MIRA
INFORM REPORT
|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MYLAN LABORATORIES LIMITED |
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Formerly Known
As : |
MATRIX LABORATORIES LIMITTED (w.e.f
21.03.2001) |
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Registered
Office : |
Plot No. 564/ |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
29.11.1984 |
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Com. Reg. No.: |
01-005146 |
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Capital
Investment/ Paid-up Capital: |
Rs. 312.680 Millions |
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CIN No.: [Company Identification
No.] |
U24231AP1984PLC005146 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
HYDM02247A |
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PAN No.: [Permanent Account No.] |
AADCM3491M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (API) |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
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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 65330000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record. The management
has failed to file its financials with the government department since 2011.
As per previous year’s record (2011), the financial strength of the company
appears to be strong and healthy. The performance capability is high. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
AA- (Long Term Rating) |
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Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
30.01.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
A1+ (Short Term Debt) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
30.01.2013 |
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
Management non co-operative. Ms.
Nayan (Tel No. 91-40-30866666)
LOCATIONS
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Registered Office : |
Plot No. 564/ |
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Tel. No.: |
91-40-277003636/30496666/ 23550543 |
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Fax No.: |
91-40-27700343/30866699 |
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E-Mail : |
nagaraj.bodige@matrixlabsindia.com nagarajgoud.bodige@matrixlabsindia.com apisales@maylan.in (APIs) fdfsales@mylan.in (Formulations) careers@mylan.in (Careers) |
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Website : |
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Factory 1: |
Survey No. 10, |
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Factory 2: |
Plot Nos 38, 39, 40, 49, 50 &
51 Phase - IV, IDA Jeedimetla Hyderabad - 500 055 |
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Factory 3: |
Plot No.36, Phase IV IDA Jeedimetla Quthbullapur Mandal
R.R.Dist, |
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Factory 4: |
Plot No. 16/B/1 S.V. Co-operative Indistrial Estate,
Jeedimetla Quthbullapur Mandal R.R. Dist - 500 055 |
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Factory 5: |
Survey No: 10/A, Model Industrial Estate
Gaddapotharam, Jinnaram Mandal Medak District - 502 319 |
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Factory 6: |
Plot Nos. 14, 99 and 100, Chemical Zone, Pashamylaram,
Patancheru Mandal Medak District - 502 319 |
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Factory 7: |
G. Chodavaram Village Poosapatirega mandal Vizianagaram
District - 535 204 |
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Factory 8: |
Plot No. 5 Road No. 12, Visakhapatnam District Andhra Pradesh - 531 021 |
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Factory 9: |
Plot No. 1A/2, MIDC, Taloja Dist. Raigad, |
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Formulations Plant: |
Plot No: F-4 and F-12, MIDC |
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R and D Centers 1: |
Plot No. 34/A, Anrich Industrial Estate Bollarum,
Medak District |
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R and D Centers 2: |
Plot Nos. 38,39,40,49,50 and 51 Phase IV, IDA
Jeedimetla Hyderabad, Andhra Pradesh |
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R and D Centers 3: |
Survey No. 10 and 42, Gaddapotharam, Kazipally
Industrial Area, Jinnaram Mandal, Medak District, Andhra Pradesh. |
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R and D Centers 4: |
Clinical Research Centre, Saradhi Chambers A-4,
Rukminipuri, Beside Poulomi Hospital Dr. A.S. Rao Nagar, Hyderabad - 500 062
Andhra Pradesh. |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Rajiv Malik |
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Designation : |
Director |
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Address : |
B- 6B, Gangotri Alaaknanda, |
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Date of Birth/Age : |
12.03.1961 |
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Qualification : |
Degree in Pharmaceutical Industry |
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Date of Appointment : |
01.07.2008 |
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Din No.: |
00120557 |
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Other Directorship:
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Name : |
Mr. Dr. B Hari Babu |
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Designation : |
Chief Operating Officer Whole Time Director |
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Address : |
11, Sai Ansh Arcade, Duragavihar Nagar Coly, Trimulghery, Secunderabad
– 500015, |
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Date of Birth/Age : |
01.07.1964 |
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Qualification : |
Ph. D. and Master of Science |
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Date of Appointment : |
07.01.2009 |
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Din No.: |
01119687 |
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Other Directorship:
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Name : |
Mr. Sanjeev Sethi |
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Designation : |
Additional Director |
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Address : |
Plot No. 24, Quitelands, Gatchibowli, Hayderabad – 500008, |
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Date of Birth/Age : |
22.07.1967 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
24.09.2010 |
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Din No.: |
02168682 |
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Other Directorship:
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Name : |
Mr. Susanto Banerjee |
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Designation : |
Whole-time Directors |
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Address : |
J1003, Spring Field Apartment, |
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Date of Birth/Age : |
28.11.1966 |
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Date of Appointment : |
22.09.2011 |
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DIN : |
00182743 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. B Nagaraj Goud |
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Designation : |
Secretary |
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Address : |
H.No. 5-14-88, Indiranagar Colony II APHB Colony, Movalai, |
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Date of Birth/Age : |
02.12.1977 |
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Date of Appointment : |
07.10.2009 |
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Pan No.: |
AGYPB3840P |
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Name : |
Ms. Ashwini Khandlikar |
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Designation : |
Company Secretary |
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Address : |
3-4-512/58, Barakatpura, |
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Date of Birth/Age : |
01.02.1980 |
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Date of Appointment : |
09.11.2010 |
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PAN : |
AQAPK5399L |
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Email : |
MAJOR SHAREHOLDERS
As on 24.09.2010
SHARE HOLDING DETAILS FILE ATTACHED
As on 24.09.2010
EQUITY SHARES BREAK – UP
|
Category |
|
Percentage |
|
Nationalized other Bank |
|
0.01 |
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Mutual Funds |
|
0.03 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.40 |
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Bodies corporate |
|
1.61 |
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Other top fifty shareholders |
|
0.20 |
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Others |
|
97.75 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (API) |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Hongkong and |
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Facilities : |
Foot Notes: A)Short term loan from Bank - 2072.05 Loan from Holding Company -
2373.450 B)Short term loan from Bank - 250 Loan from Holding Company - 1336.620 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Hasking and Sells Chartered Accounts |
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Address : |
Gowra Grand, III Floor, 1-8-1-384- and 385, |
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Pan No. : |
AACFD3771D |
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Holding Company: |
MP Laboratories Limited,( |
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Ultimate Holding Company: |
Mylan Inc. |
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Associates/Subsidiaries : |
· Astrix Laboratories Limited ·
Matrix Laboratories ( ·
Matrix ·
Subsidiaries of Matrix · Matrix Laboratories Inc ·
Matrix Laboratories ( · Matrix Laboratories BVBA ·
Subsidiaries of Matrix Laboratories ( ·
Matrix Pharma Group ( · Matrix Laboratories Inc ·
Subsidiaries of Matrix Pharma Group ( · Jiangsu Matrix Pharmaceutical Chemical Company Limited · Mchem Research and Development Company Limited · Shanghai Fine Source Company Limited. ·
Matrix Laboratories( ·
Subsidiaries of Matrix Laboratories ( · Xiamen Beacon Pharmaceutical Manufacturing Company, Limited ·
Subsidiaries of Matrix Laboratories BVBA - ·
·
Subsidiaries of ·
·
·
Docpharma · Servipharma SA ·
·
· DAA Pharma SA · Farma 1 SARL · DCI Pharma SA · Hospithera SA ·
|
|
Fellow
Subsidiaries: |
· Mylan Pharmaceuticals Inc. · Mylan Pharmaceuticals ULC · 3 Mylan Seiyaku Limited · Gerard Laboratories Limited · Alphapharm Pty. Limited. · Mylan India Private Limited ·
Mylan ( · Mylan Technologies Inc. · Mylan SAS · Mylan Newzealand Limited · Docpharma BVBA · Mylan GMBH ·
Mylan Pharmaceuticals S.L. ·
· Xixia Pharma Private Limited |
CAPITAL STRUCTURE
As .on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156340000 |
Equity Shares |
Rs.2/- each |
Rs.312.680
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
312.680 |
312.680 |
309.227 |
|
|
2] Share Application Money |
0.000 |
0.000 |
82.729 |
|
|
3] Reserves & Surplus |
16020.810 |
11209.180 |
8384.030 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
16333.490 |
11521.860 |
8775.986 |
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LOAN FUNDS |
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|
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1] Secured Loans |
3883.690 |
4502.920 |
4488.466 |
|
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2] Unsecured Loans |
4472.690 |
1616.130 |
1989.623 |
|
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TOTAL BORROWING |
8356.380 |
6119.050 |
6478.089 |
|
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DEFERRED TAX LIABILITIES |
1154.600 |
947.100 |
757.046 |
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TOTAL |
25844.470 |
18588.010 |
16011.121 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11534.430 |
8583.060 |
6131.951 |
|
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Capital work-in-progress |
1187.650 |
1334.140 |
1475.072 |
|
|
|
|
|
|
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INVESTMENT |
2617.950 |
1766.570 |
2318.980 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9827.240
|
6335.130 |
3763.870 |
|
|
Sundry Debtors |
5772.680
|
4843.890 |
4914.107 |
|
|
Cash & Bank Balances |
146.120
|
86.010 |
19.998 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2465.910
|
1657.380 |
1052.080 |
|
Total
Current Assets |
18211.950
|
12922.410 |
9750.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5288.710
|
3710.560 |
|
|
|
Other Current Liabilities |
2261.330
|
2107.690 |
3332.041 |
|
|
Provisions |
157.470
|
199.920 |
332.896 |
|
Total
Current Liabilities |
7707.510
|
6018.170 |
3664.937 |
|
|
Net Current Assets |
10504.440
|
6904.240 |
6085.118 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25844.470 |
18588.010 |
16011.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28444.150 |
18680.260 |
14886.750 |
|
|
|
Other Income |
1352.500 |
830.010 |
353.097 |
|
|
|
TOTAL (A) |
29796.650 |
19510.270 |
15239.847 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material Changes in Inventories |
14194.860 |
9162.290 |
|
|
|
|
Manufacturing service Expenses |
2156.480 |
1451.240 |
|
|
|
|
Employee related expenses |
1928.320 |
1344.250 |
|
|
|
|
Administrative selling other Expenses |
1774.670 |
1256.030 |
|
|
|
|
Research development expenditure |
2533.600 |
2329.440 |
|
|
|
|
TOTAL (B) |
22587.930 |
15543.250 |
11144.297 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7208.720 |
3967.020 |
4095.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
432.660 |
509.810 |
509.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6776.060 |
3457.210 |
3385.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
601.880 |
464.440 |
335.819 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6174.180 |
2992.770 |
3249.924 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1516.980 |
854.430 |
680.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4657.200 |
2138.340 |
2569.714 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5002.550 |
2864.210 |
294.496 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9659.750 |
5002.550 |
2864.210 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.79 |
13.71 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.63
|
10.97 |
16.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.71
|
16.02 |
21.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.76
|
13.92 |
20.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.26 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
1.05 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.15 |
2.66 |
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 |
No
|
|
10] |
Designation of contact
person |
No
|
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes
|
|
13] |
Reasons for variation
<> 20% |
- |
|
14] |
Estimation for coming financial
year |
No
|
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes
|
|
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 |
Yes |
|
24] |
Banking facility details |
Yes
|
|
25] |
Conduct of the banking
account |
- |
|
26] |
Buyer visit details |
- |
|
27] |
Financials, if provided |
Yes
|
|
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 |
Yes
|
AS PER WEB SITE
DETAILS
PROFILE:
Subject is a
subsidiary of U.S.-based Mylan Inc. (Nasdaq: MYL), is one of the world’s
largest manufacturers and suppliers of active pharmaceutical ingredients
(APIs). Based in
Mylan Labs
maintains an impressive portfolio of finished dosage forms (FDF) of generic
antiretrovirals (ARVs), used to treat adults and children living with HIV/AIDS
in more than 100 countries. Mylan’s product offerings also include complex
solid dosage forms for markets across the world.
Mylan Labs operates
multiple state-of-the-art API and FDF facilities located in
Overall, Mylan Labs
has a workforce of more than 9,000 in
Their parent
company, U.S.-based Mylan Inc., and its affiliates, rank among the world’s
leading generics and specialty pharmaceutical companies and provide products to
customers in more than 150 countries and territories. Mylan maintains one of
the industry's broadest and highest quality product portfolios supported by a
robust product pipeline. With its global workforce of more than 18,000, Mylan
works around the clock and around the globe to help provide the world’s 7
billion people access to high quality medicine. Their global network of
employees is obsessed with quality and dedicated to Innovation, Integrity,
Reliability, Service and Teamwork.
PRESS RELEASE
Mylan Reports a 51% Increase in Third Quarter 2012
Adjusted Diluted EPS to $0.83
Raises 2012 adjusted diluted EPS guidance range to $2.50 - $2.60
Expects full year adjusted operating cash flow to hit record of approximately
$1 billion
Financial Highlights
·
Adjusted diluted EPS of $0.83 for the three months ended September 30, 2012 compared to $0.55 for the same prior year period, an increase of 51%
·
Total revenues of $1.81 billion for the three months ended September 30, 2012 compared to $1.58 billion for the same prior year period, an increase of 15%
·
On a GAAP basis, diluted EPS
of $0.51 for the three months ended September 30, 2012 compared to $0.36 for the same prior year period, an increase of 42%
·
Adjusted diluted EPS of $1.94 for the nine months ended September 30, 2012 compared to $1.51 for the same prior year period, an increase of 28%
·
Total revenues of $5.09 billion for the nine months ended September 30, 2012 compared to $4.60 billion for the same prior year period, an increase of 11%
·
On a GAAP basis, diluted EPS
of $1.13 for the nine months ended September 30, 2012 compared to $0.92 for the same prior year period, an increase of 23%
·
Adjusted operating cash flow
of $818
million for the nine months ended September 30, 2012,
an increase of 30%. On a GAAP basis, cash flow from operating activities of $652 million for the nine months ended September 30, 2012
Mylan Chief Executive Officer, Heather Bresch
commented: "Mylan delivered another outstanding quarter of top- and
bottom-line growth, with strong double-digit growth in our Specialty,
"As a result of this strong operational performance, we again are
raising our earnings guidance for 2012 and now expect adjusted diluted EPS of $2.50 to $2.60. Looking to next
year, they continue to remain confident in our 2013 adjusted diluted EPS target
of $2.75, as well as
our longer term target of $6.00 in adjusted diluted EPS in 2018. They look forward
to providing detailed guidance for 2013 in conjunction with the announcement of
our full year 2012 results. Our continued expected growth will come from a
combination of continuing to maximize our existing global platform, executing
against our strategic growth drivers, and leveraging our significant financial
flexibility to enhance shareholder value."
John Sheehan, Mylan's Chief
Financial Officer, added: "The third quarter was the best in Mylan's
history in terms of operating cash flow and they continue to invest this cash
in the future growth drivers of our business by fueling R&D and investing
in capital expenditures. As a result of our strong performance so far this
year, they now anticipate 2012 adjusted operating cash flow of approximately $1 billion, which is at
the very upper end of our previous expectations, and now expect 2012 adjusted
free cash flow of approximately $700 million."
Financial Results Summary
For the three months ended September 30, 2012, Mylan reported total
revenues of $1.81 billion compared to $1.58 billion in the comparable prior
year period, an increase of $234.0 million or 14.8%. The effect
of foreign currency translation had an unfavorable impact of approximately 5%
on total revenues primarily reflecting a stronger U.S. Dollar in comparison to
the currencies of the other major markets in which Mylan operates. Translating
total revenues for the current quarter at prior year comparative period
exchange rates would have resulted in year-over-year growth of approximately $308 million, or 20%.
A tabular summary of Mylan's revenues for the three and nine months ended
September 30, 2012 and 2011 is included at the end of this release. Also
included at the end of this release are the reconciliations of adjusted
financial results to the most closely applicable GAAP financial result.
Third party net revenues from Mylan's Generics segment, which are derived
from sales in North America, Europe, the Middle East and Africa (collectively,
EMEA) and Australia, India, Japan and New Zealand (collectively, Asia Pacific) were $1.50 billion in the quarter
ended September 30, 2012, compared to $1.36 billion in the comparable
prior year period, representing an increase of $137.4 million, or 10.1%, or an
increase of approximately 16% when excluding the unfavorable effect of foreign
currency translation.
Third party net revenues from
Third party net revenues from EMEA were $325.6 million for the current
quarter, compared to $350.9 million for the comparable prior
year period, representing a decrease of $25.3 million, or 7.2%. Foreign
currency translation had a negative impact on sales for the current quarter,
principally reflecting the strengthening of the U.S. Dollar versus the
Euro. Translating current quarter third party net revenues from EMEA at
prior year comparative period exchange rates would have resulted in an increase
in third party net revenues of approximately $12 million, or 3%. This increase
was principally the result of an increase in revenues in
Third party net revenues from Asia Pacific were $339.2 million for the
current quarter, compared to $310.6 million for the comparable
prior year period, an increase of $28.6 million, or 9.2%. However,
foreign currency translation had a negative impact on sales for the current
quarter, principally reflecting the significant strengthening of the U.S.
Dollar versus the Indian Rupee. Excluding the effect of foreign currency,
calculated as described above, third party net revenues would have increased by
approximately $64 million, or 21%. This increase is primarily driven by higher
revenues at Mylan Laboratories Limited (formerly Matrix Laboratories Limited),
Mylan's subsidiary in
For the current quarter, Mylan's Specialty segment reported third party net
sales of $294.1 million, an increase of $80.1 million, or 37.4%, from the
comparable prior year period of $213.9 million. The most significant
contributor to Specialty segment revenues continues to be the EPIPEN®
auto-injector, sales of which increased as a result of favorable pricing and
volume, including growth in the overall market. The EPIPEN® auto-injector is
the number one epinephrine auto-injector for the treatment of severe allergic
reactions.
Gross profit for the three months ended September 30, 2012, was $788.5 million and gross
margins were 43.6%. For the three months ended September 30, 2011, gross
profit was $658.4 million, and gross margins were 41.8%. Adjusted gross profit, as
further defined below, for the three months ended September 30, 2012 was $940.6 million and adjusted
gross margins were 52% as compared to adjusted gross profit of $763.9 million and adjusted
gross margins of 48% in the comparable prior year period. The increase in
adjusted gross margins was primarily the result of new product introductions in
Earnings from operations were $329.9 million for the three months
ended September 30, 2012, compared to $265.9 million for the comparable
prior year period. Adjusted earnings from operations for the three months ended
September 30, 2012 was $512.7 million as compared to
adjusted earnings from operations of $387.6 million in the comparable
prior year period. This increase was driven by higher gross profit in the
current year, as discussed above, partially offset by increases in research and
development costs ("R&D") and selling, general and administrative
costs ("SG and A"). R and D increased due primarily to the expenses
related to the development of the respiratory and biologics programs as well as
the timing of internal and external product development projects. SG and A
increased as a result of increased marketing costs in our Specialty segment,
and higher employee benefit costs.
Interest expense for the three months ended September 30, 2012,
totaled $76.1 million, compared to $85.8 million for the comparable
prior year period. Adjusted interest expense for the three months ended
September 30, 2012 was $61.2 million as compared to
adjusted interest expense of $73.2 million in the comparable
prior year period. The decrease was the result of lower interest expense on
variable rate debt instruments primarily due to the refinancing of our credit
agreement in November 2011.
Other income, net, was $10.9 million in the current quarter
compared to $12.1 million in the comparable prior year period. Generally included
in other income, net, are foreign exchange gains and losses and interest and
dividend income.
Net earnings attributable to Mylan Inc. increased $54.6 million, or 34.8%, to $211.3 million for the three
months ended September 30, 2012 as compared to $156.7 million for the prior
year comparable period. Adjusted earnings increased $103.5 million or 43.5% to $341.3 million for the three
months ended September 30, 2012 as compared to adjusted earnings of $237.8 million for the prior
year comparable period.
EBITDA, which is defined as net income (excluding the non-controlling
interest and income from equity method investees) plus income taxes, interest
expense, depreciation and amortization, was $514.1 million for the quarter ended
September 30, 2012, and $419.6 million for the comparable
prior year period. After adjusting for certain items as further detailed
below, adjusted EBITDA was $567.0 million for the current
three-month period and $446.8 million for the comparable
prior year period.
For the nine months ended September 30, 2012, Mylan reported total
revenues of $5.09 billion compared to $4.60 billion in the comparable
prior year period. Third party net revenues for the nine months ended
September 30, 2012 were $5.04 billion compared to $4.58 billion for the
comparable prior year period, representing an increase of $461.7 million, or 10.1%.
Revenues were unfavorably impacted by the effect of foreign currency
translation, generally reflecting a stronger U.S. dollar as compared to the
currencies in other major markets in which Mylan operates. Translating third
party net revenues at prior year exchange rates would have resulted in
year-over-year growth in third party net revenues, excluding foreign currency,
of $633
million, or approximately 14%.
Generics third party net revenues were $4.39 billion for the nine months
ended September 30, 2012, compared to $4.14 billion in the comparable
prior year period, representing an increase of $249.5 million, or 6.0%, or an
increase of approximately 10% when excluding the unfavorable effect of foreign
currency translation.
Third party net revenues from
Third party net revenues from EMEA were $987.9 million for the nine months
ended September 30, 2012, compared to $1.12 billion for the comparable
prior year period, a decrease of $130.8 million, or 11.7%. Excluding
the unfavorable effect of foreign currency, calculated as described above, the
decrease was approximately $41 million, or 4%. This decrease
was the result of unfavorable pricing, due to government imposed reductions and
competitive market conditions in a number of European markets in which Mylan
operates, partially offset by new product introductions throughout Europe and favorable
volume in
In Asia Pacific, third party net revenues were $945.4 million for the nine
months ended September 30, 2012, compared to $897.6 million for the comparable
prior year period, an increase of $47.8 million, or 5.3%. Excluding
the unfavorable effect of foreign currency, calculated as described above, the
increase was approximately $125 million, or 14%. This increase
is primarily driven by higher third party sales at Mylan Laboratories Limited.
Specialty reported third party net revenues of $654.8 million for the nine months
ended September 30, 2012, an increase of $212.2 million, or 47.9% over the
comparable prior year period amount of $442.7 million. This increase
was the result of higher sales of the EPIPEN® auto-injector.
Gross profit for the nine months ended September 30, 2012 was $2.15 billion and gross
margins were 42.3%. For the comparable prior year period, gross profit was $1.92 billion and gross
margins were 41.7%. Adjusted gross profit for the nine months ended
September 30, 2012 was $2.52 billion and adjusted gross
margins were 50% as compared to adjusted gross profit of $2.20 billion and adjusted
gross margins of 48% in the comparable prior year period.
Earnings from operations were $834.1 million for the nine months
ended September 30, 2012, compared to $758.1 million for the comparable
prior year period. Adjusted earnings from operations for the nine months
ended September 30, 2012 were $1.28 billion as compared to
adjusted earnings from operations of $1.11 billion in the comparable
prior year period. This increase was driven by higher gross profit in the
current year, as discussed above, partially offset by increases in R and D and
SG and A. R and D increased due primarily to the expenses related to the
development of the respiratory and biologics programs as well as the timing of
internal and external product development projects. SG and A increased as a
result of increased marketing and employee benefit costs, including increased
costs for retirement and post-employment programs.
Interest expense for the nine months ended September 30, 2012, totaled
$234.1
million, compared to $254.8 million for the comparable
prior year period. Adjusted interest expense for the nine months ended
September 30, 2012 was $182.9 million as compared to
adjusted interest expense of $218.0 million in the comparable
prior year period.
Other income, net, for the current nine-month period was $13.1 million compared to $22.5 million in the
comparable prior year period.
Net earnings attributable to Mylan Inc. increased $71.6 million, or 17.6%, to $478.9 million for the nine
months ended September 30, 2012 as compared to $407.3 million for the prior
year comparable period. Adjusted earnings increased $153.1 million, or 23.0%, to $819.8 million for the nine
months ended September 30, 2012 as compared to adjusted earnings of $666.7 million for the prior
year comparable period.
EBITDA was $1.27 billion for the nine months ended September 30, 2012, and $1.17 billion for the
comparable prior year period. After adjusting for certain items as
further discussed below, adjusted EBITDA was $1.43 billion for the current nine
month period and $1.27 billion for the comparable prior year period.
Cash Flow
Adjusted cash provided by operating activities was $818 million for the nine
months ended September 30, 2012, compared to $627 million for the comparable
prior year period. The increase in adjusted cash provided by operating
activities was principally the result of an increase in profitability. On a
GAAP basis, cash provided by operating activities was $652 million for the nine
months ended September 30, 2012, compared to $426 million for the comparable prior
year period. Capital expenditures were approximately $160 million in the current
year as compared to approximately $168 million in the same prior year
period.
Non-GAAP Financial Measures
Mylan is disclosing non-GAAP financial measures when providing financial
results. Primarily due to acquisitions, Mylan believes that an evaluation of
its ongoing operations (and comparisons of its current operations with
historical and future operations) would be difficult if the disclosure of its
financial results were limited to financial measures prepared only in
accordance with accounting principles generally accepted in the U.S. (GAAP). In
addition to disclosing its financial results determined in accordance with
GAAP, Mylan is disclosing certain non-GAAP results that exclude items such as
amortization expense and other costs directly associated with the acquisitions
as well as certain other expense, revenue and operating cash flow items in
order to supplement investors' and other readers' understanding and assessment
of the company's financial performance, because the company's management uses
these measures internally for forecasting, budgeting and measuring its
operating performance. In addition, the company believes that including EBITDA
and supplemental adjustments applied in presenting adjusted EBITDA pursuant to
our credit agreement is appropriate to provide additional information to
investors to demonstrate the company's ability to comply with financial debt
covenants (which are calculated using a measure similar to adjusted EBITDA) and
assess the company's ability to incur additional indebtedness. Whenever Mylan
uses such a non-GAAP measure, it will provide a reconciliation of non-GAAP
financial measures to the most closely applicable GAAP financial measure.
Investors and other readers are encouraged to review the related GAAP financial
measures and the reconciliation of non-GAAP measures to their most closely
applicable GAAP measure set forth below and should consider non-GAAP measures
only as a supplement to, not as a substitute for or as a superior measure to,
measures of financial performance prepared in accordance with GAAP.
Below is a reconciliation of GAAP net earnings attributable to Mylan Inc.
and diluted GAAP EPS to adjusted net earnings attributable to Mylan Inc. and
adjusted diluted EPS for the three and nine months ended September 30,
2012 and 2011 (in millions, except per share amounts):
|
Three
Months Ended |
|
Nine
Months Ended |
|||||||||||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
||||||||||||||||||
|
GAAP net earnings attributable to Mylan
Inc. and diluted GAAP EPS |
$ |
211.3 |
|
$ |
0.51 |
|
$ |
156.7 |
|
$ |
0.36 |
|
$ |
478.9 |
|
$ |
1.13 |
|
$ |
407.3 |
|
$ |
0.92 |
||
|
Purchase accounting related amortization
(included in cost of sales) (a) |
130.6 |
|
|
|
104.1 |
|
|
|
308.9 |
|
|
|
278.1 |
|
|
||||||||||
|
Litigation settlements, net |
8.0 |
|
|
|
2.2 |
|
|
|
(2.0) |
|
|
|
28.5 |
|
|
||||||||||
|
Interest expense, primarily amortization
of convertible debt discount |
6.6 |
|
|
|
12.6 |
|
|
|
27.2 |
|
|
|
36.8 |
|
|
||||||||||
|
Non-cash accretion and fair value adjustments
of contingent consideration liability |
8.0 |
|
|
|
— |
|
|
|
32.0 |
|
|
|
— |
|
|
||||||||||
|
Clean energy investment subsidiary revenue
(b) |
(8.0) |
|
|
|
— |
|
|
|
(20.4) |
|
|
|
— |
|
|
||||||||||
|
Restructuring and other special items included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cost of sales |
29.4 |
|
|
|
1.4 |
|
|
|
77.3 |
|
|
|
7.6 |
|
|
||||||||||
|
Research and development expense |
4.2 |
|
|
|
2.2 |
|
|
|
7.0 |
|
|
|
3.0 |
|
|
||||||||||
|
Selling, general and administrative
expense |
18.8 |
|
|
|
11.8 |
|
|
|
66.2 |
|
|
|
36.8 |
|
|
||||||||||
|
Other income, net |
(0.1) |
|
|
|
— |
|
|
|
1.0 |
|
|
|
(1.2) |
|
|
||||||||||
|
Tax effect of the above items and other
income tax related items |
(67.5) |
|
|
|
(53.2) |
|
|
|
(156.3) |
|
|
|
(130.2) |
|
|
||||||||||
|
Adjusted net earnings attributable to
Mylan Inc. and adjusted diluted EPS |
$ |
341.3 |
|
$ |
0.83 |
|
$ |
237.8 |
|
$ |
0.55 |
|
$ |
819.8 |
|
$ |
1.94 |
|
$ |
666.7 |
|
$ |
1.51 |
||
|
Weighted average diluted common shares
outstanding |
411.6 |
|
|
|
431.6 |
|
|
|
422.8 |
|
|
|
441.8 |
|
|
||||||||||
|
|
|||||||||||||||||||||||||
(a) Purchase accounting related amortization
expense for the three and nine months ended September 30, 2012 and 2011 includes
in-process research and development asset impairment charges of $41.6 million
and $16.2 million, respectively.
(b) Adjustment represents exclusion of revenue
related to Mylan's ownership of a clean energy investment subsidiary, the
activities of which qualify for tax credits under section 45 of the Internal
Revenue Code. Amount is included in other revenue.
Below is a reconciliation of GAAP net earnings
attributable to Mylan Inc. to adjusted EBITDA for the three and nine months
ended September 30, 2012, and 2011 (in millions):
|
|
|
Three
Months Ended |
|
Nine
Months Ended |
||||||||||||
|
|
|
September
30, |
|
September 30, |
||||||||||||
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
||||||||
|
GAAP net earnings attributable to Mylan
Inc. |
|
$ |
211.3 |
|
|
$ |
156.7 |
|
|
$ |
478.9 |
|
|
$ |
407.3 |
|
|
Add adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Net contribution attributable to the noncontrolling
interest and equity method investees |
|
0.8 |
|
|
0.7 |
|
|
1.7 |
|
|
1.6 |
|
||||
|
Income taxes |
|
52.8 |
|
|
34.8 |
|
|
132.4 |
|
|
116.9 |
|
||||
|
Interest expense |
|
76.1 |
|
|
85.8 |
|
|
234.1 |
|
|
254.8 |
|
||||
|
Depreciation and amortization (a) |
|
173.1 |
|
|
141.6 |
|
|
424.1 |
|
|
386.5 |
|
||||
|
EBITDA |
|
$ |
514.1 |
|
|
$ |
419.6 |
|
|
$ |
1,271.2 |
|
|
$ |
1,167.1 |
|
|
Add adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Stock-based compensation expense |
|
9.7 |
|
|
11.6 |
|
|
32.1 |
|
|
32.8 |
|
||||
|
Litigation settlements, net |
|
8.0 |
|
|
2.2 |
|
|
(2.1) |
|
|
28.5 |
|
||||
|
Restructuring and other special items |
|
35.2 |
|
|
13.4 |
|
|
124.4 |
|
|
42.1 |
|
||||
|
Adjusted EBITDA |
|
$ |
567.0 |
|
|
$ |
446.8 |
|
|
$ |
1,425.6 |
|
|
$ |
1,270.5 |
|
|
|
||||||||||||||||
|
|
||||||||||||||||
For the three and nine months ended September 30,
2012 and 2011 depreciation and amortization expense includes in-process
research and development asset impairment charges of $41.6 million and $16.2
million, respectively.
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. 59.89 |
|
|
1 |
Rs. 90.88 |
|
Euro |
1 |
Rs. 78.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.