MIRA INFORM REPORT

Report Date :

16.07.2014

IDENTIFICATION DETAILS

Name :	OIL SPILL CONTROL CC

Registered Office :	7 Grasmere, Pinelands, Cape Town, Western Cape

Country :	south Africa

Date of Incorporation :	14.09.2001

Com. Reg. No.:	2001/064495/23

Legal Form :	Private Company

Line of Business :	· subject provides a service in the prevention and dealing with oil spillage in conjunction with the distribution of oil absorption equipment such as pumps & separators. · subject stocks the name brand SUNSORB. Subject provides following services :- · Training Service · Spill Response Service · Site inspection service providing guidance on safety, environment and ISO regulations Subject product ranges include are as follows:- · Range of absorbent materials for oil and other hydrocarbon based products · Range of absorbent material for chemicals and other liquids · Spill Kits · Oily Water Separators · Oil Skimmers · Pumps · Oil Containment Booms · Oil Absorbents, Peatsorb, Pads, Booms, Cushions and Spill Equipment

No. of Employees	02 (the member plus one employee)

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Small Company

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	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 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

Note:-

(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

OIL SPILL CONTROL CC

PHYSICAL ADDRESS

7 Grasmere

Pinelands

Cape Town

Western Cape

POSTAL ADDRESS

P O Box 707

Howard Place

7450

TELEPHONE NUMBER: +27 21 531 5335

CELLPHONE NUMBER: +27 82 455 7832 (John)

MEMBERS

100% J A BRITZ ID No. 5701265016087

ASSOCIATE COMPANIES

None

BANKERS

NEDBANK, Business South Peninsula Cape Town Branch. Account Number: 1232054909. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

DATE REGISTERED

14 September 2001

Registration Certificate Number: 2001/064495/23

It was established that the subject commenced trading in 2001 when it took over the assets and operations of a division of CAMPCO CC, which was established in 1999.

VAT NUMBER

4740199791

TAX NUMBER

9191352146

BEE STATUS

Not applicable OIL SPILL CONTROL CC

MAJOR OPERATION

The subject provides a service in the prevention and dealing with oil spillage in conjunction with the distribution of oil absorption equipment such as pumps & separators. The subject stocks the name brand SUNSORB.

Subject provides following services :-

· Training Service

· Spill Response Service

· Site inspection service providing guidance on safety, environment and ISO regulations

Subject product ranges include are as follows:-

· Range of absorbent materials for oil and other hydrocarbon based products

· Range of absorbent material for chemicals and other liquids

· Spill Kits

· Oily Water Separators

· Oil Skimmers

· Pumps

· Oil Containment Booms

· Oil Absorbents, Peatsorb, Pads, Booms, Cushions and Spill Equipment

MAJOR SUPPLIERS

The subject imports from India 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

Shippers, ESKOM (transformer spillage) and the oil industry

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

None

TOTAL EMPLOYEES

2 (the member plus one employee)

OTHER PREMISES

The subject has a store situated in Bothasig, Cape Town, which is reported to be a leased section of the employee’s home premises.

OWNED OR LEASED

The premises are reported to be the home premises of the member, which are owned in his personal capacity, free of bond.

FINANCIALS

The following estimated financial situation was submitted as at 14 July 2014:

STOCK R 200 000

DEBTORS R 120 000

CREDITORS R 20 000 – R 100 000

TURNOVER per annum R 800 000 – R1 500 000

AUDITORS

ATLAS TAX

FINANCIAL YEAR END

AUGUST

INSURANCE BROKERS

PMA INSURANCE BROKERS (Heidie)+27 21 683 8852 OIL SPILL CONTROL CC

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2006 Open R 20 000 30 days 30 days Excellent

2. Awaiting email trade reference

3. N/a C.O.D. R 35 000 C.O.D. C.O.D.

NATURE OF GOODS OR SERVICES SUPPLIED

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

1. Oil Spill Kits

COMMENTS

This is a well-established small business which was previously trading as a division of a very well-established business. The subject is meeting one of its commitments timeously and the other on a C.O.D. basis.

The subject is spoken of highly by its supplier. The subject is considered equal to its normal business engagements, however, the lack of a full payment pattern should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.102.79
Euro	1	Rs.81.95

INFORMATION DETAILS

Analysis Done by :	Div

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.