MIRA INFORM REPORT

Report Date :

05.07.2014

IDENTIFICATION DETAILS

Name :	MAXWELD AND BRAZE (PTY)LTD

Registered Office :	19 Van Dyk Road, Boksburg, Gauteng

Country :	South Africa

Date of Incorporation :	25.05.2000

Com. Reg. No.:	M2000/010018/07

Legal Form :	Private Company

Line of Business :	· Engaged in Wholesale trading of Construction Materials, Hardware, Plumbing and Heating Equipment as well as supplies · wholesaler of Safety Gear used in the Welding Industry

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. 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

Subject Name	MAXWELD AND BRAZE (PTY)LTD
Country	South Africa
Subject Contact Person	RODNEY WILLOUGHBY - Financial manager
Assessment	On investigation contact was made with the Financial Manager MR RODNEY WILLOUGHBY who requested a questionnaire to be sent through for completion. We followed up on numerous occasions however he has requested more time to complete the questionniare. Please see the available information on the subject below.

AUDITORS information

Company Registered Name	MOORE STEPHENS FFRS INC
Trading Name	MOORE STEPHENS FFRS
Registration Number	M2006/018138/21
Physical Address	MOORE STEPHENS HOUSE, 6 LAKESIDE PLACE, KLEINFONTEIN LAKE, BENONI, 1501
Postal Address	PO BOX 663, BENONI, 1500
Contact Person	BERNADINE
Contact Number	0114218374
Email	Unavailable
Principals	5
Judgements Against Subject	None
Judgements Against Principals	None
Subject Verified as Client	Yes
Practice Number	902317E
VAT Number	4750228712
Tax Number	9221278162
BEE Status	Unavailable
Financial Year End	December
No of years in Business	3
Website	Unavailable

Previous Auditors

Company Name	Phone Number	Time with previous auditors	Comment
DOUGLAS DIX -PEEK AND COMPANY		Unknown

Tax information

Vat Number	4290190638
Status	ACTIVE
Vat Liable Date	2000/11/01
Tax Number	9001244145
Financial Year End	December

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

Work Mans Information - No Information on Record

Company Structure

Subsidiaries Information - No Information on Record

Employees Information - No Information on Record

Company Fleet Information - No Information on Record

Offices Information - No Information on Record

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level Position Name

1 Director JOHN HAROLD SMITHYMAN

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100 %-WELDAMAX (PTY) LTD	MAXWELD AND BRAZE (PTY)LTD	None

Key Deals - No Information on Record

Trade References Information - No Information on Record

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 - No Information on Record

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

PRINCIPALS

Number of Principals	2
Average Age of Active Principals	50

Active Principals Principal - 1 of 1 JOHN SMITHYMAN

Surname	SMITHYMAN
First Name	JOHN
Other Names	ARNOLD
Marital Status	Married
ID Number	6202085272181
Verified ID Number	Yes
Current Age	51
Designation	Managing Director
Status	Active
Appointment Date	2007/05/22
Physical Address (at time of Appointment)	488 WINDEMERE ROAD, MORNINGSIDE, 4001
Postal Address	P O BOX 2368, RIVONIA, 2100
Current Tel Number	0118037193
Cell number	0722900108
Shareholding/Membership	0.0000

Principal's Adverse - No information on record

Business Information for JOHN SMITHYMAN

Principal's Current Business Interests - No information on record

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	RAS

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	MAXWELD AND BRAZE (PTY)LTD
Trading as/ Division Name	MAXWELD AND BRAZE
Previous Name	None
Date of Name Change	None
Registration Number	M2000/010018/07
Registration Date	2000/05/25
Date Commenced Trading	2000-05-25
Age of Business	12 Years 10 Months
History of Business	The subject was established as a new business in 2000 and operations commenced immediately.
History of Principals	There is 1 active director within the business.
Shareholders/Members/Partners of subject and % holding	100 % - WELDAMAX (PTY) LTD
Authorised Share Capital	R1000.00
Issued Share Capital/Members Contribution	R 100.00
Status	In Business
Operations Assessment	Subject wholesales safety gear used in the welding industry
Industry/ Customers	All major construction companies and Hardware stores
Major Industry Code / SICC	61430
Definition of Code	Wholesale trade in construction materials, hardware, plumbing and heating equipment as well as supplies
Head Office Physical Address	19 Van Dyk Road, BOKSBURG, GAUTENG
Head Office Postal Address	P O BOX 663, BENONI, 1500
Current Tel Number	0118419800
Cell Number	None
Current Fax Number	0118419880
Current Email Address	info@weldamax.co.za gerdavanas@weldamax.co.za