MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	PARROT PRODUCTS (PTY) LTD
Formerly Known As :	EXCOCEM (PTY) LTD
Registered Office :	22 Cleveland Road, Cleveland, Johannesburg
Country :	South Africa
Date of Incorporation :	15.04.1985
Com. Reg. No.:	1985/001772/07
Legal Form :	Private Company
Line of Business :	Manufacturers of stationery and presentation equipment, the brand name being PARROT
No. of Employees :	250

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 :	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 – 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. State power supplier 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

PARROT PRODUCTS (PTY) LTD

Formerly: EXCOCEM (PTY) LTD the name having been changed on the 15 April 1985

PHYSICAL ADDRESS

22 Cleveland Road

CLEVELAND

Johannesburg

Gauteng

POSTAL ADDRESS

P O Box 40745

CLEVELAND

2022

TELEPHONE NUMBER: +27 11 607 7600

FAX NUMBER: +27 11 615 2502

SHAREHOLDERS

100% BERNARD WIJTENBURG JUNIOR FAMILY TRUST in which M B WIJTENBURG is a Trustee

ASSOCIATE COMPANIES

STAND 24 AND 26 CLEVELAND (PTY) LTD (Registration Certificate Number: 2006/036537/07) (property owning company)

DIRECTORS

B S M WIJTENBURG ID No. 4312145054107

M B WIJTENBURG ID No. 6804205031080

BANKERS

STANDARD BANK Malvern, Account Number: 002425103, where it was stated that the subject enjoys overdraft facilities to an extent of R5 000 000. Utilisation of the overdraft is stated to be partial.

DATE REGISTERED

15 April 1985

Registration Certificate Number: 1985/001772/07

VAT NUMBER

4010111682

TAX NUMBER

9462159840

BEE STATUS

Level 8 contributor

MAJOR OPERATION

Manufacturers of stationery and presentation equipment, the brand name being PARROT

MAJOR SUPPLIERS

The subject imports most of its supplies and deals locally with:

MASONITE - Johannesburg

GENERAL DISTRIBUTORS Johannesburg

SAEL

MAJOR CUSTOMERS OR BUSINESS SECTORS

Retail industry

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Africa

TOTAL EMPLOYEES

250

OTHER PREMISES

Branches in Durban, Port Elizabeth, Bloemfontein and Cape Town

OWNED OR LEASED

The head office premises are reported to be owned by the subject and the branch premises are leased.

FINANCIALS

The following financial information was submitted as at September 2013:

STOCK R 40 000 000

DEBTORS R 24 000 000

CREDITORS R 3 000 000

TURNOVER per annum R150 000 000

AUDITORS

G L PALMER AND COMPANY Bruma

YEAR END

FEBRUARY

INSURANCE BROKERS

MICHAEL BRETT INSURANCE BROKERS

TRADE REFERENCES – AUGUST 2006

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 14 years R500 000 R500 000 30 days 30 days Good

2. 12 years R250 000 R250 000 30 days 30 days Very Good

3. 1995 R300 000 R100 000 30 days 30 days Very Good

TRADE REFERENCES – JUNE 2012

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. +9 years No limit R 800 000- COD COD Good

R1 000 000

3. Do not give trade references

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 2004 Open R 7 000- 30 days 30 days Excellent

R 250 000

4. Do not give trade references

COMMENTS

This is an established company meeting its obtainable commitment timeously. The supplier regards the subject highly. The subject is considered equal to US$150 000 over 60 days as a maximum.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.100.44
Euro	1	Rs.84.24

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.