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MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOQUIP (PTY) LTD |
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Registered Office : |
61 Trump Street, Selby Ext 4, Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
07.07.1975 |
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Com. Reg. No.: |
1975/002168/07 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Importers and Distributors of Automotive 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
AUTOQUIP (PTY) LTD
address
TRADING DIVISION:
PARTQUIP
AUTOQUIP
A-LINE
FIRST RACE
SUSPENSION SOLUTIONS
PHYSICAL ADDRESS:
61 Trump Street
SELBY EXT 4
Johannesburg
Gauteng
POSTAL ADDRESS:
P O Box 260642
EXCOM
2023
TELEPHONE NUMBER: 011 634 7600
FAX NUMBER: 011 493 3131
SHAREHOLDERS
100% AUTOQUIP GROUP (PTY) LTD (Delisted in July 2002 from the JSE
Securities Exchange South Africa and converted to a private company), which in turn is owned by Bridgestone Firestone SA Holdings (Pty) Ltd and Inyati Trust.
ASSOCIATE COMPANIES
PARTQUIP (PTY) LTD (dormant)
PARTCONCEPT (PTY) LTD (property owning company)
plus other companies within the group
DIRECTORS
B D COQUELLE ID. No. 4703255055001
C ROGERS ID. No. 6206235204002
BANKERS
ABSA BANK Corporate Branch Sandton. Acc. No. 4053280257. It was stated that the subject enjoys overdraft facilities to an extent of R10 000 000, unsecured. Utilisation of the overdraft is stated to fluctuate.
DATE REGISTERED
7 July 1975
Registration certificate number 1975/002168/07.
VAT number: 4720101734
The subject was commenced as a new business.
MAJOR OPERATION
Importers and distributors of automotive spares and accessories.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
R & L, Johannesburg
SAFCOR
TIMKEN, Johannesburg
ABES
BRIDGESTONE/FIRESTONE
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The Automotive Industry, public and motor spares shops etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Occasionally to neighbouring countries.
TOTAL EMPLOYEES
350
OTHER PREMISES
The subject is reported to have 10 Autoquip branches, 3 A-Line
branches, 3 Partquip and 1 First Race and 1 Suspension Solutions branch situated throughout South Africa.
AUTHORISED SHARE CAPITAL
R10 000 divided into 10 000 shares of R1 each.
ISSUED SHARE CAPITAL
R4 000
The following estimated financial situation was submitted:
STOCK R50 000 000 – R60 000 000
DEBTORS R30 000 000 – R40 000 000
CREDITORS (imports in bulk)approx. R40 000 000 – R50 000 000
OVERDRAFT Nil
SHAREHOLDERS LOANS Nil
TURNOVER ±R350 000 000
AUDITORS
MOORES ROWLAND, Johannesburg
YEAR END
JUNE
INSURANCE BROKERS
MELNICK FAGRI WALLINGTON
TRADE REFERENCE – JANUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995
do not disclose figures 7 days 7 days Very
good
2. 10 yrs
R500 000 R500 000 30
days 30 days Excellent
2½% 2½%
3. Old acc. R2 mill R2
mill 30 days 30 days Excellent
4. 1995 R2
mill R2 mill 30 days 30 days Good
c/l
TRADE REFERENCE – APRIL 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1995 figures confidential 7 days 7
days Good
2. Old acc R800
000 R500 000 30 days 30 days Very
Good
-R800
000
3. 12 yrs R2.5
mill confidential 30 days 30
days Excellent
c/l
CURRENT TRADE REFERENCE
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2003 Declined Declined 30 days 30
days Excellent
2. Do not give trade references.
3. Feb 1995 R900 000 R200
000 30 days 30 days Very Good
c/l
4. May Years R2 500 000 R345
000 30 days 30 days Excellent
c/l Direct
Transfer
COMMENTS
This is a well established and well connected company meeting commitments timeously. No adverse comments have been heard, however we have not traced dealings to an extent of US$1 000 000 over DA terms but the subject is regarded as equal to such an amount.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)