MIRA INFORM REPORT

Report No. :	350895
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	PROFARMA, LIMITADA
Registered Office :	Av Ahmed Sekou Toure Nr 2547-R/S, P. o. Box 6687, Maputo
Country :	Mozambique
Date of Incorporation :	10.07.2007
Com. Reg. No.:	2428234
Legal Form :	Limited Corporation
Line of Business :	Subject operate as distributors of pharmaceuticals and medicinal drugs
No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Mozambique	B1	B1

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

MOZAMBIQUE - ECONOMIC OVERVIEW

At independence in 1975, Mozambique was one of the world's poorest countries. Socialist mismanagement and a brutal civil war from 1977-92 exacerbated the situation. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, propelled the country’s GDP from $4 billion in 1993, following the war, to about $30.9 billion in 2014. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities. In spite of these gains, more than half the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's work force. A substantial trade imbalance persists although aluminum production from the Mozal smelter has significantly boosted export earnings in recent years. In 2012, The Mozambican government took over Portugal's last remaining share in the Cahora Bassa Hydroelectricity Company (HCB), a significant contributor to the Southern African Power Pool. The government has plans to expand the Cahora Bassa Dam and build additional dams to increase its electricity exports and fulfill the needs of its burgeoning domestic industries. Mozambique's once substantial foreign debt has been reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level. In July 2007, the US government's Millennium Challenge Corporation (MCC) signed a $506.9 million Compact with Mozambique that ended in 2013. The Compact focused on improving sanitation, roads, agriculture, and the business regulation environment in an effort to spur economic growth in the four northern provinces of the country. Citizens rioted in September 2010 after fuel, water, electricity, and bread price increases were announced. In an attempt to lessen the negative impact on the population, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures. Mozambique grew at an average annual rate of 6%-8% in the decade up to 2014, one of Africa's strongest performances. Mozambique's ability to attract large investment projects in natural resources is expected to extend high growth rates in coming years. Revenues from these vast resources, including natural gas, coal, titanium and hydroelectric capacity, could overtake donor assistance within five years.

Source : CIA

Company name
Registered Name:	PROFARMA, LIMITADA
Requested Name:	PROFARMA LDA
Other Names:	PROFARMA LDA
ADDRESS AND TELECOMMUNICATION
Physical Address:	Av Ahmed Sekou Toure Nr 2547-R/S,
Postal Address:	P. o. Box 6687
	Maputo,
Country:	Mozambique
Phone:	258-21-300951
Fax:	258-21-300933
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		10-July-2007
Reg. Number:		2428234
Nominal Capital		MZN. 500,000
Subscribed Capital		MZN. 500,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Renato Pedro João Ronda		MD		51%
Mr. Jagdishchandra Araquechande		Director		49%
Mr. Amir P.		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Renato Pedro João Ronda Mr. Jagdishchandra Araquechande		Shareholders of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as distributors of pharmaceuticals and medicinal drugs
Imports:		Asia, Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agenices, stores, outlets
Employees:		30 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Mozambique
Location:		Rented premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Mozambique Meticais (MZN.)
Approx. Ex. Rate:		1 US Dollar = 55.66 Mozambique Meticais
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in MZN.)
			2014
Sales			145,000,000
BANK
Bank Name:		Banco Comercial de Investimentos (BCI)
Branch:		Mozambique
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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Analysis Done by :	HEE
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%)

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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.