MIRA INFORM REPORT

Report Date :

06.02.2013

IDENTIFICATION DETAILS

Name :	SMITH'S SADDLERY AND REPAIR DEPOT CC

Registered Office :	185 Aberdare Drive, Phoenix Industrial Park, Phoenix, 4051

Country :	South Africa

Date of Incorporation :	26.08.1986

Com. Reg. No.:	B1986/015422/23

Legal Form :	Close Corporation

Line of Business :	The subject operates as a manufacturer of all leather goods, such as saddlery, dog collars, dog mufflers

No. of Employees :	24

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 Unemployment remains high and outdated infrastructure has constrained growth.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

Summary

Subject Name	SMITH'S SADDLERY AND REPAIR DEPOT CC
Country	South Africa
Account Review	Recommended Every 6 Months
Subject Contact Person	RAWATH BEHARIRAM - Managing Member
Assessment	This is a well-established business. On investigation contact was made with the current Managing Member, RAWATH BEHARIRAM who assisted with the information. The subject has been in operation for 26 Years 5 Months. The subject is meeting one of it's commitments slightly over terms however is not considered a problem. A bank code could not be obtained as the account number was not made available. Please see the information obtained below.

Auditors Information

Company Registered Name	MORRISON MURRAY MANAGEMENT SERVICES (PTY)LTD
Trading Name	MORRISON MURRAY
Registration Number	M1988/000932/07
Physical Address	20 WESTVILLE ROAD, WESTVILLE, 3629
Postal Address	PO BOX 1098, WESTVILLE, 3630
Contact Person
Contact Number	0312675300
Email	mail@bakertillymm.co.za
Principals	11
Judgements Against Subject	No information found on file
Judgements Against Principals	No information found on file
Subject Verified as Client	Yes
Practice Number	20025639
VAT Number	4750111900
Tax Number	9186159209
BEE Status
Financial Year End	February
No of years in Business	2
Website	www.bakertillymm.co.za
Comment
Previous Auditors
Company Name Phone Number Time with previous auditors Comment
MORRISON MARRAY	26

Tax Information

Vat Number	4090101983
Status	ACTIVE
Vat Liable Date	1991/09/30
Tax Number	9170629159
Tax Clearance Expire Date
Financial Year End	July
Comment
Black Economic Empowerment
Status	No
Score
Expire Date
BEE Certificate Available	No
Comment
ISO Status
Type of ISO Grade	None
ISO Certificate	No
ISO Certificate Available	No
Certified by an Accredited Agent
Comment
Workman's compensation
Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Subsidiaries

Subsidiary Company	There is no reported subsidairy
Shareholding
Registration Number
Import / Export
Comment
Employees
Number of Employees	24
1. Salaried employees	24
2. Waged employees	0
3. Permanent employees	24
4. Casual employees	0
5. Contracted employees	0
Comment
Company Fleet
Company Fleet	No of vehicles:	Ownerd/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	5
Comment
Light delivery Vehicles	5 Owned

Offices

Offices	Offices
Head Office Owned/ Rented	Leased
Rental Company	PACKSON INVESTMENTS
Owned by
Value
Bond
Bank
Lease Agreement	ANNUAL LEASE AGREEMENT
Lease Expire Date
Type of Premises	Office and factory
Comment

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level

Position

Name

Comment

1 I MANAGING MEMBER I RAWATH

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100 % - RAWATH BEHARIRAM	SMITH'S SADDLERY AND REPAIR DEPOT CC

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	LEATHER FROM HART	0333985700
2	IG HOOSEIN	0313342524
3	ROYAL ADDITIVES	0317008885	R 0.00	0

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	1 Year		R100000	30 days	R 30 days-60 days	100000	The subject takes extended terms, however not considered a problem. The subject has no credit limit.
2	3 Years		R15000	60 Days	R15000	60 Days	Excellent account. The subject does not have a credit limit.
3	12 Years	R100000.00	R100000	60 Days	R 40000	60 Days	This is a good account.

Adverse Information on Subject

Judgements
Judgements	None
Possible Judgements	0
Civil Court	0
RDs	0
Comment	No Information on Record

Business Rescue

Date registered	Business rescue practitioner	Contact Information	Details	Comment
	None	No Information on Record	No Information on Record	No Information on Record

Default Listings

Date	Details	Comment
	None	No Information on Record
Notarial Bonds
Date	Details	Comment
	None	No Information on Record

Bank Information

Bank	FIRST NATIONAL BANK
Branch
Brach Code	250655
Bank Account Number	Undisclosed
Type of Account
Account Name
Overdraft Facilities	The subject enjoys an overdraft facility of R 1 000 000 secured by personal guarantee.
Bank Code
Bank Comment

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	R 6000000.00
Current Turnover per month
Current Turnover per annum	R 6000000.00
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	63
Active Principals Principal - 1of 1 RAWATH BEHARIRAM
Surname	BEHARIRAM
First Name	RAWATH
Other Names	None
Marital Status	Married
ID Number	5005295095057
Verified ID Number	Yes
Current Age	63
Designation	Invalid Code
Status	Active
Appointment Date	1986/08/26
Physical Address (at time of Appointment)	21 LIDO STREET, HAVENSIDE, DURBAN, 4001
Postal Address	PO BOX 824, DURBAN, 4000
Current Tel Number	0315007473
Cell number	0845551145
Shareholding/Membership	100 %

Principal's Adverse - No information on record

Business Information forRAWATH BEHARIRAM

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
SMITH''S SADDLERY AND REPAIR DEPOT CC	B1986/015422/23	In Business	27 Years 3 Months	0	No

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.53.29
UK Pound	1	Rs.83.96
Euro	1	Rs.71.88

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	SMITH'S SADDLERY AND REPAIR DEPOT CC
Trading as/ Division Name	SMITH'S SADDLERY AND REPAIR
Previous Name	None
Date of Name Change	None
Registration Number	B1986/015422/23
Registration Date	1986/08/26
Date Commenced Trading	August 1986
Age of Business	26 Years 5 Months
History of Business	SMITH'S SADDLERY AND REPAIR DEPOT CC was registered in August 1986 and operations commenced immediately.
History of Principals	There is one active member.
Shareholders/Members/Partners of subject and % holding	100 % - RAWATH BEHARIRAM
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 100.00
Status	In Business
Operations Assessment	The subject operates as a manufacturer of all leather goods, such as saddlery, dog collars, dog mufflers
Industry/ Customers	Pet Stores and agencies
Export	None
Export Countries
Import	Yes
Import Countries	India
Major Industry Code / SICC	31629
Definition of Code	Manufacture of other general goods of leather & substitutes & saddlery
Head Office Physical Address	185 Aberdare Drive, Phoenix Industrial Park, Phoenix, 4051
Head Office Postal Address	PO Box 824, Durban, 4000
Current Tel Number	0315007473
Cell Number	0845551145
Current Fax Number	0315007474
Current Email Address	accounts@smithssaddelry.co.za
Web Site Address	None
Comments	The concern moved from 80 Commercial Road,Durban,4001 five years ago