MIRA INFORM REPORT

Report No. :	345939.2
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	GOLDKEYS INTERNATIONAL (PTY) LTD
Formerly Known As :	CYBROFUSION
Registered Office :	30 Jaco Place Rossburgh 4094
Country :	South Africa
Date of Incorporation :	21.06.2010
Com. Reg. No.:	2010/012727/07
Legal Form :	Private Company (Pty) Ltd
Line of Business :	Importing and pre-packing of grain, beans and pulse.
No. of Employee :	Not Available

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Africa’s largest and among the top 20 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. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved.

South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.

Source : CIA

COMPANY INFORMATION

OVERVIEW

History	GOLDKEYS INTERNATIONAL (PTY) LTD was registered in May 2002 as a GOLDKEYS 2000 PREPACKS (Registration Number: 2002/102773/23) current name. In June 2010 the concern converted to a Private Company.operations commenced immediately. In July 2003 the company underwent a name change to the
Major Operations or Business Sectors	The subject is involved in the import of grain.
Industry	WHOLESALER
SIC Code(s)	61221(Wholesale Trade In Foodstuffs)

STATUTORY INFORMATION

Registered Name	GOLDKEYS INTERNATIONAL (PTY) LTD
Previous Names	CYBROFUSION (2010/10/28);
Registration Number	2010/012727/07
Type of Company	Private Company (Pty) Ltd
Registration Date	21/06/2010
Date Commenced Trading	12/05/2002
Commercial Status	In Business

CONTACT DETAILS

Contact Number +27 31 459 0800
Email Address	imthiazb@goldkeys.co.za/ronnien@goldkeys.co.za
Fax Number	+27 31 459 0801
Website	www.goldkeys.co.za
Social Media Presence	Facebook
Registered Physical Address	30 JACO PLACE ROSSBURGH 4094
Trading Physical Address	30 Jaco Place ROSSBURGH KwaZulu-Natal
Postal Address	P O Box 185 DURBAN 4000

TAX INFORMATION

Income Tax Number	9131097181
VAT Number	4390257949

AUDITORS INFORMATION

Name PKF

Contact Person Ahmed Paruk

Contact Number +27 31 573 5000

INSURANCE BROKER INFORMATION

Insurance Broker Name INVESTSURE INSURANCE BROKERS

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

Holding Company Name	Holding Company Share (%)
THE ZAFAE FAMILY TRUST	100%

PRINCIPAL INFORMATION

PRINCIPAL DETAILS

Full Name	ID No.	Designation	Status	Date of Appoint- ment	Active Interests	Prev. Interests	Judg- ments	Fraud Listing
ALLY, ABDULLA	7202095140820		Active	06/10/2010	6	2	0	0
GOUWS, CHRISTIAN	5908285147087		Resigned	21/06/2010	0	0	0	0

ACTIVE BUSINESS INTERESTS: ABDULLA ALLY

Company Name	Registration No.	Business Status	Principle Status	Judgments
ALLDES PROPERTY INVESTMENTS	2008/072086/23	In Business	Active	0
EXODEC 245	2011/054555/23	In Business	Active	0
GOLDKEYS INTERNATIONAL PREPACKS	2002/102773/23	In Business	Active	0
GOLDKEYS PREPACKS	1992/004467/23	AR Final deregistration	Active	0
PENTRON TRADING	2003/053065/23	AR Final deregistration	Active	0

PREVIOUS BUSINESS INTERESTS: ABDULLA ALLY

Company Name	Registration No.	Business Status	Principle Status	Judgments
SIGNAL POINT TRADING	2002/079887/23	In Business	Resigned	0
SIZA BANTU INVESTMENTS	1998/007436/23	In Business	Resigned	0

BBBEE

GENERAL COMMENTS

Comments Unconfirmed

BANK ACCOUNT VERIFICATION

Verified	Yes
Bank Name	FIRST NATIONAL BANK
Account Holder	GOLDKEYS INTERNATIONAL (PTY) LTD
Account Number	62321994833

OPERATIONS

MAJOR OPERATIONS

Major Business Activities	The subject is involved in the importing and pre-packing of grain,beans and pulse products
Foreign Trade Activities	Import: Unconfirmed Export: None
Major Suppliers	EVEREST FLEXIBLES Durban TROPIC PLASTICS Durban IMPACT FREIGHT Durban SIMS BP CENTRE Durban
Major Customers	Retailers Wholesalers
Major Brands	Torico Golden Delight

BRANCH & PREMISES INFORMATION

Area of Distribution South Africa

Location	Description/Type	Size (m²)	# of Staff	Rented or Owned	If rented: Lease Expiry Date
PORT ELIZABETH	OFFICE		45	Rented

EMPLOYEES

Salaried Employees	0
Waged Employees	0
Total Permanent Employees	0
Casual Employees	0
Contracted Employees	0

GENERAL COMMENTS

Comments Subject advised that total number of employees is 142, however no further details were obtained.

FINANCING TERMS

Sales Terms Unknown,
Overdraft Unconfirmed
Sureties	Unconfirmed
Debtors Ceded	R60 000 000
Debtors Factored	Unconfirmed
Bonds	Unconfirmed
Year End	February

FINANCIAL FIGURES

Currency	ZAR
Actual numbers, 000' or mio	Actual Numbers
Source	Credit Application

INCOME STATEMENT

	Current Financial Year (est)	Previous Financial Year	Prior Financial Year
Turnover/Revenue	846,379,000	910,272,520
Cost of Goods Sold	178,206,141	100,606,535

BALANCE SHEET

	Current Financial Year (est)	Previous Financial Year
Assets
--Inventory/Stock	159,329,117	177,897,992
--Accounts Receivable/Debtors	98,231,252	104,948,104
Liabilities
Current Liabilities	373,602,080	314,101,081

TRADE REFERENCES

TRADE REFERENCE ANALYTICS

# of Trade Refs in the last 3 years	Overall Trade Score	Average Usage of Terms	Average Monthly Purchase	Average Usage of Credit Limit
4	50%	100%		0%

TRADE REFERENCES

Trade Ref #	Date	Trade Score 2 = best 0 = worst	Terms Given (Taken) in days	Monthly Limit Given (Taken)	Account Opened years	Payment Trend (prev. 3 years)			Acc. Insured	Notes
Ref 1	09/10/2015	1	60 (60)	1,800,000 ZAR ()	20	1	-	-	Unknown	Average monthly purchases are between ZAR700,000 and ZAR1,000,000 It is a good account.
Ref 2	26/10/2015	1	30 (30)	Open ()	10	1	-	-	No	Average monthly purchases are over a million rand. It is a good account.
Ref 3	26/10/2015	1	30 (30)	350,000 ZAR ()		1	-	-	Unknown	Average monthly purchases are ZAR150,000. It is a good account.
Ref 4	09/10/2015	N/A	see notes (see notes)	()		-	-	-	Unknown	Account has not been utilized since 2014. There are no outstanding balances.

ADMIN DETAILS

INTERVIEWER

Researcher	Inoxico
Contact Tel No.	+27 10 001 0540
Email	research@inoxico.com

LEGEND

Adverse Information
Potentially Adverse Information (depends on client context)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

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.