MIRA INFORM REPORT

Report No. :	353799
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	STADA PHARMA SLOVAKIA S.R.O.
Registered Office :	Digital Park III, Einsteinova 19, 851 01 Bratislava
Country :	Slovakia
Financials (as on) :	31.12.2014
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 :	34 [2014]

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.

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: exco@exco.sk
E-Mail: jaroslava.snegonova.jr@stada.sk
E-Mail: stada@stada.sk
E-Mail: viera.parkaniova@stada.sk
Web: www.stada.sk

Company summary

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
E-Mail:
exco@exco.sk

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

	2015	34 employees
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,-
2014	Enterprise turnover	EUR	16 029 220,-

Balance sheets

The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 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 profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR) 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)

Remarks	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	Within agreed terms	(22)
Business connection	Credits and the establishing of the business connection are allowed.	(21)

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)
C. 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)
D. The enclosed balance of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

Financials statement

Balance	A 31.12.2011	B 31.12.2012	C 31.12.2013	D 31.12.2014
Total assets	5 964 762	6 916 070	7 504 578	7 631 568
Non-current assets	55 910	40 256	38 030	46 527
Intangible fixed assets	0	0	0	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	55 910	40 256	38 030	46 527
Lands	0	0	0	0
Constructions	44 595	34 684	24 773	30 841
Separate movable assets and sets of movable assets	11 315	5 572	13 257	15 686
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
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
Shares and ownership interests in affiliated accounting entities			0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities			0	0
Other available-for-sale securities and ownership interests			0	0
Loans to affiliated accounting entities			0	0
Loans within participating interest, except for affiliated accounting entities			0	0
Other loans			0	0
Debt securities and other non-current financial assets			0	0
Loans and other non-current financial assets with remaining maturity of up to one year			0	0
Bank accounts with notice period exceeding 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	5 904 520	6 704 081	7 454 229	7 569 353
Inventory - total	2 510 451	3 143 457	3 445 851	3 023 745
Material	0	0	0	0
Work-in-progress and semi-finished goods	0	0	0	0
Finished products	0	0	0	0
Animals	0	0	0	0
Merchandise	2 510 451	3 143 457	3 445 851	3 009 941
Advance payments made for inventory	0	0	0	13 804
Long-term receivables – total	0	13 177	53 636	49 915
Trade receivables	0	0	0	0
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Trade receivables from affiliated accounting entities			0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Other trade receivables			0	0
Net value of contract	0	0	0	0
Other receivables from affiliated accounting entities			0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Receivables from participants, members and association	0	0	0	0
Receivables related to derivative transactions			0	0
Other receivables	0	0	0	0
Deffered tax asset	0	13 177	53 636	49 915
Short - term receivables – total	2 334 257	2 930 795	3 460 415	3 668 889
Trade receivables	2 315 113	2 913 552	3 142 053	3 657 800
Receivables from a controlled entity and a controlling entity	0	0
Other intercompany receivables	0	0
Trade receivables from affiliated accounting entities			0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Other trade receivables			3 142 053	3 657 800
Net value of contract	0	0	0	0
Other receivables from affiliated accounting entities			0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities			0	0
Receivables from participants, members and association	0	0	0	0
Social security	0	0	0	0
Taxation and subsidies	3 587	1 458	306 728	0
Receivables related to derivative transactions			0	0
Other receivables	15 557	15 785	11 634	11 089
Short-term financial assets	0	0	0	0
Current financial assets in affiliated accounting entities			0	0
Current financial assets, not including current financial assets in affiliated accounting entities			0	0
Own shares and own business shares	0	0	0	0
Acquisition of short-term financial assets	0	0	0	0
Financial accounts – total	1 059 812	616 652	494 327	826 804
Cash	4 713	1 350	908	203
Bank accounts	1 055 099	615 302	493 419	826 601
Prepayments	4 332	171 733	12 319	15 688
Deferred expenses long term	0	0	0	0
Deferred expenses short term	4 332	171 733	12 319	15 688
Accrued revenues long term	0	0	0	0
Accrued revenues short term	0	0	0	0
Total capital and liabilities	5 964 762	6 916 070	7 504 578	7 631 568
Capital	895 214	2 264 419	2 149 755	2 323 724
Registered capital - total	50 000	192 734	192 734	192 734
Registered capital – total	50 000	192 734	192 734	192 734
Change in registered capital	0	0	0	0
Capital funds – total	3 338	4 002
Receivables for subscriptions (for own equity capital)	0	0	0	0
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	6 538
Legal reserve funds			28 845	28 845
Legal reserve fund and non-distributable fund			28 845	28 845
Reserve fund for own shares and own ownership interests			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
Other funds created from profit			0	0
Statutory funds			0	0
Other funds			0	0
Differences from revaluation - total			0	0
Gains or losses from revaluation of assets and liabilities	0	0	0	0
Gains or losses from investments	0	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	0	0	0	0
Retained profit or loss from previous years	261 704	931 378	1 089 668	1 930 712
Retained earnings from previous years	261 704	931 378	1 089 668	1 930 712
Retained earnings from previous years	0	0	0	0
Profit or loss for the accounting period	571 475	1 113 998	841 044	173 969
Liabilities	5 069 548	4 651 651	5 354 823	5 307 844
Reserves – total	60 324	108 580
Long-term liabilities - total	5 570	9 067	10 757	2 361
Long-term trade liabilities – total	0	0	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
Trade liabilities to affiliated accounting entities			0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other trade liabilities			0	0
Net value of contract	0	0	0	0
Other liabilities to affiliated accounting entities			0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other 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	5 570	9 067	10 757	2 361
Other non-current liabilities			0	0
Non-current liabilities related to derivative transactions			0	0
Deffered tax liability	0	0	0	0
Long-term provisions			0	0
Legal provisions	0	0	0	0
Legal reserves short term	51 698	0
Other short-term reserves	8 626	108 580
Other provisions	0	0	0	0
Long-term bank loans	0	0	0	0
Short-term liabilities - total	5 003 654	4 513 004	5 191 760	5 074 055
Trade liabilities	807 948	856 527	4 193 015	1 342 199
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
Trade liabilities to affiliated accounting entities			0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Other trade liabilities			4 193 015	1 342 199
Net values of contract	0	0	0	0
Other liabilities to affiliated accounting entities			803 069	3 400 000
Other liabilities within participating interest, except for liabilities to affiliated accounting entities			0	0
Liabilities to partners and participants in association	0	0	0	0
Liabilities to employees	19 187	22 853	65 384	141 354
Social security liabilities	22 218	32 804	37 560	43 552
Taxation and subsidies	148 362	185 727	92 372	146 950
Other liabilities	0	51 799
Liabilities related to derivative transactions			0	0
Other liabilities			360	0
Short-term provisions			152 306	231 428
Legal provisions			77 816	59 452
Other provisions			74 490	171 976
Current bank loans	0	0	0	0
Short-term financial assistance	0	21 000	0	0
Bank loans	0	0
Prepayments - total	0	0	0	0
Accrued expenses long term	0	0	0	0
Accrued expenses short term	0	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 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) C. 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) D. The enclosed profit/loss account of 2014 is originated from official source, we do not have information about the clause of the auditor. (31.12.2014 - 1 EUR)

PROFIT/LOSS ACCOUNT	A 31.12.2011	B 31.12.2012	C 31.12.2013	D 31.12.2014
Net turnover			0	16 039 544
Operating income - total			14 082 141	16 039 415
Revenue from the sale of merchandise	6 912 302	10 279 435	14 078 191	16 029 220
Revenue from the sale of own products			0	0
Revenue from the sale of services			0	0
Change in inventory	0	0	0	0
Own work capitalized	0	0	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
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	16 288	17 481	3 062	50
Other operating revenues	2 365	613 604	888	10 145
Operating expenses - total			13 133 077	15 631 227
Cost of merchandise sold	3 368 358	4 685 941	5 704 818	6 600 479
Trade margin	3 543 944	5 593 494
Production	522 668	0
Revenue from the sale of own products and services	522 668	0
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies			295 283	392 058
Value adjustments to inventory			154 198	-17 373
Services	1 646 900	2 525 496	5 412 217	6 958 294
Personnel expenses - total	1 132 826	1 480 282	1 326 633	1 593 402
Wages and salaries	912 195	1 135 937	958 581	1 206 355
Remuneration of board members	0	0	0	0
Social security expenses	209 570	252 379	338 909	361 692
Social expenses	11 061	91 966	29 143	25 355
Taxes and fees	3 929	27 549	348	419
Depreciation expense of intangible and tangible fixed assets	52 239	15 654	13 633	11 654
Amortization of non-current intangible assets and depreciation of property, plant and equipment			13 633	11 654
Value adjustments to non-current intangible assets and property, plant and equipment			0	0
Net book value of fixed assets sold and material sold	4 652	424	0	26 456
Value adjustments to receivables	0	0	0	0
Other operating expenses	5 800	209 039	225 947	65 838
Transfer of operating revenues	0	0
Transfer of operating expenses	0	0
Profit or loss from operations	905 982	1 529 301	949 064	408 188
Added value	2 086 775	2 631 164	2 511 675	2 095 762
Income from financial activities - total			119	129
Revenues from sales of shares and ownership	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
Income from securities and ownership interests in affiliated accounting entities			0	0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities			0	0
Other income from securities and ownership interests			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	0	0
Income from current financial assets in affiliated accounting entities			0	0
Income from current financial assets within participating interest, except for income of affiliated accounting entities			0	0
Other income from current financial assets			0	0
Interest income	296	110	89	99
Interest income from affiliated accounting entities			0	0
Other interest income			89	99
Exchange rate gains	11 329	38	30	30
Revenues from revaluation of securities and revenues from derivative operations	0	0	0	0
Other financial revenues	1	1	0	0
Expenses related to financial activities - total			97 566	118 084
Transfer of financial revenues	0	0
Transfer of financial expenses	0	0
Shares and ownership interests sold	0	0	0	0
Expenses for short-term financial assets	0	0	0	0
Value adjustments to financial assets	0	0	0	0
Interest expense	139 521	116 189	93 473	115 403
Interest expenses related to affiliated accounting entities			0	115 403
Other interest expenses			93 473	0
Exchanges rate losses	19 507	14 963	153	74
Expenses for revaluation of securities and expenses for derivative operations	0	0	0	0
Other financial expenses	21 855	2 683	3 940	2 607
Profit or loss from financial activities	-169 257	-133 686	-97 447	-117 955
Income tax on ordinary activities	165 250	281 617
- current	165 250	294 794
- deferred	0	-13 177
Profit or loss from ordinary activities before tax	736 725	1 395 615	851 617	290 233
Profit or loss from ordinary activities after tax	571 475	1 113 998
Extraordinary revenues	0	0
Extraordinary expenses	0	0
Income tax on extraordinary activities	0	0
- current	0	0
- deferred	0	0
Income tax			10 573	116 264
Income tax - current			51 033	112 542
Income tax - deferred			-40 460	3 722
Profit or loss from extraordinary activities before tax	0	0
Profit or loss from extraordinary activities after tax	0	0
Transfer of profit or loss to partners	0	0	0	0
Profit or loss of the accounting period before tax	736 725	1 395 615
Profit or loss of the accounting period after tax	571 475	1 113 998	841 044	173 969
Receivables after due date				113 672
Liabilities after due date		107 945	11 473	2 639

Ratios		2011	2012	2013	2014
	Return on total assets ROA (in %)	9,58	16,11	11,21	2,28

Return on equity ROE (in %)	63,84	49,2	39,12	7,49
Return on sales ROS (in %)	7,69	10,84	5,97	1,09

Turnover of receivables (in days)	114	103	81,46	83,29
Turnover of liabilities (in days)	39,66	30,41	109	30,56

Turnover of inventories (days)	123	112	89,34	68,85
Net working capital	900866	2170077	2262469	2495298

Ratio of accounts payable to accounts receivable	46,6	65,1	67,55	73,26
Ratio of profit/loss to tangible assets (in%)	0,75	0,39	0,27	0,29

Current ratio	1,18	1,48	1,43	1,48
Quick ratio	0,68	0,78	0,76	0,89

Cash ratio	0,21	0,14	0,1	0,16
Debt ratio I (in %)	84,99	67,26	71,35	69,55

Debt ratio II (in %)

84,99

67,26

71,35

69,55

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.37
Euro	1	Rs.73.46
EUR	1	Rs.73.13

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :Gene	DIV
Report Prepared by :	TPT

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	--

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.