MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	BONDI DISTRIBUTORS CC

Registered Office :	129 Foundry Street Silvertondale Pretoria Gauteng

Country :	South Africa

Date of Incorporation :	25.06.1997

Com. Reg. No.:	1997/033053/23

Legal Form :	Close Corporation

Line of Business :	Wholesalers and distributors of food

RATING & COMMENTS

MIRA’s Rating :

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 :	Moderate

Payment Behaviour :	Slow

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

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

COMPANY NAME

BONDI DISTRIBUTORS CC

Address

PHYSICAL ADDRESS:

129 Foundry Street

Silvertondale

PRETORIA

Gauteng

POSTAL ADDRESS:

P O Box 12508

PRETORIA

2508

TELEPHONE NUMBER: 012 804 9204

FAX NUMBER: 012 804 9212

It was stated that the subject moved from Unit 8, Silver Park, 186 Voorhamer Street, Silverton.

MEMBERS

100% H A CADIR ID No. 6504155186187

ASSOCIATE COMPANIES

SUPERFACTA TRADING CC, which is 100% owned by H A CADIR (property owning company)

BANKERS

FIRST NATIONAL BANK, Lynnwood branch. It was stated that the subject enjoys overdraft facilities. Utilisation is stated to be nil as credit balances are normally maintained at the bank.

DATE REGISTERED

25 June 1997

Registration Certificate Number: 1997/033053/23

VAT NUMBER

4220175352

MAJOR OPERATION

Wholesalers and distributors of food

MAJOR SUPPLIERS

NESTLE

MCCAINS

PARMALAT

TIGER BRANDS

MAJOR CUSTOMERS OR BUSINESS SECTORS

Hotels, restaurants, resorts, etc

AREA OF DISTRIBUTION AND SELLING

Gauteng

EXPORTS

None

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the associate property owning company and valued in the region of R9 million, free of bond.

MEMBERS CONTRIBUTION

R100

The following estimated financial situation was submitted as at 11 January 2011:

STOCK R4 000 000

DEBTORS R4 900 000

FIXED ASSETS R4 100 000

CREDITORS R3 800 000

LOANS Nil

TURNOVER per month R5 000 000

AUDITORS

A B E RAUTENBACH, Pretoria

YEAR END

FEBRUARY

INSURANCE BROKERS

SANTAM

TRADE REFERENCES – NOVEMBER 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

Do not give trade references.

7 yrs R250 000 R150 000 30 days 45 days Good

c/l EFT

Oct 2008 R300 000 R100 000 Too new to comment

Too new to comment – C.O.D.

Do not give trade references.

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

8 years R350 000 R60 000 30 days 30 days Very Good

c/l

Account closed due to slow payments

Do not give trade references

COMMENTS

This is an established business meeting its commitments slowly at times. Suppliers have closed their accounts for slow payment. It is suggested dealings be on a letter of credit basis as the subject appears to be experiencing cash flow problems.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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.