MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FOSCHINI RETAIL GROUP (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20 December 1988 |
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Com. Reg. No.: |
1988/007302/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Retailers of clothing, shoes, accessories, jewellery and related
activities. |
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
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
LUELLA
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
H B GODFREY
P
A R BISOGNO
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, shoes, accessories, 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 locally with:
PATSY’S DECORATORS
DA
DESIGN CO
The TFG APPAREL
SUPPLY division deals locally with:
STANDARD TEXTILES
MORTEX KNITS
SK TEXTILES
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
1 300 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
For financial information please see available balance sheet and income statements attached for the holding company and its subsidiaries. It was stated that the subject does an approximate turnover per annum of R6 000 000 000.
AUDITORS
KPMG
FINANCIAL YEAR END
MARCH
INSURANCE BROKERS
GLENRAND MIB
TRADE REFERENCES –
NOVEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 5 Yrs R4 000 000 R3 000 000 14 days 14 days Very Good
2. 3 Yrs R 500 000 R 150 000 30 days 30 days Excellent
3. Awaiting trade reference
TRADE REFERENCES
–JULY 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. 1999 open acc varies 30 days 30 days Excellent
4. 4 yrs+ open acc R200 000 30 days 30 days Good
2.5% 2.5%
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 14 yrs open R 500 000 - 30 days 30 days Excellent
R1 000 000
2. Old acc declined declined 30 days 30 days Good
3. 12 yrs R15 000 000 R1 800 000 14 days 14 days Very good
COMMENTS
This is a large, well established and favourably known company. We have not traced dealings to an extent of US$1 000 000 against DA terms but the subject is considered equal to such a figure.
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%)