: |
2001/003941/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturing of medical devices e.g. Elastoplast, plaster of paris |
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No. of Employees : |
174 salaried, having increased from 81 and 193
waged, having decreased from 296 waged in February 2013. |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source
: CIA |
BSN MEDICAL (PTY)
LTD
PHYSICAL ADDRESS
30 Gillitts Road
PINETOWN
Durban
KwaZulu-Natal
POSTAL ADDRESS:
P O Box 526
PINETOWN
3600
TELEPHONE NUMBER:+27 31 710 8111
FAX NUMBER: +27 31 710 8120 / 8225
The postal address of P O Box 92 Pinetown KwaZulu-Natal 3600 was unknown
to the respondent.
100% BSN MEDICAL INC in Canada
The Shareholding was previously 100% BSN
MEDICAL GmbH in Germany, having been changed in February 2006.
HOSPITAL TECHNOLOGIES (PTY) LTD (dormant)
(Registration Certificate Number: 1989/005936/07)
N R VONKLEMPERER ID
No. 5608145007089
D D LAVENDER (Financial Director) ID
No. 7407315182089
It was reported that D JENKINS, the Director currently reflecting at CIPC,
resigned from the subject approximately 9 years ago.
STANDARD BANK, Pinetown Branch, Account Number: 051918382. It was stated
that the subject does not
require overdraft facilities as credit balances are normally maintained at the
bank.
It was reported by the respondent that the overdraft facility previously utilised at STANDARD BANK to an extent of R2 500 000 has been paid in full and the facility closed, as well as the loan account previously secured by the holding company to an extent of R25 000 000.
22 February 2001
Registration Certificate Number: 2001/003941/07
The subject commenced active operations on 2 April 2001. It was stated that the subject was registered to take over the manufacturing arm of SMITH AND NEPHEW (PTY) LTD, in South Africa.
4500192028
9203233144
Level 4 contributor
Manufacturing of medical devices e.g. Elastoplast, plaster of paris
The subject imports from China and deals locally with:
U T I Durban
COTTON KING Durban
TURNERS SHIPPING Durban
SHOTLANDS PACKAGING Durban
TRIUMPH PRINTING AND PACKAGING
CEVA LOGISTICS
Medical care industry e.g. hospitals, doctors in private practice, clinics and companies such as Johnson & Johnson.
South Africa
Australia, Africa, USA and Spain.
174 salaried, having increased from 81 and
193 waged, having decreased from 296
waged in February 2013.
The subject’s factory premises are situated at the heading address.
The premises are reported to be leased
R3
The following estimated financial situation was submitted as at 21
January 2014:
STOCK ±R 60 000 000
DEBTORS ±R 60 000 000
FIXED ASSETS R 22 000 000
CREDITORS R 30 000 000
TURNOVER per annum ±R415 000 000
ERNST AND YOUNG
DECEMBER
WILLIS INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years R500 000 R500
000 30 days 30 days Excellent
1.5% 1.5%
2. 10–16 years R100 000 R 25 000- 30
days 30 days Excellent
c/l R 50 000 2.5% 2.5%
3. 10 years R100 000 R100
000 30 days 30 days Excellent
2.5% 2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years+ R300 000 R300
000 30 days 30 days Excellent
2. Old acc R400 000 R300 000- 30 days 30
days Good
R400
000
3. 5 years R200 000 R150
000- 30 days 30 days Very Good
R200
000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R150 000 R150 000 30 days 30
days Very Good
2½%
2. Old acc R 30 000 R
30 000 30 days 30 days Very
Good
2½%
3. 15 years R150 000 R150
000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 years+ open R150
000- 30 days 30 days Excellent
R200
000 -2.5%
2. Inactive account. No purchases for
the past 10 years.
3. Do not give trade references
4. 10 years+ R7 000 000 R700 000- 30
days 30 days Excellent
c/l R900 000 -2.5%
5. 15 years do not disclose
figures 30 days 30 days Excellent
-2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10+
years R 500 000 R 200 000 30
days 30 days Excellent
c/l 2.5%
2. Old R7 000 000 R1 000 000 30 days 30 days Excellent
c/l 2.5% 2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±13
years R500 000 ±R400 000 30 days 30 days Very Good
c/l
2. +10
years ±R1 500 000 R500 000- 30 days 30 days Excellent
R800
000 Less 2.5%
3. +15
years declined figures 30 days 30 days Very
Good
4.
Do not
give trade references.
5.
Do not
give trade references.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1994 open R300 000 30
days 30 days Excellent
2 10
years R500 000 R400 000 30
days 30 days Very Good
3. 30
years + declined declined 30
days 30 days Excellent
4.
Last
purchased in September 2011
5. Do
not give trade references
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 No
Limit R 300 000 30
days 30 days Very Good
2. +8 years Open
Acc R 20 000- 30 days 30 days Very Good
R 40 000
3. June 1991 R3 000 000 R1 500 000- 7 days 7 days Very Good
R2 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do
not give trade references
2. +10
years R 300 000 ±R 300 000 30
days 30 days Excellent
3. 4
years R3 000 000 ±R1 000 000- 7 days 7
days Very Good
R2 000 000
4. +20
years Declined Declined 30
days 30 days Excellent
Less 2.5%
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
years Open R 150 000- 30 days 30
days Very Good
R 300 000
2. 9
years R3 000 000 ±R3 000 000 7 days 7 days Excellent
c/l
This is an established business meeting its commitments timeously. The subject is considered equal to its normal business engagements and to a maximum figure of €500 000 over 30 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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|
1 |
Rs.101.98 |
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Euro |
1 |
Rs.83.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.