MIRA INFORM REPORT

Report Date :

13.04.2011

IDENTIFICATION DETAILS

Name :	WEST GERMANY DISTRIBUTORS CC

Registered Office :	Unit 2, 214 Rochdale Road, Seacow Lake, Durban, Kwa-Zulu Natal

Country :	South Africa

Date of Incorporation :	27.07.2007

Com. Reg. No.:	2007/143941/23

Legal Form :	Closed Corporation

Line of Business :	Importing and sale of truck spares

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 :	Slow

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)

Germany

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

COMPANY NAME

WEST GERMANY DISTRIBUTORS CC

PHYSICAL ADDRESS

Unit 2

214 Rochdale Road

Seacow Lake

Durban

Kwa-Zulu Natal

Postal Address

Unit 2

214 Rochdale Road

Seacow Lake

Durban

Kwa-Zulu Natal

Telephone Number: 031 577 6573

Fax Number: 031 577 6581

MEMBERS

100% P MAHARAJ ID No. 6912225117084

The membership changed in 2009 and was previously 34% M S S BACHER (resident in India), 33% P S BACHER (resident in India) and 33% P MAHARAJ.

ASSOCIATE COMPANIES

None

BANKERS

FIRST NATIONAL BANK, Briardene branch. It was stated that the subject enjoys overdraft facilities secured by the personal guarantee of the member. Utilisation is stated to fluctuate.

DATE REGISTERED

27 July 2007

Registration Certificate Number: 2007/143941/23

P MAHARAJ is reported to have a number of years experience in a similar line of business .

VAT NUMBEr

4320241963

MAJOR OPERATION

Importing and sale of truck spares

MAJOR SUPPLIERS

The subject imports all of its supplies and deals locally with:

PRO LOGISTICS, Johannesburg and previously dealt with MULTI SHIPPING

MAJOR CUSTOMERS OR BUSINESS SECTORS

Industry, truck repair businesses, etc

AREA OF DISTRIBUTION AND SELLING

Durban and surrounding Kwazulu-Natal areas

EXPORTS

None

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be leased

MEMBERS CONTRIBUTION

R100

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

AUDITORS

NADINE SMITH (Tel No. 083 792 3388)

YEAR END

FEBRUARY

INSURANCE BROKERS

KAIZER BIRD

TRADE REFERENCES – JULY 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 01/2008 declined R20 000 - COD account Very good

R30 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. ±3 years R300 000 R300 000 30 days 30-90 days Fair

COMMENTS

This is an established business which is not a general credit seeker locally. The subject is however meeting its local commitment over terms and it is suggested that all dealings be on a letter of credit basis. We have not traced dealings to an extent of US$1 000 000 over DA terms and are not in a position to recommend maximum credit dealings in view of the slow payment pattern.

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.