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MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
LUK AFRICA (PTY) LTD |
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Formerly Known As : |
MOTOR AND MECHANICAL INDUSTRIAL COMPANY (PTY) LTD |
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Registered Office : |
58 - 64 Burman Road, Deal Party Estate, Port Elizabeth,
Eastern Cape |
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Country : |
South
Africa |
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Date of Incorporation : |
04.09.1963 |
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Com. Reg. No.: |
1963/004758/07 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturers, dealers, importers, exporters of
automotive components, tools and parts. |
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
LUK AFRICA (PTY) LTD
Formerly REPCO OF SOUTH AFRICA (PTY) LTD, the name
having been changed on 24 April 1991; formerly REPCO-WISPECO (COASTAL) (PTY)
LTD, the name having been changed on 29 January 1969; formerly MOTOR AND MECHANICAL
INDUSTRIAL COMPANY (PTY) LTD, the name having been changed on 24 June 1964.
PHYSICAL ADDRESS
58 - 64 Burman Road
Deal Party Estate
PORT ELIZABETH
Eastern Cape
POSTAL ADDRESS
P O Box 9045
PORT ELIZABETH
6000
TELEPHONE NUMBER
(041) 407-5000
FAX NUMBER
(041) 407-5159
SHAREHOLDERS
100% ABCOM HOLDINGS (PTY) LTD which is, in turn,
owned 100% by LUK AUSLANDS HOLDING GMBH in Germany.
ASSOCIATE COMPANIES
LUK FRICTION PRODUCTS (PTY) LTD
REPCO EQUIPMENT COMPANY (PTY) LTD (dormant)
It was stated that there are dormant companies within
the group.
The subject previously had a subsidiary company, namely,
LUK CONTINENTAL (PTY) LTD which is dormant and all operations and assets were
incorporated into the subject.
DIRECTORS
L H P TERBLANCHE
S KRONMULLER (resident in Germany)
P SCHARDIG (resident in Germany)
P GUTZMER (resident in Germany)
M WEINHART (resident in Germany)
BANKERS
FIRST
NATIONAL BANK, Cape Road Branch, Port Elizabeth, account number
53414141556 It was stated that the
subject enjoys overdraft facilities to an extent of R10 million, secured by the
holding company guarantee. Utilisation
is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
4 September 1963
Registration Certificate Number: 1963/004758/07
VAT NUMBER
4040105688
MAJOR OPERATION
Manufacturers, dealers, importers, exporters of
automotive components, tools and parts.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals
locally with:
BEARING MAN
Johannesburg
BALDWINS STEEL
ISCAR Port
Elizabeth
A HARTROD Cape Town
EP BOX Port Elizabeth
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Automotive distributors and manufacturers.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Neighbouring countries, USA, Europe and Australia.
TOTAL EMPLOYEES
345 permanent and 118 temporary
OTHER PREMISES
The subject is reported to have representatives in
Bloemfontein and Cape Town and sales offices in Johannesburg and Durban.
OWNED OR LEASED
The head office and Johannesburg premises are reported
to be owned by the subject, while the Durban and Bloemfontein premises are
leased. The Cape Town offices are
reported to be shared with another group company.
AUTHORISED SHARE CAPITAL
R250 000 divided into 250 000 ordinary shares of R1
each.
ISSUED SHARE CAPITAL
R250 000
The following estimated financial situation was
submitted:
STOCK R 50 000 000
DEBTORS R 50 000 000
FIXED ASSETS net book
value R 55 000 000
LOANS Nil
CREDITORS local &
foreign R 20 000 000
TURNOVER per annum R310
000 000
AUDITORS
PRICEWATERHOUSECOOPERS
YEAR END
DECEMBER
INSURANCE BROKERS
AON
TRADE REFERENCES – JANUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 9 yrs
R 800 000 R 500 000 - 30 days 30
days Very good
c/l R 700 000
2. Last purchased in October 2004
3. ±7 yrs R1
500 000 R1 000 000 30 days 30
days Very good
c/l 2½%
4. Do not give trade references
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 6 yrs R1
000 000 R1 000 000 30 days 30
days Very good
2. 2006 R 200 000 R 500 000 - 30
days 30 days Excellent
R1
500 000
3. 2/3 yrs R 100 000 R 30 000 30
days 30 days Very good
COMMENTS
This is an established company meeting its commitments timeously. The subject is considered equal to US$1 million spread over 180 days.
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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