MIRA INFORM REPORT

Report Date :

05.03.2011

IDENTIFICATION DETAILS

Name :	DIVPHARM MANUFACTURING AND PACKAGING (PTY) LTD

Formerly Known As :	DIVPHARM MANUFACTURING AND PACKAGING CC

Registered Office :	25 Longdale Loop, Longdale, Johannesburg, Gauteng

Country :	South Africa

Date of Incorporation :	28.02.1997

Com. Reg. No.:	1997/002955/07

Legal Form :	Private Company

Line of Business :	Contract Packaging Company

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY NAME

DIVPHARM MANUFACTURING AND PACKAGING (PTY) LTD

PHYSICAL ADDRESS

25 Longdale Loop, Longdale, JOHANNESBURG, Gauteng

POSTAL ADDRESS

P O Box 490, CRAMERVIEW, 2060

TELEPHONE NUMBER: 011 473 2140

FAX NUMBER: 011 473 1002

FAX TO E-MAIL: 086 601 6234

CELL NUMBER: 083 654 5138 – P R de Villiers

SHAREHOLDERS

50% P R DE VILLIERS

50% MRS C E DE VILLIERS

It was stated that both the members are qualified pharmacists.

ASSOCIATE COMPANIE

DIVPHARM PROPERTIES (PTY) LTD

(Registration Certificate Number 1994/010492/07)

CAROL FROST (PTY) LTD

(Registration Certificate Number 2005/007513/07)

REVE HOTEL SUPPLIES (PTY) LTD

(Registration Certificate Number 2005/006897/07)

DIRECTORS

P R DE VILLIERS ID No 5008035093002

MRS C E DE VILLIERS ID No 5209200096008

BANKERS

STANDARD BANK, Industria branch, account number 202700283.

The subject respondent stated that the subject enjoys overdraft facilities to the extent of R1 000 000, secured. Utilisation of the overdraft is stated to fluctuate.

DATE REGISTERED

28 February 1997

Registration Certificate Number: 1997/002955/07

The subject converted from DIVPHARM MANUFACTURING AND PACKAGING CC (Registration Certificate Number 1990/028404/23) in February 1997 and only commenced active operations in 1991.

VAT NUMBER: 4610106314

MAJOR OPERATION

The subject is a contract packaging company specialising in the pharmaceutical industries, such as the manufacturing of blister packaging, sachet packaging, liquid filling, tube filling, strip packaging, powder filling, cartoning, self adhesive labelling, ink jet coding, shrink-wrap and other related packaging products.

MAJOR SUPPLIERS

The subject imports foils from Switzerland, India, Singapore and deals with the following South African suppliers:

TRANS UNIVERSE Johannesburg

CONSULTING CHEMICAL LABORATORY Johannesburg

LAB PRINT Johannesburg

SHAFT PACKAGING Johannesburg

TRINTEX PLASTICS Johannesburg

MAJOR CUSTOMERS OR BUSINESS SECTORS

Pharmaceutical industry

AREA OF DISTRIBUTION AND SELLING

South Africa

EXPORTS

TOTAL EMPLOYEES

90 permanent employees and 20 contract workers

OTHER PREMISES

The respondent stated that they have a packaging and manufacturing facility of veterinary products at Maraisburg Road, Industria.

The heading premises comprise of administration, packaging and manufacturing facilities.

OWNED OR LEASED

It was stated that the heading premises are reported to be owned by DIVPHARM PROPERTIES (PTY) LTD, while the Maraisburg Road premises are reported to be leased.

Full financial information was not forthcoming from respondents at the subject, nevertheless it was stated that the stock value is in the region of R1 700 000.

AUDITORS

BEN BOS CHARTERED ACCOUNTANTS (SA), Wilro Park

YEAR END

FEBRUARY

INSURANCE BROKERS

GLENRAND MIB

TRADE REFERENCES – MAY 2010

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 11 years open R15 000 - 30 days 30 days Excellent

R40 000 R40 000

2. Aug’00 R117 000 R28 000 30 days 30 days Very Good

-R117 000

3. 15 years R100 000 R50 000 30 days 30 days Very Good

Open account -R100 000

CURRENT TRADE REFERENCES

ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE

OPENED CREDIT CREDIT PATTERN

1. 5 years+ R80 000 R40 000 30 days 30 days Very good

Open account -R80 000

2. 14 years R25 000 R20 000 30 days 30 days Good

Open account -R25 000

3. 8 years R160 000 R20 000 30 days 30 days Very good

Open account -R160 000

COMMENTS

This is an established company, meeting its moderate commitments timeously. We have not traced dealings to an extent of US$1 000 000 and it is suggested that dealings be to a lesser extent on a secured basis. The lack of financial information should be borne in mind.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.23
Euro	1	Rs.62.80

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 Business	----

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%)

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