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MIRA INFORM REPORT

 

 

Report Date :            

12.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ALPHAPHARM PTY LTD

 

 

Registered Office :

10, 10 Shelley St, Sydney, Nsw 2000

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.01.1982

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Manufacture, Market and Distribution of prescription medicines and medicines only available at pharmacies.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

$200,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Exists

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME      

 

ALPHAPHARM PTY LTD

ACN: 002 359 739

      ABN: 93 002 359 739

 

ADDRESS GIVEN                     15 Garnet St

                                                CAROLE PARK, QLD 4300

 

SPECIAL NOTE                         The address provided is for the subjects Human resources and manufacturing and development activities.

 

 

CORPORATE SEARCH

 

INCORPORATED                      28 January 1982

 

REGISTERED ADDRESS          10, 10 Shelley St

                                                SYDNEY, NSW 2000

 

SHARECAPITAL                        $100,445                      

 

SHAREHOLDERS                     MYLAN AUSTRALIA P/L            Holds 100,445

 

DIRECTORS                             CROSS, Martin George

23 yachtsman Paradise

MEWPORT, NSW 2106

 

FRASER, Stephen

                                                3, 148 Brighton Blvd

                                                NORTH BONDI, NSW 2026

                                                           

SECRETARY                            BUTTERFIELD, Rodney

           

REGISTERED CHARGES          None on record

 

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Level 1, 30 Hickson Rd

                                                MILLERS POINT, NSW 2000

 

POSTAL ADDRESS                  PO Box 36

                                                CAMPERDOWN, NSW 1450

 

TELEPHONE                             (612) 9298 3999

 

FACSIMILE                                        (612) 9556 4686

 

MANUFACTURING                         15 Garnet St

                                                           Carole Park, QLD

 

HOLDING ENTITY                            MYLAN AUSTRALIA P/L

 

AUSTRALIAN HOLDING

ENTITY                                   MYLAN AUSTRALIA HOLDING P/L

 

ULTIMATE HOLDING

ENTITY                                                    MYLAN INC

 

BANK                                       Not determined            

                                               

EMPLOYEES                            592 (Australian Group)

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 28 January 1982 under the current style.

 

Operations were established in Australia as a new venture in 1982,

 

On 2 October 2007, the subject was acquired by Mylan Inc of the USA.

 

                       

OPERATIONS

 

The subject operates in the manufacture, market and distribution of prescription medicines and medicines only available at pharmacies.

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

 

A search of traced the following litigation listed against the subject at that date.

 

Court Actions

Date                             16.07.2010

Creditors name              Male Verity

Amount                         $1014

Plaintiff No.                  1507797/10/VMEL

            Association Code          Companys Account

Court Code                   Magistrates Court Judgement

 

FINANCES

 

During the current interview conducted with the subjects Financial Controller David Falston he advised that for the last financial year ended 31 December 2010 the subject recorded revenue in the order of $400,000,000.

 

Mr Falston advised that the subject operates as the only trading company for the group in Australia.

 

For the year ended 31 December 2009 the Australian Holding entity Mylan Australia Pty Ltd recorded consolidated revenue of $386,790,879 which resulted in an operating loss before tax of $88,246,959 and an operating loss after tax of $61,761,218.

 

The operating loss for the last financial year was attributable to intercompany restructuring following the acquisition of the subject by Mylan in 2007.

 

At 31 December 2009 the Australian group recorded consolidated Working capital of $80,965,564 and a current ratio of 1.46 to 1 indicating satisfactory liquidity levels.

 

At 31 December 2009 the Australian Group recorded Net Assets of $359,125,372 (2008: $420,886,590).

 

Further details pertaining to the subjects or groups financial position were unable to be obtained for the current enquiry.

 

 

 

Mylan Australia Holding Pty Ltd - consolidated

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$386,790,879

$547,770,627

-29.39%

Profit b/tax

($88,246,959)

($176,118,339)

-49.89%

Profit a/tax

($61,761,218)

($123,353,698)

-49.93%

Net Profit Margin

-15.97%

-22.52%

6.55%

Current Assets

$258,466,722

$242,053,038

6.78%

Non Current Assets

$1,215,220,705

$1,267,168,870

-4.10%

Total Assets

$1,473,687,427

$1,509,221,908

-2.35%

Current Liabilities

$177,501,158

$136,693,447

29.85%

Non Current Liabilities

$937,060,897

$951,641,871

-1.53%

Total Liabilities

$1,114,562,055

$1,088,335,318

2.41%

Net Assets

$359,125,372

$420,886,590

-14.67%

Working Capital

$80,965,564

$105,359,591

-23.15%

Current Ratio

1.46

1.77

-17.77%

Debt to Equity

3.10

2.59

20.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The subject is ultimate owned by Mylan Inc a corporation that is listed on the Nasdaq and employs 13,000 staff globally.

 

For the year ended 31 December 2009, the global group reported consolidated revenue of US$5,450.5 million which resulted in Net Income of US$345.5 million.

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

·         (Pfizer) Nominated supplier failed to respond to correspondence.

 

·         (Bayer) Nominated supplier declined to provide a reference owing to company policy.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 28 January 1982 under the current style.

 

Operations were established in Australia as a new venture in 1982.

 

The subject operates as the only trading company for the group in Australia.

 

For the last financial year ended 31 December 2010 the subject recorded revenue in the order of $400,000,000.

 

For the year ended 31 December 2009 the Australian Holding entity Mylan Australia Pty Ltd recorded consolidated revenue of $386,790,879 which resulted in an operating loss before tax of $88,246,959 and an operating loss after tax of $61,761,218.

 

The operating loss for the last financial year was attributable to intercompany restructuring following the acquisition of the subject by Mylan in 2007.

 

At 31 December 2009 the Australian group recorded consolidated Working capital of $80,965,564 and a current ratio of 1.46 to 1 indicating satisfactory liquidity levels.

 

At 31 December 2009 the Australian Group recorded Net Assets of $359,125,372 (2008: $420,886,590).

 

In view of the substantial operating loss from the Australian groups most recently lodged financial statements and absence of balance sheet details pertaining to the subject, we would recommend that intercompany guarantees be provided before dealing with the subject on a credit basis.

 

It is believed that the subject has the capacity to undertake a credit facility with a $200,000 exposure. In the absence of further financial information however we would recommend obtaining guarantees for the subjects holding entities.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

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.