MIRA INFORM REPORT

Report Date :

23.09.2008

IDENTIFICATION DETAILS

Correct Name :	COMPOPAK DISTRIBUTORS (PTY) LTD

Registered Office :	5 Kyalami Road, Westmead, Durban, Kwa-Zulu Natal

Country :	South Africa

Date of Incorporation :	15.10.2007

Com. Reg. No.:	2007/029636/07

Legal Form :	Private Limited Company

Line of Business :	Suppliers of Hardware

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	New Company

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY NAME

COMPOPAK DISTRIBUTORS (PTY) LTD

PHYSICAL ADDRESS

5 Kyalami Road

Westmead

DURBAN

Kwa-Zulu Natal

POSTAL ADDRESS

P O Box 10484

ASHWOOD

3605

TELEPHONE NUMBER: 031 700 1234

FAX NUMBER: 031 705 7612

SHAREHOLDERS

G K VACY LYLE (majority)

H J BYRD

C I MUNRO

L R WRIGHT

ASSOCIATE COMPANIES

L AND G TOOLS (PTY) LTD, in which G K VACY LYLE is a Director

DIRECTORS

H J BYRD ID No. 7308025295080

C I MUNRO ID No. 7210085115085

G K VACY LYLE ID No. 6002175102086

L R WRIGHT ID No. 6003225230083

BANKERS

FIRST NATIONAL BANK, Kloof branch, account number: 62162897767. It was stated that the subject enjoys overdraft facilities to an extent of R4 million, secured by a cession of debtors. Utilisation is stated to be partial.

DATE REGISTERED

15 October 2007

Registration Certificate Number: 2007/029636/07

The subject originated as a close corporation named COMPOPAK PACKAGING COMPONENTS CC that had been trading for 10 years, which became dormant and was taken over by the subject.

VAT NUMBER

4180242465

MAJOR OPERATION

Suppliers of hardware

MAJOR SUPPLIERS

CBC FASTENERS

ALL PLUG SALES

RBO HARDWARE

SPRINGSET FASTENERS

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retailers, cupboard and kitchen manufacturers

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Botswana and Namibia

TOTAL EMPLOYEES

OTHER PREMISES

The subject has a branch in Johannesburg

OWNED OR LEASED

Leased

MEMBERS CONTRIBUTION

R100

The following estimated financial situation was submitted:

STOCK R6 000 000

DEBTORS R4 000 000

FIXED ASSETS R1 500 000

CREDITORS R2 000 000

LOANS from associate company R4 200 000

TURNOVER per month R4 000 000

AUDITORS

RSM BETTY & DICKSON, Durban 031 266 9222

YEAR END

SEPTEMBER

INSURANCE BROKERS

MC CABE DE VILLIERS

TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 3 yrs R1 400 000 R400 000 30 days 30 days Excellent

c/l 2.5% 2.5%

2. 3 yrs declined R 50 000 30 days 30 days Very good

3. 07/2006 R 300 000 R 80 000 30 days 30 days Excellent

2.5% 2.5%

COMMENTS

This is a new company that took over the operation of a previous close corporation. The subject is meeting its commitments timeously. We have not traced dealings to an extent of $1 000 000 over DA terms and suggest dealings be to a lesser extent well spread.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.40
UK Pound	1	Rs.83.15
Euro	1	Rs.65.74

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