MIRA INFORM REPORT

SUPPLEMENTARY RTEPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	DINESH''S BAGS AND LUGGAGE CC

Registered Office :	Shop1 Sangro House, 417 Anton Lembede Street, Durban, 4001

Country :	South Africa

Date of Incorporation :	23.07.1992

Com. Reg. No.:	B1992/019950/23

Legal Form :	Private Company

Line of Business :	Manufacture of other general goods of leather & substitutes & saddlery

No. of Employees :	19

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

Company name and address

Subject Name	DINESH''S BAGS AND LUGGAGE CC
Country	South Africa
Subject Contact Person	PRISCILLA GOPAL - Member
Assessment	This is an established business. On investigation contact was made with PRISCILLA GOPAL the member. The subject is meeting commitments timeously with the suppliers. We are awaiting 1 further trade reference. We obtained a bank code C for R 150 000 over 90 days. Please see the available information provided below.

Auditors Information

Company Registered Name	SIZWE NTSALUBA GOBODO INCORPORATED
Trading Name	SIZWE NTSALUBA GOBODO
Registration Number	2005/012995/07
Physical Address	2 FLANDERS PLACE, MOUNT EDGECOMBE, 4301
Postal Address	PO BOX 1644, MOUNT EDGECOMBE, 4301
Contact Person	BHARAT PATEL
Contact Number	0315394800
Email	bharatp@sng.za.com
Principals	53
Judgements Against Subject	Unavailable
Judgements Against Principals	Unavailable
Subject Verified as Client	Yes
Practice Number	958476
VAT Number	Unavailable
Tax Number	9256946154
BEE Status	Unavailable
Financial Year End	December
No of years in Business	12 Years 5 Months
Website	Unavailable
Comment

Previous Auditors Information - No Information on Record

Tax Information

Vat Number	4240133571
Status	DEREGISTERED
Vat Liable Date	1992/07/21
Tax Number	9069094200
Tax Clearance Expire Date
Financial Year End	February
Comment

Vat Number	4570133597
Status	ACTIVE
Vat Liable Date	1992/07/21
Tax Number	9069094200
Tax Clearance Expire Date	2015/06/02
Financial Year End	February
Comment

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record
Workman's compensation
Registered	Yes
Compliance Certified	Yes
Comment

Company Structure

Number of Employees	19
1. Salaried employees	18
2. Waged employees
3. Permanent employees	18
4. Casual employees
5. Contracted employees
Comment
Company Fleet
Company Fleet	No of vehicles:	Owned/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	1
Comment
Light delivery Vehicles	1	Owned

Offices	Offices
Head Office Owned/ Rented	Owned
Rental Company
Owned by	DINESH'S BAGS AND LUGGAGE CC
Value
Bond
Bank
Lease Agreement
Lease Expire Date
Type of Premises	Warehouse with office blocks
Comment

Branch Information - No Information on Record

Management Overview

1 MEMBER PRISCILLA GOPAL

Company Structure (Ownership)

Holding	Company	Sub	Comment
50% - DINESH MANILAL GOPAL	DINESH'S BAGS AND LUGGAGE CC	NONE
50% - PRISCILLA GOPAL	DINESH'S BAGS AND LUGGAGE CC	NONE

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
1	BUSBY TRADING	0116272727

2	MAX COWEL	0114862210
3	SAMSONITE	0117066589			Awaiting trade reference

Trade References Detai

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
1	13 Years	R1000000.00	R1000000	90 Days	R150000	90 Days	This is a good account
2	10 Years	R 80000.00	R 80000	90 Days	R 50000	90 Days	This is a good account.
3

Adverse Information on Subject

Judgements - No information on record

BusinessRescue - No Information on Record

Default Listing - No information on record

Notarial Bonds - No information on record

Bank Information

Bank	NEDBANK
Branch	ALBERT STREET
Brach Code	198765
Bank Account Number	1355101247
Type of Account	CURRENT
Account Name	DINESH'S BAGS AND LUGGAGE CC
Overdraft Facilities	Yes
Bank Code	C for R150 000
Bank Comment	The subject's bankers consider them good for all normal business engagements

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

Financial Estimates

CURRENT ASSETS
Stock	R 5001331.00
Debtors	R16792.00
FIXED ASSETS
Plant, Equipment, Vehicles	R128753.00
Property
CURRENT LIABILITIES
Creditors	R 3799775.00
Loans/ From?
Loan Details
LONG TERM LIABILITIES
Morgage Bonds	R 544621.00
Previous Year Turnover	R 20279253.00
Estimated Current Year Turnover
Current Turnover per month
Current Turnover per annum
Comment
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	2
Average Age of Active Principals	54
Active Principals Active Principal - 1 of 2 DINESH GOPAL
Surname	GOPAL
First Name	DINESH
Other Names	MANILAL
Marital Status	Married
ID Number	5802215108089
Verified ID Number	Yes
Current Age	56 Years 8 Months
Designation	MEMBER
Status	Active
Appointment Date	2009/05/19
Physical Address (at time of Appointment)	91 VIEW STREET, OVERPORT, DURBAN, 4001
Postal Address	SHOP 1, SANGRO HOUSE, 417 SMITH STREET, DURBAN, 4001
Current Tel Number	0313052981
Cell number	8290335050
Shareholding/Membership	50%

Business Information for DINESH GOPAL

Principal Current Business Interests

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

A I A DADA

INVESTMENTS

(PTY)LTD

M1967/012604/07

In Business

47 Years 11 Months

DINESH''S BAGS AND LUGGAGE CC

B1992/019950/23

In Business

22 Years 10 Months

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

Active Principal - 2 of 2 PRISCILLA GOPAL

Surname	GOPAL
First Name	PRISCILLA
Other Names
Marital Status	Married
ID Number	6112020040082
Verified ID Number	Yes
Current Age	52 Years 10 Months
Designation	MEMBER
Status	Active
Appointment Date	2009/05/19
Physical Address (at time of Appointment)	91 VIEW STREET, VERPORT, DURBAN, 4091
Postal Address	SHOP 1, SANGRO HOUSE, 417 SMITH STREET, DURBAN, 4001
Current Tel Number	0313052981
Cell number	0829035102
Shareholding/Membership	50%

Business Information for PRISCILLA GOPAL Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
DINESH''S BAGS AND LUGGAGE CC	B1992/019950/23	In Business	22 Years 10 Months	0	No
GOPALS BAGS AND LEATHER	6112020040058		Unknown	0	No

Principal's Previous Business Interests - No information on record

Principal's Deeds Information - No information on record

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Registered Name	DINESH'S BAGS AND LUGGAGE CC
Trading as/ Division Name	GOPALS BAGS AND LUGGAGE
Previous Name	None
Date of Name Change	None
Registration Number	B1992/019950/23
Registration Date	1992/07/23
Date Commenced Trading	1992-07-23
Age of Business	22 Years 3 Months
History of Business	The subject commenced trading as a new business in 1992
History of Principals	There are 2 active members within the business.
Shareholders/Members/Partners of subject and % holding	50 % - DINESH MANILAL GOPAL, 50 % - PRICILLA GOPAL
Authorised Share Capital	R 0.00
Issued Share Capital/Members Contribution	R 0.00
Status	In Business
Operations Assessment	The subject manufactures and supplies luggage and leather goods.
Industry/ Customers	The general public
Export	Unknown
Export Countries
Import	Unknown
Import Countries
Major Industry Code / SICC	31629
Definition of Code	Manufacture of other general goods of leather & substitutes & saddlery
Head Office Physical Address	SHOP1 SANGRO HOUSE, 417 ANTON LEMBEDE STREET, DURBAN, 4001
Head Office Postal Address	SHOP1 SANGRO HOUSE, 417 ANTON LEMBEDE STREET, DURBAN, 4001
Current Tel Number	0313052981
Cell Number	0829033505
Current Fax Number	0313061834
Current Email Address	gopals@iafrica.com
Web Site Address
Comments