MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	STADA ARZNEIMITTEL GESELLSCHAFT M.B.H.
Registered Office :	Muthgasse  36/2, A-1190 Wien
Country :	Austria
Financials (as on) :	31.12.2013
Date of Incorporation :	13.02.1989
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of pharmaceutical products
No. of Employees :	40

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Austria	A2	A2

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

AUSTRIA - ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP

Source : CIA

Company name and address

Company name:	STADA ARZNEIMITTEL GESELLSCHAFT M.B.H.
Status:	active company
Locations:	Muthgasse  36/2, A-1190 Wien
Phone:	0043 (1) 3678585
Fax:	0043 (1) 3678585 - 85
E-mail:	office@stada.at
Internet:	http://www.stada.at
Activities:	Önace 46461 100% Wholesale of pharmaceutical products
Detail Assessment:	Merchandise is mainly imported. Domestic obligations are settled within net agreements.
	Financial situation is satisfactory.

Additional company information

Year of incorporation:	1989
Activities:
Type of company:	Wholesale and retail trade; repair of motor vehicles
Legal form:	limited liability company since 1989-01-24
companies' house number:	FN 52069 y Wien 1989-02-13
VAT number:	ATU 34739405
DVR number:	1020587
ARA-number:	1553
number - Austrian National Bank:	1209507
Import		Country
Import		Germany	2014

Financial data

total turnover (total sales)	2013	EUR  17.339.631,53	(exact)
total turnover (total sales)	2012	EUR  15.515.360,51	(exact)
total turnover (total sales)	2011	EUR  14.186.443,35	(exact)
total turnover (total sales)	2010	EUR  14.710.017,50	(exact)
total turnover (total sales)	2009	EUR  14.417.631,04	(exact)
total employees	2014	40	(approx.)
white collar workers	2014	40	(approx.)
total investments	2012	EUR  168.201,60	(exact)
total company vehicles	2014	27	(approx.)

Extraxt from the Companies' House:

firm (style):

1 STADA Arzneimittel Gesellschaft m.b.H.

legal form:

1 Gesellschaft mit beschränkter Haftung

registered office:

7 politischer Gemeinde Wien

business adress:

19 Muthgasse 36/2
1190 Wien

capital:

23 EUR 2.571.200

reference date annual accounts:

1 31. Dezember

annual accounts:

30 zum 31.12.2013 eingereicht am 28.08.2014

power of representation:

1 Die Generalversammlung bestimmt, wenn mehrere Geschäfts-
führer bestellt sind, deren Vertretungsbefugnis.
1 Gesellschaftsvertrag vom 24.01.1989 001
4 Generalversammlungsbeschluss vom 13.05.1998 002
Neufassung des Gesellschaftsvertrages.
7 Generalversammlungsbeschluss vom 05.05.1999 004
Änderung des Gesellschaftsvertrages in § 1
8 Generalversammlungsbeschluss vom 23.11.1999 005
Kapitalerhöhung um ATS 21.000.000,- .
Änderung des Gesellschaftsvertrages im § 4.
11 Gesellschaftsvertrag mit Generalversammlungsbeschluss 006
vom 13.09.2001
gemäß 1. Euro-JuBeG angepasst.
11 Generalversammlungsbeschluss vom 13.09.2001 007
Kapitalerhöhung um EUR 24,23.
Änderung des Gesellschaftsvertrages in den §§ 4, 9, 12 und
18.
23 Generalversammlungsbeschluss vom 14.08.2008 008
Kapitalerhöhung um EUR 500.000,-- durch Sacheinlage.
Änderung des Gesellschaftsvertrages im § 4
29 Verschmelzungsvertrag vom 27.05.2013 009
29 Generalversammlungsbeschluss vom 27.05.2013 010
Diese Gesellschaft wurde als
übernehmende Gesellschaft mit der
STADA GmbH
(FN 237553 v)
als übertragender Gesellschaft verschmolzen.
Sitz der übertragenden Gesellschaft in Mödling.

managing director:

G Bernd Leiter, geb. 14.04.1962
20 vertritt seit 04.09.2007 selbständig

shareholder:

B STADA - ARZNEIMITTEL
Aktiengesellschaft,
Bad Vilbel, BRD (HRB 1290 Amtsgericht
Bad Vilbel)
23 .................. EUR 2.571.200
23 ............................................. EUR 2.571.200
------------------------------------------------------
Summen: EUR 2.571.200 EUR 2.571.200

general table:

Landesgericht Salzburg
1 Ersterfassung abgeschlossen am 29.09.1993 Geschäftsfall 913 Fr 1172/93 g
Ersterfassung gem. Art. XXIII Abs. 4 FBG
4 eingetragen am 24.07.1998 Geschäftsfall 24 Fr 5515/98 a
Antrag auf Änderung eingelangt am 16.07.1998
Handelsgericht Wien
7 eingetragen am 21.10.1999 Geschäftsfall 71 Fr 7305/99 i
Antrag auf Sitzverlegung eingelangt am 28.06.1999
8 eingetragen am 14.01.2000 Geschäftsfall 73 Fr 5235/99 f
Antrag auf Änderung eingelangt am 07.12.1999
11 eingetragen am 31.10.2001 Geschäftsfall 73 Fr 13897/01 d
Antrag auf Änderung eingelangt am 24.10.2001
17 eingetragen am 01.07.2006 Geschäftsfall 73 Fr 7154/06 g
Antrag auf Änderung eingelangt am 26.06.2006
19 eingetragen am 15.02.2007 Geschäftsfall 73 Fr 1003/07 w
Antrag auf Änderung eingelangt am 26.01.2007
20 eingetragen am 21.09.2007 Geschäftsfall 73 Fr 9390/07 d
Antrag auf Änderung eingelangt am 13.09.2007
23 eingetragen am 11.10.2008 Geschäftsfall 75 Fr 9837/08 i
Antrag auf Änderung eingelangt am 09.09.2008
29 eingetragen am 16.07.2013 Geschäftsfall 71 Fr 10122/13 v
Antrag auf Änderung eingelangt am 17.06.2013
30 eingetragen am 02.09.2014
Elektronische Einreichung Jahresabschluss eingelangt am 28.08.2014

Real estate

Real estate KSV text:

No real estate property registered

Private data

Surname	Date of birth	Address	Executive positions	Further executive positions (as registered in the companies' house)
Bernd Leiter	1962-04-14	1030 Wien Am Modenapark 6	manager	0
Dieter Fabich		1190 Wien Muthgasse 36(c/o)	head of purchasing	0
Bernd Langmann		1140 Wien Albert Schweitzergasse 3(c/o)	head of sales	0
Dr.  Gabriele Hartl		1190 Wien Muthgasse 36(c/o)	head of marketing	0

Balance Sheet 

(absolute) all amounts in EUR 

	2013-12-31
Franchises, patents, licences, trademarks and similar rights and advantages	218.392,30
Advanced payments	1.600,00
Sum intangible assets	219.992,30
Other operating and business equipment	34.196,40
Sum tangible assets	34.196,40
Other financial assets, values and securities of fixed assets	10.625,00
Sum financial assets	10.625,00
Sum fixed assets	264.813,70
Finished products	5.119.051,00
Sum stock	5.119.051,00
Claims from delivered goods and performed services	603.020,05
Claims against related firmes Claims against companies with shareholding relationship	1.579.637,53
Other claims and assets	104.672,98
Sum claims	2.287.330,56
Cash on hand, cheques and bank deposits	1.019.121,19
Sum cash and bank	1.019.121,19
Sum current assets	8.425.502,75
Deferred charges	118.389,03
Sum deferred charges	118.389,03
Assets	8.808.705,48
Subscribed/declared capital	2.571.200,00
Not committed capital reserves	449.594,20
Free reserves	16.818,17
Balance sheet profit/balance sheet loss	2.677.026,47
Thereof profit/loss carried forward	1.804.724,97
Sum equity capital	5.714.638,84
Tax reserves	230.509,40
Other reserves	763.151,81
Sum reserves	993.661,21
Liabilities from delivered goods and performed services	1.065.998,93
Liabilities against related firms	784.176,23
Other liabilities	250.230,27
Sum liabilities	2.100.405,43
Liabilities	8.808.705,48
Balance sheet sum	8.808.705,48

P / L Account 

(absolute) all amounts in EUR 

	2013-12-31
Gross sales	17.339.631,53
Total turnover or gross profit	17.339.631,53
Other operating profits	1.688.392,67
Other operating profits totally	1.688.392,67
Costs for obtained services	-861.016,22
Material costs	-9.304.205,16
Costs for obtained services totally	-10.165.221,38
Salaries	-2.464.773,74
Costs for severance pays	-214.081,99
Legal fringe benefits and other payments depending on salaries	-640.556,68
Other social fringe benefits	-11.797,93
Personnel expenses totally	-3.331.210,34
Depreciation of intangible assets, tangible assets,activated expenses for the set up and expansion of business operation	-112.359,54
Depreciation tangible assets / intangible assets totally	-112.359,54
Other operating costs	-4.427.133,61
Total costs	-4.427.133,61
Operating result totally	992.099,33
Income from other securities and loans of financial assets	445,00
Interest income, securties income and similar income	9.490,03
Interest and similar disbursements	-10.632,35
Financial profits totally	-697,32
Results from usual business activity totally	991.402,01
Taxes on income and profits	-119.100,51
Taxes on income and profits totally	-119.100,51
Annual surplus/annual deficit totally	872.301,50
Annual profit/annual loss totally	872.301,50
Profit and loss carried forward from previous year	1.804.724,97
Transfer of profits totally	1.804.724,97
B/S profit/ B/S loss from profit and loss account	2.677.026,47

Key ratios

	2013
Cash flow II	984.661,04
Debt amortisation period	2,10
Bank indebtedness	0,00
Equity capital share	64,87
Social capital share	0,00
Fixed assets coverage	2.157,98
Net profit ratio	5,71
Capital turnover	1,96
Return on investment	11,37
Cash flow in % of operating performance	5,67
Cash flow I	1.103.761,55
Gross productivity	5,20
Net productivity	2,15
Operating performance	17.339.631,53
Inventories in % of operating performance	29,52
Gross profit	7.174.410,15

Locations

Type	Locations	Description
		E-mail
operational	Muthgasse  36/2, A-1190 Wien	registered office
operational	Muthgasse  36/2, A-1190 Wien	registered headquarters, rented premises
		office@stada.at
former	Heiligenstädterstraße  52/2/8, A-1190 Wien	registered headquarters
former	Heiligenstädter Straße  52/2/8, A-1190 Wien	office
former	Penzingerstraße  41, A-1140 Wien	registered headquarters
former	Anif  36, A-5081 Anif	office
former	Heiligenstädterstraße  52/2/8, A-1190 Wien	registered office
former	Anif  36, A-5081 Anif	registered office

related companies

Company name		Stake in %	KSV-number
Shares in this company are held by:
STADA Arzneimittel AG	Bad Villbel	100 % 1993-09-29	242.478

Bankers

Banker	Bank sort code	Type of banking connection
RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG, 1011 Wien	32000	main bank connection

Historical development

Year of incorporation:	1989
Date of registration:	1989-02-13

Change in share capital:
From	To	Capital
	2000-01-17	ATS  7.500.000,00
2000-01-17	2001-10-31	ATS  28.500.000,00
2001-10-31	2008-10-11	EUR  2.071.200,00
2008-10-11		EUR  2.571.200,00

Former executives:
From	To	Function	Name
	1997-08-30	manager	Dkfm. Christoph Küenburg
	2002-12-18	manager	Dieter Rudolph
1999-10-21	2007-09-21	manager	Wolfgang Alfred Jeblonski
2006-07-01	2007-09-21	joint signing clerk	Bernd Leiter
1997-08-30	2007-09-21	manager	Dr.med. Ulf Walter Robert Pangratz
2002-12-18	2007-09-21	manager	Hartmut Retzlaff

Mergers:
Date	Function	Name
2013-07-16	merged with	STADA GmbH

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.41
UK Pound	1	Rs.99.31
Euro	1	Rs.79.00

INFORMATION DETAILS

Analysis Done by :	DIV
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.