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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
REUNERT LTD |
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Formerly known As : |
REUNERT & LENZ LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.12.1913 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is Designer & manufacturer
of electronic time, point detonating and proximity fuses. |
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No. of Employees : |
6200 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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 |
FUCHS ELECTRONICS (PTY) LTD
Combrink Street
ALRODE
Alberton
Gauteng
P O Box 57
ALBERTON
1450
On investigation it
was established that the subject is an agency agreement company and has an agency
agreement with its holding company, REUTECH LTD, which in turn is a division of
REUNERT LTD, which report should be consulted.
REUNERT LTD
(Quoted on the JSE LTD)
Formerly: REUNERT & LENZ LTD,
the name having been changed on 11
March 1983
CIRCUIT BREAKER INDUSTRIES LTD
NASHUA LIMITED
NASHUA ELECTRONICS (PTY) LTD
FUCHS ELECTRONICS (PTY) LTD T/A REUTECH FUCHS
ELECTRONICS
The above companies have agency agreements with
the subject. The companies are dormant
and their operations are divisions of the subject
Lincoln Wood Office Park
6-10 Woodlands Drive
Woodmead
SANDTON
Gauteng
P O Box 784391
SANDTON
2146
TELEPHONE NUMBER: +27
11 517 9000
FAX NUMBER: +27
11 804 5997
13.09% P I C
(PUBLIC INVESTMENT COMMISSIONER)
10.00% ALLAN GRAY INVESTMENTS COUNCIL
7.00% OLD
MUTUAL GROUP
Plus other investors on the stock exchange
The shareholding changed and was previously:
15.6% P I C
(PUBLIC INVESTMENT COMMISSIONER)
9.2% BARGANEL
9.5% NASHUA MOBILE (PTY) LTD
Plus other investors on the stock exchange
continued
The shareholding changed and was previously:
17.5% P I C
16.1% BARGANEL
11.4% PUBLIC
INVESTMENT COMMISSIONER
9.6% NASHUA MOBILE (PTY) LTD
9.4% LIBERTY LIFE ASSOCIATION OF AFRICA
7.9% STANLIB ASSET MANAGER
6% OLD MUTUAL ASSET MANAGERS
Shareholding changed, having previously been 27,6%
OLD MUTUAL ASSET MANAGERS, 19,6% PUBLIC INVESTMENT COMMISSIONER,13.6% INVESTEC
ASSET MANAGEMENT and 13.6% POLARIS CAPITAL (PTY) LTD.
Shareholding changed, having previously been 12.3%
OLD MUTUAL ASSET MANAGERS, 10.1% PUBLIC INVESTMENT COMMISSIONER and 9,4%
BARGENEL (PTY) LTD
WHOLLY OWNED SUBSIDIARY COMPANIES:
CIRCUIT BREAKER INDUSTRIES LTD (100%)
HEINEMANN HOLDINGS LTD (100%)
CIRCUIT BREAKER INDUSTRIES GMBH (100%)
CIRCUIT BREAKER INDUSTRIES INC (USA) (100%)
AFRICAN CABLES LTD (100%)
AFCAB HOLDINGS (PTY) LTD (100%) (dormant)
ATC (PTY) LTD (74.9%)
REUTECH ENGINEERING SERVICES (PTY) LTD (100%)
NASHUA LTD (100%)
KOPANO COPIER COMPANY (PTY) LTD (74%)
ROYCE IMAGING INDUSTRIES (PTY) LTD (100%)
QUINCE CAPITAL (PTY) LTD (16%) (previously RC & C FINANCE COMPANY (PTY) LTD)
NASHUA CONNECT (PTY) LTD
NASHUA MOBILE (PTY) LTD (100%)
PAN SOLUTIONS (100%) previously REUNERT CONSUMER
AND COMMERCIAL HOLDINGS LTD
PANSOLUTIONS (PTY) LTD (100%) (dormant)
FUTRONIC (PTY) LTD (100%) (dormant)
RC & C (PAROW FACTORY) PROPERTIES (PTY) LTD (100%)
SACO SYSTEMS LTD in the UK (100%) (dormant)
SACO SYSTEMS (PTY) LTD (100%) (dormant)
ACUO TECHNOLOGIES (PTY) LTD
(100%)
FUCHS ELECTRONICS (PTY) LTD (100%)
REUTECH (PTY) LTD (100%) (dormant)
REUTECH DEFENCE INDUSTRIES (PTY) LTD (100%)
REUTECH SOLUTIONS (PTY) LTD (70%)
REUTECH RADAR SYSTEMS (PTY) LTD (57%)
REUNERT FINANCE COMPANY LTD (100%) (dormant)
REUNERT MANAGEMENT SERVICES LTD (100%)
Plus other companies within the REUNERT group.
S D JAGOE (Non-Executive) ID No. 5106095102083
N D B ORLEYN ID
No. 5601130746084
T S MUNDAY (Chairman) ID No. 4909125087088
T J MOTSOHI ID
No. 4711095572085
R VAN ROOYEN ID
No. 4901235054082
S G PRETORIUS ID
No. 4802155062081
N C KROG ID
No. 6906060017086
A E DICKSON ID
No. 7012145091086
S MARTIN ID
No. 7203190106081
M A R TAYLOR ID
No. 6306155018083
T ABDOOL-SAMAL Newly
Appointed
The main account is held at NEDBANK, Corporate Branch. Respondents at
the company stated that the subject enjoys substantial overdraft facilities
unsecured. Utilisation is stated to be nil as a credit balance of 9 figures is
maintained at the bank. It was stated that the divisions are managed by a cash
management scheme controlled by the subject.
The subject also banks with STANDARD CORPORATE AND MERCHANT BANK.
29 December 1913
Registration Certificate Number: 1913/004355/06
Established in 1888, the company was the creation of Theodore Reunert,
an enterprising young engineer from Leeds, and Otto Lenz, an export
salesman. Their initial business was as
the agency for John Fowler and Company of Leeds, suppliers of traction engines,
plows and later locomotives. Over the
years they held many other agencies.
In the late 90’s the group, once again, entered a restructuring process
streamlining its very diverse businesses into more focused operations. Since the restructuring began in 1997,
various non-core or unprofitable businesses were disposed of or closed.
Each separate division has its own VAT Number
Confirmed at SARS)
FUCHS ELECTRONICS Division VAT Number: 4710105349
CBI divisions VAT
Number: 4120117488
NASHUA LTD VAT
Number: 4890115779
TAX NUMBER: 9100101717
Designer & manufacturer of electronic time,
point detonating and proximity fuses.
The subject is listed on the JSE Ltd in the
electronic and electrical engineering sector.
It manages a number of businesses focused on electronics and electrical
engineering. The subject is involved in
the design & manufacture of electronic time.
The companies in the REUNERT group are focused
specifically on electronics and electrical engineering.
MAJOR SUPPLIERS:
Each division is reported to have its own
suppliers.
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.
Industry in general
AREA OF DISTRIBUTION AND SELLING: South Africa
EXPORTS: Worldwide
TOTAL EMPLOYEES: 6200
The subject’s group and subsidiary companies are situated countrywide.
The head office premises are reported to be
leased. Some of the other premises are
owned while others are leased.
For full financial information please see the
attached group integrated financials as at 30 September 2013.
AUDITORS: DELOITTE
& TOUCHE, Johannesburg
YEAR END: SEPTEMBER
INSURANCE BROKERS: MARSH
INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±20 years open
acc R 800 000- 30 days 30 days Excellent
R1 000
000
2. 10 years open
acc declined 30 days 30 days Very Good
3. 14 years open
acc R1 000 000 30 days 30
days Very Good
Up
to
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years+ R1 200 000 R
500 000- 30 days 30 days Good
c/l R1 200 000
2. 10 years+ R 100 000 R 100 000 30
days 30 days Very Good
3. 10 years+ R3 000 000 R1 500 000- 30 days 30 days Excellent
c/l R2 000 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Deals on a cash on delivery basis
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 15 years R1
000 000 R 100 000 30
days 30 days Very Good
2. 15 years open declined 30 days 30 days Very Good
3. unable to obtain a trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±10 years R1 500 000 R
630 000 30 days 30 days Excellent
Insured: CGIC 2.5%
2. Awaiting fax trade reference
3. 25 years Open R
700 000 30 days 30 days Very
Good
4. Do not give trade references
5. Awaiting email trade reference
(These descriptions
relate respectively by number to the above current trade transactions):
1. Suppliers of steel
3. Coils and harnessing
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±20 years Open
acc R1 000 000- 30 days 30
days Excellent
R2 000
000
2. Awaiting fax trade reference
3. Do not give trade references but excellent
account.
4. Do not give trade references
5. Awaiting email trade reference
(These descriptions
relate respectively by number to the above current trade transactions):
1. Suppliers of steel
This is a very well established company quoted on the
JSE LTD. The subject’s divisions are meeting its one obtainable local
commitment timeously and in view of the standing of the subject,
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.25 |
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1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.