MIRA INFORM REPORT

Report No. :	511013
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	AMSTELFARMA B.V.
Registered Office :	Zuiveringweg 40 8243PZ Lelystad
Country :	Netherlands
Financials (as on) :	31.12.2017
Date of Incorporation :	29.12.1986
Com. Reg. No.:	39064879
Legal Form :	Private Limited Company
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	35

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+	Low Risk	Business dealings permissible with low risk of default

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

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

Summary

Company name	Amstelfarma B.V.
Operative address	Zuiveringweg 40 8243PZ Lelystad Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 39064879
VAT-number	008620751
European VAT-number	NL008620751B01

Year	2017	Mutation	2016	Mutation	2015
Fixed assets	89.880	-22,67	116.236	-25,27	155.550
Total receivables	2.706.924	31,88	2.052.531	-43,17	3.611.894
Total equity	1.567.519	15,27	1.359.859	0,72	1.350.099
Short term liabilities	2.482.139	11,09	2.234.306	-7,60	2.418.140
Working capital	1.477.639	18,82	1.243.623	4,11	1.194.549
Quick ratio	1,09	18,48	0,92	-38,26	1,49

Contact information

Company name	Amstelfarma B.V.
Trade names	Amstelfarma Amstelfarma B.V.
Operative address	Zuiveringweg 40 8243PZ Lelystad Netherlands
Correspondence address	Postbus 2200 8203AE Lelystad Netherlands

Email address	info@amstelfarma.nl
Website	www.amstelfarma.nl

Registration

Registration number	KvK-nummer: 39064879
Branch number	000008488819
VAT-number	008620751
European VAT-number	NL008620751B01
Status	Active
First registration company register	1986-12-29
Memorandum	1986-12-29
Establishment date	1986-11-01

Legal form	Private Limited Company
Legal person since	1986-12-29
Last proposed admendment	1992-04-14
Issued placed capital	EUR 68.067
Paid up share capital	EUR 68.067

Activities

SBI	46461: Wholesale of pharmaceutical goods
Exporter	Yes
Importer	Yes

Goal	Groothandel in farmaceutische producten groothandel.

Relations

Shareholders	Amstelfarma Holding B.V. Zuiveringweg 40 8243PZ LELYSTAD Netherlands Registration number: 55824390 Percentage: 100%
Affiliates	Waterland Laboratories B.V. Zuiveringweg 40 8243PZ LELYSTAD Netherlands Registration number: 39064866

Branches	Amstelfarma B.V. Nijverheidsweg 37 2102LK HEEMSTEDE Netherlands Registration number: 39064879
Companies on same address	Bogers Management B.V. Registration number: 34137208 Waterland Laboratories B.V. Registration number: 39064866 Amstelfarma Holding B.V. Registration number: 55824390

Liability statements

Meervliet Beheer B.V. Zuiveringweg 40 8243PZ LELYSTAD Netherlands Registration number: 39064881 date of issue: 2006-01-26 Starting date: 2005-01-01 End date: 2012-09-14

Bank details

Accounts

ABN Amro Bank NV Account number: NL11ABNA0410657913 BIC: ABNANL2A

Real Estate

Details operative address

Surface area: 4484 m2 Purpose: Industrial function Construction year: 1997 Status: Building in use Under investigation: No

Management

Active management

Bogers Management B.V. Zuiveringweg 40 8243PZ LELYSTAD Netherlands Registration number: 34137208 Competence: Fully authorized Function: Manager Starting date: 2012-09-25 J. Hoekstra - Voogd Josine Netherlands Competence: Limited authorization Function: Manager Starting date: 2011-09-01 Date of birth: 1978-03-17, Heemskerk, NL A.E.T. Raanhuis Anna Elisabeth Theresia Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-07-01 Date of birth: 1966-09-23, Hengelo (O), NL E.W. van Waaij Everdina Wilhelmina Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-11-01 Date of birth: 1985-07-21, Hazerswoude, NL

Employees

Year	2018	2016	2015	2014	2013
Annual			21	20	21
Chamber of Commerce	35	35	14	14

Payments

Description	Regular
Total	EUR 4.952

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	0,00%	75,00%	25,00%	0,00%	0,00%	0,00%
2018 Q1	A	0,00%	75,00%	25,00%	0,00%	0,00%	0,00%
2017 Q4	A	24,00%	76,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	0,00%	50,00%	50,00%	0,00%	0,00%	0,00%
2017 Q2	A	0,00%	100,00%	0,00%	0,00%	0,00%	0,00%

A = < 10.000, B = < 25.000, C = < 50.000, D = < 125.000, E = > 125.000

Payments within industry		Last quarter			Last year
Average payment period (days)		37			35
Average delay (days)		19			17
Quarter	Not overdue	1-30	31-60	61-90		91-120	121+
2018 Q2	62,00%	28,00%	3,00%	5,00%		0,00%	1,00%
2018 Q1	50,00%	27,00%	5,00%	8,00%		0,00%	10,00%
2017 Q4	45,00%	24,00%	9,00%	5,00%		1,00%	17,00%
2017 Q3	37,00%	30,00%	10,00%	2,00%		5,00%	17,00%
2017 Q2	40,00%	32,00%	13,00%	7,00%		3,00%	5,00%

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	2017	2016	2015	2014	2013
Quick ratio	1,09	0,92	1,49	1,41	1,32
Current ratio	1,60	1,56	1,49	1,41	1,32
Working capital/ balance total	0,36	0,35	0,32	0,29	0,24
Equity / balance total	0,39	0,38	0,36	0,29	0,25
Equity / Fixed assets	17,44	11,70	8,68	19,38	13,61
Equity / liabilities	0,63	0,61	0,56	0,41	0,33
Balance total / liabilities	1,63	1,61	1,56	1,41	1,33
Working capital	1.477.639	1.243.623	1.194.549	1.240.743	1.059.077
Equity	1.567.519	1.359.859	1.350.099	1.257.620	1.117.193
Mutation equity	15,27	0,72	7,35	12,57	149,77
Mutation short term liabilities	11,09	-7,60	-19,74	-10,12	-8,32
Summary	The 2017 financial result structure is a postive working captial of 1.477.639 euro, which is in agreement with 36 % of the total assets of the company. The working capital has increased with 18.82 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2016 and 2017 has mainly been caused by a change of the current assets. The current ratio of the company in 2017 was 1.6. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2017 of the company was 1.09. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2016 financial result structure is a postive working captial of 1.243.623 euro, which is in agreement with 35 % of the total assets of the company. The working capital has increased with 4.11 % 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 assets. The current ratio of the company in 2016 was 1.56. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 0.92. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Amstelfarma B.V. Zuiveringweg 40 8243PZ Lelystad Netherlands Registration number: 39064879

Balance

Year	2017	2016	2015	2014	2013
End date	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Other tangible fixed assets				64.877	82.116
Tangible fixed assets	89.880	116.236	155.550	64.877	82.116
Fixed assets	89.880	116.236	155.550	64.877	82.116
Total stock	1.251.843	1.423.960
Other receivables				4.252.829	4.410.577
Total receivables	2.706.924	2.052.531	3.611.894	4.252.829	4.410.577
Liquid funds	1.011	1.438	795	713	552
accruals				4.252.829	4.410.577
Current assets	3.959.778	3.477.929	3.612.689	4.253.542	4.411.129
Total assets	4.049.658	3.594.165	3.768.239	4.318.419	4.493.245
Issued capital	68.067	68.067	68.067	68.067	68.067
Other reserves	207.660	1.291.792	1.282.032	1.189.553	1.049.126
Non-distributable profit	1.291.792
Total reserves	1.499.452	1.291.792	1.282.032	1.189.553	1.049.126
Total equity	1.567.519	1.359.859	1.350.099	1.257.620	1.117.193
Provisions				48.000	24.000
Short term liabilities	2.482.139	2.234.306	2.418.140	3.012.799	3.352.052
Total short and long term liabilities	2.482.139	2.234.306	2.418.140	3.060.799	3.376.052
Total liabilities	4.049.658	3.594.165	3.768.239	4.318.419	4.493.245
Summary	The total assets of the company increased with 12.67 % between 2016 and 2017. Despite the assets growth, the non current assets decreased with -22.67 %. The asset growth has mainly been financed by a Net Worth increase of 15.27 %. Debt, however, grew with 11.09 %. In 2017 the assets of the company were 2.22 % composed of fixed assets and 97.78 % by current assets. The assets are being financed by an equity of 38.71 %, and total debt of 61.29 %. The total assets of the company decreased with -4.62 % between 2015 and 2016. This downturn is mainly retrievable in the fixed asset decrease of -25.27 %. Assets reduction is being explained by an indebtedness decrease -7.6 % while the Net Worth remains unchanged. In 2016 the assets of the company were 3.23 % composed of fixed assets and 96.77 % by current assets. The assets are being financed by an equity of 37.84 %, and total debt of 62.16 %.

Analysis

Branch (SBI)	Wholesale of pharmaceutical goods (SBI code 46461)
Region	Flevoland
Summary	In the Netherlands 4725 of the companies are registered with the SBI code 46461 In the region Flevoland 168 of the companies are registered with the SBI code 46461 In the Netherlands 13 of the bankrupcties 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 Flevoland is normal
Year	2017	Company	2016	Company	2015
Equity	1.931.050	1.567.519	2.005.081	1.359.859	1.904.195
Working capital	1.316.884	1.477.639	1.419.467	1.243.623	1.346.579
Balance total	4.424.982	4.049.658	4.292.890	3.594.165	4.196.629
Quick ratio	1,25	1,09	1,26	0,92	1,24
Current ratio	1,71	1,60	1,73	1,56	1,71
Equity / balance total	0,45	0,39	0,46	0,38	0,44

Publications

Deposits	27-04-2018: De jaarrekening over 2017 is gepubliceerd. 02-06-2017: De jaarrekening over 2016 is gepubliceerd. 17-08-2016: De jaarrekening over 2015 is gepubliceerd. 28-05-2015: De jaarrekening over 2014 is gepubliceerd. 12-05-2014: De jaarrekening over 2013 is gepubliceerd. 08-10-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	20-11-2015: Per 01-11-2015 is gevolmachtigde Johannes Jacobus Maria van Haperen uit functie getreden. 03-11-2015: Per 01-11-2015 is gevolmachtigde Everdina Wilhelmina van Waaij in functie getreden. 22-09-2015: Per 01-07-2015 is gevolmachtigde Anna Elisabeth Theresia Raanhuis in functie getreden.

Company structure

Relations	3
Company	Registration number
Amstelfarma Holding B.V. (LELYSTAD)	55824390
| - - Amstelfarma B.V. (Lelystad)	39064879
| - - Waterland Laboratories B.V. (LELYSTAD)	39064866

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07
Euro	1	INR 80.19

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

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.