MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	TUT INTERNATIONAL TRADING CC

Registered Office :	89 Main Reef Road Born Free Business Park, Langlaagte Johannesburg Gauteng

Country :	South Africa

Date of Incorporation :	17.11.1994

Legal Form :	Closed Corporation

Line of Business :	Retailer and distributor of household products, e.g. plasticware, kitchenware, cookware under the brand TISSOLLI.

No. of Employees	15, having increased from 8 reported in November 2004

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^st, 2014

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

MEMBERS

100% M S T A RAHIM ID No. 6301075472189

ASSOCIATE COMPANIES

None

BANKERS

NEDBANK, Business, Gauteng Branch, Account Number: 1284137554. It was stated that the subject does not utilise overdraft facilities as credit balances are maintained at the bank.

REGISTration Details

Date Registered 17 November 1994

Registration Certificate Number 1994/038777/23

The subject was commenced as a new business

VAT NUMBER: 4730146265

TAX NUMBER: 9598729847

BEE STATUS: Non-compliant

MAJOR OPERATION

Retailer and distributor of household products, e.g. plasticware, kitchenware, cookware under the brand TISSOLLI.

MAJOR SUPPLIERS

The subject imports most of its supplies from Egypt, Spain, South Korea and China.

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

Wholesalers, retailers, cash and carry stores and independent shops.

AREA OF DISTRIBUTION AND SELLING

Mainly Gauteng but also throughout South Africa

EXPORTS: Occasionally to Swaziland, Lesotho, Namibia, Zambia and Angola

TOTAL EMPLOYEES: 15, having increased from 8 reported in November 2004

OTHER PREMISES: None

OWNED OR LEASED: The premises are reported to be leased

MEMBERS CONTRIBUTION: R100

FINANCIALS

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

STOCK R5 500 000

DEBTORS (mostly COD dealings) R 250 000

CASH R 350 000

CREDITORS R1 600 000

TURNOVER per annum R8 500 000

AUDITORS: A B BISMAILA, Braamfontein

YEAR END: FEBRUARY

INSURANCE BROKERS: SANTAM INSURANCE BROKERS

TRADE REFERENCES – NOVEMBER 2004

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2 years R150 000 R50 000 - 30 days 30 days Very Good

c/l R55 000

2. Oct 2004 R 25 000 Declined 30 days Too new to comment

c/l

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. +5 years R500 000 R500 000 30 days 30 days Good

c/l

2. Oct 2013 R350 000 R300 000 14 days 14 days Excellent

c/l

NATURE OF GOODS OR SERVICES SUPPLIED

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

1. Houseware and packaging materials

2. Freight forwarders

COMMENTS

This is an established business meeting its commitments timeously. No adverse comments have been heard. The subject is considered equal to €35 000 over 30 days as a maximum.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.57
UK Pound	1	Rs.98.88
Euro	1	Rs.80.05

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SDA

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.