MIRA INFORM REPORT

Report Date :

20.06.2007

IDENTIFICATION DETAILS

Name :	TISCO INTERNATIONAL (PTY) LTD

Registered Office :	4 Appian Place, Cnr Kent & Bond Street, RANDBURG, Gauteng

Country :	South Africa

Date of Incorporation :	31 March 1980

Com. Reg. No.:	1980/002800/07

Legal Form :	Private Limited Company

Line of Business :	Steel traders

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

TISCO INTERNATIONAL (PTY) LTD

PHYSICAL ADDRESS

4 Appian Place

Cnr Kent & Bond Street

RANDBURG

Gauteng

POSTAL ADDRESS

P O Box 969

RANDBURG

2125

TELEPHONE NUMBER: 011 789 3105

FAX NUMBER: 011 789 3147

SHAREHOLDERS

100% M D KIDD

ASSOCIATE COMPANIES

None

DIRECTORS

M D KIDD (Sole director)

BANKERS

NEDBANK, Ferndale Branch. It was stated that the subject enjoys overdraft facilities, secured by the personal guarantee of the Shareholder. Utilisation is stated to fluctuate.

DATE REGISTERED

31 March 1980

Registration Certificate Number: 1980/002800/07

VAT NUMBER

4850162399

MAJOR OPERATION

Steel traders

MAJOR SUPPLIERS

MITTAL STEEL

TEL STEEL

CORSAIR LOGISTICS

EMFULENI CARRIERS

FREDS FORK LIFT

MAJOR CUSTOMERS OR BUSINESS SECTORS

Steel industry

AREA OF DISTRIBUTION AND SELLING

The subject exports to the Far East, Middle East, Europe, South America and the Indian Ocean Islands

TOTAL EMPLOYEES

OTHER PREMISES

The subject has a warehouse in Vanderbijlpark

OWNED OR LEASED

The premises are reported to be leased

AUTHORISED SHARE CAPITAL

R4 000 divided into 4 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

AUDITORS

G L PALMER

YEAR END

FEBRUARY

INSURANCE BROKERS

M I B

TRADE REFERENCES – MARCH 1999

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 2 yrs R200 000 R100 000- 30 days 30 days Good

R200 000

2. 3-4 Yrs R 60 000 R 30 000- 30 days 30 days Good

R 60 000

3. No account traced

CURRENT TRADE REFERENCES

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 13 yrs open R 30 000 30 days 30 days Very good

2. 7 yrs+ open R100 000 30 days 30 days Very good

3. 10 yrs open R 25 000± 30 days 30 days Very good

COMMENTS

This is an established company meeting its commitments timeously. The subject is considered equal to its normal business engagements. The lack of 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