MIRA INFORM REPORT

 

 

 

Report Date :

03.07.2008

 

IDENTIFICATION DETAILS

 

Correct Name :

GAYDON MOTOR SPARES (SA) (PTY) LTD

 

 

Formerly Known as :

GAYDON MOTOR SPARES (DURBAN) (PTY) LTD

 

 

Registered Office :

63 Milne Street, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

03.03.1999

 

 

Com. Reg. No.:

1999/004466/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and Wholesalers of Automotive Spares and Accessories

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

 

COMPANY NAME

 

GAYDON MOTOR SPARES (DURBAN) (PTY) LTD

 

 

TRADING NAME 

 

GMS

 

 

POSTAL ADDRESS   

 

P O Box 2600

DURBAN

4000

 

On investigation it was established that the subject changed its name on 2 September 2002 to GAYDON MOTOR SPARES (SA) (PTY) LTD, which report should be consulted.

 

 

COMPANY NAME

 

GAYDON MOTOR SPARES (SA) (PTY) LTD

 

Formerly GAYDON MOTOR SPARES (DURBAN) (PTY) LTD, the name having been changed on 2 September 2002.

 

 

TRADING NAME 

 

GMS

 

 

PHYSICAL ADDRESS

 

63 Milne Street

DURBAN

Kwa-Zulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 2660

DURBAN

4000

TELEPHONE NUMBER: 031 319 4000

FAX NUMBER:                               086 518 2942

 

SHAREHOLDERS

 

60%      E A BADROODEEN FAMILY TRUST

40%      E A BADROODEEN

 

The Shareholding was previously 100% E A BADROODEEN, having changed.

 

 

ASSOCIATE COMPANIES

 

SONBEL (PTY) LTD (property owning company)

SHAKEEL DISTRIBUTORS CC

ONLY PARTS CC (dormant)

 

 

DIRECTORS

 

E A BADROODEEN

 

 

BANKERS

 

STANDARD BANK, Durban branch, account number: 050192469.  It was stated that the subject enjoys overdraft facilities to an extent of R2 million, secured by the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate from nil to partial at times.

 

 

DATE REGISTERED

 

3 March 1999

Registration Certificate Number: 1999/004466/07

 

It was stated that the subject was registered to take over a close corporation which originated in 1991.

 

The subject was previously a private company but in 1986 was about to go into liquidation and an offer of compromise was made by E A BADROODEEN and his wife, and they took over the assets, liabilities and operations in 1986 and traded as a private company until 1991 when they registered the subject as a close corporation.

 

 

MAJOR OPERATION

 

Importers and wholesalers of automotive spares and accessories

 

 

MAJOR SUPPLIERS

 

KOLBENCO

ARMSTRONG SHOCKS

CASTROL

FEDERAL MOGUL

LUK

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers i.e. Midas etc as well as other independent stores

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Malawi, Zimbabwe, Zambia, Angola and Mozambique

 

 

TOTAL EMPLOYEES

 

280

 

 

OTHER PREMISES   

 

The subject has a sales office in Johannesburg and distribution centres in Bloemfontein and Pietersburg

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the majority shareholder with a value in the region of R12 million, bonded in favour of NEDBANK to an extent of R2 million.

 

 

AUTHORISED SHARE CAPITAL

 

R4000 divided into 4000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL    

 

R4000

 

The following estimated financial situation was submitted:

 

 

STOCK                         R40 000 000

DEBTORS                     R30 000 000

CREDITORS                  R15 000 000

OVERDRAFT                R  2 000 000

TURNOVER per month   R22 000 000

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

NEW NATIONAL

 

 

TRADE REFERENCES – JUNE 1999

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Unable to obtain a trade reference

 

2.         Old acc             R2 000              R1 500 -            30 days             30 days             Good

                                    R2 000

 

3.         Unable to obtain a trade reference

 

4.         Unable to obtain a trade reference

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             R   900 000       R100 000          30 days             30 days             Very good

 

2.         Old acc             R2 000 000        R900 000          45 days             45 days             Very good

                                    c/l

 

3.         Old acc             large                 account             30 days             30 days             Very good

 

 

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000 and would prefer to see such a figure spread over 180 days.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.30

UK Pound

1

Rs.86.13

Euro

1

Rs.68.72

 

 

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