MIRA INFORM REPORT

Report Date :

15.03.2011

IDENTIFICATION DETAILS

Correct Name :	NDWALEZI TRADING 26 CC

Registered Office :	48 Lilian Road, Fordsburg, Johannesburg, Gauteng

Country :	South Africa

Date of Incorporation :	05.02.2008

Com. Reg. No.:	2008/023169/23

Legal Form :	Closed Corporation

Line of Business :	Importers and distributors of textiles

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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

NDWALEZI TRADING 26 CC

PHYSICAL ADDRESS

48 Lilian Road

Fordsburg

Johannesburg

Gauteng

POSTAL ADDRESS

P O Box 42755

Fordsburg

2033

Telephone Number: 011 492 1689

Fax Number: 011 492 1707

Cell Number: 082 374 3050 (A K Gani)

It should be noted that the telephone number of 011 486 2983 is the home number for the member, A K GANI.

MEMBERS

100% A K GANI ID No. 6707105192086

ASSOCIATE COMPANIES

· AKSTEX AFRICA CC

· GOLDEN BAY PROPERTIES CC

BANKERS

HABIB OVERSEAS BANK, Account Number: 1122-3607887/0001. It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the bank.

DATE REGISTERED

5 February 2008

Registration Certificate Number: 2008/023169/23

A current CIPRO search revealed that the subject is in the deregistration process due to annual return non-compliance.

It should be noted that when a company is deregistered in South Africa, the members, become personally liable for all the outstanding liabilities and the assets of the company ostensibly become the property of the state. CIPRO is currently enforcing the submission of annual returns and has placed many companies into the deregistration process.

VAT NUMBER

4880244423

MAJOR OPERATION

Importers and distributors of textiles

MAJOR SUPPLIERS

· CAPITAL WORLD TRADING, Shanghai

· TOP TRADE INTERNATIONAL, Hong Kong

MAJOR CUSTOMERS OR BUSINESS SECTORS

· Textile wholesalers and retailers

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Swaziland, Botswana, Namibia and Lesotho

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

Not Stated

MEMBERS CONTRIBUTION

R100

Full financial information was not forthcoming from respondents at the subject, however, it was stated that Stock is R2 000 000 and Debtors R500 000.

AUDITORS

M MOOSA

YEAR END

FEBRUARY

INSURANCE BROKERS

NONE

TRADE REFERENCES

NOT APPLICABLE

COMMENTS

This is a comparatively established business that is not a general credit seeker locally. The subject imports all of its supplies. In view of the lack of full information on the subject, it is suggested that all dealings be on a letter of credit basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.15
UK Pound	1	Rs.72.59
Euro	1	Rs.62.95

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.