MIRA INFORM REPORT

Report No. :	491643
Report Date :	27.03.2018

IDENTIFICATION DETAILS

Name :	TRONOX MINERAL SANDS (PTY) LTD
Formerly Known As :	· TISCOR (30/05/2003) · TICOR SOUTH AFRICA (09/11/2006) · EXXARO TSA SANDS (20/08/2012)
Registered Office :	Alexander Forbes Building 1st Floor 115 West Street, Sandton Gauteng, South Africa 2196
Country :	South Africa
Date of Incorporation :	23.01.1998
Com. Reg. No.:	1998/001039/07
Legal Form :	Private Company
Line of Business :	The subject is involved in the mining and beneficiation of heavy minerals to produce titanium dioxide feedstock (chloride and sulphate grades), zircon, rutile and high purity iron products. The products are used as feedstock in a wide range of applications including pigments, metals, ceramics and foundries.
No. of Employees :	1,300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
South Africa	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. 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 but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; 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 government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

COMPANY INFORMATION

OVERVIEW

History

TRONOX MINERAL SANDS (PTY) LTD trading as NAMAKWA SANDS was registered in January 1998. The subject has had numerous name changes over the years, the latest being in August 2012 from EXXARO TSA SANDS to the current name. Details relating to the date operations commenced were unconfirmed.

STATUTORY Information

Registered Name	TRONOX MINERAL SANDS
Trading As	NAMAKWA SANDS
Previous Names	· TISCOR (30/05/2003) · TICOR SOUTH AFRICA (09/11/2006) · EXXARO TSA SANDS (20/08/2012)
Registration Number	1998/001039/07
Type Of Company	Private Company
Registered Date	23/01/1998
Commercial Status	In Business
Financial Year End	December

CONTACT DETAILS

Contact Number	+27 22 701 3911
Email Address	william.tlou@tronox.com
Fax Number	+27 22 701 3075
Website	www.tronox.com
Social Media Presence	Facebook; LinkedIn
Registered Physical Address	Alexander Forbes Building 1st Floor 115 West Street Sandton Gauteng South Africa 2196
Trading Physical Address	Trunk Road 85/1 Saldanha VREDENBURG Western Cape South Africa 7395
Postal Address	P O Box 435 VREDENBURG Western Cape South Africa 7380

GENERAL COMMENTS

Comments

The subject declined to provide any information without details of the enquirer. Any information contained in this report was obtained from outside sources and historical information dated April 2017 and is thus unconfirmed by the subject.

TAX INFORMATION

Income Tax Number 9492056644

VAT INFORMATION

VAT Status	The subject is registered for VAT (VAT number/s made available)
VAT Number	4260174679
Status	Active
Registered Name	TRONOX MINERAL SANDS (PTY) LTD
Trading Name	TRONOX MINERAL SANDS (PTY) LTD

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name	Contact Number
Insurance	AON INSURANCE BROKERS		+27119447000
Auditor	PRICEWATERHOUSECOOPERS	WERNER DUPRI	+27112870548

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

CURRENT

Holding Company	Share	Type	Comment
TRONOX LIMITED	74.00%	Holding Company
Shareholder/Member Name	Share/Interest	Type	Comment
EXXARO RESOURCES LTD	26.00%	Shareholder

PRINCIPAL INFORMATION

Director / Member

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
MXOLISI DONALD MBUYISA MGOJO	6005255986088	Director	Active	25/08/2015	0	0	0	0
PETER BRENDAN JOHNSTON	PA1811677	Director	Active	15/06/2017	1	0	0	0
PIETER ADRIAAN KOPPESCHAAR	7009205027083	Director	Active	09/08/2016	11	12	0	0
TIMOTHY CRAIG CARLSON	452037040	Director	Active	15/11/2016	1	0	0	0
THOMAS JOSEPH CASEY	485966858	Director	Deceased	15/06/2012	1	0	0	0
BRUCE WALKER ARNOLD	5711070000000	Director	Resigned	01/10/2004	0	4	0	0
CATHARINA HELENA WESSELS	7803110052081	Director	Resigned	21/11/2011	12	23	0	0
CHARLES FREDERICK MEINTJES	6212245011080	Alternate Director	Resigned	15/05/2003	1	9	0	0
CONSTANTINUS JOHANNES FAUCONNIER	4712105017087	Director	Resigned	27/11/2006	3	14	0	0
DANIEL DAVIS GREENWELL	442639068	Director	Resigned	29/09/2012	0	1	0	0
DIRK JOHANNES VAN STADEN	4907075038085	Director	Resigned	27/11/2006	0	5	0	0
FRANCOIS MALAN LOUW	6010235051086	Director	Resigned	30/06/2000	4	9	0	0
GARNET RICHARD HALLIDAY	5604090000000	Director	Resigned	07/05/2003	0	2	0	0
HUMPHREY LAWRENCE MBENDENI MATHE	5010075664080	Director	Resigned	27/11/2006	0	0	0	0
KATHERINE CAROLYN HARPER	437249038	Director	Resigned	18/11/2014	1	0	0	0
MARTHINUS STEPHANUS MULDER	4607065073080	Director	Resigned	30/06/2000	2	2	0	0
MARTHINUS WILHELMUS VON WIELLIGH	5201045035085	Director	Resigned	23/01/1998	8	11	0	0
MELLIS RICHARD WALKER	6602065108083	Director	Resigned	27/11/2006	19	11	0	0
MICHAEL JAMES KILBRIDE	5201195004089	Director	Resigned	01/07/2001	3	14	0	0
PETER CHARLES ROBINSON	4706180000000	Director	Resigned	02/07/2004	0	5	0	0
PETER ERNST VENTER	5605145082008	Director	Resigned	18/10/2008	0	0	0	0
PRAVINDRAN TREVOR ARRAN	6705255060087	Director	Resigned	11/06/2009	4	10	0	0
RIAN STRYDOM	6602255082080	Director	Resigned	05/04/2005	9	9	0	0
ROBERT CHARLES GIBNEY	710445883	Director	Resigned	15/06/2012	0	1	0	0
RODNEY JOHN RUSTON	5010100000000	Director	Resigned	06/03/2001	0	3	0	0
ROELF ADRIAAN DE BEER	6712245042084	Director	Resigned	21/11/2011	19	13	0	0
SAREL STEFANUS WEBER	7001015252084	Director	Resigned	01/11/2002	1	3	0	0
SIPHO ABEDNEGO NKOSI	5404295695083	Director	Resigned	15/06/2012	0	0	0	0
WILLEM ABRAHAM DE KLERK	6310265013083	Director	Resigned	15/06/2012	1	13	0	0
WILLEM FREDERICK VAN HEERDEN	4910245048000	Director	Resigned	01/03/1999	2	6	0	0
WILLEM HENDRIK VAN NIEKERK	5908055068083	Director	Resigned	30/06/2000	3	12	0	0
WILLEM JOHANNES NEEDHAM	6502195100085	Alternate Director	Resigned	01/03/2001	2	7	0	0
JEAN- FRANCOIS TURGEON	6604190000000	Director	Removed	14/02/2014	1	5	0	0

ACTIVE BUSINESS INTERESTS: PETER BRENDAN JOHNSTON

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
TRONOX KZN SANDS	1987/001627/07	In Business	Active	Director	0

ACTIVE BUSINESS INTERESTS: PIETER ADRIAAN KOPPESCHAAR

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
ORECO LEASING LIMITED (INCORPORATED IN MAURITIUS)	2003/011625/10	Deregistration Final	Active	Director	0
EXXARO RESOURCES	2000/011076/06	In Business	Active	Director	0
CLIPEUS INVESTMENT HOLDINGS	2002/019609/07	In Business	Active	Director	0
GREEN MILE INVESTMENTS 311	2003/054820/23	In Business	Active	Director	0
SISHEN IRON ORE COMPANY	2000/011085/07	In Business	Active	Director	0
EXXARO HOLDINGS INCORPORATED IN	1997/001097/10	Deregistration Final	Active	Director	0
TRONOX KZN SANDS	1987/001627/07	In Business	Active	Director	0
SKYPROPS 112	1998/010816/07	Voluntary Liquidation	Active	Director	0
GREEN MILE INVESTMENTS 311	2003/054820/23	In Business	Active	Member	0
EXXARO HOLDINGS	2008/017087/07	In Business	Active	Director	0
FERROWEST SHARE BLOCK (RF)	1998/011939/07	Voluntary Liquidation	Active	Director	0

PREVIOUS BUSINESS INTERESTS: PIETER ADRIAAN KOPPESCHAAR

This principal has 12 other business interests which are not shown. If you would like to view these other business interests, please contact support@inoxico.com for a special report on this principal.

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
EXXARO INSURANCE COMPANY	2006/036293/06	In Business	Resigned	Director	0
EXXARO BASE METALS AND INDUSTRIAL MINERALS HOLDINGS	2005/015352/07	In Business	Resigned	Director	0
VULCAN INCORPORATED IN MAURITIUS	2005/037173/10	Deregistration Final	Resigned	Director	0
MAFUBE COAL MINING	2004/017532/07	In Business	Resigned	Director	0
E B M PROJECT	1967/004375/07	In Business	Resigned	Director	0
ROCSI HOLDINGS	2008/016915/07	In Business	Resigned	Director	0
MINECO INCORPORATED IN MAURITIUS	2004/028702/10	Deregistration Final	Resigned	Director	0
SISHEN IRON ORE COMPANY	2000/011085/07	In Business	Resigned	Alternate Director	0
EXXARO PROPERTIES (GROENKLOOF)	2001/012330/07	In Business	Resigned	Director	0
MAFUBE COAL MINING	2004/017532/07	In Business	Resigned	Alternate Director	0
EXXARO COAL	2000/011078/07	In Business	Resigned	Director	0

ACTIVE BUSINESS INTERESTS: TIMOTHY CRAIG CARLSON

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
TRONOX KZN SANDS	1987/001627/07	In Business	Active	Director	0

Management

No principals found for this principal type.

Officer

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
W K WILTON		Secretary (Companies & CCs)	Active	25/08/2015	0	0	0	0

Other

No principals found for this principal type.

BANK ACCOUNT INFORMATION

BANK ACCOUNT CLIENT REQUESTED DETAILS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB143881	TRONOX MINERAL SANDS (PTY) LTD	4071724419	ABSA BANK	EMPANGENI	632005	Verified by Bank Code

BANK ACCOUNTS

Account Reference Number	Account Holder	Account Number	Bank Name	Branch Name	Branch Code	Verification Status
ABB124594	TRONOX MINERAL SANDS (Pty) Ltd	4071724419	Absa Bank	EMPANGENI	632005	Verified by Bank Code

OPERATIONAL ACTIVITIES

Operational Activities Status	The following information was provided
Industry	Mining
Major Industry SIC Code	07210 - Mining of ores chiefly valued for uranium and thorium content: pitchblende etc.
Secondary Industry SIC Code(s)	Beneficiation of iron ores
NACE Code	8 - Other mining and quarrying

Major operation

Major Business Activities	The subject is involved in the mining and beneficiation of heavy minerals to produce titanium dioxide feedstock (chloride and sulphate grades), zircon, rutile and high purity iron products. The products are used as feedstock in a wide range of applications including pigments, metals, ceramics and foundries.
Foreign Trade Activities	International
Agencies Held	Subject holds no agencies.
Franchises Held	The subject holds no franchises.
Major Suppliers	· INTERWASTE · ZULULAND ANTHROCIYE · NATAL REFACTORIES · BIDFREIGHT PORT OPERATIONS · KOMATSU SOUTH AFRICA · MD MINERAL TECHNOLOGIES · VAN DER MERWE LOGISTICS · BARLOW EQUIPMENT
Major Customers	· Paint Industry · Plastic Industry · Manufacturing Industry
Major Brands	Subject does not have any brands.
Major Contracts	Subject does not operate on a contract basis.

Import activities

Subject Imports

Imports From	To the value of
· Netherlands · Germany

Export activities

Subject Exports

Exports To	To the value of
· Australia · United States · China

Operational footprint

Operational Footprint Status The following information was provided

BRANCH & PREMISES INFORMATION

Location	Description/Type	Rented or Owned	Lease Expiry Date
KOEKENAAP	· Storage Facility · Yard · Office	Owned	N/A
JOHANNESBURG	· Office · Warehouse · Factory	Owned	N/A
SALDANHA	· Storage Facility · Factory	Owned	N/A

Employees

Permanent Employees	1,300
Contracted Employees	500

Company Fleet

Total Vehicles 200

The fleet is made up of:

Total Vehicles 200 Combination of Leased and Owned

GENERAL COMMENTS

General Comments Details pertaining to the breakdown of fleet was not made available.

Financing terms

Sales Terms	· 30 Days · 45 Days · 60 Days · 14 Days · 90 Days
Overdraft Facility	The Subject does not have an overdraft facility
Sureties	Details have been declined
Debtors Ceded	Debtors have not been ceded.
Debtors Factored	Debtors have not been factored.
Bonds	Details Declined

TRADE REFERENCES

Trade Reference	Date	Trade Score	Terms Given (Taken) in days	Monthly Limit Given (Taken)	Account Opened	Payment Trend (prev. 3 years)		Account Insured	Notes
TR18022788	27/02/2018	Neutral	30 Days (30 Days)	Open Account (175,000) (ZAR)	1998	50%		No	This is a good account.
TR18022787	27/02/2018	Neutral	30 Days (30 Days)	10,000,000 (3,000,000) (ZAR)	2008	50%		Unknown	This is a good account.
TR18022786	27/02/2018	N/A							Number rings unanswered
TR18022785	27/02/2018	N/A							Declined to comment
TR18022784	27/02/2018	N/A							Relevant person unavailable
TR17032051	20/03/2017	Neutral	30 Days (30 Days)	Open Account (250,000) (ZAR)	2002	50%	100%	No	This is a good account.
TR17032050	20/03/2017	Neutral	30 Days (30 Days)	Open Account (4,000,000) (ZAR)	2001	50%	100%	No	This is a good account.
TR17032049	20/03/2017	Neutral	30 Days (30 Days)	3,500,000 (Confidential)	2012	50%	100%	Yes	This is a good account.

TRADE REFERENCE ANALYTICS

Number of valid Trade References	8
Overall Trade Score	69%
Average Usage of Terms	100%
Average Monthly Purchase	1,775,000 ZAR
Average Usage of Credit Limit	40%

COURT NOTICES

· No judgments on file in the name of the subject

· No liquidation applications on file in the name of the subject

ATTACHMENTS

File	Module	Category
Tronox_2016 Annual Financial Statements.PDF	Financial Figures	Financial Statements

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.90
UK Pound	1	INR 91.87
Euro	1	INR 80.25
ZAR	1	INR 5.55

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.