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MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Correct Name : |
AUTO PARTS DISTRIBUTORS (PTY) LTD |
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Formerly Known as : |
AUTOLOG (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
24.10.1967 |
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Com. Reg. No.: |
1967/011353/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Wholesale and Retail of Motor Spares and Accessories. |
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
FEMO AUTOPARTS SA (PTY) LTD
PHYSICAL ADDRESS
POSTAL ADDRESS
JEPPESTOWN
2043
On investigation it was
established that the subject changed its name to PARTCORP LTD, however, the
subject then became dormant. The assets
and operations were incorporated into
AUTO PARTS DISTRIBUTORS (PTY) LTD, which report should be consulted.
COMPANY NAME
AUTO PARTS DISTRIBUTORS (PTY) LTD
Formerly AUTOLOG (PTY) LTD, the name having been changed on 23 September 2002; formerly FEMO DISTRIBUTORS (PTY) LTD, the name having been changed on 26 November 2001; formerly FEDERAL-MOGUL DISTRIBUTORS (PTY) LTD, the name having been changed on 11 November 1997; formerly V AND R HOLDINGS (PTY) LTD, the name having been changed on 18 April 1998; formerly SACK BROS (PTY) LTD, the name having been changed on 24 October 1967.
address
TRADING DIVISION:
Q S V MOTOR SPARES
AUTO ZONE
AUTO PARTS
PHYSICAL ADDRESS:
POSTAL ADDRESS:
JEPPESTOWN
2043
TELEPHONE NUMBER: 011 620 2770
FAX NUMBER: 011 622 3163
SHAREHOLDERS
100% PARTCORP HOLDINGS
LTD (Reg. No. 1987/001319/07), which in turn is owned 100% by SUPER GROUP (PTY)
LTD
ASSOCIATE COMPANIES
PARTCORP LTD (dormant) was incorporated into AUTOPARTS DISTRIBUTORS (PTY) LTD including all assets and operations.
POWERPLUS PERFORMANCE (PTY) LTD, t/a MICA HARDWARE.
DIRECTORS
P L B GRANAT (MD) ID No. 5609305001086
D DHARMALINGAM ID No. 6511015148059
M J
BANKERS
ABSA BANK, Eastgate branch, group account number 4052354384. It was stated that the subject enjoys group overdraft facilities. It was also stated that the subject is managed by a cash management scheme controlled by SUPER GROUP (PTY) LTD.
DATE REGISTERED
24 October 1967
Registration Certificate Number 1967/011353/07
VAT NUMBER
4250155373
MAJOR OPERATION
Wholesale and retail of motor spares and accessories.
MAJOR SUPPLIERS
The subject imports and deals locally with:
KOLBENCO
FEDERAL MOGUL
G.U.D. FILTERS
LUK AFRICA
CASTROL
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Automotive spares retailers.
AREA OF DISTRIBUTION AND SELLING
EXPORTS
Occasionally to neighbouring countries.
TOTAL EMPLOYEES
2 500
OTHER PREMISES
120 branches throughout
OWNED OR LEASED
Leased.
AUTHORISED SHARE CAPITA
R1 000 divided into 1 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1 000
The following estimated financial situation for the Group was submitted:
STOCK R 350 000 000
DEBTORS R 180 000 000
CREDITORS R 150 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R1 500 000 000
AUDITORS
KPMG
YEAR END
JUNE
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – SEPTEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 yrs R3
000 000 R1 500 000- 30 days 30
days Excellent
c/l R3 000 000
2. 10 yrs large
amounts 30 days 30 days Good
3. Old acc large
amounts 60 days 60 days Good
TRADE REFERENCES – AUGUST 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±6 yrs R3
000 000 R3 000 000 30 days 30
days Excellent
2. Old acc large
amounts 30 days 30 days Very good
3. ±12 yrs large
amounts 60 days 60 days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1993 R1
200 000 R1 200 000 30 days 30
days Very Good
2a. Old acc R1
000 000 R 500 000 - 30
days 30 days Excellent
R1
000 000
2b. Old acc R500
000 R 200 000 - 30
days 30 day Excellent
R 500 000
3. 10 yrs R
millions R millions 60 days 60 days Excellent
COMMENTS
This is a very well established company that is part of a substantial group. The subject is meeting its commitments timeously and is considered equal to $1 000 000 over 90 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
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%)