MIRA INFORM REPORT

Report No. :	500065
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	PHARMAPACK INTERNATIONAL B.V.
Registered Office :	Swensweg 5, 2031GA Haarlem
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	15.07.1983
Com. Reg. No.:	27106543
Legal Form :	Private Limited Company
Line of Business :	Manufacture of pharmaceutical preparations
No. of Employees :	3 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	EUR 750.000
Status :	Moderate
Payment Behaviour :	Slow
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 (30.09.2017)	Current Rating (31.12.2017)
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 consistently 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 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

Company name

Name	PharmaPack International B.V.

Summary

Company name	PharmaPack International B.V.
Operative address	Swensweg 5 2031GA Haarlem Netherlands
Credit limit	EUR 750.000
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 27106543
VAT-number	006248214
European VAT-number	NL006248214B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	18.390.431	2,34	17.970.670	1,66	17.677.236
Total receivables	332.670	72,45	192.906	76,11	109.540
Total equity	18.564.349	2,77	18.063.527	2,20	17.675.244
Short term liabilities	82.744	244,18	24.041	20,06	20.024
Working capital	249.926	48,00	168.865	88,64	89.516
Quick ratio	4,02	-49,88	8,02	46,62	5,47

Contact information

Company name	PharmaPack International B.V.
Trade names	PharmaPack International B.V. Pharmadis
Operative address	Swensweg 5 2031GA Haarlem Netherlands
Correspondence address	Swensweg 5 2031GA Haarlem Netherlands

Telephone number	0235147147
Website	www.pharmapack.nl

Registration

Registration number	KvK-nummer: 27106543
Branch number	000033281726
VAT-number	006248214
European VAT-number	NL006248214B01
Status	Active
First registration company register	1983-07-15
Memorandum	1983-07-15
Establishment date	2015-11-01

Legal form	Private Limited Company
Last proposed admendment	2016-12-14
Issued placed capital	EUR 453.781
Paid up share capital	EUR 453.781

Activities

SBI	2120: Manufacture of pharmaceutical preparations
Exporter	Yes
Importer	Yes

Goal	Pharamaceutische groothandel en import

Relations

Shareholders	Medis Pharma B.V. Swensweg 5 2031GA HAARLEM Netherlands Registration number: 27197589 Percentage: 100%
Companies on same address (number)	11

Liability statements

Gerann Holding B.V. Verrijn Stuartlaan 50 2288EP RIJSWIJK ZH Netherlands Registration number: 27161545

Real Estate

Details operative address

Surface area: 22749 m2 Purpose: Industrial function Construction year: 1989 Status: Building in use Under investigation: No

Management

Active management

J. Schmidt Jesper Netherlands Competence: Jointly authorized Function: Manager Starting date: 2016-08-30 Date of birth: 1981-07-14, Hoogeveen, NL V. Petursson Vageir Netherlands Competence: Jointly authorized Function: Manager Starting date: 2016-08-30 Date of birth: 1967-10-16, Reykjavik, IS G. Feenstra Gertjan Netherlands Competence: Jointly authorized Function: Manager Starting date: 2017-10-02 Date of birth: 1971-03-18, Amsterdam, NL

Employees

Year	2018	2016	2015	2014	2013
Annual			3	3	85
Chamber of Commerce	3	4	4

Payments

Description	Long delays are registered
Payments within industry	Last quarter	Last year
Average payment period (days)	49	42
Average delay (days)	23	16

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	61,00%	22,00%	5,00%	4,00%	1,00%	7,00%
2017 Q4	58,00%	22,00%	8,00%	4,00%	4,00%	5,00%
2017 Q3	48,00%	27,00%	10,00%	2,00%	0,00%	13,00%
2017 Q2	44,00%	28,00%	7,00%	1,00%	0,00%	19,00%
2017 Q1	42,00%	29,00%	7,00%	2,00%	2,00%	19,00%

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	2012
Quick ratio	4,02	8,02	5,47	3,27	1,95
Current ratio	4,02	8,02	5,47	3,27	1,95
Working capital/ balance total	0,01	0,01	0,01	0,00	0,00
Equity / balance total	0,99	0,99	0,99	0,99	1,00
Equity / Fixed assets	1,01	1,01	1,00	1,00	1,00
Equity / liabilities	116,94	180,55	158,48	168,72	209,38
Balance total / liabilities	117,94	181,55	159,48	169,72	210,38
Working capital	249.926	168.865	89.516	62.897	17.612
Equity	18.564.349	18.063.527	17.675.244	20.109.309	20.844.985
Mutation equity	2,77	2,20	-12,10	-3,53	-10,42
Mutation short term liabilities	244,18	20,06	-27,66	49,25	-94,35

Summary

The 2016 financial result structure is a postive working captial of 249.926 euro, which is in agreement with 1 % of the total assets of the company. The working capital has increased with 48 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. 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 4.02. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2016 of the company was 4.02. 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 168.865 euro, which is in agreement with 1 % of the total assets of the company. The working capital has increased with 88.64 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. 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 8.02. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently . The quick ratio in 2015 of the company was 8.02. 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 financial statements shown in the report relate to the consolidated financial statements of the group.
Type of annual account	Corporate
Annual account	Geste I B.V. Verrijn Stuartlaan 50 2288EP RIJSWIJK ZH Netherlands Registration number: 27157587

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Tangible fixed assets	1.288.679	1.289.090	1.444.501	1.442.500	1.337.500
Financial fixed assets	17.101.752	16.681.580	16.232.735	18.695.420	19.570.882
Fixed assets	18.390.431	17.970.670	17.677.236	20.137.920	20.908.382
Total receivables	332.670	192.906	109.540	90.579	36.159
Current assets	332.670	192.906	109.540	90.579	36.159
Total assets	18.723.101	18.163.576	17.786.776	20.228.499	20.944.541
Issued capital	18.151	18.151	18.151	18.151	18.151
Revaluation reserve	531.980	14.583.345	13.959.108	15.936.171	16.546.125
Legal and statutory reserve	14.186.350
Other reserves	3.327.044	3.462.031	3.697.985	4.154.987	4.280.709
Non-distributable profit	500.824
Total reserves	18.546.198	18.045.376	17.657.093	20.091.158	20.826.834
Total equity	18.564.349	18.063.527	17.675.244	20.109.309	20.844.985
Provisions	76.008	76.008	91.508	91.508	81.009
Short term liabilities	82.744	24.041	20.024	27.682	18.547
Total short and long term liabilities	158.752	100.049	111.532	119.190	99.556
Total liabilities	18.723.101	18.163.576	17.786.776	20.228.499	20.944.541

Summary

The total assets of the company increased with 3.08 % between 2015 and 2016. The fixed asset growth of 2.34 % is lower than the total asset growth. The asset growth has mainly been financed by a debt increase of 58.67 %. The Net Worth, however, grew with 2.77 %. In 2016 the assets of the company were 98.22 % composed of fixed assets and 1.78 % by current assets. The assets are being financed by an equity of 99.15 %, and total debt of 0.84999999999999 %. The total assets of the company increased with 2.12 % between 2014 and 2015. The fixed asset growth of 1.66 % is lower than the total asset growth. The assets growth has been financed by a Net Worth increase of 2.2 %. The company's net increase has also covered a reduction of -10.3 % of the company's indebtedness. In 2015 the assets of the company were 98.94 % composed of fixed assets and 1.06 % by current assets. The assets are being financed by an equity of 99.45 %, and total debt of 0.55 %.

Analysis

Branch (SBI)	Manufacture of pharmaceutical preparations (SBI code 2120)
Region	Kennemerland
Summary	In the Netherlands 457 of the companies are registered with the SBI code 2120 In the region Kennemerland 15 of the companies are registered with the SBI code 2120 In the Netherlands 3 of the bankrupcties are published within this sector The risk of this specific sector in the Netherlands is Low The risk of this specific sector in the region Kennemerland is Low
Year	2016	Company	2015	Company	2014
Equity	178.618	18.564.349	171.834	18.063.527	180.941
Working capital	161.687	249.926	123.581	168.865	130.746
Balance total	794.526	18.723.101	664.427	18.163.576	597.767
Quick ratio	1,36	4,02	1,31	8,02	1,26
Current ratio	1,19	4,02	1,50	8,02	1,51
Equity / balance total	0,36	0,99	0,36	0,99	0,40

Publications

Deposits	26-01-2018: De jaarrekening over 2016 is gepubliceerd. 04-09-2017: De jaarrekening over 2014 is gepubliceerd. 13-01-2017: De jaarrekening over 2015 is gepubliceerd. 19-05-2015: De jaarrekening over 2013 is gepubliceerd. 29-07-2014: De jaarrekening over 2012 is gepubliceerd. 28-03-2014: De jaarrekening over 2011 is gepubliceerd.
Functions	19-10-2017: Per 02-10-2017 is bestuurder 30110625 Teva Pharmaceuticals Europe B.V. uit functie getreden. 09-10-2017: Per 02-10-2017 is bestuurder Gertjan Feenstra in functie getreden. 28-11-2016: Per 30-08-2016 is bestuurder Vageir Petursson in functie getreden. 25-11-2016: Per 30-08-2016 is bestuurder Jesper Schmidt in functie getreden. 12-08-2016: Per 02-08-2016 is bestuurder 30110625 Teva Pharmaceuticals Europe B.V. in functie getreden. 05-08-2016: Per 02-08-2016 is bestuurder Adriaan Maurice Mulders uit functie getreden.
Other	09-08-2016: Datum deponering: 08-08-2016 Soort deponering: Aanvullende mededeling jaarstukken o.g.v. art.362 lid 6.. 15-12-2016: Per 14-12-2016 is de bevoegdheid van Bestuurder Vageir Petursson gewijzigd. 15-12-2016: Per 14-12-2016 is de bevoegdheid van Bestuurder Jesper Schmidt gewijzigd. 15-12-2016: Per 14-12-2016 is de bevoegdheid van Bestuurder 30110625 Teva Pharmaceuticals Europe B.V. gewijzigd. 15-12-2016: Per 14-12-2016 statuten gewijzigd. Zetel gewijzigd in: Haarlem. 19-05-2014: Geplaatst kapitaal gewijzigd in EUR 453.781,00 Gestort kapitaal gewijzigd in EUR 453.781,00. 19-05-2014: Per 16-5-2014 statuten gewijzigd. Per 16-5-2014 naam gewijzigd in: PharmaPack International B.V..

Company structure

Relations	5
Company	Registration number
Actavis Finance ehf (220 Hafnarfjördur)
| - - Actavis Dutch Holding B.V. (HAARLEM)	27290383
| - - | - - Medis Pharma B.V. (HAARLEM)	27197589
| - - | - - | - - PharmaPack International B.V. (Haarlem)	27106543
| - - | - - Actavis Holding Asia B.V. (HAARLEM)	27290381

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 91.95
Euro	1	INR 80.34
Euro	1	INR 80.34

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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)

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.