MIRA INFORM REPORT

 

 

Report Date :

27.09.2007

 

IDENTIFICATION DETAILS

 

Name :

C & J SERVICES AUTOMOTIVE CC

 

 

Registered Office :

C & J Business Centre, 490 Sydney Road, Congella, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

3rd September 1987

 

 

Com. Reg. No.:

1987/014559/23

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Supplier and manufacturer of spares for heavy commercial vehicles

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

C & J SERVICES AUTOMOTIVE CC

 

 

Formerly

 

C & J SERVICES CC, the name having been changed in June 2002.

 

 

PHYSICAL ADDRESS

 

C & J Business Centre

490 Sydney Road

Congella

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 17278

CONGELLA

4013

TELEPHONE NUMBER:  031 205 9365

FAX NUMBER:               031 205 8717

 

 

MEMBERS

 

80%      J J FRYER

20%      C C FRYER (Wife)

 

 

ASSOCIATE COMPANIES

 

J & G PRODUCTION ENGINEERS (PTY) LTD

PRODUCTION COMPONENTS (PTY) LTD

 

Plus various property owning companies which were not named.

 

 

BANKERS

 

STANDARD BANK, Gale Place, Durban, Account Number 051194163.  It was stated that the subject enjoys overdraft facilities to an extent of R1 million unsecured.  The  utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

3rd September 1987

Registration certificate number 1987/014559/23

 

The close corporation was registered to take over an existing (Pty) Limited company which was originally registered in 1979.

 

 

VAT NUMBER

 

4240105843      

 

 

MAJOR OPERATION

 

Supplier and manufacturer of spares for heavy commercial vehicles

 

 

MAJOR SUPPLIES

 

SAAYMAN DANKS  Durban

TWOCAN  Durban

INJECT‑IT  Durban

MICOR

NEDSCHROEF

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Motor industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Germany, Australia, African countries and England.

 

 

TOTAL EMPLOYEES

 

45

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by J J Fryer Trust and valued at R5.2 million free of bond. 

 

 

MEMBERS CONTRIBUTION

 

R1 000

 

The following estimated financial situation was submitted:

 

STOCK                                                             R  5 000 000

DEBTORS                                                         R10 000 000

FIXEDASSETS                                                  R16 800 000

CREDITORS                                                      R  1 500 000

OVERDRAFT                                                                  Nil

MEMBERS LOANS                                                         Nil

TURNOVER per annum               R65 000 000 – R70 000 000

 

 

AUDITORS

 

HILLS HOWARD & CO

 

 

YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

COLIN COOPER & ASSOCIATES

 

 

TRADE REFERENCES – MARCH 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         10 yrs+             R  15 000          R  10 000 -        30 days             30 days             Very good

                                                            R  15 000          2½%                 2½%

 

2.         2 yrs+               R100 000          R100 000          30 days             30 days             Very good

 

3.         2003                 R200 000          R200 000            7 days                          7 days                        Good

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         18 yrs               open                 R  50 000          30 days             30 days             Very good

                                                            R200 000          2.5%                 2.5%    

 

2.         25 yrs               open                 R150 000          30 days             30 days             Excellent

 

3.         25 yrs               open                 R100 000          45 days             45 days             Excellent

 

4.         Do not give trade reference.

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see dealings to a lesser extent on a well spread basis.

 

 

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.

 

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

 

 

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%)

 

 

 

 

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