MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
WOOLWORTHS (PTY) LTD |
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Registered Office : |
P O Box 680 CAPE TOWN 8000 |
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Country : |
South
Africa |
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Date of Incorporation : |
6 March 1956 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Retailers of clothing, home ware and food
in South Africa. |
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
WOOLWORTHS (PTY) LTD
TRADING NAME
WOOLWORTHS INTERNATIONAL SA (PTY) LTD (agency company)
PHYSICAL ADDRESS
Woolworths House
93 Longmarket Street
CAPE TOWN
Western Cape
POSTAL ADDRESS
P O Box 680
CAPE TOWN
8000
TELEPHONE NUMBER: 021 407 9111
FAX NUMBER: 021 407 3924
SHAREHOLDERS
100% WOOLWORTHS HOLDINGS LIMITED (Registration Certificate Number: 1929/001986/06). Quoted on the JSE LTD.
ASSOCIATE COMPANIES
WOOLWORTHS CLAREMONT SHARE BLOCK (PTY) LTD (property owning company)
COUNTRY ROAD LTD – quoted on the Australian Stock Exchange.
Subsidiary Companies
WOOLWORTHS (LESOTHO) (PTY) LTD (dormant)
WOOLWORTHS (SWAZILAND) (PTY) LTD (dormant)
WOOLWORTHS (NAMIBIA) (PTY) LTD (dormant)
WOOLWORTHS INTERNATIONAL SA (PTY) LTD which has an agency agreement with WOOLWORTHS (PTY) LTD
WOOLWORTHS PHARMACEUTICALS (PTY) LTD
WOOLWORTHS FINANCIAL SERVICES (PTY) LTD
VIRTUAL MARKET PLACE (PTY) LTD
Plus other companies within the WOOLWORTHS group.
DIRECTORS
S N SUSMAN (Chairman & Chief Executive Officer)
MS. Z RYLANDS (alt)
R J D INSKIP
R F BUTT
K J STANDFORD
N W THOMSON
BANKERS
STANDARD BANK, Adderley Street, Cape Town is the main account of the subject, while the Woolworths’ branches deal with Standard Bank throughout South Africa.
It was stated that the branches are managed by a cash management scheme controlled by the subject.
DATE REGISTERED
6 March 1956
Registration certificate number 1956/000518/07
On investigation it was established that the subject changed its name and entity in October 1997 from WOOLWORTHS’ HOLDINGS (PTY) LTD. A dormant company was utilised and WOOLWORTHS HOLDINGS LTD commenced in 1997.
MAJOR OPERATION
The subject is one of the largest retailers of clothing, homeware and food in South Africa.
MAJOR SUPPLIERS
The subject imports most of its supplies and deals locally with:
DAIRYBELLE CORPORATION Cape Town
BIBETTE Cape Town
MASTERSPORTS Cape Town
CAPE UNDERWEAR Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The general public
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
The subject has franchise outlets in Africa and the Middle East.
TOTAL EMPLOYEES
16 337 in the group.
OTHER PREMISES
The subject is reported to have approx. 200 retail stores nationwide.
OWNED OR LEASED
The heading premises are owned by a group company, while some of the branch premises are leased and some are owned.
AUTHORISED SHARE CAPITAL
R200 divided into 100 ordinary R2 shares.
ISSUED SHARE CAPITAL
R200
Full financial information was not
forthcoming from respondents at the company, however, please see historical
information dated June 2004:
STOCK R 380 343 000
DEBTORS R1 899 651 000
FIXED ASSETS
nett book value R 810 016 000
CREDITORS R 892 982 000
SHAREHOLDERS LOANS R
906 446 000
TURNOVER per
annum R8 503 197 000
AUDITORS
ERNST & YOUNG Cape Town and SAB & T INC.
FINANCIAL YEAR END
JUNE
INSURANCE BROKERS
UNISON RISK MANAGEMENT
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1994 R15 000 R10 000 30
days 30 days Very good
2. Old
acc. R10 mill R10 mill 7 days 7 days Excellent
3. 5
yrs+ do not disclose figures 30 days 30 days Very
good
COMMENTS
This is a well-established and well-connected company meeting its commitments timeously. The subject is considered equal to US$1 000 000 DA.
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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