MIRA INFORM REPORT

Report Date :

15.12.2012

IDENTIFICATION DETAILS

Name :	GRENDHOUT CC

Registered Office :	Po Box 40326, Walmer, Port Elizabeth, 6065

Country :	South Africa

Date of Incorporation :	16.02.2006

Reg. No.:	B2006/024639/23

Legal Form :	Closed Corporation

Line of Business :	Retail trade in household furniture appliances, articles and equipment

No. of Employees :	19

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Africa

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

South Africa - ECONOMIC OVERVIEW

south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

Subject Name	GRENDHOUT CC
Country	South Africa
Subject Contact Person	HEINZ GREEFF - Member
Assessment	This is a well-established family business. On investigation contact was made with the member MR. HEINZ GREEFF who assisted with the information. According to CI PC there are no active members of the subject, the spokesperson has mentioned that the company's management structure has changed. MR. HEINZ GREEFF has promised to forward us the latest CK document, to date we have not received the documentation. The subject is meeting its commitments timeously. No adverse information was revealed during the investigation. Please see the available information for the subject below.

Auditor Information

Company Registered Name	LOUIS MUNRO & ASSOCIATES CC
Trading Name	LOUIS MUNRO
Registration Number	2006/221021/23
Physical Address	62 UPPER HILL STREET, CENTRAL, PORT ELIZABETH, 6001
Postal Address	P O BOX 28302, SUNRIDGE PARK, PORT ELIZABETH, 6008
Contact Person
Contact Number	0415821804
Email	HENDRIK@MUNROCA.CO.ZA
Principals	1
Judgements Against Subject	No information on file
Judgements Against Principals	No information on file
Subject Verified as Client	Yes
Practice Number	05056262
VAT Number	4550234514
Tax Number	9267346170
BEE Status
Financial Year End	November
No of years in Business	4
Website	www.munroca.co.za
Comment

Previous Auditor

Company Name	Phone Number	Time with previous auditors	Comment
B.G.B.SMIT		Unknown
FRANCIS REED AND CO			P O BOX 27477, GREENACRES, PORT ELIZABETH, 6057

Tax Information

Vat Number	4030230447
Status	ACTIVE
Vat Liable Date	2006/09/01
Tax Number	9385906152
Tax Clearance Expire Date
Financial Year End	December
Comment
Black Economic Empowerment
Status	No
Score
Expire Date
BEE Certificate Available	No
Comment
ISO Status
Type of ISO Grade	NONE
ISO Certificate
ISO Certificate Available
Certified by an Accredited Agent
Comment
Workman's compensation
Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Subsidiaries Information - No Information on Record

Employees
Number of Employees	19
1. Salaried employees	19
2. Waged employees
3. Permanent employees
4. Casual employees
5. Contracted employees
Comment
Company Fleet
Company Fleet	No of vehicles:	Ownerd/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of
Comment	According to the spokesperson, there are many vehicles registered in the name of the subject

Offices

Offices	Offices
Head Office Owned/ Rented	Leased
Rental Company
Owned by
Value
Bond
Bank
Lease Agreement	Annual Lease Agreement
Lease Expire Date
Type of Premises	Warehouse
Comment

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	MEMBER	HEINZ GREEFF

2	MEMBER	WERNER GREEFF

Company Structure Information - No Information on Record

Note: One level up and all levels down

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	VITAFOAM	0413743126	R0.00	0
2	ROHLIG GRINDROD	0415816000	R0.00	0
3	EWC	0113831500	R0.00	0

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	5 YEARS			30 DAYS		30 DAYS	GOOD ACCOUNT,FIGURES ARE CONSIDERED CONIDENTIAL, HOWEVER CONSIDERED GOOD FOR R100000 OVER 30 DAYS
2	1 YEAR AND 7 MONTHS	R 2000000.00	R 750000	60 DAYS	R 500000	60 DAYS	EXCELLENT ACCOUNT
3	5 MONTHS	R100000.00	R100000	30 DAYS	R 60000	30 DAYS	GOOD ACCOUNT

Adverse Information on Subject

Judgements

Judgements	0
Possible Judgements	0
Civil Court	0
RDs	0
Comment	No Information on Record

BusinessRescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

Bank information

Bank	STANDARD BANK
Branch	Port Elizabeth
Brach Code	051001
Bank Account Number	080119611
Type of Account	CHEQUE ACCOUNT
Account Name	GRENDHOUT CC
Overdraft Facilities	The subject has an overdraft faciltity of R 1 000 000 secured by personal gaurantee
Bank Code	C
Bank Comment	The subject's bankers consider them good for all business normal engagements.

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

Financial information

Financial Estimates

CURRENT ASSETS
Stock
Debtors
FIXED ASSETS
Plant, Equipment, Vehicles
Property
CURRENT LIABILITIES
Creditors
Loans/ From?
Loan Details
LONG TERM LIABILITIES
Morgage Bonds
Previous Year Turnover
Estimated Current Year Turnover
Current Turnover per month
Current Turnover per annum	R12000000.00
Comment

Please note the following:
Turnover and assets less than R 1,000,000.00	The subject falls within the National Credit Act
Turnover and assets less than R 2,000,000.00	The subject falls within the Consumer Protection Act

Principals

Number of Principals	0
Average Age of Active Principals	0
Active Principals Principal - 1of 2 HEINZ GREEFF
Surname	GREEFF
First Name	HEINZ
Other Names	NONE
Marital Status	Married
ID Number	8204225081082
Verified ID Number	Yes
Current Age	30
Designation	MEMBER
Status	Active
Appointment Date	2009/08/10
Physical Address (at time of Appointment)	201 HUNTER PARK, PRK DRIVE, PORTELIZABETH, 6001
Postal Address	P 0 BOX 40326, WALMER, PORT ELIZABETH,6070
Current Tel Number	0415810150
Cell number	0835544271
Shareholding/Membership	50%

Business Information forHEINZ GREEFF

Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

Principal - 2of 2 WERNER GREEFF
Surname	GREEFF
First Name	WERNER
Other Names	NONE
Marital Status	Married
ID Number	7905165111082
Verified ID Number	Yes
Current Age	33
Designation	MEMBER
Status	Active
Appointment Date
Physical Address (at time of Appointment)	10 VOSGES ST, LORRAINE, PORT ELIZABETH,6070
Postal Address	P 0 BOX 40326, WALMER, PORT ELIZABETH,6065
Current Tel Number	0415810020
Cell number
Shareholding/Membership	50%

Business Information forHEINZ GREEFF

Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

INFORMATION DETAILS

Report Prepared by :

SDA

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.

Registered Name	GRENDHOUT CC
Trading as/ Division Name	WHECO GROUP
Previous Name	NGATIA TRADING 189 CC
Date of Name Change	Jun 27 2006
Registration Number	B2006/024639/23
Registration Date	2006/02/16
Date Commenced Trading	FEBRUARY 2006
Age of Business	6 Years 10 Months
History of Business	GRENDHOUT CC trading as WHECO GROUP was registered as a shelf company styled NGATIA TRADING 189 CC in February 2006 and underwent a name change in June 2006 to the current name. In 2012 at an undisclosed date the company underwent a management reshuffle and retained the current two members of the subject.
History of Principals	The members have been with the subject for a number of years
Shareholders/Members/Partners of subject and % holding	50 % - WERNER GREEFF, 50 % - HEINZ GREEFF
Authorised Share Capital	R 100.00
Issued Share Capital/Members Contribution	R0.00
Status	In Business
Operations Assessment	The concern is involved in importing and retailing of furniture and toys under the brand names "LITTLE DREAMERS" and "FOOTZIES"
Industry/ Customers	Retailers and Public sector
Major Industry Code / SICC	62330
Definition of Code	Retail trade in household furniture appliances, articles and equipment
Head Office Physical Address	SHOWROOM ADDRESS : Cielo Lifestyle, MOFFET ON MAIN, Corner of 17th Avenue and Main Road, Walmer, Port Elizabeth, 6070 WAREHOUSE ADRESS : 14 Uitenhage Road, Sydenham, PORT ELIZABETH
Head Office Postal Address	PO BOX 40326, WALMER, PORT ELIZABETH, 6065
Current Tel Number	0861000506 / 0414844678
Cell Number	0835544271
Current Fax Number	0866487999
Current Email Address	i nf o@wheco. co. za
Web Site Address
Comments	UNIT-1, Willow Road, Business Park Fair View, PORT ELIZABETH, 6070 was the previous address of the concerns warehouse