MIRA INFORM REPORT

Report No. :	345628
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	CONTINENTAL PRINTING INKS AND PPS (PTY) LTD

Formerly Known As :	DELTRADE 2

Registered Office :	De Waterkant Building 10 Heldeberg Street Stellenbosch 7600

Country :	South Africa

Date of Incorporation :	21.06.1994

Com. Reg. No.:	1994/004206/07

Legal Form :	Private Company (Pty) Ltd

Line of Business :	Subject is involved in the manufacture and distribution of printing inks.

No. of Employee :	180

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 :	Slow but correct

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

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

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

Holding Company Name

Holding Company Share (%)

MIMETES HOLDINGS (PTY) LTD Registration Certificate Number 2000/030315/07

100%

PRINCIPAL INFORMATION

PRINCIPAL DETAILS
Full Name	ID No.	Designation	Status	Date of Appoint- ment	Active Interests	Prev. Interests	Judg-ments	Fraud Listing
GREYLING, GERBRECHTA ELIZABETH	7701220155085		Active	14/10/2013	10	0	0	0
VON MOLENDORFF, HERCULES	6508285021081		Active	13/11/2007	14	2	0	0
HAMMAN, SAMUEL WALTERS	6212115024007	Director	Active	27/07/1998	14	1	0	0
BRINK, JAMES BROWN	4502185041002	Director	Active	27/07/1998	1	0	0	0
MEESER, DENNIS EDWARD	3610255075007	Director	Resigned	27/07/1998	0	0	0	0
HAMMAN, MELT	7104265047087		Resigned	06/04/2005	0	0	0	0
LDP SECRETARIAL AND ADMINISTRATIVE SERVICES,			Resigned	01/05/2003	2	38	0	0
WIELAND, JURGEN RICHARD	4107255013186	Director	Resigned	27/07/1998	0	0	0	0

ACTIVE BUSINESS INTERESTS: GERBRECHTA ELIZABETH GREYLING
Company Name	Registration No.	Business Status	Principle Status	Judgments
EAGLE INK SYSTEMS (CAPE)	1996/007854/07	In Business	Active	0
EAGLE INK SYSTEMS (JHB)	1996/008055/07	In Business	Active	0
EAGLE INK SYSTEMS KZ NATAL	1997/019098/07	In Business	Active	0
FLINT GROUP AFRICA	2015/090615/07	In Business	Active	0
MARBLESHARP NINE	1996/010364/07	In Business	Active	0
MIMETES HOLDINGS	2000/030315/07	In Business	Active	0
NILOSTAR SIX	2000/014599/07	In Business	Active	0
SA INK HOLDINGS	1996/006620/07	In Business	Active	0
WEKITA FOUR	1997/007479/07	In Business	Active	0

ACTIVE BUSINESS INTERESTS: HERCULES VON MOLENDORFF
Company Name	Registration No.	Business Status	Principle Status	Judgments
A AND R PRINTCHEM COMPANY	2009/006976/07	Deregistration Final	Active	0
AFRICAN PRINTING INKS	2001/020167/07	Deregistration Final	Active	0
DELMIKE PRODUCTS (CAPE)	1963/001135/07	Deregistration Final	Active	0
EAGLE INK SYSTEMS (CAPE)	1996/007854/07	In Business	Active	0
EAGLE INK SYSTEMS (JHB)	1996/008055/07	In Business	Active	0
MARBLESHARP NINE	1996/010364/07	In Business	Active	0
MIMETES HOLDINGS	2000/030315/07	In Business	Active	0
NAUTICA MARINE	2005/027817/07	In Business	Active	0
NILOSTAR SIX	2000/014599/07	In Business	Active	0
PINETOWN BLENDING	1997/001474/07	Deregistration Final	Active	0
SA INK HOLDINGS	1996/006620/07	In Business	Active	0
STACETEC	1998/010906/07	Deregistration Final	Active	0
WEKITA FOUR	1997/007479/07	In Business	Active	0

ACTIVE BUSINESS INTERESTS: SAMUEL WALTERS HAMMAN
Company Name	Registration No.	Business Status	Principle Status	Judgments
A AND R PRINTCHEM COMPANY	2009/006976/07	Deregistration Final	Active	0
AFRICAN PRINTING INKS	2001/020167/07	Deregistration Final	Active	0
CPI ADMIN COMPANY	2001/008223/07	In Business	Active	0
DELMIKE PRODUCTS (CAPE)	1963/001135/07	Deregistration Final	Active	0
EAGLE INK SYSTEMS (CAPE)	1996/007854/07	In Business	Active	0
EAGLE INK SYSTEMS (JHB)	1996/008055/07	In Business	Active	0
MARBLESHARP NINE	1996/010364/07	In Business	Active	0
MIMETES HOLDINGS	2000/030315/07	In Business	Active	0
NAUTICA MARINE	2005/027817/07	In Business	Active	0
NILOSTAR SIX	2000/014599/07	In Business	Active	0
PINETOWN BLENDING	1997/001474/07	Deregistration Final	Active	0
SA INK HOLDINGS	1996/006620/07	In Business	Active	0
WEKITA FOUR	1997/007479/07	In Business	Active	0

PREVIOUS BUSINESS INTERESTS: HERCULES VON MOLENDORFF
Company Name	Registration No.	Business Status	Principle Status	Judgments
EAGLE INK SYSTEMS KZ NATAL	1997/019098/07	In Business	Resigned	0
LURE ANGLERS LODGE	1999/018154/07	In Business	Resigned	0

PREVIOUS BUSINESS INTERESTS: SAMUEL WALTERS HAMMAN
Company Name	Registration No.	Business Status	Principle Status	Judgments
EAGLE INK SYSTEMS KZ NATAL	1997/019098/07	In Business	Resigned	0

BBBEE

Certificate

BANK ACCOUNT VERIFICATION


Verified	Yes
Bank Name	ABSA BANK
Branch Code	334705
Account Holder	CONTINENTAL PRINTING INKS AND PPS (PTY) LTD
Account Number	730156707

OPERATIONS

MAJOR OPERATIONS

Major Business Activities	The subject is involved in the manufacture and distribution of printing inks.
Foreign Trade Activities	The subject imports raw materials from overseas and occasionally finished goods from Germany. The subject exports to Malawi, Zambia, Zimbabwe, Botswana, Mozambique and Swaziland.
Major Suppliers	SHELL CHEMICALS B A S F ROHLIG GRINDROD TRIM PLASTICS ENGEN SOLVENTS CARGO FREIGHT
Major Customers	The printing industry.
Major Brands	The subject does not represent any major brands.

BRANCH & PREMISES INFORMATION

Area of Distribution

National

Location	Description/Type	Size (m²)	# of Staff	Rented or Owned	If rented: Lease Expiry Date
Durban	Office and factory			Unknown	n/a
Johannesburg	Office and factory			Unknown	n/a
Cape Town	Office and factory			Unknown	n/a

EMPLOYEES

Salaried Employees	180
Waged Employees	0
Total Permanent Employees	180
Casual Employees	0
Contracted Employees	0

GENERAL COMMENTS

Comments

Details regarding to the company fleet could not be confirmed.

FINANCING TERMS

Sales Terms	30 days,
Overdraft	The subject has an overdraft to an extent of R20 000 000. Utilisation is stated to be never.
Sureties	Sureties have been signed on behalf of the company, however, further details could not be confirmed.
Debtors Ceded	The debtors have been ceded.
Debtors Factored	The debtors have been factored.
Bonds	There are no bonds.
Date Obtained	12/10/2015
Year End	June

FINANCIAL FIGURES

Actual numbers, 000' or mio

Actual Numbers

Comment

Financial details were not made available by the respondent at the subject.

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

86%

100%

1,962,500.00 ZAR

68%

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 6	09/02/2015	N/A	see notes (see notes)	Declined ()		1.7	-	2	Unknown	It is against company policy to provide trade references.
Ref 1	15/10/2015	N/A	see notes (see notes)	Declined ()		-	-	-	Unknown	It is against company policy to provide trade references.
Ref 2	15/10/2015	N/A	see notes (see notes)	Declined ()		-	-	-	Unknown	It is against company policy to provide trade references.
Ref 3	15/10/2015	N/A	see notes (see notes)	Declined ()		-	-	-	Unknown	It is against company policy to provide trade references.
Ref 4	15/10/2015	2	30 (30)	7,000,000 ZAR (5,500,000 ZAR)	15	2	-	-	Yes	This is stated to be an excellent account.
Ref 5	15/10/2015	1	30 (30)	Open (300,000 ZAR)	2	1	-	-	No	This is stated to be a good account.

INTERVIEWEE

Contact Person	Shelly
Position	Secretary to the Financial Manager
Company Tel No.	+27 11 622 2826

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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 Physical Address	De Waterkant Building 10 Heldeberg Street STELLENBOSCH 7600
Trading Physical Address	91 Mimetes Road Cnr Strydom Street Denver Ext 4 JOHANNESBURG, Gauteng
Postal Address	P O Box 75731 DENVER Johannesburg Gauteng 2094

Income Tax Number	9041456204
VAT Number	4140144975, 4460145016, 4120144508

Name	LOUBSER DU PLESSIS INC.
Contact Number	+27 21 888 5600

Insurance Broker Name	LIONEL ISAACS, Johannesburg
Contact Number	+27 11 483 1802