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MIRA
INFORM REPORT
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Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
BIBETTE
(PTY) LTD |
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Registered Office : |
Induland Crescent Nerissa Estate LANSDOWNE Western Cape |
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Country : |
South
Africa |
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Date of Incorporation : |
20 August 1968 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers of textiles and clothing. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
COMPANY NAMe
BIBETTE (PTY) LTD
PHYSICAL ADDRESS
Induland Crescent
Nerissa Estate
LANSDOWNE
Western Cape
On investigation it
was established that the subject became dormant in July 1996 and the assets and
operations were incorporated into SEARDEL GROUP TRADING (PTY) LTD trading as
BIBETTE which report should be consulted.
The following
suppliers and trade references were obtained on BIBETTE.
MAJOR SUPPLIERS
It was stated that the
subject imports most of its supplies and deals locally with:
SAFCOR PANALPINA Cape Town
FREUDENBERG Cape Town
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs+ R2.5 mill declined 30 days 30 days Excellent
2. Old acc. R800 000 declined 90 days 90
days Excellent
Please see attached report on SEARDEL GROUP TRADING (PTY) LTD.
(The
information contained in this report, other than comment by outside
authorities, has been voluntarily supplied by officials of the subject):
COMPANY NAME
SEARDEL GROUP TRADING (PTY) LTD
Formerly: DESIREE CLOTHING MANUFACTURERS (PTY) LTD, the name having been changed on 18 March 1986. Formerly: INTER FASHIONS (PTY) LTD, the name having been changed on 15 May 1986
TRADING DIVISIONS
TRIUMPH INTERNATIONAL
BIBETTE
BONWIT
CAPE UNDERWEAR
MANUFACTURERS
DESIREE QUILTED
PRODUCTS
BRITS TEXTILE PRODUCTS
CYGNET MANUFACTURING
CO (brand name Speedo)
S A CLOTHING INDUSTRIES
MENSWEAR
LADIESWEAR
SUITS DIVISION
MONVISO KNITWEAR
PRESTIGE CLOTHING
MANUFACTURERS (LINGERIE)
DURBAN CLOTHING
MANUFACTURERS
BALU DESIGN CENTRE
BALU HAND
PAINTING
FRAME TEXTILE GROUP
FRAME SPINNING
FRAME DENIM
FRAME FABRICS
FRAME KNITTING
FRAME MANCHESTER
FIRST FACTORY SHOPS
HERTEX (Hex River Textiles)
GOLD REEF SPECIALITY CHEMICALS
ROMATEX HOME TEXTILES
DERMAR DESIGN CENTRE
It was stated that the CUTRITE division was closed
down and no longer exists and that the RIVIERA FASHIONS division is dormant.
PHYSICAL ADDRESS
Seardel House
Alphen Park
Constantia Main Road
CONSTANTIA
Cape Town
Western Cape
POSTAL ADDRESS
Private Bag X8
CONSTANTIA
7800
TELEPHONE NUMBER
021 794 3600
FAX NUMBER
021 794 2009
SHAREHOLDERS
100% SEARDEL
INVESTMENT CORPORATION LIMITED – Registration
Certificate Number: 1968/011249/06. Quoted on the JSE
LTD.
ASSOCIATE COMPANIES
FRAME FIBRES (PTY) LTD
FRAME INDUSTRIALS (PTY) LTD
As well as other companies within the Seardel Group.
DIRECTORS
DR A SEARLL (CH)
A D JACOBSON
G C DE BRUIN (joint MD with B G Richards)
BANKERS
It was stated that SEARDEL GROUP TRADING (PTY) LTD uses
all the major banks throughout South Africa, including NEDBANK and FIRST
NATIONAL BANK. The subject’s main bank
is ABSA BANK, Heerengracht. It was
stated that each trading division operates on its own bank account.
DATE REGISTERED
20 August 1968
Registration certificate number 1968/009480/07
The
subject is reported to have taken over the assets and operations of various
companies in the ROMATEX LTD and FRAME TEXTILE CORPORATION LTD groups together
with subsidiary companies.
MAJOR OPERATION
Manufacturers of textiles and clothing.
MAJOR SUPPLIERS
It was stated that each division has its own suppliers as each division
has different operations. Please see
attached narrative report on BIBETTE.
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Major chain stores (e.g. Woolworths and Edgars), retailers and sport
shops etc.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Europe, UK and Australia.
TOTAL EMPLOYEES
16 000 in the group.
OTHER PREMISES
The subject has divisional premises countrywide, the bulk operations
being in the Western Cape and also has 4 large factories in the Durban, Kwazulu
Natal area.
OWNED OR LEASED
Most premises are reported to be owned by the group.
For financial information please see latest available
balance sheet and income statement for the subject attached.
AUDITORS
KPMG
YEAR END
JUNE
INSURANCE BROKERS
HERITAGE INSURANCE BROKERS
TRADE REFERENCES
Please see attached narrative report on BIBETTE.
COMMENTS
This is a very well established and well-connected
company. No adverse comments have been
heard and the subject is considered equal to US$1 000 000 against DA terms.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |