MIRA INFORM REPORT

 

 

Report Date :

3rd January, 2007

 

IDENTIFICATION DETAILS

 

Name :

Y M SPARES (PTY) LTD T/A TOYO PARTS

 

 

Registered Office :

P.O. Box 19222, Dormerton, Durban, 4015, South Africa

 

 

Country :

South Africa

 

 

Date of Incorporation :

08.05.1995

 

 

Com. Reg. No.:

1995/003984/07

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Importers & Retailers of Piston Rings, Air, Oil, Fuel Filters, Asbestos, etc

 

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 :

USD 50,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

--

 

 

Litigation :

Clear

 

 

 

SUBJECT'S NAME

                                                                    

Registered Name:                                           Y M SPARES (PTY) LTD T/A TOYO PARTS

Requested Name:                                           TOYO PARTS

Trade Names:                                                 TOYO PARTS

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                     No 17 Flamongo Industrial Park 83-91, Intersite

                                                               Avenue, Durban 4001, Kwa Zulu Natal State

Postal Address:                                        P.O. Box 19222, Dormerton

                                                               Durban, 4015

Country:                                                   South Africa

Phone:                                                     27-31-2630717

Fax:                                                         27-31-2630718

Email:                                                      toyopart@iafrica.com

Website:                                                  None

 

 

CREDIT OPINION

 

Financial Index as of December 2005 shows subject firm with a high risk of credit. We recommend Credit of USD 50,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           08-May-1995

Reg. Number:                                                 1995/003984/07

Nominal Capital                                               Rs. 100

Subscribed Capital                                          Rs. 100

 

Subscribed Capital is Subscribed in the following form:

 

                                                                     Position                          Shares

Mr. Yusuf Moola                                              MD                                 

Mr. Dawood Moola                                          Director                           

 

 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

None                                                              Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as importers & retailers of piston rings, air, oil, fuel filters, asbestos, etc

Imports:                                                          Asia and Europe

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (80%) and 60 days (20%), invoices.

                                                                    

Main Customers:                                             firms and organizations  

Employees:                                                    20 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            South Africa

Location:                                                        Owned premises, 20.000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          MARSH ASSURANCE

 

 

FINANCE 

 

Currency Reported:                                         South African Rands (Rs)

Approx. Ex. Rate:                                           1 US Dollar = 8 South African Rands

Fiscal Year End:                                             December 31, 2005

Inflation:                                                         According to information given by independent sources, the inflation at January 31st, 2005 was of 7%.

 

Financial Information Not Submitted

                                                                    

Profit and Loss (expressed in Rs)

                                                                                                    2005

Sales                                                                                            85,000,000

Net Profit (Loss)                                                                             4,000,000

 

 

BANK 

 

Bank Name:                                                   HBZ BANK LTD

Branch:                                                          Durban

Enquiry Amount:                                             400,000

Terms:                                                           90 days

Bank Code:                                                    Code -C which means good for normal Business

                                                                     Engagements

Comments:                                                     Overdraft None, Promissory notes- None

                                                                    

 

TRADE REFERENCES    

 

Experiences:                                                  Good

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.  Company is Registered as Y M SPARES (PTY) LTD but trades as TOYO PARTS, initially the company was registered as a close corporation in 20/11/1991 under the number 1991/031293/23

 

 

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