MIRA
INFORM REPORT
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Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PORTFOLIO PHARMACEUTICALS (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28 February 2002 |
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Com. Reg. No.: |
2002/020834/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of 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 : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
PORTFOLIO PHARMACEUTICALS (PTY) LTD
PHYSICAL ADDRESS
POSTAL ADDRESS
KENGRAY
2100
TELEPHONE NUMBER: 011 334 5530
FAX NUMBER: 011 334 9521
The subject moved from
SHAREHOLDERS
DR S K J DESAI
(majority) (Resides in
ASSOCIATE COMPANIES
PORTFOLIO LABORATORIES (PTY) LTD
DOUBLE RING TRADING 210 (PTY) LTD
DIRECTORS
DR S K J DESAI D.O.B. 390802
J D
L M RADEMAKER ID No. 5812095079086
BANKERS
STANDARD BANK, Bedford Gardens Branch, account number: 022546995. It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.
DATE REGISTERED
28 February 2002
Registration Certificate Number: 2002/020834/07
The subject originated as a close corporation and has been trading in total for over 10 years.
VAT NUMBER
4470204936
MAJOR OPERATION
Manufacturing of pharmaceuticals.
MAJOR SUPPLIERS
C J PETROW
KIRSCH PHARMA
LABELS BY RUSBAR
PETROLEUM FINE PRODUCTS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Wholesalers.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
50
OTHER PREMISES
None.
OWNED OR LEASED
The premises are reported to be owned by the associate company, Portfolio Laboratories (Pty) Ltd
AUTHORISED SHARE
CAPITAL
R1000 divided into 1000 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 turnover is R1.5 to R1.9 million per month.
AUDITORS
DOUGLAS & ASSOCIATES
YEAR END
FEBRUARY
INSURANCE BROKERS
TRADE REFERENCES –
APRIL 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 2002 R400
000 R200 000 30 days 30 days Very
good
2. 2002 R300
000 R150 000 30 days 30 days Very
good
3. 4 yrs open R 20 000 30
days 30 days Very good
CURRENT TRADE
REFERENCES – APRIL 2006
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 3 yrs R 50 000 R 30 000 30
days 30+ days Good
2. 1998 R300
000 R 50 000- 30
days 30 days Good
c/l R150 000
3. Old R500 000 R250 000 30 days 30 days Very good
COMMENTS
This is a new company that took over an established business. The subject is meeting one of its commitments over terms. We have not traced dealings to an extent of $10 000 000 and would prefer to see dealings to a far lesser amount, spread 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%)