MIRA INFORM REPORT

 

 

Report Date :

27th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

CAPE WRAPPERS (PTY) LTD

 

 

Registered Office :

Alkmaar Street, Dal Josaphat, Paarl, Western Cape

 

 

Country :

South Africa

 

 

Date of Incorporation :

12.03.1951

 

 

Com. Reg. No.:

1951/000781/07

 

 

Legal Form :

PTY Limited

 

 

Line of Business :

Printers and converters of flexible packaging and blowing of plastic film.

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

COMPANY NAME     

 

CAPE WRAPPERS (PTY) LTD

 

 

PHYSICAL ADDRESS          

 

Alkmaar Street

DAL JOSAPHAT

Paarl

Western Cape

 

 

POSTAL ADDRESS        

 

P O Box 286

PAARL

7620

 

 

TELEPHONE NUMBER   

 

(021)  871-1210

 

 

FAX NUMBER     

 

(021)  872-7476

 

 

SHAREHOLDERS

 

100%    ALEX WHITE HOLDINGS LTD – registration certificate number: 1949/035016/06 (delisted from the JSE Securities Exchange South Africa in June 2006.), which is in turn owned 100% by ASTRAPAK LTD – registration certificate number:  1995/009169/06 – quoted on the JSE Securities Exchange.

 

 

ASSOCIATE COMPANIES

 

WHITEHOUSE PROPERTIES (GLENLEA) (PTY) LTD – registration certificate number:  1970/007785/07, which is reported to be a property owning company.

WHITEHOUSE PROPERTIES (PAARL) (PTY) LTD – registration certificate number:  1969/011601/07.

ALEX WHITE & CO (PTY) LTD – registration certificate number: 1931/003409/07.

ALEX WHITE INVESTMENTS (PTY) LTD – registration certificate number: 1950/037300/07.

 

Plus other companies within the ALEX WHITE and ASTRAPAK group of companies.

 

It was stated that RAND DATA FORMS (PTY) LTD – registration certificate number:  1935/007322/07 was sold to a 3rd party.

 

 

DIRECTORS

 

T P KANE (Managing Director)

P J KANE  (brother)

 

 

BANKERS

 

STANDARD BANK, Lady Grey Street, Paarl, Account Number 072135530.  It was stated that the subject enjoys overdraft facilities, secured by holding company guarantees.  Utilisation of the overdraft is stated to fluctuate.

 

 

DATE REGISTERED

 

12 March 1951

Registration certificate number 1951/000781/07

 

 

VAT NUMBER

 

4730113182

 

 

MAJOR OPERATION

 

Printers and converters of flexible packaging and blowing of plastic film.

 

 

MAJOR SUPPLIERS

 

The subject imports most of its goods through SAFCOR FREIGHT in Cape Town and deals locally with:

 

HULETT ALUMINIUM  Pietermaritzburg

SASOL POLYMERS  (polythene)  Johannesburg

NAMPAK TISSUE  Johannesburg

TREOFAN  Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Flexible packaging industry.

 

 

AREA OF DISTRIBUTION AND SELLING  

 

South Africa

 

 

EXPORTS  

 

Occasionally to Angola, Nigeria and neighbouring countries

 

 

TOTAL EMPLOYEES 

 

142

 

 

OTHER PREMISES   

 

Sales office in Johannesburg and Durban.

 

 

OWNED OR LEASED

 

It was stated that the heading premises are adjacent premises owned jointly by CAPE WRAPPERS (PTY) LTD, valued in the region of  R6.8 million and WHITEHOUSE PROPERTIES (PAARL) (PTY) LTD, valued in the region of R5 million, free of bond.  WHITEHOUSE PROPERTIES (GLENLEA) (PTY) LTD owns the sales office in Johannesburg, while the Durban premises are owned by ASTRAPAK LTD.

 

 

AUTHORISED SHARE CAPITAL    

 

R50 000 divided into 25 000 ordinary R2 shares

 

 

ISSUED SHARE CAPITAL

 

R35 000

 

The following estimated financial situation was submitted:

STOCK                                                                               R18 000 000 - R  20 000 000

DEBTORS                                                                                                R  20 000 000

FIXED ASSETS                                                                             book value R  35 000 000

CREDITORS                                                                                             R  15 000 000

SHAREHOLDERS LOANS                                                                       R  11 000 000

TURNOVER                                                                                      per annum  R110 000 000

 

 

AUDITORS  

 

PRICEWATERHOUSECOOPERS, Paarl (021) 871 1233

 

 

YEAR END  

 

 FEBRUARY

 

 

INSURANCE BROKERS  

 

HERITAGE  Johannesburg

 

 

TRADE REFERENCES

 

             ACCOUNT   HIGHEST    AVERAGE    TERMS   PAYMENT      EXPERIENCE

             OPENED     CREDIT       CREDIT                      PATTERN

 

1.          5 yrs+         R280 000+   R280 000+    30 days   30/34 days     Fair

 

2.          1998           R1.1 mill      R1.1 mill       30 days   30 days          Good

 

3.          20 yrs         R3.5 mill      R700 000      60 days   60 days          Good

                               c/l

 

COMMENTS

 

This is an established and well-connected company, meeting some of its commitments over terms at times.  The subject is considered equal to US$1 000 000 over 180 days.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions