MIRA INFORM REPORT

 

 

Report Date :

26th June 2006

 

IDENTIFICATION DETAILS

 

Name :

MOTO-QUIP (PTY) LTD

 

 

Registered Office :

30 North Reef Road, ELANDSFONTEIN

Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

5 November 1995

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and distributors of motor accessories and camping equipment

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

MOTO-QUIP (PTY) LTD

 

 

PHYSICAL ADDRESS

 

30 North Reef Road

ELANDSFONTEIN

Germiston

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 9800

EDENGLEN

1613

 

 

TELEPHONE NUMBER: (011) 822-4150

 

FAX NUMBER:                          (011) 822-4155

 

 

SHAREHOLDERS

 

30%      H E J DE ZWART

30%      E E PIENAAR

20%      G M WEIR

20%      L WILLIAMS

 

 

ASSOCIATE COMPANIES

 

M AND IC DISTRIBUTORS (PTY) LTD

 

 

DIRECTORS

 

H E J DE ZWART          Identity number:  4111105138003

E E PIENAAR               Identity number:  5310145011001

G M WEIR                    Identity number:  6612295122002

L WILLIAMS                  Identity number:  6309225008084

 

 

BANKERS

 

FIRST NATIONAL BANK, Festival Mall, Kempton Park.  It was stated that the subject does not require overdraft facilities as credit balances are maintained.

 

 

DATE REGISTERED

 

5 November 1995

Registration Certificate Number 1995/012258/07

 

 

VAT NUMBER

 

4150143008

 

 

MAJOR OPERATION

 

Import and distribution of motor accessories and camping equipment.

 

 

MAJOR SUPPLIERS

 

ETL

BOCK MANUFACTURING

INTERCARGO

SPRAY-ON-PRODUCTS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Neighbouring countries

 

 

TOTAL EMPLOYEES

 

26

 

 

OTHER PREMISES

 

Durban

 

 

OWNED OR LEASED

 

Leased

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

STOCK                                                                                             R  6 000 000

DEBTORS                                                                                         R10 000 000

FIXED ASSETS R     200 000

CREDITORS                                                                                      R  2 000 000

TURNOVER                                                per annum  R60 000 000 – R70 000 000

 

 

AUDITORS

 

DE WET VAN SCHALKWYK INC

 

 

YEAR END

 

MAY

 

 

INSURANCE BROKERS

 

H T I, Durban

 

 

TRADE REFERENCES

 

                    ACCOUNT  HIGHEST    AVERAGE    TERMS   PAYMENT   EXPERIENCE

                    OPENED     CREDIT       CREDIT                      PATTERN

 

1.                 10 yrs         R200 000     R200 000      30 days   30 days       Excellent

 

2.                 1999           R25 000      R8 000 -       30 days   30 days       Good

                                      c/l               R30 000

 

3.                 1996           R25 000      R20 000        30 days   30 days       Good

                                                                            2.5%

 

COMMENTS

 

This is an established company meeting commitments timeously.   No adverse comments have been heard.  We have not traced dealings to an extent of US$1 000 000 DA and would suggest that such dealings be on a spread and secured basis.

 

 

 

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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