MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AMERICAN
SWISS |
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Registered Office : |
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, Cape
Town, Western Cape |
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Country : |
South
Africa |
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Date of Incorporation : |
20.12.1988 |
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Com. Reg. No.: |
1988/007302/07 |
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Legal Form : |
Pty
Limited |
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Line of Business : |
Retailers of clothing, jewellery and
related activities, the subject being the main trading company within the
Foschini Group of Companies |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
COMPANY NAME
AMERICAN SWISS
PHYSICAL ADDRESS
Stanley Lewis Centre
340
Voortrekker Road
PAROW
EAST
Cape Town
Western
Cape
POSTAL ADDRESS
P O Box
6020
PAROW EAST
7501
TELEPHONE NUMBER
(021) 938-1911
On investigation it was established that the subject is dormant and that its assets and operations were incorporated into THE FOSCHINI GROUP (PTY) LTD. It was further established that THE FOSCHINI GROUP (PTY) LTD became dormant and assets and operations were incorporated in 2000 into FOSCHINI RETAIL GROUP (PTY) LTD, which report should be consulted.
(The
information contained in this report, other than comment by outside
authorities, has been voluntarily supplied by Officials of the subject):
COMPANY NAME
FOSCHINI RETAIL GROUP (PTY) LTD
TRADING DIVISIONS
AMERICAN SWISS JEWELLERS DIVISION
FOSCHINI STORES DIVISION (incorporating W.W.W (World
Wide Wear) as a department)
MARKHAM DIVISION
EXACT!
STERNS JEWELLERS
T.F.G. APPAREL SUPPLY
SPORTS SCENE
R J L
DONNA CLAIRE
@HOME
TOTAL SPORTS
FASHION EXPRESS
L.D.V. DESIGN CO
@HOME LIVING SPACES
MATRIX
RCS
PHYSICAL ADDRESS
Stanley Lewis Centre
340 Voortrekker Road
PAROW EAST
Western Cape
POSTAL ADDRESS
P O Box 6020
PAROW EAST
7501
TELEPHONE NUMBER
021 938 1911
FAX NUMBER
021 937 4257
SHAREHOLDERS
100% FOSCHINI
LIMITED quoted on the JSE Ltd.
ASSOCIATE COMPANIES
Companies within the FOSCHINI Group.
DIRECTORS
D M POLAK (MD)
R STEIN
A D MURRAY
S N BOWLEY
H B GODFREY
P S MEIRING
BANKERS
FIRST
NATIONAL BANK, Corporate Branch, Cape Town, Account Number: 55791093252. The subject is reported to have substantial
overdraft facilities, secured by the holding company guarantees. It was stated by the respondent at the
subject that they have various accounts for different purposes.
DATE REGISTERED
20 December 1988
Registration Certificate Number: 1988/007302/07
The subject was previously a dormant company and
commenced active operations as at 1 April 2000.
The subject took over part of the assets and operations of the very well established FOSCHINI GROUP (PTY) LTD, which is currently dormant. The assets and operations were transferred to the subject and two other companies namely, FOSCHINI SERVICES (PTY) LTD and RETAIL CREDIT SOLUTIONS (PTY) LTD.
VAT NUMBER
4210187250
MAJOR OPERATION
Retailers of clothing, jewellery and related activities, the subject being the main trading company within the Foschini Group of Companies
MAJOR SUPPLIERS
It was stated that each division has its own
suppliers. The @Home division deals
with:
PATSY’S DECORATORS
Cape Town
DA GAMA TEXTILES
Port Elizabeth
DESIGN CO Cape
Town
RIOT CREATIVE DESIGNS
Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The general public on a cash and credit basis.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Namibia, Swaziland and Botswana.
TOTAL EMPLOYEES
13 500 including casuals, contract and factory
employees.
OTHER PREMISES
1 233 stores nationwide
OWNED OR LEASED
The head office premises are reported to be partially
leased and partially owned by the subject and the majority of the branch
premises are leased.
AUTHORISED SHARE CAPITAL
R100 000 divided into 100 000 ordinary R1 shares.
ISSUED SHARE CAPITAL
R66 000
Respondents declined to assist with updating previous
financial information dated March 2005 that reads as follows:
STOCK fluctuates R 900
000 000
DEBTORS R 1
700 000 000
CREDITORS R 950
000 000
SHAREHOLDERS
LOANS Nil
TURNOVER per annum R 5 500 000 000
AUDITORS
KPMG
FINANCIAL YEAR END
MARCH
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 Yrs R4
mill R3 mill 14 days 14 days Very Good
2. 3 Yrs R500
000 R150 000 30 days 30 days Excellent
3. Awaiting trade reference
COMMENTS
This is a large, well-established and favourably known
company. The subject is considered
equal to US$10 000 000 on a well spread basis.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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