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MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
COURTEX INDUSTRIES (PTY) LIMITED, THE NAME HAVING BEEN CHANGED ON
07.11.1995 |
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Registered Office : |
2, |
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Country : |
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Date of Incorporation : |
16.09.1963 |
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Com. Reg. No.: |
1963/004981/07 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufactures textiles, polyester and acrylic yarn. |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
Formerly
Courtex Industries (Pty) Ltd, the name having been
changed on 7 November 1995.
TRADING DIVISIONS
HOME FABRICS
FABRIC LIBRARY
PHYSICAL ADDRESS
POSTAL ADDRESS
7654
TELEPHONE NUMBER : 021 864 5000 / 868-3000
FAX NUMBER : 021 873 3513
SHAREHOLDERS
100% COURTHIEL HOLDINGS (PTY)
LTD, which in turn is owned 80% by DAUN ET CIE AG, a company in
ASSOCIATE COMPANIES
Plus other companies within their DAUN ET CIE group including the KAP INTERNATIONAL
group of companies
Subsidiary
companies
BOLAND FINE SPINNERS (PTY) LTD
DIRECTORS
C
K WRIGHT
S R PEYTON (appointed October 2006)
BANKERS
FIRST NATIONAL BANK,
DATE REGISTERED
16 September 1963
Registration Certificate Number: 1963/004981/07
The subject is reported to have taken over operations and assets of a
company namely HOMEMAKERS GROUP LTD, which traded under the divisional names of
Fabric Library and Home Fabrics, with effect from 31 January 2001.
The subject took over the assets and operations of a company, WELLINGTON
INDUSTRIES (PTY) LTD, which was originally commenced in 1953. The latter company changed its name to
INDUSTEX Western Cape (PTY) LTD.
VAT NUMBER
4330103846
It was stated that the divisions have their
own VAT numbers
MAJOR OPERATION
The subject is reported to be a holding company. The trading divisions are, however, stated to
be involved in the wholesale of materials and there is also reported to be a
dye house. It was stated that a group
company manufactures textiles, polyester and acrylic yarn.
MAJOR SUPPLIERS
DA
CHT SA
BAYER
DYSTAR
FFS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Garment manufacturers and knitting factories.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
The subsidiary company, TABLE BAY SPINNERS (PTY) LTD, is reported to
export to
TOTAL EMPLOYEES
308 for WELLINGTON INDUSTRIES (PTY) LTD and 200 for the divisions.
OTHER PREMISES
OWNED OR LEASED
The head office premises are reported to be owned by a group company and
the other premises are stated to be leased.
AUTHORISED SHARE
CAPITAL
R100 divided into 100 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R2
Full financial information was not forthcoming from respondents at the
company, however, it was previously stated that the turnover per month is
approximately R25 to R30 million for WELLINGTON INDUSTRIES (PTY) LTD which
excludes the two divisions.
AUDITORS
DELOITTE
YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES -
MARCH 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 25 yrs R1 500 000 R400 000- 60
days 60+ days Fair
R500 000 needs
monitoring
2. Old acc R 150 000 R100
000- 60 days 60 days Good
R150
000
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 yrs R800 000+ R800 000 - 7 days 7 days+ Slow
R753
000 outstanding
2. 1995 R500 000 R200 000 - 30/60
30/60 days Good
R500
000 days discount
3. 25 yrs R600 000 R600 000 60
days 70 days Average
Reference
on subsidiary:
COMMENTS
This company is part of a large and reputable group and is a very well
established company that has taken over assets and operations of two
well-established divisions of another company namely, HOMEMAKERS GROUP
LTD. The subject is meeting its
commitments slowly at times and it is suggested that dealings to an extent of
US$ 1 000 000 be spread over 180 days and secured.
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 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)