MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FUELECTRIC (ALBERTON) (PTY) LTD |
|
|
|
|
Registered Office : |
21 Prop Street, Selby, Johannesburg, Gauteng |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
26 October 1982 |
|
|
|
|
Com. Reg. No.: |
1982/009887/07 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Importing and distribution of hardware and tools. |
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
FUELECTRIC (ALBERTON) (PTY) LTD
TRADING NAME
RUWAG TOOLS
PHYSICAL ADDRESS
21 Prop Street
SELBY
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 3998
VEREENIGING
1930
TELEPHONE NUMBER: 011 498 0800
FAX NUMBER: 083
656 3303
The subject previously had a division named TIME AND TRANSPORT CONTROL
SYSTEMS that was closed and a division named MACS AUTOMOTIVE that has now been
incorporated into an associate company named DILEC (PTY) LTD with effect from 1
July 2005.
SHAREHOLDERS
51% FUELECTRIC MANAGEMENT
COMPANY (PTY) LTD
49% SITTE MANAGEMENT COMPANY
(PTY) LTD
ASSOCIATE COMPANIES
DIESEL ELECTRIC (VAAL / OVS) (PTY) LTD (formerly Diesel Electric
Vereeniging (Pty) Ltd)
DIESEL ELECTRIC BLOEMFONTEIN (PTY) LTD
DILEC (SASOLBURG) (PTY) LTD (property owning company)
DILEC (PTY) LTD, incorporating MACS AUTOMOTIVE
SUPERIOR PROPERTIES (PTY) LTD (property owning company)
Plus a number of property owning businesses in the group.
DIRECTORS
W VON EY
W L VON EY (son)
BANKERS
STANDARD BANK, Vereeniging North Branch, Account Number 022365818 and
021728992. It was stated that the
subject enjoys a total overdraft facility to an extent of R2.5 million, secured
by a cession of debtors. Utilisation is
stated to fluctuate.
DATE REGISTERED
26 October 1982
Registration Certificate Number: 1982/009887/07
VAT NUMBER
4790107454
MAJOR OPERATION
The importing and distribution of hardware and tools
MAJOR SUPPLIERS
The subject imports worldwide and deals locally with the following
suppliers:
BROADSPEED Cape Town
SAFCOR Johannesburg
MEDIA UNLIMITED Vereeniging
REED PRINTERS Vereeniging
DHL INTERNATIONAL
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Retailers and wholesalers trade
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
Occasionally to Namibia and Zimbabwe
TOTAL EMPLOYEES
45
OTHER PREMISES
The subject is reported to have branches in Cape Town and Durban
OWNED OR LEASED
The head office premises are reported to be owned by the associate
property owning company
AUTHORISED SHARE
CAPITAL
R1 000 divided into 1000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1 000
Full financial information was not forthcoming from respondents at the
subject, however, it was stated that the turnover per month is between R2
million to R3 million.
AUDITORS
CONAUGHTON MILLER & SMITH
Vereeniging
YEAR END
JUNE
INSURANCE BROKERS
DAVIDSON GOSS & ASSOCIATES
Pretoria
TRADE REFERENCES –
JUNE 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old
acc. R500 000 R500 000 30 days 30
days Very good
2. 8
yrs R15
000 R15 000 30 days 30 days Good
3. 10
yrs R150
000 R150 000 30 days 30 days Good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
2005 R5 000 R5 000 - 30 days 30
days Good
R7
000
2. 2006 do not disclose figures 30 days 30 days Good
3. 15
yrs R10 000 R10 000 30 days 30
days Good
COMMENTS
This is a well established company meeting its commitments
timeously. We have not traced dealings
to an extent of US$15 000 000 and would prefer to see a far lesser figure on a
well spread 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)