MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ACTAVIS PHARMA MANUFACTURING PRIVATE LIMITED |
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Registered Office : |
210-210A, Galleria, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra |
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Country : |
India |
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Date of Incorporation : |
23.11.2006 |
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Com. Reg. No.: |
165760 |
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CIN No.: [Company
Identification No.] |
U24219MH2006PTC165760 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA12256G |
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PAN No.: [Permanent
Account No.] |
AAGCA0040H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Bulk Drugs and Formulations |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has not filed its first financials with the
Government Registry till date. The management parted some general information
but failed to part with financial details despite several promises. Trade
relations are reported as fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Sadanand Athole |
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Designation : |
Account Manager |
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Contact No.: |
- |
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Date : |
14.02.2008 |
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Name : |
Mr. G. Shankar |
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Designation : |
Director |
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Contact No.: |
91-22-25704563/2 |
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Date : |
14.02.2008 |
LOCATIONS
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Registered Office : |
210-210A, Galleria, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Tel. No.: |
91-22-25704378/ 25704562/3 |
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Mobile No.: |
91-9820182585 |
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Fax No.: |
91-22-25706658 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No.101/102/107 and 108 Sidco, Pharmaceutical Complex, Alathur
Kanchipuram – 603110, Tamilnadu, India |
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Area : |
8 acres |
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Location : |
Owned by company |
DIRECTORS
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Name : |
Mr. G. Shanker |
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Designation : |
Director |
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Name : |
Mr. Robert Wessman |
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Designation : |
Director |
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Name : |
Mr. Stefan Jokul Sveinsson |
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Designation : |
Director |
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Name : |
Mr. Sigurudur Oli Olafsson |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Bulk Drugs and Formulations |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60 days) T/T and CAD |
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Purchasing : |
Credit (90 days) and T/T |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 210 |
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Bankers : |
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Facilities : |
C/C – Rs.50.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
KPMG Chartered Accountant |
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Address : |
Chennai |
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Associates/Subsidiaries : |
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Name : |
Actavis Pharma Development Centre Private Limited |
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Address : |
No. 15/80 Feet Road, Koramangala, Bangalore – 560095, India |
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Tel No.: |
91-80-25633097/98 |
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Fax No.: |
91-22-25706658 |
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Email : |
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Line of Business : |
Research and Development Centre |
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Name : |
Lotus Laboratories Private Limited |
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Address : |
Bangalore |
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Line of Business : |
Clinical Research Centre |
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Name : |
Actavis Pharma Limited |
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Address : |
Mumbai |
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Line of Business : |
Sourcing and Overseas Contract Manufact. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Share |
Rs.10/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tech – Sharp Enviro Systems (Private) Limited, Chennai
- Omega (School of Industrial Management), Chennai
Website details:
Subject’s presence in India dates back to 2001, when the
Group established a sourcing office in the country. Today, Subject employs more
than 620 people in India, who between them deliver a fully integrated and
highly cost-effective service.
Possibly the first generic Pharma from outside India to have a fully integrated
operation in the country, subject now possesses a full range of service ranging
from bio-equivalence studies to stability testing, developing and producing
active pharmaceutical ingredients (APIs) - the single largest cost component of
the business, developing new formulations and producing finished tablet forms.
Actavis Pharma
Actavis Pharma heads the Group’s strategic plans in India, sourcing active
pharmaceutical ingredients (APIs) and finished dosage forms.
The company is also exploring opportunities for formulation development,
clinical trials, contract research and manufacture and new investment prospects
in the country.
A strategic collaboration with Emcure Pharmaceuticals and subsequent agreements
with other Indian pharmaceutical companies is ensuring a lower cost base for
Actavis products in EU and US markets.
Actavis Pharma Development Center
Actavis Pharma heads the Group’s strategic plans in India, sourcing active
pharmaceutical ingredients (APIs) and finished dosage forms. The company is
also exploring opportunities for formulation development, clinical trials,
contract research and manufacture and new investment prospects in the country.
A strategic collaboration with Emcure Pharmaceuticals and subsequent agreements
with other Indian pharmaceutical companies is ensuring a lower cost base for
subject products in EU and US markets.
Lotus Laboratories
In 2005 subject acquired Lotus Laboratories, an Indian
Contract Research Organisation. Headquartered in Bangalore, Lotus was
established in 2001 and employs over 230 people. The company specialises in the
management of clinical trials to study the bioavailability and bioequivalence
of drugs, drug-drug interaction and early and late phase clinical trials.
Existing clinical facilities have recently been upgraded and new ones
established at Chennai and Salem.
Subject is one of the world's leading players in the
development, manufacture, and sale of first-class generic pharmaceuticals.
Founded in 1956, the Company has led an assertive programme of expansion,
making more than 20 acquisitions in the past seven years while maintaining
strong organic growth. The Group has approximately 11,000 employees operating
in about 40 countries around the globe. Subject’ headquarters are in Iceland.
Company
Profile:
The Subject Group is one of the world’s leading players in the
development, manufacture and sale of high-quality generic pharmaceuticals.
The successful integration of a number of acquisitions has
helped position subject among the world’s largest companies in the industry.
Founded in 1956, the Group has 11,000 employees operating in about 40 countries around the
globe. Its headquarters are in Iceland.
The Company has modern development and manufacturing
facilities in Europe, the US and Asia. The plants produce a variety of
medicines in different formulations including tablets, capsules, injectables,
suppositories, sprays, sterile, powders, oral liquids and semi-solids.
Product portfolio:
- Actavis offers one of the broadest product portfolios and strongest
pipelines in the generics industry:
- Around 650 products on the market
- Over 350 products under development and pending registration
- 40-45 ANDAs expected in the US market in 2007
- Products registered in more than 60 countries
- Over 500 product and market launches expected in Group markets in
2007
Future opportunities:
An extensive network of sales and marketing offices enables
effective market penetration, positioning the Group strongly in the world’s
largest markets for generic pharmaceuticals. Strategic acquisitions, the
opening of new sales offices and intensive investment in the development of
generic pharmaceuticals are fuelling the growth of Subject and have positioned
the Group to take advantage of future opportunities.
The Group remains committed to leading the consolidation of a still fragmented
industry through strategic acquisitions and to driving further organic growth
through innovative product launches, penetration of new markets and regulatory
approvals of new generic pharmaceuticals.
Subject continues to invest heavily in research and development, pursuing a
determined first-to-market strategy and positioning itself to take full
advantage of future opportunities.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.68 |
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UK Pound |
1 |
Rs.77.67 |
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Euro |
1 |
Rs.57.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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