MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	STADA PHARMA SLOVAKIA, S. R. O.

Registered Office :	Digital Park III, Einsteinova 19, 851 01 Bratislava

Country :	Slovakia

Financials (as on) :	31.12.2013

Date of Incorporation :	10.12.2007

Com. Reg. No.:	Sro 50137/B

Legal Form :	Limited liability company (Ltd.)

Line of Business :	Distribution and sale of drugs Wholesale of pharmaceutical goods

No of Employees :	37

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow But Correct

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)

Slovakia

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

SLOVAKIA ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. After a period of relative stagnation in the early and mid 1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, low taxes, no dividend taxes, a relatively liberal labor code, and a favorable geographical location are Slovakia's main advantages to foreign investors. Growth returned, following a contraction in 2009, but has remained sluggish in large part due to continued weakness in external demand. In 2012 the government of Prime Minister Robert FICO rolled back some of Slovakia's pro-growth reforms to help shore up public finances. Corruption and slow dispute resolution remain key factors constraining economic growth.

Source : CIA

COMPANY NAME & ADDRESS

STADA PHARMA Slovakia, s. r. o.

Digital Park III, Einsteinova 19,

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 details

Legal form	Limited liability company (Ltd.)
Established on		10/12/2007 - Limited liability company (Ltd.)

	Last entry in Business register
	21.03.2014

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 sole power of attorney
General data	Distribution and sale of drugs

	Main activity: Wholesale of pharmaceutical goods		(46.46)
	Export: Bulgaria Denmark

	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: Digital Park III, Einsteinova 19, 851 01 Bratislava Beginning of validity: 21.03.2014

	Einsteinova 23, 851 01 Bratislava Beginning of validity: 31.08.2011 End of validity: 20.03.2014
	Smrečianska 21, 811 05 Bratislava Beginning of validity: 19.01.2008 End of validity: 30.08.2011

Employees	2012	29 employees
	2013	34 employees

2014

37 employees

Annual turnover

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,-

2013

Enterprise turnover

EUR

14 078 191,-

Balance sheets

Balance sheets

The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 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)

The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)
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)

Remarks

Remarks

Other informations are not available.

	The company fused on 04.10.2012 with STADA Slovakia, s.r.o., Einsteinova 23, 851 01 Šaľa, ID 35 858 991. Upper stated corporation took over all rights and liabilities of the deleted company.
Bank relations	Tatra banka, a.s.:

Company development	Company development positive	(20)
Business course	good	(20)

Terms of payment	Mostly no complaints, but occasional delays / reminders	(31)
Business connection	Credits and the establishing of the business connection are allowed.	(21)

A. The enclosed balance of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.12.2010 - 1 EUR)
B. 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)
C. 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)
D. The enclosed balance of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

Balance

balance	A 31.12.2010	B 31.12.2011	C 31.12.2012	D 31.12.2013
Total assets	582 873	5 964 762	6 916 070	7 504 578
Non-current assets	59 041	55 910	40 256	38 030
Intangible fixed assets	0	0	0	0
Incorporation expenses	0
Development expenses	0	0	0	0
Software	0	0	0	0
Valuable rights	0	0	0	0
Goodwill	0	0	0	0
Other intangible fixed assets	0	0	0	0
Acquisition of intangible fixed assets	0	0	0	0
Advance payments for intangible fixed assets	0	0	0	0
Tangible fixed assets – total	59 041	55 910	40 256	38 030
Lands	0	0	0	0
Constructions	0	44 595	34 684	24 773
Separate movable assets and sets of movable assets	59 041	11 315	5 572	13 257
Perennial crops	0	0	0	0
Breeding and draught animals	0	0	0	0
Other tangible fixed assets	0	0	0	0
Acquisition of tangible fixed assets	0	0	0	0
Advance payments for tangible fixed assets	0	0	0	0
Adjustment to acquired assets	0	0	0	0
Long-term financial investments	0	0	0	0
Shares and ownership interests with control influence in enterprises	0	0	0	0
Shares and ownership interests with substantial influence of enterprises	0	0	0	0
Other long-term shares and ownership interests	0	0	0	0
Intercompany loans	0	0	0	0
Other long-term financial investments	0	0	0	0
Loans with maturity up to one year	0	0	0	0
Acquisition of long-term financial investments	0	0	0	0
Advance payments for long-term assets	0	0	0	0
Current assets	519 393	5 904 520	6 704 081	7 454 229
Inventory - total	0	2 510 451	3 143 457	3 445 851
Material	0	0	0	0
Work-in-progress and semi-finished goods	0	0	0	0
Construction contracts where the expected time of completion exceeds one year	0
Finished products	0	0	0	0
Animals	0	0	0	0
Merchandise	0	2 510 451	3 143 457	3 445 851
Advance payments made for inventory	0	0	0	0
Long-term receivables – total	0	0	13 177	53 636
Trade receivables	0	0	0	0
Net value of contract	0	0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0	0
Other intercompany receivables	0	0	0	0
Receivables from participants, members and association	0	0	0	0
Other receivables	0	0	0	0
Deffered tax asset	0	0	13 177	53 636
Short - term receivables – total	352 056	2 334 257	2 930 795	3 460 415
Trade receivables	257 613	2 315 113	2 913 552	3 142 053
Net value of contract	0	0	0	0
Receivables from a controlled entity and a controlling entity	0	0	0	0
Other intercompany receivables	0	0	0	0
Receivables from participants, members and association	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	85 612	3 587	1 458	306 728
Other receivables	8 831	15 557	15 785	11 634
Financial accounts – total	167 337	1 059 812	616 652	494 327
Cash	26 393	4 713	1 350	908
Bank accounts	140 944	1 055 099	615 302	493 419
Bank accounts with notice period exceeding one year	0	0	0	0
Short-term financial assets	0	0	0	0
Acquisition of short-term financial assets	0	0	0	0
Prepayments	4 439	4 332	171 733	12 319
Deferred expenses long term	0	0	0	0
Deferred expenses short term	4 439	4 332	171 733	12 319
Accrued revenues long term	0	0	0	0
Accrued revenues short term	0	0	0	0
Total capital and liabilities	582 873	5 964 762	6 916 070	7 504 578
Capital	323 739	895 214	2 264 419	2 149 755
Registered capital - total	50 000	50 000	192 734	192 734
Registered capital – total	50 000	50 000	192 734	192 734
Own shares and own business shares	0	0	0	0
Change in registered capital	0	0	0	0
Receivables for subscriptions (for own equity capital)	0	0	0	0
Capital funds – total	3 338	3 338	4 002	4 002
Share premium	0	0	0	0
Other capital funds	-2 536	-2 536	-2 536	-2 536
Legal reserve fund (Non-distributable fund) from capital contributions	5 874	5 874	6 538	6 538
Gains or losses from revaluation of assets and liabilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Gain or losses from revaluation from join and divesting	0	0	0	0
Funds created from profit – total	8 697	8 697	22 307	22 307
Legal reserve fund	8 697	8 697	22 307	22 307
Indivisible funds	0	0	0	0
Statutory funds and other funds	0	0	0	0
Retained profit or loss from previous years	208 293	261 704	931 378	1 089 668
Retained earnings from previous years	208 293	261 704	931 378	1 089 668
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	53 411	571 475	1 113 998	841 044
Liabilities	259 054	5 069 548	4 651 651	5 354 823
Reserves – total	39 910	60 324	108 580	152 306
Legal reserves long term	0	0	0	0
Legal reserves short term	0	51 698	0	77 816
Other long-term reserves	0	0	0	0
Other short-term reserves	39 910	8 626	108 580	74 490
Long-term liabilities - total	3 968	5 570	9 067	10 757
Long-term trade liabilities – total	0	0	0	0
Net value of contract	0	0	0	0
Uninvoiced long-term supplies	0	0	0	0
Long-term liabilities to a controlled entity and a controlling entity	0	0	0	0
Other intercompany long-term liabilities	0	0	0	0
Long-term advances received	0	0	0	0
Long-term bills of exchange to a paid	0	0	0	0
Bonds issued	0	0	0	0
Liabilities from social fund	3 968	5 570	9 067	10 757
Other long-term liabilities	0	0	0	0
Deffered tax liability	0	0	0	0
Short-term liabilities - total	215 176	5 003 654	4 513 004	5 191 760
Trade liabilities	104 869	807 948	856 527	4 164 057
Net values of contract	22 801	0	0	0
Uninvoiced supplies	0	17 056	106 006	28 958
Liabilities to a controlled entity and a controlling entity	0	3 988 883	3 257 288	803 069
Other intercompany liabilities	0	0	0	0
Liabilities to partners and participants in association	0	0	0	0
Liabilities to employees	31 019	19 187	22 853	65 384
Social security liabilities	24 506	22 218	32 804	37 560
Taxation and subsidies	15 137	148 362	185 727	92 372
Other liabilities	16 844	0	51 799	360
Short-term financial assistance	0	0	21 000	0
Bank loans	0	0	0	0
Long-term bank loans	0	0	0	0
Current bank loans	0	0	0	0
Prepayments - total	80	0	0	0
Accrued expenses long term	0	0	0	0
Accrued expenses short term	80	0	0	0
Deferred revenues long term	0	0	0	0
Deferred revenues short term	0	0	0	0
A. The enclosed profit/loss account of 2010 is originated from official source, we do not have information about the clause of the auditor. (31.12.2010 - 1 EUR) B. 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) C. 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) D. The enclosed profit/loss account of 2013 is originated from official source, we do not have information about the clause of the auditor. (31.12.2013 - 1 EUR)

profit/loss account

profit/loss account	A 31.12.2010	B 31.12.2011	C 31.12.2012	D 31.12.2013
Revenue from the sale of merchandise	0	6 912 302	10 279 435	14 078 191
Cost of merchandise sold	0	3 368 358	4 685 941	5 859 016
Trade margin	0	3 543 944	5 593 494	8 219 175
Production	2 324 936	522 668	0	0
Revenue from the sale of own products and services	2 324 936	522 668	0	0
Change in inventory	0	0	0	0
Own work capitalized	0	0	0	0
Purchased consumables and services	1 245 182	1 979 837	2 962 330	5 707 500
Consumed raw materials, energy consumption and consumption of other non-inventory supplies	345 331	332 937	436 834	295 283
Services	899 851	1 646 900	2 525 496	5 412 217
Added value	1 079 754	2 086 775	2 631 164	2 511 675
Personnel expenses - total	873 761	1 132 826	1 480 282	1 326 633
Wages and salaries	679 897	912 195	1 135 937	958 581
Remuneration of board members	0	0	0	0
Social security expenses	183 720	209 570	252 379	338 909
Social expenses	10 144	11 061	91 966	29 143
Taxes and fees	3 774	3 929	27 549	348
Depreciation expense of intangible and tangible fixed assets	69 869	52 239	15 654	13 633
Revenues from sales of fixed assets and sales of materials	3 961	16 288	17 481	3 062
Net book value of fixed assets sold and material sold	7 070	4 652	424	0
Additions to and reversals of impairment losses	0	0	0	0
Other operating revenues	5 293	2 365	613 604	888
Other operating expenses	1 660	5 800	209 039	225 947
Transfer of operating revenues	0	0	0	0
Transfer of operating expenses	0	0	0	0
Profit or loss from operations	132 874	905 982	1 529 301	949 064
Revenues from sales of shares and ownership	0	0	0	0
Shares and ownership interests sold	0	0	0	0
Revenues from long-term financial assest	0	0	0	0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises	0	0	0	0
Revenues from other long-term ownership and shares	0	0	0	0
Revenues from other long-term financial assest	0	0	0	0
Revenues from short-term financial assest	0	0	0	0
Expenses for short-term financial assets	0	0	0	0
Revenues from revaluation of securities and revenues from derivative operations	0	0	0	0
Expenses for revaluation of securities and expenses for derivative operations	0	0	0	0
Reversal and creation of value adjustments for financial assets	0	0	0	0
Interest income	90	296	110	89
Interest expense	14 757	139 521	116 189	93 473
Exchange rate gains	238	11 329	38	30
Exchanges rate losses	42	19 507	14 963	153
Other financial revenues	2	1	1	0
Other financial expenses	16 825	21 855	2 683	3 940
Transfer of financial revenues	0	0	0	0
Transfer of financial expenses	0	0	0	0
Profit or loss from financial activities	-31 294	-169 257	-133 686	-97 447
Profit or loss from ordinary activities before tax	101 580	736 725	1 395 615	851 617
Income tax on ordinary activities	48 169	165 250	281 617	10 573
- current	48 169	165 250	294 794	51 033
- deferred	0	0	-13 177	-40 460
Profit or loss from ordinary activities after tax	53 411	571 475	1 113 998	841 044
Extraordinary revenues	0	0	0	0
Extraordinary expenses	0	0	0	0
Profit or loss from extraordinary activities before tax	0	0	0	0
Income tax on extraordinary activities	0	0	0	0
- current	0	0	0	0
- deferred	0	0	0	0
Profit or loss from extraordinary activities after tax	0	0	0	0
Profit or loss of the accounting period before tax	101 580	736 725	1 395 615	851 617
Transfer of profit or loss to partners	0	0	0	0
Profit or loss of the accounting period after tax	53 411	571 475	1 113 998	841 044
Receivables after due date				0
Liabilities after due date			107 945	11 473

Ratios

Ratios		2010	2011	2012	2013
	Return on total assets ROA (in %)	9,16	9,58	16,11	11,21

	Return on equity ROE (in %)	16,5	63,84	49,2	39,12
	Rentabilität der Einnahmen ROS (in %)	2,3	7,69	10,84	5,97

	Turnover of receivables (in days)	40,44	114	103	81,46
	Turnover of liabilities (in days)	16,46	39,66	30,41	108

	Turnover of inventories (days)	0	123	112	89,34
	Net working capital	304217	900866	2170077	2262469

	Ratio of accounts payable to accounts receivable	161	46,6	65,1	67,55
	Ratio of profit/loss to tangible assets (in%)	2,54	0,75	0,39	0,27

	Current ratio	2,41	1,18	1,48	1,43
	Quick ratio	2,41	0,68	0,78	0,76

	Cash ratio	0,78	0,21	0,14	0,1
	Debt ratio I (in %)	44,46	84,99	67,26	71,35

		Debt ratio II (in %)	44,44	84,99	67,26	71,35
Copyright: Creditreform, s.r.o., Slovakia	Credit reports provided by Creditreform are intended solely for the recipient. Content of the credit report is determined in accordance to the data protection law of the respective country. When purchasing a credit report the recipient agrees to the following conditions. Creditreform accepts no liability – excluding deliberate acts – in respect to the contents of the credit report being correct or that the recipient can use it for the intended purposes. The same applies to legal representatives or agents of Creditreform. The recipient may only process or use the provided data for the purpose of which they have been transmitted; disclosure to third parties is not permitted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.31
UK Pound	1	Rs. 98.67
Euro	1	Rs. 78.10

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.