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MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORD MOTOR COMPANY OF SOUTHERN AFRICA (MANUFACTURING) (PTY) LTD |
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Formerly Known As : |
FORD MOTOR COMPANY OF SOUTH AFRICA (PTY) LIMITED |
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Registered Office : |
Simon Vermooten Road, Silverton, Pretoria, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
29.12.1923. |
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Com. Reg. No.: |
1923/002555/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, assemblers and distributors of motor
vehicles including Ford, Land Rover, Mazda, Volvo and Jaguar. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
FORD MOTOR COMPANY OF SOUTHERN AFRICA (MANUFACTURING) (PTY) LTD
Formerly
SAMCOR (MANUFACTURING) (PTY) LIMITED, the name having been changed on 21 August 2000; formerly: SAMCOR (PTY) LTD, the name having been changed in August 1994; formerly: FORD MOTOR COMPANY OF SOUTH AFRICA (PTY) LIMITED, the name having been changed in 1986.
PHYSICAL ADDRESS
Simon Vermooten Road
Silverton
PRETORIA
Gauteng
POSTAL ADDRESS
P O Box 411
PRETORIA
0001
TELEPHONE NUMBER: 012 842-2911 / 2368 / 2377
FAX NUMBER: 012 842-3023
SHAREHOLDERS
60% FORD MOTOR COMPANY OF SOUTHERN AFRICA (PTY) LTD
(formerly Samcor (Pty) Ltd), which is, in turn, 100% owned by FORD MOTOR COMPANY of the USA.
40% EGLIN INVESTMENT (PTY) LTD
Shareholding was formerly 100% SOUTH AFRICAN MOTOR CORPORATION (PTY) LTD.
ASSOCIATE COMPANIES
FORD MOTOR COMPANY OF SOUTHERN AFRICA (MARKETING) (PTY) LTD (which is dormant and was de-registered on 13 December 2001. It was stated that the property, which was owned by the company, was transferred into the subject).
SUBSIDIARY COMPANIES
JAGUAR CARS SOUTH AFRICA (PTY) LTD
VOLVO CAR SOUTH AFRICA (PTY) LTD
LAND ROVER (SOUTH AFRICA) (PTY) LTD
FORD SOUTHERN AFRICA (PTY) LTD
DIRECTORS
J BRENT
T N KOK
D G URWIN
R L V PHEBUS
H S FEDER
A J P DANIEL
BANKERS
STANDARD BANK, Silverton branch controls the company's main account. It was stated that the subject enjoys substantial overdraft facilities, unsecured. Utilisation is stated to be seldom. The company also avails itself of facilities with all major banks.
The company enjoys large overdraft facilities along with a cash management scheme controlled internally.
DATE REGISTERED
29 December 1923.
Registration Certificate Number 1923/002555/07
The subject was
commenced as a new business.
VAT NUMBER
4690104908
MAJOR OPERATION
Manufacturers, assemblers and distributors of motor vehicles including Ford, Land Rover, Mazda, Volvo and Jaguar.
MAJOR SUPPLIERS
The subject imports most of its supplies from LAND ROVER (UK), FORD (Europe), MAZDA (Japan), VOLVO (Europe) and JAGUAR (UK) and deals locally with:
AUGUST LAEPPLE, Rosslyn, Pretoria
FIRESTONE
GOODYEAR, Uitenhage
DUNLOP, Johannesburg
SUPREME SPRINGS
CASTROL OIL, Johannesburg
BOSAL, Pretoria
FAURECIA EXHAUST SYSTEMS, Port Elizabeth
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Authorised motor dealers
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Southern Africa – it was stated that the subject also exports components containing catalytic converters and engines to the USA and Europe.
TOTAL EMPLOYEES
3 500
OTHER PREMISES
The subject is reported to have an engine assembly plant in Port Elizabeth. The heading premises consist of administration offices, parts distribution centre and a vehicle assembly plant.
OWNED OR LEASED
The Pretoria and Port Elizabeth premises are reported to be owned by the subject, free of bond.
AUTHORISED SHARE CAPITAL
R5 600 000 divided into 2 800 000 ordinary shares of R2 each.
ISSUED SHARE CAPITAL
R5 600 000
Full financial
information was not forthcoming from respondents at the company and outside
authorities were unable to assist in this regard.
AUDITORS
PRICEWATERHOUSE COOPERS, Woodmead
YEAR END
DECEMBER
INSURANCE BROKERS
MARSH / FORD GLOBAL POLICY, via Ford USA.
TRADE REFERENCES – AUGUST 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R9 000 000 R9
000 000 30 days 30 days Very good
2. Old acc. do not disclose figures 30
days 30 days Very good
3. 3 yrs+ R3
000 000 R3 000 000 30 days 30
days Very good
TRADE REFERENCES – DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R8 000 000 R8 000 000 30 days 30 days Very good
2. 2 yrs+ R1 500 000 R1 500 000 30 days 30 days Very good
3. 5 yrs+ R5 000 000 R5 000 000 30 days 30 days Very good
TRADE REFERENCES – OCTOBER 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc open acc R 3 000 000 30 days 30 days Very good
2. Old acc declined R10 000 000 30 days 30 days Very good
3. ±5 yrs declined R 2 000 000 30 days 30 days Very good
TRADE REFERENCES – FEBRUARY 2008
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R15 000 000 R10 000 000 - 30 days 30 days Very Good
R15 000 000
2. Old acc R10 000 000 declined 30 days 30 days Very Good
c/l
3. Old acc large amounts 30
days 30 days Very Good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc declined R10 000 000 30 days 30 days Very good
2. Old acc declined declined 30 days 30 days Very good
3. 10 yrs+ declined declined 30 days 30 days Very good
COMMENTS
This is a very well established and well-connected company meeting its commitments timeously. The subject is considered equal to its normal business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)