%20(PTY)%20LTD%20-%20154257%2021-Sep-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
21.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
GAYDONS MOTOR SPARES (SA) (PTY) LTD |
|
|
|
|
Formerly Known As : |
GAYDONS MOTOR SPARES (DURBAN) (PTY) LTD |
|
|
|
|
Registered Office : |
63 Milne Street, Durban., Kwazulu Natal |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
03.03.1999 |
|
|
|
|
Com. Reg. No.: |
1999/004466/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Importers and distributors
of automotive spares such as electric fuel pumps, value tools, miscellaneous
tools etc. |
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 : |
Exists |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
South Africa |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Assessment:
This is a well established company.
The subject is meeting commitments timeously.
A bank code C was obtained for R1 500 000 over 30 days.
It is suggested your figure be spread and secured.
It should be noted that there is a judgement on the subject, when
ongoing dealings are contemplated.
Company Information
|
Registered
Name |
GAYDONS MOTOR SPARES (SA) (PTY) LTD |
|
Previous Name |
GAYDONS MOTOR SPARES (DURBAN) (PTY) LTD |
|
Date of Name
Change |
Unknown by the respondent |
|
Registration
Number |
1999/004466/07 |
|
Registration
Date |
1999-03-03 |
|
Date Commenced
Trading |
1991 |
|
History of
Business |
GAYDON MOTOR SPARES was originally British owned and has a 50-year trading
history. About 30-years ago it was taken over by a management buyout. In 1986 the company was liquidated and it was then that the current
owner bought the Durban store, which was then incorporated into a close
corporation namely, GAYDON MOTOR SPARES (DURBAN) CC – registration
certificate number: 1991/031551/23. The close corporation then converted to a private company in March
1999. |
|
Shareholders of
subject and % holding |
40%E A BADROODEEN 60%EBRAHIM BADROODEEN FAMILY
TRUST in which E A Badroodeen is a trustee. |
|
Authorised Share
Capital |
R1 000 divided into a 1 000 ordinary R1 shares. |
|
Issued Share
Capital |
R100 |
|
Age of Company |
12 years 6 months |
|
Status |
Active |
|
Operations
Assessment |
Importers and distributors
of automotive spares such as electric fuel pumps, value tools, miscellaneous
tools etc. |
|
Industry/
Customers |
The wholesale and resale sectors of the
automotive spares industry as well as to workshops |
|
Area of
Distribution |
South Africa |
|
Export |
Neighbouring countries: Zimbabwe and Botswana |
|
Major Industry
Code / SICC |
63319 WHOLESALE
RETAIL |
|
Definition of
Code |
Sale of other new motor vehicle parts and
accessories |
|
Head Office
Physical Address |
63 Milne Street DURBAN KwaZulu Natal |
|
Head Office
Postal Address |
P O Box 2600 DURBAN 4000 |
|
Current Tel
Number Cell number |
031 319 4000 |
|
Current Fax
Number |
086 616 2614 |
|
Current Email
Address |
|
|
Web Site Address |
Auditors Information
|
Company
Registered Name |
PKF DURBAN |
|
Registration
Number |
Partnership |
|
Physical Address |
2nd Floor 12 On Palm Boulevard GATEWAY 4319 |
|
Postal Address |
P O Box 1858 DURBAN 4000 |
|
Contact Person |
Ahmed Paruk |
|
Contact Number |
031 573 5000 |
|
Email |
|
|
Principals |
15 |
|
Subject Verified
as Client |
Yes |
|
SAICA number |
906352e |
|
VAT Number |
473010351 |
|
BEE Status |
Yes Level – unknown by the respondent |
|
Financial Year
End |
February |
|
Years With
Auditors |
4 years |
|
Website |
Previous Auditors
|
Company Name/ Tel |
Time With Previous Auditors |
|
PRICEWATERHOUSECOOPERS |
12 years |
Tax Information
|
Vat Number |
4360102430 |
|
Status |
Active |
|
Vat Liable Date |
1991-09-30 |
|
Tax Number |
9103024205 |
|
Tax Clearance
Expire Date |
June 2011 |
|
Financial Year
End |
February |
Black Economic
Empowerment
|
Status |
Non complaint |
|
Score |
|
|
Expire Date |
|
|
BEE Certificate
Available |
No |
ISO Status
|
Type of ISO
Grade |
None |
|
ISO Certificate |
|
|
ISO Certificate
Available |
No |
|
Certified by
anAccredited Agent |
No |
Workman’s
compensation
|
Registered |
Yes |
|
Compliance
Certified |
Yes |
Company Structure
|
Branches |
The subject has a
branch in Johannesburg and a distribution warehouse in Bloemfontein. |
|
Branches |
Address |
Telephone Number |
|
Bloemfontein |
20
Zylena Street BRANDFORT Free
State 9400 |
072 455
6500 |
|
Johannesburg |
40
Laub Street NEW
CENTRE Rosettenville Gauteng |
011 556
0000 |
|
Subsidiary
Company |
None |
|
Number of
Employees |
|
|
1.
Salaried
employees |
220 |
Company Fleet |
No of vehicles: |
Owned/ Leased |
Total Book Value |
Outstanding
Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is
made up of |
|
|
|
|
|
1.
Light
Delivery Vehicles |
40 |
Owned by the
subject |
R6 700 000 |
Vehicle finance
facility with Wesbank |
Head
OfficeOwned/ Rented |
The head office premises are owned by the holding trust |
|
Owned by |
EBRAHIM BADROODEEN FAMILY TRUST |
|
Lease Agreement |
On-going agreement |
|
Lease Expire
Date |
Not applicable |
|
Type of Premises |
The heading premises comprise of administration offices and
warehousing facilities |
Branches Owned/
Rented |
The Bloemfontein premises are reported to be leased. It was stated that the Bloemfontein warehousing facilities will
relocate end of September 2011. |
|
Rental Company |
Johnny Garzouzie |
|
Lease Agreement |
Monthly agreement |
|
Lease Expire
Date |
September 2011 |
|
Type of Premises |
The Bloemfontein premises comprise of warehousing facilities |
Branches Owned/
Rented |
The Johannesburg premises are owned by an associated property owning
company. |
|
Owned |
313 PROPERTY INVESTMENTS (PTY) LTD |
|
Lease Agreement |
On-going agreement |
|
Lease Expire
Date |
Not applicable |
|
Type of Premises |
The Johannesburg premises comprise of administration offices and
warehousing facilities. |
Trade References
The subject imports mainly from China and occasionally from India.
|
Supplier |
Contact |
|
1. AERO
MARITIME |
Unknown |
|
2. FEDERAL
MOGUL |
011 630
3000 Lynn |
|
3. GUD
HOLDINGS |
031 910
3111 |
|
4. SCHAEFFLER
|
041 407
5152 Lynn |
|
5. CASTROL |
011 448
5025 Dawn |
|
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1)
10
years |
R6 000 000 |
R4 000 000 |
30 |
R4 000 000 |
30 |
Good |
|
2) 1996 |
Amounts |
Confidential |
30 |
Confidential |
30 |
Good |
|
4) Old
acc |
Large |
Amounts |
45 |
Large amounts |
45 |
Very good |
|
5) Sept’98 |
R6 500 000 |
R2 500 000 |
60 |
R2 500 000 |
60 |
Excellent |
Adverse Information on Subject
|
Judgements |
1 |
Judgements
|
Case Number |
11056/2007 |
|
Amount |
R11 678.00 |
|
Reason |
Services Rendered |
|
Court Name |
Durban M |
|
Judgement Type |
Judgement by Default |
|
Judgement Date |
2007-09-17 |
|
Plaintiff
(Multiple) |
Zubeda K Seedat and Company |
Default Data
|
Date |
Details |
|
No information on record |
|
Notarial Bonds
|
Date |
Details |
|
No information on record |
|
Deeds Information
|
Property Interest |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Type: |
No information on record |
Stand Number: |
|
|
Street Number: |
|
Street Name: |
|
|
Municipal Suburb: |
|
Municipal City: |
|
|
Township Name: |
|
Province: |
|
|
Deeds Office: |
|
Transfer ID: |
|
|
Title Deed Number: |
|
Purchase Date: |
|
|
Transfer Date: |
|
Erf Size: |
|
|
Sold Price: |
|
|
|
Bank Information
Bank CodesHistory
|
Date requested |
Bank Code |
Enquiry Amount |
Number of RD’s |
RD amount |
RD Date |
Bank Comments |
|
No information on record |
|
|
|
|
|
|
Previous Bank
Accounts
|
Banker |
Branch Code |
Account Holder |
Account number |
Date opened |
Years with bank |
|
No information on record |
|
|
|
|
|
Financial Information
Financial
Estimates
|
CURRENT ASSETS |
|
|
Stock |
R45 000 000 |
|
Debtors |
R38 000 000 – R39 000 000 |
|
Cash on Hand |
|
|
FIXED ASSETS |
|
|
Plant, Equipment,
Vehicles |
R7 000 000 |
|
Property |
Nil |
|
CURRENT
LIABILITIES |
|
|
Creditors |
R15 000 000 – R18 000 000 |
|
Loans from
Principle |
R3 000 000 |
|
LONG TERM
LIABILITIES |
|
|
Morgage Bonds |
Nil |
|
ANNUAL Turnover
(2011) |
R250 000 000 |
|
Previous Year
Turnover (2010) |
R236 000 000 |
|
Estimated Annual
Turnover (2012) |
R260 000 000 |
Principals
|
Number of
Principals |
1 |
|
Average Age of
Active Principals |
80 |
Active Principals
Principal 1 of 1
|
Surname |
BADROODEEN |
|
First Names |
EBRAHIM, A |
|
Marital Status |
Married |
|
ID Number |
3101115083050 |
|
Verified ID
Number |
Yes |
|
Current Age |
80 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
1999-03-03 |
|
Address (at time
of Appointment) |
248 Currie Road DURBAN 4000 |
Adverse
Information on Principal
Judgement
|
Number of
Judgements |
No information on record |
Debt Review
|
Debt review |
No information on record |
Other
|
Default data |
No information on record |
Business Information on
Principal
Current Business Interests
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
DALVIEW
ENGINEERING (PTY) LTD |
1961/000382/07 |
In
business |
1 |
No |
|
MALINGTON PLACE
SHARE BLOCK LTD |
1983/010832/06 |
In
business |
0 |
No |
|
MODELKLOOF
DEVELOPMENT CC (property
owning) |
1987/028094/23 |
In
business |
0 |
No |
|
THE EBRAHIM
BADROODEEN PROPERTY CC (property
owning) |
1991/011986/23 |
In
business |
0 |
No |
|
GAYDON MOTOR
SPARES (DURBAN) CC |
1991/031551/23 |
Conversion
CO/CC or CC/CO |
0 |
No
|
|
SONBEL
BELEGGINGS CC (property
owning) |
1992/000167/23 |
In
business |
0 |
No
|
|
111 PRINCE
ALFRED STREET DURBAN (PTY) LTD |
1998/007980/07 |
In
business |
0 |
No
|
|
313 PROPERTY INVESTMENTS
(PTY) LTD |
1998/010589/07 |
In
business |
0 |
No
|
|
GAIETE
INVESTMENTS (PTY) LTD (dormant) |
2005/018399/07 |
In
business |
0 |
No
|
|
INKOSI MOTOR
HOLDINGS (PTY) LTD |
2005/031938/07 |
In
business |
0 |
No
|
|
INKOSI AUTO
PARTS CC (dormant) |
2005/119173/23 |
In
business |
0 |
No
|
|
INKOSI FITMENT
CENTRE CC (dormant) |
2005/167116/23 |
In
business |
0 |
No
|
|
INKOSI AUTO
DISTRIBUTORS CC |
2005/167118/23 |
Deregistration
process |
0 |
No
|
|
INKOSI AUTO CC |
2005/167121/23 |
Deregistration
process |
0 |
No
|
|
INKOSI CENTRE CC |
2005/167123/23 |
Deregistration
process |
0 |
No
|
|
NKOSI SPARES
CENTRE CC |
2005/167136/23 |
Deregistration
process |
0 |
No
|
|
INKOSI PLASTICS
CC (dormant) |
2005/183603/23 |
In
business |
0 |
No
|
Previous Business
Interests
|
Average Age of
Previous Business Interests |
20 years |
|
Company Name |
Registration No |
Status |
Judgements |
Liquidation |
|
SHANKEEL
DISTRIBUTORS CC |
1991/022868/23 |
In
business |
0 |
No
|
Deeds Information
Property Interests of
Principle
|
Property Interest |
|||
|
Title Deed No. |
No information on record |
Erf/Site No. |
|
|
Deeds Office |
|
Physical Address |
|
|
Property Type |
|
Extent / Size |
|
|
Purchase Date |
|
Purchase price |
|
|
% Ownership |
|
Bond Holder |
|
|
Bond Number |
|
Bond Amount |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.22 |
|
UK Pound |
1 |
Rs.75.63 |
|
Euro |
1 |
Rs.65.65 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.