MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	SPECIALISED EDIBLE OILS AND FATS (PTY)LTD

Registered Office :	8 Chesterfield Road, Willowton Industrial, Pietermeritzburg, Kwazulu Natal

Country :	South Africa

Date of Incorporation :	12.09.1980

Com. Reg. No.:	M1980/008166/07

Legal Form :	Private Company

Line of Business :	The subject imports and packages rice it also opperates as a logistics company.

No. of Employees :	40

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 :	Usually Correct
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

Summary

Subject Name	SPECIALISED EDIBLE OILS AND FATS (PTY)LTD
Country	South Africa
Subject Contact Person	AROONA NAIDOO - Accountant
Assessment	This is a well-established business. On investigation contact was made with the accountant MRS. AROONA NAIDOO who assisted with all of the required information. The subject is meeting commitments timeously with suppliers. Please see the available information on the subject below.

Auditors Information

Company Registered Name	SULTAN AND ASSOCIATES
Trading Name	SULTAN AND ASSOCIATES
Registration Number	7408155144080
Physical Address	2 QUINTET, 380 MUSGRAVE ROAD, BEREA, 4062
Postal Address	POSTNET SUITE 272, PRIVATE BAG X10, BEREA, 4062
Contact Person	RESAN
Contact Number	0312082901
Email	Unavailable
Principals	1
Judgements Against Subject	None On Record
Judgements Against Principals	None On Record
Subject Verified as Client	Yes
Practice Number	902153
VAT Number	4090235252
Tax Number	Unavailable
BEE Status	Unavailable
Financial Year End	Unavailable
No of years in Business	4 Years 1 Months
Website	None
Comment
Previous Auditors
Company Name Phone Number Time with previous auditors Comment
SAUNDERS HAYNES AND STEWART	33 Years 2 Months

Tax Information

Vat Number	4780138865
Status	ACTIVE
Vat Liable Date	1993/09/01
Tax Number	9285160207
Tax Clearance Expire Date
Financial Year End	February
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	40
1. Salaried employees	40
2. Waged employees
3. Permanent employees	40
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	66
Comment
Trailers	40
Trucks 26

Offices

Offices	Offices
Head Office Owned/ Rented	Owned
Rental Company	N/A
Owned by	HAROON ISAAC FAMILY TRUST
Value
Bond
Bank	Unavailable
Lease Agreement	N/A
Lease Expire Date	N/A
Type of Premises	Factory, Warehouse And Offices
Comment

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level

Position

Name

Comment

1 Managing Director ESSACK HAAROON

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100 % - ESSACK HAAROON	SPECIALISED EDIBLE OILS AND FATS (PTY) LTD

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	TRAFFIC PLASTICS	0314681534
2	ABAID INVESTMENTS	0333427000
3	ROYAL ENERGY	0123610110

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	5 Years		R 500000	30 Days	R 35000	30 Days	Good Account. No credit limit has been set in place.
2	5 Years		R 30000	7 Days	R 25000	7 Days	Good Account. No credit limit has been set in place.
3	6 Years		R 350000	COD	R 250000	COD	Good account. All transactions are on a cash basis.

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}

Bank	ABSA
Branch	PIETERMARITZBURG
Brach Code	632005
Bank Account Number	4051539250
Type of Account	CURRENT
Account Name	SPECIALISED EDIBLE OILS & FATS(PTY)LTD
Overdraft Facilities	Yes
Bank Code	C - For R 500 000
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	R 77000000.00
Stock	R 6000000.00
Debtors	R18000000.00
FIXED ASSETS	R 24000000.00
Plant, Equipment, Vehicles
Property
CURRENT LIABILITIES
Creditors
Loans/ From?
Loan Details
LONG TERM LIABILITIES
Morgage Bonds
Previous Year Turnover	R128000000.00
Estimated Current Year Turnover	R192000000.00
Current Turnover per month	R16000000.00
Current Turnover per annum	R192000000.00
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	1
Average Age of Active Principals	67
Active Principals Principal - 1of 1 HAAROON ESSACK
Surname	ESSACK
First Name	HAAROON
Other Names	None
Marital Status
ID Number	4607105170086
Verified ID Number	Yes
Current Age	67 Years 1 Months
Designation	Managing Director
Status	Active
Appointment Date	1980/12/09
Physical Address (at time of Appointment)	FLAT 403, LAGOON LODGE, 16 SOOFIE SAHIB DRIVE, RIVERSIDE DURBAN, 4001
Postal Address	P O BOX 4131, WILLOWTONHUB, PIETERMARITZBURG, 3200
Current Tel Number	0333872303
Cell number	0833786923
Shareholding/Membership	100 %

Principal's Adverse - No information on record

Business Information forHAAROON ESSACK Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
HAAROON PROPERTY INVESTMENTS CC	B1994/002298/23	In Business	19 Years 7 Months	0	No
SPECIALISED EDIBLE OILS AND FATS (PTY)LTD	M1980/008166/07	In Business	33 Years 9 Months	0	No
UMGENI TRANSPORT CC	B2006/073926/23	In Business	7 Years 7 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 17 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
BOLD TROPIC INVEST CC	B1996/028400/23	In Liquidation	17 Years 5 Months	0	Yes

Principal's Deeds Information - No information on record

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 :

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.

Registered Name	SPECIALISED EDIBLE OILS AND FATS (PTY)LTD
Trading as/ Division Name	CAPITAL SOAPS AND RICE
Previous Name	None
Date of Name Change	None
Registration Number	M1980/008166/07
Registration Date	1980/09/12
Date Commenced Trading	1980-09-12
Age of Business	32 Years 11 Months
History of Business	SPECIALISED EDIBLE OILS AND FATS (PTY)LTD trading as CAPITAL SOAPS AND RICE commenced trading as a new business in 1980.
History of Principals	There is currently 1 active director within the company.
Shareholders/Members/Partners of subject and % holding	100 % - ESSACK HAAROON
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 0.00
Status	In Business
Operations Assessment	The subject imports and packages rice it also opperates as a logistics company.
Industry/ Customers	Zimbabwe and all major retailers
Export	Yes
Export Countries
Import	Yes
Import Countries
Major Industry Code / SICC	88950
Definition of Code	Packaging activities
Head Office Physical Address	8 Chesterfield Road, Willowton Industrial, PIETERMERITZBURG, KWAZULU NATAL
Head Office Postal Address	PO Box 4131, WILLOWTON HUB, PIETERMARITZBURG, 3200
Current Tel Number	0333872303
Cell Number	Unavailable
Current Fax Number	0333872304
Current Email Address	capitalsoaps@yahoo.com
Web Site Address	Unavailable
Comments