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MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
MIDAS GROUP (PTY) LTD |
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Registered Office : |
294 Brickfield Road, Meadowdale, Germiston, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
10.05.2002 |
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Com. Reg. No.: |
2002/010888/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and Distribution of automotive spares and
components. Specialist warehouse distributors
and marketing company, primarily distributing quality automotive products
through a network of franchises in the wholesale and retail parts industry. |
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 : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PARTS INC AFRICA
POSTAL ADDRESS
Private Bag X10028
EDENVALE
1610
On investigation it was established that the correct registered name of the subject is MIDAS GROUP (PTY) LTD trading as PARTS INCORPORATED AFRICA, which report should be consulted.
COMPANY NAME
MIDAS GROUP (PTY) LTD
TRADING NAME
PARTS INCORPORATED AFRICA (incorporating genuine parts)
PHYSICAL ADDRESS
294 Brickfield Road
Meadowdale
GERMISTON
Gauteng
POSTAL ADDRESS
Private Bag X10028
EDENVALE
1610
TELEPHONE NUMBER: 011 879 6000
FAX NUMBER: 011 454 0210
It was stated that the subject no longer trades under the following trading names: AUTOCYCLE, AKALS, T M I PROPSHAFTS, QUAY BUFFALO and T M S.
SHAREHOLDERS
25,1 % GENERAL MOTORS SOUTH AFRICA (PTY) LTD
24,9% CLIDET 472 (PTY) LTD, which is owned by the JOMO SONO and MEDIRA TRUST
22,5% MIDAS INVESTMENT TRUST, which is in turn owned by the management of the company.
22,5% MAJOR MOVE 101 (PTY) LTD, which is owned by the franchisees.
The Shareholding was previously 25% MIDAS INVESTMENT TRUST, 25% MAJOR MOVE 101 (PTY) LTD, 20% CLIDET 472 (PTY) LTD, 10% MEDIRA TRUST, 15% MIDAS MANAGEMENT TRUST and 5% MIDAS SHARE TRUST having changed.
The shareholding was formerly 20% ABSA GROUP LTD, 25% MAJOR MOVE 101 (PTY) LTD and 30% JOMO SONO INVESTMENTS (PTY) LTD
It was stated that ABSA GROUP LTD sold 20% and MIDAS INVESTMENT TRUST sold 10% of its shares to JOMO SONO INVESTMENTS (PTY) LTD in January 2004.
ASSOCIATE COMPANIES
NATIONAL AUTOMOBILE PARTS ASSOCIATION LTD
KING MIDAS (PTY) LTD (dormant)
S SILVER’S MOTOR SPARES AND ACCESSORIES (PTY) LTD (dormant)
GENUINE PARTS (PTY) LTD trading as AUTOCYCLE CENTRE (dormant)
DIRECTORS
G L ODGERS
E M SONO
D C HILL
S NAIDOO
B COOPER
T SLATER
P A JOHNSON
T R HARRISON
C J RANSOM
BANKERS
STANDARD BANK, East Gate Branch. It was stated that the subject enjoys overdraft facilities to an extent of R10 million, secured by a cession of debtors. Utilisation is stated to fluctuate.
DATE REGISTERED
10 May 2002
Registration Certificate Number 2002/010888/07
The subject took over the assets of a company namely, MIDAS LTD – registration certificate number: 1968/002260/06.
The subject was formed from assets and operations that previously traded under a company namely, GENUINE PARTS (PTY) LTD – registration certificate number: 1962/005001/07.
VAT NUMBER
4710201072
MAJOR OPERATION
Importing and distribution of automotive spares and components. Specialist warehouse distributors and marketing company, primarily distributing quality automotive products through a network of franchises in the wholesale and retail parts industry.
MAJOR SUPPLIERS
The subject imports from Japan, China, Hong Kong and Europe and deals locally with:
GABRIEL SA Cape Town
HELLA Uitenhage
OSRAM
LUCAS
ECHLIN
SABAT BATTERIES
CASTROL
FILPRO Durban
SAFCOR
FEDERAL MOGUL AFTER MARKET
ARMSTRONG HYDRAULICS Port Elizabeth
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Franchises, wholesalers and retailers.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Southern African countries.
TOTAL EMPLOYEES
1000
OTHER PREMISES
The subject has 17 branches countrywide, including branches and regional offices in Durban, Germiston, Port Elizabeth and Cape Town.
OWNED OR LEASED
The premises are reported to be leased
ISSUED SHARE CAPITAL
R1 000
The following estimated financial situation was submitted:
STOCK R 230 000 000
DEBTORS R 230 000 000
FIXED ASSETS net book value R 20 000 000
CREDITORS 30-210 days, local & overseas R 300 000 000
OVERDRAFT fluctuates
TURNOVER annual estimate R2 000 000 000
AUDITORS
DELOITTE Johannesburg
YEAR END
SEPTEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – SEPTEMBER 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R5
000 000 R1 000 000 - 30 days 30
days Excellent
c/l R2 000 000 2½%
2. 1991 R4
000 000 R1 000 000+ 60 days 60
days Excellent
c/l 5%
3. 1987 R1
700 000 R1 700 000 60 days 60
days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 R1
000 000 R 500 000 - 30 days 30 days Very good
c/l R 600 000 2.5%
2. Old acc declined declined 30 days 30
days Very good
3. Old acc declined R1 000 000 60 days 60
days Very good
COMMENTS
This is a fairly new company formed from the operations of a very well established company. The subject is meeting its commitments timeously and is considered equal to £204 000 over 30 days. The relatively high creditors figure should be borne in mind when very large dealings are contemplated.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)