MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTRO CITY CC |
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Registered Office : |
1st Floor, |
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Country : |
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Date of Incorporation : |
21 September 1992 |
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Com. Reg. No.: |
1992/025699/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and wholesale distributors of automotive electrical spares. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
COMPANY NAME
ELECTRO CITY CC
PHYSICAL ADDRESS
1st Floor
POSTAL ADDRESS
DOORNFONTEIN
2028
TELEPHONE NUMBER: 011 334 8355
FAX NUMBER: 011 334 9014
MEMBERS
75% M D ERASMUS
25% G P ERASMUS
ASSOCIATE COMPANIES
HAMMERSCHLAG AUTO ELECTRICAL CC (sold 2.5 yrs ago)
ERASMUS BROTHERS CC (dormant)
50
BANKERS
ABSA BANK, Alberton branch, account number: 4065187011. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
21 September 1992
Registration certificate number 1992/025699/23
MAJOR OPERATION
Importers and wholesale distributors of automotive electrical spares.
MAJOR SUPPLIERS
The subject imports worldwide and deals locally with:
DIESEL ELECTRIC RAND Johannesburg
SPARE PRO Johannesburg
SEBENZA
DANNY’S AUOTMOTIVE BODY
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Automotive electricians, transport industry, trucks etc.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
None
TOTAL EMPLOYEES
30
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be leased from 50
MEMBERS CONTRIBUTION
R100
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
AUDITORS
LATO
YEAR END
FEBRUARY
INSURANCE BROKERS
ABSA INSURANCE
TRADE REFERENCES –
OCTOBER 2003
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Problematic account
2. 1 yr R 65 000 R 30 000 30 days 60 days Slow
c/l (needs monitoring)
3. 2 yrs declined figures 30 days 35 days Average
4. 10 yrs R150 000 R 18 000 - 30 days 30 days Good
R150 000
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1993 R40 000 R 9 000 30 days 45 days+ Average
2. 5 yrs+ R50 000 R15 000 30 days 30 days+ Average
3. 4 yrs R50 000 declined 30 days 30 days Very good
COMMENTS
This is an established business, meeting its moderate commitments slowly. It is suggested that all dealings be on a letter of credit basis only. The lack of financial information should be borne in mind.
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. |
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%)