MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	HAVEN ROCK (PTY) LTD
Registered Office :	5 Rooijakkals Street, MEYERTON, Gauteng
Country :	South Africa
Date of Incorporation :	11.12.2012
Legal Form :	Private Company
Line of Business :	The subject will be involved in the farming of various vegetables
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to Commenced Operation
Payment Behaviour :	Unknown
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 – 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

HAVEN ROCK (PTY) LTD

PHYSICAL ADDRESS

5 Rooijakkals Street

MEYERTON

Gauteng

POSTAL ADDRESS

P O Box 94

MEYERTON

1960

CELLPHONE NUMBER: +27 76 138 5708

The address of 6 Tygerberg Crescent, Vaalpark, Free State is the subjects registered address. The subject does not trade from the latter address.

It was stated by the respondent that the subject does not have a landline telephone at present.

SHAREHOLDERS

100% Ms N HAASBROEK

It was stated by the respondent that the shareholding is in the process of change.

ASSOCIATE COMPANIES

None

DIRECTORS

Ms N HAASBROEK ID No. 9101160321086

BANKERS

FIRST NATIONAL BANK, Vanderbijl Park Branch. Further information on banking facilities was not forthcoming from the respondent.

DATE REGISTERED

11 December 2012

Registration Certificate Number: 2012/220456/07

It was stated by the respondent that the subject is still in its setting up phase and will only commence active trading in January 2015

VAT NUMBER

4390262204

MAJOR OPERATION

The subject will be involved in the farming of various vegetables

MAJOR SUPPLIERS

The subject does not have any suppliers at present. It was however stated that the subject will be importing farming bags from abroad.

MAJOR CUSTOMERS OR BUSINESS SECTORS

Johannesburg Market and other markets

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

None

TOTAL EMPLOYEES

None at Present

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to owned by the Director and her husband in their personal capacity.

AUTHORISED SHARE CAPITAL

R1 000 divided into 1 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R100

FINANCIALS

Full financial information was not forthcoming from respondents at the subject and outside authorities were unable to assist in this regard.

It was stated that R1 100 000 has been invested in the farm to this point.

AUDITORS

DHC BOOKKEEPING SERVICES

YEAR END

FEBRUARY

INSURANCE BROKERS

Uninsured at present

CURRENT TRADE REFERENCES

None at present

COMMENTS

This is a very new business that is still in its setting up phase and will only commence operations early next year. It is suggested that all dealings be on a letter of credit basis until the subject is better established. Although the shareholding is stated to be in the process of change the youth of the shareholder should be borne in mind. We are unable to recommend a maximum credit at this stage.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.31
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PDT

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.