MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	EXPS BORDS AND TIMBER CC
Formerly Known as:	DOUGLAS DISTRIBUTION 10 CC
Registered Office :	17 Meeu Street, East Lynne Ext 5, Pretoria, Gauteng
Country :	South Africa
Date of Incorporation :	05.10.2000
Com. Reg. No.:	2000/060080/23
Legal Form :	Close Corporation
Line of Business :	Distributor and retailer of timber and related products
No. of Employees :	±43

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 :	Slow but Correct
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

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

EXPS BORDS AND TIMBER CC

Formerly: DOUGLAS DISTRIBUTION 10 CC the name having been changed on 23 February 2004

TRADING NAME

WOODCENTRE

PHYSICAL ADDRESS

17 Meeu Street

EAST LYNNE EXT 5

Pretoria

Gauteng

POSTAL ADDRESS

P O Box 1968

SILVERTON

0120

TELEPHONE NUMBER: +27 12 800 2410

FAX NUMBER: +27 12 800 3189

MEMBERS

54% P C BROUGHILL-DOWLING ID No. 5803145066009

33% G D HEUER ID No. 7011285185088

13% C B PEPPER ID No. 6703315052087

The Membership changed and was previously:

51% P C BROUGHILL-DOWLING

25% G D HEUER

18% C B PEPPER

06% M J HANNAGAN

ASSOCIATE COMPANIES

FOUNDER GROVE CC (Property owning business)

BANKERS

FIRST NATIONAL BANK, Account Number: 62081140578. It was stated that the subject has an overdraft facility available, secured by members’ guarantees

DATE REGISTERED

5 October 2000

Registration Certificate Number: 2000/060080/23

VAT NUMBER

4880195443

TAX NUMBER

9143145143

MAJOR OPERATION

Distribution and retail of timber and related products.

MAJOR SUPPLIERS

· PG BISON

· AUSTRO TOOLS

· SELECT VENEERS

· UPPER EDGE

· GAC LASER

MAJOR CUSTOMERS OR BUSINESS SECTORS

The furniture manufacturing industry

AREA OF DISTRIBUTION AND SELLING

Gauteng, Mpumalanga and Limpopo

EXPORTS

None

TOTAL EMPLOYEES

±43

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the associate property owning company.

MEMBERS CONTRIBUTION

R100

FINANCIALS

Full financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

AUDITORS

DRYSDALE AND ASSOCIATES

YEAR END

FEBRUARY

INSURANCE BROKERS

RICHARD DEHRMANN

TRADE REFERENCES – SEPTEMBER 2005

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2001 R2 000 000 R2 000 000 90 days 90 days Very Good

2. ±4 years R 30 000 R 30 000 30 days 30 days Very Good

3. 2001 R 5 000 R 5 000 60 days 30 days Very Good

TRADE REFERENCES – MAY 2013

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Do not give trade references

2. +5 years Declined Declined 30 days 30 days Very Good

3. 2009 R400 000 R200 000 30 days 30 days Very Good

c/l

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2009 R500 000 R100 000 30 days 30 days Very Good

2. 2009 R400 000 R100 000- 30 days 30 days Very Good

R700 000

3. Do not give trade references

4. Do not give trade references

COMMENTS

This is an established business meeting its commitments timeously. The subject is considered equal to US$150 000 over 60 days as a maximum, however, the lack of financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

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.