MIRA INFORM REPORT

Report Date :

07.03.2011

IDENTIFICATION DETAILS

Correct Name :	COUNTRY ROAD VENTURES (INCORPORATED IN AUSTRALIA)
Registered Office :	Woolworths House, 93 Longmarket Street, Cape Town 8001
Country :	South Africa
Date of Incorporation :	29.06.2010
Com. Reg. No.:	2010/014092/10
Legal Form :	Foreign Registered Company
Line of Business :	-----

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Foreign Registered Company
Payment Behaviour :	-----
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

COUNTRY ROAD VENTURES (PTY) LTD

PHYSICAL ADDRESS

93 Longmarket Street

Cape Town

Telephone Number: 021 407 9111

On investigation it was established that COUNTRY ROAD VENTURES (PTY) LTD is an externally registered company incorporated in Australia with the name as reflected below and is a branch office in South Africa. Further investigations have revealed that WOOLWORTHS HOLDINGS LTD is the ultimate owner of the subject as it owns the holding company in Australia COUNTRY ROAD LTD. The subject has a South African office which they utilise to import their goods from Australia to distribute through certain of the WOOLWORTHS stores in South Africa.

It was stated by the respondent that the registration of the Company was purely undertaken for name protection purposes. The operation of the branch is ostensibly merged with the WOOLWORTHS operation in South Africa to the point that information on the branch is not available.

Please see statutory information and it would be advisable to obtain information on the head office in Australia.

Nevertheless, please see statutory information obtained from CIPRO below:

COMPANY NAME

COUNTRY ROAD VENTURES (INCORPORATED IN AUSTRALIA)

ADDRESSES ON CIPRO

PHYSICAL ADDRESS:

WOOLWORTHS HOUSE

93 Longmarket Street

Cape Town

8001

POSTAL ADDRESS:

P O Box 680

Cape Town

8000

DIRECTORS

IAN MOIR

D.O.B. 581210

Residential Address: 1 Florida Steps, Bantry Bay, 8001

Postal Address: P O Box 680, Cape Town, 8000

Date Appointed: 29 June 2010

DATE REGISTERED

29 June 2010

Registration Certificate Number: 2010/014092/10

AUTHORISED SHARE CAPITAL

R14 divided into 14 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R14

AUDITORS

ERNST & YOUNG INC

Business Address: Ernst & Young House, 35 Lower Long Street, Cape Town, 8001

Postal Address: P O Box 656, Cape Town, 8000

YEAR END

JUNE

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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.