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MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
GULF DRUG COMPANY (PTY) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
6 June 1984 |
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Com. Reg. No.: |
1984/005793/07 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Retailing of Pharmaceuticals |
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
GULF DRUG COMPANY (PTY) LTD
PHYSICAL ADDRESS
22 Burnside Drive
Old Mill Industrial Park
DURBAN
Kwa-Zulu Natal
POSTAL ADDRESS
P O Box 1523
DURBAN
4000
TELEPHONE NUMBER: 031 538 8700
FAX NUMBER: 031 502 2379
The address of Cnr Edison Crescent & Bell Street, Hennopspark
Ext 7, Centurion is the operational premises for the subject.
SHAREHOLDERS
100% STRAND GROUP HOLDINGS LTD
ASSOCIATE COMPANIES
SPUNCHEM
(PTY) LTD
SPUNCHEM AFRICA
(PTY) LTD (property owning company)
FARM-AG
INTERNATIONAL TRADING (PTY) LTD
VOLCANO
AGROSCIENCES (PTY) LTD
DIRECTORS
U I MAHOMED ID No. 7003295121088
L J J P MAINGARD ID No. 6804235131082
L M J R MAINGARD ID No. 3608315038007
BANKERS
FIRST NATIONAL BANK, Durban Corporate Branch. It was stated that the subject enjoys overdraft facilities, secured by the holding company.
DATE REGISTERED
6 June 1984
Registration Certificate Number: 1984/005793/07
VAT NUMBER
4170103354
MAJOR OPERATION
Manufacturing and retailing of pharmaceuticals
MAJOR SUPPLIERS
TRIUMPH PRINTING
FINE CHEMICALS
READ SHIPPING
RENWOOD CARRIERS
PROTEA SPECIALITY CHEMICALS
MAJOR CUSTOMERS OR BUSINESS
SECTORS
Pharmacies, retailers, wholesalers, doctors and hospitals
AREA OF DISTRIBUTION AND SELLING
South Africa
EXPORTS
Swaziland, Namibia, Botswana and Nigeria
TOTAL EMPLOYEES
10 plus the subject utilises other employees from group companies
OTHER PREMISES
The subject has a branch in Pretoria
OWNED OR LEASED
The head office premises are reported to be owned by the associate property owning company
AUTHORISED SHARE CAPITAL
R1000 divided into 100 000 ordinary shares of R0,01 cent each
ISSUED SHARE CAPITAL
R1000
Full financial information was not forthcoming from respondents at the company, however, it was stated that the average monthly turnover is R7 million.
AUDITORS
STUART EDWARD & CO, Durban
YEAR END
DECEMBER
INSURANCE BROKERS
BAY UNION
TRADE REFERENCES – MARCH 2007
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1993 R800 000 R100 000 - 30 days 30 days Good
R800 000
2. 7 yrs R400 000 R 50 000 - 30 days 30 days Good
R400 000
3. 5-9 yrs R 20 000 R 7 000 30 days 30 days Excellent
CURRENT TRADE REFERENCES
PERIOD HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
CREDIT CREDIT PATTERN
1. 1993 R800 000 R500 000 - 30 days 30 days Good
c/l R600 000
2. 8 yrs R700 000 R 50 000 - 30 days 30 days Good
R 60 000 varies
3. 8 yrs R 50 000 R 50 000 30 days 30 days Good
4. Do not give trade references
COMMENTS
This is an established company meeting its commitments timeously. The subject is considered equal to $1 000 000 on a well spread basis. The lack of full financial information should be borne in mind.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
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%)