MIRA INFORM REPORT

 

 

 

Report Date :

11.06.2008

 

IDENTIFICATION DETAILS

 

Name :

FLEXIDER SOUTH AFRICA (PTY) LTD

 

 

Registered Office :

12 Libertas Road, Struandale, Port Elizabeth, Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.07. 2004

 

 

Com. Reg. No.:

2004/021033/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of Automotive Components and Flexible Couplings.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

COMPANY NAME

 

FLEXIDER SOUTH AFRICA (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

12 Libertas Road

Struandale

PORT ELIZABETH

Eastern Cape

 

 

POSTAL ADDRESS   

 

P O Box 11087

ALGOA PARK

6005

TELEPHONE NUMBER  :           (041) 405 6900

FAX NUMBER               :           (041) 452 6006

 

 

SHAREHOLDERS

 

100%  NIEUWBURG B.V. (Netherlands)

 

 

ASSOCIATE COMPANIES

 

FLEXIDER ITALY

FLEXIDER POLAND

FLEXIDER FRANCE

 

 

DIRECTORS

 

J CURCI (USA)

D K VON NESS (USA)

A BLIGNAULT

R PERRONE (ITALY)

 

 

BANKERS

 

ABSA BANK, Greenacres, account numbers 4060857948.  It was stated that the subject does not require overdraft facilities as credit balances are maintained.

 

DATE REGISTERED

 

27 July 2004

Registration Certificate Number 2004/021033/07

 

The subject was in the process of refurbishing the plant from November 2004 and commenced active operations in April 2005.

 

 

VAT NUMBER

 

 4860215849     

 

 

MAJOR OPERATION

 

Manufacture of automotive components and flexible couplings.

 

 

MAJOR SUPPLIERS

 

The subject imports supplies from ARINOX in Europe, KEI in India and DRAWMET in India through the local clearing agents JAS FORWARDING in Port Elizabeth.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Automotive industry

 

 

AREA OF DISTRIBUTION AND SELLING

 

Europe

 

 

TOTAL EMPLOYEES

 

35 permanent and 35 contract workers

 

 

OTHER PREMISES

 

None

 

 

 

 

OWNED OR LEASED

 

 Leased

 

 

AUTHORISED SHARE CAPITAL

 

R120 divided into 120 ordinary R1 shares.

 

 

ISSUED SHARE CAPITAL

 

R120

 

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect. However it was stated that the average annual turnover is €6 000 000.

 

 

AUDITORS    

 

MOORES ROWLAND

 

 

FINANCIAL YEAR END  

 

APRIL

 

 

INSURANCE BROKERS

 

MARSH

 

 

TRADE REFERENCES – OCTOBER 2006

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT            EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2005                 R200 000          R200 000          30 days             30 days             Excellent

 

 

 

 

 

 

 

 

 

 

 

TRADE REFERENCES – MARCH  2007

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT   EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2005                 R400 000          varies                30 days             30 days            Very good

                                    c/l

                       

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT   EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         Old acc             R1 000 000        R500 000+        30 days             30 days             Very good

                                     c/l

 

 

COMMENTS

 

This is a newly operative company that imports all of its supplies.  The subject is considered as equal to its normal business engagements on a secured basis.  The lack of financial information should be borne in mind.

 

 

 

 

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