MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	TOBINCO PHARMACEUTICAL LTD.

Registered Office :	Kotobabi Town, Prempeh Street, Accra

Country :	Ghana

Date of Incorporation :	28.02.1998

Legal Form :	Limited Corporation

Line of Business :	wholesaling and retailing of pharmaceutical and Medicinal Products

No. of Employees :	130

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 150,000

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Ghana

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

SUBJECT'S NAME

Registered Name: TOBINCO PHARMACEUTICAL LTD.

Requested Name: TOBINCO PHARMACEUTICAL LTD.

Other Names: None

ADDRESS AND TELECOMMUNICATION

Physical Address: Kotobabi Town, Prempeh Street, Accra

Postal Address: P. o. Box No. GP13808,

Accra,

Country: Ghana

Phone: 233-21-234375/250948

Fax: 233-21-234375

Email: info@tobincopharma.com

Website: www.tobincopharma.com

CREDIT OPINION

Financial Index as of December 2011 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments. We recommend Credit of USD 150,000 on 90 days.

LEGAL

Legal Form: Limited Corporation

Date Incorporated: 28/02/1998

Reg. Number: Ghana

Nominal Capital GHS. 100,000

Subscribed Capital GHS. 100,000

Subscribed Capital is Subscribed in the following form:

Position Shares

Mr Samuel Amo Torbin MD

Mr Seth Fianko-Larbi Marketing Manager

Mr. Naa Amofa HR Manager

RELATED COMPANIES

None Parent company.

None Subsidiary company.

None Affiliated company.

None Shareholder of subject firm.

Accra, Kumasi, Takoradi and Tamale Branches of the firm

OPERATIONS

Registered to operate wholesaling and retailing of pharmaceutical and Medicinal Products

Imports: Asia TPL are BlissGVS, Ally pharma, Blue Map and others from India.

Exports: None

Trademarks: None

Terms of sale: Cash (40%) and 30 days (60%), invoices.

Main Customers: firms and organizations

Employees: 130 employees.

Vehicles: Several motor vehicles.

Territory of sales: Ghana

Location: Rented premises, 1,500 square feet,

AUDITORS AND INSURANCE

Auditors: Information not available.

Insurance Brokers: Information not available.

FINANCE

Currency Reported: Ghanaian Cedi (GHS.)

Approx. Ex. Rate: 1 US Dollar = 1.76 Ghanaian Cedi

Fiscal Year End: December 31, 2011

Inflation: According to information given by independent sources, the

inflation at December 31st, 2011 was of 13%.

Financial Information not Submitted

Profit and Loss (expressed in GHS.)

2010 2011

Sales 4,450,000 4,895,000

BANK

Bank Name: Ghana Commercial Bank Limited

Branch: Accra Ghana

Comments: None

TRADE REFERENCES

Experiences: Good

NOTARIAL BONDS

None

COMMENTS / ADDITIONAL INFORMATION

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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.