MIRA
INFORM REPORT
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Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CAMBRIDGE SHIRT MANUFACTURER – DIVISION OF SEARDEL GROUP TRADING (PTY) LTD |
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Registered Office : |
2nd Floor, Seardel House, Alphen Park, Constantia Main Road, Constantia, Cape Town, Western Cape |
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Country : |
South Africa |
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Date of Incorporation : |
20 August 1968 |
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Com. Reg. No.: |
1968/009480/07 |
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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 : |
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
CAMBRIDGE SHIRT MANUFACTURERS (PTY) LTD
PHYSICAL ADDRESS
9 Edmund Moorewood Road
Truro Industrial Township
TONGAAT
Kwa-Zulu Natal
TELEPHONE NUMBER: 032 945 3300
note
On investigation it was
established that the subject forms part of the S A CLOTHING INDUSTRIES division
of SEARDEL GROUP TRADING (PTY) LTD, which report should be consulted.
COMPANY NAME
SEARDEL GROUP TRADING (PTY) LTD
Formerly DESIREE CLOTHING MANUFACTURERS (PTY) LTD, the name having been changed on 15 May 1985.
TRADING DIVISIONS
MANAGEMENT DIVISIONS:
SEARDEL MANAGEMENT SERVICES
SOUTH AFRICAN CLOTHING MANAGEMENT SERVICES
LINGERIE
& FOUNDATION GARMENTS DIVISION:
CHARMFIT (manufacturing TRIUMPH INTERNATIONAL products
under licence from TRIUMPH in Germany)
CAPE UNDERWEAR MANUFACTURERS
Incorporating -
CREATIVE FASHIONS
STRATON CLOTHING
PRESTIGE CLOTHING MANUFACTURERS
SPORTSWEAR
& PLAYWEAR DIVISIONS:
CYGNET MANUFACTURING
CO (brand name Speedo)
DERMAR DESIGN CENTRE
LITTLE NUMBER
BIBETTE
BONWIT
SOUTH AFRICAN CLOTHING
LADIES WEAR
KNITTING, QUILTING & TEXTILE DIVISION:
BRITS NONWOVEN
FRAME TEXTILE GROUP
FRAME SPINNING
FRAME DENIM
FRAME FABRICS
FRAME KNITTING
FRAME MANCHESTER
FIRST FACTORY SHOPS
BERG RIVER TEXTILES
HEXTEX (Hex River Textiles)
ROMATEX GOLD REEF
GOLD REEF SPECIALITY CHEMICALS
ROMATEX HOME TEXTILES
DESIREE QUILTED PRODUCTS
MONVISO KNITWEAR
MENS
OUTERWEAR DIVISION:
SOUTH AFRICAN CLOTHING MENSWEAR
DURBAN CLOTHING MANUFACTURERS
CAMBRIDGE SHIRT MANUFACTURERS
PROPERTY
DIVISION:
SEARDEL GROUP PROPERTIES
PHYSICAL ADDRESS
2nd Floor, 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 (Reg. No. 1968/011249/06) quoted on the JSE LTD.
ASSOCIATE COMPANIES
FRAME INDUSTRIALS (PTY) LTD
SEARTEC INDUSTRIES (PTY) LTD incorporating the divisions of SHARP ELECTRONICS and SCRIPTO PRIMA TOYS & LEISURE TRADING (PTY) LTD
OCEANAIR TRAVEL (PTY) LTD (55%)
HARVEN MANUFACTURING COMPANY (PVT) LTD (50%)
SUSTAINABLE FIBRE SOLUTIONS (PTY) LTD (39%)
BRITS AUTOMOTIVE SYSTEMS (PTY) LTD (66%)
As well as other companies within the Seardel Group of companies
DIRECTORS
DR A SEARLL ID No. 3109255034007
A D JACOBSON ID No. 3901275011084
G C DE BRUIN ID No. 3704225038185
BANKERS
It was stated that SEARDEL GROUP TRADING (PTY) LTD uses all the major banks throughout South Africa, including NEDBANK. 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.
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
15 000 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 on the holding company please see the latest available extracts from the JSE Ltd handbook.
AUDITORS
KPMG
YEAR END
JUNE
INSURANCE BROKERS
HERITAGE
TRADE REFERENCES
NOT APPLICABLE
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$1 500 000 over 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. |
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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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%)