MIRA INFORM REPORT

 

 

Report Date :

12th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

CONTROL INSTRUMENTS AUTOMOTIVE (PTY) LTD

 

 

Formerly Known As :

DANA SOUTH AFRICA (PTY) LTD

 

 

Registered Office :

Cnr Houer & Bonsmara Roads, City Deep, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.06.1951

 

 

Com. Reg. No.:

1951/002160/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and distributors of motorcar replacement parts.

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

CONTROL INSTRUMENTS AUTOMOTIVE (PTY) LTD

 

Formerly DANA SOUTH AFRICA (PTY) LTD, the name having been changed in November 2005; formerly ECHLIN CHARGER MANUFACTURING COMPANY (PTY) LTD, the name having been changed in May 1999.

 

 

TRADING DIVISION

 

ACSA MAG

ECHLIN

MANUFACTURING DIVISION

 

 

PHYSICAL ADDRESS

 

Cnr Houer & Bonsmara Roads

CITY DEEP

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 86222

CITY DEEP

2049

 

 

TELEPHONE NUMBER

 

(011)  627 2500

 

 

FAX NUMBER

 

(011)  613 1321

 

 

SHAREHOLDERS

 

100%    CONTROL INSTRUMENTS GROUP LTD

 

Formerly 100% DANA CORPORATION in the USA, which is listed on the New

York Stock Exchange, having been changed on 5 October 2005.

 

 

ASSOCIATE COMPANIES

 

M A G BRAKES (PTY) LTD (dormant and deregistered)

ELECTRON 17 (PTY) LTD (property owning company)

MICLAIRIC INVESTMENTS (PTY) LTD (property owning company)

INSOM INVESTMENTS (PTY) LTD (property owning company)

 

There are reported to be companies associated to the CONTROL INSTRUMENTS AUTOMOTIVE Group.

 

 

DIRECTORS

 

T BUZER

B HORAN

R FRAENKEL

R FRIEDMAN

 

 

BANKERS

 

STANDARD BANK, Alberton branch, account number 003022889.  It was stated that the subject enjoys overdraft facilities to an extent of R20 million, unsecured.  Utilisation is stated to be nil as credit balances are normally maintained at the bank.  The respondent stated that the subject is cash positive at present.

 

 

DATE REGISTERED

 

20 June 1951

Registration certificate number 1951/002160/07

 

 

VAT NUMBER

 

4650104377

 

 

MAJOR OPERATION

 

Manufacturers and distributors of motorcar replacement parts.  The subject recently incorporated operations from the automotive division from CONTROL INSTRUMENTS GROUP LTD and incorporated it into the subject.

 

 

MAJOR SUPPLIERS

 

The subject imports from the USA, Europe and Japan and deals with:

 

MICOR SHIPPING  Johannesburg

TRANSPACO  Johannesburg

NYLON TUBES  Johannesburg

COPALCOR  Johannesburg

MACSTEEL BRIGHT BAR  Vereeniging

METAL CENTRE  Johannesburg

SOVEREIGN STEEL  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Motor industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Occasionally to Zimbabwe and Australia

 

 

TOTAL EMPLOYEES

 

300 approx.

 

 

OTHER PREMISES

 

The subject has a warehouse at the heading premises and in Electron (Johannesburg), a factory in Steeledale (Johannesburg) and a warehouse in Cape Town.  The subject also has agents in Durban.

 

 

OWNED OR LEASED

 

It was stated that the factory premises in Steeldale is owned by two property companies, namely MICLAIRIC INVESTMENTS (PTY) LTD and INSOM INVESTMENTS (PTY) LTD and valued in the region of R5 million, free of bond.  The warehouse in Electron is owned by ELECTRON 17 (PTY) LTD and CONTROL INSTRUMENTS AUTOMOTIVE (PTY) LTD owns the warehouse at the heading address.  The value of the heading premises is in the region of R5 million, free of bond.  The Cape Town premises are leased.

 

 

AUTHORISED SHARE CAPITAL

 

R34 000 divided into 17 000 ordinary R2 shares

 

 

ISSUED SHARE CAPITAL

 

R34 000

 

Full financial information was not forthcoming from respondents at the subject, however it was stated that turnover per annum is approximately R210 million.  Further details were not forthcoming from respondents.

 

 

AUDITORS

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END

 

DECEMBER

 

 

INSURANCE BROKERS

 

WILLIS FABER

 

 

TRADE REFERENCES – DECEMBER 2005

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    03/1992        R80 000         R10 000 -        30 days    30 days        Very good

                          c/l                 R33 000          2½%

 

2.    14 yrs           R75 000         R75 000          30 days    30 days        Very good

 

3.    1998             R58 000         R14 000 -        60 days    30 days        Excellent

                                               R58 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1992            R100 000       R95 000          30 days    30 days        Excellent

                                                                     2.5%

 

2.    1998             R  64 000       R  8 000          60 days    30 days        Excellent

 

3.    2006             declined         declined          30 days    30 days        Very good

                                                                                                        new acc

 

COMMENTS

 

This is an established company that changed its name and shareholding.  The subject is meeting its commitments timeously and is well connected.  The subject is considered equal to US$1 million over 180 days.

 

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