MIRA INFORM REPORT

 

 

Report Date :

5th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

BIBETTE (PTY) LTD

 

 

Registered Office :

Induland Crescent, Nerissa Estate, Lansdowne, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

20.08.1968

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of textiles and clothing.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 INDUSTRIES

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:

BALU DESIGN CENTRE

BALU HAND PAINTING

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

HERTEX (Hex River Textiles)

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 (Registration

Certificate Number: 1968/011249/06) quoted on the JSE LTD.

 

 

ASSOCIATE COMPANIES

 

FRAME FIBRES (PTY) LTD

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.

 

 

DIRECTORS

 

DR A SEARLL

Position Held:  Chairman

ID No. 3109255034007

Date Appointed:  12 June 1985

D.O.B.  25 September 1931

 

A D JACOBSON

ID No.  3901275011084

Date Appointed:  17 June 1986

D.O.B.  17 January 1939

 

G C DE BRUIN

Position Held: Joint MD with B G Richards

ID No. 3704225038185

Date Appointed:  21 July 1992

D.O.B.  22 April 1937

 

 

BANKERS

 

It was stated that SEARDEL GROUP TRADING (PTY) LTD uses all the major banks throughout South Africa, including NEDBANK and FIRST NATIONAL BANK.  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

 

16 000 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 latest available extracts from the JSE Ltd handbook.

 

 

AUDITORS

 

KPMG

 

 

REGISTERED ADDRESS

 

Seardel House

Alphen Park

Constantia Main Road

CONSTANTIA

7800

 

 

FINANCIAL YEAR END

 

JUNE

 

 

INSURANCE BROKERS

 

HERITAGE INSURANCE BROKERS

 

 

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 its normal business engagements.

 

COMPANY NAME

 

BONWIT (PTY) LTD

 

 

PHYSICAL ADDRESS

 

Brickfield Road

SALT RIVER

Cape Town

 

On investigation it was established that BONWIT is a division of SEARDEL GROUP TRADING (PTY) LTD which report should be consulted.

 

 

COMPANY NAME

 

FRAME TEXTILE GROUP

 

 

PHYSICAL ADDRESS

 

Valley View Road

NEW GERMANY

3610

 

Further to your request dated 18 January 2007 and our report we apologise that we in error sent you the report dated 21 June 2006 and we herewith submit updated information as at December 2006.  We confirm that BONWIT, not BONWILL, is a division of SEARDEL GROUP TRADING (PTY) LTD as is FRAME TEXTILES Group with different divisions named:  FRAME SPINNING, FRAME DENIM, FRAME FABRICS, FRAME KNITTING, FRAME MANCHESTER, FIRST FACTORY SHOPS, HERTEX, GOLD REEF SPECIALITY CHEMICALS, ROMATEX HOME TEXTILES and supply you with all the trading divisions supplied by the annual report as at 2006 for the subject.

 

We also herewith enclose extracts from the holding company, SEARDEL INVESTMENT CORPORATION balance sheet as at 2006.

 

COMPANY NAME

 

FRAME TEXTILE CORPORATION LTD

 

 

PHYSICAL ADDRESS

 

Blase Road

NEW GERMANY

Pinetown

Kwazulu Natal

 

Registration Certificate Number:  1947/024277/06

 

On investigation it was established that the subject became dormant as at 1 June 2002. The assets and operations were incorporated into a company namely SEARDEL GROUP TRADING (PTY) LTD,  which has a trading division namely FRAME TEXTILE GROUP.

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions