MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PEPKOR RETAIL LTD |
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Formerly Known As : |
SMART-HOLD LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28.08.1986 |
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Com. Reg. No.: |
1986/003435/06 |
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Legal Form : |
Limited Liability |
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Line of Business : |
Subject is a cash chain selling family fashions and basics in clothing,
footwear and textiles to middle to lower-income consumers. manufacturing of 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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Maximum Credit Limit : |
$1 000 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PEPKOR RETAIL LTD
Formerly SMART-HOLD LTD, the name having been changed on 29 February
2004.
TRADING DIVISION
ACKERMANS
PEP
PEPCLO
PEPKOR FIN (Corporate services)
PHYSICAL ADDRESS
PAROW INDUSTRIA
POSTAL ADDRESS
PAROW EAST
7501
TELEPHONE NUMBER : (021) 933 5137
FAX NUMBER : (021)
933 5075
SHAREHOLDERS
100% PEPKOR LTD which in turn is
owned 100% by PEPKOR HOLDINGS LTD
It was stated that PEPKOR, which delisted from the JSE Securities
Exchange South
MEDU CAPITAL was founded by Nhlanganiso Mkwanazi and Ernest
January. Its other investments include
Ampaglas, Capital Outsourcing Group, VitalAire and Zest.
J & J PRIVATE EQUITY was founded by former cabinet minister Jay
Naidoo and Jayendra Naidoo and hold stakes in information technology, financial
services and industrial companies.
ASSOCIATE AND
SUBSIDIARY COMPANIES
PEPKOR CLOTHING INDUSTRIES LTD
PEPKOR MANUFACTURING LTD ACKERMANS LTD (holding company)
DUNNS STORES (PTY) LTD
BEST AND LESS LTD in
SHOE CITI HOLDINGS (PTY) LTD. The
assets and operations of the company have been incorporated as a division into
DUNNS STORES (PTY) LTD with two divisions DUNNS AND SHOE CITI
Plus other companies within the PEPKOR group.
In October 2000 PEPKOR restructured its operations extensively. It unbundled its holdings in the South
African food retailer SHOPRITE and in the
At the same time PEPKOR’s pyramid structure was collapsed and its
ultimate holding company, PEPGRO, delisted from the JSE Securities Exchange
South
DIRECTORS
M BARKHUYSEN ID No. 5612145085004
M BARTENS ID No. 5806105144088
J B CILLIERS ID No. 5909155218008
C A CRONJE ID No. 6001185065002
T M GERHARDI
J H DU TOIT ID No. 6102055097008
P J ERASMUS ID No. 6510025150089
L M LOURENS ID No. 6603155037083
A T MEYER ID No. 6008135032008
J F PIENAAR ID No. 5608175119002
J J PIETERSE ID No. 6703235126086
G M STEYN ID No. 5904085013082
G ZAVERDINOS ID No. 5204175124083
J D WASSERFALL
J S VAN ROOYEN
M NEETHLING
J L HAMMAN
E A MORKEL (Ms)
S N
C J KLEM
E A DE VILLIERS
L S BRAND
N M BANGA
BANKERS
It was stated that the PEP and PEPKOR FIN divisions bank with FIRST
NATIONAL BANK, Corporate Branch,
It was stated that the divisions are managed by a cash management scheme
controlled by the PEPKOR FIN division of the subject.
DATE REGISTERED
28 August 1986
Registration Certificate Number 1986/003435/06
MAJOR OPERATION
Pep and Ackermans: is a cash chain
selling family fashions and basics in clothing, footwear and textiles to middle
to lower-income consumers.
Ackermans owns the largest babywear brand marketed in
Pepclo: manufacturing of
clothing.
MAJOR SUPPLIERS
Each division has its own major suppliers. It was deemed not necessary for
trade references to be submitted by respondents in view of the standing of the
subject.
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Pep and Ackermans : General
public
Pepclo :
Ackermans and Pep
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
It was stated that the Pep division exports to neighbouring
countries e.g.
TOTAL EMPLOYEES
15 364
OTHER PREMISES
Pep division :
Approx.1 262 retail stores in South Africa Botswana,
Zambia Mozambique and
and one in
Ackermans division : Approx.
284 retail stores.
Pepclo :
Factory at heading address.
OWNED OR LEASED
The heading premises are owned by PEPKOR LTD.
AUTHORISED SHARE
CAPITAL
R4 000 divided into 4 000 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R1
Full financial information was not forthcoming from respondents at the
company and outside authorities were unable to assist in this respect.
The new PEPKOR, however, is a dominant player in the South African cash
clothing discount market with an annual turnover well in excess of R4 000 000
000.
AUDITORS
PRICEWATERHOUSECOOPERS
YEAR END
JUNE
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES
NOT APPLICABLE
COMMENTS
This is a well established company, which was recently
restructured. In view of the standing of
the subject, it is considered equal to an amount of $1 000 000 over 180 days.
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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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%)