MIRA INFORM REPORT

Report No. :	502180
Report Date :	12.04.2018

IDENTIFICATION DETAILS

Name :	BBL SECURITY PRODUCTS (PTY) LTD
Formerly Known As :	CALSHELF INVESTMENTS 144 (31/03/2016)
Registered Office :	187 Voortrekker Road Maitland, Cape Town Western Cape, South Africa 7405
Country :	South Africa
Financials (as on) :	2017
Date of Incorporation :	13.10.2006
Com. Reg. No.:	2006/031893/07
Legal Form :	Private Company
Line of Business :	The subject is involved in the wholesale and importing of security products, such as: locks, safes, padlocks and patio push-locks.
No. of Employees :	98

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
South Africa	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 Africa’s largest and among the top 20 in the world.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

COMPANY INFORMATION

OVERVIEW

History

BBL SECURITY PRODUCTS (PTY) LTD was registered in October 2006 when the details of a shelf entity styled CALSHELF INVESTMENTS 144 (PTY) LTD was utilised for registration purposes trading as B & B LOCKSMITH DISTRIBUTORS, and commenced operations immediately. The name was changed to the current name in March 2016, and stopped using the previous trading as name.

STATUTORY INFORMATION

Registered Name	BBL SECURITY PRODUCTS
Previous Names	CALSHELF INVESTMENTS 144 (31/03/2016)
Registration Number	2006/031893/07
Type Of Company	Private Company
Registered Date	13/10/2006
Date Commenced Trading	13/10/2006
Commercial Status	In Business
Financial Year End	February

CONTACT DETAILS

Contact Number	+27 21 200 6284
Email Address	Michelle@keylok.co.za
Fax Number	+27 21 511 6922
Website	www.bblocks.co.za
Social Media Presence	LinkedIn
Registered Physical Address	187 Voortrekker Road Maitland Cape Town Western Cape South Africa 7405
Trading Physical Address	187 Voortrekker Road Maitland CAPE TOWN Western Cape South Africa 7405
Postal Address	P O Box 418 MAITLAND Western Cape South Africa 7404

GENERAL COMMENTS

Comments

On investigation it was established that the correct registered name of the subject situated at the provided address is BBL SECURITY PRODUCTS (PTY) LTD, which previously operated with the trading name of B & B LOCKSMITH DISTRIBUTORS.

TAX INFORMATION

Income Tax Number 9143412162

VAT INFORMATION

VAT Status	The subject is registered for VAT (VAT number/s made available)
VAT Number	4310237096
Status	Active
Registered Name	BBL SECURITY PRODUCTS (PTY) LTD

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name
Auditor	MALHERBE LOURENS	GEORGE CLOETE

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

CURRENT

Shareholder/Member Name	Share/Interest	Type
CHERYL BUNNING	15.00%	Shareholder
MARK BUNNING	70.00%	Shareholder
KATHY GARY BUNNING	15.00%	Shareholder

PRINCIPAL INFORMATION

Director / Member

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
MARK GARY BUNNING	5709225083089	Director	Active	01/01/2007	7	0	0	0
CATHERINE ANN LOUPIS	7002270217085	Director	Resigned	27/09/2006	0	0	0	0
NEIL PETER GOOSEN	6402125050007	Director	Resigned	12/12/2006	1	12	0	0

ACTIVE BUSINESS INTERESTS: MARK GARY BUNNING

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
VIPER INVESTMENTS 1775	2002/073674/23	AR Deregistration Process	Active	Member	0
KEYTEK	2015/389451/07	AR Deregistration Process	Active	Director	0
ORANGE OAK INVESTMENTS 2	2006/027188/07	In Business	Active	Director	0
SIDESLIP	2012/043732/07	In Business	Active	Director	0
EBENEZER INVESTMENTS 1900	2002/073690/23	In Business	Active	Member	0
HOUSE OF SOCKS	2001/064229/23	In Business	Active	Member	0
EBENEZER INVESTMENTS 1850	2002/073683/23	AR Deregistration Process	Active	Member	0

Management

No principals found for this principal type.

Officer

No principals found for this principal type.

Other

No principals found for this principal type.

BANK ACCOUNT INFORMATION

BANK ACCOUNTS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB164582	BBL SECURITY PRODUCTS (PTY) LTD	62048213590	First National Bank (South Africa)	N1 City	250655	Unverified

OPERATIONAL ACTIVITIES

Operational Activities Status	The following information was provided
Industry	Wholesale & Importing
Major Industry SIC Code	46630 - Wholesale of hardware and locks
Secondary Industry SIC Code(s)	Other business support service activities n.e.c.
NACE Code	46,74 - Wholesale of hardware, plumbing and heating equipment and supplies

MAJOR OPERATION

Major Business Activities	The subject is involved in the wholesale and importing of security products, such as: locks, safes, padlocks and patio push-locks.
Foreign Trade Activities	International
Agencies Held	· ABUS · SILICA
Franchises Held	The subject holds no franchises.
Major Suppliers	Subject declined to provide information.
Major Customers	· The Security Industry · Retailers of security and related products
Major Brands	· VIRO · YALE · JMAN · E.T SYSTEMS · WH SOFTWARE · KEYLINE · CENTURION · SOUBER TOOLS · BBL
Major Contracts	Subject does not operate on a contract basis.

GENERAL COMMENTS

General Comments -

OPERATIONAL FOOTPRINT

Operational Footprint Status The following information was provided

BRANCH & PREMISES INFORMATION

Location	Description/Type	Rented or Owned	Lease Expiry Date
MAITLAND	Office Warehouse	Leased	N/A
DURBAN	Warehouse	Leased	N/A
BOKSBURG	Warehouse	Leased	N/A

EMPLOYEES

Permanent Employees 98

COMPANY FLEET

Total Vehicles 16

The fleet is made up of:

Cars / SUV's 3 Combination of Leased and Owned

Light Delivery Vehicles 13 Combination of Leased and Owned

GENERAL COMMENTS

General Comments -

Financing terms

Sales Terms	30 Days 45 Days COD Cash 7 Days
Overdraft Facility	The Subject has an overdraft facility.
Overdraft	14,500,000 ZAR
Overdraft Usage	Regularly
Sureties	The Principals have signed sureties
Debtors Ceded	Debtors have not been ceded.
Debtors Factored	Debtors have not been factored.
Bonds	The Subject has no bonds.

FINANCIAL FIGURES

Financial Year	2017	2016
Currency	ZAR	ZAR
Actual numbers, 000' or mio	Actual Numbers	Actual Numbers
Source	Integrated Financial Statements_February 2017	Integrated Financial Statements_February 2017

INCOME STATEMENT

Turnover/Revenue	213,096,850	157,769,272
Cost of Goods Sold	146,982,842	106,303,355
Gross Profit	66,114,008	51,465,917
Operating Profit	26,480,144	20,661,515
Net Profit	18,037,580	13,873,362

BALANCE SHEET

Fixed Assets	5,355,149	3,730,206
Current Assets	74,638,331	84,389,444
Inventory	49,960,667	57,633,950
Account Receivable	24,671,164	26,748,994
Cash	6,500	6,500
Total Assets	79,993,480	88,119,650
Current Liabilities	25,368,940	26,696,912
Accounts Payable	11,044,036	12,820,033
Overdraft	12,535,041	12,037,816
Long Term Liabilities	2,226,652	6,884,301
Loans	0	558,008
Equity	52,397,888	39,360,308
Share Capital	200	200
Retained Earnings	52,397,688	39,360,108
Total Equity and Liabilites	79,993,480	88,119,650

FINANCIAL RATIOS

Gross Profit Margin	31.0%	33.0%
Operating Profit Margin	12.0%	13.0%
Current Ratio	2.9	3.2
Acid Test Ratio	1.0	1.0

TRADE REFERENCES

GENERAL COMMENTS

General Comments No creditor details were made available for trade reference purposes.

COURT NOTICES

· No judgments on file in the name of the subject

· No liquidation applications on file in the name of the subject

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 92.52
Euro	1	INR 80.59
ZAR	1	INR 5.45

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.