MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PHARMASCRIPT PHARMACEUTICALS LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20.07.2001 |
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Com. Reg. No.: |
2001/015798/06 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing and Import company such as generic
pharmaceutical products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$1 000 000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
COMPANY NAME
PHARMASCRIPT PHARMACEUTICALS LTD
Unquoted public company
ADDRESS
PHYSICAL ADDRESS
Woodmead
POSTAL ADDRESS
Postnet
Private Bag X29
Gallo Manor
2052
TELEPHONE NUMBER : 011 656 1726
FAX NUMBER : 011 626 2211
SHAREHOLDERS
60% SCRIPTPHARM HOLDINGS (PTY) LTD, which in turn is owned 30% by ARROW PHARMACEUTICAL worldwide.
The respondent stated that there are approximately 650 shareholders in the subject.
ASSOCIATE COMPANIES
SCRIPTPHARM MANAGEMENT (PTY) LTD
SCRIPTPHARM MARKETING (PTY) LTD
SCRIPTPHARM PROPERTIES (PTY) LTD
SCRIPTPHARM RISK MANAGEMENT (PTY) LTD
SCRIPTPHARM SOLUTIONS (PTY) LTD
ARROW PHARMA SA (PTY) LTD
CHESTNUT HILL INVESTMENTS (PTY) LTD, in which G SIMAAN is a Shareholder
DIRECTORS
G L COLEMAN ID No. 5401015120087
C F T JORDAAN ID No. 6505225049081
M D PHASHA ID No. 7510315267089
L REDDY ID No. 7903035072089
G SIMAAN (CEO) ID No. 5005225029002
D G SUTHERLAND ID No. 3903185025089
BANKERS:
FIRST NATIONAL BANK, Wierda Valley Branch, account number: 62051792375. It was stated that the subject is managed by a cash management scheme controlled by the holding company.
DATE REGISTERED
20 July 2001
Registration Certificate Number: 2001/015798/06
The subject commenced operations in 2004
VAT NUMBER
4400207538
MAJOR OPERATION
Registered pharmaceutical manufacturing and import company such as generic pharmaceutical products
MAJOR SUPPLIERS
The subject imports finished products from
UTI
FINE CHEMICALS
WRAPSA
PHARMA-Q
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Pharmacies, dispensing doctors and pharmaceutical wholesalers.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
The subject is looking to export to
TOTAL EMPLOYEES
94
Respondents stated that the subject outsources the manufacturing to 3rd parties.
OTHER PREMISES
The subject has representatives countrywide
OWNED OR LEASED
The heading premises comprises of 2 buildings. It was stated that one building is owned by SCRIPTPHARM PROPERTIES (PTY) LTD, while the other is owned by CHESTNUT HILL INVESTMENTS (PTY) LTD.
AUTHORISED SHARE
CAPITAL
20 000 000 ordinary shares of R0,01 cent each
ISSUED SHARE CAPITAL: 20 000 000 shares
The following estimated financial situation was submitted:
STOCK R 7 000 000 – R 8 000 000
DEBTORS R12 000 000 – R13 000 000
CREDITORS fluctuates depending on imports R 2 000 000
TURNOVER for 2007 R68 000 000
AUDITORS
GRANT THORNTON
YEAR END
DECEMBER
INSURANCE BROKERS
Unknown to the respondent as the subject recently changed their insurance brokers.
TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2 yrs R 400 000 R250 000 - 30 days 30 days Very Good
R400 000
2. 1 year R 100 000 R 30 000 - 30 days 30 days+ Good
R100 000
3. 04/2004 R1 000 000 R300 000 - 30 days 30/40 days Good
c/ R400 000+
COMMENTS
This is a comparatively new company, meeting its commitments over terms at times. We have not traced dealings to an extent of US$1 000 000 and it is suggested that dealings to such an amount be on a spread and secured basis.
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. |
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%)