MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	ELECON AFRICA (PTY) LTD
Formerly Known As :	ELECON
Registered Office :	6 Glenhove Road Melrose Estate 2196 P O Box 87583 Houghton 2041
Country :	South Africa
Date of Incorporation :	25.09.2002
Legal Form :	Private Company
Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Final Deregistration for Non - Submission of annual return
Payment Behaviour :	--
Litigation :	--

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Company name and address

ELECON AFRICA (PTY) LTD

PHYSICAL ADDRESS

17 Maluti Avenue

Quellerina

ROODEPOORT

Gauteng

TELEPHONE NUMBER

+27 11 534 3036

On investigation it was established that the subject underwent Final Deregistration for Non Submission of Annual Return. Attempts to contact the subject proved unsuccessful as the number obtained from the World Wide Web goes straight to an electronic voicemail. It was noted that the number +27 11 534 3036 is the only recorded contact number for the subject. Contact was made with the subject’s registered auditors who stated that the do not have the company ELECON AFRIC (PTY) LTD listed on their. If our client could forward us an alternate contact details please do so as soonest so that further investigation may be instituted.

Nevertheless, please see statutory information obtained from CIPC below:

COMPANY NAME

ELECON AFRICA (PTY) LTD

Formerly: ELECON, the name having been changed on 11 October 2002

ADDRESSES ON CIPC

PHYSICAL ADDRESS:

6 Glenhove Road

MELROSE ESTATE

2196

POSTAL ADDRESS

P O Box 87583

HOUGHTON

2041

DIRECTORS

PRASHANT AMIN

P.P.T No. 214891200

Residential Address: Shital Bhikhabahai Marg, Vallabh Vidyanaear, Gujarat

Postal Address: Shital Bhikhabahai Marg, Vallabh Vidyanaear, Gujarat

Date Appointed: 1 February 2007

DIRECTORS

Continued

GRAEME DENNIS RAMSAY

I.D. No. 5712265095000

Residential Address: 17 Maulti Avenue, Quellerina,1709

Postal Address: P O Box 202, Florida Hills, 1709

Date Appointed: 25 September 2002

PRAYASVIN BHANUBHAI PATEL

P.P.T No. Z1493133

Residential Address: Honest House, Bakrol Road, Vallabh Vidyanagar, Gujarat India, 388120

Postal Address: Vallabh Vidyanagar, Gujarat, India, 388120

Date Appointed: 1 December 2002

DATE REGISTERED

25 September 2002

Registration Certificate Number: 2002/023798/07

VAT NUMBER: 4870202852

TAX NUMBER: 9704003038

AUDITORS: ANDERSON ROCHUSSEN VAN DER BIJL INC

YEAR END: MARCH

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.