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MIRA
INFORM REPORT
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Report Date : |
24.10.2007 |
IDENTIFICATION DETAILS
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Name : |
E H D COMPONENTS 2005 (PTY) LTD |
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Formerly Known As : |
ASCOLI INVESTMENTS (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.06.2005 |
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Com. Reg. No.: |
2005/019759/07 |
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Legal Form : |
Private Limited |
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Line of Business : |
Importers and distributors of all types of engine parts e.g. motor vehicles and truck spares |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$1 000 000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY NAME
E H D
COMPONENTS (PTY) LTD
TRADING NAME:
ENGINE & HEAVY DUTY COMPONENTS
ADDRESS
PHYSICAL ADDRESS:
Cnr Marshall and Hubert Streets
WESTGATE
POSTAL ADDRESS:
2000
On investigation it was established that the subject is dormant and that its assets and operations were incorporated into E H D COMPONENTS 2005 (PTY) LTD.
Please see report attached on E H D COMPONENTS 2005 (PTY) LTD.
COMPANY NAME:
E H D COMPONENTS 2005 (PTY) LTD
Formerly ASCOLI INVESTMENTS (PTY) LTD, the name having been changed on 20 April 1994.
TRADING NAME:
ENGINE & HEAVY DUTY COMPONENTS
ADDRESS
PHYSICAL ADDRESS:
Pilot House
Cnr Hubert &
POSTAL ADDRESS:
2000
TELEPHONE NUMBER : 011 870 5000
FAX NUMBER : 011 836 0474
SHAREHOLDERS
C STOCH (majority)
H M VAN AS
It was stated by the respondent that the shares are held in the Shareholders own Trusts.
ASSOCIATE COMPANIES
HUBMARSH INVESTMENTS (PTY) LTD (property owning company)
DIRECTORS
C STOCH ID No. 3208185006083
H M VAN AS ID No. 5609285628083
It was stated that C STOCH was previously the sole director.
BANKERS
FIRST NATIONAL BANK,
DATE REGISTERED
8 June 2005
Registration Certificate Number: 2005/019759/07
The subject took over assets and operations of an established company named E H D COMPONENTS (PTY) LTD, Registration Certificate Number 1992/004147/07.
VAT NUMBER
4790223137
MAJOR OPERATION
Importers and distributors of all types of engine parts e.g. motor vehicles and truck spares
MAJOR SUPPLIERS
The subject imports 95% of its supplies and deals locally with:
SKYLINE FREIGHT
AUTO PARTS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Fleet owners, engineering shops, mines etc.
AREA OF
DISTRIBUTION AND SELLING
EXPORTS
Sub-Saharan African countries.
TOTAL EMPLOYEES
46 waged and 30 salaried (76 in total)
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company and valued in the region of R2 000 000, free of bond.
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL: R200
Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.
AUDITORS
COHEN HILL & CO,
YEAR END
JUNE
INSURANCE BROKERS
HERITAGE
TRADE REFERENCES –
FEBRUARY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs do not disclose figures 30 days 30 days Very good
2. 5 yrs+ R280 000 R 80 000 30 days 30 days Very good
c/l
3. 1 yr R300 000 R300 000 7 days 7 days Very good
c/l
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 Yrs+ R110 000 R45 000- 30 days 30 days Good
C/L R60 000 2 ½%
2. 2 Yrs R300 000 R300 000 30 days 30 days Good
3. Do not give trade references
COMMENTS
This is a new company that took over assets and operations of an established business. The subject is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser figure on a well spread basis. The lack of financial information should be borne in mind.
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. |
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%)