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MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
FONT INTERNATIONAL TRADERS (PTY) LTD |
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Registered Office : |
48 Webber Street, Selby, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
28.02.2003 |
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Com. Reg. No.: |
2003/004709/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Wholesalers of Motor Spares |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
REPLACEMENT PARTS
PHYSICAL ADDRESS
48 Webber Street
JOHANNESBURG
Gauteng
TELEPHONE NUMBER: 011 241 8900
FAX NUMBER: 011 493 1761
On investigation it was established that the correct name of the company is FONT INTERNATIONAL TRADERS (PTY) LTD trading as REPLACEMENT PARTS, which report should be consulted.
COMPANY NAME
REPLACEMENT PARTS
PHYSICAL ADDRESS
43 Webber Street
SELBY
Johannesburg
Gauteng
POSTAL ADDRESS
P O Box 982
JOHANNESBURG
2000
TELEPHONE NUMBER: (011) 493 4994
FAX NUMBER: (011) 493 5033
On investigation it was
established that the correct name for the subject is FONT INTERNATIONAL (PTY) LTD
trading as REPLACEMENT PARTS.
Respondents stated that
the original REPLACEMENTS PARTS (PTY) LTD ceased trading in October 1997 and
the assets were sold to FONT INTERNATIONAL (PTY) LTD which now trades as
REPLACEMENT PARTS.
Respondents stated that
they are very busy at present and would appreciate it if the investigator could
forward them a questionnaire which they will then complete and forward to the
investigator as soon as possible. This
was duly done.
To date no further
information has been forthcoming.
As soon as any further
details are forthcoming the same will be forwarded to our client.
At present we are not in
a position to recommend credit dealings.
COMPANY NAME
FONT INTERNATIONAL TRADERS (PTY) LTD
TRADING NAME
REPLACEMENT PARTS
PHYSICAL ADDRESS
48 Webber Street
Selby
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 982
JOHANNESBURG
2000
TELEPHONE NUMBER: 011 241 8900
FAX NUMBER: 011 493
1761
SHAREHOLDERS
T SLATER
A W STANLEY
R T STANLEY
ASSOCIATE COMPANIES
ERAA MOTORS CC, with the following trading divisions: Auto Parts in Orlando, Moroka Motor Spares, Era Spares in Industria, Dobsonville Spares in Dobsonville and ACE Midas in Soweto.
AUTOPARTS AND ACCESSORIES (PTY) LTD, in which Mr Stanley is the 100% Shareholder (property owning company)
STANLEYS AUTO PARTS (PTY) LTD
DIRECTORS
T SLATER ID No: 5809305032087
A W STANLEY ID No: 6310085080015
R T STANLEY ID No: 6608200141087
BANKERS
NEDBANK, 100 Main Street branch, account number 1979364974. It was stated that the subject enjoys overdraft facilities to an extent of R1.5 million, secured by a cession of debtors and the personal guarantees of the Shareholders. Utilisation is stated to fluctuate.
DATE REGISTERED
28 February 2003
Registration Certificate Number: 2003/004709/07.
The subject converted from a close corporation that was established in 1997.
MAJOR OPERATION
Importers and wholesalers of motor spares
MAJOR SUPPLIERS
NAPA Johannesburg
PARTS INCORPORATED Johannesburg
BRAKE BONDING & CLUTCH MANUFACTURERS Johannesburg
SPAREPRO Johannesburg
GAYDONS Johannesburg
BUFFALO FREIGHT Johannesburg
MAJOR CUSTOMERS OR BUSINESS
SECTORS:
Retail spare shops, e.g. Sparepro, Faraday Motor Spares, Emergency Spares, Griffin Spares (Zambia), Haakazemba Brothers and Sons (Zambia), K O Motor Spares and Mamelodi Spares.
AREA OF DISTRIBUTION AND SELLING
Mainly Gauteng and North West Province.
EXPORTS
African countries, e g Zambia, Swaziland, Lesotho, Namibia, Zimbabwe and Botswana.
TOTAL EMPLOYEES
100
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the associate property owning company.
AUTHORISED SHARE CAPITAL
R100 divided into 100 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R100
Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.
AUDITORS
L GLASS AND COMPANY
YEAR END
FEBRUARY
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES – DECEMBER 2001
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 3 yrs R500 000 R500 000 30 days 30 days Good
2. 7 yrs declined declined 30 days 30 days Good
3. 10 yrs declined declined 30 days 30 days Very good
10%
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 3 yrs R600 000 R600 000 30 days 30 days Very good
2. 1998 R600 000 R400 000 30 days 30 days Very good
3. Old acc declined declined 30 days 30 days Very good
COMMENTS
This is an
established company meeting its commitments timeously. We have not traced dealings to an extent of
US$1 000 000 and it is suggested that dealings be to a lesser amount spread and
secured. The lack of financial
information should be borne in mind.
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%)