MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	RELIABLE PRODUCE AND PROVISIONS (PTY) LTD

Registered Office :	10 Pine Avenue, Fordsburg, Johannesburg, Gauteng

Country :	South Africa

Date of Incorporation :	24.08.1961

Com. Reg. No.:	1961/001013/07

Legal Form :	Private Company

Line of Business :	Importers and exporters of grains, pulses, spices and dried foods as well as millers and packers of dried products

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

South Africa

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

Bottom of Form

Note:

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by officials of the subject):

COMPANY NAME

RELIABLE PRODUCE AND PROVISIONS (PTY) LTD

PHYSICAL ADDRESS

10 Pine Avenue

Fordsburg

Johannesburg

Gauteng

POSTAL ADDRESs

P O Box 42448

Fordsburg

2033

Telephone Number: 011 836 6816

011 838 6035

Fax Number: 011 834 0990

Shareholders

The shares are held 100% in the estate of the late S M DAYA, who passed away in 2004, and in which R A DAYA is an executor.

ASSOCIATE COMPANIES

RELIABLE TRUCKING (PTY) LTD

ERF 609 MAYFAIR CC – property owning

NUSTAEEN INVESTMENT (PTY) LTD

DIRECTORS

R A DAYA ID No 6904245121089

O S DAYA ID No 7401165092084

BANKERS

FIRST NATIONAL BANK, Corporate Johannesburg branch.

It was stated that the subject enjoys overdraft facilities to an extent of R700 000, secured by a cession of debtors. Utilisation of the overdraft is stated to fluctuate.

The respondent stated that the subject also banks with ALBARAKA BANK, Corporate branch, Fordsburg.

It was stated that the subject does not require overdraft facilities as credit balances are normally maintained at the above mentioned bank.

DATE REGISTERED

24 August 1961

Registration Certificate Number: 1961/001013/07

It was stated that the business was originally started by S M DAYA and he was later joined by his son.

VAT NUMBER

4530117748

TAX NUMBER

9505042847

MAJOR OPERATION

Importers and exporters of grains, pulses, spices and dried foods as well as millers and packers of dried products.

MAJOR SUPPLIERS

The subject imports from Dubai, Australia, India and Sri Lanka and deals with the following South African suppliers:

· ELANGENI OIL AND SOAP Durban

· A Q HOLDINGS

· A H KHAN WHOLESALERS

· FLAVOUR CRAFT Durban

· ZEENURAIN

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retailers and wholesalers

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

African countries such as Botswana, Zimbabwe, Zambia and Namibia

TOTAL EMPLOYEES

35 permanent employees

OTHER PREMISES

None

OWNED OR LEASED

The heading premises are reported to be owned by NUSTAEEN INVESTMENTS (PTY) LTD, free of bond.

The following estimated financial situation was submitted as at 20 May 2011:

STOCK R4 000 000

DEBTORS - up to 30 and 60 days R5 000 000 – R6 000 000

CREDITORS R4 000 000 – R5 000 000

LOANS Nil

TURNOVER - per month R4 000 000

AUDITORS

KAROLIA JEENA INCORPORATE

YEAR END

FEBRUARY

INSURANCE BROKERS

INSURED SOLUTIONS

TRADE REFERENCES – JANUARY 2007

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 5 yrs R3 000 000 R1 000 000 - 30 days 30 days Good

R3 000 000

2. 3 yrs R1 000 000 R1 000 000 90 days 90 days Good

by arrangement

3. 2000 R80 000 R40 000 30 days 30 days Very good

CURRENT TRADE REFERENCES

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 2004 R800 000 R500 000 - 30 days 30 days Very good

open R800 000

2. Unable to get trade reference

3. 2000 R200 000 R100 000 30 days 30 days Good

CGIC ins

4. Awaiting a fax trade reference

5. Awaiting a fax trade reference

COMMENTS

This is an established company meeting its obtainable commitments timeously. The subject is considered equal to US$1 000 000 over 180 days.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.25
UK Pound	1	Rs.72.82
Euro	1	Rs.63.58

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.