MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	GEM SCHOOLWEAR (PTY)LTD

Registered Office :	Gem house, 17 Churchill Road, Stamfordhill, Durban

Country :	South Africa

Date of Incorporation :	27.11.1989

Legal Form :	Private Company

Line of Business :	Manufacturers, Wholesalers and Retailers of School-wear, Sportswear and Corporate-wear.

No. of Employees :	100

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. State power supplier Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces 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	GEM SCHOOLWEAR (PTY)LTD
Country	South Africa
Subject Contact Person	YUSUF PANDOR - Director
Assessment	This is an established business. On investigation contact was made with MR. YUSUF PANDOR who requested a questionnaire to be sent to him for completion. We have followed up on the questionnaire on numerous occasions. He however requested more time to complete the questionnaire. Information provided by CIPC indicates that there are only 2 active directors, however on contact with the company YUSUF PANDOR stated that he was a director. Please see the available information on the subject below.

Auditors Information

Company Registered Name	PRICE WATERHOUSECOOPERS INC
Trading Name	PWC
Registration Number	1998/012055/21
Physical Address	2 EGLIN ROAD, SUNNINGHILL, 2157
Postal Address	PRIVATE BAG X36, SUNNINGHILL, 2157
Contact Person	VERA BOETES
Contact Number	0117974000
Email	vera.boetes@za.pwc.com
Principals	248
Judgements Against Subject	None On Record
Judgements Against Principals	None On Record
Subject Verified as Client	Yes
Practice Number	3230
VAT Number	4950174682
Tax Number	9343032844
BEE Status	Unavailable
Financial Year End	June
No of years in Business	15 Years
Website	www.pwc.co.za
Comment

Previous Auditors Information - No Information on Record

Tax Information

Vat Number	4840117560
Status	ACTIVE
Vat Liable Date	1991/09/30
Tax Number	9104118204
Tax Clearance Expire Date
Financial Year End	June
Comment

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

Workman's Compensation

Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Subsidiaries Information - No Information on Record

Employees
Number of Employees	100
1. Salaried employees	100
2. Waged employees
3. Permanent employees	100
4. Casual employees
5. Contracted employees
Comment	The staff breakdown consist of staff throughout the 3 company. During peak times the company would consist of over 280 employees excluding employees situated at either of the company's 8 factories. A further breakdown was not made available.
Company Fleet
Company Fleet	No of vehicles:	Ownerd/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of
Comment	There are vehicles registered in the name of the company - Further information was declined.

Offices Information - No Information on Record

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level Position Name Comment

1 Director AHMED MOOSA PANDOR

1 Director IDRIS PANDOR

1 Director YUSUF PANDOR

Company Structure Information - No Information on Record

Note: One level up and all levels down

Key Deals - No Information on Record

Trade References Information - No Information on Record

Adverse Information on Subject

Judgements - No information on record

BusinessRescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

Bank Information - No information on record

Bank Code History - No information on record

Previous Bank Account Information - No information on record

Deeds Information - No information on record

Principals

Number of Principals	3
Average Age of Active Principals	66
Active Principals Principal - 1of 2 IDRIS PANDOR
Surname	PANDOR
First Name	IDRIS
Other Names	None
Marital Status
ID Number	5908075126085
Verified ID Number	Yes
Current Age	54 Years
Designation	Director
Status	Active
Appointment Date	1996/07/17
Physical Address (at time of Appointment)	88 STANTON STREET, RESERVOIR HILLS, 4091
Postal Address	385 PINE STREET, DURBAN, 4001
Current Tel Number	0313060327
Cell number	0837881261
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information forlDRIS PANDOR

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
DAVENSPORTS CC	B2000/056819/23	In Business	13 Years 1 Months	0	No
GEM SCHOOLWEAR (PTY) LTD	M1989/007010/07	In Business	0	2 years	No
LITTLE GEM SCHOOLWEAR CC	B1995/029651/23	In Business	18 Years 6 Months	0	No
SAVPINE PROPERTIES CC	B1995/007100/23	In Business	18 Years 6 Months	0	No
SCHOOL GEAR CC	B1986/020304/23	In Business	27 Years 3 Months	0	No
ZAHIL INVESTMENTS (PTY) LTD	M1986/001181/07	In Business	27 Years 3 Months	0	No

Principal Previous Business Interests

Principal's Deeds Information - No information on record

Average Age of Previous Business

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment

Principal - 2of 2 AHMED PANDOR
Surname	PANDOR
First Name	AHMED
Other Names	MOOSA
Marital Status
ID Number	3509025053080
Verified ID Number	Yes
Current Age	77 Years 11 Months
Designation	Director
Status	Active
Appointment Date	1989/11/27
Physical Address (at time of Appointment)	88 STANTON STREET, RESERVIOR HILLS, 4091
Postal Address	385 PINE STREET, DURBAN, 4001
Current Tel Number	0313060327
Cell number	0832043869
Shareholding/Membership	0.00
Report Extracted on: 08-08-2013 07:05:28	Page 9 of 10 pages

Principal's Adverse - No information on record

Business Information forAHMED PANDOR

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
GEM SCHOOLWEAR (PTY) LTD	M1989/007010/07	In Business	0	0	No
LITTLE GEM SCHOOLWEAR CC	B1995/029651/23	In Business	18 Years 6 Months	0	No
SAVPINE PROPERTIES CC	B1995/007100/23	In Business	18 Years 6 Months	0	No
SCHOOL GEAR CC	B1986/020304/23	In Business	27 Years 3 Months	0	No
ZAHIL INVESTMENTS (PTY) LTD	M1986/001181/07	In Business	27 Years 3 Months	0	No

Principal's Deeds Information - No information on record

Principal Previous Business Interests

Average Age of Previous Business 36 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
GEM WHOLESALERS (PTY) LTD	M1957/001762/07	Conversion CO/CC orCC/CO	52 Years 8 Months	0	No
JOMARK SALES CC	B1992/021746/23	In Business	21 Years 9 Months	0	No

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

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	GEM SCHOOLWEAR (PTY)LTD
Trading as/ Division Name	GEM SCHOOLWEAR
Previous Name	None
Date of Name Change	None
Registration Number	M1989/007010/07
Registration Date	1989/11/27
Date Commenced Trading	1989-11-27
Age of Business	23 Years 9 Months
History of Business	GEM SCHOOLWEAR (PTY)LTD commenced trading as a new business in 1989
History of Principals	There are currently 3 active directors within the company.
Shareholders/Members/Partners of subject and % holding	Unavailable
Authorised Share Capital	R0.00
Issued Share Capital/Members Contribution	R0.00
Status	In Business
Operations Assessment	Manufacturers, Wholesalers and Retailers of School-wear, Sportswear and Corporate-wear.
Industry/ Customers	The general public and businesses
Export	Unknown
Import	Unknown
Major Industry Code / SICC	61310
Definition of Code	Wholesale trade in textiles, clothing and footwear
Head Office Physical Address	Gem house, 17 Churchill Road, STAMFORDHILL, DURBAN
Head Office Postal Address	P O BOX 1049, DURBAN, 4000
Current Tel Number	0313037867
Cell Number	Unavailable
Current Fax Number	0313125806
Current Email Address	gem@gemsc hoolwear. co. za
Web Site Address	Unavailable