MIRA INFORM REPORT

Report No. :	300542
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	ARBALEST (PTY) LTD
Formerly Known As :	BIG CEDAR TRADING 108 (PTY) LTD
Registered Office :	43 Wierda Road West, Wierda Valley, Sandton Gauteng
Country :	South Africa
Date of Incorporation :	27.03.2003
Com. Reg. No.:	2003/007200/07
Legal Form :	Private Company
Line of Business :	Distributors of telecommunication equipment
No. of Employee :	30

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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 & address:

ARBALEST (PTY) LTD

Formerly: BIG CEDAR TRADING 108 (PTY) LTD, the name having been changed on 9 December 2003.

PHYSICAL ADDRESS:

43 Wierda Road West

Wierda Valley

SANDTON

Gauteng

POSTAL ADDRESS:

P O Box 78932

SANDTON

2146

TELEPHONE NUMBER:

+27 11 783 6108

FAX NUMBER:

+27 86 602 4166

SHAREHOLDERS:

T W MILLAR

C H BREGMAN

J M BAND

The percentage shareholding was not forthcoming from the respondent at the subject.

ASSOCIATE COMPANIES:

None

DIRECTORS:

T W MILLAR ID No. 4901275004088

C H BREGMAN ID No. 7510255083082

J M BAND ID No. 7512135058086

BANKERS:

STANDARD BANK, Sandton City Business Banking. Further banking details were unknown to the respondent at the time of the investigation.

DATE REGISTERED:

27 March 2003

Registration Certificate Number: 2003/007200/07

The subject commenced trading as a new company in 2003.

VAT NUMBER:

4260209939

TAX NUMBER:

9008130156

BBBEE STATUS:

Level 6 contributor

MAJOR OPERATION:

Distributors of telecommunication equipment.

MAJOR SUPPLIERS:

The subject imports ±95 % of its supplies from China and deals with local clearing agents.

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:

Retail industry

AREA OF DISTRIBUTION AND SELLING:

South Africa

EXPORTS:

None

TOTAL EMPLOYEES:

30

OTHER PREMISES:

None

OWNED OR LEASED:

The premises are reported to be leased.

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, however, it was stated that the annual turnover is R300 000 000 and that the value of the stock varies and currently stands in a region of R25 000 000-R50 000 000.

AUDITORS: HOWARTH LEVETON BONER

YEAR END: FEBRUARY

INSURANCE BROKERS:

UNKNOWN

CURRENT TRADE REFERENCES:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Against company policy to give trade references

2. Against Company policy is to give trade references

COMMENTS:

This is an established business that imports most of its supplies and only deals with local clearing agents who do not give trade references. No adverse comments have been heard but in the absence of a payment pattern we are unable to recommend a highest credit.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.94.16
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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.