MIRA INFORM REPORT

Report Date :

13.04.2011

IDENTIFICATION DETAILS

Name :	TENSILE RUBBER EXTRUSIONS (PTY) LTD

Formerly Known As :	ROSSLYN EXTRUSIONS (PTY) LTD

Registered Office :	49 Hendrik Van Eck Street, Rosslyn, Pretori, Gauteng

Country :	South Africa

Date of Incorporation :	11.09.1998

Com. Reg. No.:	1998/018176/07

Legal Form :	Private Company

Line of Business :	Designers and manufacturers of any form of profile

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 :	Regular
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

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

TENSILE RUBBER EXTRUSIONS (PTY) LTD

Formerly ROSSLYN EXTRUSIONS (PTY) LTD, the name having been changed on 14 September 2004.

PHYSICAL ADDRESS

49 Hendrik Van Eck Street

Rosslyn

Pretoria

Gauteng

POSTAL ADDRESS

P O Box 911132

Rosslyn

0200

Telephone Number: 012 541 6036 / 7691

Fax Number: 012 541 2997

It was stated that one of the subject’s branches is based at 11B Martinus Ras Street, Rosslyn, Pretoria (Tel No. 012 541 7691, Fax No. 012 541 7690).

SHAREHOLDERS

80% H W SCHUETZ

20% M J FOURIE

ASSOCIATE COMPANIES

It was stated by the respondent that H W SCHUETZ is a 100% Shareholder of:

TENSILE RUBBER (PTY) LTD

(Registration Certificate Number: 1997/001185/07)

H W SCHUETZ is also reported to be a Shareholder in the following companies:

TENSILE RUBBER COMPOUNDS (PTY) LTD

(Registration Certificate Number: 2003/012093/07)

TENSILE RUBBER HOSES (PTY) LTD

(Registration Certificate Number: 2003/012037/07)

SILICONE EXTRUSIONS (PTY) LTD

(Registration Certificate Number: 1973/009475/07)

It was stated by the respondent that TENSILE RUBBER MOULDINGS (PTY) LTD was sold to a BEE company and that new management declined to take any management advice from H W SCHUETZ so he therefore withdrew as a Director of the company and shortly after that the company was liquidated.

DIRECTORS

H W SCHUETZ (Group Managing Director) ID No. 4403195114109

M J FOURIE(Managing Director) ID No. 6103235005002

MRS H J SCHURINK (Financial Director) ID No. 6612110061082

BANKERS

FIRST NATIONAL BANK, Centurion Business Branch, Branch Code: 261550, Account Number: 26074794358. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

DATE REGISTERED

11 September 1998

Registration Certificate Number: 1998/018176/07

It was stated by the respondent that that TENSILE RUBBER (PTY) LTD, the associate company, was originally started in 1966 as a subsidiary of SOCIETE ANONYME PAULSTRA. However, in 1984 the French involvement was terminated when the subject was acquired by TOTAL METBOND. In 1990 GENTYRE INDUSTRIAL bought the company and renamed it GENTYRE AUTOMOTIVE COMPONENTS. In February 1997 the company was sold and became TENSILE RUBBER (PTY) LTD.

VAT NUMBER

4640219954

TAX NUMBER

9192003870

MAJOR OPERATION

Designers and manufacturers of any form of profile eg. sponge rubber profiles, solid rubbers, heavy duty solid rubbers and it was stated that the subject manufactures seals for various industries eg. busses, trucks, trains, road seals, seals for Toyota, window seals and also structural seals for the building industry and dam seals.

MAJOR SUPPLIERS

The subject imports ±20% of its supplies from China and deals locally with:

CONTRACT FORWARDING, Johannesburg

NATIONAL RUBBER MATMAN, Johannesburg (raw materials)

HEF DURFERRIT, Johannesburg

TENSILE COMPOUND (associate company)

KEUHNE AND NAGEL, Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Various sectors – It was stated by the respondent that they are involved in ±7 different sectors, varying from Government to building, transport and industrial.

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Canada and Australia – The subject also indirectly exports to Mozambique and Zimbabwe, which is done through associate companies.

TOTAL EMPLOYEES

±28

OTHER PREMISES

The subject has a branch in Cape Town

OWNED OR LEASED

The premises are reported to be leased from AEROS PROPERTIES

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 subject and outside authorities were unable to assist in this regard.

AUDITORS

HVNS (H J SCHAFER, Tel No. 021 347 9050 / 2573)

YEAR END

JUNE

INSURANCE BROKERS

CELLA BROKERS

TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Unable to trace account (Could be C.O.D)

2. ±7 years R500 000± R 50 000- 30 days 30 days Very Good

R450 000

3. 10 years R150 000 R 50 000- 30 days 30 days Excellent

c/l R150 000

COMMENTS

This is an established business which forms part of a well established group of companies. The subject is meeting its obtainable commitments timeously. However, we have not traced dealings to an extent of US$1 000 000 and it is suggested that lesser dealings be on a well spread and fully secured basis. The lack of financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.72.26
Euro	1	Rs.63.90

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.