MIRA INFORM REPORT

 

 

Report Date :

12.09.2014

 

IDENTIFICATION DETAILS

 

Name :

KOPPEL BACHER AND CO (PTY) LTD

 

 

Registered Office :

67 Willowfield Crescent, Springfield Park, Durban, Kwazulu  Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

10.09.1956

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers, distributors and manufacturers of industrial packaging, wrapping materials, paper products, cleaning materials, stationery, hardware, tools, agricultural implements, electrical goods, kitchenware, crockery, glassware and toys.

 

 

No of Employees :

100

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

COMPANY NAME

 

G S VICKERS AND COMPANY 

 

 

PHYSICAL ADDRESS

 

67 Willow Field

Rochdale

Park Crescent

SPRINGFIELD OARK

Durban

           

TELEPHONE NUMBER:             +27 31 579 4841

           

FAX NUMBER:                          +27 31 579 2321

 

On investigation it was established that G S VICKERS AND COMPANY is a trading name of the registered company KOPPEL BACHER AND COMPANY (PTY) LTD, which report should be consulted.

COMPANY NAME

 

KOPPEL BACHER AND CO (PTY) LTD

 

 

TRADING NAME

 

G.S. VICKERS & CO

SAFETYWEAR

 

 

PHYSICAL ADDRESS

 

67 Willowfield Crescent

SPRINGFIELD PARK

Durban

Kwazulu  Natal

 

 

POSTAL ADDRESS

 

P O Box 74050

ROCHDALE PARK

4034

 

TELEPHONE NUMBER:             +27 31 514 4800

 

FAX NUMBER:                          +27 31 579 2321

 

The supplied telephone number of +27 31 579 4841 is reported to be a previous telephone number for the subject and is no longer in use.

 

 

SHAREHOLDERS

 

80%      MALCOLM WERNER INVESTMENTS (PTY) LTD

(Registration Certificate Number:  1981/005650/07)

 

20%      C H MARSHALL

 

The shareholding changed and was previously:

 

100%    MALCOLM WERNER INVESTMENTS (PTY) LTD

 

(Registration Certificate Number:  1981/005650/07)

 

 

ASSOCIATE COMPANIES

 

WATERWAY PROPERTIES (PTY) LTD

 

 

DIRECTORS

 

M WERNER (Father)                                          ID No.   3401255036003

M J WERNER (Son)                                           ID No.   5712115119005

C H MARSHALL                                                D.O.B. 491011

 

 

BANKERS

 

FIRST NATIONAL BANK Durban, Account Number: 50840160118.  It was stated that the subject enjoys overdraft facilities to an extent of R5 000 000, secured by the shareholders guarantees and a cession of debtors.  Utilisation is stated to fluctuate to full at times.

 

 

DATE REGISTERED

 

10th July 1956

Registration certificate number 1956/001725/07 

 

The company was registered to take over the operations of G.S. VICKERS AND COMPANY (PTY) LTD which company has now been finally deregistered.   It was stated that the shareholders took over the business in approximately 1978.

 

 

VAT NUMBER    

 

4490101625

 

 

TAX NUMBER    

 

9156023203

 

BEE STATUS

 

Non-compliant

 

 

MAJOR OPERATION

 

G S VICKERS & CO:  Importers, distributors and manufacturers of industrial packaging, wrapping materials, paper products, cleaning materials, stationery, hardware, tools, agricultural implements, electrical goods, kitchenware, crockery, glassware and toys.

 

SAFETYWEAR:  The range of protective products includes:  overalls, rainwear,

boots, headwear, goggles, hearing and breathing protective aids etc.

 

Brand names utilised by the subject are VICTRIX, SUPALUX and SAFETI-WEAR

 

 

MAJOR SUPPLIERS

 

The subject imports from China and India and deals locally with 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.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Trading stores, chain stores, supermarkets

 

 

AREA OF DISTRIBUTION AND SELLING 

 

South Africa

 

 

EXPORTS

 

Neighbouring countries such as Swaziland, Lesotho, Namibia

 

TOTAL EMPLOYEES

Approx. 100

 

 

OTHER PREMISES

 

The subject is reported to have a warehouse situated in Springfield Park.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by WATERWAY PROPERTIES (PTY)        LTD valued in the region of R22 000 000, free of bond.

 

 

AUTHORISED SHARE CAPITAL

 

R20 000 divided into 20 000 ordinary R1 shares

 

 

ISSUED SHARE CAPITAL

 

R20 000

 

 

FINANCIALS

 

The following estimated financial situation was submitted as at 10 September 2014:

 

STOCK                                     R  35 000 000

DEBTORS                                 R  25 000 000

CREDITORS                              R    8 000 000

SHAREHOLDERS LOANS         R    8 000 000

TURNOVER      per annum         R120 000 000

 

 

AUDITORS

 

SPN AUDITORS AND ACCOUNTANTS INC

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

REID RAETZER INSURANCE BROKERS 

 

 

TRADE REFERENCES – FEBRUARY 2001

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         10 years            R      5 000        R    1 000          30 days 30 days Good

                        c/l         R    3 000          2˝%

 

2.         Old acc R     50 000       R  31 000          30 days 30 days Good

                                    c/l

 

3.         Old acc R 1 000 000       R500 000          66 days 66 days Very Good

                        c/l         R600 000                     by arrangement

 

 

TRADE REFERENCES – JANUARY 2008

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         Old acc R    200 000      R100 000 -        60 days 60 days Very Good

                                    R200 000         

 

2.         20 years+          R      50 000      R  50 000          60 days 60 days Good

                                    Fluctuates

 

3.         March 1990       R    100 000      R  15 000 -        30 days 30 days Excellent

                        c/l         R  35 000          2%

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                        PATTERN

 

1.         Do not give trade references

 

2.         Do not give trade references

 

3.         May 1991          R 160 000         R 190 000         60 days 60 days Very Good

 

4.         June 2012         R 550 000         Declined            60 days 60 days Excellent

 

5.         Do not give trade references

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

3.         Brushware

           

4.         Hardware

 

 

COMMENTS

 

This is a very well-established company meeting its commitments timeously as per arranged terms and is spoken of highly by its suppliers.  The subject is considered equal to its normal business engagements


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.91

UK Pound

1

Rs.98.65

Euro

1

Rs.78.64

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

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.