MIRA INFORM REPORT

 

 

Report No. :

329306

Report Date :

04.07.2015

 

IDENTIFICATION DETAILS

 

Name :

GAYDONS MOTOR SPARES (SA) (PTY) LTD

 

 

Formerly Known As :

GAYDON MOTOR SPARES (DURBAN) (PTY) LTD

 

 

Registered Office :

63 Milne Street, Durban KwaZulu-Natal, P O Box 2660 Durban 4000

 

 

Country :

South Africa

 

 

Date of Incorporation :

03.03.1999

 

 

Legal Form :

Private Company

 

 

Line of Business :

Importers and Wholesalers of Automotive Spares and Accessories. 

 

 

No. of Employees :

200

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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.

 

Source : CIA

COMPANY NAME

 

GAYDONS MOTOR SPARES (SA) (PTY) LTD

 

Formerly GAYDON MOTOR SPARES (DURBAN) (PTY) LTD, the name having been changed on 2 September 2002.

 

 

PHYSICAL ADDRESS

 

63 Milne Street

Durban

KwaZulu-Natal

 

 

POSTAL ADDRESS

 

P O Box 2660

Durban

4000

 

 

TELEPHONE NUMBER

 

+27 31 319 4000

 

 

FAX NUMBER

 

+27 86 518 2942

 

 

EMAIL ADDRESS

 

nosman@gaydons.co.za

 

 

WEBSITE

 

www.gaydonmotorspares.co.za

 

SHAREHOLDERS

 

60%      E A BADROODEEN FAMILY TRUST

40%      ESTATE LATE E A BADROODEEN

 

The Shareholding was previously 100% E A BADROODEEN, having changed.

 

 

ASSOCIATE COMPANIES

 

SONBEL BELEGGINGS CC (Registration Certificate Number: 1992/000167/23), in which E A BADROODEEN was a 100% member.  (In deregistration process)

SHAKEEL DISTRIBUTORS CC (dormant)

(Registration Certificate Number: 1991/022868/23)

ONLY PARTS CC (dormant)

(Registration Certificate Number: 1968/010924/23)

313 PROPERTY INVESTMENTS (PTY) LTD (Property owning company)

(Registration Certificate Number: 1998/010589/07)

 

 

DIRECTORS

 

M M AGEE                                                       ID No:   7009075149082

 

It was stated by the respondent at the company that E A BADROODEEN ID No. 3101115083050 passed away in June 2013 and are still making changes due to the death of E A BADROODEEN.

 

 

BANKERS

 

STANDARD BANK, Durban branch, account number: 050192469.  It was stated that the subject enjoys overdraft facilities to an extent of R2 000 000, secured by the personal guarantees of the Shareholders.  Utilisation is stated to fluctuate from nil to partial at times.

 

 

DATE REGISTERED

 

3 March 1999

Registration Certificate Number: 1999/004466/07

 

It was stated that GAYDONS MOTOR SPARES (SA) (PTY) LTD was established in March 1999 when the assets and operations of GAYDONS MOTORS SPARES CC were incorporated into the newly registered entity.

 

We have been unable to trace the details for GAYDONS MOTORS SPARES CC on CIPC and further details were not provided by the subject.

VAT NUMBER

 

4360102430

 

 

TAX NUMBER

 

9103024205

 

 

BBBEE STATUS

 

Level 3 contributor

 

 

MAJOR OPERATION

 

Importers and wholesalers of automotive spares and accessories.  The subject has its own brand the name of which is SPITZEN SHOCKS and the brand PETROMIN from Saudi Arabia.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its supplies and deals locally with 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 i.e. Midas etc as well as other independent stores.

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

EXPORTS

 

Malawi, Zimbabwe, Zambia, Angola and Mozambique

 

 

TOTAL EMPLOYEES

 

200

 

 

OTHER PREMISES

 

The subject has a sales office in Johannesburg which is stated to be owned by the associate company 313 PROPERTY INVESTMENTS (PTY) LTD, Registration Certificate Number:  1998/010589/07 and valued in the region of R20 000 000.  It was not known by the respondent whether the property is bonded.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the E A BADROODEEN FAMILY TRUST and valued in the region of R12 000 000, bonded in favour of NEDBANK to an extent of approximately R2 000 000.

 

 

FINANCIAL INFORMTION

 

The following estimated financial situation was submitted as at 1st July 2015:

 

STOCK R55 000 000

DEBTORS        R30 000 000

CREDITORS     R15 000 000

OVERDRAFT    nil

TURNOVER per month  R25 000 000

 

 

AUDITORS

 

PKF, Durban                 Tel No. 031 573 5000

 

 

YEAR END

 

FEBRUARY

 

INSURANCE BROKERS

 

NEW NATIONAL INSURANCE BROKERS

 

TRADE REFERENCES – JUNE 1999:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         Unable to obtain a trade reference

 

2.         Old acc R2 000  R1 500 -            30 days            30 days            Good

                                    R2 000

 

3.         Unable to obtain a trade reference

 

4.         Unable to obtain a trade reference

 

TRADE REFERENCES – JULY 2008:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         Old acc R   900 000       R100 000          30 days            30 days            Very good

 

2.         Old acc R2 000 000        R900 000          45 days            45 days            Very good

                        c/l

 

3.         Old acc large     account            30 days            30 days            Very good

 

TRADE REFERENCES – MAY 2010:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         Old       declined            R     50 000       30 days            30 days            Very Good

 

2.         20 years            R5 000 000        R5 000 000        30 days            30 days            Very Good

 

3.         Old       declined            R   500 000       30 days            30 days            Very Good

 

TRADE REFERENCES – JULY 2010:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         ±20 years          R8 000 000        R4 000 000        30 days            30 days            Good

                        c/l

 

2.         ±18 months       R   700 000       R   500 000       30 days            30 days            Very Good

 

Do not give trade references

 

Do not give trade references

 

CURRENT TRADE REFERENCES:

 

            ACCOUNT        HIGHEST          AVERAGE        TERMS PAYMENT        EXPERIENCE

            OPENED          CREDIT            CREDIT                        PATTERN

 

1.         10 Yrs+ R8 000 000        R3 000 000        30 days            30 days            Excellent

                        c/l

 

2.         6 Yrs    R2 000 000        R1 500 000        30 days            30 days            Excellent

                        c/l         R2 200 000

 

3.         1980’s   declined            declined            30 days            30 days            Good

 

NATURE OF GOODS OR SERVICES SUPPLIED:

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

 

1.         Spares 

 

2.         Clearing and Forwarding

 

3.         Shocks etc.

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  No adverse comments have been heard and the subject is considered equal to a maximum of €350 000 over 30 days. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.40

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.