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MIP Industries

The Way to BEE

Introduction

The final Codes of Good Practices under the Broad-Based Black Economic Empowerment Act (BEE Act) of 2003 signalled a significant step in the way businesses will operate in the future.

Although BEE can be seen as a process, it will be a business imperative since the Codes are written into Law.

The only organizations currently exempted are micro enterprises whose annual turnover is less than R10 million.

MIP Industries (Pty) Limited currently falls in the category of a small enterprise (LE). This is an enterprise with annual total revenue of more than R10 million and less than R50 million and the audit is based on the generic scorecard.

download BEE level 1

The Way to BEE

MIP Industries (Pty) Limited is a 100% Black Owned enterprise and qualifies as a Level 1 contributor and equate to 135% compliance. This allows our customers to claim 110% of your procurement spent with MIP Industries, against their own B-BBEE targets.

BEE Status Qualification
Level One Contributor ≥ 100 points
Level Two Contributor ≥ 95 but < 100 points
Level Three Contributor ≥ 90 but < 95 points
Level Four Contributor ≥ 80 but < 90 points
Level Five Contributor ≥ 75 but < 80 points
Level Six Contributor ≥ 70 but < 75 points
Level Seven Contributor ≥ 55 but < 70 points
Level Eight Contributor ≥ 40 but < 55 points
Non-Compliant Contributor < 40 points

Source:

“BBBEE Act and Codes Explained”
Available at: www.werksman.com