|
Report No. : |
313857 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIDVEST BAKERY SOLUTIONS (PTY) LTD |
|
|
|
|
Formerly Known As : |
CHIPKINS BAKERY SUPPLIES (PTY) LTD BID BAKERY SUPPLIES (PTY) LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.06.1993 |
|
|
|
|
Com. Reg. No.: |
1993/003106/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Suppliers of Bakery Premix. |
|
|
|
|
No. of Employees : |
±450 having increased from 350 reported in 2013 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 |
BIDVEST
BAKERY SOLUTIONS (PTY) LTD
Formerly:
CHIPKINS BAKERY SUPPLIES (PTY) LTD, the name having been change on the 10th
of October 2012
Formerly:
BID BAKERY SUPPLIES (PTY) LTD the name having been changed on 23 April 1996
31
Nguni Drive
Longmeadow
West Business Park
MODDERFONTEIN
Edenvale
Gauteng
P
O Box 20
MODDERFONTEIN
1645
+27
11 201 9400 / 9420
+27
11 201 9624
The
subject no longer has an agency agreement in place, they are a trading entity and
all information contained in this report is on BIDVEST BAKERY SOLUTIONS (PTY)
LTD.
100% BID INDUSTRIAL HOLDINGS (PTY) LTD,
(Registration Certificate Number: 1990/003829/07) which in turn is held 100% by
the BIDVEST GROUP LTD, (Registration Certificate Number: 1946/021180/06) quoted
on the JSE LTD.
Companies
within the BIDVEST GROUP LTD
R J LICHT ID
No. 7711095080086
C VAN DER VELDEN (F/D) ID
No. 7105245121082
H P HAVENGA ID
No. 6010295053089
N PHILLIPS (M/D) ID
No. not available
STANDARD
BANK, Industria Branch. Further banking information was not
forthcoming from the respondent at the subject.
8
June 1993
Registration
Certificate Number: 1993/003106/07
The
subject was established in 1993.
It
subsequently became a subsidiary of BID INDUSTRIAL HOLDINGS (PTY) LTD and until
October 2014 its operations were incorporated into the BIDFOOD division.
The
subject once again is operating under its own entity and remains a subsidiary
of BID INDUSTRIAL HOLDINGS (PTY) LTD.
4480111733 Confirmed
at SARS for BIDVEST
BAKERY SOLUTIONS (PTY) LTD
9641509717
Level 4 contributor (Expiry date: 26 June 2014)
The subject is in the process of renewing its
certification.
Suppliers
of bakery premix
The
subject does import about 20% of its supplies from worldwide, mainly China and
Australia.
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.
Bakery
industry and some of their clients include, HEINZ, UNILEVER, TIGER BRANDS and
CLOVER
South
Africa
Botswana and
Namibia
±450
having increased from 350 reported in 2013
It
was stated that the subject has 7 branches in South Africa in Gauteng, Kwazulu-Natal, Western
Cape, Eastern Cape, Mpumalanga, Limpopo
and the Free-State.
The
premises are reported to be leased
For financial information please see balance sheet
and income statement attached on the holding company.
KPMG
JUNE
GLT
INSURANCE BROKERS
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6
years R1 000 000 R500 000 14 days - Excellent
2. 1994 R1 500 000 R1 500 000 30 days 30 days Excellent
c/l per month
3. Do
not give trade references
4. June
1994 R1 800 000 R 900 000- 30 days 30
days Good
c/l R1 500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +15
years R300 000 R100 000- 30 days 30 days Very
Good
R300
000
2. ±
15 years Declined Declined 45
days 45 days Very Good
3. Awaiting
a fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2
years R600 000 R300 000 14
days 14 days Good
2. Unable
to obtain
3. Jan
2005 R100 000 R
3 000 30 days 30 days Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 31
July 2008 R1 500 000 R300 000- Declined Declined Very Good
C/l-Insured R640 000
2. Jan
2008 R750 000 R250 000 30 days 30 days Very
Good
C/L
3. Do
not give trade references.
4. Awaiting
a faxed trade reference
(These descriptions relate respectively by number
to the above current trade transactions):
1. Sugar
products
2. Starch
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 13
Years R200 000 R200 000 30
days 30 days Very Good
2. The relevant spokesperson
stated they are currently busy with month end and will not be able to assist in providing a
trade reference.
3. The
relevant spokesperson stated we must forward a fax request.
(These descriptions relate respectively by number
to the above current trade transactions):
1. Sugar
products
2. Starch
This is an established company meeting its commitments timeously. The
subject forms part of a large group of companies and is considered equal to its
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.