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Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
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Name : |
HERTEX FABRICS (PTY) LTD |
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Registered Office : |
12 Bella Rosa Street, Rosenpark, Durbanville, Cape Town7500 |
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Country : |
South Africa |
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Date of Incorporation : |
29.06.1951 |
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Com. Reg. No.: |
1951/002375/07 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in textiles
and garments |
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No. of Employees : |
180 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Registered Name: HERTEX FABRICS (PTY) LTD
Requested Name: HERTEX
FABRICS, SOUTH AFRICA
Other Names: None
Physical Address: 12 Bella Rosa Street, Rosenpark,
Durbanville, Cape Town7500
Registered Address: Tyger Valley 7536, 12 Bella Street Rosen Park
Belle Ville 7535
Postal Address: P. o. Box 4141
Tygervalley 7536 Cape Town
Country: South
Africa
Phone: 27-21-9143390/7041
Fax: 27-21-9143387
Email: info@hertex.co.za
Website: www.hertex.co.za
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 Form: Limited Corporation
Date Incorporated: 29-June-1951
Reg. Number: 1951/002375/07
Tax Number: 9360177035
Nominal Capital ZAR. 1,000
Subscribed Capital ZAR. 1,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Peter Herrmann MD
Mrs. Carla Martha Herrmann Van Der Merwe Director
Mr. Jacoba Maria Herrmann Director
Mrs. June Kathleen
Da Silva Director
Mrs. Katrin Herrmann-van Dyk. Director
Mrs. Pauline Herrmann-Keys Director
Full Names PETER HERRMANN
Status Active
Date of Birth 08/01/1939
ID / Passport No. 3908015042105
Residential Address 19 Murray St, Durbanville7550
Postal Address P.o. Box
4141Tygervalley7536
Profession Managing Director
Country of residence South Africa
Full Names CARLA MARTHA HERRMANN VAN DER MERWE
Status Active
Date of Birth 11/11/1969
ID / Passport No. 6911130197082
Residential Address 20 Viola Crescent, Welgedacht7530
Postal Address P.o. Box
4141Tygervalley7536
Profession Director
Country of residence South Africa
Full Names JACOBA MARIA HERRMANN
Status Active
Date of Birth 02/11/1943
ID / Passport No. 4311020040009
Residential Address 19 Murray St, Durbanville7550
Postal Address P.o. Box
4141Tygervalley7536
Profession Director
Country of residence South Africa
Full Names JUNE KATHLEEN DA
SILVA
Status Active
Date of Birth 25/04/1946
ID / Passport No. 4603250070007
Residential Address 10 Edinburgh
Drive, Claremont7708
Postal Address P.o. Box
4141Tygervalley7536
Profession Director
Country of residence South Africa
Full Names KATRIN PETRA
HERRMANN VAN DYK
Status Active
Date of Birth 12/12/1978
ID / Passport No. 7812150182088
Residential Address 12 Bella Rosa
Street, Rosenpark, Bellville7530
Postal Address P.o. Box 4141Tyger
Valley7536
Profession Director
Country of residence South Africa
None Parent company.
None Subsidiary company.
HERTEX FABRICS
(TRANSVAAL) (PTY) LTD Affiliated company.
None Shareholder of subject firm.
Various in South
Africa and also in Namibia Branches of the firm
Registered to operate as dealers in textiles and garments
Imports: Asia
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: Industries,
local agencies etc
Employees: 180
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: South
Africa
Location: Owned
premises, 20,000 square feet,
Auditors: ULF MICHAEL PACK
Insurance
Brokers: Information not available.
Currency Reported: South African Rand (ZAR.)
Approx. Ex. Rate: 1 US Dollar = 8.55 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 not Submitted
Profit and Loss (expressed in ZAR.)
2011
Sales 149,900,000
Bank Name: Nedbank
Branch: South Africa
Comments: None
Experiences: Good
None
This information was obtained from outside sources other than the subject
company itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.64 |
|
UK Pound |
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.