MIRA
INFORM REPORT
|
Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
MATRIX LABORATORIES LIMITED |
|
|
|
|
Registered Office : |
1-1-151/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
29.11.1984 |
|
|
|
|
Com. Reg. No.: |
01-005146 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24231AP1984PLC005146 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM02247A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCM3491M |
|
|
|
|
Legal Form : |
Public Limited Liability company. Companies Share are Listed on Stock Exchange |
|
|
|
|
Line of Business : |
Manufacture of Pharmaceutical Ingredients |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 46000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are reported
to be regular and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Laxmi narayan |
|
Designation : |
Accounts Department |
|
Date : |
16.02.2011 |
LOCATIONS
|
Registered Office : |
1-1-151/1, |
|
Tel. No.: |
91-40-27700363/ 361/ 347/ 66327722 |
|
Fax No.: |
91-40-27700343 |
|
E-Mail : |
sheela.vadavalli@matrixlabsindia.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
1-8-437, 438, 364 And
445, 6th Floor, Splendid Towers, |
|
|
|
|
Factory 1 : |
Survey
No.10, Gaddapotharam, Kazipally Industrial Area, Jinnaram Mandal, Medak
District, Andhra Pradesh |
|
|
|
|
Factory 2 : |
Plot
Nos.38,39,40,49,50 and 51, Phase IV, IDA Jeedimetla, |
|
|
|
|
Factory 3 : |
Plot
Nos.38,39,40,49,50 and 51, Phase IV, IDA Jeedimetla, |
|
|
|
|
Factory 4 : |
Plot No.36, Phase IV, IDA Jeedimetla,
Quthbullapur Mandal, R.R.Dist, Andhra Pradesh. |
|
|
|
|
Factory 5 : |
Plot No.16/B/1, S.V. Co-operative
Industrial Estate, |
|
|
|
|
Factory 6 : |
Survey No.10/A, Gaddapotharam, Kazipally Industrial Area, Jinnaram
Mandal, Medak District, Andhra Pradesh |
|
|
|
|
Factory 7: |
Plot Nos.14, 99 and 100, Chemical Zone, Pashamylaram, Patancheru
Mandal, Medak Dist., Andhra Pradesh |
|
|
|
|
Factory 8 : |
|
|
|
|
|
Factory 9 : |
Formulations Plant Plot No: F-4 and F-12, MIDC, |
|
|
|
|
R and D Centers : |
·
Survey No. 10 and 42, Gaddapotharam, Kazipally
Industrial Area, Jinnaram Mandal, Medak District, ·
Plot Nos.38, 39,40,49,50 and 51, Phase IV, IDA
Jeedimetla, ·
Plot No. 34/A, Anrich Industrial Estate,
Bollarum, Medak District ·
Clinical Research Centre, Saradhi Chambers, A-4,
Rukminipuri, Beside |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S Srinivasan |
|
Designation : |
Chief Executive Officer and Managing Director |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
BE (Hons), AICWA, MBA |
|
Experience : |
20 Years |
|
Date of Appointment : |
23.06.1994 |
|
Last Employment: |
Venkys’ India Limited |
|
|
|
|
Name : |
Mr.
Rajiv Malik |
|
Designation : |
Managing Director and CEO |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
M. Pharm |
|
Experience : |
26 Years |
|
Date of Appointment : |
18.07.2005 |
|
|
|
|
Name : |
Dr.
B. Hari Babu |
|
Designation : |
Chief Operating Offcer and Executive Directors |
|
|
|
|
Name : |
Mr.
Sanjeev Sethi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Susanto Banerjee |
|
Designation : |
Head Finance |
|
|
|
|
Name : |
Mr. B. Nagaraj Goud |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee: |
Mr. Rajiv Malik Mr. S. Srinivasan Mr. Sanjeev Sethi |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2008
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Shareholding of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
7677818 |
4.97 |
|
Sub Total(A)(1) |
7677818 |
4.97 |
|
|
|
|
|
Foreign |
|
|
|
Bodies Corporate |
110024634 |
71.16 |
|
Sub Total(A)(2) |
110024634 |
71.16 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) |
117702452 |
76.13 |
|
|
|
|
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Mutual Funds/ UTI |
380017 |
0.25 |
|
Financial Institutions / Banks |
44355 |
0.03 |
|
Foreign Institutional Investors |
23898266 |
15.46 |
|
Sub-Total (B)(1) |
24322638 |
15.74 |
|
|
|
|
|
Non-institutions |
|
|
|
Bodies Corporate |
862971 |
0.56 |
|
Individuals |
|
|
|
Individuals -i. Individual shareholders holding nominal
share capital up to Rs 0.100 Million |
8257699 |
5.34 |
|
ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
731159 |
0.47 |
|
Any Other (specify) |
|
|
|
Non Resident Individuals |
1201220 |
0.78 |
|
Foreign Nationals |
1535502 |
0.99 |
|
Sub-Total (B)(2) |
2736722 |
1.77 |
|
|
|
|
|
Total Public
Shareholding (B)= (B)(1)+(B)(2) |
36911189 |
23.87 |
|
|
|
|
|
Shares held by Custodians and against which Depository Receipts have been
issued |
Nil |
Nil |
|
|
|
|
|
GRAND TOTAL (A)+(B)+(C) |
154613641 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Pharmaceutical Ingredients |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Pharmaceutical Ingredients |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Active Pharmaceutical Ingredients |
MT |
1544.56 |
1084.36 |
|
Tablets and Capsules |
Millions |
4000.00 |
1778.80 |
Notes:
1. Licensed capacity is not
applicable in terms of the Government of India Notification No. 477(E) dated
25th
July 1991.
2. As certified by the management and
accepted by the auditors.
3. Includes captive consumption and conversion for
others.
GENERAL INFORMATION
|
Customers : |
Manufacturer |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
5000 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells |
|
Address : |
Chartered
Accountants |
|
Tel. No.: |
Coromandal House 1-2-10, |
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Holding Company: |
|
|
|
|
|
Subsidiaries: |
Subsidiaries of
Matrix Laboratories Limited,
Subsidiaries of
Matrix
Subsidiaries of
Matrix Laboratories (
Subsidiaries of
Matrix Pharma Group (
Subsidiaries of
Matrix Laboratories (
Subsidiaries of
Matrix Laboratories BVBA-Belgium Subsidiaries of
|
|
|
|
|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
156338811 |
Equity Shares |
Rs.2/- each |
Rs.312.680
Millions |
Note:
Of the above:
- 14,999,350 shares represent after
subdivision of 2,999,870 Equity shares of Rs.10/- per share which were
issued as fully paid up to the shareholders' of the erstwhile Vorin Laboratories
Limited, Medicorp Technologies India Limited, Vera Laboratories Limited,
Fine Drugs and Chemicals Limited, Medikon Laboratories Limited and Calibre
Engineering Private Limited on their respective amalgamation with the
Company, for consideration other than cash.
- 74,841,605 shares were issued as fully
paid bonus shares by utilisation of Rs.149.68 Millions from Securities
Premium account.
- 151,461,255 shares (31st March 2009 -
110,024,634) are held by MP Laboratories (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
312.680 |
309.230 |
309.180 |
|
|
2] Stock Options |
0.000 |
82.730 |
79.900 |
|
|
3] Reserves & Surplus |
11209.180 |
8384.020 |
6489.940 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11521.860 |
8775.980 |
6879.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4502.920 |
4488.470 |
4038.210 |
|
|
2] Unsecured Loans |
1616.130 |
1989.620 |
395.800 |
|
|
TOTAL BORROWING |
6119.050 |
6478.090 |
4434.010 |
|
|
DEFERRED TAX LIABILITIES |
947.100 |
757.050 |
503.320 |
|
|
|
|
|
|
|
|
TOTAL |
18588.010 |
16011.120 |
11816.350 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8583.060 |
6131.950 |
4756.670 |
|
|
Capital work-in-progress |
1334.140 |
1475.070 |
1149.150 |
|
|
|
|
|
|
|
|
INVESTMENT |
1766.570 |
2318.980 |
2318.980 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6335.130
|
3763.870
|
3061.580 |
|
|
Sundry Debtors |
4843.890
|
4914.110
|
2308.390 |
|
|
Cash & Bank Balances |
86.010
|
20.000
|
99.660 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1657.380
|
1052.080
|
1754.540 |
|
Total
Current Assets |
12922.410
|
9750.060
|
7224.170 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5152.460
|
2952.530 |
|
|
|
Other Current Liabilities |
665.790
|
379.510
|
2597.270 |
|
|
Provisions |
199.920
|
332.900
|
1035.350 |
|
Total
Current Liabilities |
6018.170
|
3664.940
|
3632.620 |
|
|
Net Current Assets |
6904.240
|
6085.120
|
3591.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18588.010 |
16011.120 |
11816.350 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18680.260 |
14790.240 |
9386.330 |
|
|
|
Income from Potential patent infringement suit |
0.000 |
134.570 |
269.130 |
|
|
|
Conversion Income |
137.980 |
96.510 |
132.180 |
|
|
|
Other Income |
85.950 |
218.530 |
201.750 |
|
|
|
TOTAL (A) |
18904.190 |
15239.850 |
9989.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
9162.290 |
7047.320 |
4646.280 |
|
|
|
Manufacturing Expenses |
1451.240 |
1113.170 |
1028.020 |
|
|
|
Personnel Cost |
1344.250 |
958.410 |
703.810 |
|
|
|
Administrative, Selling & Other expenses |
1256.030 |
849.720 |
580.480 |
|
|
|
Research & Development Expenditure (including depreciation) |
2329.440 |
1776.510 |
1064.080 |
|
|
|
Exceptional Item |
(606.080) |
0.000 |
4011.830 |
|
|
|
TOTAL (B) |
14937.170 |
11745.130 |
12034.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3967.020 |
3494.720 |
(2045.110) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
509.810 |
569.180 |
267.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3457.210 |
2925.540 |
(2312.800) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
464.440 |
355.820 |
286.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2992.770 |
2569.720 |
(2598.810) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
854.430 |
680.210 |
384.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2138.340 |
1889.510 |
(2983.570) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2864.210 |
974.700 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5002.550 |
2864.210 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15372.540 |
12242.360 |
6123.960 |
|
|
|
Potential patent infringement suit |
0.000 |
134.570 |
269.130 |
|
|
|
Interest |
7.490 |
20.990 |
0.000 |
|
|
|
Guarantee Commission |
12.320 |
22.840 |
0.000 |
|
|
|
Other Earning |
1.400 |
9.910 |
0.000 |
|
|
TOTAL EARNINGS |
15393.750 |
12430.670 |
6393.090 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4726.510 |
3397.570 |
2151.500 |
|
|
|
Capital Goods |
811.990 |
522.280 |
202.360 |
|
|
TOTAL IMPORTS |
5538.500 |
3919.850 |
2353.860 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.71 |
12.22 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.31
|
12.40 |
(29.87) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.02
|
17.37 |
(27.69) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.92
|
16.18 |
(16.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.29 |
(0.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.15 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.66 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors : |
|
|
|
|
Dues to Micro
and Small Enterprises |
21.330 |
4.280 |
|
|
Dues to other
than Micro and Small Enterprises |
|
|
NA |
|
For Goods & Services |
3080.470 |
2286.010 |
|
|
- For Capital
Works |
152.470 |
59.350 |
|
|
- Others |
456.290 |
386.060 |
|
|
Due to
Subsidiary Companies |
1441.900 |
216.830 |
|
HISTORY:
Subject, a subsidiary of Mylan Incorporation,
Review of
Operations:
The Company posted yet another impressive year of performance. During
the year under review, the turnover, on a stand alone basis, increased by 26%,
while the net profit increased by 13% over the previous financial year. On a
consolidated basis, the sales increased by 22% over the previous year. The
increase in sales was mainly due to the increase in Finished Dosage Form
product sales in both ARV segment (Anti retro virals) and Non-ARV segments.
During the year under review, The
Company filed 8 US Drug Master Files (DMFs) and 20 EU DMFs /
Certificates of Suitability to European Pharmacopoeia (CEPs). With these
filings, as on March 31, 2010, the cumulative number of DMFs filed by The
Company, together with its subsidiaries and associates is 119 US DMFs and 116
EU DMFs / CEPs. During the year, The Company has filed 28 ANDAs with the FDA,
20 with European regulatory agencies, 1 with the WHO, 12 with
During the year, the Company had acquired a new manufacturing facility
from Vivin Laboratories Private Limited which is situated at
Delisting of
equity shares from Stock Exchanges
The equity shares of The Company
were delisted from the Bombay Stock Exchange (BSE) and The National Stock
Exchange of India Limited (NSE) ("collectively Stock Exchanges") with
effect from August 21, 2009, in terms of the Securities and Exchange Board of
India (Delisting of Securities) Guidelines, 2003.
Changes in Capital
Structure
Issue of shares on exercise of Employee Stock Options During the year
under review, the Company has allotted 1,725,170 equity shares of Rs.2/- each
pursuant to exercise of stock options. Consequent to the above, the paid-up
share capital of the company as at March 31, 2010 increased to Rs. 309.22
millions.
Trade Reference:
AET Laboratories,
FIXED ASSETS
- Land
- Buildings
- Plant and
Machinery
- Electrical
Equipment
- Lab Equipment
- Office Equipment
- Furniture and
Fittings
- Computers
- Vehicles
- Library
- Trade Marks
- Software
- Others
- Patents
AS PER
WEBSITE DETAILS:
PROFILE
OF DIRECTORS:
Rajiv Malik
Mylan’s Executive Vice President and Chief Operating Officer
Rajiv Malik is Mylan's Executive Vice President and Chief Operating Officer. Previously, he served as Executive Vice President in charge of Global Technical Operations. Malik served in a similar capacity for Mylan since January 2007, when Mylan acquired a controlling stake in Matrix Laboratories Limited, one of the world's largest suppliers of active pharmaceutical ingredients.
As Chief Operating Officer, Malik will continue to be responsible for areas he
supervised as Head of Global Technical Operations, including Mylan's global
research and development (R and D) centers, and manufacturing and distribution
units. He also will oversee the company's generic biologics efforts as well as
those initiatives related to emerging markets. In addition, Malik is responsible
for enhancing and rationalizing Mylan's global supply chain and expanded
product pipeline, as well as leveraging Matrix's capabilities across the
company.
Malik has worked for more than 24 years in the global generic pharmaceutical
industry. Prior to joining Matrix in 2005, Malik was Head of Global Development
and Regulatory at Sandoz. He started his R and D career at Ranbaxy
Laboratories, rising to Head of Generics R&D.
Malik earned his master's degree in pharmaceutical technology from
S. Srinivasan
CEO and Managing Director
S. Srinivasan is the CEO
and managing director of Matrix, a position he has held since January 2009. In
a 15-year career at Matrix, Srinivasan has distinguished himself in a wide
range of functional areas, including finance, sales and marketing, business
development and strategic planning. He has made significant contributions to
the expansion of the company’s businesses regarding active pharmaceutical
ingredients and antiretrovirals.
Previously, Srinivasan has served as Matrix’s chief operating officer. Before
that, he was the company’s senior vice president of Strategic Business Planning
and Global Alliances. Srinivasan earned a bachelor’s degree in engineering from
Dr. B.Hari Babu
Chief Operating Officer & Executive Director
Dr. B. Hari Babu holds a
master’s degree and a Ph.D. in organic chemistry from
He started his professional career in research and development, followed by
working in regulatory affairs, quality assurance and production at various
active pharmaceutical ingredients companies.
Dr. B. Hari Babu is currently the chief operating officer and executive
director of Matrix and has assisted the company in becoming a world-class
manufacturer in the pharmaceutical industry. He also has played an active role
in getting significant approvals/accreditations for Matrix from the U.S. Food
and Drug Administration,
Sanjeev Sethi
Director
Sanjeev Sethi has a
Masters in Pharmaceutical Sciences from
Mr. Sethi is currently Sr Vice President – Global Generics R&D, Mylan.
Prior to this role, he held the position of Executive Vice President of
Finished Dosage Forms and Technical Operations at Matrix. He has to his credit
40 international patents.
Overview:
Subject, a subsidiary of Mylan Inc. (NASDAQ: MYL), is one of the world’s largest manufacturers and suppliers of active pharmaceutical ingredients (APIs) for a wide range of therapeutic categories, including antibacterials, central nervous system agents, antihistamine/anti-asthmatics, cardiovasculars, antivirals, antidiabetics, antifungals, proton pump inhibitors and pain management drugs.
Based in
During 2009, Mylan received the World Health Organization’s approval of the
heat-stable ARV tablet, Lopinavir/Ritonavir, which the company formulated
before any other company – brand or generic. Mylan and Matrix intend to build
on this achievement by introducing innovations that expand people’s access to
ARV medications and related resources.
The development and manufacture of high quality intermediates and APIs are
critical to Mylan’s continued success in delivering innovative and affordable
products for domestic and international markets. Subject will achieve this
through its dedication to Innovation, Integrity, Reliability, Service and
Teamwork.
At Mylan, we work around the clock and around the globe to help provide 7
billion people access to medicine. We aim to produce high quality, more
affordable pharmaceuticals affordable pharmaceuticals to be made available
everywhere, every day – no exceptions. Our global network of employees is
obsessed with quality and dedicated to Innovation, Integrity, Reliability,
Service and Teamwork.
MILESTONE:
August 2009
Matrix becomes a privately held Mylan subsidiary
June 2009
Mylan announces successful Matrix delisting offer
January 2007
Mylan Laboratories acquires a 71.5% controlling interest in Matrix Laboratories Limited
January 2007
Matrix receives “Fastest Wealth Creator" award in Motilal Oswal Wealth Creation Study for 2006
May 2006
Matrix receives “Best Management” award from the government of Andhra Pradesh
December 2005
Matrix receives "Fastest Wealth Creator" award in Motilal Oswal Wealth Creation Study for 2005
December 2005
Matrix announces decision to acquire controlling stake in Concord Biotech, an Ahmedabad-based biotechnology company with fermentation and bio-catalytic technology capabilities and U.S. Food and Drug Administration (FDA) approved API manufacturing facilities
November 2005
Matrix receives the National Award for R&D Efforts in Industry for 2005 in Pharmaceuticals/Chemical Sector from the Department of Scientific & Industrial Research, Government of India, Ministry of Science and Technology
June 2005
Matrix Laboratories Limited acquires a controlling stake in Docpharma,
based in
April 2005
Matrix and Aspen Pharmacare Holdings Limited form joint
ventures in
February 2005
Matrix announces strategic alliance with MCHEM Pharma Group
of
January 2005
Matrix receives "Fastest Wealth Creator" award in Motilal Oswal Wealth Creation Study for 2004
January 2005
Matrix purchases finished dosage facility located near Nashik, about 150 km from Mumbai
April 2004
Matrix signs definitive agreements with India Newbridge
Investments Limited and Maxwell (
March 2004
Matrix’s Board of Directors approves the company’s merger with Vera Laboratories Limited, Fine Drugs and Chemicals Limited, Medikon Laboratories Limited and Calibre Engineering Private Limited
March 2004
Matrix receives U.S. FDA approval for its manufacturing
facility at Jeedimetla, near
November 2003
Matrix sets up two 50:50 joint venture companies, one in
October 2003
Matrix signs an agreement with the William J. Clinton
Foundation to supply ARVs for the treatment of HIV/AIDS patients in sub-Saharan
Africa,
May 2003
Matrix merges with Vorin Laboratories Limited and Medicorp Technologies India Limited
April 2003
Matrix successfully files process patent applications for four products at the Indian Patent Office
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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
|
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.