MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FORD MOTOR COMPANY OF |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29 December 1923. |
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Com. Reg. No.: |
1923/002555/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, assemblers and distributors of motor vehicles including Ford, Land Rover, Mazda, Volvo and Jaguar. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
FORD MOTOR COMPANY OF
Formerly
SAMCOR (MANUFACTURING) (PTY) LIMITED, the name having been changed on 21 August 2000.
Formerly
SAMCOR (PTY) LTD, the name having been changed in August 1994.
Formerly
FORD MOTOR COMPANY OF SOUTH AFRICA (PTY) LIMITED, the name having been changed in 1986.
PHYSICAL ADDRESS
SILVERTON
POSTAL ADDRESS
0001
TELEPHONE NUMBER: (012) 842-2911 / 2368 / 2377
FAX NUMBER: (012) 842-3023
SHAREHOLDERS
60% FORD MOTOR
COMPANY OF SOUTHERN
(formerly Samcor (Pty) Ltd), which is, in turn, 100% owned by
FORD MOTOR COMPANY of the
40% EGLIN INVESTMENT (PTY) LTD
Shareholding was formerly 100% SOUTH AFRICAN MOTOR CORPORATION (PTY) LTD.
ASSOCIATE COMPANIES
FORD MOTOR COMPANY OF SOUTHERN AFRICA (MARKETING) (PTY) LTD (which is dormant and was de-registered on 13 December 2001. It was stated that the property, which was owned by the company, was transferred into the subject).
Plus subsidiary companies within the group:
JAGUAR CARS
VOLVO CAR
LAND ROVER (
FORD
DIRECTORS
MS. C M DOUGLAS
T
G M LOPEZ
R L V PHEBUS
H S FEDER
A J P DANIEL
BANKERS
STANDARD BANK, Silverton controls the company's main account. It was stated that the subject enjoys substantial overdraft facilities unsecured. Utilisation of the overdraft is stated to be seldom. The company also avails itself of facilities with all major banks.
The company enjoys large overdraft facilities along with a cash management scheme controlled internally.
DATE REGISTERED
29 December 1923.
Registration certificate number 1923/002555/07.
The subject was
commenced as a new business.
VAT NUMBER
4690104908
MAJOR OPERATION
Manufacturers, assemblers and distributors of motor vehicles including Ford, Land Rover, Mazda, Volvo and Jaguar.
MAJOR SUPPLIERS
The subject imports most of its supplies from:
LAND ROVER,
FORD,
MAZDA,
VOLVO,
JAGUAR,
and local suppliers are as follows:
AUGUST LAEPPLE, Rosslyn,
FIRESTONE
GOODYEAR, Uitenhage
DUNLOP,
SUPREME SPRINGS
CASTROL OIL,
AUTO PLASTICS, Port
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Authorised motor dealers.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Southern Africa – it was stated that the subject also
exports components containing catalytic converters and engines to the
TOTAL EMPLOYEES
3 500
OTHER PREMISES
The subject is reported to have an engine assembly plant in
The heading premises consist of administration offices, parts distribution centre and a vehicle assembly plant.
OWNED OR LEASED
The
AUTHORISED SHARE
CAPITAL
R5 600 000 divided into 2 800 000 ordinary shares of R2 each.
ISSUED SHARE CAPITAL
R5 600 000
Full financial information
was not forthcoming from respondents at the company and outside authorities
were unable to assist in this regard.
AUDITORS
PRICEWATERHOUSE COOPERS, Woodmead
FINANCIAL YEAR END
DECEMBER
INSURANCE BROKERS
MARSH / FORD GLOBAL POLICY, via Ford
TRADE REFERENCES –
AUGUST 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R9 000 000 R9
000 000 30 days 30 days Very good
2. Old acc. do not disclose figures 30
days 30 days Very good
3. 3 yrs+ R3
000 000 R3 000 000 30 days 30
days Very good
TRADE REFERENCES –
DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R8 000 000 R8 000 000 30 days 30 days Very good
2. 2 yrs+ R1 500 000 R1 500 000 30 days 30 days Very good
3. 5 yrs+ R5 000 000 R5 000 000 30 days 30 days Very good
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open acc R 3 000 000 30 days 30 days Very good
2. Old acc declined R10 000 000 30 days 30 days Very good
3. ±5 yrs declined R 2 000 000 30 days 30
days Very good
COMMENTS
This is a very well established and well-connected company meeting its commitments timeously. The subject is considered equal to $1 000 000 over 30 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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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%)