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MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL PARTS (PTY) LTD |
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Formerly Known as : |
GLOBAL PARTS DISTRIBUTORS (PTY) LTD |
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Registered Office : |
72 12th Road, KEW, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
1995/004559/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Importers and Distributors of Motor Spares, e.g.
Volkswagen Parts |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
GLOBAL PARTS (PTY) LTD
Formerly GLOBAL PARTS DISTRIBUTORS (PTY) LTD
PHYSICAL ADDRESS
72 12th Road
KEW
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 39591
BRAMLEY
2018
TELEPHONE NUMBER: (011) 887-7921
FAX NUMBER: (011) 887-7959
SHAREHOLDERS
100%THE MILLER FAMILY PROTECTION TRUST in which Mr. M I Miller is a trustee.
The shareholding was previously Mr M I Miller as the majority shareholder, as well as Mrs S J Hollis-Brown.
ASSOCIATE COMPANIES
THE MILLER PROPERTY TRUST
GLOBAL PARTS NAMIBIA CC
It was stated that Mr M Miller was previously employed at RHINETECH, which is in a similar industry, for approximately 9 months.
DIRECTORS
M I MILLER
BANKERS
STANDARD BANK Bramley Branch. Acc. No. 001726307. It was stated that the subject enjoys overdraft facilities to an extent of R900 000, secured by a cession of debtors. Utilisation of the overdraft is stated to be seldom.
DATE REGISTERED
23 May 1995
Registration Certificate Number: 1995/004559/07
The subject converted from a well established close corporation namely, namely Global Parts Distributors CC, Registration Certificate Number: 1988/007050/23.
VAT NUMBER
4640103034
MAJOR OPERATION
Importers and distributors of motor spares, e.g. Volkswagen parts
MAJOR SUPPLIERS
The subject imports from Germany and deals with the following local suppliers:
H PAATZ CC
ROHLIG GRINDROD (SEAFREIGHT)
INA BEARINGS Johannesburg
INCOMEX Pretoria
UTI
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Alternative markets e.g. spare shops etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Namibia, Botswana and Swaziland
TOTAL EMPLOYEES
45
OTHER PREMISES
The subject is reported to have a branch in Cape Town.
OWNED OR LEASED
The premises are reported to be owned by THE MILLER PROPERTY TRUST, market value in the region of R500 000, free of bond. The branch premises are leased.
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary R1 shares
ISSUED SHARE CAPITAL:
R100
The following estimated financial situation was submitted:
STOCK R5 000 000
DEBTORS R2 700 000
CREDITORS trade R1 900 000
OVERDRAFT Nil
LONG TERM LIABILITIES Nil
TURNOVER per annum R25 000 000
AUDITORS
EKSTEEN LOUW BADENHORST, Germiston
YEAR END
FEBRUARY
INSURANCE BROKERS
ZURICH RE
TRADE REFERENCES – MAY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R160 000 R160 000 30 days 30 days Very Good
per annum - excluding indents
2. 15 yrs R75 000 R50 000 30 days 30 days Good
-R75 000
3. Old acc R20 000 R20 000 30 days 30 days Good
fluctuates
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1993 R 50 000 R 50 000 30 days 30 days Very good
2. 10 years + R100 000 R100 000 +/- 30 days 30 days Good
3. Do not give trade references
COMMENTS
This is an established company meeting commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and suggest a far lesser figure on a well spread and secured basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)