MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PHARMACARE LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29 December 1898 |
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Com. Reg. No.: |
1898/000252/06 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of pharmaceuticals e.g. generic, ethical and self-medication |
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
PHARMACARE LTD
Formerly
LENNON LTD, the name having been changed on 21 June 1996
TRADING NAME
ASPEN PHARMACARE
PHYSICAL ADDRESS
Woodlands Drive
Woodmead
SANDTON
POSTAL ADDRESS
GALLO MANOR
2052
TELEPHONE NUMBER: 011 239 6100
FAX NUMBER: 011 239 6111
The postal address of
SHAREHOLDERS
100% ASPEN PHARMACARE HOLDINGS LTD (Reg. No. 1985/002935/06) Quoted on the JSE.
ASSOCIATE COMPANIES
ASPEN PHARMACARE AUSTRALIA LTD
ASPEN PHARMACARE RESOURCES (PTY) LTD
ASPEN NUTRITIONALS (PTY) LTD
Plus other companies within the ASPEN HEALTHCARE group.
DIRECTORS
M G ATTRIDGE
S B SAAD
S M CAPAZORIO
A J KING
BANKERS
The subject banks with FIRST NATIONAL BANK, Corporate Branch Johannesburg. The subject is reported to enjoy overdraft facilities to an extent of R130 million. Utilisation is stated to be partial at any given time. The subject is also managed by a cash management scheme controlled by the holding company.
DATE REGISTERED
29 December 1898
Registration Certificate Number: 1898/000252/06
The subject was
commenced as a new business. It was
stated that the subject bought the operations, trademarks and products of a
company namely, ARMSTRONG WILSON (PTY) LTD, Registration Certificate Number:
1992/001569/07.
It was stated that
the subject took over the assets and operations of a well established company
namely, TRIOMED (PTY) LTD, Registration Certificate Number: 1994/009343/07 on
31 December 2002.
VAT NUMBER
4890157524
MAJOR OPERATION
Manufacturers of pharmaceuticals e.g. generic, ethical and self-medication
MAJOR SUPPLIERS
The subject imports raw materials from overseas and deals locally with:
NAMPAK CORRUGATED
D H L
CONSOL GLASS
MAJOR CUSTOMERS OR
BUSINESS SECTORS
Druggist wholesalers, Provincial Administrations, hospitals and pharmaceutical wholesalers
AREA OF DISTRIBUTION
AND SELLING
EXPORTS
TOTAL EMPLOYEES
±2 200 in the group
OTHER PREMISES
The subject is reported to have branches throughout
OWNED OR LEASED
The Head office premises are reported to be leased from INVESTEC
BANK LTD. It was stated that the factory
premises in
AUTHORISED SHARE
CAPITAL
R1 500 000 divided into 750 000 ordinary R2 shares
ISSUED SHARE CAPITAL
R1 284 000
The following estimated financial situation was submitted as at April 2007 and reads as follows:
STOCK R 655 977 000
DEBTORS R 617 574 000
FIXED ASSETS net book value R 586 558 000
CREDITORS total R 348 921 000
LONG TERM LIABILITIES R 2 437 000
TURNOVER per annum in excess of R2 000 000 000
AUDITORS
PRICEWATERHOUSECOOPERS,
YEAR END
JUNE
INSURANCE BROKERS
GIB
TRADE REFERENCES –
OCTOBER 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Old acc. R800 000 R600
000 30 days 30 days Very good
2. Old acc. R170 000 R50
000 30 days 30 days Very good
3. Do not give trade references
4. Do not give trade references
TRADE REFERENCES – MAY
2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. Do not give trade references
2. Do not give trade references
3. 6 yrs R800 000 R800 000 30 days 30 days Very good
4. 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. Do not give trade references
3. 6 yrs R800 000 R600 000± 30 days 30 days Good
4. Do not give trade references
COMMENTS
This is a well established and well connected company, which is affecting a substantial turnover. The subject is considered equal to US$1 000 000 over 30 days.
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%)