|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TFG APPAREL SUPPLY
COMPANY (PTY) LTD |
|
|
|
|
Formerly Known As : |
TFG MANUFACTURING (PTY) LTD |
|
|
|
|
Registered Office : |
11 Hugenaar Street, P O Box 6020, Parow East7501, Cape Town 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 |
|
|
|
|
No. of Employees : |
500 Having
increased from 270 in February 2014 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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.
|
Source
: CIA |
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
11 Hugenaar Street
PAROW EAST
Parow
Cape Town
Western Cape
P O Box 6020
PAROW EAST
7501
+27 21 938 1911 /
21 937 5560
+27 21 937 4257
100% THE FOSCHINI
GROUP LTD (Quoted on the JSE LTD)
Formerly: FOSCHINI
LTD, the name having been changed on 16 September 2012
Companies within the
FOSCHINI LTD group
A D MURRAY ID
No. 5703305223087
R STEIN ID
No. 4906255088001
D SHEARD (Company Secretary) ID
No. 7307150145086
FIRST NATIONAL BANK,
Corporate Cape Town Branch, Branch Code: 204109, Account Number:
62243868645. It was stated that the
subject enjoys group overdraft facilities to an extent of R550 000 000
secured by the holding company.
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.
4640254092
9189981179
The sourcing and
importing of fabrics and clothing from overseas
The subject imports and
deals with the local clearing agents:
BERRY AND DONALDSON,
Cape Town
ROTEX FABRICS, Cape
Town
NATIONAL TRIMMINGS
SPECIALISTS
INTERNATIONAL
TRIMMINGS
Group companies and
group divisions
South Africa
It was stated by the respondent that they
export raw materials to Lesotho and Swaziland where the garments are
manufactured and returned (CMT).
500 having increased
from 270 in February 2014
None however the
subject has ±1000 Foschini outlets in the group
The premises are owned
by the group
R1
The following financial
situation was submitted as at 14 October 2014:
STOCK R 50 000 000
TURNOVER per annum R470 000
000
KPMG, Cape Town, +27 21 408 7000
MARCH
AON INSURANCE BROKERS
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.
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
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
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 4 years R12 000 000 R2 000 000- 7 days 7 days Very Good
Insured:
LOMBARD
2. Do not give trade references
3. 20 years R 500 000 R 90 000 30 days 30
days Good
4. 20 years R 250 000 R 200 000 30 days 30
days Excellent
Insured: CREDIT
GUARANTEE
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 2005 R4 800
000 R3 000 000- 60 days 30
days Excellent
c/l R5 000 000
3. 10 years R 500 000 R 100 000 30
days 30 days Excellent
(These descriptions relate respectively by number to the above current
trade transactions):
1. Textiles
2. Fabric
3. Trimmings
This is an established and very
well-connected company meeting its commitments timeously. The subject is considered equal to its normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.