MIRA INFORM REPORT

 

 

Report Date :           

14.06.2011

 

IDENTIFICATION DETAILS

 

Name :

TFG APPAREL SUPPLY COMPANY (PTY) LTD

 

 

Formerly Known As :

TFG MANUFACTURING (PTY) LTD

 

 

Registered Office :

Stanley Lewis Centre, 340 Voortrekker Road, Parow East, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

30.12.1982

 

 

Com. Reg. No.:

1982/011894/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

The sourcing and importing of fabrics and clothing from overseas

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Africa

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOte:

 Bottom of Form

 

(The information contained in this report, other than comment by outside authorities, has been voluntarily supplied by Officials of the subject):

 

 

COMPANY NAME

 

TFG APPAREL SUPPLY COMPANY (PTY) LTD

 

Formerly TFG MANUFACTURING (PTY) LTD, the name having been changed on 25 June 1999.

Formerly BURNITA (PTY) LTD, the name having been changed on 30 December 1982.

 

 

PHYSICAL ADDRESS    

 

Stanley Lewis Centre

340 Voortrekker Road

Parow East

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 6020

Parow East

7501

Telephone Number:                  021 938 1911

Fax Number:                             021 937 4257

 

On investigation contact was made with the accounts supervisor and Finance Manager and the following details were obtained:

 

 

SHAREHOLDERS

 

100% FOSCHINI LTD (listed on the JSE)

 

 

ASSOCIATE COMPANIES

 

Companies within the FOSCHINI LTD group.

 

DIRECTORS

 

A D MURRAY                                        ID No: 5703305223087

H B GODFREY                                      ID No: 5503215015007

R STEIN                                                ID No: 4906255088001

D SHEARD (Company Secretary)            ID No: 7307150145086

 

 

BANKERS

 

FIRST NATIONAL BANK, Corporate Cape Town Branch.  It was stated that the

subject enjoys group overdraft facilities to an extent of R550 000 000 secured through the holding company, which is a group facility

 

 

DATE REGISTERED

(Confirmed at CIPRO)

 

30 December 1982

Registration Certificate Number: 1982/011894/07

 

The subject was originally a trading division of FOSCHINI RETAIL GROUP (PTY) LTD for many years and as at end 2009 it became a separate trading company.

 

 

VAT NUMBER

 

4640254092 (Confirmed at SARS)

 

 

TAX NUMBER          

 

9810759036

 

 

MAJOR OPERATION

 

The sourcing and importing of fabrics and clothing from overseas

 

 

MAJOR SUPPLIERS

 

The subject imports and deals with the local clearing agents:

 

BERRY AND DONALDSON, Cape Town

ROTEX FABRICS, Cape Town

NATIONAL TRIMMINGS SPECIALISTS

LINING AND TEXTILES

INTERNATIONAL TRIMMINGS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Group companies and group divisions

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

It was stated by the respondent that they export raw materials to Lesotho and Swaziland where the garments are manufactured and returned (CMT).

 

 

TOTAL EMPLOYEES

 

±200

 

 

OTHER PREMISES   

 

The subject has ±1000 Foschini outlets in the group. 

 

 

OWNED OR LEASED

 

The premises are partially owned by the group

 

 

ISSUED SHARE CAPITAL

 

R1

 

Please see attached group statement of financial position for the year ended  31 March 2010.

 

 

AUDITORS

 

KPMG, Cape Town, (Tel No: 021 408 7000)

 

 

YEAR END    

 

MARCH

 

 

INSURANCE BROKERS 

 

GLENRAND MIB

 

 

TRADE REFERENCES – DECEMBER 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R1 500 000    R1 500 000      7 days      7 days          Excellent

 

NB. This trade reference relates to the divisional operation of the subject prior to the registration of the company.

 

 

TRADE REFERENCES – MARCH 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    4 months      R12 000 000   R10 000 000-   7 days      7 days          Very Good

                          c/l                 R12 000 000

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    5 years         R12 000 000   R   750 000-    7 days      7-15 days     Very Good

                          c/l (insured)    R1 200 000

 

2.    Do not give trade references

 

3.       Do not give trade references

 

4.       Do not give trade references

 

5.       Old Acc        R450 000       R450 000±       30 days    30 days        Excellent

                          c/l

 

 

COMMENTS

 

This is an established and well connected company meetings its obtainable commitments over terms at times.  The subject is considered equal to $1 000 000 over 30 days, however, the account may require disciplining.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.87

UK Pound

1

Rs.72.83

Euro

1

Rs.64.37

 

 

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.