MIRA INFORM REPORT

 

 

Report Date :

14.02.2008

 

IDENTIFICATION DETAILS

 

Name :

DURBAN GEARBOX CENTRE

 

 

Registered Office :

15 Tea Field Road, Springfield Park, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

16.05.1991

 

 

Com. Reg. No.:

1991/012442/23

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Repairs, service and sales of gearboxes

 

 

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

 

Maximum Credit Limit :

US$1 000 000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

COMPANY NAME

 

DURBAN GEARBOX CENTRE CC

 

TRADING NAME:          

 

GEARBOX CENTRE

 

 

ADDRESS

 

PHYSICAL ADDRESS: 

 

15 Tea Field Road

Springfield Park

DURBAN

Kwa-Zulu Natal

 

POSTAL ADDRESS:     

 

P O Box 687

ROCHDALE PARK

4034

TELEPHONE NUMBER: 031 579 1440

FAX NUMBER:                          031 579 2315

 

 

MEMBERS

 

100%    A G MUSTAPHA           ID No:   5702165153053

 

 

ASSOCIATE COMPANIES

 

None

 

 

BANKERS

 

STANDARD BANK, Overport City Branch. Further banking details were not forthcoming from the respondent.

 

 

DATE REGISTERED

 

16 May 1991

Registration Certificate Number: 1991/012442/23

 

VAT NUMBER

 

4620215824      

 

 

MAJOR OPERATION

 

Repairs, service and sales of gearboxes

 

 

MAJOR SUPPLIERS

 

The subject imports 99% of its supplies and deals locally with:

 

IMPSON FREIGHT Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Motor industry and the general public

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa     

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

70

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the Member in his personal capacity.

 

 

MEMBERS CONTRIBUTION

 

R100

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS

 

Y D MAHARAJ & COMPANY

 

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

HALIFAX INSURANCE BROKERS

 

 

TRADE REFERENCES

 

PERIOD            HIGHEST          AVERAGE        TERMS             PAYMENT        EXPERIENCE

                                    CREDIT CREDIT                         PATTERN

 

1.         1991                 R800 000          R  50 000-         30 days             30 days             Good

                                    c/l                     R350 000

 

 

COMMENTS

 

This is an established business which is not a general credit seeker locally. The subject is meeting its local commitment timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured in view of the lack of financial information.

 

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