MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	PHARMACEUTICALS FUND AND SUPPLY AGENCY

Registered Office :	Kebele 19-20, Addis Ababa

Country :	Ethiopia

Date of Incorporation :	19.05.1993

Legal Form :	State Corporation

Line of Business :	Dealers in pharmaceutical products and medicinal drugs

No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Usually 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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Ethiopia

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: PHARMACEUTICALS FUND AND SUPPLY AGENCY

Requested Name: PHARMACEUTICALS FUND AND SUPPLY AGENCY

Other Names: None

ADDRESS AND TELECOMMUNICATION

Physical Address: Kebele 19-20, Addis Ababa,

Postal Address: P. o. Box 21904

Addis Ababa,

Country: Ethiopia

Phone: 251-11-2763265/2751770

Cell: 251-1205426

Fax: 251-11-2752555

Email: pfsa@ethionet.et / pharmid@ethionet.et

Website: None

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.

LEGAL

Legal Form: State Corporation

Date Incorporated: 19-May-1993

Reg. Number: Ethiopia

Nominal Capital ETB. 1,000,000

Subscribed Capital ETB. 1,000,000

Subscribed Capital is Subscribed in the following form:

Position Shares

Mr. Hailesillasie Bihon MD

Mr. Yemanebirhan Tadesse Dep. MD

Mr. A. Wondwosson Director

Government of Ethiopia Shareholder 100%

RELATED COMPANIES

Government of Ethiopia Parent company.

None Subsidiary company.

None Affiliated company.

None Shareholder of subject firm.

None Branches of the firm

OPERATIONS

Registered to operate as Dealers in pharmaceutical products and medicinal drugs

Imports: Asia, Europe

Exports: None

Trademarks: None

Terms of sale: 100% tenders

Main Customers: Medical firms and organizations

Employees: 30 employees.

Vehicles: Several motor vehicles.

Territory of sales: Ethiopia

Location: Rented premises, 1,500 square feet,

AUDITORS AND INSURANCE

Auditors: Information not available.

Insurance Brokers: Information not available.

FINANCE

Currency Reported: Ethiopian Birr (ETB.)

Approx. Ex. Rate: 1 US Dollar = 17.56 Ethiopian Birr

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 ETB.)

2010 2011

Sales 21,562,000 32,000,000

BANK

Bank Name: Bank of Abyssinia

Branch: Ethiopia

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

MNL

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.