MIRA INFORM REPORT

Report Date :

12.04.2008

IDENTIFICATION DETAILS

Name :	DCLSA DISTRIBUTORS (PTY) LTD

Registered Office :	118 Richards Drive, Halfway House, Midrand Gauteng

Country :	South Africa

Date of Incorporation :	29.06.1995

Com. Reg. No.:	1995/006039/07

Legal Form :	Private Limited Company

Line of Business :	Importers and Distributors of Ironmongery

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

DCLSA DISTRIBUTORS (PTY) LTD

PHYSICAL ADDRESS

118 Richards Drive

Halfway House

MIDRAND

Gauteng

POSTAL ADDRESS

P O Box 7934

MIDRAND

1685

TELEPHONE NUMBER: 011 315 8286

FAX NUMBER: 011 315 3878

SHAREHOLDERS

100% GEZE INTERNATIONAL GmbH of Germany

ASSOCIATE COMPANIES

None

DIRECTORS

C SEAMAN

I BRITZ (Mrs)

T GUBEL (Mrs)

BANKERS

STANDARD BANK, Westgate Branch, Account Number: 401395588. It was stated that the subject enjoys overdraft facilities, secured. Utilisation is stated to fluctuate from nil to partial at times.

DATE REGISTERED

29 June 1995

Registration Certificate Number 1995/006039/07

VAT NUMBER

4300151265

MAJOR OPERATION

Importers and distributors of ironmongery

MAJOR SUPPLIERS

The subject imports ironmongery from the UK, Italy and Hong Kong and deals locally with:

EURO LOCK Cape Town

HENEWAYS Johannesburg

TRITON EXPRESS Durban

TRANSWORLD FREIGHT Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Hardware merchants

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Sub-Saharan Africa

TOTAL EMPLOYEES

OTHER PREMISES

The subject is reported to have agents and representatives throughout South Africa and in Namibia.

OWNED OR LEASED

The premises are reported to be leased.

AUTHORISED SHARE CAPITAL

R1 000 divided into 1 000 ordinary shares of R1 each.

ISSUED SHARE CAPITAL

R100

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

AUDITORS

VON WYK COMPTON

YEAR END

JUNE

INSURANCE BROKERS

ECONORISK

TRADE REFERENCES – SEPTEMBER 2005

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 5 yrs+ do not disclose figures 30 days 30 days Very good

3. 1998 R500 000 R500 000 7 days 7 days Very good

TRADE REFERENCES – FEBRUARY 2007

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references.

2. 7 yrs large large 30 days 30 days Very good

3. 6 yrs R30 000 R30 000 30 days 30 days Very good

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 8 yrs R1 000 000 R200 000 30 days 30 days Very good

2. 11/2006 R 30 000 R 15 000 30 days 30 days Good

3. 4 yrs open R 7 000 30 days 30 day Excellent

COMMENTS

This is an established company that has recently been taken over by new shareholders. The subject is meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms and suggest a far lesser figure on a well spread and secured basis. 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.	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