MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	DYNOTHERM (PTY)LTD
Registered Office :	7 Saligna Road, Merrivale, Howick, Kwa-Zulu Natal, 3291
Country :	South Africa
Date of Incorporation :	23.04.1987
Com. Reg. No.:	M1987/001702/07
Legal Form :	Private Company
Line of Business :	· manufacturer of Brake Friction materials in the Original Equipment market of the automotive and Brake Industry subject supply's to the Automotive Industry, BMW, VW, HONDA and all major motor companies. Manufacturer of Automotive Textile Goods.
No of Employees :	100

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 :	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	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 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	DYNOTHERM (PTY)LTD
Country	South Africa
Subject Contact Person	SHAVANEE - Financial Manager
Assessment	This is an established business. On investigation contact was made with SHAVANEE who assisted with the requested information. The subject is meeting commitments timeously with their suppliers and still awaiting 1 further trade reference. Please see the available information on the subject below.

Company information

Registered Name	DYNOTHERM (PTY)LTD
Trading as/ Division Name	TMD FRICTION
Previous Name	None
Date of Name Change	None
Registration Number	M1987/001702/07
Registration Date	1987/04/23
Date Commenced Trading	1987-04-23
Age of Business	27 Years 3 Months
History of Business	The company has been operating for the past 27 years and 3 Months.
History of Principals	There are 3 active directors within the company
Shareholders/Members/Partners of subject and % holding	100% - TMD FRICTION HOLDING GMBH SOUTH AFRICA
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 0.00
Status	In Business
Operations Assessment	The subject’s main operation is to manufacturer of Brake Friction materials in the Original Equipment market of the automotive and Brake Industry
Industry/ Customers	The subject supply's to the automotive industry, BMW, VW, HONDA and all major motor companies.
Export	Declined
Import	Declined
Major Industry Code / SICC	31213
Definition of Code	Manufacture of automotive textile goods.
Head Office Physical Address	7 SALIGNA ROAD, MERRIVALE, HOWICK, KWA-ZULU NATAL, 3291
Head Office Postal Address	P O BOX 76, MERRIVALE, HOWICK, KWA-ZULU NATAL, 3291
Current Tel Number	0333305193
Cell Number	Unavailable
Current Fax Number	0333306592
Current Email Address	shavanee@dynotherm.co.za
Web Site Address	www.tmdfriction.com / www.dynotherm.co.za

Auditors information

Company Registered Name	PRICEWATERHOUSECOOPERSINC
Trading Name	PWC
Registration Number	1998/012055/21
Physical Address	102 Stephen Dlamini Road, Berea, DURBAN, 4001
Postal Address	PO Box 1049, DURBAN, 4000
Contact Person	MELLISA NAICKER
Contact Number	0312712000
Email	Unavailable
Principals	288
Judgements Against Subject	None On Record
Judgements Against Principals	None On Record
Subject Verified as Client	Yes
Practice Number	901091E
VAT Number	4950174682
Tax Number	9343032844
BEE Status	Unavailable
Financial Year End	June
No of years in Business	Unavailable
Website	www.pwc.co.za

Previous Auditors Information - No Information on Record

Tax information

Vat Number	4880113099
Status	ACTIVE
Vat Liable Date	1991/09/30
Tax Number	9176434844
Financial Year End	December

Black Economic Empowerment

Status	Yes
Score	2.00
BEE Certificate Available	No

ISO Information - No Information on Record

Workman's compensation

Registered	Yes
Compliance Certified	Yes

Company Structure

Subsidiaries Information - No Information on Record

Employees

Number of Employees	100
1. Salaried employees	100
2. Waged employees	0
3. Permanent employees	100
4. Casual employees	0
5. Contracted employees	0

Company Fleet

Company Fleet	No of vehicles:	Owned/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	3
Light delivery Vehicles	3	Owned

Offices

Offices	Offices
Head Office Owned/ Rented	Owned
Rental Company	N/A
Owned by	DYNOTHERM (PTY)LTD
Bank	N/A
Lease Agreement	N/A
Lease Expire Date	N/A
Type of Premises	Warehouse

Branch Information - No Information on Record

Management Overview

Organisation Chart

Level	Position	Name
1	Director	NIRESH BAHADUR
1	Director	DR ROMAN PAUL STEFAN MILCZAREK
1	Director	JOHN CHARLES HUDSON

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company
100% - TNB FRICTION SOUTH AFRICA	DYNOTHERM (PTY)LTD

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Comment
1	JUSHI	0315791200
2	STEEL & PIPE	0333949567	Awaiting Trade reference
3	FI GROUP	0319107950

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	7 Years	R 600000.00	R 500000	30 Days	R 250000	30 Days	This is an excellent account.
2
3	5 Years		R 500000	30 Days	R 100000 -500000	30 Days	This is a good account. The subject has an open account with their suppliers.

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

Bank	NEDBANK
Branch	KZN BUSINESS
Brach Code	198765
Bank Account Number	1648107249
Type of Account	CHEQUE
Account Name	DYNOTHERM (PTY)LTD
Overdraft Facilities	YES
Bank Code	C - R500000
Bank Comment	The subject's bankers consider them good for all business normal engagements

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information

Property Interests for Company DYNOTHERM (PTY)LTD

Title Deed No.	T10347/2012	Erf/Site No.	519
Deeds Office	PIETERMARITZBURG	Physical Address	1739-0060-000 HOWICK
Property Type	Freehold	Extent / Size
Purchase Date	2011/11/11	Purchase price	R1500000.00
% Ownership	0.00	Bond Holder	NEDBANK LIMITED
Bond Number	B61482012	Bond Amount	R1050000.00

Financial Estimates

Previous Year Turnover	R 36000000.00
Estimated Current Year Turnover	R 38000000.00
Current Turnover per month	R 3400000.00

Please note the following:

Turnover and assets less than R 1,000,000.00	The subject falls within the National Credit Act
Turnover and assets less than R 2,000,000.00	The subject falls within the Consumer Protection Act

Principals

Number of Principals	4
Average Age of Active Principals	42

Active Principals Principal - 1 of 5 JOHN HUDSON

Surname	HUDSON
First Name	JOHN
Other Names	CHARLES
Designation	DIRECTOR
Status	Active

Principal - 2 of 5

NIRESH BAHADUR

Surname	Bahadur
First Name	Niresh
ID Number	7206235112089
Verified ID Number	Yes
Current Age	42 years 1 months
Designation	Director
Status	Active
Appointment Date	2012/12/04
Physical Address (at time of Appointment)	19 AMBLESIDE AVENUE, MERRIVALE, 3291
Postal Address	19 AMBLESIDE AVENUE, LA LUCIA, 4051
Current Tel Number	0333305193
Cell number	0798797078
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information for NIRESH BAHADUR

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
ALUMINIUM AND GLASS TECHNIQUE CC	B2009/055814/23	In Business	5 Years 5 Months	0	No
DIANNE''S SECURITIES (PTY)LTD	M1973/010340/07	In Business	41 Years 5 Months	0	No
DYNAMIC FRICTIONS (PTY)LTD	M1999/015389/07	In Business	15 Years 3 Months	0	No
DYNOTHERM (PTY)LTD	M1987/001702/07	In Business	27 Years 3 Months	0	No
INTERNETMAGIC CC	B2009/055816/23	In Business	5 Years 5 Months	0	No
TMD FRICTION SA (PTY)LTD	M2011/003222/07	In Business	3 Years 3 Months	0	No

Principal Deeds Information

Property Interests for NIRESH BAHADUR

Title Deed No.	ST12244/1997	Erf/Site No.	116
Deeds Office	PIETERMARITZBURG	Physical Address	15 VULCAN PHOENIX INDUSTRIAL PHOENIX
Property Type	U	Extent / Size
Purchase Date	1997/05/05	Purchase price	R 80000.00
% Ownership	0.00	Bond Holder	NEDCOR BANK LTD
Bond Number	SB72641997	Bond Amount	R 64000.00

Property Interests for NIRESH BAHADUR

Title Deed No.	T28021/2006	Erf/Site No.	357
Deeds Office	JOHANNESBURG	Physical Address	13 HIBISCUS ATLASVILLE BOKSBURG
Property Type	E	Extent / Size
Purchase Date	2006/03/04	Purchase price	R 850000.00
% Ownership	0.00	Bond Holder	FIRSTRAND BANK LTD
Bond Number	B421002006	Bond Amount	R 850000.00

Property Interests for NIRESH BAHADUR

Title Deed No.	T14254/1998	Erf/Site No.	1214
Deeds Office	PIETERMARITZBURG	Physical Address	39 SAUNDERS ISIPINGO
Property Type	F	Extent / Size	931.00000000
Purchase Date		Purchase price	R 0.00
% Ownership	0.00	Bond Holder
Bond Number		Bond Amount	R 0.00

Property Interests for NIRESH BAHADUR

Title Deed No.	T6051/1996	Erf/Site No.	1096
Deeds Office	PIETERMARITZBURG	Physical Address	6 SAUNDERS ISIPINGO
Property Type	F	Extent / Size	93.00000000
Purchase Date	1994/04/18	Purchase price	R 22.00
% Ownership	0.00	Bond Holder	NEDCOR BANK LTD
Bond Number	B73511996	Bond Amount	R 20.00

Property Interests for NIRESH BAHADUR

Title Deed No.	T6051/1996	Erf/Site No.	1096
Deeds Office	PIETERMARITZBURG	Physical Address	6 SAUNDERS ISIPINGO
Property Type	F	Extent / Size	93.00000000
Purchase Date	1995/11/16	Purchase price	R 22.00
% Ownership	0.00	Bond Holder	NEDCOR BANK LTD
Bond Number	B73511996	Bond Amount	R 20.00

Property Interests for NIRESH BAHADUR

Title Deed No.	T6051/1996	Erf/Site No.	1096
Deeds Office	PIETERMARITZBURG	Physical Address	6 SAUNDERS ISIPINGO
Property Type	F	Extent / Size	93.00000000
Purchase Date	1995/12/11	Purchase price	R 22.00
% Ownership	0.00	Bond Holder	NEDCOR BANK LTD
Bond Number	B73511996	Bond Amount	R 20.00

Principal - 3 of 5 DR ROMAN PAUL STEFAN MILCZAREK

Surname	MILCZAREK
First Name	DR ROMAN PAUL STEFAN
ID Number	C75CNPXXZ
Verified ID Number	No
Current Age	56 Years
Designation	DIRECTOR
Status	Active
Appointment Date	2012/12/04
Physical Address (at time of Appointment)	HASELWEG 8, 51375, LEVERKUSEN, GERMANY, 0000
Postal Address	HASELWEG 8, 51375, 51375,LEVERKUSEN, 0000
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information for DR ROMAN PAUL STEFAN MILCZAREK

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
DIANNE''S SECURITIES (PTY)LTD	M1973/010340/07	In Business	41 Years 5 Months	0	No
DYNOTHERM (PTY)LTD	M1987/001702/07	In Business	27 Years 3 Months	0	No
TMD FRICTION SA (PTY)LTD	M2011/003222/07	In Business	3 Years 3 Months	0	No

Principal - 4 of 5 KEMP ALEXANDER

Surname	ALEXANDER
First Name	KEMP
Other Names	EDWARD
ID Number	761016402
Verified ID Number	No
Current Age	10 Months
Designation	DIRECTOR
Status	Resigned
Appointment Date	2011/04/28
Physical Address (at time of Appointment)	3 HEIDERWEG 40489, DUSSELDORF, GERMANY, 0000
Postal Address	TMD FRICTION HOLDINGS, GMBH SCHLEBUSCHER STRASSE 99 51381, LEVERKUSEN GERMANY, 0000
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information for KEMP ALEXANDER

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
DYNOTHERM (PTY)LTD	M1987/001702/07	In Business	27 Years 3 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 41 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
DIANNE''S SECURITIES (PTY)LTD	M1973/010340/07	In Business	41 Years 5 Months	0	No

Principal - 5 of 5 GIANCARLO CANTARELLI

Surname	CANTARELLI
First Name	GIANCARLO
ID Number	4209205047080
Verified ID Number	Yes
Current Age	71 Years 10 Months
Designation	DIRECTOR
Status	Resigned
Appointment Date	1987/04/23
Physical Address (at time of Appointment)	NO 6 HAMLET FYFE CRESCENT, HOWICK,Kwa-Zulu Natal, 3290
Postal Address	PO BOX 76, MERRIEVALE, Kwa-Zulu Natal, 3291
Current Tel Number	0333434743
Cell number	0829020713
Shareholding/Membership	0.00

Principal's Adverse - No information on record

Business Information for GIANCARLO CANTARELLI

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
DYNOTHERM (PTY)LTD	M1987/001702/07	In Business	27 Years 3 Months	0	No
FRICTION TECHNIQUES (PTY)LTD	M1999/017919/07	In Business	15 Years 3 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 41 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation
DIANNE''S SECURITIES (PTY)LTD	M1973/010340/07	In Business	41 Years 5 Months	0	No

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.102.86
Euro	1	Rs.81.44

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%)

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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.