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MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADCOCK INGRAM CRITICAL CARE (PTY) LTD |
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Registered Office : |
1 Sabax Road, Aeroton,
Johannesburg, Gauteng |
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Country : |
South Africa |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
2000/004208/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Critical Care Health Products such as
Intravenous Solutions, Diagnostic Products, Surgical Gloves, etc |
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
ADCOCK INGRAM CRITICAL CARE (PTY) LTD
PHYSICAL ADDRESS
1 Sabax Road
Aeroton
JOHANNESBURG
Gauteng
POSTAL ADDRESS
P O Box 6888
JOHANNESBURG
2000
TELEPHONE NUMBER: 011 494 8000
FAX NUMBER: 011 494 1911
SHAREHOLDERS
100% ADCOCK INGRAM HOLDINGS LTD,
which in turn is owned 100% by TIGER BRANDS LTD.
ASSOCIATE COMPANIES:
Companies within the ADCOCK INGRAM HOLDINGS LTD Group and the TIGER
BRANDS LTD Group
DIRECTORS
J J LOUW
A G HALL
BANKERS
FIRST NATIONAL BANK, Johannesburg Corporate Branch, Account Number:
62003883495. It was stated that the
subject is managed by a cash management scheme controlled by the holding
company.
NEDBANK, Johannesburg Corporate Branch.
It was stated that the subject enjoys overdraft facilities, secured by
the personal guarantees of the Shareholders.
DATE REGISTERED
1 March 2000
Registration Certificate Number: 2000/004208/07
The subject was registered to take over assets and operations which
previously traded as a division under ADCOCK INGRAM LTD and which has been in
existence for approximately 50 years.
VAT NUMBER
4830187243
MAJOR OPERATION
Manufacturing of critical care health products such as intravenous solutions, diagnostic products, surgical gloves, etc., which are supplied to private and public hospitals. The subject also has a blood division and national renal care facility.
MAJOR SUPPLIERS
DOW PLASTICS
AFRICAN PRODUCTS
AFRO MEDICAL
SASOL POLYMERS (POLYETHELENES & POLYPROPYLENES)
SASOL POLYTHENE DIVISION
S P VIRAL DIVISION
K B LABELS Johannesburg
SAFCOR
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Private and Government hospitals.
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Africa
TOTAL EMPLOYEES
Approximately 600
OTHER PREMISES
None
OWNED OR LEASED
The premises are reported to be owned by the subject with an insurance value of R130 million, free of bond.
AUTHORISED SHARE CAPITAL
R1000 divided into 1000 ordinary shares of R1 each.
ISSUED SHARE CAPITAL
R1000
The following estimated financial situation was submitted:
STOCK R147 000 000
DEBTORS R 50 000 000
FIXED ASSETS R166 000 000
TRADE CREDITORS R110 000 000
TURNOVER per annum R950 000 000
AUDITORS
ERNST & YOUNG
YEAR END
SEPTEMBER
INSURANCE BROKERS
ALEXANDER FORBES
TRADE REFERENCES – FEBRUARY 2006
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 11/2002 R1 800 000 declined 30 days 30 days Very good
c/l
2. 1989 R1 000 000 R800 000 30 days 30 days Excellent
c/l
3. 2001 R70 000 R30 000 - 30 days 30 days Excellent
R35 000
TRADE REFERENCES – MARCH 2007
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 25 yrs R2 5000 000 declined 30 days 30 days Excellent
2. 8 yrs R500 000 R250 000 30 days 30 days Excellent
3. 6/2001 R30 000 R30 000 30 days 30 days Excellent
CURRENT TRADE REFERENCES
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 20 yrs R1 000 000 declined 30 days 30 days Excellent
c/l
2. 15 yrs R 350 000 R250 000 30 days 30 days Excellent
3. Old acc declined declined 30 days 30 days Good
4. 2001 declined R 50 000- 30 days 30 days Good
R140 000 5% 5%
COMMENTS
This is an established company meeting commitments timeously. Considering the good standing of the group, the subject is considered equal to $1 000 000 DA terms.
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%)