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MIRA INFORM REPORT
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Report No. : |
512106 |
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Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TWILLTEX |
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Formerly Known As : |
KIRSCH STEIN & CO (PTY) LTD |
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Registered Office : |
5
Terrace Road, Fordsburg, 2092 |
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Country : |
South Africa |
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Date of Incorporation : |
1946 |
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Com. Reg. No.: |
1994/004768/23 |
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Legal Form : |
Close Corporation |
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Line of Business : |
The subject is involved in
the importing, wholesale and retail of clothing and upholstery textiles. |
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No. of Employees : |
45 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 Africa’s largest and among the top 20 in the world.
Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.
South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.
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Source
: CIA |
Executive Summary
The subject is very well established. No judgments recorded against the subject. Accounts are paid on due date. The subject has an excellent reputation. The subject is considered equal to its normal business engagements.
COMPANY
INFORMATION
OVERVIEW
KIRSCH STEIN AND COMPANY (PTY) LTD trading as TWILLTEX has operations
dating back to 1946, however, it was registered in 1950 as a private entity
(Registration Certificate Number: 1905/022894/07). The subject converted to a
close corporation and underwent a name change to the current name in February
1994.
STATUTORY
INFORMATION
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Registered
Name |
TWILLTEX |
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Previous
Names |
KIRSCH STEIN & CO (PTY) LTD
(22/02/1994) |
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Registration
Number |
1994/004768/23 |
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Type Of
Company |
Close
Corporation |
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Registered
Date |
22/02/1994 |
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Date
Commenced Trading |
1946 |
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Commercial
Status |
In
Business |
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Financial
Year End |
February |
CONTACT
DETAILS
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Contact
Number |
+27 11
337 5400 |
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Email Address |
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Fax
Number |
+27 11
333 5293 |
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Website |
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Social
Media Presence |
Facebook;
LinkedIn; Instagram |
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Registered
Physical Address |
5
Terrace Road Fordsburg
South Africa 2092 |
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Trading
Physical Address |
31
Lilian Road Fordsburg Johannesburg
Gauteng South
Africa 2092 |
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Postal
Address |
P O Box
2555 Johannesburg Gauteng South
Africa 2000 |
GENERAL
COMMENTS
|
Comments |
The
provided physical address details of 53 Troye Street, Johannesburg is for the
subject's retail outlet |
TAX INFORMATION
TAX INFORMATION
Income Tax Number
9599412849
VAT INFORMATION
|
VAT Status |
The subject is registered for VAT (VAT number/s made available) |
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VAT Number |
4760121279 |
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Status |
Active |
OFFICERS AND
PROFESSIONAL SERVICES
LIST OF OFFICERS AND
PROFESSIONAL SERVICES
|
Type |
Name |
Contact
Name |
Contact
Number |
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Insurance |
Zurich
Insurance Brokers |
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Auditor |
Ftg
Consulting |
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OWNERSHIP
STRUCTURE
SHAREHOLDING
INFORMATION
CURRENT
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Shareholder/Member
Name |
Share/Interest |
Type |
Comment |
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Prakash
Narotam Jivan |
100% |
Member |
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PRINCIPAL INFORMATION
Director / Member
|
Full
Name |
ID
No. |
Type |
Status |
DOA |
Active
Interests |
Previous
Interests |
Judgments |
Fraud
Listing |
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Prakash Narotam Jivan |
5409285071054 |
Member |
Active |
22/02/1994 |
2 |
0 |
0 |
0 |
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ACTIVE BUSINESS INTERESTS: Prakash Narotam Jivan
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Company
Name |
Registration
No. |
Business
Status |
Principal
Status |
Principal
Type |
Judgments |
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Balgowan
Estate 38 |
1995/006033/23 |
AR
Final deregistration |
Active |
Member |
0 |
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20Th
Century Syndicate |
1992/000296/07 |
AR
Final deregistration |
Active |
Director |
0 |
Management
No principals found for this principal type.
Officer
No principals found for this principal type.
Other
No principals found for this principal type.
BANK
ACCOUNT INFORMATION
BANK ACCOUNTS
|
Account
Reference Number |
Account
Holder |
Account
Number |
Bank
Name |
Branch
Name |
Branch
Code |
Verification
Status |
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ABB148994 |
TWILLTEX
(PTY) LTD |
50490055751 |
First
National Bank (South Africa) |
Carlton
Centre |
250655 |
Unverified |
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OPERATIONAL ACTIVITIES
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Operational
Activities Status |
The
following information was provided |
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Industry |
Importing,
Wholesale & Retail |
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Major
Industry SIC Code |
46699
- Wholesale of textile fibres etc. |
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Secondary
Industry SIC Code(s) |
Retail
sale of textiles in specialized stores |
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NACE
Code |
46,7
- Other specialised wholesale |
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MAJOR OPERATION |
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Major
Business Activities |
The
subject is involved in the importing, wholesale and retail of clothing and
upholstery textiles. |
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Foreign
Trade Activities |
International |
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Agencies
Held |
Subject
holds no agencies. |
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Franchises
Held |
The
subject holds no franchises. |
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Major
Suppliers |
• Hextex • Pro-Active Shipping • Freudenberg Non-Wfovens |
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Major
Customers |
• Clothing Manufacturers • Upholstery Manufacturers |
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Major
Brands |
Subject
does not have any brands. |
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Major
Contracts |
Subject
does not operate on a contract basis. |
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IMPORT ACTIVITIES
Subject imports.
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Imports
From |
To
the value of |
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•
Thailand |
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•
Indonesia |
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•
Taiwan, Province of China |
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•
Korea, Republic of |
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•
China |
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•
India |
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OPERATIONAL FOOTPRINT
Operational Footprint
Status
The following information was provided
BRANCH & PREMISES
INFORMATION
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Location |
Description/Type |
Size
(m2) |
#
of Staff |
Rented
or Owned |
Lease
Expiry Date |
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Fordsburg |
• Office • Warehouse |
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Owned |
N/A |
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Johannesburg |
Retail
Outlet |
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Owned |
N/A |
EMPLOYEES
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Permanent
Employees |
45 |
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Salaried
Employees |
45 |
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COMPANY FLEET |
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Total
Vehicles |
1 |
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The
fleet is made up of: |
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Light
Delivery Vehicles |
1
Owned |
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FINANCING TERMS
FINANCING TERMS
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Sales
Terms |
• 30 Days • Cash |
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Overdraft
Facility |
The
Subject does not have an overdraft facility |
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Sureties |
The
Principals have not signed sureties. |
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Debtors
Ceded |
Debtors
have not been ceded. |
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Debtors
Factored |
Debtors
have not been factored. |
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Bonds |
The
Subject has no bonds. |
FINANCIAL
FIGURES
GENERAL COMMENTS
General Comments
Financial figures were declined
TRADE
REFERENCES
TRADE REFERENCES
|
Trade Reference |
Date |
Trade Score |
Terms Given (Taken) in days |
Monthly Limit Given (Taken) |
Account Opened |
Payment Trend (prev.
3 years) |
Account Insured |
Notes |
||
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TR18052983 |
29/05/2018 |
Neutral |
30 Days
(30 Days) |
50,000 (25,000)
(ZAR) |
1995 |
50% |
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No |
This
is a good account. Monthly purchases range between ZAR20,000 and ZAR30,000. |
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COD
(COD) |
Open |
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TR18052981 |
29/05/2018 |
Neutral |
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Account
(750,000) (ZAR) |
2005 |
50% |
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No |
This
is a very good account. |
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TR18052978 |
29/05/2018 |
N/A |
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Company
policy not to provide trade references |
TRADE REFERENCE
ANALYTICS
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Number
of valid Trade References |
2 |
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Overall
Trade Score |
50% |
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Average
Usage of Terms |
100% |
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Average
Monthly Purchase |
387,500
ZAR |
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Average
Usage of Credit Limit |
50% |
COURT NOTICES
No judgments on file in the name of the subject
No liquidation applications on file in the name of the subject
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.63 |
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|
1 |
INR 89.70 |
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Euro |
1 |
INR 78.20 |
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ZAR |
1 |
INR 5.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.