MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	MARINDEC PAINTS (PTY) LTD

Formerly Known As :	NEW ADVENTURE SHELF 79 (PTY) LTD

Registered Office :	11 Fuchs Street, Alrode Alberton 1449

Country :	South Africa

Date of Incorporation :	25.06.1998

Com. Reg. No.:	1998/012141/07

Legal Form :	Private Company

Line of Business :	Manufacturing of paints for industry

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY NAME

MARINDEC PAINTS (PTY) LTD

Formerly NEW ADVENTURE SHELF 79 (PTY) LTD, the name having been changed on 28 August 1998.

Address

PHYSICAL ADDRESS:

11 Fuchs Street,

Alrode

ALBERTON

1449

POSTAL ADDRESS:

P O BOX 634

ALBERTON

1450

TELEPHONE NUMBER: 011 908 1056

FAX NUMBER: 011 908 4828

SHAREHOLDERS

A M M PATEL

K K D R ROSHANIA

ASSOCIATE COMPANIES

ESTAC SUPPLIES (PTY) LTD

Registration Certificate Number : 1999/005810/07

It was stated that K K D R ROSHANIA is the 100% shareholder.

It was stated by the Respondents that they believed that the Shareholders are involved in a number of other companies and further details were not available.

DIRECTORS

A M M PATEL D.O.B. 530122

K K D R ROSHANIA D.O.B. 551103

BANKERS

NEDBANK, East Rand Business Branch, Account Number: 1288004915. It was stated that the subject enjoys overdraft facilities, secured by a cession of debtors. Utilisation is stated to fluctuate.

DATE REGISTERED

25 June 1998

Registration Certificate Number: 1998/012141/07

VAT NUMBER

450175647

MAJOR OPERATION

Manufacturing of paints for industry

MAJOR SUPPLIERS

PROTEA CHEMICALS

GRIEF’S Vanderbijlpark

SERVOCHEM

SUNKEY

SASOL SOLVENTS

SASOL OIL, Randburg

M & S PLASTICS, Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Roads, heavy duty industry

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

small to Botswana

TOTAL EMPLOYEES

±200 plus some are outsourced

OWNED OR LEASED

The premises are stated to be owned

The following estimated financial situation was submitted as 30 July 2010:

STOCK ±R4 000 000

DEBTORS fluctuates R5 000 000

LOANS Nil

TURNOVER per month ±R3 500 000

AUDITORS

EKSTEEN LOUW AND BADENHORST 011 873 0203

YEAR END

FEBRUARY

INSURANCE BROKERS

OLD MUTUAL

TRADE REFERENCES – OCTOBER 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 5 yrs R150 000 R 15 000 - 60 days 60 days Good

c/l R150 000 by arrangement

3. 10 yrs R500 000 R 50 000 - 60 days 60 days Excellent

R250 000

4. 10/1996 R 60 000 R 45 000 - 30 days 30 days Very good

c/l R 50 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. March 2000 R150 000 declined 30 days 30 days Good

c/l

2. ±12 years R80 000 ±R80 000 30 days 30 days Very Good

3. ±20 years ±R1 000 000 ±R30 000 60 days 60 days Excellent

COMMENTS

This is an established business meeting its commitments on arranged terms at times. We have not traced dealings to an extent of US$1 000 000 DA terms and would prefer to see a far lesser figure well spread and secured.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.02
UK Pound	1	Rs.73.21
Euro	1	Rs.60.70

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.