MIRA INFORM REPORT

 

 

Report Date :           

10.03.2011

 

IDENTIFICATION DETAILS

 

Name :

R K TRUCK PARTS CONNEXION CC

 

 

Registered Office :

14 Flamink Road, Alrode, Alberton, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

26.06.2008

 

 

Com. Reg. No.:

2008/134830/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Importers and distributors of truck parts

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

New Company

 

 

Payment Behaviour :

Slow

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

R K TRUCK PARTS CONNEXION CC

 

 

TRADING NAME 

 

M K TRUCK PARTS

 

 

PHYSICAL ADDRESS    

 

14 Flamink Road

Alrode

Alberton

Gauteng

 

 

POSTAL ADDRESS   

 

P O Box 167526

BRACKENDOWNS

1454

Telephone Number:                  011 864 3569

Fax Number:                             011 864 3569

 

 

MEMBERS

 

·         60%            G MOODLEY                ID No.               5207315100087

·         40%            D S BACHHER              Passport No.     F7919944

 

ASSOCIATE COMPANIES

 

P N P TARPS CC

(Registration Certificate Number:  2008/184368/23) (60% - G MOODLEY)

 

JANEYA TRADING CC

(Registration Certificate Number:  2010/080535/23)

 

B V SPARKLE STONES (PTY) LTD

(Registration Certificate Number:  2011/001490/07)

PRIME LUBRICANTS in which D S BACHHER is the sole proprietor.

 

 

BANKERS

 

NEDBANK, Meyersdal branch.

 

It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the above mentioned bank.

 

 

DATE REGISTERED

 

26 June 2008

Registration Certificate Number:  2008/134830/23

 

The subject commenced active operations in August 2008.

 

It was stated that prior to commencing the subject G MOODLEY was employed as the Financial Manager at LTA GRINAKER and has been involved in the same industry for 23 years.

 

 

VAT NUMBER    

 

4490248541

 

 

MAJOR OPERATION

 

Importers and distributors of truck parts.

 

MAJOR SUPPLIERS

 

The subject imports from China, Turkey, India, Dubai and deals with the following South African suppliers:

 

INTERSPED, Johannesburg

AUTO TRADE, Boksburg

DIESEL ELECTRIC, Johannesburg

FIRAJ INTERNATIONAL

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Transport companies and on a smaller scale to the dealers.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

None at present, however, it was stated that the subject is looking to export into Africa

 

 

TOTAL EMPLOYEES

 

10 permanent employees

 

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

MEMBERS CONTRIBUTION

 

R100

 

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

 

STOCK                                                                                R  6 000 000

DEBTORS                                                                           R  2 500 000

FIXED ASSETS                                                                   R     500 000

CREDITORS                                                                        R  1 000 000

LOANS                                                                                              Nil

TURNOVER per annum                                   R12 000 000 – R13 000 000

 

 

AUDITORS

 

T P KALIDAS, Lenasia South

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

COVER RISK BROKERS

 

 

UNDERWRITERS

 

SANTAM

 

 

TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2009             R750 000       R50 000          30 days    30 days+      Good

                          c/l                 -R350 000                       needs monitoring

 

2.    2009             R110 000       R20 000          30 days    30 days+      Average

                          C:                  -R50 000                         needs monitoring

 

3.       Unable to obtain a trade reference

 

4.    Unable to obtain a trade reference

 

 

COMMENTS

 

This is a comparatively new business, meeting its obtainable commitments over terms.  We have not traced dealings to an extent of US$1 000 000 and it is suggested that dealings be to a far lesser extent on a well spread and fully secured basis.  This account may require monitoring.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.02

UK Pound

1

Rs.72.70

Euro

1

Rs.62.54

 

 

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.