MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	WHECO GROUP (PTY) LTD

Registered Office :	Office 6A & 6B, Moffett on Main Lifestyle Centre, Cnr 17th Avenue & Main Road Walmer Port Elizabeth

Country :	South Africa

Date of Incorporation :	17.03.2014

Com. Reg. No.:	2014/056067/06

Legal Form :	Private Limited Company

Line of Business :	Importers, manufacturers and suppliers of furniture

No of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

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, 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

COMPANY NAME:

WHECO GROUP (PTY) LTD

Address:

PHYSICAL ADDRESS:

Office 6A & 6B

Moffett on Main Lifestyle Centre

Cnr 17th Avenue & Main Road

WALMER

Port Elizabeth

POSTAL ADDRESS:

P O Box 40326

WALMER

6065

TELEPHONE NUMBER:

+27 86 199 9193

FAX NUMBER:

+27 86 665 7439

SHAREHOLDERS:

50% W GREEFF

50% H GREEFF

ASSOCIATE COMPANIES:

None

DIRECTORS:

W GREEFF ID No. 7905165111082

H GREEF ID No. 8204225081082

BANKERS:

STANDARD BANK, Newton Park Branch. The subject has an overdraft facility, secured by a cession of debtors. Utilisation of the overdraft is stated to fluctuate.

DATE REGISTERED:

17 March 2014

Registration Certificate Number: 2014/056067/06

The subject converted from a Close Corporation (Registration Certificate Number: 2006/024637/23) originally registered in 2006 under the name of GRENDHOUT CC.

VAT NUMBER:

4030230447

TAX NUMBER:

9385906152

MAJOR OPERATION:

Importers, manufacturers and suppliers of furniture

MAJOR SUPPLIERS:

The subject imports 98% of its supplies and deals locally with suppliers.

Previously, we have divulged the names of the major suppliers in our reports. We have discontinued this practice to protect our valuable sources of trade information. This has become necessary because we now give a description of the goods or services to which the trade references relate. This gives our client the ability to assess whether the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation

MAJOR CUSTOMERS OR BUSINESS SECTORS:

The general public

AREA OF DISTRIBUTION AND SELLING:

South Africa

EXPORTS:

None

TOTAL EMPLOYEES:

OTHER PREMISES:

The subject has two retail outlets, one in Port Elizabeth and one in Johannesburg

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:

R100

FINANCIALS:

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

AUDITORS:

MUNRO ACCOUNTING

FINANCIAL YEAR END:

DECEMBER

INSURANCE BROKERS:

Unknown

CURRENT TRADE REFERENCES:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2011 R4 000 000 R2 000 000 60 days 60 days Very Good

2. Old Declined Declined 30 days 30 days Excellent

NATURE OF GOODS OR SERVICES SUPPLIED:

(These descriptions relate respectively by number to the above current trade transactions):

1. Shipper Foam

2. Foam

COMMENTS:

This is an established business meeting its local commitment timeously. The subject is considered equal to its normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.79
UK Pound	1	Rs. 102.42
Euro	1	Rs. 81.32

INFORMATION DETAILS

Analysis Done by :	SMT

Report Prepared by :	DPT

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.