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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CIPLA MEDPRO
SOUTH AFRICA (PTY) LTD |
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Formerly Known As : |
ENALENI PHARMACEUTICALS LTD |
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Registered Office : |
Unit 9 And 10 Rosen Heights, Building 9, Parcducap, Mispel Street, Bellville, Cape Town |
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Country : |
South Africa |
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Date of Incorporation : |
25.07.2002 |
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Com. Reg. No.: |
2002/018027/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer of Contract pharmaceutical which is done by the plant based in Durban (Approved by the S A Medicines Control Council-MCC) |
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No of Employees : |
Not
Available |
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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Maximum Credit Limit : |
€
1 000 000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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South Africa |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 16th largest in the world. Even though the
country's modern infrastructure supports a relatively efficient distribution of
goods to major urban centers throughout the region, unstable electricity
supplies retard growth. The global financial crisis reduced commodity prices
and world demand. GDP fell nearly 2% in 2009 but has recovered since then,
albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty,
and inequality - among the highest in the world - remain a challenge. Official
unemployment is at nearly 25% of the work force, and runs significantly higher
among black youth. Eskom, the state-run power company, has built two new power
stations and installed new power demand management programs to improve power
grid reliability. Construction delays at two additional plants, however, mean South
Africa is operating on a razor thin margin; economists judge that growth cannot
exceed 3% until those plants come on line. 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 |
Note:
(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by Officials of the subject):
CIPLA MEDPRO SOUTH AFRICA (PTY) LTD
Formerly: ENALENI PHARMACEUTICALS LTD, the name having been changed on 22 October 2008
Formerly: SUMMIT RIDGE TRADING 94 LTD, the name having been changed on 27 September 2002
· CIPLA MEDPRO MANUFACTURING
ANIMAL
HEALTHCARE (Incorporating CIPLA VET and CIPLA AGRIMED)
CIPLA
NUTRITION
Unit 9 And 10 Rosen Heights
Building 9
Parcducap
Mispel Street
Bellville
Cape Town
P O Box 1096
DURBANVILLE
7551
TELEPHONE NUMBER: +27 21 914 0520
FAX NUMBER: +27 21 915 4036
The subject moved from Unite 9 and 10 Rosen Heights, Rosen Park, Pasita Street, Bellville to the heading address in August 2013.
The address 1474 South Coast Road, Mobeni is reported to be the CIPLA MEDPRO MANUFACTURING facility +27 31 451 3800. The respondent stated that the address is no longer called Reckitt Benckiser Complex.
100% CIPLA LTD (INDIA) L24239MH1935 PLC 02380
The shareholding
changed and was previously:
· 18.37% SWEET SENSATION 67 (PTY) LTD
04.94% GOVERNMENT EMPLOYEES PENSION FUND
04.53% RMB SECURITIES (PTY) LTD
The
remainder of the shares were held by investors on the JSE LTD.
The shareholding
was previously:
· 18.20% SWEET SENSATION 67 (PTY) LTD
07.10%
GOVERNMENT EMPLOYEES PENSION FUND
04.10%
LIBERTY LIFE ASSOCIATION OF AFRICA LIMITED
The
remainder of the shares were held by investors on the JSE LTD.
The subject has a
number of associate companies as follows:-
CIPLA MEDPRO MANUFACTURING (PTY) LTD (Dormant)
(Registration Certificate number. 2005/021116/07)
INYANGA TRADING 386 (PTY) LTD
(Registration Certificate number. 2005/041572/07)
CIPLA MEDPRO ARV (PTY) LTD
(Registration Certificate number. 2003/008790/07)
CIPLA MEDPRO CARDIO (PTY) LTD
(Registration Certificate number. 2004/001451/07)
CIPLA MEDPRO RESEARCH AND DEVELOPMENT (PTY) LTD
(Registration Certificate number. 2002/022274/07)
CIPLA MEDPRO HOLDINGS (PTY) LTD
(Registration Certificate number. 2000/018468/07)
P C S LUTHULI ID
No. 7304185291084
C AUCAMP ID No. 6207135016082
J S SMITH ID No. 5409225170008
M B CAGA ID No. 7112175673082
N D MOKONE ID No. 7201050440087
M T MOSWEU ID No. 7503190327086
S M D ZUNGU ID No. 6702105327089
J V D DU PREEZ ID No. 6509265080089
The
subject’s main bankers are NEDBANK, Corporate Johannesburg Sundown Branch.
25 July 2002
Registration Certificate Number: 2002/018027/07
In 1993, (CEO) Jerome Smith founded the business MEDPRO PHARMACEUTICA and after aligning the growing business with CIPLA INDIA, India’s largest pharmaceutical company, Smith proceeded to lead CIPLA MEDPRO to its current standing.
In December 2005, in one of the largest transactions up to that time in the local pharmaceutical industry, the shareholders of CIPLA MEDPRO sold the business to JSE-Listed pharmaceutical group ENALENI PHARMACEUTICALS LTD.
In August 2007, Jerome Smith was appointed as CEO of ENALENI PHARMACEUTICALS GROUP. In October Chris Aucamp was appointed as the group Chief Financial Officer.
In July 2008 the name ENALENI PHARMACEUTICALS LTD was changed to CIPLA MEDPRO SOUTH AFRICA (PTY) LTD, effective November 2008 and was delisted from the JSE LTD.
4030202974
9987069144
CIPLA MEDPRO MANUFACTURING: Division
Contract pharmaceutical manufacturer which is done by the plant based in Durban (Approved by the S A Medicines Control Council-MCC)
E.g. Effervescent formulations, tablets, capsules and powders as well as the packaging thereof.
The subject deals
locally with:
· PHARMA-Q
SANDOZ
PHARMACEUTICAL
ENTERPRISES
VITAL
HEALTH FOODS
RAMBAXY
The subject has two distribution centres one in Durbanville (Cape Town) and the other in Atlas Gardens where all stock is handled and shipped.
Satellite Offices are situated in Midrand, Kwazulu Natal, Port Elizabeth and Bloemfontein.
The subject has a training office that is situated at Belvedere Office Park Block A, Pasita Street, Bellville and a Marketing and Medical office in Block B, which can be contacted on (+27 21 917 5620).
Full financial information was not forthcoming from the respondent at the subject, however, it was stated that the annual turnover is approximately R1 000 000 000.
MAZARS, Cape Town
MARCH
ALEXANDER FORBES INSURANCE BROKERS
AUGUST 2012
Not applicable
ACCOUNT HIGHEST AVERAGE TERMS PAYMENT EXPERIENCE
OPENED CREDIT CREDIT PATTERN
1. 1999 Open R1 100 000 30 days 30
days Very Good
2. Old acc R1 500 000 R1
500 000 30 days 30 days Excellent
3. 5 years R8 000 000 R2 000 000- 30 days 30
days Excellent
R4
000 000
This is an established company meeting its commitments
timeously. The subject is spoken of
highly by its suppliers. The subject is considered as equal to a
maximum of €1 000 000 over 30 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.