MIRA INFORM REPORT

 

 

Report Date :

27.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PHARMACARE LTD 

 

 

Formerly Known As :

LENNON LTD

 

 

Registered Office :

Building 8 and 10, Healthcare Park, Woodlands Drive, Woodmead, Sandton, Gauteng

 

 

Country :

South Africa

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

29.12.1898

 

 

Com. Reg. No.:

1898/000252/06

 

 

Legal Form :

Unlisted Public Company

 

 

Line of Business :

Manufacturers of Pharmaceuticals.

 

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

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

ASPEN PHARMACARE (PTY) LTD

 

 

POSTAL ADDRESS

 

P O Box 4002

Korsten

PORT ELIZABETH

6000

 

TELEPHONE NUMBER:             041 407 2597

FAX NUMBER:                          041 407 2683

 

On investigation it was established that that the correct name of the company is PHARMACARE LTD, trading as ASPEN PHARMACARE.

 

Please see attached report on PHARMACARE LTD.

 

COMPANY NAME

 

PHARMACARE LTD

Unlisted public company

 

Formerly LENNON LTD, the name having been changed on 21 June 1996

 

 

TRADING DIVISIONS           

 

ASPEN PHARMACARE

ASPEN NUTRITIONALS

 

 

PHYSICAL ADDRESS

 

Building 8 and 10

Healthcare Park

Woodlands Drive

Woodmead

Sandton

Gauteng

 

 

POSTAL ADDRESS       

 

P O Box 1587

Gallo Manor

2052

Telephone Number      011 239 6100 / 239 6200

Fax Number:                  011 239 6144 / 239 6111

 

The address P O Box 4002 KORSTEN, PORT ELIZABETH 6014 is that of the factory in PE.

 

 

SHAREHOLDERS

 

100%    ASPEN PHARMACARE HOLDINGS LTD (listed on the JSE LTD)

(Registration Certificate Number: 1985/002935/06)

 

 

ASSOCIATE COMPANIES

 

ASPEN PHARMACARE AUSTRALIA LTD

 

Plus other companies within the ASPEN HEALTHCARE group.

 

 

DIRECTORS

 

M G ATTRIDGE             ID No.   6105235089001

S B SAAD                     ID No.   6406235160085

S M CAPAZORIO          ID No.   6505025072087

A J KING                       ID No.   6205165106088

N M GULIWE                ID No.   6312205426086

M GEYSER                   ID No.   6803105021084

 

 

BANKERS

 

FIRST NATIONAL BANK, Johannesburg Corporate Branch. The subject is reported to enjoy overdraft facilities to an extent of R130 000 000. 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 – confirmed at CIPRO

 

The subject was commenced as a new business.  It was stated that the subject bought the operations, trademarks and products of a company named, 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 named, TRIOMED (PTY) LTD (Registration Certificate Number: 1994/009343/07) on 31 December 2002.

 

 

VAT NUMBER

 

ASPEN PHARMACARE – 4890157524 – confirmed at SARS

ASPEN NUTRITIONALS – 4100187899 – confirmed at SARS

 

 

MAJOR OPERATION

 

ASPEN PHARMACARE

 

Manufacturers of pharmaceuticals e.g. generic, ethical and self-medication

 

ASPEN NUTRITIONALS

 

Manufacturing and packaging of various baby foods.

 

 

MAJOR SUPPLIERS

 

The subject imports raw materials from overseas and deals locally with:

 

ASPEN PHARMACARE

 

NAMPAK CORRUGATED, Johannesburg

D H L INTERNATIONAL, Port Elizabeth

CONSOL GLASS, Pretoria

CREST CHEMICALS, Port Elizabeth

 

ASPEN NUTRITIONALS

 

DIV FOOD, Vanderbijlpark

NEDAN OIL, Johannesburg

MERCK SA, Johannesburg

TONGAAT HULLET STARCH, Johannesburg

CLOVER

NAMPAK

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

ASPEN PHARMACARE

 

Druggist wholesalers, Provincial Administrations, hospitals and pharmaceutical wholesalers.

 

ASPEN NUTRITIONALS

 

Retail chain stores (e.g. Pick ‘n Pay, Shoprite etc.)

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS  

 

Mauritius, UK, neighbouring and African countries

 

 

TOTAL EMPLOYEES  

 

±3000 in the group

 

 

OTHER PREMISES        

 

The subject is reported to have branches throughout South Africa, including East London and a factory in Port Elizabeth.

 

 

OWNED OR LEASED  

 

The Head office premises are reported to be leased from GROWTH POINT PROPERTIES.  It was stated that the factory premises in Port Elizabeth and East London are owned while the rest of the subject’s premises are leased

 

 

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 21 January 2010 and reads as follows, however, please see the consolidated Group’s Statement of Financial Position and Income Statement, attached, dated year end  June 2009:

 

STOCK                                                                                                   R1 000 000 000

DEBTORS                                                                                              R1 000 000 000

FIXED ASSETS net book value                                                                 R1 200 000 000

CREDITORS total                                                                                    R   700 000 000

TURNOVER per annum                                                                            R3 500 000 000

 

 

AUDITORS          

 

PRICEWATERHOUSECOOPERS, Johannesburg

 

 

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     R  50 000       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 years R800 000          R800 000          30 days 30 days Very good

4.         Do not give trade references

 

           

TRADE REFERENCES – SEPTEMBER 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 years R800 000          R600 000±         30 days 30 days Good

 

4.         Do not give trade references

 

 

TRADE REFERENCES – JUNE 2008

 

ACCOUNT   HIGHEST     AVERAGE   TERMS          PAYMENT    EXPERIENCE

OPENED     CREDIT        CREDIT                           PATTERN

 

1.         Do not give trade references

 

2.         Do not give trade references

 

3.         6-7 years           declined            R700 000          30 days 30 days Very good

 

4.         Do not give trade references

 

 

TRADE REFERENCES – MAY 2009

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1. 8 years          declined            ±R1 000 000      30 days 30 days Very Good

 

2. 1996 R500 000          ±R   100 000-     30 days 30 days Very Good

                        c/l           R   400 000

 

1. Do not give trade references.

 

2. Do not give trade references.

 

 

TRADE REFERENCES – OCTOBER 2009

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1.                4 years         R8 500 000    R3 000 000      30 days    30 days        Good

                                                                                    less 2%

 

 

TRADE REFERENCES – OCTOBER 2009 cont

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

2.                1996             declined         R   100 000±    60 days    60 days        Very Good

 

3.                12 years       R3 000 000    R2 500 000      30 days    30 days        Very Good

 

 

TRADE REFERENCES – MARCH 2010

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1.                4+ years       R   500 000    R     30 000-    30 days    33 days        Good

                                               R   150 000     2.5%

2.                13 years       R3 000 000    R1 500 000      30 days    30 days        Very Good

 

3.                2003             R10 000 000   R5 500 000±    30 days    30 days        Very Good

 

4a               4+ years       R8 500 000    R2 700 000      30 days    30 days        Very Good

                          c/l                                       2%

 

4b               New             R2 700 000    R     65 000     30 days    30 days        Very Good

                                                                     2%

 

 

TRADE REFERENCES – MAY 2010

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1. Old          declined        R   600 000±  30 days           30 days    Very Good

 

2. 8+ years  declined        R1 000 000±   30 days           30 days    Very Good

 

3. Do not give trade references

 

4. Do not give trade references

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT   HIGHEST     AVERAGE     TERMS           PAYMENT                    EXPERIENCE

OPENED     CREDIT        CREDIT                               PATTERN

 

1.13 years R3 000 000   R1 000 000        30 days 30 days Very Good

 

2. Do not give trade references

 

3. Old   R1 000 000       R500 000           30 days 30 days Very Good

            c/l

 

4. 10yrs            R800 000         R200-600 000     30 days 30 days Very Good

 

 

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 DA.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.74

UK Pound

1

Rs.72.73

Euro

1

Rs.62.73

 

 

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

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

----

NB

New Company

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.