MIRA INFORM REPORT

 

 

 

Report Date :

06.08.2008

 

IDENTIFICATION DETAILS

 

Name :

SUPPLY OF AUTOMOTIVE LUBRICATION AND TRANSMISSION (PTY) LTD

 

 

Registered Office :

234 Albert Amon Road, Millennium Business Park, Meadowdale Ext 7, Edenvale, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

23.05.1997

 

 

Com. Reg. No.:

1997/007839/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distribution of Transmission Equipment and Components.

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

COMPANY NAME

 

S A L T (PTY) LTD

 

 

PHYSICAL ADDRESS

 

234 Albert Amon Road

Millennium Business Park

Meadowdale Ext 7

EDENVALE

Gauteng

 

TELEPHONE NUMBER: 011 453 1713

 

On investigation it was established that the correct name of the subject is SUPPLY OF AUTOMOTIVE LUBRICATION AND TRANSMISSION (PTY) LTD trading as SALT, which report should be consulted.

 

 

 

 

 

COMPANY NAME

 

SUPPLY OF AUTOMOTIVE LUBRICATION AND TRANSMISSION (PTY) LTD

 

 

TRADING NAME 

 

S A L T

 

 

PHYSICAL ADDRESS

 

234 Albert Amon Road

Millennium Business Park

Meadowdale Ext 7

EDENVALE

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 6142

BIRCHLEIGH

1621

TELEPHONE NUMBER: 011 453 1713

FAX NUMBER:  011 453 3279

 

 

SHAREHOLDERS

 

G D NEMORIN

J NEMORIN (brother) (resident in Australia)

T JANION

H P STEENKAMP

 

It was stated that the Shareholding is in the process of changing.

 

 

ASSOCIATE COMPANIES

 

SALT PROPERTIES (PTY) LTD

 

The subject has 25% shareholding in ORAPI AFRICA (PTY) LTD (BEE company - black economic empowerment)

 

DIRECTORS

 

G D NEMORIN (MD)

E N JANION

 

 

BANKERS

 

FIRST NATIONAL BANK, Boksburg Branch, account number 62000597164.  It was stated that the subject has overdraft facilities available, secured by a cession of debtors.  Utilisation  is stated to be partial.

 

 

DATE REGISTERED

 

23 May 1997

Registration Certificate Number 1997/007839/07

 

 

MAJOR OPERATION

 

Distribution of transmission equipment and components.

 

 

MAJOR SUPPLIERS

 

It was stated that the subject imports 95% of its supplies and deals locally with:

 

PARTS INCORPORATED

CARGO EMBASSY

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Motor industry, prop shaft repairers and mechanics.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Neighbouring countries

 

 

 

 

TOTAL EMPLOYEES

 

32

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the associate company.

 

 

ISSUED SHARE CAPITAL

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                                                                                     R16 000 000

DEBTORS                                                                                 R15 000 000

FIXED ASSETS                                                                         R  1 000 000

INVESTMENTS in other companies & general investments            R  3 000 000

CREDITORS                                                                              R  7 000 000

LOANS                                                                                                    Nil

TURNOVER per annum                                                              R65 000 000

 

 

AUDITORS    

 

HOGAN & CO, Randburg

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

HERITAGE

 

                                                                                                                       

TRADE REFERENCES – AUGUST 2005

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1998                 R   150 000       R150 000          30 days             30 days             Very good

                                                                                    2½%                 2½%

 

2.         5 yrs+               R1 000 000        R500 000          30 days             30 days             Good

 

3.         5 – 6 yrs           R   100 000       R100 000          30 days             30 days             Very good        

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         1998                 declined            R       5 000 -     30 days             30 days             Excellent

                                                            R     20 000

 

2.         6 yrs                 R1 500 000        R1 000 000 -      60 days             60 days             Very good

                                                            R1 300 000

 

 

COMMENTS

 

This is an established company meeting commitments timeously.  The subject is considered equal to its normal business engagements.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.00

UK Pound

1

Rs.82.14

Euro

1

Rs.65.09

 

 

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