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Report No. : |
329071 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ACCESSORIES SPARES CENTRE CC |
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Formerly Known As : |
ACCESSORIES SPARES CENTRE (PTY) LTD |
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Registered Office : |
17 Travertine Crescent, Briardene, Durban, KwaZulu-Natal |
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Country : |
South Africa |
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Date of Incorporation : |
June 1981 |
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Com. Reg. No.: |
1995/020748/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
Subject is engaged in import and wholesale of car spares and
accessories |
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No. of Employee : |
120 (October
2012) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved. South Africa's economic policy has focused on controlling inflation, however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.
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Source
: CIA |
On investigation
contact was made with the respondent at the subject who declined to assist with
information, as it was stated that the relevant person is away from office
until mid-July 2015. Further investigation will be taken up on said date.
Nevertheless please see historical information for the subject dated October
2014 which reads as follows:
(The information
contained in this report, other than statutory data and comment by outside
authorities, has been voluntarily supplied by Officials of the subject):
ACCESSORIES SPARES
CENTRE CC
17 Travertine Crescent
BRIARDENE
Durban
KwaZulu-Natal
P O Box 3093
DURBAN
4000
+27 31 581 8400
+27 31 581 8414
The subject moved from 54 Bay Terrace,
Durban, KwaZulu-Natal in approximately 2006.
95% J S ROWAN
5% S E EGERSDORFER
THE JOHN ROWAN PROPERTY TRUST (property owning Trust)
It was stated that there are other associate companies, however, further
details were not forthcoming from respondents.
STANDARD BANK, Rosetta Road Branch. Branch Code: 042726. The subject is reported to enjoy overdraft
facilities to an extent of R1 000 000. Utilisation of the overdraft is stated to be
seldom.
23 May 1995
Registration Certificate Number 1995/020748/23
ACCESSORIES SPARES CENTRE (PTY) LTD (Registration Certificate Number
1981/006024/07) was established in June 1981. In May of 1995 the subject
converted to a Close Corporation.
The subject is involved in the import and wholesale of car spares and
accessories.
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.
Wholesalers
South Africa
Neighbouring countries.
120 having increased from 106 reported in October 2012.
None
The premises are reported to be leased from the associate property
owning Trust.
The following estimated financial situation was dated as at 2 October
2014:
STOCK R 47 000 000
DEBTORS R 15 000 000
CREDITORS R 1 000 000
TURNOVER per annum R139 000 000
PKF, Durban +27
31 573 5000
JUNE
REID RAETZER +27
31 312 1295
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.10 years R 20 000 R 15 000 - 30
days 30 days Excellent
R 20 000 prior to
2.Old acc R 40 000 R 30 000 - 30
days 30 days Very Good
R 40 000
3.9 years R600 000 R600 000 COD
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1.8 years open R
30 000 - 30 days 30 days Very Good
R 40 000 5%
2.10 years no dealings for the last
two years Very
Good
3.15 years declined R250 000 7 days 7 days Good
Usually
COD
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.20 years R100 000 R 50 000- 30 days 30 days Excellent
R 70 000
2.18 years Open Acc R2 000 000 7 days 7
days Excellent
3.Since 2005 Open
Acc R
400 000 30 days 30 days Excellent
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.Jan 2009 R500 000 R 300 000- 30 days 30 days Very Good
R 400 000 2.5%
2.Old Open R 50 000 30 days 30 days Very Good
3.21 years Declined R1
200 000 C.O.D. C.O.D. Very Good
(These descriptions
relate respectively by number to the above current trade transactions):
1. Car Care Chemicals
2. Trailer Parts
3. Clearing and Forwarding
This is a well established business which converted from a private
company. The subject is meeting its commitments
timeously and on a COD at times and is spoken of highly by its suppliers. The
subject is considered equal to its normal business engagements.
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Awaiting
emailed trade reference.
2.25 years R100 000 R53 000- 30 days 30
days Excellent
R54
000
3.Account is no
longer in use.
4.Awaiting emailed
trade reference.
(These descriptions relate
respectively by number to the above current trade transactions):
2. Spare parts
This is a well-established business which converted from a private
company. The subject is meeting its one obtainable
commitment on time and is spoken of highly by its supplier. The subject is
considered equal to €163 795 over 30 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.62 |
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1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.