MIRA INFORM REPORT

Report Date :

09.08.2007

IDENTIFICATION DETAILS

Name :	SPORTOPIA (PTY) LTD
Registered Office :	Umbilo Road, Congella, Durban, Kwazulu Natal
Country :	South Africa

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :

Dormant Company

COMPANY NAME

SPORTOPIA (PTY) LTD

ADDRESS

PHYSICAL ADDRESS:

Umbilo Road

Congella

Durban

Kwazulu Natal

POSTAL ADDRESS:

P O Box 752

Durban

4013

TELEPHONE NUMBER:031 205 8321

On investigation contact was made with Mr Nigel Fontbin who stated that SPORTOPIA (PTY) LTD – registration certificate number 1986/002362/07 is dormant. It was stated that the stock was sold to the Debtors and that the subject ceased operations in 2003.

We are, therefore, not in a position to recommend credit dealings to an extent of US$1 000 000.

With reference to your special question, it was established that SPORTOPIA (PTY) LTD did not change its name to SPORTORIA (PTY) LTD, however, SPORTORIA (PTY) LTD is a separate legal entity, which report should be consulted.

On investigation contact was made with Nigel Fontbin, who stated that the subject is dormant. It was stated that the stock was sold to the debtors and that the subject ceased operations in 2003.

We are therefore not in a position to recommend credit dealings to an extent of US$1 000 000 and it is suggested that all cover be withdrawn.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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