MIRA
INFORM REPORT
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Report Date : |
20.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
VOLKSPARES CC |
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Registered Office : |
40 Kelly
Road, Jet Park, BOKSBURG, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
21 February 2007 |
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Com. Reg. No.: |
2007/036422/23 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Suppliers of new and used Volkswagen spare 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
VOLKSPARES CC
PHYSICAL ADDRESS
40 Kelly Road
Jet Park
BOKSBURG
Gauteng
POSTAL ADDRESS
P O Box 30402
JET PARK
1469
Telephone
Number: 011 397 4760
Fax
Number: 011 397 4114
MEMBERS
51% K
J KATIC ID No.
6211055037003
24.5% I J WILLIAMS ID
No. 6111205131108
24.5% G D JUBBER ID
No. 7603265039085
ASSOCIATE COMPANIES
RUKAT (PTY) LTD
KWJ AUTOMOBILE
ENTERPRISES CC
PREFERRED
TECHNOLOGY CONSULTANCY CC
BANKERS
NEDBANK, Kempton Park Branch, account number: 1987303830. It was stated that the subject enjoys overdraft facilities to an extent of R400 000, secured by bond over property. Utilisation is stated to be nil as credit balances are normally maintained at the bank.
DATE REGISTERED
21 February 2007
Registration
Certificate Number: 2007/036422/23
The company was formerly a private company that had been trading since 17 November 1988 (Reg. No. 1988/006516/07).
The company converted from a close corporation namely, VOLKSPARES CC, which took over a sole proprietorship namely, VOLKSPARES. The current Members became involved in the subject in 1988.
VAT NUMBER:
4870111665
MAJOR OPERATION
Suppliers of new and used Volkswagen spare parts.
MAJOR SUPPLIERS
MOTOR JOBBERS Johannesburg
ALERT ENGINES Johannesburg
GLOBAL PARTS
TRIPLE C FREIGHT
MAJOR CUSTOMERS
General public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORT
Occasionally to the
neighbouring countries
TOTAL EMPLOYEES
50
OTHER PREMISES
The subject has a branch in Pretoria
OWNED OR LEASED
The premises are reported to be owned by the
subject.
The following estimated financial situation was submitted:
STOCK R1
000 000
DEBTORS C.O.D.
basis
CREDITORS R 150 000
OVERDRAFT fluctuates
LOANS Nil
TURNOVER per month R 600 000
AUDITORS
WAKELY SMITH Hyde Park
(011) 325 0616
YEAR END
FEBRUARY
INSURANCE BROKERS:
OCOR BROKERS
TRADE REFERENCES – APRIL 2004
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10
yrs R70 000 R50 000 - 30 days 30 days Very Good
R70
000 2½%
2. Few
yrs R30 000 R20 000 - 30
days 30 days Good
R30
000
3. 2000 R10 000 R 7 000 30 days 30 days Good
CURRENT TRADE REFERENCES:
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Jun 2003 R30 000 R20 000 30
days 30 days Very good
c/l 2.5% 2.5%
2. Dec
2000 declined declined 30
days 30 days Very good
2.5% 2.5%
3. ±8
yrs declined declined 30 days 30 days Excellent
COMMENTS
This is a well
established company meeting its 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.
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%)