MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIELAMS INVESTMENTS CC |
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Registered Office : |
311 Stephenson Road, Industrial Area, Pretoria West, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
29 February 1988 |
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Com. Reg. No.: |
1988/006077/23 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Dealers in
engines, gearboxes, vehicles spares, etc |
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
SIELAMS INVESTMENTS CC
TRADING NAME
ENGINE DEN
PHYSICAL ADDRESS
311 Stephenson Road
Industrial Area
PRETORIA WEST
Gauteng
POSTAL ADDRESS
P O Box 13687
LAUDIUM
0037
TELEPHONE NUMBER: 012 386 2786
FAX NUMBER: 012 386 1756
MEMBERS
50% G H MOOSA
50% F MOOSA (Son)
ASSOCIATE COMPANIES
ERF 542 PROCLAMATION (PTY) LTD
PARAGON CHEMICALS
GROUP PROPERTIES (PTY) LTD
BANKERS
FIRST NATIONAL BANK,
Pretoria West Branch, Account Number 51011367046. It was stated that the subject enjoys overdraft facilities to an
extent of R3 million, secured by a letter of suretyship from PARAGON CHEMICALS
GROUP PROPERTIES (PTY) LTD, the Members, movable stock and a cession of
debtors. Utilisation is stated to be to
an extent of R1.9 million at present.
The subject also
banks with HBZ BANK, Laudium branch.
DATE REGISTERED
29 February 1988
Registration
Certificate Number: 1988/006077/23
MAJOR OPERATION
Dealers in engines,
gearboxes, vehicles spares, etc
MAJOR SUPPLIERS
The subject imports
most of its supplies and two of its major suppliers overseas are reported to
be:
FADER AUTOPARTS Malaysia
MOTORLAND
The subject also deals locally with:
TRANSVAAL MOTORS
Pretoria
INTERCONTINENTAL
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Various industries
and public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Neighbouring
countries
TOTAL EMPLOYEES
28
OTHER PREMISES
The subject is
reported to have a branch in Durban
OWNED OR LEASED
The head office
premises are reported to be owned by the subject and the Durban premises are
leased.
MEMBERS CONTRIBUTION
R2
The following estimated financial situation was
submitted:
STOCK R26
000 000
DEBTORS R 2 000 000
PROPERTY R11
000 000
GOODWILL R 60 000
HOUSE R 175 000
HOUSE R 1 200 000
FIXED ASSETS
Computers R 124 000
CREDITORS R 1 500 000
OVERDRAFT fluctuates R 1 900 000
MEMBERS LOANS R 800 000
OTHER LOANS R 568 758
TURNOVER per month R5 000 000 – R 6 000 000
TURNOVER per annum R70 000
000
AUDITORS
CORPORATE
ACCOUNTANTS
YEAR END
FEBRUARY
INSURANCE BROKERS
THEBE HOSKINS
TRADE REFERENCES – FEBRUARY 2003
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 20 yrs R1
000 000 R 800 000 - 30/60 30/60 Very good
R1
000 000 days days
TRADE REFERENCES – JUNE 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. Old acc open R1
000 000 30 days 30 days Very good
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 4 yrs open R 50 000 - 30 days 30 days Good
R100
000
COMMENTS
This is an established
family business which is not a general credit seeker locally. We have not traced dealings to an extent of
US$1 500 000 DA terms and would prefer to see a far lesser amount spread and
secured.
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%)