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MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MICRO HEALTH CARE (PTY) LTD |
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Formerly Known as : |
ZANPARK TRADING 6 (PTY) LTD |
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Registered Office : |
10 Lindley Street, BETHLEHEM Free State |
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Country : |
South Africa |
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Date of Incorporation : |
12.04.2001 |
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Com. Reg. No.: |
2001 / 008487 / 07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Marketing and manufacture of pharmaceutical healthcare products |
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
MICRO HEALTHCARE (PTY) LTD
Formerly ZANPARK TRADING 6 (PTY) LTD, the name having been changed on 13
July 2001.
PHYSICAL ADDRESS
10 Lindley Street
BETHLEHEM
Free State
POSTAL ADDRESS:
P O Box 86
BETHLEHEM
9700
TELEPHONE NUMBER: 058 303 5476
FAX NUMBER: 058 303 5487
SHAREHOLDERS
D B SIROYA
S B SIROYA (brother)
MICRO LAB LTD in India.
It was stated that Messrs D B & S B SIROYA hold the majority shares
in the subject.
The shareholding changed and was previously H CLARKSON, G D GLASS, S B
SIROYA, E D SIROYA, T B SIROYA, D
SURANA
ASSOCIATE COMPANIES
PHARMA-Q (PTY) LTD acquired shares in 2005
PHARMACHEM (PTY) LTD
FDC (PTY) LTD
It was stated that the subject bought a minority shareholding in the
latter two companies.
DIRECTORS
D B SIROYA
S SIROYA (son)
D SURANA (resident in Dubai)
N A S KALLA
H R A KALLA
A LESCH (CEO of PHARMA-Q)
BANKERS
NEDBANK, Business Centre North Rand Branch, Account Number:
1469068265. It was stated that the
subject enjoys overdraft facilities to an extent of R8.6 million, secured by
the guarantee of a foreign bank situated in Dubai, which is reported to be the
bank utilised by the SIROYA family.
It was stated that the two companies have overdraft facilities to an
extent of approximately R15 million, which includes PHARMA-Q (PTY) LTD.
DATE REGISTERED
12th April 2001
Registration Certificate Number: 2001/008487/07
It was stated that the subject was registered to take over assets from a
liquidated company, namely, QUATROMED (PTY) LTD. The reason for the liquidation is reported to be that the holding
company of QUATROMED (PTY) LTD, BEIGE PHARMACEUTICALS (PTY) LTD went bankrupt
in August 2000 thereby causing companies in the group to be liquidated.
VAT NUMBER
4760193682
MAJOR OPERATION
Marketing and manufacture of pharmaceutical healthcare products
MAJOR SUPPLIERS
The subject imports raw and finished goods from India and deals locally
with the following suppliers:
PROTEA INDUSTRIAL CHEMICALS Johannesburg
D B FINE CHEMICALS Johannesburg
ANCHOR RAND Johannesburg
SAVANNAH FINE CHEMICALS Johannesburg
FINE CHEMICALS Cape Town
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Hospitals, wholesalers, pharmaceutical companies and export agents.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Indirectly to Africa through the agents.
TOTAL EMPLOYEES
400
OTHER PREMISES
The subject has a factory at the heading address.
OWNED OR LEASED
The premises are reported to be owned by the subject and valued in the
region of R10 million, free of bond.
AUTHORISED SHARE CAPITAL
100 000 ordinary shares of R0,01 cent each
ISSUED SHARE CAPITAL
R1 000
SHARE PREMIUM
R991 000
The following estimated financial situation was submitted:
STOCK R 14 000 000
DEBTORS R 24 000 000
FIXED ASSETS unknown
CREDITORS R 12 800 000
OVERDRAFT
R 7 600 000
TURNOVER per month/annum R150
000 000
AUDITORS
ENSLINS BETHLEHEM INCORPORATED
YEAR END
AUGUST
INSURANCE BROKERS
EMERALD BROKERS
TRADE REFERENCES – MAY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 2001 R250 000 R250
000 30 days 30/45 days Fair
c/l
2. 3 – 4 yrs $500 000 $200
000 - 30 days 60/90 days Slow
$300
000
3. 4 yrs R300 000 R150
000 - 30 days 30+ days Slow
R300
000
4. 4 yrs+ R300 000 R 24 000 - 37
days 37 days Very good
c/l R 85 000
TRADE REFERENCES –
APRIL 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Do not supply trade references.
2. 5 yrs R1 500 000 R500
000 30 days 30 days Very good
3. 5 yrs R 300 000 R100 000 – 30
days 45 days Fair
R200
000
4. 5 yrs R 250 000 R250 000 30
days 30 days Very good
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1.
Do not give trade references.
2. 5 yrs R250 000 R200
000 30 days 30/40 days Fair
c/l
3. Do not give trade references.
COMMENTS
This is an established company that seems to be experiencing cash flow
problems at present. We are unable to recommend credit dealings until full updated
information is obtained on the subject. As soon as it is available it will be
forwarded to our client.
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%)