MIRA INFORM REPORT

 

 

Report Date :

05.10.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERVET (PTY) LTD

 

 

Formerly Known As :

HOECHST ROUSSEL VET (PTY) LTD, the name having been changed on 15 December 2000.

 

 

Registered Office :

20 Spartan Road Spartan Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

04.07.1984

 

 

Com. Reg. No.:

1984/006837/07

 

 

Legal Form :

Private Company

 

 

Line of Business :

Wholesalers and distributors of animal health products e.g. vaccines, sheep and cattle dips

 

 

No. of Employees :

110

 

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 :

No Complaints

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH AFRICA - ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

 

COMPANY NAME and address

 

INTERVET (PTY) LTD

 

Formerly: HOECHST ROUSSEL VET (PTY) LTD, the name having been changed on 15 December 2000.

Formerly: HOECHST AG-VET (PTY) LTD, the name having been changed on 28 May 1996.

Formerly: HOECHST ANIMAL HEALTH (PTY) LTD, the name having been changed on 27 September 1991.

Formerly: COOPERS ANIMAL HEALTH (PTY) LTD, the name having been changed on 4 July 1984.

 

PHYSICAL ADDRESS: 

20 Spartan Road

SPARTAN

Gauteng

 

POSTAL ADDRESS:    

Private Bag X2026

ISANDO

1600

 

TELEPHONE NUMBER:             +27 1 923 9300

 

FAX NUMBER:                          +27 11 974 4343

 

 

SHAREHOLDERS

 

100%    INTERVET HOLDINGS BV in the Netherlands, which is ultimately owned by AKZO NOBEL BV in the Netherlands.

 

 

ASSOCIATE COMPANIES

 

INTERVET SOUTH AFRICA (PTY) LTD

 

 

DIRECTORS

 

A P R  KLOECK                                                ID No. 6211285083082

A HARBERG                                                     DOB 710301

N D CRAW                                                        ID No. 6910150134082

 

 

BANKERS

 

NEDBANK, Business East Rand Branch,           Acc No:  1288058330

 

The subject also banks with STANBIC CHARTERED BANK, Sandton.  It was stated that they enjoy overdraft facilities at both banks secured by the holding company. Utilisation of the overdraft is stated to fluctuate.

 

Date of Registered:                                4 July 1984

Registration Certificate Number:              1984/006837/07

 

It was stated that the subject was formerly known as HOECHST ROUSSEL VET (PTY) LTD and changed its name in 2000.  The subject’s shareholding also changed in 2000.

 

VAT NUMBER:              4310101417

 

TAX NUMBER:              9050159715

 

 

MAJOR OPERATION

 

Wholesalers and distributors of animal health products e.g. vaccines, sheep and cattle dips. under the brand names:  ZILMAX, BOTUVAX and TAKTIC.

 

 

MAJOR SUPPLIERS

 

NOLANDIS

UTI

BURCHEM Johannesburg

BEYOND COURIER Johannesburg

HELMANS INTER Johannesburg

 

 

MAJOR CUSTOMERS

 

Co-operatives and farmers, retailers etc.

 

AREA OF DISTRIBUTION AND SELLING:          South Africa

 

EXPORTS:                                                        Sub-Saharan Africa

 

TOTAL EMPLOYEES:                                        110

 

OTHER PREMISES:                                          None

 

OWNED OR LEASED:                                       The premises are reported to be leased

 

SHARE PREMIUM:                                            R1 500 000

 

 

FINANCIALS

 

Full financial information was not forthcoming from the respondent at the subject, it was, however, stated that the turnover per annum is ±R500 000 000.  Nevertheless, please see historical information dated 26 July 2010:

 

STOCK                         R100 000 000

DEBTORS                     R60 000 000

CASH                           fluctuates

FIXED ASSETS             R5 000 000

TURNOVER per annum  R500 000 000

 

 

AUDITORS    

 

PRICEWATERHOUSECOOPERS           +27 12 429 0000

 

 

YEAR END    

 

DECEMBER

 

 

INSURANCE BROKERS 

 

DELKOR BROKERS

 

 

TRADE REFERENCES – FEBRUARY 2005

 

ACCOUNT        HIGHEST         AVERAGE         TERMS                         PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                                PATTERN

 

1.                     ±10 years          R1 000 000       R   800 000 - 30 days     30 days                         Excellent

c/l                     R1 000 000

 

2.                     Do not give trade references

 

3.                     Old acc.            R   200 000       R   200 000                    30 days   30 days         Excellent

 

TRADE REFERENCES – FEBRUARY 2007:

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.10 yrs                        R1 000 000        R1 000 000        30 days             30 days             Excellent

 

2.                     Do not give trade references.

 

3.                     Unable to obtain a trade reference

 

4.                     Do not give trade references.

 

 

TRADE REFERENCES – JANUARY 2008

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.10 yrs                        R4 500 000        R1 500 000        30 days             30 days             Excellent

c/l

 

2.                     Do not give trade references

 

3.                     Do not give trade references

 

4.                     Do not give trade references

 

TRADE REFERENCES – FEBRUARY 2009:

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         2001                 R4 500 000        Declined            30 days             30 days             Good

 

2.         Do not give trade references

 

3.         Do not give trade references

 

4.         Do not give trade references

 

 

TRADE REFERENCES – JULY 2010

 

ACCOUNT        HIGHEST         AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT           CREDIT                                    PATTERN

 

1.         2001                 R4 500 000        R   300 000-      30 days             30 days             Very Good

c/l         R2 100 000

 

2.         20 years            open                 R200 000-         30 days             30 days             Very Good

R500 000

 

 

CURRENT TRADE REFERENCES

 

ACCOUNT        HIGHEST          AVERAGE         TERMS             PAYMENT         EXPERIENCE

OPENED           CREDIT            CREDIT                                    PATTERN

 

20 years            Open Acc          R200 000-         30 days             30 days             Excellent

R500 000

 

7 years             Open Acc          R1 500 000        30 days             30 days             Excellent

 

Last traded in May 2011

 

Do not give trade references

 

 

COMMENTS

 

This is an established company meeting its commitments timeously.  The subject is considered equal to US$150 000 over 30 days and a maximum of US $450 000 over 30 days. The lack of full financial information should be borne in mind.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.40

UK Pound

1

Rs.99.28

Euro

1

Rs.83.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

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.