MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	SPECSTRIP (PTY) LTD
Registered Office :	6 Newcastle Street Apex Industrial Site Benoni Gauteng
Country :	South Africa
Date of Incorporation :	05.06.1974
Com. Reg. No.:	M1974/001156/07
Legal Form :	Private Company
Line of Business :	Steel precision rolling and steel slitting. The manufacturing of coiled metal strips such as processed coil and stockists of mild and spring steel coil
No. of Employees :	73

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaint
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
South Africa	A2	A2

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

Assessment

This is an established company, which was recently taken over by new shareholders.

The subject is meeting commitments timeously.

The subject’s bankers consider them good for all business normal engagements and an amount of R1 500 000.

Company Information

Registered Name	SPECSTRIP (PTY) LTD
Registration Number	M1974/001156/07
Registration Date	1974-06-05
Date Commenced Trading	The subject was established in 1974
History of Business	The subject was commenced as a new business.
History of Principals	The shareholding changed recently and was previously 100% A VAN WYK.
Shareholdersof subject and % holding	100% DIVERSIFIED STEEL HOLDINGS (PTY) LTD
Age of Company	37 years 5 months
Status	In business
Operations Assessment	Steel precision rolling and steel slitting. The manufacturing of coiled metal strips such as processed coil and stockists of mild and spring steel coil
Industry/ Customers	Automotive industry, building industry etc.
Area of Distribution	South Africa
Export	Zimbabwe
Major Industry Code / SICC	35101 MANUFACTURING
Definition of Code	Basic iron and steel industries, except steel pipe and tube mills
Head Office Physical Address	6 Newcastle Street Apex Industrial Site BENONI Gauteng
Head Office Postal Address	P O Box 670 BENONI 1500
Current Tel Number Cell number	011 421 8315 / 6 / 7 072 662 5995
Current Fax Number	011 421 8443
Current Email Address	specstripaccounts@icon.co.za
Web Site Address	www.specstrip.co.za

Auditors Information

Company Registered Name	DELOITTE
Physical Address	The Woodlands 20 Woodlands Drive WOODMEAD Sandton
Postal Address	Private Bag X6 GALLO MANOR 2052
Contact Person	A W Brown
Contact Number	011 806 5000
Email	awbrown@deloitte.co.za
Principals	250 partners
Subject Verified as Client	Yes
SAICAnumber	904899E
BEE Status	Level 2
Financial Year End	May
Years With Auditors	1 month
Website	www.deloitte.com

Previous Auditors

Company Name	R L PANNICO & ASSOCIATES
Contact Person	Robert Pannico
Contact Number	011 453 1531
Time With Previous Auditors	30 years+-

Tax Information

Vat Number	4850108780
Status	Active
Vat Liable Date	1991-09-30
Tax Number	9573049849
Financial Year End	February

Black Economic Empowerment

Status	None
Score
Expire Date
BEE Certificate Available	Yes/No

ISO Status

Type of ISO Grade	ISO9001:2008
ISO Certificate	Yes
ISO Certificate Available	No
Certified by anAccredited Agent	Yes

Workman’s compensation

Registered	Yes
Compliance Certified	Yes

Company Structure

Branches

None

Subsidiary Company	None
Shareholding
Registration Number
Import / Export

Number of Employees	73
1. Salaried employees	√
2. Waged employees	√

Company Fleet	No of vehicles:
Fleet Operations
The Fleet is made up of
1. Light Delivery Vehicles	1
2. Trucks	1

The vehicles are owned by the subject.

The truck still has vehicle finance facility with Nedbank.

Head OfficeOwned/ Rented	The premises are currently owned by SPECSTRIP (PTY) LTD, however, it was stated that the holding company, DIVERSIFIED STEEL HOLDINGS (PTY) LTD is in the process of purchasing the premises.
Type of Premises	The premises comprise of administration offices and manufacturing facilities.

Trade References

The subject imports spring steel from India and China.

Supplier	Contact
1. HENEWAYS	011 879 5400
2. ARCELORMITTAL	016 889 9111
3. BERNICK TRADING	011 579 6060
4. PROLINE PALISADES	011 845 4888

Trade References

Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1) 10 yrs	R150 000	R80 000	30	R80 000	30	Good
2) Do	Not	Give	Trade	references
3) 2006	R600 000	R400 000	30	R15 000	30	Good
4) Old acc	Open	R450 000	30	R450 000	30	Good

Adverse Information on Subject

Judgements	No information on record
Possible Judgements	No information on record
Civil Court	No information on record
RDs	No information on record

Default Data

Date	Details
No information on record

Notarial Bonds

Date	Details
No information on record

Deeds Information

Property Interest
Property Type:	No information on record	Stand Number:
Street Number:		Street Name:
Municipal Suburb:		Municipal City:
Township Name:		Province:
Deeds Office:		Transfer ID:
Title Deed Number:		Purchase Date:
Transfer Date:		Erf Size:
Sold Price:

Bank Information

Bank	NEDBANK
Branch	Benoni
Bank Account Number	1903289009
Type of Account	Cheque
Branch Code	190342
Account Name	SPECSTRIP (PTY) LTD
Overdraft Facilities	It was stated that the subject enjoys an overdraft facility. Utilisation of the overdraft facility is stated to be nil as credit balances are normally maintained at the bank.
Bank Code	C
Bank Comment	The subject’s bankers consider them good for all business normal engagements

Bank CodesHistory

Date requested	Bank Code	Enquiry Amount	Number of RD’s	RD amount	RD Date	Bank Comments
No information on record

Previous Bank Accounts

Banker	Branch Code	Account Holder	Account number	Date opened	Years with bank
No information on record

Financial Information

Financial Estimates

CURRENT ASSETS
Stock	R 5 500 000 – R6 500 000
Debtors	R 6 000 000 – R8 000 000
FIXED ASSETS
Plant, Equipment, Vehicles	R29 000 000 – book value
CURRENT LIABILITIES
Creditors	R2 000 000
Shareholders / Directors Loans	Nil
MONTHLY Turnover	R 3 800 000 – R5 500 000

Principals

Number of Principals	1
Average Age of Active Principals	55

New directors will be appointed in the near future.

Active Principals

Principal 1 of 1

Surname	VAN WYK
First Names	ALBERTUS
Marital Status	Single
ID Number	5611245055008
Verified ID Number	Yes
Current Age	55
Designation	Director
Status	Active
Appointment Date	2006-05-02
Address (at time of Appointment)	54 Roosmaryn Street NEWLANDS Pretoria 0001

Adverse Information on Principal

Judgement

Number of Judgements

No information on record

Debt Review

Debt review

No information on record

Other

Default data

No information on record

Business Information on Principal

Current Business Interests

Company Name	Registration No	Status	Judgements	Liquidation
AA VAN WYK BOERDERY	5611245055008		0	No
PROLINE PALLISADE CC	B2004/046073/23	In business	0	No

Previous Business Interests

Average Age of Previous Business Interests

None

Company Name	Registration No	Status	Judgements	Liquidation
No information on record

Deeds Information

Property Interests of Principle

Property Interest
Title Deed No.	No information on record	Erf/Site No.
Deeds Office		Physical Address
Property Type		Extent / Size
Purchase Date		Purchase price
% Ownership		Bond Holder
Bond Number		Bond Amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

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
--	NB	New Business	--

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.