MIRA INFORM REPORT

Report No. :	310362.2
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	AFRITEK (PTY) LTD
Formerly Known As :	BWO TRADING (PTY) LTD
Registered Office :	29 Industry Road Olifantsfontein Johannesburg, P O Box 980 Olifantsfontein 1665
Country :	South Africa
Date of Incorporation :	22.11.2005
Com. Reg. No.:	2005/041151/07
Legal Form :	Private Company
Line of Business :	Electrical and industrial supplies and engineering services
No. of Employee :	9

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

AFRITEK (PTY) LTD

Formerly: BWO TRADING (PTY) LTD, the name having changed on 16 May 2006.

PHYSICAL ADDRESS: 29 Industry Road

OLIFANTSFONTEIN

Johannesburg

Gauteng

POSTAL ADDRESS: P O Box 980

OLIFANTSFONTEIN

1665

TELEPHONE NUMBER: +27 11 316 7512

FAX NUMBER: +27 11 316 7516

SHAREHOLDERS

55% N NAIDOO

25% N R PEMA

20% T HINDLE

ASSOCIATE COMPANIES:

None

DIRECTORS

N NAIDOO ID No. 6603310179085

N R PEMA ID No. 7305185059082

T HINDLE ID No. Not available

BANKERS

STANDARD BANK, Fourways Crossing Branch. It was stated that the subject has overdraft facilities to an extent of R1 000 000, however, the facility is seldom utilised as credit balances are mainly maintained at the bank.

DATE REGISTERED

22 November 2005

Registration Certificate Number: 2005/041151/07

The subject utilised a shelf company for registration purposes which then underwent a name change to the current name. Active operations only commenced after the name change in 2006.

Prior to registration of the subject, N R PEMA was employed at JOHANNESBURG CITY POWER (2002-2006) and previously at ESKOM (1994-2002) at management level specialising in medium and high voltage engineering.

VAT NUMBER: 4170228144

TAX NUMBER: 9539659152

BBBEE STATUS: Level 1 contributor

MAJOR OPERATION

Electrical and industrial supplies and engineering services.

MAJOR SUPPLIERS

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

The power sector as well as Municipalities.

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

None

TOTAL EMPLOYEES

9

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be leased.

FINANCIALS

The following estimated financial situation was submitted as at 13 April 2015:

STOCK R 800 000

TURNOVER per annum R38 000 000

AUDITORS

J MURRAY & CHAMBERLAIN INCORPORATED

FINANCIAL YEAR END

FEBRUARY

INSURANCE BROKERS

SOLID INSURANCE BROKERS

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2007 Declined figure, but large 30 days 30 days Very Good

2. Dec 2007 R350 000 R50 000- 30 days 30 days Excellent

R200 000 -2.5%

3. Oct 2006 R5 000 000 R200 000- 60 days 60 days Good

R1 800 000

NATURE OF GOODS OR SERVICES SUPPLIED

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

1. Electrical overhead lines

2. Electrical appliances and related

3. Electrical components

COMMENTS

This is an established business meeting its commitments timeously and is highly considered by its suppliers. The subject is considered equal to a maximum figure of €31 575 over 30 days, however, the lack of full financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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.