MIRA INFORM REPORT

Report No. :	497543
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	DELTA PHARMACEUTICALS (PTY) LTD
Registered Office :	Plot 22129, Nyamambisi Road, G/West Industrial, P. O. Box 41232, Gaborone
Country :	Botswana
Date of Incorporation :	01.01.1994
Com. Reg. No.:	BOTCO 94/1372
Legal Form :	Limited Corporation
Line of Business :	Wholesale trade in pharmaceuticals, toiletries and medical equipment.
No. of Employees :	30

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Botswana	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BOTSWANA - ECONOMIC OVERVIEW

Until the global recession, Botswana maintained one of the world's highest economic growth rates since independence in 1966. Diamond mining fueled much of the economic expansion and currently accounts for one-quarter of GDP, approximately 85% of export earnings, and about one-third of the government's revenues. Tourism is the secondary earner of foreign exchange and many Batswana engage in tourism-related services, subsistence farming, and cattle rearing. Through fiscal discipline and sound management, Botswana transformed itself from one of the poorest countries in the world to a middle-income country with a per capita GDP of approximately $18,100 in 2017. Botswana also ranks as one of the least corrupt and best places to do business in sub-Saharan Africa.

Botswana's economy closely follows global economic trends because of its heavy reliance on a single luxury export. According to official government statistics, unemployment is around 20%, but unofficial estimates run much higher. De Beers, a major international diamond company, signed a 10-year deal with Botswana in 2012 and moved its rough stone sorting and trading division from London to Gaborone in 2013. The move was geared to support the development of Botswana's nascent downstream diamond industry.

Botswana’s economy recovered from the 2008 global recession in 2010, but has only grown modestly since then, primarily due to the downturn in the global diamond market, though water and power shortages also played a role. The prevalence of HIV/AIDS is second highest in the world and threatens the country's impressive economic gains. Diamond exports increased again in 2017 to the highest levels since 2013 at about 22 million carats of output, driving Botswana’s economic growth of about 4.5% in 2017 and increasing foreign reserves to about 45% of GDP.

Source : CIA

SUBJECT'S NAME
Registered Name:	DELTA PHARMACEUTICALS (PTY) LTD
Requested Name:	DELTA PHARMACEUTICALS (PTY) LTD
Other Names:	DELTA PHARMACEUTICALS
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot 22129, Nyamambisi Road, G/West Industrial,
Postal Address:	P. o. Box 41232,
	Gaborone,
Country:	Botswana
Phone:	267-3919433/3905211/3905201/3937844
Fax:	267-3922740
Email:	info@deltapharma.co.bw
Website:	www.deltapharma.co.bw
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		01-Jan-1994
Reg. Number:		BOTCO 94/1372
Nominal Capital		BWP. 1,000,000
Subscribed Capital		BWP. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Harshad Kumar C. Patel		Group Chairman
Mr. Jitendra Kumar C. Patel		Group MD
Mr. Anil Kumar C.		Group Financial Controller
Mr. S. Raja		GM
Mr. H. Dave		Manager
Motovac Group		Holding Co.		100%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate wholesale trade in pharmaceuticals, toiletries and medical equipment.
Imports:		Asia, South Africa
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Medical stores, firms and organizations
Employees:		30 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Botswana
Location:		Leased premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Botswanan Pula (BWP.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in BWP.)
			2017
Sales			125,000,000
BANK
Bank Name:		Standard Chartered Bank
Branch:		Botswana
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	INR 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37
BWP	1	INR 6.83

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.