MIRA INFORM REPORT

Report Date :

28.05.2011

IDENTIFICATION DETAILS

Name :	METAFORGE CC

Registered Office :	19 Cnr Voortrekker & Kruger Road, Elsburg, Germiston, Gauteng

Country :	South Africa

Date of Incorporation :	29.03.2005

Com. Reg. No.:	2005/036076/23

Legal Form :	Closed Corporation

Line of Business :	Importers and distributors of automotive 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

METAFORGE CC

PHYSICAL ADDRESS

19 Cnr Voortrekker & Kruger Road

Elsburg

Germiston

Gauteng

Postal Address

P O Box 9178

Elsburg

1407

Telephone Number: 086 171 8191

Fax Number: 086 681 9526

MEMBERS

51% G M BROTHERS ID No. 7510035257089

49% W C HING ID No. 7601055199085

ASSOCIATE COMPANIES

G B AXLES AND ASSOCIATES CC (property owning company)

(Registration Certificate Number: 2000/070620/23), in which both the Members are involved.

METAFORGE TRAILER PARTS (PTY) LTD

(Registration Certificate Number: 2011/005541/07)

METAFORGE INVESTMENTS CC

(Registration Certificate Number: 2008/212597/23)

BANKERS

NEDBANK CORPORATE, Johannesburg branch. It was stated that the subject enjoys overdraft facilities to an extent of R7 000 000, secured by the personal guarantees of the members. Utilisation is stated to be partial.

DATE REGISTERED

29 March 2005

Registration Certificate Number: 2005/036076/23

VAT NUMBER

4520218779

TAX NUMBER

9223911158

MAJOR OPERATION

Importers and distributors of automotive parts

MAJOR SUPPLIERS

The subject imports 90% of its supplies from Europe and deals locally with:

PREMIER FREIGHT

MAXIPREST

BURQUIP INTERNATIONAL

TRIDENT STEEL

MAJOR CUSTOMERS OR BUSINESS SECTORS

Various industries

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

It was stated by the respondent that they supply Zimbabwe, Botswana, Mozambique and Lesotho. However, the client’s collect the products themselves.

TOTAL EMPLOYEES

±40

OTHER PREMISES

The subject has branches in Durban and Cape Town

OWNED OR LEASED

The premises are reported to be leased.

MEMBERS CONTRIBUTION

R100

Full financial information was not forthcoming from the respondents and it was requested that an e-mail questionnaire be forwarded, to which they will respond. We await a reply. Nevertheless, the following estimated financial situation was submitted as at October 2009:

STOCK R20 000 000

DEBTORS R12 000 000 – R15 000 000

CREDITORS R10 000 000

LOANS Nil

TURNOVER per annum R60 000 000

AUDITORS

AIPA CHARTERED ACCOUNTANTS SA, Glenhazel

Tel No. 011 887 8593

YEAR END

FEBRUARY

INSURANCE BROKERS

THOR INSURANCE BROKERS

TRADE REFERENCES – APRIL 2008

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 2 years+ R1 000 000 R1 000 000 30 days 30 days Very Good

2. June 2006 R1 300 000 R 50 000 - 30 days 30 days Very Good

c/l R 500 000

TRADE REFERENCES – SEPTEMBER 2008

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 3 years R1 000 000 R1 000 000 7 days 7 days Very good

2. June 2006 R1 300 000 R 64 000 30 days 30 days Very good

c/l varies

TRADE REFERENCES – OCTOBER 2009

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2006 R1 300 000 R 50 000- 30 days 30 days Very Good

c/l R100 000

2. 4 years R1 500 000 R650 000- 30 days 30/36 days Very Good

R750 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Nov 2010 R3 000 000 R1 000 000- 30 days 30 days Very Good

c/l R1 500 000

2. Do not give trade references

3. Jan 2006 R280 000 R154 000- 30 days 30 days Very Good

c/l R200 000 EFT

4. June 2006 R30 000 R 4 000- 30 days 30 days Very Good

c/l R30 000

COMMENTS

This is an established business meeting its local commitments timeously. The subject is considered equal to its normal business engagements and to a figure of US$150 000 DA. The lack of updated financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.74.31
Euro	1	Rs.64.40

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.