MIRA INFORM REPORT

 

 

Report Date :

21st February, 2007

 

IDENTIFICATION DETAILS

 

Name :

ACCORDIAN INVESTMENTS (PTY) LTD

 

 

Registered Office :

7 Corobrik Road, Meadowdale, Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.10.2003

 

 

Com. Reg. No.:

2003/027086/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import and distribution of TATA vehicles and parts.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit:

US$1 000 000

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

COMPANY NAME

 

ACCORDIAN INVESTMENTS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

7 Corobrik Road

MEADOWDALE

Germiston

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 16511

DOWERGLEN

1612

 

 

TELEPHONE NUMBER

 

(011) 398-9082

 

 

FAX NUMBER

 

(011) 398-9001

 

 

SHAREHOLDERS

 

40%      ASSOCIATED MOTOR HOLDINGS (PTY) LTD

40%      TATA MOTOR – India

20%      UKHAMBA HOLDINGS (PTY) LTD

 

 

ASSOCIATE COMPANIES

 

None

 

 

 

DIRECTORS

 

M P DE CANHA            ID NO:  5001065032008

R DHAWAN                  ID NO:  4811075150181

V J MOKOENA              ID NO:  6002085777084

S PANDJA                    Date of birth:  7 May 1962

D A SMITH                    ID NO:  5811195217109

 

 

BANKERS

 

NEDBANK, Corporate branch Johannesburg.  It was stated that the subject enjoys overdraft facilities, secured by shareholders’ guarantees.  Utilisation of the overdraft is stated to be partial.

 

 

DATE REGISTERED

 

28 October 2003

Registration Certificate Number 2003/027086/07

 

The subject is reported to have commenced trading in January 2004.

 

 

VAT NUMBER

 

4580211441

 

 

MAJOR OPERATION

 

Import and distribution of TATA vehicles and parts.

 

 

MAJOR SUPPLIERS

 

The subject imports 100% of its supplies through the clearing agents:

 

SLA

G M ARCACHE

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Dealerships

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

71

 

 

OTHER PREMISES

 

Branch in Johannesburg.

 

 

OWNED OR LEASED

 

Leased

 

 

AUTHORISED SHARE CAPITAL

 

 R1 000 divided into 1 000 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

 

 

AUDITORS

 

DELOITTE

 

 

FINANCIAL YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

Insured through the holding company

 

 

TRADE REFERENCES

 

             ACCOUNT   HIGHEST   AVERAGE     TERMS   PAYMENT      EXPERIENCE

             OPENED     CREDIT     CREDIT                       PATTERN

 

1.          2005           R2.5 mill    R500 000 -     30 days   30 days          Excellent

                               c/l             R2.5 mill

 

2.          Do not give trade references

 

 

COMMENTS

 

This is a comparatively new and well connected company which imports all of its supplies.  We have not traced dealings to an extent of US$1 000 000 but the subject is regarded as equal to its normal business engagement in view of the standing of its shareholders.  The lack of financial information should be borne in mind.

 

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