MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	MAVROMAC (PTY) LTD
Formerly Known as:	EXCLUSIVE ACCESS TRADING 828 (PTY) LTD
Registered Office :	12D Kramer Road, Kramerville, Sandton, Gauteng
Country :	South Africa
Date of Incorporation :	19.10.2010
Com. Reg. No.:	2010/021279/07
Legal Form :	Private Company
Line of Business :	Importers of furnishing fabrics, upholstery fabrics and decorative accessories
No. of Employees :	52

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

EXCLUSIVE ACCESS TRADING 828 (PTY) LTD

PHYSICAL ADDRESS

Mavromag House

12D Kramer Road

Kramerville

Gauteng

TELEPHONE NUMBER: +27 11 444 1584

On investigation it was established that the subject has changed its name to MAVROMAC (PTY) LTD, which report should be consulted.

ATTENTION:

(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by officials of the subject):

COMPANY NAME

MAVROMAC (PTY) LTD

Formerly: EXCLUSIVE ACCESS TRADING 828 (PTY) LTD the name having been changed on 23 May 2012

PHYSICAL ADDRESS

12D Kramer Road

Kramerville

Sandton

Gauteng

POSTAL ADDRESS

P O Box 76178

Wendywood

2144

TELEPHONE NUMBER: +27 11 444 1584

FAX NUMBER: +27 11 444 1541

It was stated that the telephone number +27 21 797 4739 belongs to the subject’s branch in Cape Town.

SHAREHOLDERS

J J SWART

MRS H SWART (Wife)

MRS M M MACDONALD

The shareholding changed and was previously :

100% H SWART

The shareholding changed on 01 May 2011 and was previously:

100% MRS M M MACDONALD

The Shareholding was previously 95% MRS M M MACDONALD and 5% MRS H WELHAM, having been changed in October 2002 when MRS H WELHAM resigned.

ASSOCIATE COMPANIES

None

DIRECTORS

J J SWART ID No. 6506085068088

MRS H SWART ID No. 6701140415081

MRS. M M MACDONALD (MD) ID No. 5609070822088

BANKERS

NEDBANK Business Centre. The subject does not require an overdraft facility as credit balances are maintained at the bank.

DATE REGISTERED

19 October 2010

Registration Certificate Number: 2010/021279/07

It was stated that the subject purchased a shelf company EXCLUSIVE ACCESS TRADING 828 (PTY) LTD which then underwent a name change and took over the operation and assets of MAVROMAK (PTY) LTD (Registration Certificate Number: 1983/003446/07) in 2012

VAT NUMBER

4540258185

TAX NUMBER

9459909165

MAJOR OPERATION

Importers of furnishing fabrics, upholstery fabrics and decorative accessories

MAJOR SUPPLIERS

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

D & S WEAVERS, Pinetown

HELM TEXTILES

SVENMILL, Cape Town

TOLL GLOBAL

MAJOR CUSTOMERS OR BUSINESS SECTORS

Interior decorators and retailers

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Occasionally to Botswana, Mauritius, Zimbabwe and Dubai

TOTAL EMPLOYEES

52

OTHER PREMISES

The subject has a branch in Cape Town and agents in Durban and Port Elizabeth.

OWNED OR LEASED

The premises are reported to be leased

AUTHORISED SHARE CAPITAL

R1 000 divided into 1 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R120

FINANCIALS

Full financial information was not forthcoming from the respondent at the subject, nevertheless please see historical information dated 26 November 2012 :

STOCK R16 500 000

DEBTORS R 2 000 000

CREDITORS due to imports on 90 day terms R 6 000 000

OVERDRAFT Nil

VENDOR LOAN (from MRS M M MACDONALD) R 7 200 000

TURNOVER per annum R55 000 000

AUDITORS

BDO SPENCER STEWARD (JHB) INC +27 11 488 1700

YEAR END

APRIL

INSURANCE BROKERS

SANTAM, managed by UIM INSURANCE BROKERS

TRADE REFERENCES – JUNE 2006

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 12 years R1 500 000 R 600 000 - 30 days 30 days Very Good

c/l R1 100 000

2. 2002 R 30 000 R 30 000 60 days 60 days Good

3. 10 years R 8 000 R 8 000 7 days 7 days Excellent

after invoice received

TRADE REFERENCES – MARCH 2007

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 11 years R 30 000 R 8 000 14 days 14 days Good

2. 13 years R 80 000 R 10 000 - 30 days 30 days Good

c/l R 30 000

3. Do not give trade references

4. 2002 R100 000 R100 000 60 days 60 days Average

TRADE REFERENCES – FEBRUARY 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 15 years R 80 000 R 10 000 30 days 30 days Very Good

2. 14 years R2 500 000 R1 000 000 30 days 30 days Excellent

3. Do not give trade references.

4. Do not give trade references.

5. Old acc open R 10 000 - 30 days 30 days Very Good

R 20 000

TRADE REFERENCES – AUGUST 2008

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 15 years R 100 000 R 70 000 - 60 days 60 days Very Good

R 100 000

2. Old acc R 40 000 R 30 000 - 30 days 30 days Very Good

R 40 000

3. 15 years R3 000 000 R1 000 000 - 30 days 31 days Very Good

c/l R3 000 000

TRADE REFERENCES – JANUARY 2009

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 10 years+ Declined R 50 000 - 30 days 30 days Good

R 100 000

2. 16 years R3 000 000 R1 500 000 30 days 32 days Excellent

c/l

3. Do not give trade references.

4. 2002 Confidential R 60 000 - 60 days 60 days Very Good

R 70 000

TRADE REFERENCES – JULY 2009

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. Old R 10 000 R 10 000 30 days 30 days Good

3. 1997 R2 000 000 R750 000 30 days 32 days Very Good

4. Do not give trade reference

5. 2002 R 35 000 R 5000 - 60 days 60 days Good

R 20 000

6. C.O.D.

TRADE REFERENCES – JULY 2010

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 15 years R80 000 R20 000- 30 days 30-45 Good

c/l R35 000 days

3. ±18 years R225 000 R800 000 30 days 30 days Good

c/l

4. Do not give trade references

5. 2002 declined R10 000- 60 days 60 days Very Good

R35 000

TRADE REFERENCES – JULY 2011

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2002 undisclosed R30 000- 60 days 60 days Good

R90 000

2. Do not give trade references

3. 15 years R2 250 000 R600 000 30 days 30+ days Good

c/l

TRADE REFERENCES – NOVEMBER 2012

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. 2002 Declined R100 000- 60 days 60 days Good

R150 000

3. 1997 R2 200 000 R900 000 30 days 30 days Very Good

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 10 years Open R 50 000- 30 days 30 days Very Good

R 80 000

2. 2011 Declined ±R 50 000 60 days 60 days Good

3. June 1997 R2 500 000 R800 000 30 days 30 days Average

COMMENTS

This is an established business meeting its commitments timeously in general has per arranged terms. The subject is considered equal to US$150 000 over 30 days. The lack of updated financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.68

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.