MIRA INFORM REPORT

Report Date :

25.07.2007

IDENTIFICATION DETAILS

Name :	SIALE ENTERPRISES CC

Registered Office :	45 Koornhof Street, Meadowdale, Germiston, Gauteng,

Country :	South Africa

Date of Incorporation :	09.08.1989

Com. Reg. No.:	1989/025788/23

Legal Form :	Limited Liability

Line of Business :	Frozen food wholesalers, specialising in spare ribs and prawns, manufacturers of ribs, process fish products

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	$1 000 000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY NAME

SIALE ENTERPRISES CC

PHYSICAL ADDRESS

45 Koornhof Street

Meadowdale

Germiston

Gauteng

POSTAL ADDRESS

P O Box 3857

EDENVALE

1610

TELEPHONE NUMBER : 011 392 2533 / 011 974 4242

FAX NUMBER : 011 392 1836

MEMBERS

100% S KATSIGARAKIS

ASSOCIATE COMPANIES

BAZARUTO TRADING CC

PROUD PROPS CC

45 KOORNHOF STREET CC (property owning company)

BANKERS

STANDARD BANK, Johannesburg Branch. It was stated that the subject enjoys overdraft facilities to an extent of R1.5 million, secured by the personal guarantees of the Members. Utilisation is stated to be partial to full at times.

DATE REGISTERED

9 August 1989

Registration certificate number: 1989/025788/23

The subject was commenced as a new business.

MAJOR OPERATION

Frozen food wholesalers, specialising in spare ribs and prawns, manufacturers of ribs, process fish products.

MAJOR SUPPLIERS

The subject imports substantially and deals locally with:

BRECO

EXPEDITORS

OCEAN FRESH

BAZARUTO TRDING

BAYLINE

MAJOR CUSTOMERS OR BUSINESS SECTORS

80% to wholesalers, e.g. Woolworths, Irvin & Johnson, Sea World and Blue Marine and 20% to restaurants.

AREA OF DISTRIBUTION AND SELLING

Gauteng and Cape Town

EXPORTS

Cyprus, France (exports are undertaken through the associate company, BAZARUTO TRADING)

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the associate property owning company

MEMBERS CONTRIBUTION

R50

The following estimated financial situation was submitted:

STOCK R2 000 000

DEBTORS R1 500 000

CREDITORS R1 000 000

OVERDRAFT R1 300 000

MEMBERS LOANS R 150 000

TURNOVER per month R2 500 000

AUDITORS

R A HELLMAN AND COMPANY

YEAR END

JUNE

INSURANCE BROKERS

G I B

TRADE REFERENCES – JULY 1996

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. Old Acc R300 000 R 50 000- 15 days 15 days Good

R300 000

2. 5 yrs+ R150 000 R100 000+ 30 days 30 days Very Good

c/l

CURRENT TRADE REFERENCES

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 8 yrs declined R 200 000- 45 days 45 days Good

R 400 000 Per arrangement

2. 3 yrs+ R900 000 R 500 000- 30 days 30 days Very good

R 900 000

3. ±3 yrs open acc R1 000 000 30 days 30 days Very good

COMMENTS

This is an established business meeting its commitments as arranged. We have not traced dealings to an extent of $1 000 000 and would prefer to see such a figure spread over 180 days and secured.

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