MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
16 September 1963 |
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Com. Reg. No.: |
1963/004981/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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. |
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 : |
Slow but correct |
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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, (previously COURTHIEL VELOURS (PTY) LTD the name having been changed in 2000), which in turn is owned 80% by DAUN ET CIE AG, a company in Germany and 20% by BUILMA (PTY) LTD.
ASSOCIATE COMPANIES
Plus other companies within their DAUN ET CIE group including 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
VAT NUMBER
4330103846
It was stated that
the divisions have their own VAT registration certificate 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
FREIGHT MANAGEMENT
DA GAMA TEXTILES
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 approx. 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 R1 shares.
ISSUED SHARE CAPITAL
R2
Full financial information was not forthcoming from respondents at the company. It was, however, previously stated that the group 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%)