MIRA INFORM REPORT

Report No. :	503207
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	DSM NUTRITIONAL PRODUCTS SOUTH AFRICA (PTY) LTD

Formerly Known As :	ROCHE VITAMINS SOUTH AFRICA

Registered Office :	16 Brewery Street Isando 1600

Country :	South Africa

Financials (as on) :	2017 (Consolidated)

Date of Incorporation :	22.02.2002

Com. Reg. No.:	2002/004181/07

Legal Form :	Private Company

Line of Business :	The subject is involved in the manufacturing, retail and marketing of premix healthcare products as well as vitamins, fine chemicals and related products.

No. of Employees :	120

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Slow but Correct

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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 Africa’s largest and among the top 20 in the world.

Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. 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. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

Source : CIA

TAX INFORMATION

Income Tax Number 9940083141

VAT INFORMATION

VAT Status The subject is registered for VAT (VAT number/s made available)

VAT Number	4140198666
Status	Active
Registered Name	DSM NUTRITIONAL PRODUCTS SOUTH AFRICA (PTY) LTD

OFFICERS AND PROFESSIONAL SERVICES

LIST OF OFFICERS AND PROFESSIONAL SERVICES

Type	Name	Contact Name	Contact Number
Insurance	DMKC INSURANCE BROKERS
Auditor	ERNST & YOUNG

OWNERSHIP STRUCTURE

SHAREHOLDING INFORMATION

CURRENT

Holding Company	Share	Type	Comment
KONIJKLIKE DSM N.V	100.00%	Holding Company	Incorporated in the Netherlands.

PRINCIPAL INFORMATION

Director / Member

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
ANNEKIE O'ROURKE	7206140039088	Director	Active	01/06/2013	0	0	0	0
GARETH ALLAN BARKER	761321448	Director	Active	01/11/2016	0	0	0	0
GUSTAVO JAVIER MELGAREJO GUIRADO	XDA159616	Director	Active	24/10/2013	0	0	0	0
HAZVINEI NORBERT MUGWAGWA	506366221	Director	Active	01/11/2016	0	0	0	0
NTOMBIZODWA MPHOKANE	7808120314082	Director	Active	01/06/2013	1	0	0	0
ANDRE MICHAEL DOLL	6401230000000	Director	Resigned	03/04/2006	0	0	0	0
BRUNO MULLER	561130	Director	Resigned	03/04/2006	0	0	0	0
HARALD SCHERF	5607180000000	Director	Resigned	15/04/2002	0	0	0	0
JOHANNA MATHOKOLA MOKOENENE	7708210000000	Director	Resigned	01/02/2010	0	0	0	0
JOHN RONALD PANKHURST	6501055012083	Director	Resigned	15/04/2002	0	0	0	0
JOHN VICTOR FURNISS	4610035127085	Director	Resigned	22/02/2002	1	0	0	0
NELMARIE KOTZE	7310030043083	Director	Resigned	01/06/2013	1	0	0	0
PETER FISHER	6604105105087	Director	Resigned	01/07/2005	0	0	0	0
SEBASTIAAN MAARTEN VAN BUIJTENEN	6606280000000	Director	Resigned	01/01/2008	1	0	0	0
VRENCKEN ROGER JOSEPHINA HUBERTUS MARIE	7503030000000	Director	Resigned	01/02/2011	20	3	0	0

ACTIVE BUSINESS INTERESTS: NTOMBIZODWA MPHOKANE

Company Name	Registration No.	Business Status	Principal Status	Principal Type	Judgments
SIZANANI MZANZI	2014/238579/08	In Business	Active	Director	0

Management

No principals found for this principal type.

Officer

Full Name	ID No.	Type	Status	DOA	Active Interests	Previous Interests	Judgments	Fraud Listing
FIONA VAN WYK	6604270045084	Company Secretary	Resigned	09/12/2004	3	25	0	0
KIM ROSSAM	760223013081	Company Secretary	Resigned	01/12/2005	0	0	0	0
RODNEY CADWELL	5110155071089	Company Secretary	Resigned	15/04/2002	2	6	0	0

Other

No principals found for this principal type.

BANK ACCOUNT INFORMATION

BANK ACCOUNTS

Account Reference

Number

Account Holder

Account Number

Bank Name

Branch Name

Branch

Code

Verification

Status

ABB116126

DSM NUTRITIONAL

PRODUCTS SOUTH

AFRICA (Pty) Ltd

02014211

Standard Bank (South

Africa)

GREENSTONE

051001

Verified by

Bank Code

ABB115776

DSM NUTRITIONAL

PRODUCTS SOUTH

AFRICA (Pty) Ltd

020141211

Standard Bank (South

Africa)

GREENSTONE

051001

Verified by

Bank Code

OPERATIONAL ACTIVITIES

Operational Activities Status	The following information was provided
Industry	Manufacturing
Major Industry SIC Code	2100 - Manufacture of pharmaceuticals, medicinal chemical and botanical products
NACE Code	21,1 - Manufacture of basic pharmaceutical products

MAJOR OPERATION

Major Business Activities	The subject is involved in the manufacturing, retail and marketing of premix healthcare products as well as vitamins, fine chemicals and related products.
Foreign Trade Activities	International
Agencies Held	Subject holds no agencies.
Franchises Held	The subject holds no franchises.
Major Suppliers	• CHEMPURE • CHEMUNIQUE • ELI LILLY • UTI • BRENNTAG CHEMICALS • JARP LOGISTICS
Major Customers	• The Pharmaceutical Industry • The Food Industry • The Cosmetics Industry
Major Brands	• AKULON • HALOFLEX • ALPAFLOR • AMPHISOL • AGISYN
Major Contracts	Subject does not operate on a contract basis.

IMPORT ACTIVITIES

Subject imports.

Imports From To the value of

Netherlands

EXPORT ACTIVITIES

Subject exports

Exports To To the value of

Africa

OPERATIONAL FOOTPRINT

Operational Footprint Status The following information was provided

BRANCH & PREMISES INFORMATION

Location

Description/Type

Size (m²)

# of Staff

Rented or Owned

Lease Expiry Date

ISANDO

• Factory

• Warehouse

• Office

Owned

N/A

EMPLOYEES

Permanent Employees	120
Salaried Employees	120

GENERAL COMMENTS

General Comments Fleet information was not made available.

FINANCING TERMS

FINANCING TERMS

Sales Terms	• 90 Days • 30 Days • COD
Overdraft Facility	Details have been declined.
Sureties	Details have been declined
Debtors Ceded	Details have been declined.
Debtors Factored	Details have been declined.
Bonds	Details Declined

GENERAL COMMENTS

General Comments

Full financing terms were declined.

FINANCIAL FIGURES

FINANCIAL FIGURES

Financial Year	2017	2016
Currency	EUR	EUR
Actual numbers, 000' or mio	Millions ('000,000)	Millions ('000,000)
Source	Consolidated Financial Statements	Consolidated Financial Statements

INCOME STATEMENT

Turnover/Revenue	8,632	7,920
Cost of Goods Sold	5,699	5,262
Gross Profit	2,933	2,658
Operating Profit	846	657
Net Profit	1,781	629

BALANCE SHEET

Fixed Assets	7,370	7,917
Property, Plant & Equipment	3,313	3,325
Current Assets	5,432	5,041
Inventory	1,848	1,800
Account Receivable	1,542	1,504
Cash	899	604
Total Assets 12,802		12,958
Current Liabilities	2,228	3,158
Accounts Payable	1,452	1,376
Long Term Liabilities	3,509	3,620
Equity	7,065	6,180
Share Capital	6,962	6,072
Total Equity and Liabilites 12,802		12,958

FINANCIAL RATIOS

Gross Profit Margin	34.0%	34.0%
Operating Profit Margin	10.0%	8.0%
Current Ratio	2.4	1.6
Acid Test Ratio	1.6	1.0

TRADE REFERENCES

TRADE REFERENCES

Trade Reference	Date	Trade Score	Terms Given (Taken) in days	Monthly Limit Given (Taken)	Account Opened	Payment Trend (prev. 3 years)			Account Insured	Notes
TR180413107	13/04/2018	Positive	30 Days (30 Days)	2,000,000 (500,000) (ZAR)	2008	100%			No	This is an excellent account.
TR180413105	13/04/2018	Positive	30 Days (30 Days)	400,000 (225,000) (ZAR)	2008	100%		83%	No	This is an excellent account. Monthly purchases range between ZAR150,000 and ZAR300,000.
TR180413103	13/04/2018	N/A								Company policy not to provide trade references
TR180413102	13/04/2018	N/A				50%		100%		Company policy not to provide trade references
TR180413101	13/04/2018	Neutral	30 Days (30-35 Days)	2,000,000 (1,100,000) (ZAR)	1998	50%	50%	100%	No	This is a very good account. The account is paid slightly over terms, however, this is not considered a problem.
TR17091895	18/09/2017	N/A								Company policy not to provide trade references

TRADE REFERENCE ANALYTICS

Number of valid Trade References	12
Overall Trade Score	79%
Average Usage of Terms	100%
Average Monthly Purchase	504,500 ZAR
Average Usage of Credit Limit	35%

COURT NOTICES

No judgments on file in the name of the subject

No liquidation applications on file in the name of the subject

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
ZAR	1	INR 5.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

Registered Name	DSM NUTRITIONAL PRODUCTS SOUTH AFRICA (PTY) LTD
Previous Names	ROCHE VITAMINS SOUTH AFRICA (22/12/2003)
Registration Number	2002/004181/07
Type Of Company	Private Company
Registered Date	22/02/2002
Date Commenced Trading	22/02/2002
Commercial Status	In Business
Financial Year End	December

Contact Number	+27 11 398 6900
Email Address	Jenny.Kreissel@dsm.com
Fax Number	+27 11 392 5808
Website	www.dsm.com
Social Media Presence	Facebook; Twitter; YouTube; LinkedIn
Registered Physical Address	16 BREWERY STREET ISANDO South Africa 1600
Trading Physical Address	16 Brewery Street Isando JOHANNESBURG Gauteng South Africa 1600
Postal Address	P O Box 129 ISANDO Gauteng South Africa 1600