MIRA INFORM REPORT

 

 

Report Date :

9th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

ELECTROPARTS (PTY) LIMITED

 

 

Registered Office :

48 Huguenot Street, Parow, Cape Town, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

02.02.1965

 

 

Com. Reg. No.:

1965/000807/07

 

 

Legal Form :

Pty Limited

 

 

Line of Business :

Electrical wholesalers and distributors as well as engineers.

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME            

 

ELECTROPARTS (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

48 Huguenot Street

PAROW

Cape Town

Western Cape

 

 

POSTAL ADDRESS   

 

P O Box 438

PAROW

7500

 

 

TELEPHONE NUMBER        

 

(021)  939-9030 / (021) 929-9400

 

 

FAX NUMBER     

 

(021)  939-9132

 

 

SHAREHOLDERS

 

80%      B NIEUWSTAD

10%      B G NIEUWSTAD

10%      D G NIEUWSTAD

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

B NIEUWSTAD (SNR)

D G NIEUWSTAD (SON)

B G NIEUWSTAD (SON)

 

 

BANKERS

 

STANDARD BANK Parow, account number 071609407.  It was stated that the subject enjoys overdraft facilities unsecured.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

2 February 1965

Registration certificate number 1965/000807/07.

 

The subject remained dormant until 1974 when it commenced active operations.

 

 

VAT NUMBER 

 

4550103685      

 

 

MAJOR OPERATION

 

Electrical wholesalers and distributors as well as engineers.

 

 

MAJOR SUPPLIERS

 

C B I 

ALVERN PLASTIC CABLES

PRATLEY MANUFACTURING

WACO DISTRIBUTORS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry in general, irrigation companies and electrical contractors.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES   

 

70

 

 

OTHER PREMISES

 

Branch in Johannesburg

 

 

OWNED OR LEASED  

 

The premises are reported to be leased

 

 

AUTHORISED SHARE CAPITAL 

 

R4 000 divided into 4 000 ordinary R1 shares

 

 

ISSUED SHARE CAPITAL    

 

R4 000

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

 

 

AUDITORS

 

RADEMEYER WESSON, Cape Town

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

W C KNIGHT & ASSOCIATES

 

 

TRADE REFERENCES

 

            ACCOUNT                HIGHEST   AVERAGE     TERMS   PAYMENT      EXPERIENCE

            OPENED                  CREDIT     CREDIT                       PATTERN

 

1.         15 yrs                      R840 000   R400 000       30 days   30 days          Excellent

                                           c/l                                  5%          5%

 

2.         11 yrs+                    R670 000   R500 000       30 days   30 days          Excellent

 

3.         1989                        R70 000     R50 000 -       30 days   30 days          Good

                                           c/l             R60 000

 

 

COMMENTS

 

This is a well established company that is meeting commitments timeously.  The subject is considered equal to its normal business engagements.  The lack of financial information should be borne in mind.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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