MIRA INFORM REPORT

Report Date :

14.12.2013

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	No Trace
Payment Behaviour :	---
Litigation :	---

NOTES :

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ECGC Country Risk Classification List – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Madagascar	C1	C1

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

Madagascar ECONOMIC OVERVIEW

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy placed the country on a slow and steady growth path from an extremely low level. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing 80% of the population. Exports of apparel boomed in recent years primarily due to duty-free access to the US, however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010 and a sharp fall in textile production. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The current political crisis, which began in early 2009, has dealt additional blows to the economy. Tourism dropped more than 50% in 2009 compared with the previous year, and many investors are wary of entering the uncertain investment environment. Growth was anemic during 2010 to 2012 although expansion in mining and agricultural sectors is expected to contribute to more growth in 2013.

Source : CIA

SUBJECT'S NAME

Requested Name: SALAMA PHARMACEUTICALS LTD

Other Names: None

ADDRESS AND TELECOMMUNICATION

Physical Address: Zone Lane 2 Ankenniheny Sovina Tanjombabto Antananarivo

Postal Address: 103 BP 3697

Zirakpur,

Country: Madagascar

CREDIT OPINION

A Search was conducted with the registry of companies, Chamber of commerce, postal address, physical address and also Search with the Telkom could not assist in tracing the company, in the view that we have exhaustively traced the company with no success. We recommend secured credit only.

However should Further Information be available, E.g. telephone, Fax, Email additional Investigations will be conducted

Note :

Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.

INFORMATION DETAILS

Report Prepared by :

MNL

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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.