MIRA INFORM REPORT

Report Date :

08.12.2014

Tel. No.:

+260 211 287433/+260 212 650690

IDENTIFICATION DETAILS

Name :	BAXY PHARMACEUTICALS MANUFACTURING COMPANY LIMITED
Formerly Known As :
Registered Office :
Country :
Financials (as on) :
Date of Incorporation :
Com. Reg. No.:
Legal Form :
Line of Business :
No of Employees :

RATING & COMMENTS

MIRA’s Rating :

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	--

Maximum Credit Limit :

Status :

Payment Behaviour :

Litigation :

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, 2014

Country Name

Previous Rating (30.06.2014)

Current Rating (30.09.2014)

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

ECONOMIC OVERVIEW

Source : CIA

Company name
Registered Name:	BAXY PHARMACEUTICALS MANUFACTURING COMPANY LIMITED
Requested Name:	BAXY PHARMACEUTICALS MANUFACTURING COMPANY LIMITED
Other Names:	BPMCL
Former Names:	CIRCLE PHARMACEUTICALS ZAMBIA LIMITED
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot No 5152/5153 Zambia Road Industrial Area, Ndola
Postal Address:	P. o. Box 80286/70286
	Ndola,
Country:	Zambia
Phone:	260-211-287433/-212-650690
Fax:	260-212-650690
Email:	enquiries@baxypharmaceuticals.com
Website:	www.baxypharmaceuticals.com
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		16-July-2004
Reg. Number:		214395
Nominal Capital		ZMK. 5,000
Subscribed Capital		ZMK. 5,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Sannukh Patel		Director
Mr. Manoj Patel		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
Plot No 7281 Industrial Area, Njolwe Road, Lusaka, Zambia		Branches of the firm
OPERATIONS
Registered to operate manufacture and supply of pharmaceutical products and medicinal drugs
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Chemists, Pharmacies, medical firms, local agencies etc
Employees:		40 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Zambia
Location:		Leased premises, 5,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Zambian Kwacha (ZMK.)
Approx. Ex. Rate:		1 US Dollar = 6.36 Zambian Kwacha
Fiscal Year End:		December 31, 2013
Inflation:		According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in ZMK.)
			2013
Sales			250,000,000
BANK
Bank Name:		Stanbic Bank
Branch:		Zambia
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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.