MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PALMRITE MOTORS CC |
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Registered Office : |
5 Ashfield Avenue, Springfield Park, Durban, Kwa-Zulu Natal |
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Country : |
South Africa |
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Date of Incorporation : |
30 March 2000 |
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Com. Reg. No.: |
2000/015439/23 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Repairing, servicing, refurbishing and panel beating of
motor vehicles |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PALMRITE MOTORS CC
TRADING NAME
PALMFIELD MOTORS
PHYSICAL ADDRESS
5 Ashfield Avenue
Springfield Park
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 61973
BISHOPSGATE
4018
TELEPHONE NUMBER: 031 579 4797
FAX NUMBER: 031 579 4803
MEMBERS
100% R MANTHIRI ID
NO: 5309250230086
ASSOCIATE COMPANIES
BLUEWORLD SHIPPING & LOGISTICS CC (dormant)
BLUCHEM CC (dormant)
BANKERS
STANDARD BANK, Durban Main Branch, Account Number: 050134922. It was stated that the subject enjoys overdraft facilities to an extent of R1 million, secured by investments. Utilisation is stated to fluctuate.
DATE REGISTERED
30 March 2000
Registration Certificate Number: 2000/015439/23
The subject commenced trading in December 1999.
VAT NUMBER
4370187660
MAJOR OPERATION
Repairing, servicing, refurbishing and panel beating of motor vehicles
MAJOR SUPPLIERS
CAPRICORN
CBS BRAKE SERVICES
AUTOZONE
B J SPARES
MAJOR CUSTOMERS OR
BUSINESS SECTORS
General public
AREA OF DISTRIBUTION
AND SELLING
Kwa-Zulu Natal
EXPORTS
None
TOTAL EMPLOYEES
27
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the subject and valued in the region of R7 million, bonded in favour of ABSA BANK to an extent of R1.9 million.
MEMBERS CONTRIBUTION
R200
The following estimated financial situation was submitted:
STOCK R 100 000
DEBTORS R 500 000
FIXED ASSETS R1 200 000
PROPERTY R7 000 000
CREDITORS R 80 000
LOANS Nil
MORTGAGE BONDS R1 900 000
TURNOVER per month R 600 000
AUDITORS
SAU FINANCIAL MANAGEMENT SERVICES
YEAR END
FEBRUARY
INSURANCE BROKERS
DIAGONAL
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2004 R150 000 R60 000 30 days 60 days Fair
2. 1 yrs R 25 000 R10 000 30 days 60 days Fair
2.5%
3. 3-4 yrs R 25 000 R10 000 30 days 30 days Very good
COMMENTS
This is an established business meeting its commitments over terms at times. We would prefer to see all dealings on a letter of credit basis, especially to an extent of US$1 000 000 DA.
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%)