MIRA INFORM REPORT

Report No. :	346074
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	LETAP PHARMACEUTICALS LTD
Registered Office :	Letap Building, Plot 110, Off Old Brewery Road, Accra, P. o Box 3346, Accra
Country :	Ghana
Date of Incorporation :	12.05.2000
Com. Reg. No.:	207585
Legal Form :	Limited Corporation
Line of Business :	Manufacturers and Distributors of Pharmaceutical Products.
No. of Employees :	70 Employees.

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:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Ghana	B2	B2

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

GHANA- ECONOMIC OVERVIEW

Ghana's economy was strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels, but in recent years has suffered the consequences of loose fiscal policy, high budget and current account deficits, and a depreciating currency. Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region. Ghana is well-endowed with natural resources. Agriculture accounts for nearly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for about half of GDP. Gold and cocoa exports, and individual remittances, are major sources of foreign exchange. Expansion of Ghana’s nascent oil industry has boosted economic growth, but the recent oil price crash has reduced by half Ghana’s 2015 anticipated oil revenue. Production at Jubilee, Ghana's offshore oil field, began in mid-December 2010 and currently produces roughly 110,000 barrels per day. The country’s first gas processing plant at Atubao is also producing natural gas from the Jubilee field, providing power to several of Ghana’s thermal power plants. As of 2015, the biggest single economic issue is the lack of consistent electricity. While the MAHAMA administration is taking steps to improve the situation, it will be the third or fourth quarter of 2015 before any relief is visible. Ghana signed a $920 million extended credit facility with the IMF in April, 2015 to help it address its growing economic crisis. The IMF fiscal targets will require Ghana to reduce the fiscal deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and increasing revenues. The challenge for Ghana will come as the MAHAMA Administration approaches the 2016 election cycle facing public dissatisfaction in the midst of economic austerity.

Source : CIA

SUBJECT'S NAME
Registered Name:	LETAP PHARMACEUTICALS LTD
Requested Name:	LETAP PHARMACEUTICALS LTD
Other Names:	LETAP PHARMA
ADDRESS AND TELECOMMUNICATION
Physical Address:	Letap Building, Plot 110, Off Old Brewery Road, Accra
Postal Address:	P.o Box 3346,
	Accra,
Country:	Ghana
Phone:	233-21-2222533/24613/ 25838
Fax:	233-21-224693
Email:	letap@ghana.com/ letapgroup@gmail.com/ raoletap@gmail.com
Website:	None
LEGAL
Legal Form:	Limited Corporation
Date Incorporated:	12-May-2000
Reg. Number:	207585
Nominal Capital	GHS. 2,000
Subscribed Capital	GHS. 2,000
Subscribed Capital is Subscribed in the following form:
	Position		Shares
Mr. Haren Patel	MD
Mr. Mahesh Patel	Director
Mr. Suresh Patel	Director
Mr. Rishi Patel	Director
Mr. Rama Rao Tantravahi	GM
RELATED COMPANIES
None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
Plot No. 107, Ring Road South Industrial Area, Accra	Branches of the firm
OPERATIONS
Registered to operate manufacturers and distributors of pharmaceutical products
Imports:	India, Asia, etc
Exports:	None
Trademarks:	Blanver
Terms of sale:	Cash (80%) and (20%), invoices.
Main Customers:	Hospitals, Clinics, pharmacies etc
Employees:	70 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Ghana
Location:	Owned premises, 5.000 square feet,
AUDITORS AND INSURANCE
Auditors:	Information not available.
Insurance Brokers:	Information not available.
FINANCE
Currency Reported:	Ghanaian Cedi (GHS)
Approx. Ex. Rate:	1 US Dollar = 3.81 Ghanaian Cedi
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 Cedi.)
		2014
Sales		12,500,000
BANK
Bank Name:	Agricultural Development Bank
Branch:	Accra, Ghana
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. On June 25^th 2013 fire gutted the building of the subject company thus destroyed substantial amount of the company’s finished pharmaceutical products in the building.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	KAS
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%)

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