MIRA INFORM REPORT

Report Date :

21.02.2011

IDENTIFICATION DETAILS

Name :	CORONADO TRADING 50 CC
Registered Office :	22 High Road Fordsbrg Johannesburg Gauteng
Country :	South Africa
Date of Incorporation :	14.11.2006
Com. Reg. No.:	2006/202243/23
Legal Form :	Close Corporation
Line of Business :	Importers, wholesalers and retailers of home textiles, rugs, curtains, duvet sets, bathroom mats and accessories.

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 :	Will Become Dormant
Payment Behaviour :	Unknown
Litigation :	--

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	A2	A2

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

COMPANY NAME

KRISTAL HOME TEXTILES

PHYSICAL ADDRESS

22 High Road

FORDSBURG

Johannesburg

Gauteng

TELEPHONE NUMBER: 011 838 0415

FAX NUMBER: 011 829 1447

On investigation it was established that KRISTAL HOME TEXTILES is the trading name of CORONADO TRADING 50 CC (Registration Certificate Number: 2006/202243/23).

Please see the report on CORONADO TRADING 50 CC attached.

COMPANY NAME

CORONADO TRADING 50 CC

TRADING NAME

KRISTAL HOME TEXTILES

PHYSICAL ADDRESS

22 High Road

FORDSBRG

Johannesburg

Gauteng

POSTAL ADDRESS

P O Box 940

CROWN MINES

2025

TELEPHONE NUMBER: 011 838 0415

FAX NUMBER: 011 829 1447

The respondent stated that the subject will move to 2 Planet Avenue, Crown Mines, by middle January 2011.

MEMBERS

100% A ERCIYAS DOB: 1 February 1965

ASSOCIATE COMPANIES

KRISTAL HOME TEXTILES CC, in which Y T DEMIR is the sole member – dormant

(Registration Certificate Number: 2008/228775/23)

The respondent stated that the subject’s assets and trading operations will be incorporated into the above mentioned close corporation during 2011. It was stated that A ERCIYAS and Y T DEMIR will each hold 50% shares.

SOFITEKS situated in Bursa, Turkey and Belgium, which is a well established family business that has been in existence since 1986. The latter business is involved in the manufacturing of carpets.

BANKERS

ABSA BANK, Northcliff.

It was stated that the subject enjoys an overdraft facility to an extent of R200 000, secured on the strength of the subject’s financial statements. It was stated that the subject utilises the overdraft facility for working capital purposes.

DATE REGISTERED

14 November 2006

Registration Certificate Number: 2006/202243/23

The respondent stated that the trading operations and assets of the subject will be transferred into a business named KRISTAL HOME TEXTILE CC (Registration Certificate Number: 2008/228775/23) during 2011.

VAT NUMBER

4670235268

MAJOR OPERATION

Importers, wholesalers and retailers of home textiles, rugs, curtains, duvet sets, bathroom mats and accessories.

MAJOR SUPPLIERS

The subject imports most of its supplies from its associated company in Turkey and deals with the following South African suppliers:

· EDURA, Carletonville

· HOME HYPER, Pretoria

· FOTAKIS BROS, Durban

MAJOR CUSTOMERS OR BUSINESS SECTORS

Independent retailers, retail chain stores and general public

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Indirectly to neighbouring countries

TOTAL EMPLOYEES

29 permanent employees

OTHER PREMISES

None

OWNED OR LEASED

It was stated that the heading premises are leased.

The respondent stated that the new premises at Crown Mines comprise of administration offices and a showroom. It was stated that the new premises are owned by the subject, bonded in favour of ABSA Bank.

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

NAZEER PATEL, Lenasia

YEAR END

FEBRUARY

INSURANCE BROKERS

MUTUAL & FEDERAL

TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

2005 have not bought since February 2009

Closed for the Christmas Holidays

Closed for the Christmas Holidays

The subject is a creditor

COMMENTS

This is a comparatively new business, which imports most of its supplies from its sister company in Turkey. The subject’s trading operations and assets will be transferred into an associated close corporation during 2011. In view of the lack of a payment pattern and the fact that the subject will become dormant in the near future, it is suggested that dealings to an extent of US$1 000 000 be secured.

Additional Information:

The company Coronado Trading 50 CC trades under the trading name of Kristal Home Textiles. However there is also a registered business Kristal Home Textiles CC 2008/228775/23, which has become dormant and operations and assets are being transferred into Coronado Trading 50 CC. It is owned partially by the member of Coronado Trading 50 CC, Mr. Erciyas. It is therefore an Associate Dormant, Non Trading Company.

With reference to your query regarding Kristal Home Textile and Coronado Trading 50 CC we wish to point out that our archives indicate that in August 2009 we supplied you with a report on Kristal Home Textiles CC indicating that the respondent would not supply us with information unless the identity of the enquirer was disclosed. We could not establish from that interview whether they were trading or not.

With regards to us not giving you a report on Coronado trading 50 CC when you requested a report in August 2009, was due to this fact and we were not able to establish any information as the respondent would not return our calls.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

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.