MIRA INFORM REPORT

Report Date :

24.02.2011

IDENTIFICATION DETAILS

Name :	STADA PRODUCTION IRELAND LIMITED

Registered Office :	Waterford Roadclonmelco Tipperaryco Tipperary 169221

Country :	Ireland

Financials (as on) :	31.12.2009

Date of Incorporation :	20.12.2005

Com. Reg. No.:	IE412808

Legal Form :	Single Member Private Company Limited By Shares

Line of Business :	The manufacture and sale of pharmaceutical products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	60,000 (€)
Status :	Satisfactory
Payment Behaviour :	Unknown
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 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Ireland

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

Company Summary

Company Summary
Company Name	STADA PRODUCTION IRELAND LIMITED
Company Number	IE412808
Telephone Number	05277704
Address	WATERFORD ROAD, CLONMEL, CO TIPPERARY, CO TIPPERARY
Town Code	169221
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Incorporation Date	20/12/2005

Company Status Summary
Company Status	Active - Accounts Filed
Limit (€)	60,000
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	4
Total Directorships	17

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	29,855,703	36.2%	21,927,802	-9.2%	24,150,907
Shareholder Equity	-6,841,706	-58.4%	-4,318,991	-31.3%	-3,290,529
Number of employees	210	-	201	-	206

Accounts & Ratios

Period
Date From	01/01/2009	%	02/01/2008	%	01/01/2007
Date To	31/12/2009	-	31/12/2008	-	31/12/2007
Period of Month	12	-	12	-	12
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Consolidated Accounts	N	-	N	-	N
Turnover	29,855,703	36.2%	21,927,802	-9.2%	24,150,907
Export	24,623,303	47.3%	16,717,078	-7.0%	17,984,078
Cost of Sales	30,548,965	35.7%	22,508,016	-13.0%	25,860,240
Gross Profit	-693,262	-19.5%	-580,214	66.1%	-1,709,333
Operating Profit	-2,013,359	-206.6%	-656,764	78.3%	-3,023,939
Pre-Tax Profit	-2,801,967	-172.7%	-1,027,317	65.9%	-3,014,326
Tax	279,252	24,488.8%	-1,145	15.9%	-1,362
Post-Tax Profit	-2,522,715	-145.3%	-1,028,462	65.9%	-3,015,688
Dividends	0	-	0	-	0
Retained Profit	-2,522,715	-145.3%	-1,028,462	65.9%	-3,015,688
Interest Payable	788,608	109.0%	377,249	4,302.5%	8,569
Directors Remuneration	197,729	3.1%	191,798	3.3%	185,660
Wages & Salaries	9,228,212	6.2%	8,691,293	1.7%	8,545,669
Depreciation of Tangibles	0	-	0	-	0
Auditor Fees	18,200	0.0%	18,200	4.0%	17,500

Capitals & Reserves
Called up Share Capital	3,000,000	0.0%	3,000,000	0.0%	3,000,000
P&L Account Reserve	-9,841,706	-34.5%	-7,318,991	-16.3%	-6,290,529
Sundry Reserves	0	-	0	-	0
Revaluation Reserve	0	-	0	-	0
Shareholder Funds	-6,841,706	-58.4%	-4,318,991	-31.3%	-3,290,529
Net Worth	-6,841,706	-58.4%	-4,318,991	-31.3%	-3,290,529

Miscellaneous
Net Cashflow from Operations	0	-	0	-	0
Net Cashflow before Financing	0	-	0	-	0
Net Cashflow from Financing	0	-	0	-	0
Capital Employed	9,638,294	417.9%	1,861,009	-66.5%	5,559,471
No of Employees	210	4.5%	201	-2.4%	206

Balance Sheet
Tangible Assets	0	-	0	-	0
Intangible Assets	0	-	0	-	0
Total Fixed Assets	0	-	0	-	0
Stocks & Work-in-Progress	5,623,141	-7.6%	6,083,907	21.1%	5,023,599
Debtors
- Trade Debtors	2,553,969	-20.1%	3,194,736	134.0%	1,365,492
Cash	1,556,530	77.2%	878,487	24.8%	703,786
Misc. Current Assets	0	-100.0%	164	-	0
Total Current Assets
Creditors
- Trade Creditors	2,761,569	39.7%	1,976,198	46.8%	1,345,888
- Bank Overdraft	91,514	-53.5%	196,797	113.9%	91,992
Increase in Cash	678,043	288.1%	174,701	-	0
Total Current Liabilities	5,760,288	-44.8%	10,443,603	71.7%	6,081,634
Other Short Term Loans	1,589,656	-78.8%	7,501,737	94.5%	3,856,525
Miscellaneous Current Liabilities	1,317,549	71.4%	768,871	-2.3%	787,229
Other Long Term Finance	16,480,000	166.7%	6,180,000	-30.2%	8,850,000
Total Long Term Liabilities	16,480,000	166.7%	6,180,000	-30.2%	8,850,000
Overdraft Long Term Liabilities	16,571,514	159.9%	6,376,797	-28.7%	8,941,992
Liabilities	22,240,288	33.8%	16,623,603	11.3%	14,931,634
Net Assets	-6,841,706	-58.4%	-4,318,991	-31.3%	-3,290,529
Working Capital	9,638,294	417.9%	1,861,009	-66.5%	5,559,471
Current Assets	15,398,582	25.1%	12,304,612	5.7%	11,641,105
Other Current Assets	5,664,942	163.8%	2,147,318	-52.8%	4,548,228

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	-9.4 %	-	-4.7 %	-	-12.5 %
Return on Capital Employed	-29.1 %	-	-55.2 %	-	-54.2 %
Return on Total Assets Employed	-18.2 %	-	-8.3 %	-	-25.9 %
Return on Net Assets Employed	41.0 %	-	23.8 %	-	91.6 %
Sales/Net Working Capital	3.10	-	11.78	-	4.34
Operating Efficiency
Stock Turnover Ratio	18.8 %	-	27.7 %	-	20.8 %
Debtor Days	31.22	-	53.18	-	20.64
Creditor Days	33.76	-	32.89	-	20.34
Short Term Stability
Current Ratio	2.67	-	1.18	-	1.91
Liquidity Ratio/Acid Ratio	1.69	-	0.59	-	1.09
Current Debt Ratio	-0.8 %	-	-2.4 %	-	-1.8 %
Long Term Stability
Gearing	-242.2 %	-	-147.6 %	-	-271.7 %
Equity in Percentage	-44.4 %	-	-35.1 %	-	-28.3 %
Total Debt Ratio	-3.3 %	-	-3.8 %	-	-4.5 %

CCJ Summary

CCJ Summary
CCJ's Amount	0
CCJ's Value (€)	0
Writs	0

Record of Payments

No record of payments for company.

Group Structure

Ultimate Parent Company Name
Parent Company Name	STADA ARZNEIMITTEL AG
Number of company in Group	9
Company Name	Company Number	Accounts Date
STADA ARZNEIMITTEL AG	GERMANY
-CLONMEL HEALTHCARE LIMITED	IE030591	31/12/2009
CROSSPHARMA LIMITED	NI020748	31/12/2009
-GENUS PHARMACEUTICALS HOLDINGS LIMITED	03619749	31/12/2009
BRITANNIA PHARMACEUTICALS LIMITED	01557088	31/12/2009
GENUS PHARMACEUTICALS LIMITED	01986459	31/12/2009
SFS INTERNATIONAL LIMITED	IE318105	31/12/2009
STADA FINANCIAL INVESTMENTS LIMITED	IE388449	31/12/2009
STADA PRODUCTION IRELAND LIMITED	IE412808	31/12/2009

Company History

Event History
Date	Description
26/10/2010	New Accounts Filed
25/10/2010	Annual Returns
31/07/2010	CHRISTOF SCHUMANN has left the board
01/12/2009	Annual Returns
30/11/2009	New Accounts Filed
24/09/2009	New Board Member (CHRISTOF SCHUMANN) appointed
24/07/2009	Annual Returns
13/08/2008	HANS-MARTIN SCHWARM has left the board
03/08/2008	Annual Returns
16/07/2008	New Accounts Filed

Status History
No status history for this company.

Directors

Director
Directors Title
Name of Director	RORY O RIORDAN
Address of Director	9 SOUTH STRAND, RUSH, CO. DUBLIN
Postcode of Director
Date of Birth	18/01/1961
Nationality of Director
Director Honours
Present Appointments	7
Function	Director
Appointment Date	02/11/2007

Director
Directors Title
Name of Director	PAT MAGNER
Address of Director	FOREST CORNER,, STRAWHALL,, FERMOY,, CO. CORK.
Postcode of Director
Date of Birth	26/07/1962
Nationality of Director
Director Honours
Present Appointments	3
Function	Director
Appointment Date	31/05/2007

Director
Directors Title
Name of Director	JIM HANLON
Address of Director	CARRICK LODGE, MOUNTAIN ROAD, CLONMEL, CO. TIPPERARY
Postcode of Director
Date of Birth	14/06/1956
Nationality of Director
Director Honours
Present Appointments	7
Function	Director
Appointment Date	12/12/2007

Director
Directors Title
Name of Director	MATSACK TRUST LIMITED
Address of Director	70, SIR JOHN ROGERSON'S QUAY,, DUBLIN 2.
Postcode of Director
Date of Birth	11/11/1969
Nationality of Director
Director Honours
Present Appointments	0
Function	Company Secretary
Appointment Date	20/12/2005

Image Accounts

Accounts Images
31-12-2009
31-12-2008
31-12-2007

Returns Images
16-07-2009
31-12-2009
31-12-2008
31-12-2007

Other Images
31-08-2010	B10 CHANGE IN DIRS/SEC
01-03-2010	B10 CHANGE IN DIRS/SEC
19-11-2009	B10 CHANGE IN DIRS/SEC
16-07-2009	B73 REQUEST TO CHANGE A COMPANYS NARD
29-06-2009	B10 CHANGE IN DIRS/SEC
29-05-2009	B10 CHANGE IN DIRS/SEC
31-01-2008	B10 CHANGE IN DIRS/SEC
31-01-2008	B10 CHANGE IN DIRS/SEC

Creditsafe CreditNet

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.17
Euro	1	Rs.61.88

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.

Address Information
Company Name	STADA PRODUCTION IRELAND LIMITED
Company Number	IE412808
Registered Office Address	WATERFORD ROADCLONMELCO TIPPERARYCO TIPPERARY
Registered Office Post Code	169221
Registered Telephone No.	05277704
TPS Registered	N
Trading Address
Trading Postal Code	169221
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	PRICEWATERHOUSECOOPERS
Auditor Qualification	No Adverse Comments
Banker Name	BANK OF IRELAND
Banker Sort Code	90-60-05

Other Information
Website Address
Incorporation Date	20/12/2005
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Type of Accounts	Full Accounts
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	30/09/2010

Mortgage Information
Mortgages(s) Outstanding	0
Mortgages(s) Satisfied	0

Mortgage Type
Date Charge Created
Date Charge Registered
Date Charge Satisfied
Status
Person(s) Entitled
Amount Secured
Details

Shareholders information
Shares Held	3,000,000
Currency of Share	EUR

Name of Shareholder	CLONMEL HEALTHCARE LTD
Nominal Value of each Share
Currency of Share	EUR

Industry Information
Industry Description	The manufacture and sale of pharmaceutical products for fellow STADA affiliates and the export market.