MIRA INFORM REPORT

Report Date :

09.02.2008

IDENTIFICATION DETAILS

Name :	OMNIMED (PTY) LTD

Formerly Known As :	REMEDIA MEDICAL (PTY) LTD

Registered Office :	7 Hans Strijdom Park, Fontainebleau, Randburg, Gauteng

Country :	South Africa

Date of Incorporation :	26.08.1965

Com. Reg. No.:	1965/007312/07

Legal Form :	Private Limited Company

Line of Business :	Imports and Distributes of Pharmaceuticals and Medical equipment, as well as Ethical Pharmaceutical products

RATING & COMMENTS

MIRA’s Rating :

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

OMNIMED (PTY) LTD

Formerly

REMEDIA MEDICAL (PTY) LTD the name

having been changed on 27 September 1988

PHYSICAL ADDRESS

7 Hans Strijdom Park

Fontainebleau

RANDBURG

Gauteng

POSTAL ADDRESS

P O Box 2316

RANDBURG

2125

Telephone Number: 011 792 7120

Fax Number: 011 792 7084

SHAREHOLDERS

50% REMEDIA INVESTMENTS (PTY) LTD

50% PULE MEDICAL ENTERPRISES (PTY) LTD

which is ultimately owned by Messrs HURWITZ AND PULÉ.

ASSOCIATE COMPANIES

OMNIMED NAMIBIA (PTY) LTD

DIRECTORS

B HURWITZ

A PULÉ

B DORFAM

MISS D PULÉ (daughter)

BANKERS

STANDARD BANK, Sandton branch, account number 022660003. It was stated that the subject enjoys overdraft facilities to an extent of R4.5 million secured by the personal guarantees of Messrs PULE and HURWITZ. Utilisation is stated to fluctuate from nil to partial.

DATE REGISTERED

26 August 1965

Registration certificate number 1965/007312/07

VAT NUMBER

4490121813

MAJOR OPERATION

The subject imports and distributes pharmaceuticals and medical equipment, as well as ethical pharmaceutical products.

MAJOR SUPPLIERS

The subject imports 90% of its supplies and deals locally with:

UNION TRANSPORT

FINE LINE STATIONERS Johannesburg

PHARMACEUTICAL CONTRACTORS Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Provincial hospitals, private hospitals, clinics and doctors

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

Namibia

TOTAL EMPLOYEES

OTHER PREMISES

None

OWNED OR LEASED

The premises are reported to be owned by the company valued at R9.5 million free of bond.

AUTHORISED SHARE CAPITAL

R20 000 divided into 20 000 ordinary shares of R1 each

ISSUED SHARE CAPITAL

R20 000

Full financial information was not forthcoming from respondents at the company, however, it was stated that their estimated annual turnover is in the region of R180 million.

AUDITORS

J H SMILG & CO JHB

YEAR END

SEPTEMBER

INSURANCE BROKERS

STANDARD BANK INSURANCE BROKERS

TRADE REFERENCES – JULY 2006

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 15 yrs R15 000 R15 000 30 days 30 days Excellent

Do not give trade references

3. 5 yrs R50 000 R50 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. 20 yrs open R15 000 30 days 30 days Excellent

3. 2 yrs open R10 000 30 days 30 days Good

COMMENTS

This is an established company which imports most of its supplies. The subject is meeting its commitments timeously. We would prefer to see dealings to an extent of US$1 000 000 on a well spread and secured basis only. The lack of 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.	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%)

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