MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SHOE PREME CC
Registered Office :	32 Victoria Street, Durban, KwaZulu-Natal
Country :	South Africa
Date of Incorporation :	13.09.2001
Com. Reg. No.:	2001/064344/23
Legal Form :	Close Corporation
Line of Business :	Wholesalers and retailers of various footwear
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A2	A2

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

COMPANY NAME

SHOE PREME CC

TRADING NAME

SHOE BUZZ

PHYSICAL ADDRESS

32 Victoria Street

DURBAN

KwaZulu-Natal

POSTAL ADDRESS

P O Box 48152

QUALBERT

4071

TELEPHONE NUMBER: +27 31 306 7862

EMAIL ADDRESS: shoebuzz@telkomsa.net

MEMBERS

100% A N NAROT ID No. 6809145134084

ASSOCIATE COMPANIES

None

BANKERS

NEDBANK Business Branch, KwaZulu-Natal. Branch Code: 164826. Account Number: 164803085. The subject has an overdraft facility of R50 000. Utilisation of the overdraft is stated to be nil.

DATE REGISTERED

13 September 2001

Registration Certificate Number: 2001/064344/23

The subject commenced trading in 2001 as a new business

VAT NUMBER

4600199162

TAX NUMBER

9257362146

MAJOR OPERATION

Wholesalers and retailers of various footwear, however, the respondent declined to name the various brands.

MAJOR SUPPLIERS

The subject imports supplies and deals locally with :

VILLA FOOTWEAR

FEMS INTERNATIONAL

MOSSOP LEATHER

FOOT FOCUS

DESIGN ZONE

IMPSON FREIGHT (SANTOVA)

MAJOR CUSTOMERS OR BUSINESS SECTORS

Footwear wholesalers and retailers

AREA OF DISTRIBUTION AND SELLING

KwaZulu-Natal

EXPORTS

None

TOTAL EMPLOYEES

10

OTHER PREMISES

The subject has a retail store at 54/64 Queen Street, Durban

OWNED OR LEASED

The head office premises are reported to be owned by the subject valued in the region of R4 000 000, free of bond. The branch premises are leased.

MEMBERS CONTRIBUTION

R100

FINANCIALS

The following estimated financial situation was submitted as at 4 November 2013 :

STOCK R 2 000 000

DEBTORS C.O.D. + R 200 000

CREDITORS R 320 000

TURNOVER per annum R 3 000 000

AUDITORS

DESAI JADWAT +27 31 207 7707

FINANCIAL YEAR END

FEBRUARY

INSURANCE BROKERS

Unknown

CURRENT TRADE REFERENCES:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1.10 years Open R 50 000 60/90 days60/90 days Excellent

2.12 years R 350 000 R 200 000 30 days 30 days Good

3. 12 years R 350 000 R 100 000 60/90 days60/90 days Very Good

COMMENTS

This is an established small business meeting its commitments promptly on arranged terms at times. The subject is considered equal to a maximum amount of €20 000 over 60 days.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

PDT

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.