MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

IDENTIFICATION DETAILS

 

Name :

TRUWORTHS LIMITED

 

 

Registered Office :

SRG House 1 Mostert Street Cape Town, Western Cape Province

 

 

Country :

South Africa

 

 

Financials (as on) :

26.06.2011

 

 

Date of Incorporation :

27.05.1940

 

 

Com. Reg. No.:

1940/013923/06

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

traders in fashion, clothing accessories and other related products

 

 

No. of Employees :

9000 Group employees

 

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 :

No Complaints

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Africa - ECONOMIC OVERVIEW

 

south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

 

Source : CIA

 

 

SUBJECT'S NAME   

 

Registered Name:                                    TRUWORTHS LIMITED

Requested Name:                                    TRUWORTHS LIMITED

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   SRG House 1 Mostert Street Cape Town, Western Cape Province,

Postal Address:                                       P. o. Box 600

                                                              Cape Town, 8000,

Country:                                                  South Africa

Phone:                                                    27-21-4607911/ 4602300/ 4602320

Fax:                                                       27-21-4607041/ 4607277/ -86783342

Email:                                                     kolsen@truworths.co.za/services@truworths.co.za

Website:                                                 www.truworths.co.za

 

 

CREDIT OPINION

 

Financial Index as of December 2011 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            27-May-1940

Reg. Number:                                                   1940/013923/06

VAT Number:                                                   9375147718 

Nominal Capital                                                ZAR. 23,883,152

Subscribed Capital                                            ZAR. 23,883,152

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Hilton Saven                                               Chairman                        

Mr. Michael Samuel Mark                                  CEO                               

Mr. Derek Kohler                                              Director                           

Mr. Doug Dare                                                  Director                           

Mr. Emanuel Cristaudo                                      Director                           

Mr. Quentin Scorgie                                          Director                           

Mr. Rob Dow                                                    Director                           

Mrs. Thandi Ndlovu                                           Director                           

Mr. Michael Thompson                                      Director                           

Mr. Edward Parfett                                            Director                           

Mr. Tony Taylor                                                Director                           

Mr. Mark Sardi                                                 Director                           

Mr. Anthony Joseph Taylor                                Director                           

Truworths International Limited                           Holding Co.                      100%

 

 

RELATED COMPANIES  

 

Truworths International Limited                           Parent company.

UZZI BRAND                                                    Subsidiary company.

Listed Below                                                    Affiliated companies.

None                                                               Shareholder of subject firm.

9 branches in South Africa and 1 in Zimbabwe     Branches of the firm

 

 

OPERATIONS

 

Registered to operate as traders in fashion, clothing accessories and other related products

 

Imports:                                                           Asia, Europe, Middle East

Exports:                                                           Africa

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Stores, outlets etc  

Employees:                                                      9000 Group employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              South Africa

Location:                                                          Owned premises, 2 Acres

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          ERNST & YOUNG INC.

Insurance Brokers:                                            Alexander Forbes

Secretary;                                                        Mr. Chris Durham

 

 

FINANCE 

 

Currency Reported:                                           South African Rand (ZAR.)

Approx. Ex. Rate:                                             1 US Dollar = 8.78 South African Rand

Fiscal Year End:                                               December 31, 2011

Inflation:                                                           According to information given by independent sources, the

                                                                        inflation at December 31st, 2011 was of 13%.

 

Financial Information Submitted Below        

 

 

BANK 

 

Bank Name:                                                     STANDARD BANK OF SA

Branch:                                                            Cape Town, South Africa

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

                                                                      

AFFILIATED COMPANIES

CHEZ BRIGITTE FASHION ACCESSORIES

DANIEL HECHTER

IDENTITY

INTRIGUE FINE

REDFERN ROAD

SELECT RETAIL GROUP AUSTRALIA

SRG INTERNATIONAL

TARRA VALLEY INVESTMENT HOLDING

TRUST INCENTIVE SCHEME

TRUWORTHS (LESOTHO)

TRUWORTHS (NAMIBIA) LIMITED

TRUWORTHS (SWAZILAND) LIMITED

TRUWORTHS (ZAMBIA) LIMITED

TRUWORTHS INTELLECTUAL PROPERTY LTD

TRUWORTHS INTERNATIONAL SHARE TRUST

TRUWORTHS INTERNATIONAL TRUST

TRUWORTHS INVESTMENTS

TRUWORTHS INVESTMENTS FOUR

TRUWORTHS INVESTMENTS THREE

TRUWORTHS INVESTMENTS TWO

TRUWORTHS MAN

TRUWORTHS MANAGEMENT SERVICES

TRUWORTHS PERSONAL FINANCE

TRUWORTHS TRADING

TRUWORTHS TRADING

TRUWORTHS WORLDWIDE LIMITED

TRUWORTHS ZIMBABWE LTD

WOOLMOS PROPERTIES SHARE BLOCK LTD

YOUNG DESIGNERS EMPORIUM

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.