MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
COMPANY NAME
AMERICAN SWISS STERNS
With reference to your e-mail dated 17 November 2006 regarding the above trading divisions of FOSCHINI RETAIL GROUP (PTY) LTD. It was confirmed that AMERICAN SWISS is registered as AMERICAN SWISS JEWELLERS (PTY) LTD, Registration Certificate Number 1982/011899/07.
AMERICAN SWISS JEWELLERS (PTY) LTD has a separate registration number to FOSCHINI RETAIL GROUP (PTY) LTD, however, as previously mentioned it is a dormant company and the assets and operations act as a trading division of FOSCHINI RETAIL GROUP (PTY) LTD.
The same applies to STERNS JEWELLERS (PTY) LTD, Registration Certificate Number 1987/003734/07. This is also a separate registered company, however, the company is reported to be dormant and assets and operations act as a trading division of FOSCHINI RETAIL GROUP (PTY) LTD.
The head office of both divisions is stated
to be at the head office of FOSCHINI RETAIL GROUP (PTY) LTD, however, there are
reported to be a number of branches for each of these divisions throughout the
country. Therefore, AMERICAN SWISS (ASJ)
and STERNS would have various addresses throughout
It was confirmed that all the trading divisions under FOSCHINI RETAIL GROUP (PTY) LTD have the same VAT number of 4210187250 as submitted in our report and each division does not have its own separate VAT number.
We hope
we have assisted you.
MIRA
INFORM REPORT
IDENTIFICATION DETAILS
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Name : |
STERNS |
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Registered Office : |
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Country : |
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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
STERNS
PHYSICAL ADDRESS
PAROW
EAST
POSTAL ADDRESS
PAROW EAST
7501
On investigation it was established that
STERNS JEWELLERS is a trading division of 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)
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
PAROW EAST
POSTAL ADDRESS
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
S
H B GODFREY
P
BANKERS
FIRST
NATIONAL BANK, Corporate Branch,
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
DA
DESIGN CO
MAJOR CUSTOMERS OR BUSINESS
SECTORS
The general public on a cash and credit basis.
AREA OF DISTRIBUTION AND SELLING
EXPORTS
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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