MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	IMRES B.V.
Registered Office :	Larserpoortweg 26 Lelystad, 8218 NK
Country :	Netherlands
Financials (as on) :	31.12.2012
Date of Incorporation :	28.05.1991
Com. Reg. No.:	08023514
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in wholesale of pharmaceutical goods
No. of Employees :	Not Available

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Netherlands	A1	A1

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

NETHERLANDS - ECONOMIC OVERVIEW

The Dutch economy is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent

Source : CIA

Company name and address

IMRES B.V.

Larserpoortweg 26
Lelystad, 8218 NK
Netherlands
Tel:	+31 0320-296969

Employees:	NA
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Nash Ii B.V.
Incorporation Date:	28-May-1991

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	21.2

Business Description

Imres B.V. is primarily engaged in wholesale of pharmaceutical goods. This class also includes: wholesale of instruments and devices for doctors and hospitals; and wholesale of orthopaedic goods.

Industry

Industry	Health and Personal Care Wholesale
ANZSIC 2006:	3720 - Pharmaceutical and Toiletry Goods Wholesaling
ISIC Rev 4:	4649 - Wholesale of other household goods
NACE Rev 2:	4646 - Wholesale of pharmaceutical goods
NAICS 2012:	424210 - Drugs and Druggists' Sundries Merchant Wholesalers
UK SIC 2007:	4646 - Wholesale of pharmaceutical goods
US SIC 1987:	5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

Key Executives

Name	Title
Geert Schutte	Managing director
Nico Zee	Managing director
E. Van Boven	Sales manager
J. Den Ouden	EDP manager
J. Kleiburg	Head of accounting department

News

Title	Date
Air cargo transport; E¦ Cotton ball or fiber; E¦ Injection ; aspiration needles; E¦ Laboratory Equipment; E¦ Patient bibs Mena Report (235 Words)	28-Mar-2013
FirstSource II: DHS names final winners Washington Business Journal, The (Washington, D.C.) (62 Words)	11-Jan-2013
A*STARs IMRE and Cima NanoTech to develop materials for next generation transparent conductors Innovations Report (902 Words)	20-Nov-2012
A*STAR's IMRE and Cima NanoTech to develop materials for next generation transparent conductors Innovations Report (902 Words)	20-Nov-2012

>> View All

Key IDSM Number: 103086471

Registered No.(NLD): 08023514

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Larserpoortweg 26
Lelystad, 8218 NK
Netherlands

Tel:	+31 0320-296969

Suggest Company URL

Sales EUR(mil):	NA
Assets EUR(mil):	16.0
Employees:	NA
Fiscal Year End:	31-Dec-2012

Industry:

Personal and Household Products

Incorporation Date:	28-May-1991
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(NLD):	08023514

Managing director:

Nico Zee

Industry Codes

ANZSIC 2006 Codes:
3720	-	Pharmaceutical and Toiletry Goods Wholesaling

ISIC Rev 4 Codes:
4649	-	Wholesale of other household goods

NACE Rev 2 Codes:
4646	-	Wholesale of pharmaceutical goods

NAICS 2012 Codes:
424210	-	Drugs and Druggists' Sundries Merchant Wholesalers

US SIC 1987:
5122	-	Drugs, Drug Proprietaries, and Druggists' Sundries

UK SIC 2007:
4646	-	Wholesale of pharmaceutical goods

Business Description

Imres B.V. is primarily engaged in wholesale of pharmaceutical goods. This class also includes: wholesale of instruments and devices for doctors and hospitals; and wholesale of orthopaedic goods.

Financial Data

Financials in:	EUR(mil)
Assets:	16.0
Current Assets:	15.5
Total Liabilities:	16.0
Net Worth:	8.7
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

Key Corporate Relationships

Bank:

ING Bank NV

Corporate family

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nash Ii B.V.	Parent
Imres B.V.	Subsidiary	Lelystad, Flevoland	Netherlands	Health and Personal Care Wholesale

Executives Report

Executives

Name	Title	Function
Geert Schutte	Managing director	Managing Director
Nico Zee	Managing director	Managing Director
J. Kleiburg	Head of accounting department	Accounting Executive
E. Van Boven	Sales manager	Sales Executive
J. Den Ouden	EDP manager	Information Executive

News

Air cargo transport; E¦ Cotton ball or fiber; E¦ Injection ; aspiration needles; E¦ Laboratory Equipment; E¦ Patient bibs Mena Report (235 Words)	28-Mar-2013
FirstSource II: DHS names final winners Washington Business Journal, The (Washington, D.C.) (62 Words)	11-Jan-2013
A*STARs IMRE and Cima NanoTech to develop materials for next generation transparent conductors Innovations Report (902 Words)	20-Nov-2012
A*STAR's IMRE and Cima NanoTech to develop materials for next generation transparent conductors Innovations Report (902 Words)	20-Nov-2012

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Gross profit	14.7	12.8	10.8
Total payroll costs	3.5	3.4	2.6
Change in value of fixed assets arising from revaluation	0.2	0.2	0.2
Other operating costs	1.7	1.6	1.9
Net operating income	9.3	7.6	6.1
Total expenses	-	0.4	-
Profit before tax	9.1	7.2	5.9
Profit attributable to minority interest shareholdings	-	-	0.0
Profit on ordinary activities after tax	6.8	5.4	4.4
Total taxation	2.3	1.8	1.5
Profit after tax	6.8	5.4	4.4
Net profit	6.8	5.4	4.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Other reserves	11.5	9.3	4.3
Total stockholders equity	11.5	9.3	4.4
Provisions and allowances	0.1	0.2	0.2
Total long-term liabilities	0.0	0.0	0.0
Total current liabilities	9.5	7.0	10.8
Total liabilities (including net worth)	21.2	16.5	15.4
Total tangible fixed assets	0.7	0.7	0.8
Total asset investment	0.0	0.2	0.0
Total non-current assets	0.7	0.9	0.8
Net stocks and work in progress	5.8	5.4	5.3
Total receivables	14.5	10.1	9.1
Cash and liquid assets	0.1	0.0	0.2
Total current assets	20.4	15.6	14.6
Total assets	21.2	16.5	15.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	2.20	2.20	1.40
Acid test ratio	1.50	1.40	0.90
Current liabilities to net worth	0.83%	0.75%	2.49%
Fixed assets to net worth	0.06%	0.10%	0.18%
Return on assets	0.44%	0.41%	0.39%
Shareholders' return	0.81%	0.72%	1.38%
Profit per employee	114.02	90.76	84.36
Return on capital	0.80%	0.66%	1.32%
Average wage per employee	43.97	42.31	37.36
Net worth	11.5	9.3	4.4
Number of employees	62	57	53

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.99.49
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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.