MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Correct Name :	FLORSHEIM SOUTH AFRICA (PTY) LTD
Formerly Known As :	FSA IMPORTERS (PTY) LTD
Registered Office :	1^st Floor, Willow Grove, Grove City, 196 Louis Botha Avenue, Houghton 2041
Country :	South Africa
Date of Incorporation :	09.10.2000
Com. Reg. No.:	2000/025636/07
Legal Form :	Private Company
Line of Business :	----

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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	a2	a2

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

COMPANY NAME

FLORSHEIM SOUTH AFRICA (PTY) LTD

Telephone Number: 011 788 1422

PHYSICAL ADDRESS

66 2^nd Avenue

Inanda

Rosebank

Sandton

Gauteng

POSTAL ADDRESS

P O Box 8540

Johannesburg

2000

Telephone Number: 011 794 5394

On investigation contact was made with the Financial Manager of the subject who declined to assist with information telephonically and requested that an email questionnaire be forwarded. This was duly sent. It was also stated by the respondent that she would send our questionnaire to the parent company based in Australia to see if they could assist us with information. At a later stage contact was again made with the financial manager, who then declined to assist. Nevertheless the following information was obtained from various sources.

SHAREHOLDERS

100 % FLORSHEIM AUSTRALIA (PTY) LTD, which is ultimately owned by

WEYCO GROUP INC, which is a Milwaukee based company.

ASSOCIATE COMPANIES

· FLORSHEIM ASIA PACIFIC LTD

· WEYCO INVESTMENTS INC. – registered in Nevada

· WEYCO MERGER INC. (Wisconsin)

· WEYCO SALES LLC (Wisconsin)

· FLORSHEIM SOES EUROPE SRL (Florence, Italy)

· WEYCO FRANCE SARL (Paris, France)

· DEREK BROWN AGENCIES (PTY) LTD

TAX NUMBER

9064206148

Nevertheless, please see statutory information obtained from CIPRO:

COMPANY NAME

FLORSHEIM SOUTH AFRICA (PTY) LTD

· Formerly FSA IMPORTERS (PTY) LTD the name having been changed on 9 May 2001.

· Formerly BURCRON TRADE 24 (PTY) LTD, the name having been changed on 16 February 2001.

ADDRESSES ON CIPRO

PHYSICAL ADDRESS:

1^st Floor, Willow Grove

Grove City

196 Louis Botha Avenue

Houghton

2041

POSTAL ADDRESS:

P O Box 64087

Highlands North

2037

DIRECTORS

DAVID MAYNE VENNER

D.O.B. 620828

Residential Address: 22 Clayton Road, Balwyn, Victoria, Australia

Postal Address: 44 Raglan Street, Preston, Victoria, Australia

Date Appointed: 3 July 2002

DATE REGISTERED

9 October 2000

Registration Certificate Number: 2000/025636/07

AUTHORISED SHARE CAPITAL

R4 000 divided into ordinary shares of R1 each

ISSUED SHARE CAPITAL

R100

AUDITORS

COHEN HILL FUNK AND COMPANY

Business Address: 1^st Floor, Willow Grove, Grove City, 196 Louis Botha Avenue, Houghton, 2198

Postal Address: P O Box 64087, Highlands North, 2037

YEAR END

JUNE

COMMENTS

In view of the lack of information on the subject we are currently not in a position to recommend credit dealings to an extent of US$1 000 000 DA terms. Should our client wish to divulge the identity of the inquirer in order to assist us in obtaining information, this would be highly appreciated.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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.