MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

S A CANOPY CENTRE (PTY) LTD

 

 

Formerly Known As :

FG CANOPY ENTERPRISES (PTY) LTD

 

 

Registered Office :

80 Libertas Road, Struandale, Port Elizabeth, Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

17.02.1986

 

 

Com. Reg. No.:

1986/000535/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers and distributors of fibreglass canopies

 

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

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by Officials of the subject):

 

 

COMPANY NAME

 

S A CANOPY CENTRE (PTY) LTD

 

Formerly FG CANOPY ENTERPRISES (PTY) LTD, the name having been changed on 25 April 1986.

 

Formerly AYE WHY TRADING NO 7 (PTY) LTD, the name having been changed on 17 February 1986.

 

 

PHYSICAL ADDRESS

 

80 Libertas Road

Struandale

Port Elizabeth

Eastern Cape

 

 

POSTAL ADDRESS

 

P O Box 11203

Algoa Park

6005

Telephone Number:                  041 452 4330

Fax Number:                             041 452 4343

 

 

SHAREHOLDERS

 

100%                AUTOVEST LTD – unquoted public company

(Registration Certificate Number:  2007/010989/06), which is in turn owned by various shareholders of which COLLINS PRIVATE EQUITY and NEDBANK CAPITAL PRIVATE EQUITY are two.

 

 

ASSOCIATE COMPANIES

 

AUTOVEST OPERATIONS (PTY) LTD

(Registration Certificate Number:  2007/015413/07)

 

RHINO LININGS SA (PTY) L TD

(Registration Certificate Number:  2002/005101/07)

 

STARTREK TOWBARS (PTY) LTD

(Registration Certificate Number:  2007/018812/07)

 

MAXE (PTY) LTD

(Registration Certificate Number:  2004/007246/07)

 

Plus other companies within the AUTOVEST group.

 

 

DIRECTORS

 

·         K W WHITE                        ID No:  6911085103085

·         E P WALDBURGER            ID No:  5408165071085

·         G P LOTZ                ID No:  6303115078083

·         A T WALSH                        ID No:  6312145876184

 

 

BANKERS

 

STANDARD BANK, Port Elizabeth branch, account number:  080435831.

 

The respondent stated that the group enjoys an overdraft facility, which is allocated by the holding company.

 

 

DATE REGISTERED

 

17 February 1986

Registration Certificate Number: 1986/000535/07

 

The subject was commenced as a new business.

 

 

VAT NUMBER          

 

4540108079

 

MAJOR OPERATION

 

Manufacturers and distributors of fibreglass canopies.

 

 

MAJOR SUPPLIERS

 

The subject imports “CARRYBOY” canopies and accessories from Thailand and deals with the following South African companies:

 

UTI, Port Elizabeth

SCOTT BADER, Port Elizabeth

ALWIN CANOPY SUPPLIES, Johannesburg

ATLANTIS TRANSPORT, Port Elizabeth

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

General public, OEMs (original equipment manufacturers) and dealers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

170 permanent employees

 

 

OTHER PREMISES   

 

The subject has a distribution centre in Alrode (Gauteng)

 

The heading premises comprise of manufacturing facilities and administration offices.

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

The following estimated financial situation as at January 2011 was submitted:

 

STOCK                                                                    R12 000 000 – R  15 000 000

DEBTORS                                                               R15 000 000 – R  20 000 000

FIXED ASSETS net book                                          R  6 000 000 – R    7 000 000

CREDITORS                                                            R15 000 000 – R  20 000 000

TURNOVER per annum                                                                   R110 000 000

 

 

AUDITORS    

 

PKF, Port Elizabeth

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

BAY UNION

 

 

TRADE REFERENCES

 

                  ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                2003             figures           confidential      60 days    60 days        Good

 

2.                10 years+     R1 200 000    R150 000        30 days    30 days        Very good

                                      c/l                 -R200 000       2½%

 

3.                10 years+     R200 000       R150 000        30 days    30 days        Very good

                                      Open account -R200 000

COMMENTS

 

This is a well established and well connected company, meeting its commitments timeously.  Suppliers speak highly of the subject.  The subject is considered equal to its normal business engagements.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.50

UK Pound

1

Rs.73.07

Euro

1

Rs.61.63

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.