MIRA INFORM REPORT

Report Date :

07.11.2007

IDENTIFICATION DETAILS

Name :	K CARRIM BUILDERS HARDWARE (PTY) LTD

Registered Office :	159 up to 171 Boom Street, Pretoria, Gauteng

Country :	South Africa

Date of Incorporation :	10.08.1976

Com. Reg. No.:	1976 / 002783 07

Line of Business :	Suppliers of all types of building equipment including tools, hardware, etc

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

K CARRIM BUILDERS HARDWARE (PTY) LTD

TRADING NAME

K CARRIM DISCOUNT BUILDERS HYPER

PHYSICAL ADDRESS:

159 up to 171 Boom Street

PRETORIA

Gauteng

POSTAL ADDRESS:

P O Box 46036

BELLE OMBRE

0142

TELEPHONE NUMBER: 012 323 1316

FAX NUMBER: 012 323 2173

SHAREHOLDERS:

50% Z E CARRIM

50% A B CARRIM

The shareholding changed in 1999 and was previously 50% E CARRIM (father), 24% Z CARRIM, 24% A B CARRIM and 2% comprised unallocated shares.

ASSOCIATE COMPANIES:

VERONA INVESTMENTS (PTY) LTD

K E SONS INVESTMENTS (PTY) LTD

SHAMSHA INVESTMENTS (PTY) LTD

VOCO TRADE 19 (PTY) LTD

Plus approximately 30 other companies.

DIRECTORS:

Z E CARRIM

A B CARRIM (brother)

BANKERS:

ABSA BANK, Ben Swart Street branch, Account Number: 4051633183. It was stated that the subject enjoys group overdraft facilities to an extent of R21.5 million, secured by the personal guarantees of the Directors. Utilisation is stated to be seldom to credit balances.

DATE REGISTERED:

10 August 1976

Registration Certificate Number: 1976/002783/07

VAT NUMBER

4050102872

MAJOR OPERATION:

Suppliers of all types of building equipment including tools, hardware, etc

MAJOR SUPPLIERS:

COBRA WATERTECH East Rand

DOORWISE Johannesburg

EVERITE Johannesburg

W H SAFFER & CO Johannesburg

ROLLCO Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS:

Building industry and home owners

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

On occasion to African countries

TOTAL EMPLOYEES

250 in the Group.

OTHER PREMISES

The subject is reported to have a warehouse in Hermanstad, a

branch in Menlyn and branches in Fourways and Centurion

OWNED OR LEASED

The premises are reported to be 50% owned by the company

and 50% owned by the City Council of Pretoria.

AUTHORISED SHARE CAPITAL

R300 divided into 300 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R98

The following estimated Group financial situation was submitted:

STOCK R 18 000 000

DEBTORS (60 days) R 30 000 000

FIXED ASSETS R100 000 000

CREDITORS R 15 000 000

OVERDRAFT fluctuates

TURNOVER per annum R150 000 000

TURNOVER per annum for the group R450 000 000

AUDITORS

PKF

YEAR END

FEBRUARY

INSURANCE BROKERS

URBAN INSURANCE

TRADE REFERENCES – MAY 2006:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1.9 yrs R600 000 R200 000 30 days 30 days Very good

2.11 yrs R300 000 R150 000 30 days 30 days Excellent

3.10 yrs do not disclose figures 30 days 30 days Excellent

CURRENT TRADE REFERENCES:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 10 yrs R200 000 R70 000 - 30 days 30 days Very good

R80 000

2. 7 yrs declined declined 30 days 30 days Good

3. 5 yrs open declined 30 days 30 days Good

COMMENTS

This is an established company meeting its commitments timeously. The subject is considered equal to

US$1 000 000 spread over 90 days.

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.	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