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MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
FELTEX
HOLDINGS (PTY) LTD |
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Registered Office : |
First Floor, New
Link Centre 1 New Street, Paarl Western
Cape |
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Date of Incorporation : |
27 June 1957 |
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Legal Form : |
Pty Ltd |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
FELTEX
HOLDINGS (PTY) LTD
Formerly HOSAF
FIBRES (PTY) LTD the name having been changed.
Formerly HOECHST SOUTH AFRICA LTD, the name and entity having been
changed on 4 March 2002.
TRADING DIVISION
HOSAF FIBRES
JORDAN & CO
FELTEX AUTOMOTIVE
LEATHERS
INDUSTRIAL FOOTWEAR
DIVISION which includes subdivision of:
WAYNE PLASTICS
UNITED FRAM
FOOTWEAR
MANUFACTURERS
MOSSOP WESTERN
LEATHERS
FELTEX UNIFRAX
FELTEX FOAM
PHYSICAL ADDRESS
First
Floor
New Link Centre
1 New Street
PAARL
Western Cape
POSTAL ADDRESS
P
O Box 3639
PAARL
7620
TELEPHONE NUMBER: (021) 872-8726
FAX NUMBER: (021) 872-9064
SHAREHOLDERS
100% KAP
INTERNATIONAL HOLDINGS LTD – registration certificate number: 1978/000181/06 (formerly KOLOSUS HOLDINGS
LTD, the name having been changed) (Listed on the JSE LTD).
KAP
INTERNATIONAL HOLDINGS LTD is in turn owned 47,1% by DAUN & CIE in Germany
and 21.1% KAP BETEILIGUNGS AG, while the remainder of the shares are held by
other general investors.
ASSOCIATE COMPANIES
Subsidiary Companies:
DURBAN FIBRES (PTY)
LTD which is a management and payroll company which employs approx. 220 of the
Durban staff of the subject.
HOSAF RECYCLING
(PTY) LTD
DANO TEXTILE
INDUSTRIES (PTY) LTD (dormant)
MARKER INVESTMENTS
(PTY) LTD (dormant)
CASA ROSADA
INVESTMENTS (PTY) LTD
CONSHU LTD
(dormant)
SHERCO (PTY) LTD
CONSHU HOLDINGS LTD
FELTEX LTD
(dormant)
JORDAN FOOTWEAR
NAMIBIA (PTY) LTD (subsidiary company of HOSAF FIBRES (PTY) LTD)
FELTEX FEHRER (PTY)
LTD (74% owned)
COURTHIEL HOLDINGS
(PTY) LTD
COURT FABRICS (PTY)
LTD
TABLE BAY SPINNERS
(PTY) LTD
BUILMA (CAPE) (PTY)
LTD
WESTERN CAPE HIDE
& SKINS (PTY) LTD
SPILO (PTY) LTD
RIETER FELTEX
AUTOMOTIVE (PTY) LTD
INYATI UK LTD
RIETER FELTEX
AUTOMOTIVE MANUFACTURING (PTY) LTD (a joint venture with RIETER in Switzerland)
DIRECTORS
P
C T SCHOUTEN (Chairman)
G
LITKIE (Financial Director)
P
WHITE (Managing Director)
M
A WOOD
J
BURLAND
U
M G FRIGERIO
J
R JORDAN
M
BALLADON
BANKERS
NEDBANK
Midrand, account number: 1686027745, STANDARD BANK, Durban, Corporate branch as
well as FIRST NATIONAL BANK, Corporate branch, Cape Town. It was stated that the subject enjoys multi
function facilities to an extent of R155 000 000 for the group, secured by
various securities, being a cession of debtors, notarial bonds, assets, asset
based finance, cross suretyships.
DATE REGISTERED
27
June 1957
Registration
Certificate Number: 1957/001891/07
It
was stated that the subject changed its name and incorporated the assets and
operations of FELTEX LTD and the JORDAN & CO division of CONSHU TRADING
(PTY) LTD on 1 July 2004. It was stated
that the subject also took over the MOSSOP WESTERN LEATHERS and FELTEX
AUTOMOTIVE LEATHERS divisions of KOLOSUS LEATHERS (PTY) LTD in January 2005.
VAT NUMBER
It was
stated that each separate division has its own VAT number as the subject does
not have a VAT number.
MAJOR OPERATION
The
divisions have various operations, some of them being:
Manufacturers
of polyester fibre products and related products
Manufacturers
and importers of ladies, men’s and children’s sport and casual footwear in the
Jordan & Company division.
Manufacturers
of automotive products, soft trim components, safety shoes, rubber products,
etc.
MAJOR SUPPLIERS
Suppliers
to the Feltex trading divisions are:
BAYER
CHEMICALS Durban
WITON
CHEMICALS Durban
GERBER
GOLDSCHMIDT Durban
DOW
CHEMICALS Johannesburg
Suppliers
to the JORDAN & CO division
are:
MOSSOP WESTERN
LEATHERS (Associate company)
SAFCOR
FINLIM TEXTILES
Durban
MENDELSON &
FROST
PALMER RUBBER
JOHN WHITTLE
COMPONENTS Durban
Suppliers for the
HOSAF FIBRES division are:
SAFCOR (as the
subject imports most of its supplies)
WASTETECH Cape Town
CLARIANT
Johannesburg
SASOL GAS Durban
MAJOR CUSTOMERS OR BUSINESS SECTORS
Hosaf
Fibres division: Textile industry and
bottle manufacturers, retail shoe market in South Africa and the associate
company, Jordan Footwear Namibia (Pty) Ltd in Namibia.
Jordan
& Company division: Automotive
manufacturers
AREA OF DISTRIBUTION AND SELLING
South
Africa
EXPORTS
Europe,
UK and African countries.
TOTAL EMPLOYEES
approx.
3 350 in the group.
OTHER PREMISES
The
subject has a factory in Cape Town, 2 factories in Jacobs (Durban) and another
in Port Elizabeth. The subject has
distribution outlets throughout South Africa.
OWNED OR LEASED
Most of the premises
are leased while others are owned by the subject and valued
in the region of R140
000 000, bonded in favour of Standard
Bank for an
outstanding amount of
R20 000 000.
AUTHORISED SHARE CAPITAL
R200
000 000 divided into 200 000 000
Ordinary
R1 shares.
ISSUED SHARE CAPITAL
R169
000 000
SHARE PREMIUM ACCOUNT
R153
000 000
The
following estimated financial situation was submitted:
STOCK R 215 000 000
DEBTORS R 400 000 000
FIXED ASSETS nett book value
R 305 000 000
PROPERTY R 140 000 000
CREDITORS R 330 000 000
SHAREHOLDERS LOANS R 162 000 000
TURNOVER per annum R1
900 000 000
AUDITORS
DELOITTE,
Durban
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER
FORBES
TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 25 yrs+ R200 000 R100
000 30 days 30 days Excellent
c/l
2. Old acc. R360 000 R20 000
- 30 days 30
days Excellent
c/l R100 000
3. 5 yrs+ R1 mill R100
000 - 30 days 30 days Excellent
R1 mill
COMMENTS
This is an
established company forming part of a large, well-established group of
companies which has gone through a restructuring. The subject is considered equal to US$10 000 000 over 30 days.
RATING EXPLANATIONS
RATING
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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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |