MIRA INFORM REPORT

 

 

Report Date :

20th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

AUSTELL LABORATORIES (PTY) LTD

 

 

Registered Office :

30 Marlborough Road, Crown Mines, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

26.04.2000

 

 

Com. Reg. No.:

2000/007795/07

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing and distribution of various types of medicines.

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

AUSTELL LABORATORIES (PTY) LTD

 

 

PHYSICAL ADDRESS

 

30 Marlborough Road

CROWN MINES

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 1110

SPRINGFIELD

2190

 

 

TELEPHONE NUMBER

 

011 434 5669

 

 

FAX NUMBER

 

011 534 5719 / 683 9749

 

 

SHAREHOLDERS

 

It was stated by respondents that all the directors own the shares in the company the majority being S A GANI.

 

 

ASSOCIATE COMPANIES

 

CAMOX (PTY) LTD

 

 

DIRECTORS

 

S A GANI                                              ID No. 6911185839083

N HAFFEJEE                                        ID No. 7604190004087

H HASSIM                                            ID No. 75021701310

M R PUTHENVILAYIL (resident in India)   D.O.B. 560511

T RAMACHANDRAN (resident in India)    D.O.B. 491130

A VAID                                                 ID No. 4710255012080

 

 

BANKERS

 

NEDBANK, Business Centre Fordsburg Branch.  It was stated that the subject enjoys overdraft facilities, secured by the personal guarantees of the Shareholders.  Further details were not forthcoming.

 

 

DATE REGISTERED

 

26 April 2000

Registration Certificate Number: 2000/007795/07

 

 

VAT NUMBER

 

4140206394

 

 

MAJOR OPERATION

 

Manufacturing and distribution of various types of medicines

 

 

MAJOR SUPPLIERS

 

The subject is reported to import most of its supplies and deals locally with:

 

SPECIALISED INTER FREIGHT Durban

SHERIFF CARGO Durban

ELECTRIC AVENUE Johannesburg

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Wholesalers and government hospitals

 

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Namibia

 

 

TOTAL EMPLOYEES

 

200

 

 

OTHER PREMISES

 

None

 

 

OWNED OR LEASED

 

The premises are reported to be leased.

 

 

AUTHORISED SHARE CAPITAL

 

R4000 divided into 4000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R100

 

Full financial information was not forthcoming from respondents at the company, however, it was stated that the turnover per month is R1.5 million.

 

 

AUDITORS

 

KAROLIA JEENA

 

 

YEAR END

 

SEPTEMBER

 

 

INSURANCE BROKERS

 

KAROLIA JEENA

 

 

TRADE REFERENCES

 

       PERIOD       HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

                          CREDIT         CREDIT                          PATTERN

 

1.    3 yrs            R250 000       R150 000 -      COD         COD             Fair / Good

                                               R200 000

 

2.    2 yrs            R200 000       R200 000        30 days    30 days        Excellent

 

3.    few yrs         R100 000       R100 000        30 days    30/45 days    Good

 

 

COMMENTS

 

This is an established company meeting its commitments over terms at times.  We have not traced dealings to an extent of US$1 million and would prefer to see a far lesser figures spread and secured.  The lack of full financial information should be borne in mind.

 

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