MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	C CATAFAGO AND CO SAL

Registered Office :	Balaa Building, 2^nd Floor, Madhat Bacha Street, Zarif Sector, P O Box 115390, Beirut

Country :	Lebanon

Financials (as on) :	31.12.2012

Year of Establishments:	2006

Com. Reg. No.:	188, Beirut

Legal Form :	Lebanese Joint Stock Company

Line of Business :	Distributors of pharmaceutical products

No. of Employees :	70

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 :	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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Lebanon

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

LEBANON - ECONOMIC OVERVIEW

Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment; however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, complex customs procedures, high taxes, tariffs, and fees, archaic legislation, and weak intellectual property rights. The Lebanese economy is service-oriented; main growth sectors include banking and tourism. The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed Lebanon's position as a Middle Eastern entrepot and banking hub. Following the civil war Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks - saddling the government with a huge debt burden. Pledges of economic and financial reforms made at separate international donor conferences during the 2000s have mostly gone unfulfilled, including those made during the Paris III Donor Conference in 2007 following the July 2006 war. The collapse of the government in early 2011 over its backing of the Special Tribunal for Lebanon and unrest in neighboring Syria slowed economic growth to 1.5% after four years of 8% average growth. In September 2011 the Cabinet endorsed a bill that would provide $1.2 billion in funding to improve Lebanon's downtrodden electricity sector, but fiscal limitations will test the government's ability to invest in other areas, such as water.

Source : CIA

SUMMARY

Company Name : C CATAFAGO AND CO SAL

Country of Origin : Lebanon

Legal Form : Lebanese Joint Stock Company

Registration Date : 2006

Commercial Registration Number : 188, Beirut

Issued Capital : LP 450,000,000

Paid up Capital : LP 450,000,000

Total Workforce : 70

Activities : Distributors of pharmaceutical products

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

C CATAFAGO AND CO SAL

Company ADDRESS

Registered & Physical Address

Building : Balaa Building, 2^nd Floor

Street : Madhat Bacha Street

Area : Zarif Sector

PO Box : 115390

Town : Beirut

Country : Lebanon

Telephone : (961-1) 664111 / 737873

Facsimile : (961-1) 737871 / 737873

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Beirut.

KEY PRINCIPALS

Name Position

· Salim M H Itani Chairman

· Rabih M K Hassouneh Director

· Ramzi B Azzam Director

· Ismail A Jalloul Director

· Mohamed Anas A Mehyo Director

LEGAL FORM & OWNERS

Date of Establishment : 2006

Legal Form : Lebanese Joint Stock Company

Commercial Reg. No. : 188, Beirut

Issued Capital : LP 450,000,000

Paid up Capital : LP 450,000,000

Name of Shareholder (s)

· Salim M H Itani

· Rabih M K Hassouneh

· Ramzi B Azzam

· Ismail A Jalloul

· Mohamed Anas A Mehyo

OPERATIONS

Activities: Engaged in the import and distribution of pharmaceutical products.

Import Countries: Canada, United Kingdom, United States of America, Ecuador, Italy, Germany, Jordan, Egypt,

Cyprus and France.

Brand Names: STIEFEL, MEDOCHEMIE, PAHARCO, JPM, CANADEX, BOI FILM, LAM, ALKAPHARM, EUCASAN, HERMAL and HUMANA

Operating Trend: Steady

Subject has a workforce of 70 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Lebanese Pounds (LP)

Year Ending 31/12/11: Year Ending 31/12/12:

Total Revenue LP 7,500,000,000 LP 7,910,000,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Arab Bank Plc

PO Box: 111015

Beirut

Tel: (961-1) 370122 / 370155 / 862860

Fax: (961-1) 868130 / 602408

· Banque Audi Sal

Ashrafieh Branch

PO Box: 112560

Beirut

Tel: (961-1) 200250 / 200251

Fax: (961-1) 200955

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.53
UK Pound	1	Rs.83.59
Euro	1	Rs.71.33

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.