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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
REX TRUEFORM CLOTHING COMPANY LTD |
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Registered Office : |
The Rex Building 263 Victoria Road Salt River
Cape Town Western Cape |
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Country : |
South
Africa |
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Financial Data As on : |
30.06.2014 |
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Date of Incorporation : |
21.06.1937 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is an investment holding company with interests in the retail
of men’s and women’s clothing |
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No. of Employees : |
800 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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South Africa |
A2 |
A2 |
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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 and a stock
exchange that is the 16th largest in the world. Even though the country's
modern infrastructure supports a relatively efficient distribution of goods to
major urban centers throughout the region, unstable electricity supplies retard
growth. The global financial crisis reduced commodity prices and world demand.
GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with
2014 growth projected at about 2%. Unemployment, poverty, and inequality -
among the highest in the world - remain a challenge. Official unemployment is
at nearly 25% of the work force, and runs significantly higher among black
youth. Eskom, the state-run power company, has built two new power stations and
installed new power demand management programs to improve power grid
reliability. Construction delays at two additional plants, however, mean South
Africa is operating on a razor thin margin; economists judge that growth cannot
exceed 3% until those plants come on line. South Africa's economic policy has
focused on controlling inflation, however, the country has had significant
budget deficits that restrict its ability to deal with pressing economic
problems. The current government faces 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 |
REX TRUEFORM CLOTHING
COMPANY LTD
(quoted on the JSE LTD since 1945)
QUEENSPARK
QUEENSPARK PLUS COLLECTION
AURA
CATH-NIC
J CREW
The Rex Building
263 Victoria Road
SALT RIVER
Cape Town
Western Cape
P O Box 1856
CAPE TOWN
8000
TELEPHONE NUMBER: +27 21 460 9400
FAX NUMBER: +27 21 460 9595 / 75
As per annual financial statements at 30 June 2012:
51.9% AFRICAN AND OVERSEAS ENTERPRISES LTD
17.5% CEEJAY TRUST
14.9% BRIMSTONE INVESTMENT CORPORATION LTD
7.3% TRANSVAAL CLOTHING INDUSTRIES 1979 (PTY) LTD
The remainder of the shares are held by individuals on the JSE LTD
continued
The shareholding changed and was previously:
72.6% AFRICAN AND OVERSEAS ENTERPRISES LTD
8.8% CEEJAY TRUST
8.3% BRIMSTONE INVESTMENT CORPORATION LTD
51.9% AFRICAN AND OVERSEAS ENTERPRISES LTD
17.5% CEEJAY TRUST
14.8% BRIMSTONE INVESTMENT CORPORATION LTD
The shareholding changed and was previously:
72.6% AFRICAN AND OVERSEAS ENTERPRISES LTD
8.3% BRIMSTONE INVESTMENT CORPORATION LTD
The directors are also involved in:
AFRICAN AND OVERSEAS ENTERPRISES LTD
(Registration certificate number: 1947/027461/06)
THE ZEALOT TRUST
THE STEWART AND PAT SHUB FAMILY TRUST
QUEENSPARK (PTY) LTD (100%) which is reported to own 51 retail shops and 3 franchise operations throughout South Africa trading as QUEENSPARK and is considered as the main operating company of the group.
QUEENSPARK DISTRIBUTION CENTRE (PTY) LTD (100%) (property owning and distribution activities)
ANGLO AMERICAN EXPORT AND IMPORT COMPANY LTD - dormant
MRS C E A RADOWSKY (CEO) ID No. 6705190195006
MRS P E SHUB ID No. 4409085472081
P M NAYLOR ID No. 4510145088088
M L KRAWITZ (Ne CH) ID No. 3906025031084
D S JOHNSON (FD) ID No. 6803255192081
R V ORLIN (Ind ne) ID No. 4111125050089
M SEGAL Newly appointed
STANDARD BANK, Victoria Road Branch. It was stated that the subject enjoys overdraft facilities, unsecured. Utilisation of the overdraft is stated to be nil as large credit balances are normally maintained at the bank.
21 June 1937
Registration Certificate Number: 1937/009839/06.
The subject commenced as a new business in 1937
VAT NUMBER: 4610103758
TAX NUMBER: 9325143718
BEE STATUS: Non-compliant
The subject is an investment holding company with interests in the retail of men’s and women’s clothing carrying the brand names QUEENSPARK, J CREW, CATH-NIC, AURA and PLUS COLLECTION.
It was stated by the Financial Manager, who stated that the subject does not manufacture the brands REX TRUEFORM, WALL STREET, JOHAN STEPHEN, REDFORD, GIORGIO and EMELIO FESTONI, however, the subject still owns the rights on the names. The subject also has interests in property holdings.
Each division has its various different suppliers.
Previously, we have divulged the names of the major suppliers in our reports. We have discontinued this practice to protect our valuable sources of trade information. This has become necessary because we now give a description of the goods or services to which the trade references relate. This gives our client the ability to assess whether the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.
Retail – major customers are retail customers who purchase through the subjects chain of shopping centres
Franchise – the subject is stated to sell merchandises to their franchisee network in South Africa
Rental – the subject is reported to rent some of their buildings out to third party tenants
South Africa
Exports goods to franchise operations in Namibia, Botswana and Kenya
1 000 in group, having increased from 800 reported in November 2013
It was stated by the respondent that the subject has a corporate head office, warehouse and 56 retail stores throughout South Africa.
The group owns a property portfolio that is used for the purpose of investment or its own operations including Corporate Head Office and warehouse. Retail stores operated by Queenspark (PTY) LTD are leased.
40 000 000 “N” ordinary shares of R0.25 cents each; 3 250 000 ordinary shares of R0,50 cents each and 140 000 6% cumulative preference shares of R2 each.
17 736 349 “N” ordinary shares, 2 905 805 ordinary shares and 140 000 preference shares.
Please see attached condensed consolidated preliminary financial statement results for the year ended 30 June 2014
AUDITORS: KPMG INC Cape Town +27 21 408 7000
YEAR END: JUNE
INSURANCE BROKERS:
MARSH INSURANCE BROKERS (previously ALEXANDER FORBES)
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R3 500 000 R 200 000 - 30
days 30 days Excellent
R2
200 000
2. 30 years R7 800 000 R2 000 000 60 days 60 days Excellent
c/l
3. 10 years R2 000 000 R1 000 000 7 days 7 days Excellent
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 40 years R4 200 000 R1 800 000 - 60 days 60 days Good
c/l R2 000 000
2. 2001 R3 000 000 R1
000 000 30 days 30 days Very
Good
c/l
3. 10 years R2 000 000 R1 000 000 7 days 7 days Very
Good
c/l
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc R2 000 000 R 200 000 7 days 7 days Good
2. Old acc R6 000 000 R4 000 000 60 days 60
days Very Good
3. 2001 R3 000 000 R1
000 000 - 30 days 30 days Good
R1
500 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 years R2 000 000 R
200 000- 7 days 7 days Very
Good
R2 000
000
2.a 5+ years R2 000 000 R1 400 000 60 days 30 days Excellent
c/l
2.b 5+ years R7 980 000 R2 300 000 60 days 30 days Excellent
c/l
3. Awaiting for a fax trade reference
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. ±15 years R6
500 000 R3 000 000- 7 days 7
days Excellent
c/l R6 000 000 Ins. Lombard Insurance
2. 5 years Confidential Confidential 30
days 30 days Very Good
2. 4 years open R200 000- 30 days 30
days Excellent
R700 000
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 R6
000 000 R1 500 000 14 days 14
days Very Good
2. +3 years R5 000
000 Declined 30 days 30 days Very Good
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. +5 years R15 000 000 R2 000 000- 30 days 30 days Very Good
Insured: R6 000 000
CGIC (Jan – June: Winter months only)
2. ±7 years Open R
400 000 30 days 15/30 days Excellent
3. New account.
No payments as yet.
This is a well-established company quoted on the JSE LTD. The subject is not a general credit seeker
locally, however, is meeting its local commitments timeously and one commitment
within terms.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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1 |
Rs.98.65 |
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Euro |
1 |
Rs.78.63 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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 |
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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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.