MIRA INFORM REPORT

 

 

 

Report Date :

04.10.2008

 

IDENTIFICATION DETAILS

 

Correct Name :

JMG COMMERCIAL AUTO CC

 

 

Registered Office :

378 Bergvlei Road, Wadeville, Germiston, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.09.2004

 

 

Com. Reg. No.:

2004/088647/23

 

 

Legal Form :

Private Limited Comapny

 

 

Line of Business :

Importing of truck and trailer parts.

 

 

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

 

JMG COMMERCIAL AUTO CC

 

TRADING NAME:          AIRTECH AIRSPRINGS

 

 

PHYSICAL ADDRESS

 

378 Bergvlei Road

WADEVILLE

Germiston

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 14651

WADEVILLE

1422

 

TELEPHONE NUMBER: 011 902 6834

 

FAX NUMBER:  011 902 6813

 

 

MEMBERS

 

68%      M TURKES                   D.O.B. 720603

20%      J B WHITWORTH          ID No. 6912315061085

10%      G H SULEMAN              ID No. 6007275120086

  2%     A VAN DER WALT        ID No. 8307120088084

 

 

BANKERS

 

ABSA BANK, Tygervalley branch, account number: 4061844469.  The subject enjoys overdraft facilities to an extent of R150 000, secured by the personal guarantee of the Members.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

1 September 2004

Registration Certificate Number: 2004/088647/23

 

VAT NUMBER    

 

4630217802

 

 

MAJOR OPERATION

 

Importing of truck and trailer parts.

 

 

MAJOR SUPPLIERS

 

CONTRACT FORWARDING Cape Town

N W PLASTICS

CMR AGENCIES

GOODYEAR

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Industry and end users

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

14

 

 

OTHER PREMISES   

 

None

 

OWNED OR LEASED

 

Leased

 

 

MEMBERS CONTRIBUTION

 

R100

 

The following estimated financial situation was submitted:

 

STOCK                         R3 500 000

DEBTORS                     R2 500 000

FIXED ASSETS             R1 000 000

TURNOVER per month   R2 000 000 – R2 500 000

 

 

AUDITORS    

 

CHRISTO PRINS, 021 871 1359

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

ABSA BROKERS

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         2 yrs                 declined            R20 000            30 days             30 days             Good

 

2.         06/2007             R  60 000          R30 000 -          30 days             37 days             Good

                                    R60 000

 

3.         08/2007             R100 000          R50 000 -          30 days             30 days             Very good

                                    R74 000            2.5%                 2.5%

 

COMMENTS

 

This is an established business meeting its commitments timeously.  We have not traced dealings to an extent of $1 000 000 DA and would prefer to see far lesser dealings on a spread and secured basis.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.88

UK Pound

1

Rs.82.97

Euro

1

Rs.64.99

 

 

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