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MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
NICOIL (PTY) LTD |
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Registered Office : |
59, |
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Country : |
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Date of Incorporation : |
04.04.2003 |
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Com. Reg. No.: |
2003/008030/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importing, assembling and retailing of automotive
components and automotive component design |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
NICOIL (PTY) LTD
PHYSICAL ADDRESS
HONEYDEW
POSTAL ADDRESS
HONEYDEW
2040
TELEPHONE NUMBER : 011 795 2130
FAX NUMBER : 011 795 2310
SHAREHOLDERS
49% ABSA NOMINEES (PTY) LTD
26% SHELHURST
(PTY) LTD
15% D
SMIT
10% J
MACKENZIE
ASSOCIATE /
SUBSIDIARY COMPANIES
None
DIRECTORS
J MACKENZIE ID No. 5401305128008
R W SHELDRAKE ID No. 6101275012003
D SMIT ID
No. 6702075112081
BANKERS
STANDARD BANK, Business Banking Branch. It was stated that the subject
enjoys overdraft facilities to an extent of R850 000, secured by the personal
guarantees of the Shareholder. Utilization is stated to fluctuate between nil
to partial.
DATE REGISTERED
4 April 2003
Registration Certificate Number: 2003/008030/07
VAT NUMBER
405 020 7176
MAJOR OPERATION
Importing, assembling and retailing of automotive components and
automotive component design
MAJOR SUPPLIERS
The subject imports supplies and deals locally with:
JONEN FREIGHT
JANNOCK PLASTICS
KALUNDU TRADING
INTER GRIT CASTINGS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Automotive Industry
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
23
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased
Capital
AUTHORISED SHARE
CAPITAL: R1000 divided into 1000 ordinary shares of R1 each
ISSUED SHARE
CAPITAL : R100
The following estimated financial situation was submitted:
STOCK (inventory) R2 000
000
DEBTORS (trade & other receivables) R 500 000
CREDITORS (trade & other payables) R 450 000
OVERDRAFT Nil
TURNOVER per annum R6 000 000
AUDITORS
DE WET VAN SCHALKWYK INC
YEAR END
FEBRUARY
INSURANCE BROKERS
SANTAM
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 5 yrs+ R800
000 R200 000 30 days 90 days Slow
2. 3 yrs+ open R
50 000 30/60 days 30/60 days Good
3. 4 yrs+ open R100 000- 30 days 30 days Good
R500
000
COMMENTS
This is an established company meeting its
commitments slowly. We would prefer to
see a far lesser amount than US$ 1 000 000 well spread and secured. The account may require monitoring.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)