MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	ALLPARTS (PTY) LTD

Registered Office :	103 Smith Street, Durban, Kwa-Zulu Natal

Country :	South Africa

Date of Incorporation :	01.10.1982

Com. Reg. No.:	1982/009166/07

Legal Form :	Private company

Line of Business :	Wholesalers of auto parts

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 :	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

NotE:

Bottom of Form

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

COMPANY NAME

ALLPARTS (PTY) LTD

PHYSICAL ADDRESS

103 Smith Street

Durban

Kwa-Zulu Natal

POSTAL ADDRESS

P O Box 4444

Durban

4000

Telephone Number: 031 334 4444

Fax Number: 031 332 8664

SHAREHOLDERS

100% SOUTH AFRICAN MOTOR PARTS COMPANY (PTY) LTD in which C NAIDOO is a Shareholder and Director

ASSOCIATE COMPANIES

· ALLPARTS (CAPE) (PTY) LTD

· ALLPARTS (JHB) (PTY) LTD

· ALLPARTS BLOEM (PTY) LTD (dormant)

· AUTOSPARES CENTRE (PTY) LTD

· TRUPART (PTY) LTD

DIRECTORS

C NAIDOO ID No. 4510015085057

BANKERS

FIRST NATIONAL BANK, Durban Main Branch. It was stated that the subject enjoys overdraft facilities, secured by various securities. Utilisation is stated to fluctuate.

DATE REGISTERED

1 October 1982

Registration Certificate Number: 1982/009166/07

VAT NUMBER

4020102440

MAJOR OPERATION

Wholesalers of auto parts

MAJOR SUPPLIERS

· GUD FILTERS Durban

· CONTROL INSTRUMENTS Johannesburg

· FEDERAL MOGUL

· SAFELINE Durban

· HUDACO BRAKE & CLUTCH Durban

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retailers

AREA OF DISTRIBUTION AND SELLING

Kwa-Zulu Natal

EXPORTS

Mozambique, Swaziland and Mauritius

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

Leased

Full financial information was not forthcoming from respondents at the subject, however, it was previously stated that the annual turnover is R80 million to R90 million.

AUDITORS

GCABASHE INC

YEAR END

FEBRUARY

INSURANCE BROKERS

SNIB BROKERS, Durban

TRADE REFERENCES – OCTOBER 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 1993 declined declined 30 days 30 days Good

2. Do not give trade references

3. Old acc R2 500 000 R170 000 - 30 days 30 days Very good

c/l R180 000

4. 5 yrs R 800 000 R100 000 - 30 days 30 days Very good

c/l R200 000 2.5% 2.5%

5. 5 yrs R1 000 000 R 62 000 - 30 days 30 days Good

c/l R178 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 1993 undisclosed R1 000 000+ 30 days 30 days Very Good

2. 10+ years R2 200 000 R1 000 000+ 30 days 30 days Very Good

c/l

3. 5+ years undisclosed R200 000± 30 days 30 days Very Good

COMMENTS

This is an established business which forms part of a group. The subject is meeting its commitments timeously. However, we have not traced dealings to an extent of US$1 000 000 DA terms and would prefer to see such dealings on a spread basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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.