MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	SOCIETE PHARMAKINA SCARL

Registered Office :	KM 4, Route De Goma, Pour L'usine, Les Plantations Étant Disséminées Dans Le Nord Et Le Sud- Kivu, Bukavu, P. O. Box 1240, Bukavu

Country :	Congo

Year of Establishment :	1942

Com. Reg. No.:	N° 018/Bukavu

Legal Form :	Société Congolaise Par Action à Responsabilité Limité (SCARL)

Line of Business :	Manufacture and Supply of Pharmaceutical Products, Chemical Products and Related Facilities.

No. of Employees :	150 employees.

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Congo

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

CONGO - ECONOMIC OVERVIEW

The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - is slowly recovering after decades of decline. Systemic corruption since independence in 1960, combined with country-wide instability and conflict that began in the mid-90s has dramatically reduced national output and government revenue and increased external debt. With the installation of a transitional government in 2003 after peace accords, economic conditions slowly began to improve as the transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress has been slow to reach the interior of the country although clear changes are evident in Kinshasa and Lubumbashi. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the mining sector and for the economy as a whole. Much economic activity still occurs in the informal sector and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, has boosted Kinshasa's fiscal position and GDP growth in recent years. The global recession cut economic growth in 2009 to less than half its 2008 level, but growth returned to around 7% per year in 2010-12. The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in 2010, but the IMF at the end of 2012 suspended the last three payments under the loan facility - worth $240 million - because of concerns about the lack of transparency in mining contracts. In 2012, the DRC updated its business laws by adhering to OHADA, the Organization for the Harmonization of Business Law in Africa. The country marked its tenth consecutive year of positive economic expansion in 2012.

Source : CIA

SUBJECT'S NAME

Registered Name:	SOCIETE PHARMAKINA SCARL
Requested Name:	PHARMAKINA SA
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	KM 4, Route De Goma, pour l'usine, les plantations étant disséminées dans le nord et le Sud- Kivu, Bukavu
Postal Address:	P. o. Box 1240
	Bukavu
Country:	Democratic Republic of Congo
Phone:	243-998498602/0815102306/98668190/98665252
Fax:	243-815102306/ +49 32121 250538
Email:	dessokani@yahoo.fr
Website:	www.pharmakina.com

LEGAL

Legal Form:	Société Congolaise par Action à Responsabilité Limité (SCARL)
Established	1942
Date Incorporated:	21-Feb-1996
Reg. Number:	N° 018/Bukavu
Tax Number:	A01133G
Nominal Capital	CDF. 100,000,000
Subscribed Capital	CDF. 100,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Mr. Michael Gebeers	MD
Mr. Franz Stirnimann	Director
M Desso Kaningini	Manager
Mr. Pacifique Bisimwa	Manager

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
Av. de la Province Orientale no 5, Kinshasa, Gombe, D.R. Congo	Branches of the firm

OPERATIONS

Registered to operate as manufacture and supply of pharmaceutical products, chemical products and related facilities
Imports:	Asia, Middle East, Europe
Exports:	None
Trademarks:	None
Terms of sale:	Cash (40%) and 25-90 days (60%), invoices.

Main Customers:	Industries and medical firms
Employees:	150 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Democratic Republic Of Congo
Location:	Owned premises, 100,000 square feet,

AUDITORS AND INSURANCE

Auditors:	Information not available.
Insurance Brokers:	Information not available.

FINANCE

Currency Reported:	Congo Franc (CDF.)
Approx. Ex. Rate:	1 US Dollar = 924.04Congo Franc
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 CDF.)
		2013
Sales		4,350,000,000

BANK

Bank Name:	BCI BANK
Branch:	DRC
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.

Formerly this company was Owned by Boehringer Mannheim and Later sold to Hoffman La Roche in 1997, the company closed down in 1998 and it was bought by the above directors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.53
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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.