MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	PHARMACEUTICALS FUND AND SUPPLY AGENCY

Registered Office :	Room No.1,101, Kebele 19/20, (Infront of St. Paul Hospital), Addis Ketema, Addis Ababa, P. o. Box 21904 Addis Ababa,

Country :	Ethiopia

Date of Incorporation :	19.05.1993

Com. Reg. No.:	553/2007

Legal Form :	State Corporation

Line of Business :	Subject Mandate to enable public health institutions to supply quality assured essential pharmaceuticals at affordable prices, developmental efforts for health service expansion

No. of Employees :	1000

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)

Ethiopia

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

ETHIOPIA - ECONOMIC OVERVIEW

Ethiopia's economy is based on agriculture but the government is pushing to diversify into manufacturing, textiles, and energy generation.. Coffee is a major export crop. The agricultural sector suffers from poor cultivation practices and frequent drought, but recent joint efforts by the Government of Ethiopia and donors have strengthened Ethiopia's agricultural resilience, contributing to a reduction in the number of Ethiopians threatened with starvation. The banking, insurance, telecommunications, and micro-credit industries are restricted to domestic investors, but Ethiopia has attracted significant foreign investment in textiles, leather, commercial agriculture and manufacturing. Under Ethiopia's constitution, the state owns all land and provides long-term leases to the tenants; land use certificates are now being issued in some areas so that tenants have more recognizable rights to continued occupancy and hence make more concerted efforts to improve their leaseholds. While GDP growth has remained high, per capita income is among the lowest in the world. Ethiopia's economy continues on its state-led Growth and Transformation Plan under the new collective leadership that followed Prime Minister MELES’s death. The five-year economic plan has achieved high single-digit growth rates through government-led infrastructure expansion and commercial agriculture development. Ethiopia in 2014 will continue construction of its Grand Renaissance Dam on the Nile – a controversial five billion dollar effort to develop electricity for domestic consumption and export

Source : CIA

Company name and address

SUBJECT'S NAME
Registered Name:	PHARMACEUTICALS FUND AND SUPPLY AGENCY
Requested Name:	PHARMACEUTICALS FUND AND SUPPLY AGENCY
Other Names:	PFSA

ADDRESS AND TELECOMMUNICATION

Physical Address:	Room No.1,101, Kebele 19/20, (Infront of St. Paul Hospital), Addis Ketema, Addis Ababa,
Postal Address:	P. o. Box 21904
	Addis Ababa,
Country:	Ethiopia
Phone:	251-11-2751770/760676/2763265/2763268/2763273/ 2763269/2763270/2763272/2763295/2137077/ 2763278
Fax:	251-11-1553277/112752555
Email:	pfsa@ethionet.et
Website:	www.pfsa.gov.et

LEGAL

Legal Form:	State Corporation
Date Incorporated:	04/09/2007
Founded:	19/05/1993
Reg. Number:	553/2007
Budget Capital	ETB. 10,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Hon. Dr. Tedros Adhanom Ghebreyesus	Minister
Mr. Adna Bere Emiru	Director
Dr. Kesetebirhan Admasu	Director
Dr Addis Tamire Woldemariam	Director
Dr Abedissa Kurkie	Director
Mr. Seyoum Abate	Director
Government of Ethiopia	Parent	100%

RELATED COMPANIES

Government of Ethiopia	Parent.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
Various in Ethiopia	Branches of the firm

OPERATIONS

Mandate to enable public health institutions to supply quality assured essential pharmaceuticals at affordable prices, developmental efforts for health service expansion
Imports:	Middle East, Asia, Africa
Exports:	None
Trademarks:	None
Terms of sale:	100% tenders

Main Customers:	Medical firms and organizations
Employees:	1000 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Ethiopia
Location:	Owned premises, 30,000 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 = 20.10 Ethiopian Birr
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 USD.)
		2013
Revenue		20,000,000

BANK

Bank Name:	National Bank of Ethiopia
Branch:	Addis, Ababa, 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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIS

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.