MIRA INFORM REPORT

 

 

Report Date :

14.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ALLPARTS (PTY) LTD

 

 

Registered Office :

103 Smith Street, Durban, Kwa-Zulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

01.10.1982

 

 

Com. Reg. No.:

1982/009166/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesalers and retailers of auto parts and accessories

 

 

No of Employees :

55

 

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 :

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

South Africa ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

Note:

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

 

 

COMPANY NAME

 

ALLPARTS (PTY) LTD

 

 

PHYSICAL ADDRESS

 

103 Smith Street

Durban

Kwa-Zulu Natal

 

 

POSTAL ADDRESS

 

P O Box 4444

Durban

4000

 

TELEPHONE NUMBER:            +27 31 334 4444

FAX NUMBER:                           +27 31 332 8664

 

 

SHAREHOLDERS

 

100%    SOUTH AFRICAN MOTOR PARTS COMPANY (PTY) LTD in which C NAIDOO is a Shareholder and Director

 

 

ASSOCIATE COMPANIES

 

·         ALLPARTS (CAPE) (PTY) LTD

·         ALLPARTS (JHB) (PTY) LTD

·         ALLPARTS BLOEM (PTY) LTD (dormant)

·         AUTOSPARES CENTRE (PTY) LTD

·         TRUPART (PTY) LTD

 

DIRECTORS

 

C NAIDOO                                                        ID No. 4510015085057

 

 

BANKERS

 

FIRST NATIONAL BANK, Durban Main Branch.  It was stated that the subject enjoys overdraft facilities, secured by various securities.  Utilisation is stated to fluctuate.

 

 

DATE REGISTERED

 

1 October 1982

Registration Certificate Number: 1982/009166/07

 

 

VAT NUMBER

 

4020102440

 

TAX NUMBER    

 

9006134200

 

 

BEE STATUS

 

Level 3 contributor

 

 

MAJOR OPERATION

 

Wholesalers and retailers of auto parts and accessories.  Supply of various brands such as GUD, EATON, HUDACO & SAFELINE

 

 

MAJOR SUPPLIERS

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade information.  This has become necessary because we now give a description of the goods or services to which the trade references relate.  This gives our client the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

KwaZulu-Natal

 

 

EXPORTS

 

Mozambique, Swaziland and Mauritius

 

 

TOTAL EMPLOYEES

 

55

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased

 

FINANCIALS

 

The following estimated financial situation was submitted as at 8 May 2014:

 

STOCK                                                                                           R 40 000 000

DEBTORS                                                                                      R   9 000 000

CREDITORS                                                           R   5 000 000 – R   6 000 000

TURNOVER per annum                                                                 +R 90 000 000

 

 

AUDITORS

 

GCABASHE INC

 

YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

FIRST NATIONAL BANK INSURANCE BROKERS

 

 

TRADE REFERENCES – OCTOBER 2008

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1993             declined        declined          30 days    30 days        Good

 

2.                Do not give trade references

 

3.                Old acc        R2 500 000    R170 000 -      30 days    30 days        Very Good

                                      c/l                 R180 000

 

4.                5 years         R   800 000    R100 000 -      30 days    30 days        Very Good

                                      c/l                 R200 000        2.5%        2.5%

 

5.                5 years         R1 000 000    R  62 000 -      30 days    30 days        Good

                                      c/l                 R178 000

 

 

TRADE REFERENCES - MAY 2011

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1993             undisclosed   R1 000 000+    30 days    30 days        Very Good

 

2.                10+ years     R  2 200 000  R1 000 000+    30 days    30 days        Very Good

                                      c/l

 

3.                5+ years       undisclosed   R  200 000±     30 days    30 days        Very Good

 

 

TRADE REFERENCES – OCTOBER 2011

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1993             Declined        Figures           30 days    30 days        Very Good

 

2.                ±10 years     R25 000 000   R1 500 000      30 days    30 days        Very Good

                                      c/l

3.                +10 years     R  5 000 000  R   800 000     30 days    30 days        Excellent \

 

 

CURRENT TRADE REFERENCES

 

                  ACCOUNT    HIGHEST      AVERAGE      TERMS    PAYMENT    EXPERIENCE

                  OPENED      CREDIT         CREDIT                          PATTERN

 

1.                1993             Declined      ±R1 000 000      30 days    30 days        Very Good

 

2.                10 years       R  2 500 000  R   150 000     30 days    30 days        Very Good

                                      c/l

 

3.                12 years       R  3 500 000±R2 000 000      30 days    30 days        Very Good

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

 

(These descriptions relate respectively by number to the above current trade transactions):

 

1.         Filters  

2.         Various Auto Parts       

3.         Break Pads      

 

 

COMMENTS

 

This is an established business meeting its commitments timeously. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.88

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

 

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.