MIRA INFORM REPORT

Report Date :

31.12.2012

IDENTIFICATION DETAILS

Name :	COMPOPAK DISTRIBUTORS (PTY) LTD
Registered Office :	5-7 Kyalami Road Westmead Pinetown 3610 Kwa-Zulu Natal
Country :	South Africa
Date of Incorporation :	15.10.2007
Com. Reg. No.:	2007/029636/07
Legal Form :	Limited Corporation
Line of Business :	Distributors of fasteners, cable fittings and related products
No. of Employees :	60 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A2	A2

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 Unemployment remains high and outdated infrastructure has constrained growth.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'S NAME

Registered Name: COMPOPAK DISTRIBUTORS (PTY) LTD

Requested Name: COMPOPAK DISTRIBUTORS (PTY) LTD

Other Names: None

ADDRESS AND TELECOMMUNICATION

Physical Address: 5-7 Kyalami Road Westmead Pinetown 3610 Kwa-Zulu Natal, S Africa

Postal Address: P. o. Box 10484,

Ashwood 36055 Kyalami Road, Westmead, Durban, Kwa Zulu Natal,

Country: South Africa

Phone: 27-31-7001234

Fax: 27-31-7057612/7008103

Email: dbnsales@compopak.co.za/ sales@compopak.co.za

Website: www.compopak.co.za

CREDIT OPINION

Financial Index as of December 2011 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

LEGAL

Legal Form: Limited Corporation 

Date Incorporated: 15-Oct-2007

Reg. Number: 2007/029636/07

Tax Number: 9585876155

Nominal Capital ZAR. 1,000

Subscribed Capital ZAR. 1,000

Subscribed Capital is Subscribed in the following form:

Position Shares

Mr. Hendrik Johannes Byrd MD

Mr. Grant Kenneth Vacy Lyle Director

Mr. Craig Ian Munro Director

DIRECTORS INFORMATION

Full Names HENDRIK JOHANNES BYRD

Status Active

Date of Birth 02/08/1973

ID / Passport No. 7308025295080

Residential Address 13 Pebble Beach Close Wingate Golf Estate Benfleur St. Pretoria0153

Postal Address P.o. Box 372 Westville 3630

Profession Managing Director

Country of residence South Africa

Full Names GRANT KENNETH VACY LYLE

Status Active

Date of Birth 7/02/1960

ID / Passport No. 6002175102086

Residential Address 40 Virginia boulevard Augusta Hillcrest 3610

Postal Address P.o. Box 372 Westville 3630

Profession Director

Country of residence South Africa

Full Names CRAIG IAN MUNRO

Status Active

Date of Birth 08/08/1972

ID / Passport No. 7210085115085

Residential Address 59 Woodside Ave Cowies Hill3610

Postal Address P.o. Box 372 Westville 3630

Profession Director

Country of residence South Africa

RELATED COMPANIES

None Parent company.

None Subsidiary company.

None Affiliated company.

None Shareholder of subject firm.

Johannesburg in South Africa Branches of the firm

OPERATIONS

Registered to operate as Distributors of fasteners, cable fittings and related products

Imports: Asia, Europe

Exports: None

Trademarks: None

Terms of sale: Cash (30%) and 25-90 days (70%), invoices.

Main Customers: Local agencies , hardware stores, outlets firms and organizations  

Employees: 60 employees.

Vehicles: Several motor vehicles.

Territory of sales: South Africa

Owned Rented premises, 2,500 square feet,

AUDITORS AND INSURANCE

Auditors: RSM BETTY & DICKSON (DURBAN)

Insurance Brokers: Information not available.

FINANCE

Currency Reported: South African Rand (ZAR.)

Approx. Ex. Rate: 1 US Dollar = 8.55 South African Rand

Fiscal Year End: December 31, 2011

Inflation: According to information given by independent sources, the inflation at December 31st, 2011 was of 13%.

Financial Information not Submitted

Profit and Loss (expressed in ZAR.)

2011

Sales 62,700,000

BANK

Bank Name: FIRST NATIONAL BANK

Branch: South Africa

Comments: None

TRADE REFERENCES

Experiences: Good

NOTARIAL BONDS

None

COMMENTS / ADDITIONAL INFORMATION

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.85
UK Pound	1	Rs.88.39
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

PRL

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.