MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	REAL GOLD WHOLESALERS CC

Registered Office :	No 2 Millwood estate, Petunia Road, BRYANSTON, 2074

Country :	South Africa

Date of Incorporation :	29.05.2002

Com. Reg. No.:	B2002/039088/23

Legal Form :	Closed Corporation

Line of Business :	Wholesale trade in precious stones, jewellery and silverware

No. of Employees :	Not Available

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 :	Unknown

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. 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	REAL GOLD WHOLESALERS CC
Country	South Africa
Subject Contact Person	MICHAELS ERIKSEN-MANAGING MEMBER
Assessment	This is an established business. On investigation contact was made with MICHAELS ERIKSEN the managing member who requested the questionnaire for completion, he however stated that he could only assist with the questionnaire on the 2013-08-19. Please see the available information on the subject below.

Auditors Information

Company Registered Name	MALHERBE LOURENS
Trading Name	Unavailable
Registration Number	Unavailable
Physical Address	Unavailable
Postal Address	P 0 BOX 4590, RANDBURG, 2125
Contact Person	Unavailable
Contact Number	Unavailable
Email	Unavailable
Principals
Judgements Against Subject	Unavailable
Judgements Against Principals	Unavailable
Subject Verified as Client	No
Practice Number	955361
VAT Number	Unavailable
Tax Number	Unavailable
BEE Status	Unavailable
Financial Year End	Unavailable
No of years in Business	Unavailable
Website	Unavailable
Comment

Previous Auditors Information - No Information on Record

Tax Information

Vat Number	4830214484
Status	ACTIVE
Vat Liable Date	2004/05/01
Tax Number	9382255140
Tax Clearance Expire Date
Financial Year End	February
Comment

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

Work Mans Information - No Information on Record

Company Structure

Subsidiaries Information - No Information on Record

Employees Information - No Information on Record

Company Fleet Information - No Information on Record

Offices Information Branch Information

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	Managing Member	MICHAELS ERIKSEN MILLER

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100 % - MICHAELS ERIKSEN MILLER	REAL GOLD WHOLESALERS CC

Key Deals - No Information on Record

Trade References Information - No Information on Record

Adverse Information on Subject

Judgements - No Information on Record

BusinessResuce - No Information on Record

Default Listing - No Information on Record

Notarial Bonds - No Information on Record

Deeds Information

Property Interests for CompanyREAL GOLD WHOLESALERS CC

Title Deed No.	ST81000/2010	Erf/Site No.	5604,0
Deeds Office	PRETORIA	Physical Address	BRYANSTON SANDTON
Property Type	Sectional Title	Extent / Size	102.0SQM
Purchase Date	2010/03/03	Purchase price
% Ownership	0.00	Bond Holder	NEDBANK LTD
Bond Number	SB532442010	Bond Amount
Comment

Principals

Number of Principals	1
Average Age of Active Principals	53
Active Principals Principal - 1of 1 MICHAELS MILLER
Surname	MILLER
First Name	MICHAELS
Other Names	ERIKSEN
Marital Status
ID Number	6003305098087
Verified ID Number	Yes
Current Age	53 Years 5 Months
Designation	Managing Member
Status	Active
Appointment Date	2002/05/29
Physical Address (at time of Appointment)	26 WINCHESTER ROAD, BRYANSTON, 2021
Postal Address	P 0 BOX 130476, BRYANSTON, 2021
Current Tel Number	0115401800
Cell number	0823388853
Shareholding/Membership	100%

Principal's Adverse - No information on record

Business Information forMICHAELS MILLER

Principal's Current Business Interests - No information on record

Principal's Deeds Information - No information on record

Principal Previous Business Interests

Average Age of Previous Business 13 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
BLACK STAG PROPERTIES CC	B1990/026694/23	Deregistration Final	23 Years 11 Months	0	No
CHARPROP 187 CC	B2001/060483/23	Deregistration Final		0	No
CHARPROP 216 CC	B2002/017703/23	In Business	11 Years 11 Months	0	No
DOUGLASDALE RESIDENTS ASSOCIATION	M1990/004946/08	In Business	23 Years 11 Months	0	No
LOT 82 TINLEY MANOR CC	B1998/031944/23	Deregistration Final	15 Years 3 Months	0	No
REAL GOLD WHOLESALERS CC	B2002/039088/23	In Business	11 Years 11 Months	0	No

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds. It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C. India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

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	REAL GOLD WHOLESALERS CC
Trading as/ Division Name	REAL GOLD WHOLESALERS
Previous Name	None
Date of Name Change	None
Registration Number	B2002/039088/23
Registration Date	2002/05/29
Date Commenced Trading	2002-05-29
Age of Business	11 Years 3 Months
History of Business	REAL GOLD WHOLESALERS CC commenced trading as a new business in 2002.
History of Principals	There is currently 1 active member within the business.
Shareholders/Members/Partners of subject and % holding	100 % - MICHAELS ERIKSEN MILLER
Authorised Share Capital	R0.00
Issued Share Capital/Members Contribution	R0.00
Status	In Business
Operations Assessment	The subject wholesales Diamonds, Gold, Silver and Plated jewelry
Industry/ Customers	The general public and retailers
Export	Unknown
Import	Unknown
Major Industry Code / SICC	61393
Definition of Code	Wholesale trade in precious stones, jewellery and silverware
Head Office Physical Address	No 2 Millwood estate, Petunia Road, BRYANSTON, 2074
Head Office Postal Address	PO Box 130476, BRYANSTON, 2074
Current Tel Number	0114638154
Cell Number	Unavailable
Current Fax Number	0865470647
Current Email Address	admin@realgold.co.za
Web Site Address	www.realgold.co.za
Comments