MIRA INFORM REPORT

Report No. :	337749
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	WHEEL CASH AND CARRY CC
Registered Office :	80 Melbourne Road, Durban, Kwazulu-Natal
Country :	South Africa
Date of Incorporation :	15.11.1989
Legal Form :	Closed Corporation
Line of Business :	The subject is a wholesale company that pack their own rice and beans.
No. of Employees :	±60

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 NAME:

WHEEL CASH AND CARRY CC

TRADING NAME:

JUMBO PREPACKERS

PHYSICAL ADDRESS:

80 Melbourne Road

Durban

Kwazulu-Natal

POSTAL ADDRESS:

As above

TELEPHONE NUMBER:

+27 31 304 5798

FAX NUMBER:

+27 31 304 3300

The subject moved from the premises Shop 2, Beatrice Street in February 2011

MEMBERS:

45% D H VALJEE ID No. 7608090039085

45% M VALJEE (mother) ID No. 5005150103056

10% J VALJEE ID No. 7608090039085

The membership changed and was previously:

55% D H VALJEE ID No. 7608090039085

45% M VALJEE (mother) ID No. 5005150103056

The membership changed recently and was previously:

45% M VALJEE ID No. 5005150103056

45% D H VALJEE (son) ID No. 7608090039085

10% J VALJEE (daughter) ID No. 7308185063088

The mmembership was previously 100% MRS MAMOONA VALJEE having changed.

ASSOCIATE COMPANIES:

None

BANKERS:

STANDARD BANK, Greyville Branch, Account Number: 052710939. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

DATE REGISTERED:

15 November 1989

Registration Certificate Number 1989/037085/23

The subject commenced as a new business.

VAT NUMBER:

4450131562

TAX NUMBER:

9334084200

BBBEE STATUS:

In the process of applying for a certificate.

MAJOR OPERATION:

The subject is a wholesale company that pack their own rice and beans. The rice is packaged under the name GOLDEN STAR and GOLDEN PENNY and the beans are packaged as JUMBO BEANS.

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:

Public and wholesalers.

AREA OF DISTRIBUTION AND SELLING:

Durban (Ulundi, Mandini and Eshowe)

EXPORTS:

None

TOTAL EMPLOYEES:

±60

OTHER PREMISES:

None

OWNED OR LEASED:

The premises are reported to be owned by the subject.

MEMBERS CONTRIBUTION:

R100

FINANCIALS:

Financial information was not forthcoming from respondents at the company and outside authorities were unable to assist in this respect.

AUDITORS:

GARACH AND GARACH

YEAR END:

FEBRUARY

INSURANCE BROKERS:

GOSURE INSURANCE BROKERS

TRADE REFERENCES – NOVEMBER 2002:

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 5 years R 50 000+ R 50 000+ 30 days 30 days Very Good

2. 8 years R 100 000 R 60 000 30 days 15 days Very Good

3. 2 years R 50 000 R 50 000 - 30 days 30 days Very Good

R 75 000 2.5%

TRADE REFERENCES – MARCH 2008:

PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

CREDIT CREDIT PATTERN

1. 1991 R150 000 R 70 000 - 30 days 30 days Good

R 90 000

2. 10 years declined R 50 000 30 days 30 days Good

3. New account – have not yet purchased

4. Oct 2000 R 50 000 R 50 000+ 30 days 30 days Good

5. Do not give trade references

TRADE REFERENCES – JUNE 2010

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 10+ years R150 000 R 60 000 30 days 30 days Very Good

c/l

2. 2000 undisclosed R 300 000 30 days 30 days Good

2%

3. 3 years none R 200 000 30 days 34 days Good

TRADE REFERENCES – SEPTEMBER 2011:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 2000 R380 000 ±R 80 000 30 days 30 days Very Good

Less 2%

2. 2007 Open R 50 000- 30 days 30 days Good

R 500 000 2%

3. 2007 Open R 300 000- 30 days 30 days Excellent

R1 400 000

TRADE REFERENCES – APRIL 2014

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. Oct 2000 R 32 000 R 500 000 30 days 30 days Very Good

Less 2%

2. 6-7 years Open R 150 000- 30 days 35/40 days Good

R 200 000

3. Unable to obtain trade reference

4. Awaiting fax trade reference

CURRENT TRADE REFERENCES:

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 3 years Open R7 000 000 30 days 30 days Very Good

2. Old acc Declined R 200 000 30 days 30 days Very Good

3. Do not give trade reference

NATURE OF GOODS OR SERVICES SUPPLIED:

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

1. Oils

2. Packaging

3. Packaging

COMMENTS:

This is an established business that is meeting its commitments timeously. The subject is considered equal to days preferably on secured basis; the lack of financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.