MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FIRSTMOTION (PTY) LTD

 

 

Registered Office :

32 Willow Road Stikland Bellville Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

09.04.1997

 

 

Com. Reg. No.:

1997/005142/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Distributors of new and remanufactured clutches for medium and heavy commercial vehicles.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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

 

COMPANY NAME

 

FIRSTMOTION (PTY) LTD

 

 

Address

 

PHYSICAL ADDRESS: 

32 Willow Road

STIKLAND

Bellville

Western Cape

 

POSTAL ADDRESS:    

P O Box 1390

SANLAMHOF

7532

 

TELEPHONE NUMBER: 021 948 2029

 

FAX NUMBER:                          021 945 4717

 

It was stated that the manufacturing facility is situated at:  80 Rigger Road, Spartan, Gauteng.

 

 

SHAREHOLDERS

 

100%    ORCREST INVESTMENTS (PTY) LTD (Registration Certificate

Number:  1997/000875/07), which is the import and administration arm of the group.

 

 

ASSOCIATE COMPANIES

 

HYRADRIVE (PTY) LTD, which rebuilds and distributes automotive parts

(Registration Certificate Number:  1997/001147/07)

MILLENNIUM CLUTCH MANUFACTURING (PTY) LTD (65%)

(Registration Certificate Number:  1998/019341/07)

 

 

DIRECTORS

 

M HABETS                   ID No:  6309075022086

D J VAN BREDA           ID No:  5308125098089

 

BANKERS

 

FIRST NATIONAL BANK, Tyger Manor branch, account number:  51351196923 and FIRST NATIONAL BANK, Spartan branch.

 

It was stated that the group enjoys an overdraft facility to an extent of

R4 000 000, secured by various assets and the personal guarantees of the directors.  Utilisation of the overdraft facility is stated to be seldom.

 

 

DATE REGISTERED

 

9 April 1997

Registration Certificate Number: 1997/005142/07

 

 

VAT NUMBER    

 

4590165074

 

 

MAJOR OPERATION

 

Distributors of new and remanufactured clutches for medium and heavy commercial vehicles.

 

 

MAJOR SUPPLIERS

 

CUSTOM CLUTCH & FRICTION, Johannesburg

ECONOPAK, Johannesburg

KEMPTON BRAKE & CLUTCH, Johannesburg

ZULTRANS, Durban

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Distributors who in turn supply to the earthmoving, construction and agricultural industries as well as to the associated companies.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS

 

Neighbouring countries such as Namibia, Botswana and Swaziland

 

 

TOTAL EMPLOYEES

 

30 permanent employees

 

 

OTHER PREMISES   

 

The subject has a manufacturing facility in Spartan (Gauteng).

 

 

OWNED OR LEASED

 

It was stated that both the premises are reported to be leased.

 

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

 

 

AUDITORS    

 

SDK CHARTERED ACCOUNTANTS (SA), Durbanville

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS

 

WPK, Stellenbosch

 

 

TRADE REFERENCES

 

            ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT            CREDIT                                    PATTERN

 

1.         5 years             R150 000          R100 000          30 days             30 days             Good

                                    Open account    -R150 000                                 EFT

 

2.         2004                 R200 000          R100 000          30 days             30 days             Good

                                    c/l        

 

3.         2004                 R50 000            R20 000            30 days             30 days             Very good

                                    c/l

 

 

COMMENTS

 

This is an established company, meeting its commitments timeously.  We have not traced dealings to an extent of US$1 000 000.  It is suggested that dealings be to a lesser extent on a spread basis.  The subject is considered equal to its normal business engagements.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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

--

NB

                                       New Business

 

--

 

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.