MIRA INFORM REPORT

Report No. :	487465
Report Date :	20.01.2018

IDENTIFICATION DETAILS

Name :	PHYSIO-CONTROL OPERATIONS NETHERLANDS B.V.
Registered Office :	Herikerbergweg 110, 1101CM Amsterdam
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	22.12.2011
Com. Reg. No.:	KvK-nummer: 54166128
Legal Form :	Private Limited Company
Line of Business :	Wholesale of medical and dental instruments
No. of Employees :	64

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Netherlands	A1	A1

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

NETHERLANDS - ECONOMIC OVERVIEW

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and low unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter.

The Netherlands is part of the euro zone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. In 2016, the government budget returned to a surplus of 0.3% of GDP, with economic growth of 2.1%, and GDP per capita finally surpassed pre-crisis levels. The Netherlands achieved growth of 3.1% in 2017, with unemployment decreasing to 5.1%.

Source : CIA

Summary

Company name	Physio-Control Operations Netherlands B.V.
Operative address	Herikerbergweg 110 1101CM Amsterdam Netherlands
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 54166128
VAT-number	851204004
European VAT-number	NL851204004B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	85.260.743	197,25	28.683.149	-3,95	29.862.178
Total receivables	14.227.530	2.316,65	588.730	-39,46	972.482
Total equity	87.092.908	200,01	29.029.858	-0,25	29.103.520
Short term liabilities	13.993.056	490,43	2.369.988	9,92	2.156.136
Net result	578.688	283,76	-314.908
Working capital	1.832.165	366,18	393.013	194,90	-414.142
Quick ratio	1,13	-3,42	1,17	44,44	0,81

Contact information

Company name	Physio-Control Operations Netherlands B.V.
Trade names	Physio-Control Operations Netherlands B.V.
Operative address	Herikerbergweg 110 1101CM Amsterdam Netherlands
Correspondence address	Herikerbergweg 110 1101CM Amsterdam Netherlands

Telephone number

0208082300

Registration

Registration number	KvK-nummer: 54166128
Branch number	000023969687
VAT-number	851204004
European VAT-number	NL851204004B01
Status	Active
First registration company register	2011-12-23
Memorandum	2011-12-22
Establishment date	2011-12-22

Legal form	Private Limited Company
Last proposed admendment	2016-06-28
Issued placed capital	EUR 18.001
Paid up share capital	EUR 18.001

Activities

SBI	46462: Wholesale of medical and dental instruments 6420: Financial holding
Exporter	No
Importer	No

Goal	Selling medical devices and related disposable accessories used in connection with medical devices, and providing services in this respect.

Relations

Shareholders	Physio-Control Holdings Coöperatief U.A. Prins Bernhardplein 200 1097JB AMSTERDAM Netherlands Registration number: 54128234 Percentage: 100%
Branches	Physio-Control Operations Netherlands B.V. Galjoenweg 68 6222NV MAASTRICHT Netherlands Registration number: 54166128

Companies on same address

Stryker Berchtold B.V. Registration number: 51263866 Stryker European Operations B.V. Registration number: 60367504 Stryker European Finance B.V. Registration number: 66684501 Stryker Turkish Holdings B.V. Registration number: 70323372

Real Estate

Details operative address

Surface area: 20 m2 Purpose: Office function Construction year: 2009 Status: Building in use Under investigation: No

Management

Active management

J.A. Krill Joseph Andrew Netherlands Competence: Fully authorized Function: Manager Starting date: 2016-07-01 Date of birth: 1964-12-14, Michigan, US A.L. Mullally Anne Lorraine Netherlands Competence: Fully authorized Function: Manager Starting date: 2017-11-07 Date of birth: 1972-10-26, Michigan, US

Employees

Year	2018	2017	2016	2015	2014
Annual			84	74
Chamber of Commerce	64	30	64	30	6

Payments

Description

Payments are made regularly no complaints are known

	Last quarter	Last year
Average payment period (days)	29	29
Average delay (days)	14	14
Payments within industry	Last quarter	Last year
Average payment period (days)	45	38
Average delay (days)	28	22

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	60,00%	28,00%	4,00%	2,00%	2,00%	5,00%
2017 Q4	60,00%	28,00%	4,00%	2,00%	2,00%	5,00%
2017 Q3	41,00%	25,00%	4,00%	1,00%	1,00%	28,00%
2017 Q2	53,00%	34,00%	6,00%	3,00%	1,00%	2,00%
2017 Q1	57,00%	34,00%	5,00%	2,00%	0,00%	2,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013
Quick ratio	1,13	1,17	0,81	0,44
Current ratio	1,13	1,17	0,81	0,44
Working capital/ balance total	0,02	0,01	-0,01	-0,05
Equity / balance total	0,86	0,92	0,92	0,91
Equity / Fixed assets	1,02	1,01	0,97	0,95
Equity / liabilities	6,22	12,01	11,64	10,64
Balance total / liabilities	7,22	13,01	12,64	11,64
Working capital	1.832.165	393.013	-414.142	-2.967.578
Equity	87.092.908	29.029.858	29.103.520	58.308.281
Mutation equity	200,01	-0,25	-50,09
Mutation short term liabilities	490,43	9,92	-59,02
Return on total assets (ROA)	0,75	3,29
Return on equity (ROE)	0,87	3,57
Gross margin	1.105.805	1.222.724
Operating result	407.554	6.907
Net result after taxes	578.688	-314.908
Cashflow	603.040	-57.182
EBIT	407.554	6.907
EBITDA	431.906	264.633
Summary	The 2016 financial result structure is a postive working captial of 1.832.165 euro, which is in agreement with 2 % of the total assets of the company. The working capital has increased with 366.18 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.13. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 1.13. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 393.013 euro, which is in agreement with 1 % of the total assets of the company. The working capital has increased with 194.9 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 1.17. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2015 of the company was 1.17. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Physio-Control Operations Netherlands B.V. Herikerbergweg 110 1101CM Amsterdam Netherlands Registration number: 54166128

Financial

Balance

Year	2016	2015	2014	2013
End date	2016-12-31	2015-03-30	2014-04-30	2013-04-30
Type of annual account	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets	7.420		1.138.787	1.469.487
Tangible fixed assets	537.133	747.820	528.356	684.872
Financial fixed assets	84.716.190	27.935.329	28.195.035	59.340.389
Fixed assets	85.260.743	28.683.149	29.862.178	61.494.748
Total receivables	14.227.530	588.730	972.482	752.484
Liquid funds	1.597.691	2.174.271	769.512	1.540.792
Current assets	15.825.221	2.763.001	1.741.994	2.293.276
Total assets	101.085.964	31.446.150	31.604.172	63.788.024
Issued capital	84.640.099	18.001	18.001	18.001
Share premium reserve		28.081.798	28.081.798	57.783.280
Other reserves	2.452.809	930.059	1.003.721	507.000
Total reserves	2.452.809	29.011.857	29.085.519	58.290.280
Total equity	87.092.908	29.029.858	29.103.520	58.308.281
Provisions			344.516	218.889
Long term interest yielding debt		46.304
Long term liabilities		46.304
Short term liabilities	13.993.056	2.369.988	2.156.136	5.260.854
Total short and long term liabilities	13.993.056	2.416.292	2.500.652	5.479.743
Total liabilities	101.085.964	31.446.150	31.604.172	63.788.024
Summary	The total assets of the company increased with 221.46 % between 2015 and 2016. The fixed asset growth of 197.25 % is lower than the total asset growth. The asset growth has mainly been financed by a debt increase of 479.11 %. The Net Worth, however, grew with 200.01 %. In 2016 the assets of the company were 84.34 % composed of fixed assets and 15.66 % by current assets. The assets are being financed by an equity of 86.16 %, and total debt of 13.84 %. The total assets remained the same between 2014 and 2015. Despite the fact that the total assets remained the same, the fixed assets decreased with -3.95 %. In 2015 the assets of the company were 91.21 % composed of fixed assets and 8.79 % by current assets. The assets are being financed by an equity of 92.32 %, and total debt of 7.68 %.

Profit and loss

Year	2016	2015
Gross margin	1.105.805	1.222.724
Wages and salaries	463.567	700.304
Amorization and depreciation	24.352	257.726
other operating costs	210.332	257.787
Operating expenses	698.251	1.215.817
Operating result	407.554	6.907
Financial income	455.954	1.083.302
Financial expenses	101.589	54.907
Financial result	354.365	1.028.395
Result on ordinary operations before taxes	761.919	1.035.302
Taxation on the result of ordinary activities	183.231	248.113
Result of ordinary activities after taxes	578.688	787.189
Result subsidiaries after taxes		-1.102.097
Net result	578.688	-314.908
Summary	The gross profit of the company decreased by -9.56 % between 2015 and 2016. The operating result of the company grew with 5800.59 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -77.2 % of the analysed period, being equal to 0.75 in the year 2016. The Net Result of the company increased by 283.76 % between 2015 and 2016. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -75.63 % of the analysed period, being 0.87 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The company's Financial Profitability has been neutrally affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is the unchanged profitability of the analysed period, remaining unchanged at 3.57 in the year 2015.

Analysis

Branch (SBI)	Financial holding (SBI code 6420)
Region	Groot Amsterdam
Summary	In the Netherlands 393129 of the companies are registered with the SBI code 6420 In the region Groot Amsterdam 62422 of the companies are registered with the SBI code 6420 In the Netherlands 3131 of the bankrupcties are published within this sector In the region Groot Amsterdam 321 of the bankruptcies are published within this sector The risk of this specific sector in the Netherlands is normal The risk of this specific sector in the region Groot Amsterdam is normal
Year	2016	Company	2015	Company	2014
Equity	228.692	87.092.908	221.666	29.029.858	214.914
Working capital	79.189	1.832.165	63.315	393.013	61.244
Balance total	506.749	101.085.964	513.827	31.446.150	522.086
Quick ratio	3,01	1,13	3,34	1,17	3,25
Current ratio	0,43	1,13	2,22	1,17	2,68
Equity / balance total	0,62	0,86	0,60	0,92	0,57
Turnover	14.603.547	1.105.805	9.042.300	1.222.724
Net result	757.481	578.688	241.210	-314.908

Publications

Deposits	08-06-2017: De jaarrekening over 2016 (gebroken boekjaar) is gepubliceerd. 31-05-2016: De jaarrekening over 2015 (gebroken boekjaar) is gepubliceerd. 01-06-2015: De jaarrekening over 2014 (gebroken boekjaar) is gepubliceerd. 04-06-2014: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.
Functions	10-01-2018: Per 01-09-2017 is bestuurder Mitchell Eugene Parrish uit functie getreden. 05-01-2018: Per 07-11-2017 is bestuurder Anne Lorraine Mullally in functie getreden. 09-03-2017: Per 15-02-2017 is gevolmachtigde Abraham Johannes Quirijns uit functie getreden. 04-07-2016: Per 01-07-2016 is bestuurder Mitchell Eugene Parrish in functie getreden. 04-07-2016: Per 01-07-2016 is bestuurder Joseph Andrew Krill in functie getreden. 04-07-2016: Per 30-06-2016 is bestuurder David Timothy Stafford uit functie getreden. 04-07-2016: Per 30-06-2016 is bestuurder Traci Shuster Umberger uit functie getreden. 04-07-2016: Per 30-06-2016 is bestuurder Brian Daniel Webster uit functie getreden.
Other	31-10-2017: ... Datum deponering: 27-10-2017 Boekjaar: 2016 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 06-01-2016: ... Datum deponering: 22-12-2015 Boekjaar: 2015 Boekjaar: 2015 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 01-06-2015: ... Datum deponering: 28-05-2015 Boekjaar: 2014 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 22-04-2015: ... ... Datum deponering: 20-04-2015 Boekjaar: 2013 Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 30-06-2016: Per 28-6-2016 statuten gewijzigd.

Company structure

Relations	2
Company	Registration number
Physio-Control Holdings Coöperatief U.A. (AMSTERDAM)	54128234
| - - Physio-Control Operations Netherlands B.V. (Amsterdam)	54166128

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14
Euro	1	INR 78.03

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.