MIRA INFORM REPORT

Report No. :	326919
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	OMEGA PHARMA INTERNATIONAL NV

Registered Office :	Venecoweg 26, 9810 Nazareth

Country :	Belgium

Financials (as on) :	31.12.2013

Date of Incorporation :	29.10.2008

Com. Reg. No.:	807596363

Legal Form :	Public Limited Liability

Line of Business :	Subject is engaged in wholesale of pharmaceutical goods

No. of Employee :	14

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

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

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

OMEGA PHARMA INTERNATIONAL NV

Company summary

Business number	807596363
Branche Unit Number	2174452562
Company name	OMEGA PHARMA INTERNATIONAL NV
Address	VENECOWEG 26
	9810 NAZARETH
Number of staff	14
Date of establishment	29/10/2008
Telephone number	093862168
Fax number	093810200

Commentary

The business was established over 6 years ago. The business has 14 employees.

Number of employees in the latest trading period increased 100% on the previous trading period. The business has been at the address for over 6 years.

Operating Result in the latest trading period increased 684% on the previous trading period. A 40% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 398% compared to the previous trading period. The business saw a decrease in their Cash Balance of 92% during the latest trading period. Turnover in the latest trading period increased 282% on the previous trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
31/12/2013	173,374,037	5,582,252	61,723,991	11,302,476
31/12/2012	45,281,817	1,120,249	56,590,173	6,097,001
31/12/2011		563,028	55,573,997	55,569,978
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
31/12/2013	122,106,795	14	55,675,000	5,167,797
31/12/2012	87,118,238	7	55,675,000	1,120,525
31/12/2011	55,576,869	0	55,000,000	563,028

Payment expectations

Past payments		Payment expectation days	97.02
Industry average payment	131.86	Industry average day sales	119.84
expectation days		outstanding
Day sales outstanding	102.25

Court data summary

BANKRUPTCY DETAILS

Court action type

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
JIC Code	218
Description	Additional national joint committee for the employees
category
Significant Events
Event Date	09/09/2013
Event Description
Event Details	Neerlegging van de éénparige schriftelijke besluiten van de aandeelhouders.

Company accounts

Assets
Annual accounts	31-12-2013	%	31-12-2012	%	31-12-2011	%	31-12-2010	%	31-12-2009
Weeks	52		52		52		52		61
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	51,079,020	-0.38	51,272,243	1275646	4,019	0	4,019	0	4,019
Intangible fixed assets	657,505	-15.60	779,071	-	0	-	0	-	0
Tangible fixed assets	6,389	-34.28	9,722	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-	-	-
Plant & machinery	6,389	-34.28	9,722	-	-	-	-	-	-
Furniture & Vehicles	-	-	-	-	-	-	-	-	-
Leasing & Other Similar Rights	-	-	-	-	-	-	-	-	-
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	50,415,126	-0.14	50,483,450	1256019	4,019	0	4,019	0	4,019
Total current assets	71,027,775	98.15	35,845,995	-35.50	55,572,850	4320	1,257,109	0.17	1,254,946
Inventories	1,392,357	1694	77,611	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-	-	-
Work in progress	0	-100	18,463	-	0	-	0	-	0
Finished goods	1,392,357	2254	59,148	-	0	-	0	-	0
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	48,568,993	94.16	25,015,506	-	0	-	0	-	0
Other amounts receivable	21,031,102	105	10,258,046	-81.54	55,572,850	4320	1,257,109	0.17	1,254,946
Cash	35,323	-92.86	494,832	-	-	-	-	-	-
Miscellaneous current assets	0	-	0	-	0	-	0	-	0
Total Assets	122,106,795	40.16	87,118,238	56.75	55,576,869	4306	1,261,128	0.17	1,258,965

Liabilities
Total shareholders equity	62,381,496	8.74	57,369,244	3.23	55,573,997	4307	1,260,969	0.48	1,254,941
Issued share capital	55,675,000	0	55,675,000	1.23	55,000,000	4300	1,250,000	0	1,250,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	6,706,496	295	1,694,244	195	573,997	5132	10,969	121	4,941
Provisions for Liabilities &	0	-	0	-	0	-	0	-	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-
Creditors	59,725,299	100	29,748,994	1035728	2,872	1706	159	-96.05	4,024
Other long term loans	-	-	-	-	-	-	-	-	-
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	-	-	-	-	-	-	-	-	-
Financial debts	-	-	-	-	-	-	-	-	-
Trade creditors	44,107,038	48.56	29,690,138	1033679	2,872	1814	150	-	-
Amounts Payable for Taxes,	729,132	1297	52,177	-	-	-	-	-	-
Remuneration & Social Security
Miscellaneous current liabilities	14,889,129	222824	6,679	-	0	-100	9	-99	4,024
Total current liabilities	59,725,299	100	29,748,994	1035728	2,872	1706	159	-96.05	4,024
Total Liabilities	122,106,795	40.16	87,118,238	56.75	55,576,869	4306	1,261,128	0.17	1,258,965

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	3.22	30.36	2.47	-	-	-	-	-	-
Return on capital employed	8.95	358	1.95	93.07	1.01	110	0.48	23.08	0.39
Return on total assets employed	4.57	254	1.29	27.72	1.01	110	0.48	23.08	0.39
Return on net assets employed	8.95	358	1.95	93.07	1.01	110	0.48	23.08	0.39
Sales / net working capital	15.34	106	7.43	-	-	-	-	-	-
Stock turnover ratio	0.80	370	0.17	-	-	-	-	-	-
Creditor days	97.02	-60.31	244.44	-	-	-	-	-	-
Debtor days	102.25	-49.29	201.64	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.19	-0.83	1.20	-99	19,349.88	144	7,906.35	2435	311.87
Liquidity ratio / acid ratio	1.17	-2.50	1.20	-99	19,349.88	144	7,906.35	2435	311.87
Current debt ratio	0.96	84.62	0.52	-	0.00	-	0.00	-	0.00
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	5,167,797	361	1,120,525	99	563,028	9240	6,028	22.00	4,941
Net worth	61,723,991	9.07	56,590,173	1.83	55,573,997	4307	1,260,969	0.48	1,254,941
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-	-	-
Equity in percentage	51.36	-22.71	66.45	-33.54	99.99	0	99.99	0.31	99.68
Total debt ratio	0.96	84.62	0.52	-	0.00	-	0.00	-	0.00
Working capital	11,302,476	85.38	6,097,001	-89.03	55,569,978	4321	1,256,950	0.48	1,250,922

Profit & loss
Operating Income	173,361,932	282	45,300,280	-	-	-	-	-	-
Turnover	173,374,037	282	45,281,817	-	-	-	-	-	-
Total operating expenses	165,934,410	274	44,333,490	-	-	-	-	-	-
Gross Operating Margin	-	-	-	-	-	-	-	-	-
Operating Charges	165,922,305	274	44,351,953	301122	14,724	600	2,103	-60.48	5,321
Employee costs	964,602	794	107,857	-	-	-	-	-	-
Wages and salary	587,639	723	71,394	-	-	-	-	-	-
Employee pension costs	94,426	-	-	-	-	-	-	-	-
Social security contributions	162,102	649	21,628	-	-	-	-	-	-
Other employee costs	120,435	711	14,835	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	155,545	55851	278	-	-	-	-	-	-
Operating result	7,439,627	684	948,327	6440	-14,724	-600	-2,103	39.52	-5,321
Total financial income	312,998	12.70	277,732	-51.93	577,783	6972	8,170	-21.04	10,347
Total financial expenses	2,170,373	1951	105,810	341222	31	-20.51	39	-54.12	85
Results on ordinary operations before	5,582,252	398	1,120,249	98.97	563,028	9240	6,028	22.00	4,941
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	2	-	-	-	-	-	-
Extraordinary items	0	0	-2	-	0	-	0	-	0
Results for the Year Before Taxation	5,582,252	398	1,120,247	98.97	563,028	9240	6,028	22.00	4,941
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	570,000	-	-	-	-	-	-	-	-
Results on ordinary operations after taxation	5,012,252	347	1,120,249	98.97	563,028	9240	6,028	22.00	4,941
Net result	5,012,252	347	1,120,247	98.97	563,028	9240	6,028	22.00	4,941
Profit (Loss) for the Year to be appropiated	5,012,252	347	1,120,247	98.97	563,028	9240	6,028	22.00	4,941
Dividends	-	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet Details
Social Balance Sheet		Total
During the reporting year
ended 31-12-2013
Full-time Employees		12
Part-time Employees		1
Total Fte Employees		13

Number of hours worked
Full-time Employees		20,231
Part-time Employees		1,539
Total		21,770

Personnel Charges
Full-time Employees		875,980
Part-time Employees		88,622
Total		964,602

Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		5
Actual working hours		2,607

Personnel Charges		107,857
Benefits In Addition To Wages		-

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	14	1	15
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-

Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	6	-	6
university)
Higher education	-	-	-
(university)

Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	8	1	9
university)
Higher education	-	-	-
(university)

Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	14	1	15
Blue collar worker	-	-	-
Other	-	-	-

Temporary personnel		Total
Average number of temporary staff		1
Actual working hours		2,336
Cost of temporary staff		58,694

New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	9	-	9
Leavers	2	-	2

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46460
Activity description	Wholesale of pharmaceutical goods
industry average credit rating	61.92
Industry average credit limit	125496.30

Payment Information

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations
Payment expectation days	97.02
Day sales outstanding	102.25

Industry comparison
Activity code	46460
Activity description	Wholesale of pharmaceutical goods
Industry average payment	131.86
expectation days
Industry average day sales	119.84
outstanding

Industry quartile analysis
Payment expectations
Company result	97.02
Lower	113.31
Median	70.62
Upper	39.74

Day sales outstanding
Company result	102.25
Lower	93.73
Median	52.40
Upper	28.12

Shareholder Details

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Linked Companies
Summary
Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Summons

there is no data for this company

Protested Bills

there is no data for this company

Bankruptcy and other legal events

there is no data for this company

Director details

Current director details

Name	EXCITO BVBA
Position	Director
Start Date	01/10/2013
End Date	01/10/2019
Date of birth	20/03/2009
Street	10 ELZENSTRAAT SINT-NIKLAAS
Post code	9112
Country	Belgium

Position	Legal Representative
Start Date	01/10/2013
Date of birth	20/03/2009
Street	10 ELZENSTRAAT SINT-NIKLAAS
Post code	9112
Country	Belgium

Name	GRIET VANDENHEEDE BVBA
Position	Director
Start Date	01/04/2012
End Date	01/04/2018
Date of birth	24/01/2012
Street	1 MARKVLIETSTRAAT DAMME
Post code	8340
Country	Belgium

Position	Legal Representative
Start Date	01/04/2012
Date of birth	24/01/2012
Street	1 MARKVLIETSTRAAT DAMME
Post code	8340
Country	Belgium

Name	AUBISQUE BVBA
Position	Director
Start Date	01/04/2012
End Date	01/04/2018
Date of birth	25/01/2012
Street	38 VLAAMSEKUNSTLAAN ANTWERPEN
Post code	2020
Country	Belgium

Position	Legal Representative
Start Date	01/04/2012
Date of birth	25/01/2012
Street	38 VLAAMSEKUNSTLAAN ANTWERPEN
Post code	2020
Country	Belgium

Former director details

Name	GRIOTTE BVBA
Position	Director
Start Date	01/04/2012
End Date	28/08/2014
Date of birth	16/08/2007
Street	7 LANGESTRAAT AFFLIGEM
Post code	1790
Country	Belgium

Position	Legal Representative
Start Date	01/04/2012
End Date	28/08/2014
Date of birth	16/08/2007
Street	7 LANGESTRAAT AFFLIGEM
Post code	1790
Country	Belgium

Name	SAM SABBE BVBA
Position	Director
Start Date	29/10/2008
End Date	01/04/2012
Date of birth	18/11/2004
Street	25 EIKENDREEF JABBEKE
Post code	8490
Country	Belgium

Position	Legal Representative
Start Date	29/10/2008
End Date	Unknown date
Date of birth	18/11/2004
Street	25 EIKENDREEF JABBEKE
Post code	8490
Country	Belgium

Name	BDS MANAGEMENT BVBA
Position	Managing Director
Start Date	01/01/2012
End Date	31/12/2013
Date of birth	08/06/2007
Street	106 F. LOUSBEGSKAAI GENT
Post code	9000
Country	Belgium

Position	Director
Start Date	29/10/2008
End Date	01/04/2012
Date of birth	08/06/2007
Street	106 F. LOUSBEGSKAAI GENT
Post code	9000
Country	Belgium

Position	Legal Representative
Start Date	29/10/2008
End Date	Unknown date
Date of birth	08/06/2007
Street	106 F. LOUSBEGSKAAI GENT
Post code	9000
Country	Belgium
Name	JAN CASSIMAN BVBA
Position	Managing Director
Start Date	29/10/2008
End Date	Unknown date
Date of birth	19/06/2006
Street	64 OUDE BRUSSELSE WEG MELLE
Post code	9090
Country	Belgium
Position	Director
Start Date	29/10/2008
End Date	Unknown date
Date of birth	19/06/2006
Street	64 OUDE BRUSSELSE WEG MELLE
Post code	9090
Country	Belgium
Position	Legal Representative
Start Date	29/10/2008
End Date	Unknown date
Date of birth	19/06/2006
Street	64 OUDE BRUSSELSE WEG MELLE
Post code	9090
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.15

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

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.

MIRA INFORM REPORT

Company name

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Payment Information

Shareholder Details

Linked Companies

Director details

Unit