MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MYLAN INDIA PRIVATE LIMITED |
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Formerly Known As: |
MERCK DEVELOPMENT CENTRE ( |
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Registered Office : |
Plot No. 1A/2, MIDC, Industrial Estates, Taloja, Raigad, Panvel -
410208, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
03.03.1997 |
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Com. Reg. No.: |
106267 |
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CIN No.: [Company
Identification No.] |
U73100MH1997PTC106267 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM13001C |
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PAN No.: [Permanent
Account No.] |
AABCM9323J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The 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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Santosh Memavarkar |
|
Designation : |
Deputy Manager in Finance |
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Contact No.: |
91-8080068088 |
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Date : |
04.01.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 1A/2, MIDC, Industrial Estates, Taloja, Raigad, Panvel -
410208, |
|
Tel. No.: |
91-22-27402900/ 27402930 |
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Mobile No.: |
91-8080068088 (Mr. Santosh) |
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Fax No.: |
91-22-27402603 |
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E-Mail : |
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Area : |
13000 Sq Ft |
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Location : |
Owned |
DIRECTORS
As on 17.05.2010
|
Name : |
Mr. Abhay S Gaitonde |
|
Designation : |
Director |
|
Address : |
B-1102, Vikas Palms, Charai, Thane West, |
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Date of Birth/Age : |
27.10.1966 |
|
Date of Appointment : |
01.02.2008 |
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Name : |
Mr. Jaykumar Ramamoorthy |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
21.06.1950 |
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Date of Appointment : |
02.05.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Memavarkar |
|
Designation : |
Deputy Manager in Accounts and Finance |
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Name : |
Mrs. Jyotibala Porwal |
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Designation : |
Company Secretary |
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Address : |
6, Somnath Society, Dombivali East, Thane, |
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Date of Birth/Age : |
15.04.1974 |
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Date of Appointment : |
23.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.05.2010
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Mylan Group B V, The |
|
9999998 |
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Mylan B V, The |
|
2 |
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TOTAL |
|
10000000 |
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||
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Names of Shareholders (Preference) |
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|
Mylon Group B V, The |
|
9904986 |
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TOTAL |
|
9904986 |
As on 17.05.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients |
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Products : |
v
Salmeterol Xinafoate v
Rivastigmine Hydrogen v
Pramipexole |
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Exports : |
|
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Products : |
Active Pharmaceutical Ingredients |
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Countries : |
v
v
v
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Imports : |
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Products : |
Raw Material |
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Countries : |
v
v
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Terms : |
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Selling : |
L/C, Cash and Credit (30 to 60 to 90 Days) |
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Purchasing : |
L/C, Cash and Credit (30 to 60 to 90 Days) |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pilot Plant |
KG |
*480-6,000 |
*480-6,000 |
330.350 |
|
Kilolab |
KG |
**12-120 |
**12-120 |
60.688 |
Notes:
* The installed capacity has been calculated
considering the likely products under production Plan and which varies from 480
Kgs. to 6000 Kgs. P. a.
** The installed capacity has been calculated considering
the likely products under production Plan and which varies from 12 kgs to 6000
kgs. P. a.
Capacities are as certifies by the management
and have not been verified by the auditors as this is a technical matter.
GENERAL INFORMATION
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Customers : |
·
Manufacturers ·
End Users ·
OEM’s |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
v
IDBI Bank- Taloja v
Deutsche Bank- Fort, Mumbai HDFC Bank- Panvel |
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Banking
Relations : |
- |
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Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company : |
Mylan Group B. V., (formerly known as Merck Generics Group B. V., |
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Ultimate Holding Company: |
Mylan Inc., |
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Associates/Subsidiaries : |
v
Matrix
Laboratories Limited Address :
Secunderabad-500 003 Line of Business: Manufacturer of
Pharmaceutical Ingredients v
Mylan
Laboratories India Limited Address: Plot No. 1A/2,
MIDC, Industrial Estates, Taloja, Panvel District, Raigad- 410208,
Maharashtra, India. Line of
Business: Manufacturer of Active Pharmaceutical Ingredients v
Generics [ v
Merck Farma Y Quimica S. A., v
AlphaPharm Pty. Limited, v
Gerard Laboratories, v
Genpharm Inc., v
Dey L. P., v
Mylan Pharmaceuticals Inc., U.S A. v
Matrix Laboratories Inc., v
Matrix Laboratories Limited, |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- Each |
Rs.100.000 Millions |
|
|
TOTAL |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 Millions |
|
9904986 |
Preference Shares |
Rs.10/- Each |
Rs.99.050
Millions |
|
|
TOTAL |
|
Rs.199.050 Millions |
·
Out of the above 9999998
equity shares of Rs.10/- each are held by Mylan Group B. V. Netherlands, the
holding company
·
Out of the above Preference
Shares are held by Mylan Group B. V. Netherlands
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
199.050 |
199.050 |
199.050 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
322.042 |
204.505 |
163.781 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
521.092 |
403.555 |
362.831 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.142 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.142 |
|
|
DEFERRED TAX LIABILITIES |
42.696 |
43.925 |
41.186 |
|
|
|
|
|
|
|
|
TOTAL |
563.788 |
447.480 |
404.159 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
373.506 |
306.984 |
313.017 |
|
|
Capital work-in-progress |
7.985 |
32.079 |
2.205 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
88.456
|
76.430
|
39.044 |
|
|
Sundry Debtors |
136.894
|
31.042
|
35.439 |
|
|
Cash & Bank Balances |
33.724
|
73.528
|
70.348 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
49.280
|
48.387
|
21.906 |
|
Total
Current Assets |
308.354
|
229.387
|
166.737 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
67.571
|
108.117 |
|
|
|
Other Current Liabilities |
4.239
|
0.000
|
66.737 |
|
|
Provisions |
54.247
|
12.853
|
11.063 |
|
Total
Current Liabilities |
126.057
|
120.970
|
77.800 |
|
|
Net Current Assets |
182.297
|
108.417
|
88.937 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
563.788 |
447.480 |
404.159 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
548.723 |
275.527 |
|
|
|
Other Income |
|
11.035 |
11.459 |
|
|
|
TOTAL |
|
559.758 |
286.986 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
347.734 |
198.328 |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
25.359 |
21.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
186.665 |
66.819 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
69.128 |
26.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
117.537 |
40.724 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
64.876 |
32.696 |
|
|
|
Service Revenue |
|
396.880 |
235.130 |
|
|
TOTAL EARNINGS |
|
461.756 |
267.826 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
4.082 |
16.601 |
|
|
|
Stores & Spares |
|
0.419 |
0.545 |
|
|
|
Capital Goods |
|
0.581 |
2.610 |
|
|
TOTAL IMPORTS |
|
5.082 |
19.756 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
11.75 |
- |
|
|
Particulars |
|
|
31.12.2010 |
|
Sales Turnover (Approximately) |
|
|
700.000 |
Expected Sales (2010-2011 ) : Rs.1000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
21.00
|
23.28 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.02
|
24.25 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.38
|
12.46 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.17 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.30
|
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45
|
1.90
|
2.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
31.12.2007 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total Outstanding dues of Micro Enterprises and small Enterprises |
0.000 |
0.000 |
NA |
|
Total Outstanding dues of Creditors other than Micro Enterprises and
small enterprises |
67.571 |
108.117 |
NA |
Note:
The registered office of the company has been shifted from Shiv Sagar
Estate, A 7th Floor,
Operations:
The year 2009 witnesses a flurry of exploratory work in process research
and development on cytotoxic products.
Also, the sale of API to third Party has started in full swing and this
year MIPL has reported highest third party sales along with sale to group
companies.
Company background
Subject was incorporated on March 3, 1997 as a private limited company.
The main objectives of the Company as amended on September 15, 2008 are to
carry on the business of research and development of products, processes and
systems, investigation and experiment on drugs, pharmaceuticals and chemicals
of any nature and kind whatsoever for and on behalf of Group Companies,
production of bulk pharmaceuticals and chemicals, trading in pharmaceutical
products, provide consultancy services and manufacture on loan licensing.
Effective March 27, 2008 the name of the Company has been changed from
Merck Development Centre Private Limited to Mylan Development Centre Private
Limited. Effective September 15, 2008 the name of the Company was further
changed from Mylan Development Centre Private Limited to subject, the amended
Certificate of Incorporation was received from the Registrar of Companies.
Trade Reference:
·
Excon Agencies Private
Limited
Fixed Assets
v
v Building
v Plant and Machinery
v Furniture and Fixtures
v Vehicles
v Computers
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.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.