MIRA INFORM REPORT

Report Date :

01.03.2008

IDENTIFICATION DETAILS

Name :	ELSUMO (PTY) LTD

Registered Office :	Helu Park, Protea Road, Klapmuts, Western Cape

Country :	South Africa

Date of Incorporation :	18.12.2001

Com. Reg. No.:	2001/030023/07

Legal Form :	Private Limited Company

Line of Business :	Wholesale of Various types of Pumps

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

ELSUMO (PTY) LTD

PHYSICAL ADDRESS

Helu Park

Protea Road

KLAPMUTS

Western Cape

POSTAL ADDRESS

P O Box 349

KLAPMUTS

7625

TELEPHONE NUMBER: 021 875 8781

FAX NUMBER: 021 875 5787

The subject moved from 12B Donnington Road, Killarney Gardens, Cape Town in August 2007.

SHAREHOLDERS

B GEIGER

H E GEIGER

ASSOCIATE COMPANIES

H E GEIGER is resident in Namibia and has a company in Namibia that has been trading for many years involved in the same business as the subject. The respondent declined to divulge any further details with regard to associate companies.

DIRECTORS

B GEIGER

H E GEIGER (Snr)

BANKERS

NEDBANK, Claremont Branch. Information regarding banking facilities was not forthcoming from the respondents at the subject and outside authorities could not assist in this respect.

DATE REGISTERED

18 December 2001

Registration Certificate Number 2001/030023/07

B GEIGER, who is resident in South Africa, is reported to be a young gentleman, who when he finished studying in 2001, opened a company which is referred to as a branch of the Namibian company, however, it is a separate registered company in South Africa.

VAT NUMBER

4250198332

MAJOR OPERATION

Wholesale of various types of pumps

MAJOR SUPPLIERS

The subject imports approximately 80% of its supplies and deals locally with:

ELECTROPARTS Cape Town

DANZAS, DHL Cape Town

ALVERN CABLES Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Farmers, retailers, municipalities

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Neighbouring countries

TOTAL EMPLOYEES

10 - 15

OTHER PREMISES

Johannesburg branch

OWNED OR LEASED

The premises are reported to be leased

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

AUDITORS

BROWN & COMPANY

YEAR END

FEBRUARY

INSURANCE BROKERS

All insurance is done through H E GEIGER’s company in Namibia.

TRADE REFERENCES – SEPTEMBER 2006

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2003 R540 000 R300 000 - 30 days 30 days Very good

R400 000

2. 10/2002 R100 000 R20 000 - 30 days 30 days Excellent

R55 000

3. Do not give trade references

TRADE REFERENCES – FEBRUARY 2007

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references.

2. 2003 R300 000 R500 000 30 days 30 days Very good

3. 2002 declined R 30 000 - 30 days 30 days Excellent

R124 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. Do not give trade references

3. 10/2002 R195 000 R60 000 30 days 30 days Excellent

COMMENTS

This is an established company meeting its one obtainable commitment timeously. We have not traced dealings to an extent of US$1 000 000 DA terms and we would prefer to see a far lesser amount spread and secured. 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