MIRA INFORM REPORT

Report Date :

29.03.2014

IDENTIFICATION DETAILS

Name :	NIVEN CLOTHING INDUSTRIES CC
Registered Office :	13 Eagle Road, Missionlands Verulam, Kwazulu-Natal
Country :	South Africa
Date of Incorporation :	03.10.1988
Com. Reg. No.:	1988/027036/23
Legal Form :	Private Company
Line of Business :	Importers of garments and manufacturers of men's and boys unbranded clothing.
No. of Employees :	120

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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, 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. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom, the state-run power company, 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

Company name

NIVEN CLOTHING INDUSTRIES CC

PHYSICAL ADDRESS

13 Eagle Road

Missionlands VERULAM

KwaZulu-Natal

POSTAL ADDRESS

P O Box 2094

VERULAM

4340

TELEPHONE NUMBER

+27 32 533 6446

FAX NUMBER

+27 32 533 6447

MEMBERS

95% R H MAHARAJ (Deceased 04/10/2012) ID No. 3805125084052

5% S R MAHARAJ ID No. 6505055165056

The shares of R H MAHARAJ are presently held by the late estate.

ASSOCIATE COMPANIES

None

BANKERS

FIRST NATIONAL BANK, Verulam Branch. It was stated that the subject enjoys overdraft facilities secured by member's guarantees. Utilisation of the overdraft is stated to fluctuate at month end, however no further information was forthcoming from the respondent.

DATE REGISTERED

3 October 1988

Registration Certificate Number: 1988/027036/23

VAT NUMBER

4090113111

TAX NUMBER

9210138203

MAJOR OPERATION

Importers of garments and manufacturers of men's and boys unbranded clothing.

MAJOR SUPPLIERS

INTERNATIONAL TRIMMINGS

BIAS BINDING

LITHO MASTER

IMRAN TEXTILE

TRANS GLOBAL CARGO

MAJOR CUSTOMERS OR BUSINESS SECTORS

Chain stores e.g. Edcon, Pep, Woolworths

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

None

TOTAL EMPLOYEES

120

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be leased

MEMBERS CONTRIBUTION

R100

FINANCIALS

Full financial information was not forthcoming from respondents at the subject, nevertheless, it was stated that the turnover per annum is approximately R35 000 000.

AUDITORS

SAB & T INC.

YEAR END

FEBRUARY

INSURANCE BROKERS

SHIELD INSURANCE BROKERS, +27 31 275 9400

TRADE REFERENCES – MAY 2009

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 7 years R150 000 ±R30 000 - 7 days 7 days Very Good

c/l R150 000

2. ±17 years R200 000 ±R50 000 90 days 90 days Good

c/l (by arrangement)

3. old acc R40 000 R15 000 - 60 days 60 days Good

c/l R18 000

4. 8/10 years R25 000 ±R15 000 60 days 60 days Good

c/l (by arrangement)

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. ±21 years R 75 000 R 20 000 - 90 days 90 days Excellent

Insured: R 40 000

CGIC

2. ±8 years Open R 30 000 60 days 60 days Very Good

3. +10 years Open R 6 000- 60 days 60 days Good

R 9 000

COMMENTS

This is an established company meeting its small to moderate commitments as arranged.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

NNA

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.