MIRA INFORM REPORT

Report Date :

24.10.2007

IDENTIFICATION DETAILS

Name :	C-TEC SA (PTY) LTD

Registered Office :	Cnr Springbok & Taljaard Roads, Jet Park, Boksburg, Gauteng, Johannes Burg,

Country :	South Africa

Date of Incorporation :	13 May 2003

Com. Reg. No.:	2003/010640/07

Legal Form :	Private Limited

Line of Business :	Manufacturers representative and an agency which sells plastics and cosmetic raw materials

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 :	US$1 000 000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

COMPANY NAME

C-TEC SA (PTY) LTD

ADDRESS

PHYSICAL ADDRESS:

Cnr Springbok & Taljaard Roads

Jet Park

Boksburg

Gauteng

POSTAL ADDRESS:

P O Box 26833

EAST RAND

1462

TELEPHONE NUMBER : 011 397 4455

Fax Number : 011 397 4470

SHAREHOLDERS

50% H LEISEGANG

50% A CARTER

ASSOCIATE COMPANIES

CHEMGRIT SA (PTY) LTD

C-TEC INDUSTRIAL COASTAL (PTY) LTD

MULTICOLOUR SA (PTY) LTD, was previously associated to the subject but was sold to a third party

DIRECTORS

H LEISEGANG

A CARTER

BANKERS

FIRST NATIONAL BANK, Gauteng East branch (252142), account number: 62130397351. It was stated that the subject enjoys overdraft facilities to an extent of R1 million, secured by a cession of debtors and the personal guarantees of the Shareholders. Utilisation is stated to fluctuate.

The subject no longer banks with STANDARD BANK, Bramley Branch, account number 220911479.

DATE REGISTERED

13 May 2003

Registration Certificate Number 2003/010640/07

The subject took over operations and assets of a company named C-TEC INDUSTRIAL (PTY) LTD in May 2003

VAT NUMBER

4910205659

MAJOR OPERATION

Manufacturers representative and an agency which sells plastics and cosmetic raw materials

MAJOR SUPPLIERS

The subject imports most of its supplies from Germany, UK, USA, Holland and Singapore and deals locally with:

CONTRACT FORWARDING Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

The manufacturing industry, cosmetic and plastic processing industries, e.g. Revlon and Adcock Ingram

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Occasionally to Botswana and Zimbabwe.

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be leased

ISSUED SHARE CAPITAL

R100

The following estimated financial situation was submitted:

STOCK R1 500 000 – R1 700 000

DEBTORS R2 000 000

CREDITORS R1 000 000

AUDITORS

ORKIN BROWN & ASSOCIATES, Johannesburg

YEAR END

FEBRUARY

INSURANCE BROKERS

STANDARD BANK

TRADE REFERENCES – JULY 2006

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 5 yrs R500 000 R300 000 60 days 60 days Excellent

c/l

CURRENT TRADE REFERENCES

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 5 yrs R250 000 R250 000 60 days 60 days Excellent

COMMENTS

This is a comparatively established company that took over assets and operations of an established company. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser figure well spread 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.	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