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Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BARKER FOOTWEAR (PTY) LTD |
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Formerly Known As : |
TRIFECTA TRADING 112 (PTY) LTD |
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Registered Office : |
Losack Avenue, Epping Industria 2, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
25.02.2002 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacture of mainly men’s footwear as well as ladies footwear to a
small degree. |
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No of Employees : |
375 Waged, 51
Salaried |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Merger Under Process |
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Payment Behaviour : |
-- |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 16th largest in the world. Even though the country's
modern infrastructure supports a relatively efficient distribution of goods to
major urban centers throughout the region, unstable electricity supplies retard
growth. The global financial crisis reduced commodity prices and world demand.
GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with
2014 growth projected at about 2%. Unemployment, poverty, and inequality -
among the highest in the world - remain a challenge. Official unemployment is
at nearly 25% of the work force, and runs significantly higher among black
youth. Eskom, the state-run power company, has built two new power stations and
installed new power demand management programs to improve power grid
reliability. Construction delays at two additional plants, however, mean South
Africa is operating on a razor thin margin; economists judge that growth cannot
exceed 3% until those plants come on line. 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 |
On investigation contact was made with Debbie, the financial manager at
the subject who stated that the assets and operations of the subject are in the
process of being incorporated into BOLTON FOOTWEAR (PTY) LTD as a division. The subject will then become a dormant
company. This is still in the process of
taking place and it is expected to be finalised within the next month or
two. It was therefore deemed immaterial
to divulge current company information.
Please see historical information dated 23 October 2013.
BARKER FOOTWEAR (PTY) LTD
Formerly: TRIFECTA TRADING 112 (PTY) LTD, the name having been changed
on 23 September 2002.
Losack Avenue
EPPING INDUSTRIA 2
Cape Town
Western Cape
P O Box 85
EPPINDUST
7475
+27 21 534 3531
+27 21 534 7725
100% BOLTON
FOOTWEAR (PTY) LTD
(Registration Certificate Number:
1949/035036/07)
The shareholding change took place on 1 March
2013 and was previously:
R M DURRBAUM
M C M ROLFE
F D L SANTOS
S E VAN
AARDE
ORION PROPERTIES 25 (PTY) LTD
R M DURRBAUM (MD) ID No. 5001055078003
M C M ROLFE (FD) ID No. 4705075121087
F D L SANTOS ID
No. 5309095179107
S E VAN AARDE ID No. 6501015190011
G D BOLTON ID
No. 5511155016000
M J BOLTON (Brother) ID No. 5709065046006
H A FLEETWOOD ID
No. 5811195013003
J P KRIEL ID
No. 5807095153089
M J LOUW ID
No. 5106105065007
It was stated by the respondent that the two directors
R M DURRBAUM and M C M ROLFE will be retiring soon, however, cannot state at
which date this will be actioned.
The following directors are currently listed
at CIPC:
J P KRIEL ID
No. 5807095153089
H A FLEETWOOD ID
No. 5811195013003
S E VAN AARDE ID
No. 6501015190011
STANDARD BANK, Parow Branch, branch code 031110 Account Number
072766522. It was stated that the
subject enjoys overdraft facilities to an extent of R6 000 000, secured by
the guarantee of the Shareholder. Utilisation
is stated to be partial. The respondent
stated that the subject has money on call at the bank.
On 8 July 2011 the bank gave a code “C” on R1 000 000 over 30
days.
25 February 2002
Registration Certificate Number 2002/004243/07
The subject commenced active operations in August 2002. It was stated that there was a management
buyout of the BARKER FOOTWEAR division of a well-established company named
CONSHU TRADING (PTY) LTD and the assets and operations of the division were
incorporated into the subject. It was
stated that the takeover was backdated to January 2002.
It was established that R M DURRBAUM was a director of CONSHU TRADING
(PTY) LTD, M C ROLFE was reported to be the Financial Manager, and F D L SANTOS
was the Designer Manager of the Barker Footwear division.
4670202656
9637149148
Not available
The manufacture of mainly men’s footwear as well as ladies footwear to a
small degree. Although the subject
previously manufactured children’s footwear, they no longer do so.
Previously, we have divulged the names of the
major suppliers in our reports. We have discontinued this practice to protect
our valuable sources of trade information.
This has become necessary because we now give a description of the goods
or services to which the trade references relate. This gives our client the ability to assess
whether the purchases are vital to the
subject’s operation and whether we have only been given their essential
suppliers that must be paid promptly for the subject to maintain its operation.
Retail chain stores, shoe retailers etc.
South Africa, however, mainly the Gauteng Province
Namibia and Swaziland
375 waged, 51 salaried
None
The premises are reported to be leased
R1 000 divided into 1 000 ordinary shares of R1 each
R100
The following estimated financial situation was submitted as at 2
November 2012:
STOCK Unknown
DEBTORS R30 000 000
CREDITORS R2 000 000 – R3 000 000
TURNOVER per month R20 000 000
AUDITORS: LOUBSER DU PLESSIS INC, Stellenbosch
YEAR END: FEBRUARY
INSURANCE BROKERS: MARSH INSURANCE BROKERS
TRADE REFERENCES –
MAY 2006:
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 5
years R50 000 R 50 000 60 days 60 days Very
good
2. 4
years R100 000 R100 000 30
days 30 days Excellent
3. 4
years R200 000 R100 000 30
days 30 days Excellent
TRADE REFERENCES –
MAY 2008
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 10 years open R50
000 30 days 30 days Excellent
2. Old acc R500 000 declined 30 days 30 days Very
good
3. 10 years open declined 30 days 30 days Very
good
5% 5%
TRADE REFERENCES – JULY 2011:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 years undisclosed figures 30 days 30
days Very Good
2. C O D account being
opened
3. 10 Years R20 000 R 10 000 30 days 30 days Very
Good
4. 12 Years R200 000 R 10 000 30 days 30 days Very
Good
5. 22 Years R300 000 R150 000 30
days 30 days Excellent
TRADE REFERENCES – NOVEMBER 2012:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Since 2009 Open Acc R50 000- 30 days 30 days Good
R60 000
2. +7 years Open Acc R30 000 60
days 60 days Very good
3. +10 years Open Acc R30 000- 30
days 30 days Very good
R50 000
TRADE REFERENCES – OCTOBER 2013:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 years declined R
30 000 60 days 60 days Good
2. 2002 R250 000 R 10 000- 60
days 60 days Good
R150 000
3. 23 years R250 000 ±R100 000 30
days 30 days Excellent
This is an established company that was subject to a management buyout
in 2002 of a division of CONSHU TRADING (PTY) LTD. The subject is meeting its commitments
timeously as per arranged terms and no adverse comments have been heard. The subject is considered as equal to its
normal business engagements.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +10
years Declined R40 000- 60 days 60
days Very Good
R50
000
2. +10
years R400 000 R300 000- 30 days 30
days Very Good
R400
000
3. Awaiting
email trade reference
4. Awaiting
email trade reference
NATURE OF GOODS OR SERVICES SUPPLIED:
(These descriptions relate respectively by number
to the above current trade transactions):
1. Freight forwarding
2. Shoe components such as
heels
This is a well established business which is in the process of its
assets and operations being incorporated into another well established business
and operating as a division of that business.
The subject will become a dormant company within a short period of
time. In view of this, it is suggested
that all dealings with the subject be suspended and a further investigation
should be requested on BOLTON FOOTWEAR (PTY) LTD the company of which the
subject will become a division.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.