MIRA INFORM REPORT

Report No. :	316764
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	PEHACHEVE S.A
Registered Office :	273, Boulevard Jean Jacques Dessalines Port-au-Prince
Country :	Haiti
Date of Incorporation :	01.01.1960
Com. Reg. No.:	NIF 000-023-289-9
Legal Form :	Public Company
Line of Business :	Subject is is involved in pharmaceutical and chemical products as a distributor and wholesaler.
No. of Employee :	100

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Haiti	B2	B2

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

HAITI - ECONOMIC OVERVIEW

Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, vulnerability to natural disasters, and low levels of education for much of the population are among Haiti's most serious impediments to economic growth. Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Currently the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake further inflicted $7.8 billion in damage and caused the country's GDP to contract. In 2011, the Haitian economy began recovering from the earthquake. However, two hurricanes adversely affected agricultural output and the low public capital spending slowed the recovery in 2012. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. US economic engagement under the Caribbean Basin Trade Preference Agreement (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE II) Act helped increase apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the CBTPA and HOPE II until 2020 under the Haiti Economic Lift Program (HELP) Act; the apparel sector accounts for about 90% of Haitian exports and nearly one-twentieth of GDP. Remittances are the primary source of foreign exchange, equaling one-fifth of GDP and representing more than five times the earnings from exports in 2012. Haiti suffers from a lack of investment, partly because of weak infrastructure such as access to electricity. Haiti's outstanding external debt was cancelled by donor countries following the 2010 earthquake, but has since risen to $1.43 billion as of December 2014. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources.

Source : CIA

STATUTORY INFORMATION
Legal Name:	PEHACHEVE S.A
Trade Name:	PEHACHEVE
Registration Number:	NIF 000-023-289-9
Date Created:	1960
Date Incorporated:	01-01-60
Legal Address:	273, Boulevard Jean Jacques Dessalines Port-au-Prince, Haiti
Operative Address:	110 Rue Des Miracles
	Port-Au-Prince, , Haiti
Telephone:	509 3776-7922
Fax:	509 2510-7371
Legal Form:	Public Company
Email:	patrickboulos@aol.com
Registered in:	Haiti
Website:	No website
Contact:	Carlos Boulos, Director
Staff:	100
Activity:	Chemical Wholesalers Industry
BANKS Central Bank of Haiti The company does not make its banking data public
HISTORY
The company started business in 1960.
PRINCIPAL ACTIVITY
	The company is involved in pharmaceutical and chemical products as a distributor and wholesaler.
Products/Services description:	Pharmaceutical products
Sales are:	Wholesale
Clients:	Client:
	Ministère de la Santé Publique et de la Population (MSPP)
	Client Type:
	National
	Client Sector:
	Government
	Goods Provided to Client:
	Sales of drugs (Vente de médicaments)
	Client:
	L'Armée du Salut
	Client Type:
	National
	Goods Provided to Client:
	Sales of drugs (Vente de médicaments)
	Client:
	L'Hôpital de l'Université d'Etat d'Haiti (HUEH)
	Client Type:
	National
	Client Sector:
	Government
	Goods Provided to Client:
	Sales of drugs (Vente de médicaments)
Brands:	Masculan®
Suppliers:	CHINA ORNATE LAMIPACK PVT., LTD.
	China
	Twilight Litaka Pharma Ltd.
	India
	PURE PHARMA U CHEMIKALIEN
	China
	BTP PHARMACEUTICAL CO LIMITED
	China
	Zeon Health Industries On
	UK
	Pangea Chemicals Pvt. Ltd.
	India
	Alkem Laboratories Ltd.
	India
Operations area:	National
The company imports from	France, Germany, India, United States, China
The company exports to	No exports
The subject employs	100 employees
Payments:	Slow but correct
LOCATION
Headquarters :	110 Rue Des Miracles
	Port-Au-Prince, , Haiti
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture and process pharmaceutical products.
	Demand for pharmaceuticals is driven by the desire to cure illness and disease. The profitability of individual companies depends on their ability to discover and market new drugs. Large companies benefit from their economies of scale in research, manufacturing, and marketing. Small companies can compete effectively by specializing in drugs that target one or two specific ailments and by partnering with larger drugmakers.
	Drugs are chemicals with beneficial biological activity. Modern drug development is an outgrowth of recent research into the specific causes of illness and disease, coupled with advances in chemistry and industrial technology that allow scientists to manufacture chemicals to improve these conditions.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The owner is Carlo BOULOS.
Management:	Carlos Boulos, Director
	Patrick Boulos, Director General
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public.
	There are no financial connected to the subject.
LEGAL FILINGS
	There are no legal filings registered for the subject
SUMMARY
	PEHACHEVE is a company located in Haiti, dedicated to the import and wholesale of pharmaceutical products.
	The company has a large sized structure and 55 years of experience in the market.
	It is active and shows no negative,mainly importing from India and China.
	However, Haiti’s current economic situation is critical. We suggest a low credit line.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
SUGGESTED CREDIT LINE	USD 10 000
STATUS	Active

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.91.05
Euro	1	Rs.66.16

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.