MIRA INFORM REPORT

Report Date :

05.12.2013

IDENTIFICATION DETAILS

Name :	STADA PHARMA SLOVAKIA S.R.O.
Registered Office :	Einsteinova 23, 851 01 Bratislava
Country :	Slovakia
Financials (as on) :	31.12.2012
Date of Incorporation :	10.12.2007
Com. Reg. No.:	Sro 50137/B
Legal Form :	Limited liability company (Ltd.)
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	up to 49

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 :	--

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Slovakia	A2	A2

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

SLOVAKIA - ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia''s exports before rebounding in 2010-11, but growth slowed in 2012 due to weakening external demand. The government of Prime Minister Robert FICO in 2012 implemented tax increases on higher-earning individuals and corporations, effectively scrapping Slovakia''s flat tax to help meet budget deficit targets of 4.9% of GDP in 2012 and 3% of GDP in 2013.

Source : CIA

company name & address

STADA PHARMA SLOVAKIA, s.r.o.

Einsteinova 23, 851 01 Bratislava

Phone: 02/52621933
Telefax: 02/52497034
E-Mail: jaroslava.snegonova.jr@stada.sk
E-Mail: stada@stada.sk
E-Mail: viera.parkaniova@stada.sk
Web: www.stada.sk

Company identification

Legal form

Limited liability company (Ltd.)

Established on	10/12/2007 - Limited liability company (Ltd.)
	Last entry in Business register

	01.11.2012
Registered on	19/01/2008, Okresný súd Bratislava 1, RegNr.: Sro 50137/B Tax number: SK2022530257 Statistical number: 43937969

Registered capital	19/01/2008	EUR	50 000,00
	01/11/2012	EUR	192 734,00

Owner	STADA Arzneimittel Aktiengesellschaft Stadastr. 2-18, 611 8 Bad Vilbel, Germany	EUR	192 734,00
Manager	Mgr. Viera Parkániová Karloveská 14, 841 04 Bratislava  authorized to sign alone

General data	Distribution and sale of drugs
	Main activity: Wholesale of pharmaceutical goods

General contacts:

Phone:
02/52621933
Telefax:
02/52497034
E-Mail:
jaroslava.snegonova.jr@stada.sk
stada@stada.sk
viera.parkaniova@stada.sk
Web:
www.stada.sk

Residence address:

Einsteinova 23, 851 01 Bratislava 

Beginning of validity: 31.08.2011

	Smrečianska 21, 811 05 Bratislava  Beginning of validity: 19.01.2008 End of validity: 30.08.2011
Employees	2013	up to 49 employees

	according to statistics
Annual turnover	2008	Enterprise turnover	EUR	1 376 900,-

2009	Enterprise turnover	EUR	1 883 297,-
2010	Enterprise turnover	EUR	2 324 936,-

2011	Enterprise turnover	EUR	7 434 970,-
2012	Enterprise turnover	EUR	10 279 435,-

Balance sheets	The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR) The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)
	The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR) The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)

Remarks	Other informations are not available. The chairmanship has not decided yet, whether they provide us with actual balance data. In case of obtaining them, they will be forwarded to you additionally.
Bank relations	Tatra banka, a.s.:

Company development	Company development positive
Business course	good

Terms of payment	As far as known, prompt
Business connection	Credits and the establishing of the business connection are allowed.

Financials

A. The enclosed balance of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR)

B. The enclosed balance of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)

balance	A 31.12.2011	B 31.12.2012	C	D
Total assets	5 964 762	6 916 070
Non-current assets	55 910	40 256
Intangible fixed assets	0	0
Incorporation expenses
Development expenses	0	0
Software	0	0
Valuable rights	0	0
Goodwill	0	0
Other intangible fixed assets	0	0
Acquisition of intangible fixed assets	0	0
Advance payments for intangible fixed assets	0	0
Tangible fixed assets – total	55 910	40 256
Lands	0	0
Constructions	44 595	34 684
Separate movable assets and sets of movable assets	11 315	5 572
Perennial crops	0	0
Breeding and draught animals	0	0
Other tangible fixed assets	0	0
Acquisition of tangible fixed assets	0	0
Advance payments for tangible fixed assets	0	0
Adjustment to acquired assets	0	0
Long-term financial investments	0	0
Shares and ownership interests with control influence in enterprises	0	0
Shares and ownership interests with substantial influence of enterprises	0	0
Other long-term shares and ownership interests	0	0
Intercompany loans	0	0
Other long-term financial investments	0	0
Loans with maturity up to one year	0	0
Acquisition of long-term financial investments	0	0
Advance payments for long-term assets	0	0
Current assets	5 904 520	6 704 081
Inventory - total	2 510 451	3 143 457
Material	0	0
Work-in-progress and semi-finished goods	0	0
Construction contracts where the expected time of completion exceeds one year
Finished products	0	0
Animals	0	0
Merchandise	2 510 451	3 143 457
Advance payments made for inventory	0	0
Long-term receivables – total	0	13 177
Trade receivables	0	0
Net value of contract	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Receivables from participants, members and association	0	0
Other receivables	0	0
Deffered tax asset	0	13 177
Short - term receivables – total	2 334 257	2 930 795
Trade receivables	2 315 113	2 913 552
Net value of contract	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Receivables from participants, members and association	0	0
Social security	0	0
Taxation and subsidies	3 587	1 458
Other receivables	15 557	15 785
Financial accounts – total	1 059 812	616 652
Cash	4 713	1 350
Bank accounts	1 055 099	615 302
Bank accounts with notice period exceeding one year	0	0
Short-term financial assets	0	0
Acquisition of short-term financial assets	0	0
Prepayments	4 332	171 733
Deferred expenses long term	0	0
Deferred expenses short term	4 332	171 733
Accrued revenues long term	0	0
Accrued revenues short term	0	0
Total capital and liabilities	5 964 762	6 916 070
Capital	895 214	2 264 419
Registered capital - total	50 000	192 734
Registered capital – total	50 000	192 734
Own shares and own business shares	0	0
Change in registered capital	0	0
Receivables for subscriptions (for own equity capital)	0	0
Capital funds – total	3 338	4 002
Share premium	0	0
Other capital funds	-2 536	-2 536
Legal reserve fund (Non-distributable fund) from capital contributions	5 874	6 538
Gains or losses from revaluation of assets and liabilities	0	0
Gains or losses from investments	0	0
Gain or losses from revaluation from join and divesting	0	0
Funds created from profit – total	8 697	22 307
Legal reserve fund	8 697	22 307
Indivisible funds	0	0
Statutory funds and other funds	0	0
Retained profit or loss from previous years	261 704	931 378
Retained earnings from previous years	261 704	931 378
Retained earnings from previous years	0	0
Profit or loss for the accounting period	571 475	1 113 998
Liabilities	5 069 548	4 651 651
Reserves – total	60 324	108 580
Legal reserves long term	0	0
Legal reserves short term	51 698	0
Other long-term reserves	0	0
Other short-term reserves	8 626	108 580
Long-term liabilities - total	5 570	9 067
Long-term trade liabilities – total	0	0
Net value of contract	0	0
Uninvoiced long-term supplies	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0
Other intercompany long-term liabilities	0	0
Long-term advances received	0	0
Long-term bills of exchange to a paid	0	0
Bonds issued	0	0
Liabilities from social fund	5 570	9 067
Other long-term liabilities	0	0
Deffered tax liability	0	0
Short-term liabilities - total	5 003 654	4 513 004
Trade liabilities	807 948	856 527
Net values of contract	0	0
Uninvoiced supplies	17 056	106 006
Liabilities to a controlled entity and a controlling entity	3 988 883	3 257 288
Other intercompany liabilities	0	0
Liabilities to partners and participants in association	0	0
Liabilities to employees	19 187	22 853
Social security liabilities	22 218	32 804
Taxation and subsidies	148 362	185 727
Other liabilities	0	51 799
Short-term financial assistance	0	21 000
Bank loans	0	0
Long-term bank loans	0	0
Current bank loans	0	0
Prepayments - total	0	0
Accrued expenses long term	0	0
Accrued expenses short term	0	0
Deferred revenues long term	0	0
Deferred revenues short term	0	0
A. The enclosed profit/loss account of 2011 is originated from official source, we do not have information about the clause of the auditor. (31.12.2011 - 1 EUR) B. The enclosed profit/loss account of 2012 is originated from official source, we do not have information about the clause of the auditor. (31.12.2012 - 1 EUR)

profit/loss account	A 31.12.2011	B 31.12.2012	C	D
Revenue from the sale of merchandise	6 912 302	10 279 435
Cost of merchandise sold	3 368 358	4 685 941
Trade margin	3 543 944	5 593 494
Production	522 668	0
Revenue from the sale of own products and services	522 668	0
Change in inventory	0	0
Own work capitalized	0	0
Purchased consumables and services	1 979 837	2 962 330
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	332 937	436 834
Services	1 646 900	2 525 496
Added value	2 086 775	2 631 164
Personnel expenses - total	1 132 826	1 480 282
Wages and salaries	912 195	1 135 937
Remuneration of board members	0	0
Social security expenses	209 570	252 379
Social expenses	11 061	91 966
Taxes and fees	3 929	27 549
Depreciation expense of intangible and tangible fixed assets	52 239	15 654
Revenues from sales of fixed assets and sales of materials	16 288	17 481
Net book value of fixed assets sold and material sold	4 652	424
Additions to and reversals of impairment losses	0	0
Other operating revenues	2 365	613 604
Other operating expenses	5 800	209 039
Transfer of operating revenues	0	0
Transfer of operating expenses	0	0
Profit or loss from operations	905 982	1 529 301
Revenues from sales of shares and ownership	0	0
Shares and ownership interests sold	0	0
Revenues from long-term financial assest	0	0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0
Revenues from other long-term ownership and shares	0	0
Revenues from other long-term financial assest	0	0
Revenues from short-term financial assest	0	0
Expenses for short-term financial assets	0	0
Revenues from revaluation of securities and revenues from derivative operations	0	0
Expenses for revaluation of securities and expenses for derivative operations	0	0
Reversal and creation of value adjustments for financial assets	0	0
Interest income	296	110
Interest expense	139 521	116 189
Exchange rate gains	11 329	38
Exchanges rate losses	19 507	14 963
Other financial revenues	1	1
Other financial expenses	21 855	2 683
Transfer of financial revenues	0	0
Transfer of financial expenses	0	0
Profit or loss from financial activities	-169 257	-133 686
Profit or loss from ordinary activities before tax	736 725	1 395 615
Income tax on ordinary activities	165 250	281 617
- current	165 250	294 794
- deferred	0	-13 177
Profit or loss from ordinary activities after tax	571 475	1 113 998
Extraordinary revenues	0	0
Extraordinary expenses	0	0
Profit or loss from extraordinary activities before tax	0	0
Income tax on extraordinary activities	0	0
- current	0	0
- deferred	0	0
Profit or loss from extraordinary activities after tax	0	0
Profit or loss of the accounting period before tax	736 725	1 395 615
Transfer of profit or loss to partners	0	0
Profit or loss of the accounting period after tax	571 475	1 113 998

Ratios		2011	2012
	Return on total assets ROA (in %)	9,58	16,11

Return on equity ROE (in %)	63,84	49,2
Rentabilität der Einnahmen ROS (in %)	7,69	10,84

Turnover of receivables (in days)	114	103
Turnover of liabilities (in days)	39,66	30,41

Turnover of inventories (days)	123	112
Net working capital	900866	2170077

Ratio of accounts payable to accounts receivable	46,6	65,1
Ratio of profit/loss to tangible assets (in%)	0,75	0,39

Current ratio	1,18	1,48
Quick ratio	0,68	0,78

Cash ratio	0,21	0,14
Debt ratio I (in %)	84,99	67,26
Debt ratio II (in %)	84,99	67,26

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NNA

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.