MIRA
INFORM REPORT
|
Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
NOVARTIS |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15 February 1946 |
|
|
|
|
Com. Reg. No.: |
1946/020671/07 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Pharmaceutical manufacturers and distributors. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
NOVARTIS
Formerly
CIBA-GEIGY (PTY) LTD, the name having been changed on 17 January 1997. Formerly GEIGY SA (PTY) LTD, the name having been changed during 1971.
TRADING DIVISION
CONSUMER HEALTH
PHARMACEUTICAL
ANIMAL HEALTH
CORPORATE
The CIBA VISION, a previous division of the subject has been taken over by a different company that is not in the subject’s group and the HEXAL division is now a part of an associate company SANDOZ SOUTH AFRICA (PTY) LTD.
The subject sold its CROP PROTECTION and AGRI SEED divisions in May 2000. The subject’s former SANDOZ division became a separate legal entity on 1 September 2006.
PHYSICAL ADDRESS
SPARTAN
POSTAL ADDRESS
ISANDO
1600
TELEPHONE NUMBER: (011) 929-9111
FAX NUMBER: (011) 975-9830
SHAREHOLDERS
100% NOVARTIS AG in
ASSOCIATE COMPANIES
The subject is associated to the Novartis Group of companies worldwide.
Subsidiaries:
GESA PROPERTIES (PTY) LTD
FIRM INVESTMENTS (PTY) LTD
SANDOZ PRODUCTS (PTY) LTD (dormant)
SANDOZ SOUTH AFRICA (PTY) LTD incorporating HEXAL
DIRECTORS
M
J C DU BOS (French)
MRS A VAN DER MERWE (Managing Director)
M B CHEETHAM (Resident in the
U H TANNER (
Y E J SAUTTER
BANKERS
STANDARD BANK, Isando, account number 020088833. It was stated that the subject enjoys overdraft facilities to an extent of R12 000 000, unsecured. Utilisation of the overdraft is nil as normally credit balances are maintained at the bank.
DATE REGISTERED
15 February 1946
Registration certificate number 1946/020671/07.
The subject was commenced as a new business.
VAT NUMBER
4200171402
MAJOR OPERATION
Pharmaceutical manufacturers and distributors.
MAJOR SUPPLIERS
Virtually 80% of the subject’s supplies are imported via
clearing agents UTI in
IMS
U P S
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Pharmaceutical, optometrists and veterinary industries.
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
Small to
TOTAL EMPLOYEES
490
OTHER PREMISES
The subject is reported to have office premises in
OWNED OR LEASED
The head office premises are owned by GESA PROPERTIES PTY)
LTD, while the
AUTHORISED SHARE
CAPITAL
R87 000 000 divided into 43 500 000 ordinary R2 shares.
ISSUED SHARE CAPITAL
R86 272 358
The following estimated financial situation was submitted:
STOCK R154 000 000
DEBTORS R150 000 000
CASH R 15 000 000
CREDITORS fluctuating terms R 75 000 000
SHAREHOLDERS LOANS Nil
TURNOVER per annum R1 000 000 000
AUDITORS
PRICEWATERHOUSECOOPERS
FINANCIAL YEAR END
DECEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES –
DECEMBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. 25 yrs R100
000 R100 000 30 days 30 days Very
good
3. Do not give trade references
CURRENT TRADE
REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references.
2. Old acc declined R
50 000 30 days 30 days Good
3. Do not give trade references.
COMMENTS
This is a very well established and well connected company meeting commitments timeously. The subject is effecting a substantial turnover and is considered equal to US$1 000 000 over 30 days.
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. |
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 |
|
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%)