MIRA INFORM REPORT

Report Date :

26.07.2007

IDENTIFICATION DETAILS

Name :	GIRLOCK (S A) (PTY) LTD

Registered Office :	82 Electron Avenue, ISANDO, Gauteng,

Country :	South Africa

Date of Incorporation :	29.10.1991

Com. Reg. No.:	1991/006105/07

Legal Form :	Private Limited

Line of Business :	Manufacturers of brake component parts

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY NAME

GIRLOCK (S A) (PTY) LTD

PHYSICAL ADDRESS

82 Electron Avenue

ISANDO

Gauteng

POSTAL ADDRESS

P O Box 59

ISANDO

1600

TELEPHONE NUMBER : 011 974 6655

FAX NUMBER : 011 974 2224

SHAREHOLDERS

100% AUTO INDUSTRIAL HOLDINGS (PTY) LTD

ASSOCIATE COMPANIES

AUTO INDUSTRIAL (FITTER RD) (PTY) LTD

GIRLOCK PROPERTY (PTY) LTD (property owning company)

AXEL MODULE ASSEMBLERS (PTY) LTD

DIRECTORS

D FRAGALE (Sole director)

BANKERS

NEDBANK, Isando Branch, account number 1961298848. It was stated that the subject enjoys overdraft facilities to an extent of R10 million, unsecured. Utilisation is stated to be partial.

DATE REGISTERED

29 October 1991

Registration certificate number 1991/006105/07

The subject took over the assets, operations and liabilities of a company namely GIRLOCK TRANSVAAL (PTY) LTD in 1991.

VAT NUMBER

4690116704

MAJOR OPERATION

Manufacturers of brake component parts

MAJOR SUPPLIERS

The subject imports parts from Europe and Taiwan and deals locally with:

SALCAST Port Elizabeth

UTI

TOOLQUIP Johannesburg

FLEXTECH Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Motor manufacturing industry, e.g. Volkswagen and General Motors

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

None

TOTAL EMPLOYEES

250

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the associate property owning company, free of bond.

AUTHORISED SHARE CAPITAL

R500 000 divided into 500 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL: R500 000

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is R280 000 000.

AUDITORS

TAITEZ & KAPLAN Johannesburg

YEAR END

DECEMBER

INSURANCE BROKERS

GLENRAND MIB

TRADE REFERENCES – MAY 2005

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 02/1991 declined: large account 30 days 30 days Excellent

2. Old acc R1 000 000 R400 000 - 30 days 30 days Very good

R500 000

3. 5+ yrs R50 000 R25 000 - 30 days 30 days Good

R50 000 2½%

TRADE REFERENCES – FEBRUARY 2007

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 6 yrs R1 mill R11 000 30 days 30 days Very good

2. Do not give trade references

3. 1991 do not disclose figures 30 days 30 days Very good

4. 10 yrs R40 000 R40 000 30 days 30 days Very good

CURRENT TRADE REFERENCES

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 6 yrs R1 000 000 declined 30 days 30 days Good

Last purchased in October 2006

2. Do not give trade references.

3. 8 yrs declined R80 000 30 days 30 days Excellent

4. 10 yrs open acc R30 000- 30 days 30 days Very good

R40 000

COMMENTS

This is an established company meeting its commitments timeously. The subject is considered equal to its normal business engagements. The lack of full financial information should be borne in mind.

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