MIRA INFORM REPORT

Report Date :

19.02.2011

IDENTIFICATION DETAILS

Name :	ELANGENI OIL AND SOAPS (PTY) LTD

Formerly Known As :	ELANGENI OIL AND CAKE MILLS (PTY) LTD

Registered Office :	17 Buro Crescent, Mayville, Durban, Kwazulu-Natal

Country :	South Africa

Date of Incorporation :	22.03.1984

Com. Reg. No.:	1984/002972/07

Legal Form :	Private Company

Line of Business :	Manufacturers of cooking oil as well as beauty and laundry soaps

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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

ELANGENI OIL AND SOAPS (PTY) LTD

Formerly ELANGENI OIL AND CAKE MILLS (PTY) LTD, the name having been changed on 22 March 1984.

PHYSICAL ADDRESS

17 Buro Crescent

Mayville

Durban

Kwazulu-Natal

POSTAL ADDRESS

P O Box 51317

Musgrave

4091

Telephone Number: 031 203 5000

Fax Number: 031 208 2676

SHAREHOLDERS

100% ELANGENI HOLDINGS (PTY) LTD

ASSOCIATE COMPANIES

ELSO INVESTMENTS (PTY) LTD (property owning company)

CHURSTON INVESTMENTS (PTY) LTD (property owning company)

DIRECTORS

· I M PARUK ID No. 4411105130053

· E Y PARUK (nephew) ID No. 7806305121082

· C Y PARUK (nephew) ID No. 7903265202083

· M Y LAKHI ID No. 5804055050082

BANKERS

NEDBANK, Durban Main Branch. It was stated that the subject enjoys overdraft facilities secured by a cession of debtors. Utilisation is stated to fluctuate.

DATE REGISTERED

22 March 1984

Registration Certificate Number: 1984/002972/07

VAT NUMBER

4210102614

MAJOR OPERATION

Manufacturers of cooking oil as well as beauty and laundry soaps

MAJOR SUPPLIERS

It was stated that the subject imports 70% of its supplies and deals locally with:

ISLAND VIEW SHIPPING

RAZCO

MONDI PAK

NEW ERA PACKAGING

MAJOR CUSTOMERS OR BUSINESS SECTORS

Wholesalers and supermarkets

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

African Countries

TOTAL EMPLOYEES

360

OTHER PREMISES

It was stated that the subject has a factory in Isethebe

OWNED OR LEASED

The head office premises are reported to be owned by CHURSTON INVESTMENTS (PTY) LTD and the factory premises are stated to be owned by ELSO INVESTMENTS (PTY) LTD.

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

DESAI JADWAT & CO

YEAR END

DECEMBER

INSURANCE BROKERS

PETER CHRISTY

TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 8 years R750 000 R500 000- 30 days 30 days Very Good

c/l R600 000

2. 8 years undisclosed R1 200 000 30 days 30 days Very Good

3. Do not give trade references

COMMENTS

This is an established business meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms and would prefer to see a far lesser amount spread and secured.

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

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.