MIRA INFORM REPORT

Report No. :	511014
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	THE MEDICAL EXPORT GROUP B.V.
Registered Office :	Papland 16, 4206CL Gorinchem
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	01.07.1980
Com. Reg. No.:	23044580
Legal Form :	Private Limited Company
Line of Business :	· Wholesale of pharmaceutical goods · Wholesale of medical and dental instruments
No. of Employees :	65 [2017-Chamber of Commerce]

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	THE MEDICAL EXPORT GROUP B.V.
Operative address	Papland 16 4206CL Gorinchem Netherlands
Status	Active
Specification	This company can meet all its obligations.

Legal form	Private Limited Company
Registration number	KvK-nummer: 23044580
VAT-number	005351261
European VAT-number	NL005351261B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	1.076.576	19,62	899.993	32,61	678.654
Total receivables	9.569.098	-25,37	12.821.283	30,89	9.795.471
Total equity	14.760.725	13,64	12.988.584	68,63	7.702.607
Short term liabilities	12.502.628	-18,55	15.349.206	60,60	9.557.562
Net result	-10.695.175	-279,52	5.957.637	33,41	4.465.542
Working capital	13.784.813	11,36	12.378.398	70,79	7.247.779
Quick ratio	1,08	1,89	1,06	-13,11	1,22

Contact information

Company name	THE MEDICAL EXPORT GROUP B.V.
Trade names	THE MEDICAL EXPORT GROUP B.V.
Operative address	Papland 16 4206CL Gorinchem Netherlands
Correspondence address	Postbus 598 4200AN Gorinchem Netherlands

Telephone number	0183356100
Fax number	0183356122
Email address	info@meg.nl
Website	www.meg.nl

Registration

Registration number	KvK-nummer: 23044580
Branch number	000020069634
VAT-number	005351261
European VAT-number	NL005351261B01
Status	Active
First registration company register	1980-09-26
Memorandum	1980-09-05
Establishment date	1980-07-01

Legal form	Private Limited Company
Legal person since	1980-09-05
Last proposed admendment	2015-09-11
Issued placed capital	EUR 196.129
Paid up share capital	EUR 196.129

Activities

SBI	46461: Wholesale of pharmaceutical goods 46462: Wholesale of medical and dental instruments
Exporter	Yes
Importer	Yes

Branche organisations	TFCH - Task Force Health Care
Goal	Acquisition of orders abroad for the benefit of enterprises in the sector of appliances and consumer goods in hospitals, as well as trade in these and similar or related goods

Relations

Shareholders	FC MEG B.V. Papland 16 4206CL GORINCHEM Netherlands Registration number: 63201828 Percentage: 100%
Branches	The Medical Export Group B.V. Weide 34 4206CJ GORINCHEM Netherlands Registration number: 23044580 The Medical Export Group B.V. Vaart 47 4206CC GORINCHEM Netherlands Registration number: 23044580 The Medical Export Group B.V. Weide 36 4206CJ GORINCHEM Netherlands Registration number: 23044580 The Medical Export Group B.V. Vaart 49 4206CC GORINCHEM Netherlands Registration number: 23044580

Companies on same address

Dutch Care B.V. Registration number: 61030643 FC MEG Holding B.V. Registration number: 63201909 FC MEG B.V. Registration number: 63201828 Vastgoed Vuren B.V. Registration number: 65998812 Stichting Administratiekantoor MEG Registration number: 68356285

Bank details

Accounts

ABN Amro Bank NV Account number: 64.28.76.908 BIC: ABNANL2A

Real Estate

Details operative address

Surface area: 4178 m2 Purpose: Industrial function Construction year: 2001 Status: Building in use Under investigation: No

Management

Active management

FC MEG B.V. Papland 16 4206CL GORINCHEM Netherlands Registration number: 63201828 Competence: Fully authorized Function: Manager Starting date: 2015-09-11 J.W. Maasland Jan Willem Netherlands Competence: Limited authorization Function: Proxy Starting date: 1998-06-30 Date of birth: 1955-03-09, Strijen, NL G. Ranselaar Guido Netherlands Competence: Limited authorization Function: Proxy Starting date: 2013-06-01 Date of birth: 1974-02-12, Nijkerk, NL R.H.M. Arts Rob Hendrikus Martinus Netherlands Competence: Limited authorization Function: Proxy Starting date: 2015-09-21 Date of birth: 1979-12-09, Cuijk en Sint Agatha, NL Involved with the following companies: Spotless Group B.V. Archimedesbaan 18 D 3439ME NIEUWEGEIN Netherlands Registration number: 34219130 Status: Dissolved Function: Proxy Starting date: 2013-06-01 FC MEG B.V. Papland 16 4206CL GORINCHEM Netherlands Registration number: 63201828 Function: Proxy Starting date: 2015-09-21 Spotless Benelux B.V. Archimedesbaan 18 D 3439ME NIEUWEGEIN Netherlands Registration number: 17117250 Status: Dissolved Function: Proxy Starting date: 2013-06-01 FC MEG Holding B.V. Papland 16 4206CL GORINCHEM Netherlands Registration number: 63201909 Function: Proxy Starting date: 2015-09-21 M.A. van Eck Michael Arnoud Netherlands Competence: Fully authorized Function: Proxy Starting date: 2017-06-07 Date of birth: 1958-06-05, Amsterdam, NL Involved with the following companies: Stichting B4Y United Nassaulaan 55 3743CB BAARN Netherlands Registration number: 66257468 Function: Manager Starting date: 2016-06-10 Movaria B.V. Nassaulaan 55 3743CB BAARN Netherlands Registration number: 31035939 Function: Manager Starting date: 1991-07-17 RVE Vastgoed B.V. Sophialaan 1 3743CT BAARN Netherlands Registration number: 61393916 Function: Commissaris Starting date: 2014-09-04 Stichting Administratiekantoor MEG Papland 16 4206CL GORINCHEM Netherlands Registration number: 68356285 Function: Treasurer Starting date: 2017-03-22 H.W.A. den Besten Hendrik Willem Arie Netherlands Competence: Limited authorization Function: Proxy Starting date: 2017-06-07 Date of birth: 1952-08-22, Utrecht, NL Involved with the following companies: CoachMan Consultancy B.V. Leidsestraatweg 39 3481EV HARMELEN Netherlands Registration number: 51917459 Function: General Director Starting date: 2011-01-25

Employees

Year	2017	2016	2015	2014	2013
Annual		71	57	48	49
Chamber of Commerce	65	53	54		54

Payments

Description

Regular

Total	EUR 12.823
	Last quarter	Last year
Average payment period (days)	22	22
Average delay (days)	2	2

Quarter	Volume	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q2	A	52,00%	48,00%	0,00%	0,00%	0,00%	0,00%
2018 Q1	A	65,00%	35,00%	0,00%	0,00%	0,00%	0,00%
2017 Q4	A	50,00%	50,00%	0,00%	0,00%	0,00%	0,00%
2017 Q3	A	68,00%	31,00%	2,00%	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	2016	2015	2014	2013	2012
Quick ratio	1,08	1,06	1,22	0,86	0,91
Current ratio	2,10	1,81	1,76	1,61	1,36
Working capital/ balance total	0,50	0,43	0,41	0,37	0,26
Equity / balance total	0,54	0,45	0,44	0,39	0,27
Equity / Fixed assets	13,71	14,43	11,35	10,72	16,78
Equity / liabilities	1,17	0,83	0,79	0,64	0,37
Balance total / liabilities	2,17	1,83	1,79	1,64	1,37
Working capital	13.784.813	12.378.398	7.247.779	6.185.536	5.361.223
Equity	14.760.725	12.988.584	7.702.607	6.587.065	5.504.519
Mutation equity	13,64	68,63	16,94	19,67	46,85
Mutation short term liabilities	-18,55	60,60	-5,31	-31,90	210,01
Return on total assets (ROA)	-30,87	27,72	33,93	22,68	13,29
Return on equity (ROE)	-57,23	61,10	77,02	58,17	49,51
Gross margin	17.467.316	14.664.477	11.166.440	8.866.254	7.167.788
Operating result	-8.363.026	8.160.012	6.124.044	4.059.005	2.975.517
Net result after taxes	-10.695.175	5.957.637	4.465.542	2.882.547	2.056.071
Cashflow	-10.508.230	6.143.797	4.721.478	3.059.640	2.150.891
EBIT	-8.363.026	8.160.012	6.124.044	4.059.005	2.975.517
EBITDA	-8.176.081	8.346.172	6.379.980	4.236.098	3.070.337
Summary	The 2016 financial result structure is a postive working captial of 13.784.813 euro, which is in agreement with 50 % of the total assets of the company. The working capital has increased with 11.36 % 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 2.1. 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 1.08. 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 12.378.398 euro, which is in agreement with 43 % of the total assets of the company. The working capital has increased with 70.79 % 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 1.81. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 1.06. 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	The Medical Export Group B.V. Papland 16 4206CL Gorinchem Netherlands Registration number: 23044580

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
Intangible fixed assets	492.550	347.100
Tangible fixed assets	579.665	544.168	665.565	614.732	328.045
Financial fixed assets	4.361	8.725	13.089
Fixed assets	1.076.576	899.993	678.654	614.732	328.045
Total stock	12.736.290	11.500.146	5.146.482	7.578.679	6.629.639
Accounts receivable	8.212.763
Other receivables	1.356.335
Total receivables	9.569.098	12.821.283	9.795.471	8.692.298	13.547.508
Liquid funds	3.982.053	3.406.175	1.863.388	7.633	5.590
Current assets	26.287.441	27.727.604	16.805.341	16.278.610	20.182.737
Total assets	27.364.017	28.627.597	17.483.995	16.893.342	20.510.782
Issued capital	349.581	349.581	349.581	349.581	349.581
Other reserves	14.411.144	12.639.003	2.887.484	3.354.938	3.098.867
Non-distributable profit			4.465.542	2.882.546	2.056.071
Total reserves	14.411.144	12.639.003	7.353.026	6.237.484	5.154.938
Total equity	14.760.725	12.988.584	7.702.607	6.587.065	5.504.519
Provisions	100.664	289.807	223.826	213.203	184.749
Accounts payable	3.763.954
Other short term liabilities	8.738.674
Short term liabilities	12.502.628	15.349.206	9.557.562	10.093.074	14.821.514
Total short and long term liabilities	12.603.292	15.639.013	9.781.388	10.306.277	15.006.263
Total liabilities	27.364.017	28.627.597	17.483.995	16.893.342	20.510.782
Summary	The total assets of the company decreased with -4.41 % between 2015 and 2016. Despite the total assets decrease, non current assets grew with 19.62 %. The asset reduction is in contrast with the equity growth of 13.64 %. Due to this the total debt decreased with -19.41 %. In 2016 the assets of the company were 3.93 % composed of fixed assets and 96.07 % by current assets. The assets are being financed by an equity of 53.94 %, and total debt of 46.06 %. The total assets of the company increased with 63.74 % between 2014 and 2015. The fixed asset growth of 32.61 % is lower than the total asset growth. The asset growth has mainly been financed by a Net Worth increase of 68.63 %. Debt, however, grew with 59.89 %. In 2015 the assets of the company were 3.14 % composed of fixed assets and 96.86 % by current assets. The assets are being financed by an equity of 45.37 %, and total debt of 54.63 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	649.466
Other operating income	649.466
Gross margin	17.467.316	14.664.477	11.166.440	8.866.254	7.167.788
Wages and salaries	3.744.093	3.460.858	2.927.958	2.848.144	2.584.094
Amorization and depreciation	186.945	186.160	255.936	177.093	94.820
other operating costs	5.081.454	2.857.447	1.858.502	1.782.012	1.513.357
Operating expenses	9.012.492	6.504.465	5.042.396	4.807.249	4.192.271
Operating result	-8.363.026	8.160.012	6.124.044	4.059.005	2.975.517
Financial income				7.739	11.590
Financial expenses			191.778	235.245	261.659
Financial result	-84.738	-224.202	-191.778	-227.506	-250.069
Result on ordinary operations before taxes	-8.447.764	7.935.810	5.932.266	3.831.499	2.725.448
Taxation on the result of ordinary activities	2.247.411	1.978.173	1.475.847	947.735	669.377
Result of ordinary activities after taxes	-10.695.175	5.957.637	4.456.419	2.883.764	2.056.071
Extraordinary income			9.123
Extraordinary expense				1.217
Extraordinary result after taxation			9.123	-1.217
Net result	-10.695.175	5.957.637	4.465.542	2.882.547	2.056.071
Summary	The gross profit of the company grew with 19.11 % between 2015 and 2016. The operating result of the company declined with -202.49 % between 2015 and 2016. This evolution implies an decrease of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -211.36 % of the analysed period, being equal to -30.87 in the year 2016. The Net Result of the company decreased by -279.52 % 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 -193.67 % of the analysed period, being -57.23 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The gross profit of the company grew with 31.33 % between 2014 and 2015. The operating result of the company grew with 33.25 % between 2014 and 2015. 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 -18.3 % of the analysed period, being equal to 27.72 in the year 2015. The Net Result of the company increased by 33.41 % between 2014 and 2015. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -20.67 % of the analysed period, being 61.1 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Wholesale of medical and dental instruments (SBI code 46462)
Region	Zuidoost-Zuid-Holland
Summary	In the Netherlands 4725 of the companies are registered with the SBI code 46462 In the region Zuidoost-Zuid-Holland 101 of the companies are registered with the SBI code 46462 In the Netherlands 13 of the bankrupcties are published within this sector In the region Zuidoost-Zuid-Holland 1 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 Zuidoost-Zuid-Holland is normal
Year	2016	Company	2015	Company	2014
Equity	32.111.000	14.760.725	29.292.171	12.988.584	28.641.452
Working capital	11.130.512	13.784.813	9.660.000	12.378.398	10.457.500
Balance total	84.512.190	27.364.017	86.314.000	28.627.597	65.250.506
Quick ratio	1,22	1,08	1,07	1,06	1,22
Current ratio	1,51	2,10	1,43	1,81	1,68
Equity / balance total	0,58	0,54	0,55	0,45	0,61
Turnover	85.121.000	17.467.316	85.778.000	14.664.477	68.978.500
Net result	3.036.640	-10.695.175	3.138.941	5.957.637	2.585.704

Publications

Deposits	14-06-2017: De jaarrekening over 2016 is gepubliceerd. 06-06-2016: De jaarrekening over 2015 is gepubliceerd. 03-07-2015: De jaarrekening over 2014 is gepubliceerd. 18-11-2014: De jaarrekening over 2013 is gepubliceerd. 25-07-2013: De jaarrekening over 2012 is gepubliceerd.
Functions	19-07-2017: Per 28-06-2017 is gevolmachtigde Christian te Kloese uit functie getreden. 12-07-2017: Per 07-06-2017 is gevolmachtigde Hendrik Willem Arie den Besten in functie getreden. 30-06-2017: Per 07-06-2017 is gevolmachtigde Michael Arnoud van Eck in functie getreden. 22-08-2016: Per 11-09-2015 is gevolmachtigde Monica Francisca Geertruida Vos uit functie getreden. 28-09-2015: Per 21-09-2015 is gevolmachtigde Rob Hendrikus Martinus Arts in functie getreden. 16-09-2015: Per 11-09-2015 is bestuurder 63201828 FC MEG B.V. in functie getreden. 16-09-2015: Per 11-09-2015 is bestuurder 31035939 Movaria B.V. uit functie getreden.
Other	16-09-2015: Geplaatst kapitaal gewijzigd in EUR 196.129,00 Gestort kapitaal gewijzigd in EUR 196.129,00. 16-09-2015: Per 11-9-2015 statuten gewijzigd.

Company structure

Relations	3
Company	Registration number
FC MEG Holding B.V. (GORINCHEM)	63201909
| - - FC MEG B.V. (GORINCHEM)	63201828
| - - | - - The Medical Export Group B.V. (Gorinchem)	23044580

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.95
UK Pound	1	INR 91.87
Euro	1	INR 80.27
Euro	1	INR 80.16

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

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.