|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AKORN INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
101-104, Banaji House, First Floor, Flora Fountain, Fort,
Mumbai-400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Date of
Incorporation : |
29.08.2011 |
|
|
|
|
Com. Reg. No.: |
11-221406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6.663 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2011PTC221406 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA41209A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCA82901 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Distributor of Diagnostic and Therapeutic Ophthalmic Pharmaceuticals
Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Status : |
New Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
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Litigation : |
Clear |
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|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Manohar |
|
Designation : |
Import and Export Manager |
|
Contact No.: |
91-9819256318 |
|
Date : |
13.12.2012 |
LOCATIONS
|
Registered Office : |
101-104, Banaji House, First Floor, Flora Fountain, Fort, Mumbai-400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66575300 |
|
Mob. No.: |
91-9819256318 (Mr. Manohar) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
VPO – Nihalgarh, Paonta Sahib, District Siromour-173025 , Himachal
Pradesh, India |
DIRECTORS
|
Name : |
Mr. Nilesh Pravin Gandhi |
|
Designation : |
Director |
|
Address : |
392, Parmeshwari Bhuvan Linking Road, Khar (West), Mumbai-400052, Maharashtra,
India |
|
Date of Birth/Age : |
15.08.1967 |
|
Date of Appointment : |
29.08.2011 |
|
Date of Ceasing : |
28.09.2011 |
|
DIN No.: |
03345481 |
|
|
|
|
Name : |
Mr. Kashyap Pravin Gandhi |
|
Designation : |
Director |
|
Address : |
392, Parmeshwari Bhuvan Linking Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1964 |
|
Date of Appointment : |
29.08.2011 |
|
Date of Ceasing : |
28.09.2011 |
|
DIN No.: |
03348110 |
KEY EXECUTIVES
|
Name : |
Mr. Manohar |
|
Designation : |
Import and Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nilesh Pravin Gandhi |
|
9000 |
|
Kashyap Pravin Gandhi |
|
1000 |
|
Total |
|
10000 |
Allottee as on 02.05.2012
|
Names of Allottee |
|
No. of Shares |
|
World Akorn Pharma, Mauritius |
|
637128 |
|
Total |
|
637128 |
Allottee as on 22.08.2012
|
Names of Allottee |
|
No. of Shares |
|
World Akorn Pharma, Mauritius |
|
19170 |
|
Total |
|
19170 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Diagnostic and Therapeutic Ophthalmic Pharmaceuticals
Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
Information denied by management |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Information denied by management |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
666298 |
Equity Shares |
Rs.10/- each |
Rs. 6.663 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
The above information has been denied by Mr. Manohar (Import and Export
Manager)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
Yes |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OBERVATION POINTS
|
Name of the company |
AKRON INDIA PRIVATE LIMITED |
|
Address |
101-104, Banaji House, First Floor, Flora Fountain, Fort,
Mumbai-400001, Maharashtra, India |
|
Tel No.: |
91-22-66575300 |
|
Name Board |
Sighted |
|
Visibility of Name Board |
High |
|
Location |
Easy |
|
Landmark |
15th Floor |
|
Locality |
Office |
|
Approx. Market Value of Premises |
Area: 2000 sq. ft. |
|
Area : |
Upmarket |
|
Visibility of Items : |
|
|
No. of Employees seen at Business Premises : |
8 |
|
Sister Concerns (Other Names on Name Board) : |
Khaitan Consultants Limited |
|
Visiting Card Provided as Proof of Visit : |
No |
PRESS RELEASES
Akorn Completes the Acquisition of Certain Assets of Kilitch Drugs in
India
LAKE FOREST, Ill.--(BUSINESS WIRE)--Akorn, Inc.
(NASDAQ: AKRX), a niche generic pharmaceutical company (the “Company”),
announced today that its wholly owned subsidiary, Akorn India Private Limited
(“AIPL”), has completed and closed the previously announced acquisition of
certain assets of Kilitch Drugs India Limited (“KDIL”), a leading contract
manufacturer of sterile injectables in India, as well as certain assets of NBZ
Pharma Limited.
Raj Rai, Chief Executive Officer commented, “We look forward in
establishing our global presence with this acquisition as well as expanding our
capabilities in becoming a world class sterile injectables manufacturer. We
also look forward in working closely with the Promoters of KDIL to provide a
smooth transition in the coming months.”
About Akorn, Inc.
Akorn, Inc. is a
niche pharmaceutical company engaged in the development, manufacture and
marketing of multisource and branded pharmaceuticals. Akorn has manufacturing
facilities located in Decatur, Illinois and Somerset, New Jersey where the
Company manufactures ophthalmic and injectable pharmaceuticals. Additional
information is available on the Company’s website at www.akorn.com.
About Kilitch Drugs India Limited
Kilitch Drugs (India)
Limited [BSE: 524500; NSE: KILITCH] is a listed Indian pharmaceutical company
engaged in manufacturing and marketing of generic pharmaceutical formulations
in multiple dosage forms, including injectables (liquid and dry), solids,
liquids and parenterals. The company has two formulation manufacturing
facilities, located in Navi Mumbai and Paonta Sahib, and it has forayed into
marketing and distribution of ophthalmology range of products in India and
certain overseas markets. Additional information is available on Kilitch’s
website at www.kilitch.in.
Forward Looking
Statement
Certain statements in
this press release that are not strictly historical may be “forward-looking”
statements, which are intended to be “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act. These statements
relate to future events or future financial performance, and involve known and
unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements. Factors
that could materially affect our actual results, levels of activity,
performance or achievements include, but are not limited to, the following
items: (i) Our ability to generate cash from operations sufficient to meet our
working capital requirements; (ii) Our ability to sustain positive
relationships with our major customers; (iii) The effects of federal, state and
other governmental regulation on our business; (iv) Our success in developing,
manufacturing, acquiring and marketing new products; (v) The success of our
strategic partnerships for the development and marketing of new products; (vi)
Our ability to comply with all of the requirements of the U.S. Food and Drug
Administration (“FDA”), including current Good Manufacturing Practices
regulations; (vii) Our ability to bring new products to market and the effects
of sales of such products on our financial results; (viii) The effects of
competition from generic pharmaceuticals and from other pharmaceutical
companies; (ix) Our ability to effectively integrate acquired businesses; (x)
Our ability to raise funds to pay interest on our outstanding convertible
senior notes or repurchase the notes upon a fundamental change; (xi) Our
ability to obtain additional funding or financing to operate and grow our
business; (xii) Availability of raw materials needed to produce our products.
Additional factors that could cause actual results to differ materially from
those reflected in the forward-looking statements include, but are not limited
to, the risks discussed in the “Risk Factors” section included within the
Company’s most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q filed with the SEC and the risks discussed in the
Company’s other filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements. Except as may be required by law,
the Company undertakes no obligation to address or publicly update or revise
these forward-looking statements to reflect new information, events or
circumstances. These cautionary statements should be considered in connection
with any subsequent written or oral forward-looking statements that may be made
by the Company or by persons acting on its behalf and in conjunction with the
Company’s periodic SEC filings.
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 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 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.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
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.