MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	OPUS 1 AND MOOI RIVER HOME TEXTILES CC

Formerly Known as:	OPUS 1 INTERIOR TEXTILES

Registered Office :	Unit A01, 12 Edmund Morewood Road, Truroland, Tongaat, 4399

Country :	South Africa

Date of Incorporation :	08.03.2006

Com. Reg. No.:	2006/034881/23

Legal Form :	Closed Corporation

Line of Business :	The subject manufactures bed linen and curtains

No. of Employees :	208

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 :	Good

Payment Behaviour :	Regular

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

(31.03.2012)

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 Unemployment remains high and outdated infrastructure has constrained growth.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

Subject Name	OPUS 1 AND M00I RIVER HOME TEXTILES CC
Country	South Africa
Subject Contact Person	MIKE DONEGAN - Director
Assessment	On investigation contact was made with the director MR. MIKE DONEGAN who assisted with all of the requested information. The subject is meeting commitments timeously with it's suppliers. A bank code C was obtained for an amount of R 2 500 000 over a period of 30 Days. Please see the available information on the subject below.

Auditors information

Company Registered Name	C&H ACCOUNTING INC
Physical Address	LAING'S BUILDING, 64 OSBORN ROAD, ESHOWE, 3815
Postal Address	P.O BOX 4, ESHOWE, 3815
Contact Person	SHIRLEY STANLEY
Contact Number	0354742024
Email	shirley.stanley@cha.co.za
Subject Verified as Client	Yes
Practice Number	900222
VAT Number	4530197559
No of years in Business	7

Previous Auditors

Company Name	Phone Number	Time with previous auditors	Comment
MOORES ROWOLAND		Unknown

Tax information

Vat Number	4780227072
Status	ACTIVE
Vat Liable Date	2006/03/01
Tax Number	9893682147
Financial Year End	February

Black Economic Empowerment

Status	Yes
Score	2.00
Expire Date	Nov 19 2013
BEE Certificate Available	No

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	208
1. Salaried employees	174
2. Waged employees	34
3. Permanent employees	140
4. Casual employees	34
5. Contracted employees	34
Comment
Company Fleet
Company Fleet	No of vehicles:	Owned/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	3
Comment
Cars	2	Leased	R 400000.00	R132000.00
Light delivery Vehicles	1	Leased	R210000.00	R192000.00

Offices Information - No Information on Record

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	Director	MICHAEL DONEGAN

1	Director	SURAYA CASSIM TEWARY

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
50 % - MICHAEL DONEGAN	OPUS 1 AND MOOI RIVER HOME TEXTILES CC
50 % - SURAYA CASSIM TEWARY	OPUS 1 AND MOOI RIVER HOME TEXTILES CC

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	FABRIC TRADERS	0315023422
2	Victory Packaging	0317912007
3	PATUMA FREIGHT	0312632970

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	18 Months	R 200000.00	R105000	30 Days	R 80000	30 Days	Good Account
2	5 Years		R120000	30 Days	R 70000	30 Days	Excellent Account
3	5 Years	R 2500000.00	R1500000	30 Days	R1500000	60 Days	Excellemnt Account

Adverse Information on Subject

· Judgements - No information on record

· Business Rescue - No Information on Record

· Default Listing - No information on record

· Notarial Bonds - No information on record

Bank information

Bank	NEDBANK
Branch	KZN BUSINESS
Brach Code	198765
Bank Account Number	1648179835
Type of Account	CURRENT
Account Name	OPUS1 & MOOI RIVER HOME TEXTILES
Overdraft Facilities	Yes
Bank Code	C - For R 2 500 000
Bank Comment	The subject's banker 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 28797796.00
Stock	R14456441.00
Debtors	R 9217375.00
FIXED ASSETS	R1982194.00
Plant, Equipment, Vehicles	R1982194.00
Property
CURRENT LIABILITIES	R17364680.00
Creditors	R16423051.00
Loans/ From?	R 9046070.00
Loan Details
LONG TERM LIABILITIES	R 9046070.00
Morgage Bonds
Previous Year Turnover	R 31743132.00
Estimated Current Year Turnover	R 60000000.00
Current Turnover per month	R 5300000.00
Current Turnover per annum	R 60000000.00
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	2
Average Age of Active Principals	60
Active Principals Principal - 1of 2 MICHAEL DONEGAN
Surname	DONEGAN
First Name	MICHAEL
Other Names	None
Marital Status	Married
ID Number	4705025154105
Verified ID Number	Yes
Current Age	66
Designation	BUSINESSMAN
Status	Active
Appointment Date	2006/03/08
Physical Address (at time of Appointment)	36 CHESTNUT CRESCENT, PRESTONDALE, 4319
Postal Address	P 0 BOX 2284, PRESTONDALE, 4021
Current Tel Number	0329441914
Cell number	0829410205
Shareholding/Membership	50.0000

Principal's Adverse - No information on record

Business Information for MICHAEL DONEGAN

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
OPUS 1 AND MOOI RIVER HOME TEXTILES CC	2006/034881 /23	In Business	7 Years	0	No
CANELANDS INTERNATIONAL CC	B2005/106073/23	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
KAP TEXTILE HOLDINGS SA LTD	M1968/015435/06	In Business	44 Years 3 Months	0	No
DT HOLDINGS 100 LTD	M1986/004150/06	Voluntary Liquidation	26 Years 5 Months	0	Yes
COASTAL TEXTILES (HAMMARSDALE) (PTY) LTD	M1996/017054/07	In Liquidation	16 Years 3 Months	0	Yes
UNIQUE HOME TEXTILES (PTY)LTD	M2003/021375/07	Deregistration Final	9 Years 6 Months	0	No
DA GAMA COTTON PROJECT (PTY)LTD	M2003/026211/07	Deregistration Final	9 Years 5 Months	0	No
DA GAMA INTERNATIONAL (PTY) LTD	M2003/027675/07	Deregistration Final	9 Years 4 Months	0	No
DA GAMA COTTON GIN COMPANY (PTY)LTD	M2003/028193/07	Deregistration Process	9 Years 4 Months	0	No

Principal's Deeds Information - No information on record

Principal - 2of 2 SURAYA CASSIM TEWARY

Surname	TEWARY
First Name	SURAYA CASSIM
Other Names	None
Marital Status	Married
ID Number	5810200117080
Verified ID Number	Yes
Current Age	55
Designation	BUSINESSWOMAN
Status	Active
Appointment Date	2006/03/08
Physical Address (at time of Appointment)	109 MUSGRAVE HEIGHTS, 132 MUSGRAVE ROAD, DURBAN, 4001
Postal Address	P 0 BOX 2284, PRESTONDALE, 4021
Current Tel Number	0317002195
Cell number	0834451123
Shareholding/Membership	50.0000

Principal's Adverse - No information on record

Business Information for SURAYA CASSIM TEWARY

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
OPUS 1 AND MOOI RIVER HOME TEXTILES CC	2006/034881 /23	In Business	7 Years	0	No
CANELANDS INTERNATIONAL CC	B2005/106073/23	In Business	7 Years 7 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 16 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
RAAJ TEWARY ASSOCIATES CC	B1996/028141/23	Deregistration Final	16 Years 9 Months	0	No

Principal's Deeds Information - No information on record

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

MNL

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	OPUS 1 AND MOOI RIVER HOME TEXTILES CC
Trading as/ Division Name	OPUS 1 AND MOOI RIVER HOME TEXTILES
Previous Name	OPUS 1 INTERIOR TEXTILES
Date of Name Change	Aug 31 2009 12:00AM
Registration Number	2006/034881/23
Registration Date	2006/03/08
Date Commenced Trading	2006-03-08
Age of Business	7 Years
History of Business	The subject was established as a new business in 2006 and operations commenced immediately. The subject underwent a name change in 2009 from OPUS 1 INTERIOR TEXTILES to OPUS 1 AND MOOI RIVER HOME TEXTILES CC.
History of Principals	There are currently 2 active directors within the business.
Shareholders/Members/Partners of subject and % holding	50 % - MICHAEL DONEGAN, 50 % - SURAYA CASSIM TEWARY
Authorised Share Capital	R0.00
Issued Share Capital/Members Contribution	R0.00
Status	In Business
Operations Assessment	The subject manufactures bed linen and curtains
Industry/ Customers	Edcon, Mr Price, Woolworths
Export	None
Import	None
Major Industry Code / SICC	31211
Definition of Code	Manufacture of blankets, made-up furnishing articles and stuffed articles
Head Office Physical Address	UNIT A01, 12 EDMUND MOREWOOD ROAD, TRUROLAND, TONGAAT, 4399
Head Office Postal Address	UNIT A01, 12 EDMUND MOREWOOD ROAD, TRUROLAND, TONGAAT, 4399
Current Tel Number	0329441914
Cell Number	0829410205
Current Fax Number	0329441302
Current Email Address	mdonegan@opus1.co.za
Web Site Address	www.opusl.co.za