MIRA INFORM REPORT

Report Date :

04.09.2007

IDENTIFICATION DETAILS

Name :	JOLLYPAC CC
Registered Office :	Farm Upper Mellville, Umzumbe, Kwa-Zulu Natal
Country :	South Africa
Date of Incorporation :	7 June 1999
Com. Reg. No.:	1999/031937/23
Legal Form :	Limited Liability Company
Line of Business :	Prepacking specialists (e.g. beans, rice, yellow maize, samp and fertilizers etc)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

JOLLYPAC CC

PHYSICAL ADDRESS

Farm Upper Mellville

UMZUMBE

Kwa-Zulu Natal

POSTAL ADDRESS

P O Box 51

UMZUMBE

4225

TELEPHONE NUMBER: 039 684 6780

FAX NUMBER: 039 684 5073

CELLULAR NUMBER: 082 680 4530

The address of P O Box 1502, Port Sheptsone, 4240 is reported to be a previous postal address of the subject.

MEMBERS

100% E M HAFFEJEE

ASSOCIATE COMPANIES

JOLLYPAC INTERNATIONAL (PTY) LTD

E M HAFFEJEE t/a KHOOBRASAT INVESTMENTS (it was stated that the last named business owns a farm consisting of 11 acres, which is used for tunnel farming. The farm produces tomatoes and cucumbers)

E M HAFEJEE t/a THOKOZA CARRIERS, which is reported to be a transport company.

BANKERS

HBZ BANK, Durban branch, which is linked directly to HBZ BANK, Zurich, Switzerland. It was stated that the subject enjoys overdraft facilities, secured by funds in Switzerland. Utilisation is stated to be over R1 million at present.

DATE REGISTERED

7 June 1999

Registration Certificate Number: 1999/031937/23

VAT NUMBER

4590185510

MAJOR OPERATION

Prepacking specialists (e.g. beans, rice, yellow maize, samp and fertilisers etc)

MAJOR SUPPLIERS

The subject imports rice and beans from China, Thailand and India and deals locally with:

R J SHIPPING Durban

PHOENIX COMMODITIES Pietermaritzburg

LOUIS DREFUSS Durban

DLA GRAIN Richards Bay

MAJOR CUSTOMERS OR BUSINESS SECTORS

Cash and carry shops and retail chain stores (e.g. O.K. and Pick ‘n Pay)

AREA OF DISTRIBUTION AND SELLING

mainly to Eastern Cape

EXPORTS

None

TOTAL EMPLOYEES

50

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by KHOOBRASAT INVESTMENTS. The property consists of 11 acres, market value in the region of R5 million, free of bond.

MEMBERS CONTRIBUTION

R100

The following estimated financial situation dated April 2005 was submitted, however, the turnover figure was updated:

STOCK October – December is peak season R3 500 000

DEBTORS R4 500 000 – R5 000 000

CREDITORS mainly on DP on sight R800 000 – R1 200 000

TURNOVER per month R6 000 000

AUDITORS

LAKRAJ & ASSOCIATES, Port Shepstone

YEAR END

FEBRUARY

INSURANCE BROKERS

CURNOW INSURANCE BROKERS / LOTUS INTERNATIONAL

TRADE REFERENCES – APRIL 2005

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 10/2002 open R1 700 000 30 days 30 days Excellent

2. 6 yrs R250 000 R 250 000 30 days 30 days Good

3. 1 yr R100 000 R 80 000± 30 days 30 days Very good

C/L

4. COD

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 8 yrs R350 000 R300 000 30 days 30 days Good

2. 8 yrs open R150 000 30 days 30 days Good

3. Do not give trade references

4. Do not give trade references

COMMENTS

This is a relatively established business meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 and would prefer to see a lesser figure on a well spread basis.

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