MIRA
INFORM REPORT
|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BRISTOL-MYERS SQUIBB INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The India Bulls
Finance Centre, 6th Floor, Tower 1, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-147232 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 988.690
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH2004FTC147232 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB14500D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB4313Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Importer and Exporter of Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Bristol-Myers Squibb Pharmaceuticals International
Holdings, Netherlands BV”. It is an established company having a moderate
track record. There appears huge accumulated losses recorded by the company during
2012 which recorded by the company during 2012 which resulted in erosion of
its networth. However, there are no external borrowings recorded by the
company. Business is active. Payment terms are reported as slow. In view of strong holding company, the subject can be considered for
business dealings on a safe and secured 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.
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 DECLINED BY
|
Name : |
Ms. Clara |
|
Designation : |
Admin Department |
|
Contact No.: |
91-22-66534200 |
|
Date : |
19.07.2013 |
LOCATIONS
|
Registered Office : |
The India Bulls
Finance Centre, 6th Floor, Tower 1, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66534200/ 66288600 |
|
Fax No.: |
91-22-66103739/ 79 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.10.2012
|
Name : |
Pheroze Noshir Khan |
|
Designation : |
Managing director |
|
Address : |
20A, Kavafi Street 16673 Voul Athens Greece NA Athens Greece 16673 |
|
Date of Birth/Age : |
20.05.1958 |
|
Qualification : |
B. Sc, MBA |
|
Date of Appointment : |
30.06.2011 |
|
PAN No.: |
AEEPP4814P |
|
DIN No.: |
03563476 |
|
|
|
|
Name : |
Mr. Mukesh Surendra Agarwal |
|
Designation : |
Additional director |
|
Address : |
12 Oak Place Princeton New Jersey 08540 United States of America 08540 |
|
Date of Birth/Age : |
15.01.1966 |
|
Date of Appointment : |
19.11.2011 |
|
PAN No.: |
AZIPA8317P |
|
DIN No.: |
05125036 |
KEY EXECUTIVES
|
Name : |
Ms. Clara |
|
Designation : |
Admin Department |
|
|
|
|
Name : |
Mr. Bhavik Himatlal Desai |
|
Designation : |
Secretary |
|
Address : |
B13, Gokul Nagar CHS, Off VS Road, Behind Parekh Nagar, Kandivali,
Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1978 |
|
Date of Appointment : |
05.03.2012 |
|
PAN No.: |
AGNPD1655M |
|
|
|
|
Name : |
Harirajan Padmanabhan |
|
Designation : |
Business Unit Director - Diabetes |
|
|
|
|
Name : |
Mohan Pandey |
|
Designation : |
Head Operations & Project Management |
|
|
|
|
Name : |
Sandhya Mandlekar |
|
Designation : |
Head Candidate Optimization |
|
|
|
|
Name : |
Sridhar Desikan |
|
Designation : |
Head, Biopharmaceutics And Analytical Chemistry |
|
|
|
|
Name : |
Reeba Vikramadithyan |
|
Designation : |
Head In vivo Biology |
|
|
|
|
Name : |
Suresh Poosala |
|
Designation : |
Head Veterinary Sciences |
|
|
|
|
Name : |
Manjunath Ramarao |
|
Designation : |
Head Applied Biotechnology |
|
|
|
|
Name : |
Srinivas Kasibhatla |
|
Designation : |
Head Medicinal Chemistry |
|
|
|
|
Name : |
Deepa Joshi |
|
Designation : |
Head Discovery Medicines Critical Pharmacology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.10.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bristol-Myers Squibb Pharmaceuticals International Holdings,
Netherlands BV |
|
98868998 |
|
BMS Bermuda Nominees LLC, Wellington De |
|
1 |
|
|
|
|
|
Total |
|
98868999 |
AS ON 11.03.2013
|
Names of Allottee |
|
No. of Shares |
|
Bristol-Myers Squibb Pharmaceuticals International Holdings,
Netherlands BV |
|
108040000 |
|
|
|
|
|
Total |
|
108040000 |
AS ON 31.10.2012
|
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 : |
Importer and Exporter of Pharmaceutical Products. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate,
Worli, Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Holding company : |
Bristol-Myers Squibb Pharmaceuticals International
Holdings Netherlands BV |
|
|
|
|
Ultimate Holding
Company : |
Bristol Myers Squibb Company, USA |
|
|
|
|
Other Group
Companies : |
· BMS Holdings Pharma Limited Bristol
Myers Squibb Company Bristol
Myers Squibb Thai Limited Bristol-Myers
Squibb (Singapore) Pte Limited Bristol-Myers
Squibb Australia Pty Limited Bristol-Myers
Squibb Pharma – Hongkong E.
R. Squibb and Sons LLC Lawrence
Laboratories Swords
Laboratories |
|
|
|
|
Other companies
holding indirect control : |
· Bristol-Myers Squibb International Holdings Ireland Limited Bristol-Myers
Squibb Luxembourg International SCA Bristol-Myers
Squibb Luxembourg S.a.r.l. BMS
Luxembourg Partners LLC BMS
Holdings Spain, S.L BMS
Spain Investments Inc 345
Park Corp Apothecon, Inc. BMS
Pharmaceuticals Netherlands Holdings B.V Bristol-Myers
Squibb Antilles Holdings N.V. BMS
Bermuda Holdings Limited Swords
Holdings II Inc. Bristol
Laboratories Corp Bristol-Myers
Squibb Manufacturing Holdings Bristol-Myers
Squibb Barceloneta Holdings LLC Bristol-Myers
Barceloneta Inc Bristol-Myers
Squibb Caribbean Holdings LLC Bristol
Caribbean Inc |
CAPITAL STRUCTURE
AS ON 31.10.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
212,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
206,908,999 |
Equity Shares |
Rs. 10/- each |
Rs. 2069.090
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1025.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98,868,999 |
Equity Shares |
Rs. 10/- each |
Rs. 988.690
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
988.690 |
468.200 |
|
(b) Reserves & Surplus |
|
(1048.120) |
(940.737) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(59.430) |
(472.537) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
54.498 |
43.931 |
|
Total Non-current
Liabilities (3) |
|
54.498 |
43.931 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
538.194 |
|
(b)
Trade payables |
|
961.775 |
321.115 |
|
(c)
Other current liabilities |
|
59.235 |
36.936 |
|
(d) Short-term
provisions |
|
77.950 |
42.063 |
|
Total Current
Liabilities (4) |
|
1098.960 |
938.308 |
|
|
|
|
|
|
TOTAL |
|
1094.028 |
509.702 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
11.655 |
16.031 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
61.642 |
68.820 |
|
(e) Other
Non-current assets |
|
8.581 |
5.152 |
|
Total Non-Current
Assets |
|
81.878 |
90.003 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
406.543 |
188.662 |
|
(c)
Trade receivables |
|
285.782 |
128.601 |
|
(d) Cash
and cash equivalents |
|
87.096 |
0.000 |
|
(e)
Short-term loans and advances |
|
207.398 |
102.390 |
|
(f)
Other current assets |
|
25.331 |
0.046 |
|
Total
Current Assets |
|
1012.150 |
419.699 |
|
|
|
|
|
|
TOTAL |
|
1094.028 |
509.702 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
468.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(703.343) |
|
|
NETWORTH |
|
|
(235.143) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
375.000 |
|
|
TOTAL BORROWING |
|
|
375.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
139.857 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
21.783 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
162.224 |
|
|
Sundry Debtors |
|
|
277.203 |
|
|
Cash & Bank Balances |
|
|
83.249 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
81.922 |
|
Total
Current Assets |
|
|
604.598 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
305.761 |
|
|
Other Current Liabilities |
|
|
103.922 |
|
|
Provisions |
|
|
76.841 |
|
Total
Current Liabilities |
|
|
486.524 |
|
|
Net Current Assets |
|
|
118.074 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
139.857 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
2120.794 |
1512.008 |
1379.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2183.854 |
1696.625 |
1424.885 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(63.060) |
(184.617) |
(45.219) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.015 |
39.659 |
67.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(98.075) |
(224.276) |
(112.951) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.308 |
13.119 |
23.223 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(107.383) |
(237.395) |
(136.174) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
1.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(107.383) |
(237.395) |
(137.847) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(940.737) |
(703.342) |
(565.495) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1048.120) |
(940.737) |
(703.342) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Inter Company service fees |
133.757 |
189.415 |
215.052 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Goods for resale |
NA |
475.796 |
408.082 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.09) |
(5.07) |
(4.42) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.06)
|
(15.70)
|
(9.99)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.82)
|
(46.58)
|
(21.74)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.81
|
0.50 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
(1.14)
|
(1.59)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
0.45 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
|
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
0.000 |
538.194 |
|
|
|
|
|
Total |
0.000 |
538.194 |
FIXED ASSETS:
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
·
Computer software
PRESS RELEASE:
BRISTOL MYERS SQUIBB
RATED AS “THE BEST BIG DRUG COMPANY OF 2011” BY FORBES
JANUARY 05, 2012
Bristol Myers Squibb ranks as ‘The Best Big Drug Company Of
2011’ in the latest issue of Forbes. The share price of the leading
pharmaceutical company, which is listed in NYSE, increased 32% to $35 over the
course of the year.
In March, the Food and Drug Administration cleared Yervoy, the first drug to
extend the survival of patients with metastatic melanoma, by several months.
Like many other cancer drugs, it does have potentially toxic side effects, but
analysts expect it to be a multi-billion dollar seller.
On this occasion, Pheroze Khan, Managing
Director, BMS India said , Bristol- Myers Squibb is poised to become a major
player in Indian Pharma space despite being a new entrant to the country in
2004.
BMS India, has launched periodic
initiatives to address many of unmet healthcare need and will strive to continue
to bring our global innovative products to India. Backing BMS ‘ commitment to
help patients prevail over serious diseases, we believe our present portfolio
and innovative pipeline of drugs can play a useful role in tackling threat from
oncology , cardiovascular ,metabolic , hepatitis and other chronic
diseases in India , he added.
In August, BMS unveiled results of
an 18,000-patient clinical trial of the blood-thinner Eliquis, which it is
developing with Pfizer. Eliquis was the first anti-coagulant to prove that it
reduced the risk of death compared to warfarin, which has been the standard of
care for preventing strokes in patients with atrial fibrillation, a common
heart rhythm disorder, for seven decades.
The other new blood thinners, Pradaxa from Boehringer Ingelheim and Xarelto
from Bayer and Johnson & Johnson, have reached the market before Eliquis
but were deemed essentially similar. Eliquis is awaiting FDA approval.
BMS CEO Lamberto Andreotti, has built on the strategy put in place by drug-and-medical-device
industry veteran James Cornelius, who ran the company for four years starting
in 2006. Bristol had been hobbled by a series of drug research failures, patent
expirations, and accounting scandals that led to the resignation of former chief
executive Peter Dolan.
The response was to sell non-core businesses and brands, most notably the Mead
Johnson baby formula business, and focus on building a strong pharmaceutical
presence – partly by doing daring deals like its $2.4 billion purchase of
biotechnology firm Medarex in 2009. At the time, many researchers and analysts
viewed the deal with skepticism, but it gave BMS full rights to Yervoy.
BRISTOL-MYERS
SQUIBB AND ASTRAZENECA ANNOUNCE ALLIANCE TO COMBAT DIABETES AND LAUNCH OF
ONGLYZATM (SAXAGLIPTIN) IN INDIA
OnglyzaTM (saxagliptin), a new treatment for type 2
diabetes, controls all three measures of glucose monitoring
New Delhi, April 1st, 2010 - Bristol-Myers Squibb India
and AstraZeneca Pharma India Limited today announced an alliance that will
develop and commercialize two compounds for the treatment of type 2 diabetes.
Both compounds were discovered by Bristol-Myers Squibb.
The announcement of the alliance comes with the backing of a
global alliance between the two companies launched in 2007. This is the first
time that two pharmaceutical companies have joined forces to combat a disease
in India.
Announcing the alliance at a press conference held in New
Delhi, Mr. Alok Sonig, Managing Director, Bristol-Myers Squibb India said,
“Bristol-Myers Squibb has been committed to cardiovascular diseases and to
diabetes for many years. We are pleased to extend that heritage to develop
innovative science to treat diabetes, with two compounds from our research
laboratories, one being launched today, saxagliptin, and an investigational
one, dapagliflozin. Together with our partner AstraZeneca, we will combine
knowledge and expertise to help doctors and patients fight diabetes, a disease
reaching almost epidemic proportions in many regions throughout the world.”
Commenting on the alliance Mr. Anandh Balasundaram, Managing
Director, AstraZeneca Pharma India Limited said, “AstraZeneca has more than 40
years of experience in cardiovascular medicines and we are excited to combine
this experience with Bristol-Myers Squibb. Pulling together knowledge,
expertise and resources from both companies will create a powerful force to
help doctors and patients fight diabetes. Diabetes is a progressive disease,
doctors and patients struggle to keep glucose levels under control: this is why
we need new medicines.”
The alliance between Bristol Myers Squibb and AstraZeneca is a
true reflection of the focus of both companies to combat this disease and
demonstrates a commitment to address the unmet needs of Indian patients.
The newly formed alliance announced the launch of saxagliptin,
a new drug for the Indian market to combat type 2 diabetes. Introduction of
saxagliptin into India comes close on the heels of the launch of the drug in
the US and in Europe. India is the first Asian country where saxagliptin is
available.
Most drugs for diabetes focus on controlling glucose levels at
the fasting premeal glucose stage. As the disease progresses, a patient’s
glucose level cannot be measured and controlled at fasting premeal glucose
levels alone. The spike in blood glucose levels post meals (postprandial
glucose levels) also needs to be monitored and controlled. Consistently keeping
postprandial glucose levels in control is difficult and usually poses a
challenge. As the disease continues to progress further a measure of average
blood glucose over 2 –3 months is monitored, commonly known as the A1c level.
Together, these three measures for monitoring blood glucose are known as the
glucose triad. New medicines are needed to comprehensively control this glucose
triad.
Saxagliptin belongs to the class of dipeptidyl peptidase-4
(DPP-4) inhibitors. These are designed to enhance the body's ability to
decrease blood sugar (glucose) when it is elevated by acting on the natural
hormones, incretins, thereby increasing insulin production, and by reducing the
liver's production of glucose. It is therefore able to control the glucose
triad effectively.
Saxagliptin is being introduced in India at an affordable
price - the drug will be launched at 1/5 of its price in the US (for example) -
to help a wide section of Indian diabetic patients to access the drug. It is
administered as a single daily 5mg dose in adult patients with type 2 diabetes
mellitus to improve sugar control.
Saxagliptin can be prescribed to patients as a standalone drug
or in combination with other medicines:
·
in combination with metformin, when
metformin alone, with diet and exercise, does not provide adequate sugar
control;
·
in combination with a sulphonylurea, when
the sulphonylurea alone, with diet and exercise, does not provide adequate
sugar control in patients for whom use of metformin is considered
inappropriate; or
· in combination with a thiazolidinedione, when the thiazolidinedione alone, with diet and exercise, does not provide adequate sugar control in patients for whom use of a thiazolidinedione is considered appropriate.
Saxagliptin does not increase the risk of
hypoglycemia and is weight neutral. It does not require a dose adjustment regardless
of age, gender, race, weight or hepatic impairment.
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. 59.80 |
|
|
1 |
Rs. 91.03 |
|
Euro |
1 |
Rs. 78.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.