MIRA INFORM REPORT

Report Date :

08.01.2011

IDENTIFICATION DETAILS

Correct Name :	FUELECTRIC (ALBERTON) (PTY) LTD

Registered Office :	21 Prop Street, Selby, Johannesburg, Gauteng

Country :	South Africa

Date of Incorporation :	26.10.1982

Com. Reg. No.:	1982/009887/07

Legal Form :	Private Company

Line of Business :	The importing and distribution of hardware and tools

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

FUELECTRIC (ALBERTON) (PTY) LTD

TRADING NAME

RUWAG TOOLS

PHYSICAL ADDRESS

21 Prop Street

Selby

Johannesburg

Gauteng

POSTAL ADDRESS

P O Box 38021

Booysens

2016

TELEPHONE NUMBER: 011 498 0800

FAX NUMBER: 083 656 3303

The subject has a branch in Vereeniging (P O Box 3998, Vereeniging 1930, Tel No. 016 440 2013/011 and Fax No. 016 440 2067/011). The mention of Park Central in the address submitted by our client is incorrect. It was stated that their premises in Selby are very close to the Park Central Railway Station.

On investigation contact was made with the accounts person at the subject who assisted with the following:

SHAREHOLDERS

· 51% FUELECTRIC MANAGEMENT COMPANY (PTY) LTD

· 49% SITTE MANAGEMENT COMPANY (PTY) LTD

ASSOCIATE COMPANIES

· DIESEL ELECTRIC (VAAL / OVS) (PTY) LTD (formerly Diesel Electric Vereeniging (Pty) Ltd)

· DIESEL ELECTRIC BLOEMFONTEIN (PTY) LTD

· DILEC (SASOLBURG) (PTY) LTD (property owning company)

· DILEC (PTY) LTD, incorporating MACS AUTOMOTIVE

· SUPERIOR PROPERTIES (PTY) LTD (property owning company)

Plus a number of property owning businesses in the group.

DIRECTORS

· W VON EY ID No. 3507155065106

· W L VON EY (son) ID No. 6901045432008

BANKERS

STANDARD BANK, Vereeniging North Branch, Account Number 022365818. It was stated that the subject enjoys a total overdraft facility to an extent of R5 000 000, secured by a cession of debtors. Utilisation is stated to fluctuate.

DATE REGISTERED

26 October 1982

Registration Certificate Number: 1982/009887/07 (confirmed at CIPRO)

VAT NUMBER

4790107454 (confirmed at SARS)

(Under the name of RUWAG)

MAJOR OPERATION

The importing and distribution of hardware and tools

MAJOR SUPPLIERS

The subject imports worldwide and deals locally with the following suppliers:

· MEDIA UNLIMITED Vereeniging

· REED PRINTERS Vereeniging

· D N FREIGHT

· DELTA DISPLAY

· RTT COURIERS

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retailers and wholesalers trade

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Occasionally to Namibia and Zimbabwe

TOTAL EMPLOYEES

OTHER PREMISES

The subject is reported to have branches in Cape Town, Durban and Vereeniging

OWNED OR LEASED

The Vereeniging premises are reported to be owned by group companies and the Cape Town and Durban premises are stated to be leased

AUTHORISED SHARE CAPITAL

R1 000 divided into 1000 ordinary shares of

R1 each

ISSUED SHARE CAPITAL

R1 000

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the turnover per month is between R3 000 000-R5 000 000.

AUDITORS

CONAUGHTON MILLER & SMITH Vereeniging

(Tel No. 016 455 1807)

YEAR END

JUNE

INSURANCE BROKERS

DAVIDSON GOSS & ASSOCIATES Pretoria

TRADE REFERENCES – JUNE 2006

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Old acc. R500 000 R500 000 30 days 30 days Very good

2. 8 yrs R15 000 R15 000 30 days 30 days Good

3. 10 yrs R150 000 R150 000 30 days 30 days Good

TRADE REFERENCES – MARCH 2007

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2005 R5 000 R5 000 - 30 days 30 days Good

R7 000

2. 2006 do not disclose figures 30 days 30 days Good

3. 15 yrs R10 000 R10 000 30 days 30 days Good

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2½ years R500 000 R200 000± 30 days 30 days Very Good

c/l

2. 7 years R 40 000 R 30 000- 30 days 30 days Very Good

R 40 000

3. 20+ years R 15 000 R 10 000- 30 days 30 days Very Good

R 15 000

COMMENTS

This is a well established company meeting its commitments timeously. The subject is considered equal to its normal business engagements. We would prefer to see a far lesser figure than US$1 000 000 DA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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.