MIRA INFORM REPORT

 

 

Report Date :

14.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FAST FOX FOOTWEAR (PTY) LTD

 

 

Registered Office :

40 & 42 Slater Street North End Port Elizabeth Eastern Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

03.03.1998

 

 

Com. Reg. No.:

1998/003853/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The manufacture of slippers and children's, ladies and men’s shoes and wholesaling thereof

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

FAST FOX FOOTWEAR (PTY) LTD

 

TRADING NAME:                      THE LITTLE SLIPPER COMPANY

 

 

PHYSICAL ADDRESS    

 

40 & 42 Slater Street

North End

PORT ELIZABETH

Eastern Cape

 

POSTAL ADDRESS:                

P O Box 21230

PORT ELIZABETH

6000

 

TELEPHONE NUMBER: 041 484 7207

 

FAX NUMBER:                          041 484-7430

 

 

SHAREHOLDERS

 

75%      C R HORNE

25%      V B L HORNE (wife)

 

 

ASSOCIATE COMPANIES

 

DOMINIC PROPERTIES TRUST in which both the shareholders are trustees.

THE SPARRE HORNE TRUST in which both the shareholders are trustees.

 

 

DIRECTORS

 

C R HORNE                              ID. No. 4206015098105

V B L HORNE                           ID. No. 6404041751189

 

BANKERS

 

FIRST NATIONAL BANK Corporate Branch. Port Elizabeth.

 

It was stated that the subject enjoys overdraft facilities to an extent of

R2 000 000 secured by a cession of debtors. The utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

3 March 1998

Registration certificate number 1998/003853/07

 

 The subject was registered as a close corporation on the 28th December 1990 under registration certificate number 1990/038823/23 and converted to a private company on the 3rd March 1998.

 

 

MAJOR OPERATION

 

The manufacture of slippers and children's, ladies and men’s shoes and wholesaling thereof.

 

 

MAJOR SUPPLIERS

 

The subject imports raw materials from China, Europe and deals with the following South African suppliers: 

 

MOSSOPS LEATHER, Cape Town

TUFTEX, Port Elizabeth

JOHN WHITTLE COMPONENTS, Durban

PREMIER FREIGHT, Port Elizabeth

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Only WOOLWORTHS

 

 

AREA OF DISTRIBUTION AND SELLING   

 

South Africa

 

 

EXPORTS

 

None

 

 

TOTAL EMPLOYEES

 

270 factory staff and 30 office staff.

 

 

OTHER PREMISES   

 

It was stated that the factory premises are adjascent to the head office premises.

 

The respondent stated that the heading premises comprise of administration offices, warehousing and manufacturing facilities.

 

 

OWNED OR LEASED

 

The premises are reported to be owned by the DOMINIC PROPERTIES TRUST.

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the company, however it was previously stated that the turnover per annum was  +R50 000 000.

 

 

AUDITORS    

 

GRANT THORNTON, Port Elizabeth

 

 

YEAR END    

 

JUNE

 

 

INSURANCE BROKERS 

 

GLENRAND MIB

 

 

TRADE REFERENCES – JUNE 2004

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

12 yrs               R150 000          R40 000-           60 days             60-80 days        Average

                                                            R65 000

 

            1998                 R500 000         R150 000          60 days             60 days             Very good

 

            Old acc.            R100 000         R40 000 -          60 days             60 days             Good

                                                R100 000

 

 

TRADE REFERENCES – NOVEMBER 2008

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

10 yrs               Declined            Declined            30 days             30 days             Very Good

 

Sept 2001         R750 000          R400 000 -        30 days             30 days             Very Good

                                                            R500 000

 

+16 yrs             R250 000          R150 000 -        60 days             75/90 days        Slow

                                    c/l                     R210 000

 

 

CURRENT TRADE REFERENCES

 

            ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

            OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         Old acc             R1 000 000        R1 000 000        30 days             30 days             Good

                                    c/l                     fluctuates

 

2.         Old acc             R1 600 000        R1 100 000        60 days             60 days             Excellent

                                    c/l                     -R1 500 000

 

3.         10 years+          R1 000 000        R20 000            60 days             60 days+           Good

                                    c/l                     -R450 000

 

COMMENTS

 

This is a well established company meeting commitments over terms at times.  The subject is considered equal to an amount of US$1 000 000 on a spread and secured basis.  The lack of full financial information as well as the impact of cheap foreign footwear on the local market should be borne in mind.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.13

UK Pound

1

Rs.71.05

Euro

1

Rs.59.10

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.