MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	STADA NORDIC APS

Formerly Known As :	PHARMACODANE APS

Registered Office :	Marielundvej 46 A, Herlev 2730

Country :	Denmark

Date of Incorporation :	01.02.1990

Com. Reg. No.:	13902992

Legal Form :	Private limited company

Line of Business :	Wholesale of Pharmaceutical and Nursing Goods.

No. of Employee :	19

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 :	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)

Denmark

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

DENMARK ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-13, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009, where it remains. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 46% of GDP in 2013. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

Source : CIA

Company Summary

Business Name	Stada Nordic ApS
Country	DENMARK
Company Registration Number	13902992
Activity Code	464610
Activity Description	Wholesale of pharmaceutical and nursing goods
Company Status	Active (Active)
Latest Turnover Figure	197.614.000 DKK
Latest Shareholder Equity Figure	99.130.000 DKK
Creditsafe International Score (A - E)	C
Creditsafe International Description	Credit Worthy
Credit Limit	100.000 DKK
Local Score (0 - 100)	65
Local Description	Businesses at this level are regarded as creditworthy. Small businesses at this level generate results which are among the best in the country or are run on a sound financial platform. Large businesses at this level have good results or are normally run on a sound financial platform.

Basic Information

Business Name	Stada Nordic ApS
Registered Company Name	Stada Nordic ApS
Company Registration Number	13902992
Country	DENMARK
Date of Company Registration	01/02/1990
Legal Form	Private limited company
Company Status	Active (Active)
Currency of this Report	DKK
Principal Activity Code	464610
Principal Activity Description	Wholesale of pharmaceutical and nursing goods
Contact Address	Marielundvej 46 A, Herlev 2730
Contact Telephone Number	44859999

Main Address

Address	Country	Telephone
Marielundvej 46 A, Herlev 2730	DENMARK	44859999

Activities

Activity Code	Activity Description
464610	Wholesale of pharmaceutical and nursing goods

Email Addresses

mail@pharmacodane.dk

Web Pages

www.pharmacodane.dk

Previous Names

Previous Name KBIL 15 1160 ApS Pharmacodane ApS

Employee Information

Year	Number of Employees
2013	19
2012	21
2011	28

Real Estate

Other Trading Names

Type	Name
Business name	Dermalog ApS
Business name	Pharmacodane ApS

Global Trading Information

Export Scandinavia

Import --

Other Information

Type	Text
No. of employees	According to information from the business the number of employees is 19.
Historical data	In 30.04.1998 the company took over the activities previously carried on by Pharmacodane K/S, Reg.nr.: 228.187.
Historical data	The company merged on 29-09-2009 with Dermalog ApS (CVR 26712726) , the registered company being the continuing one.
Capital conditions	fully paid up
Authorisation to sign	The entire Board of Directors or a Member of the Board of Directors and a General Manager.

Additional Accounts Information

Date Format	MM-DD
Accounts Start Date	01-01
Accounts End Date	12-31

Profit and Loss

Financial Year	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
Revenue	197.614.000	202.816.000	263.890.000
Operating Profit	7.376.000	14.375.000	21.832.000
Retained Profit	5.018.000	1.595.000	15.667.000

Balance Sheet

Financial Year	2013	2012	2011
Number of Weeks	52	52	52
Currency	DKK	DKK	DKK
TOTAL ASSETS	162.067.000	160.459.000	142.142.000
Other Reserves	99.130.000	94.111.000	92.516.000

Share Capital Structure

Nominal Share Capital 1.200.000 DKK

Shareholders

Shareholder	Address	% Shares Held
Bepha Beteiligungsgesellsel- lschaf	DEU	100

Current Directors

Name	Appointment Date	Position
Inge-Merete Larsen	27/07/2001	Managing director
Luc Maurice Godelieva Slegers	21/03/2011	Chairman

Name	Appointment Date	Position
Berit Goldmann	22/08/2012	Finance

Ultimate Holding Parent

Ultimate Holding Company Name Bepha Beteiligungsgesellsel- Ischaf

Ultimate Holding Company Country

Subsidiary Companies

Subsidiary Name Country

No subsidiaries for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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%)

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