MIRA
INFORM REPORT
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Report Date : |
26.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BE‑TABS PHARMACEUTICALS (PTY) LTD |
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Registered Office : |
14 Lautre Road, STORMILL EXT 1, Roodepoort, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
10 February 1993 |
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Com. Reg. No.: |
1993/003111/07 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of generic and primary health care pharmaceuticals. |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY NAME
BE‑TABS PHARMACEUTICALS (PTY) LTD
PHYSICAL ADDRESS
14 Lautre Road
STORMILL EXT 1
Roodepoort
Gauteng
POSTAL ADDRESS
P O Box 43486
INDUSTRIA
2042
TELEPHONE NUMBER: 011 495 0100
FAX NUMBER: 011 495 0150
The address of: 1st Floor, Ruswyn Place, 78 Sandler Road, Highlands North, is unknown to respondents at the subject. It was stated by respondents that they have been at the current premises for many years.
SHAREHOLDERS
100% RANBAXY (SA) (PTY) LTD
It was stated by respondents that the shareholding of the subject has recently changed but will only be finalised as at 1 May 2007 and is in the process of being completed.
The shareholding was previously 100% THE BHIKA FAMILY TRUST.
ASSOCIATE COMPANIES
BE‑TABS INVESTMENTS (PTY) LTD (property owning company), which owns the following properties: 14 to 16 and 18 to 20 Lautre Road, Stormill Ext 1, Roodepoort.
DIRECTORS
Until 1 May 2007 are as follows:
R A H BHIKHA (Chairman)
Z R BHIKA (CEO) (son)
G JOB (Mrs) (MD)
BANKERS
STANDARD BANK, Main Street Fordsburg Branch, Account Number: 002501600. It was stated that the subject enjoys overdraft facilities in excess of R11 000 000, secured by the personal guarantees of the Directors. Utilisation is stated to be nil at present.
DATE REGISTERED
10 February 1993
Registration Certificate Number: 1993/003111/07
The subject was originally established as a private company namely, BE-TABS PHARMACEUTICALS (PTY) LTD (Reg. No. 1974/000408/07). In 1990 the subject converted to a close corporation, namely BE-TABS PHARMACEUTICALS CC (Reg. No. 1990/007204/23) and in 1993 the subject converted once again to a private company.
VAT NUMBER
4270120217
MAJOR OPERATION
Manufacturers and distributors of generic and primary health care pharmaceuticals.
MAJOR SUPPLIERS
The subject imports pharmaceuticals and raw materials from India and deals locally with the following suppliers:
CHEMPRO Johannesburg
CINQPLAST Johannesburg
FINE CHEMICALS Cape Town
HANSEATIC FREIGHT Johannesburg
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Hospitals, wholesalers, dispensing doctors, pharmacies and Government
AREA OF DISTRIBUTION
AND SELLING
South Africa
EXPORTS
African countries, such as Botswana, Lesotho, Swaziland, Malawi, Zambia and to the UAE and Saudi Arabia.
TOTAL EMPLOYEES
350 permanent and 100 contractors
OTHER PREMISES
The subject has extended their factory to the adjacent property and also has a penicillin plant at 20 Lautre Road.
OWNED OR LEASED
The premises are reported to be owned by BE‑TABS INVESTMENTS (PTY) LTD.
AUTHORISED SHARE
CAPITAL
R200 divided into 200 ordinary shares of R1 each
ISSUED SHARE CAPITAL
R200
The following estimated financial situation was submitted:
STOCK in excess of R 20 000 000
DEBTORS R 45 000 000
FIXED ASSETS net book value R 5 000 000
CREDITORS excl COD R 6 500 000
TURNOVER per annum R180 000 000
AUDITORS
ABOO – KALOO AND PARTNERS Fordsburg
YEAR END
FEBRUARY
INSURANCE BROKERS
TWIN
TRADE REFERENCES –
JUNE 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 10 – 12 yrs R 750 000 R348 000 30
days 30 days Excellent
2. 4/5 yrs R 350 000 R 50 000 - 30
days 10 days Very good
R200
000
3. 15/20 yrs R4 000 000 R400
000 45 days 7 days Excellent
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2002 R 750 000 R 360 000 30
days 27 days Excellent
2. 1988 R4
000 000 R1 000 000 - 45 days 7/10
days Very good
R2
000 000
3. 3-4 yrs R 100 000 R 100 000 7-10
days 7-10 days Good
COMMENTS
This is an established company meeting its commitments timeously. We have not traced dealings to an extent of US$5 000 000 and would prefer to see such a figure spread over 180 days.
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%)