MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Correct Name :	BLAZING FORTUNE TRADING 62 (PTY) LTD
Registered Office :	31 Bitcon Road, Village Deep, Johannesburg, Gauteng
Country :	South Africa
Date of Incorporation :	06.05.2005
Com. Reg. No.:	2005/013923/07
Legal Form :	Private Company
Line of Business :	Silk screening of T-Shirts

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 :	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	a2	a2

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

COMPANY NAME

HIGH TIME PRINT

PHYSICAL ADDRESS

31 Bitcon Road

Village Deep

Johannesburg

Gauteng

Telephone Number: 011 493 4106

Fax Number: 011 493 3708

On investigation it was established that the correct registered name of the subject is BLAZING FORTUNE TRADING 62 (PTY) LTD, trading as HIGH TIDE PRINT, which report should be consulted.

COMPANY NAME

BLAZING FORTUNE TRADING 62 (PTY) LTD

TRADING NAME

HIGH TIDE PRINT

PHYSICAL ADDRESS

31 Bitcon Road

Village Deep

Johannesburg

Gauteng

POSTAL ADDRESS

P O Box 305

Bergvlei

2012

Telephone Number: 011 493 4106

Fax Number: 011 493 3708

SHAREHOLDERS

100% HIGH TIDE SCREEN PRINTERS (PTY) LTD, owned by C R GERBER

(Registration Certificate Number: 2005/030545/07)

ASSOCIATE COMPANIES

None

DIRECTORS

C R GERBER ID No. 7508095682089

BANKERS

FIRST NATIONAL BANK, Wierda Valley branch, Account Number: 62089573284. It was stated that the subject enjoys overdraft facilities secured by a cession of debtors. Utilisation is stated to fluctuate.

DATE REGISTERED

6 May 2005

Registration Certificate Number: 2005/013923/07

VAT NUMBER

4940222419

MAJOR OPERATION

Silk screening of T-Shirts

MAJOR SUPPLIERS

NSDS (NATIONAL SCREEN AND DIGITAL SUPPLIES), Johannesburg

SHARPS PLASTICS, Bloemfontein

HITECH EMBROIDERY, Johannesburg

The respondents declined to divulge their T-Shirt suppliers for strategic reasons.

MAJOR CUSTOMERS OR BUSINESS SECTORS

Promotional industry

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Namibia and neighbouring countries

TOTAL EMPLOYEES

80

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the subject

ISSUED SHARE CAPITAL

R100

Full financial information was not forthcoming from respondents at the subject, however, it was stated that the annual turnover is ±R64 000 000.

AUDITORS

A CARRIM AND ASSOCIATES (Tel No. 082 896 6661)

YEAR END

FEBRUARY

INSURANCE BROKERS

SANTAM

TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. ±5 years R200 000 R200 000 30 days 30 days Very Good

2. +5 years R60 000 R10 000- 30 days 30 days Very Good

R60 000

3. Do not give trade references

COMMENTS

This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$1 000 000 over DA terms but the subject is regarded as equal to its normal business engagements as reflected in the trade references. The lack of full financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

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.