MIRA INFORM REPORT

 

 

Report No. :

305013

Report Date :

04.02.2015

 

IDENTIFICATION DETAILS

 

Name :

CAYENNE SPORT CC

 

 

Formerly Known as : 

4 X 4 WAREHOUSE EAST RAND CC

 

 

Registered Office :

127 River Road (Next to Kyalami racetrack), Riverside Business Park, Barbeque Downs, Kyalami, Midrand, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

28.06.2002

 

 

Com. Reg. No.:

2002/048056/23

 

 

Legal Form :

Close Corporation

 

 

Line of Business :

·         Engaged as an importer and retailer of motorcycles and holds the rights to import and distribute various motorcycles brands, e.g. AGUSTA, BETA, HYOSUNG, NORTON, EBR MOTORCYCLES, CSR, TEXA, BIMOTA and KUBERG.

·         Engaged Supplying motorcycle including Scooters, Commuters, Commercial, Sport Bikes, Cruisers, Touring, and off-Road Motorcycles.

·         subject is a supplier of parts and accessories.

·         subject is involved in other areas such as brand Developing, Finance and Sponsorships.

 

 

No of Employees :

Not Available

 

[We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

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 :

Unknown

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, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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

 

CAYENNE SPORT CC

 

Formerly:  4 X 4 WAREHOUSE EAST RAND CC, the name having been changed on the 3rd March 2005.

 

TRADING NAME

 

HONDA KYALAMI

CAYENNE WORLD (showroom)

CAYENNE FINANCE

 

 

PHYSICAL ADDRESS    

 

127 River Road (Next to Kyalami racetrack)

Riverside Business Park

Barbeque Downs

Kyalami

Midrand

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 67781

Bryanston

2021

 

TELEPHONE NUMBER:            +27 11 466 1902

FAX NUMBER:                          +27 11 466 1956

CELLPHONE NUMBER:            +27 82 301 0651 (C E LANGTON)

 

As per our client’s instruction to make no contact with the respondents at the subject the following information was obtained from statutory and open sources.

 

 

MEMBERS

 

50%      D R ACHESON                                     ID No. 5402025132008

50%      C E LANGTON                                      ID No. 7106205062084

 

 

ASSOCIATED AND SUBSIDIARY COMPANIES

 

The directors are both involved in the following businesses.

 

TRAIDCON INTERNATIONAL CC

(Registration Certificate Number:            1992/028345/23)

CAYENNECARS (PTY) LTD

(Registration Certificate Number:            2012/194838/07)

CAYENNE SERVICES (PTY) LTD

(Registration Certificate Number:            2012/194849/07)

 

 

BANKERS

 

Could not be obtained or verified.

 

 

DATE REGISTERED

 

28 June 2002

Registration Certificate Number:  2002/048056/23

 

A close corporation was registered, 4X4 WAREHOUSE CC (Registration Certificate Number: 1998/024295/23) and converted to a private company, 4X4 WAREHOUSE EAST RAND (PTY) LTD, in June 2002. The close corporation has since been deregistered. The subject, 4X4 WAREHOUSE EAST RAND (PTY) LTD (previously involved in a different type of operation) underwent a name change to CAYENNE SPORT (PTY) LTD and converted to a close corporation in March 2005 when it commenced trading in the current operation style as a new business. The subject commenced trading in 2005 and is owned and operated by its founders.

 

 

VAT NUMBER    

 

4670219114

 

 

TAX NUMBER

 

9342297141

 

 

BEEE STATUS

 

Unable to verify.

 

 

MAJOR OPERATION

 

The subject is an importer and retailer of motorcycles and holds the rights to import and distribute various motorcycles brands, e.g. AGUSTA, BETA, HYOSUNG, NORTON, EBR MOTORCYCLES, CSR, TEXA, BIMOTA and KUBERG. Types of motorcycle supplied are scooters, commuters, commercial, sport bikes, cruisers, touring, and off-road motorcycles. The subject is a supplier of parts and accessories.

 

Accessory brands are: BRIDGESTONE, PIRELLI, LIQUI MOLY, ALPINE STAR, THOR, FMF, SHARK and AGV.

 

The subject is a HONDA approved car and motorbike (new & old) dealership that also has a workshop that undertakes major and minor mechanical repairs and servicing.

 

The subject is involved in other areas such as brand developing, finance and sponsorships.

 

CAYENNE FINANCE: Provides various products such as Cayenne Finance, Cayenne Sure, Cayenne Track, Cayenne Restore, Cayenne Puncture Prevent and Cayenne Warranties which is managed by WESBANK a division of FIRST RAND BANK a registered financial service and credit provider.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies. They are a distributor for TEXA DIAGNOSTICS MACHINERY in ITALY and have dealings with REICHMANS CAPITAL in SWITZERLAND.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

           

General public and the motorcycle sector in general.

 

           

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

The subject is reported to exports to Sub-Saharan African countries.

 

TOTAL EMPLOYEES

 

Unknown

 

 

OTHER PREMISES

 

None, the heading address consists of a large warehouse of approximately 3,800m2 and has office space, a showroom and a workshop.

 

 

OWNED OR LEASED

 

Not available

 

 

MEMBERS CONTRIBUTION

 

R100

 

 

FINANCIALS

 

Full financial information was not available as we were unable to contact the respondents at the subject as per instruction from our client and outside authorities were unable to assist in this regard.

 

AUDITORS    

 

R W IRISH-ALLIOT INC.  Tel: +27 11 886 0018

 

 

FINANCIAL YEAR END

 

FEBRUARY

 

 

INSURANCE BROKERS

 

Could not be obtained.

 

CURRENT TRADE REFERENCES

 

Not available

 

 

COMMENTS

 

This is an established business that imports most of its supplies. In view of the lack of financial information and an established payment pattern with suppliers we are currently not in a position to comment on the credit worthiness of the subject and consequently are unable to suggest a maximum credit. 


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.74

UK Pound

1

Rs.92.71

Euro

1

Rs.69.94

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.