MIRA INFORM REPORT

Report No. :	347746
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	SUBINITE (PTY) LTD
Registered Office :	7 Potgieter Street Alrode 1449
Country :	South Africa
Date of Incorporation :	14.09.2010
Com. Reg. No.:	2010/018925/07
Legal Form :	Private Company (Pty) Ltd
Line of Business :	Manufacturers of hair fibre.
No. of Employee :	230

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – 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	SUBINITE (PTY) LTD was established in September 2010. Further historical information was not forthcoming from the respondent at the subject and no further information was obtainable from outside sources.
Major Operations or Business Sectors	The subject is involved in manufacturing hair fibre.
Industry	Manufacturers of hair fibre.
SIC Code(s)	3360(Manufacture Of Man-Made Fibres)

STATUTORY INFORMATION

Registered Name	SUBINITE (PTY) LTD
Registration Number	2010/018925/07
Type of Company	Private Company (Pty) Ltd
Registration Date	14/09/2010
Date Commenced Trading	14/09/2010
Commercial Status	In Business

CONTACT DETAILS

Contact Number	+27 11 903 9400
Fax Number	+27 11 903 9499
Website	The subject has no website address.
Social Media Presence	Linked In and Facebook
Registered Physical Address	7 Potgieter Street ALRODE 1449
Trading Physical Address	7 Potgieter Street Alrode ALBERTON Gauteng 1449
Postal Address	Private Bag X035, Unit 21 ALBERTON Gauteng 1449

TAX INFORMATION

Income Tax Number 9725505151

VAT Number 4550259115

AUDITORS INFORMATION

Name GRANT THORNTON

Contact Person Not forthcoming from respondents at the subject.

INSURANCE BROKER INFORMATION

Insurance Broker Name THE JERGENS GROUP

Contact Person Bert Livingstone

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

Holding Company Name	Holding Company Share (%)
GODREJ WEST AFRICA HOLDINGS, Mauritius	100%

PRINCIPAL INFORMATION

PRINCIPAL DETAILS

Full Name	ID No.	Designation	Status	Date of Appoint- ment	Active Interests	Prev. Interests	Judg- ments	Fraud Listing
RADOMSKY, AARON	7107155304088		Active	30/10/2013	4	0	0	0
ADVANT, SUHAS RAVINDRA	Not available		Active		0	0	0	0
ZEIDAN, HUSSEIN	6107075310083		Resigned	22/07/2011	0	0	0	0
SAKSOUK, AKRAM ALI	6303165294184		Resigned	22/07/2011	0	0	0	0
PARSONS, ANDREW DALE	6304105039085		Resigned	22/07/2011	0	0	0	0
GOUWS, CHRISTIAN	5908285147087		Resigned	14/09/2010	0	0	0	0

ACTIVE BUSINESS INTERESTS: AARON RADOMSKY

Company Name	Registration No.	Business Status	Principle Status	Judgments
GODREJ SOUTH AFRICA	2006/009711/07	In Business	Active	0
HC SQUARED INVESTMENTS	2007/206424/23	In Business	Active	0
KINKY GROUP	2008/000288/07	In Business	Active	0

BBBEE

Certificate No

GENERAL COMMENTS

Comments The subject is BBBEE Non-Compliant.

BANK ACCOUNT VERIFICATION

Verified	Yes
Bank Name	STANDARD BANK
Account Holder	SUBINITE (PTY) LTD
Account Number	Declined.

GENERAL COMMENTS

Comments It was stated that the subject also banks with FIRST NATIONAL BANK, Alberton Branch, but further information was not forthcoming.

OPERATIONS

MAJOR OPERATIONS

Major Business Activities	The subject previously manufactured hair products such as braids and extensions, however, the operations were altered, and the subject currently manufactures the hair fibre, which is sold to other hair product manufacturers.
Foreign Trade Activities	The subject exports into Africa.
Major Suppliers	The subject sources supplies from the following companies: TVAAL, Johannesburg THE INK SPOT, Johannesburg PAPERCORE, Johannesburg SASOL BASE CHEMICALS, Johannesburg SAFRIPOL, Johannesburg
Major Customers	Mainly the affiliated company, WEAVE MOZAMBIQUE LDA, as well as other hair product manufacturing companies.
Major Brands	Not applicable.

BRANCH INFORMATION

Area of Distribution South Africa

PREMISES

Other Premises None

The premises are reported to be leased

Other Premises Rented or Owned

EMPLOYEES

Salaried Employees	30
Waged Employees	200
Total Permanent Employees	230
Casual Employees	0
Contracted Employees	0

GENERAL COMMENTS

Comments The subject's head office premises are reported to be leased.

COMPANY FLEET

FINANCING TERMS

Sales Terms	30 days,
Overdraft	It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
Sureties	No information was forthcoming.
Debtors Ceded	No information was forthcoming.
Debtors Factored	No information was forthcoming.
Bonds	No information was forthcoming.
Date Obtained	29/10/2015
Year End	March

FINANCIAL FIGURES

Currency	ZAR
Actual numbers, 000' or mio	Actual Numbers
Source	Marieta - Accountant (Financials as at 31 March 2015)

INCOME STATEMENT

	Current Financial Year (est)	Previous Financial Year	Prior Financial Year
Turnover/Revenue	436,000,000

BALANCE SHEET

	Current Financial Year (est)	Previous Financial Year
Assets
--Accounts Receivable/Debtors	126,000,000
Liabilities
Current Liabilities
--Accounts Payable/Creditors	112,000,000

Comment Further financial information was declined by the Accountant.

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
5	100%	82%	850,000.00 ZAR	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	29/10/2015	N/A	see notes (see notes)	()		-	-	-	Unknown	Awaiting email trade reference.
Ref 2	29/10/2015	2	30 (30)	Declined ()	5	2	-	-	Unknown	It is against company policy to divulge trade reference information, but this is a large account which is excellently maintained.
Ref 3	29/10/2015	2	30 (14)	Declined (1,000,000 ZAR)	Old account	2	-	-	Unknown	The subject purchases bulk raw materials in excess of ZAR1,000,000.
Ref 4	29/10/2015	N/A	see notes (see notes)	()		-	-	-	Unknown	It is against company policy to divulge trade reference information.
Ref 5	16/11/2015	2	30 (30)	Open (700,000 ZAR)	5	2	-	-	Unknown	The supplier undertakes printing of packaging.
Ref 6		N/A	see notes (see notes)	()		-	-	-	Unknown	It is against company policy to divulge trade reference information.

ADMIN DETAILS

Interviewer

Contact Tel No.

+27 10 001 0540

INTERVIEWEE

Contact Person MARIETA

Position Accountant

Company Tel No. +27 11 903 9400

LEGEND

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Analysis Done by :	HNA
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.