MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Name :	W S LLOYD LIMITED
Registered Office :	Ground Floor, Clifton Place, 19 Hurst Grove, Durban, Kwa-Zulu Natal
Country :	South Africa
`
Date of Incorporation :	11.08.2004
Com. Reg. No.:	2004/022890/10
Legal Form :	Foreign Registered Company
Line of Business :	importing and distribution of technical vegetable oils

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Foreign Registered Company
Payment Behaviour :	Unknown
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
South Africa	a2	a2

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

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

COMPANY NAME

W S LLOYD LIMITED (INCORPORATED IN ENGLAND AND WALES)

PHYSICAL ADDRESS

Ground Floor

Clifton Place

19 Hurst Grove

Durban

Kwa-Zulu Natal

POSTAL ADDRESS

P O Box 50478

Musgrave

4062

Telephone Number: 031 202 0843

Fax Number: 031 202 7926

SHAREHOLDERS

100% W S LLOYD LTD – registered in the UK

(Registration Certificate Number: 727224)

The address of the subject’s shareholders is: 7 Refgrove House, Stonards Hill, Epping, UK.

ASSOCIATE COMPANIES

None in South Africa

It was stated that the subject has sister companies in Russia, Australia, Europe, Middle and Far East.

DIRECTORS

MATILDE COELHO ALVARRAO ID No 5907280079089

(South African Representative)

NIGEL GRANVILLE SMITH D.O.B: 10 September 1961

(Chairman – resident in the UK)

BANKERS

ABSA BANK, Eastgate branch, branch code 335642, account number 4063808138.

The respondent stated that the subject enjoys an invoice discounting facility with ABSA BANK.

DATE REGISTERED

11 August 2004

Registration Certificate Number : 2004/022890/10

The subject is an externally registered company.

The subject is branch of a well established company namely, W S LLOYD LTD in the UK. It was stated by respondents that the South African branch was started in 2000.

VAT NUMBER

4660180193

MAJOR OPERATION

The importing and distribution of technical vegetable oils such as castor oils and their derivatives, linseed oils, tung (wood) oil, edible oils such as sunflower, soya and coconut and processed oils and fatty acid derivatives.

MAJOR SUPPLIERS

The subject imports raw materials from India, China and deals with the following South African suppliers:

MAERSK LOGISTICS Durban

KUEHNE AND NAGEL Durban

ISLANDVIEW STORAGE Cape Town

MAJOR CUSTOMERS OR BUSINESS SECTORS

The paint and resin industry, e.g. P G GLASS and PLASCON PAINTS.

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Zimbabwe and Mauritius and very seldom to neighbouring countries.

TOTAL EMPLOYEES

±8 permanent employees

OTHER PREMISES

The subject has a representative in Johannesburg.

OWNED OR LEASED

The premises are reported to be leased.

ISSUED SHARE CAPITAL

£3 735 720 ordinary shares of £1 each.

The following estimated financial situation was submitted as at 16 March 2011:

STOCK R2 500 000

DEBTORS R5 000 000

CREDITORS R4 000 000

LOANS Nil

TURNOVER per month R3 300 000

AUDITORS

H B L GRANT CLINTON AND ASSOCIATES, Umhlanga Rocks

YEAR END

DECEMBER

INSURANCE BROKERS

SANTAM

TRADE REFERENCES – FEBRUARY 2003

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 3 years declined figures 30 days 30 days Very good

2. 5 years R250 000 R200 000 30 days 30 days Very good

3. Apr 2001 R400 000 R200 000 30 days 30 days Very good

4. Do not give trade references

Suppliers stated that payments are slightly over terms due to the payments coming from the head office.

TRADE REFERENCES – MARCH 2007

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 5 years R 60 000 R 60 000 30 days 30 days Very good

2. 5 years R500 000 R500 000 30 days 30 days Excellent

3. Do not give trade references

4. Do not give trade references

TRADE REFERENCES – APRIL 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 7 years open acc R120 000 30 days 30 days Very good

2. July 2007 R1 600 000 R400 000- 30 days 60 days Average

c/l R500 000

3. Do not give trade references

TRADE REFERENCES – APRIL 2009

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references.

2. July 2007 R2 000 000 R500 000 - 30 days 30 days+ Average

c/l (CGIC) R800 000

3. 5 years+ Open R30 000 - 30 days 30 days+ Good

R50 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 2007 R1 000 000 R200 000 - 30 days 30 days Poor account

c/l insured R400 000 - no purchases for 3 months

3. Do not give trade references

COMMENTS

This is an established externally registered company, which operates a branch in South Africa. The subject is meeting its only obtainable commitment over terms. It is therefore suggested that all dealings be on a spread and fully secured basis. The account may require monitoring.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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.