MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AGILA SPECIALTIES PRIVATE LIMITED (w.e.f 02.07.2010) |
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Formerly Known
As : |
STRIDES SPECIALTIES PRIVATE LIMITED (w.e.f 20.04.2009) QUANTUM LIFE SCIENCES PRIVATE LIMITED |
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Registered
Office : |
“Strides House”, Bilekahalli, Bannerghatta Road, Bangalore – 560076,
Karnataka |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
03.03.2004 |
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Com. Reg. No.: |
08-033503 |
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Capital
Investment / Paid-up Capital : |
Rs. 203.168 Millions |
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CIN No.: [Company Identification
No.] |
U02429KA2004PTC033503 |
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PAN No.: [Permanent Account No.] |
AAACQ1091Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a
pharmaceutical company specializes in the manufacture of Specialty Products. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 17319000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Strides Arcolab Limited’ is an established
company having satisfactory track record. Financials of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are
regular and as per commitment. The company can be considered for business dealing at usual trade
terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
BBB+ = Term loan facilities |
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Rating Explanation |
Moderate credit quality and average credit
risk |
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Date |
September 2013 |
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Rating Agency Name |
ICRA |
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Rating |
A2 = Fund based facilities |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
September 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
Management Non-Cooperative. (91-80-26581343)
LOCATIONS
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Registered Office : |
“Strides House”, Bilekahalli, |
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Tel. No.: |
91-80-66580734 91-80-26581343 |
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Fax No.: |
91-80-66580800 |
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E-Mail : |
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Factory : |
Anekal Taluk, Link Road Industrial Area, Bangalore – 562106,
Karnataka, India |
DIRECTORS
As on 07.06.2013
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Name : |
Mr. Arun Kumar Pillai |
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Designation : |
Director |
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Address : |
E 101, Adarsh Residency, Jayanagar 8th Block, Bangalore –
560082, Karnataka, India |
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Date of Birth/Age : |
25.03.1961 |
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Qualification : |
B. Com |
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Date of Appointment : |
03.03.2004 |
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DIN No.: |
00084845 |
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Other Directorship:
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Name : |
Mr. Venkatraman Subramanian Iyer |
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Designation : |
Director |
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Address : |
L-204, Mantri Woodlands, Arekere Bannerghatta Road, Bangalore –
560076, Karnataka, India |
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Date of Birth/Age : |
18.03.1957 |
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Qualification : |
Master of Science (Chemistry) and Diploma in Business Management. |
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Date of Appointment : |
14.06.2007 |
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DIN No.: |
00408092 |
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Other Directorship:
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Name : |
Mr. Pallipuram Mathai Thampi |
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Designation : |
Director |
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Address : |
2b, Martha's Place, 58, Lavelle Road, 5th Cross, Bangalore – 560001,
Karnataka, India |
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Date of Birth/Age : |
29.08.1934 |
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Date of Appointment : |
07.06.2013 |
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DIN No.: |
00114522 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Pratap Rudra Bhuvanagiri |
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Designation : |
Company Secretary |
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Address : |
413, 5th B Main Road, HRBR Layout, 2nd Block,
Kalyan Nagar, |
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Date of Birth/Age : |
27.06.1982 |
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Date of Appointment : |
11.05.2009 |
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PAN No.: |
AWDPP9893R |
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Name : |
Mr.Sundhar Chamarahalli Krishna Iyer |
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Designation : |
Manager |
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Address : |
No. 167, 4th Main, Judicial Layout, Tha;aghattapura Post, kanakapura
Main Road, Bangalore – 560062, Karnataka, India |
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Date of Birth/Age : |
26.02.1970 |
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Date of Appointment : |
27.02.2013 |
MAJOR SHAREHOLDERS
As on 07.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Strides Arcolab Limited, India |
|
18316773 |
|
N T Venkatesha * |
|
5 |
|
Kannan N* |
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5 |
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Total |
|
18316783 |
*Holding shares as nominee of Strides Arcolab
Limited
Equity Share Break up (Percentage of Total Equity)
As on 07.06.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a
pharmaceutical company specializes in the manufacture of Specialty Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Note: Long Term
Borrowings
Short Term
Borrowings
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore –
560025, Karnataka, India |
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PAN No.: |
AACFD3771D |
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Holding Company : |
CIN No.:
L24230MH1990PLC057062 |
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Subsidiaries : |
CIN No.: U74140KA2007PTC043095
CIN No.: U24232KA2007PLC043599 |
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Fellow Subsidiaries : |
CIN No.: U24232KA2007PLC043599
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CAPITAL STRUCTURE
As on 07.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18316783 |
Equity Shares |
Rs. 10/- each |
Rs. 183.168 Millions |
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18316783 |
Equity Shares |
Rs. 10/- each |
Rs. 183.168 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 203.168
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
203.168 |
171.000 |
|
(b) Reserves & Surplus |
|
4126.550 |
866.576 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
4329.718 |
1037.576 |
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(3)
Non-Current Liabilities |
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|
|
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(a) long-term borrowings |
|
4177.383 |
2945.990 |
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(b) Deferred tax liabilities (Net) |
|
236.000 |
0.000 |
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(c) Other long term
liabilities |
|
56.945 |
25.541 |
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(d) long-term
provisions |
|
27.928 |
18.882 |
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Total Non-current
Liabilities (3) |
|
4498.256 |
2990.413 |
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1961.051 |
1675.510 |
|
(b) Trade
payables |
|
1641.367 |
927.991 |
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(c) Other
current liabilities |
|
2513.375 |
4808.071 |
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(d) Short-term
provisions |
|
186.122 |
170.247 |
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Total Current
Liabilities (4) |
|
6301.915 |
7581.819 |
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|
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TOTAL |
|
15129.889 |
11609.808 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
|
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(i)
Tangible assets |
|
3067.333 |
2348.083 |
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(ii)
Intangible Assets |
|
680.784 |
116.117 |
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(iii)
Capital work-in-progress |
|
337.898 |
71.862 |
|
(iv)
Intangible assets under development |
|
558.783 |
298.846 |
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(b) Non-current Investments |
|
2830.829 |
2654.798 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
1907.031 |
2288.860 |
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(e) Other
Non-current assets |
|
11.722 |
56.292 |
|
Total Non-Current
Assets |
|
9394.380 |
7834.858 |
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.191 |
0.000 |
|
(b)
Inventories |
|
1185.419 |
810.324 |
|
(c) Trade
receivables |
|
1910.050 |
949.545 |
|
(d) Cash
and cash equivalents |
|
371.596 |
405.612 |
|
(e)
Short-term loans and advances |
|
376.234 |
293.692 |
|
(f) Other
current assets |
|
1892.019 |
1315.777 |
|
Total
Current Assets |
|
5735.509 |
3774.950 |
|
|
|
|
|
|
TOTAL |
|
15129.889 |
11609.808 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
171.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1155.000 |
|
|
4] (Accumulated Losses) |
|
|
(677.955) |
|
|
NETWORTH |
|
|
648.045 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
700.000 |
|
|
2] Unsecured Loans |
|
|
2215.446 |
|
|
TOTAL BORROWING |
|
|
2915.446 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3563.491 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2377.384 |
|
|
Capital work-in-progress |
|
|
591.706 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
161.626 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
424.221
|
|
|
Sundry Debtors |
|
|
616.438
|
|
|
Cash & Bank Balances |
|
|
75.802
|
|
|
Other Current Assets |
|
|
338.217
|
|
|
Loans & Advances |
|
|
443.936
|
|
Total
Current Assets |
|
|
1898.614 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1273.361 |
|
|
Other Current Liabilities |
|
|
234.896
|
|
|
Provisions |
|
|
56.499
|
|
Total
Current Liabilities |
|
|
1564.756 |
|
|
Net Current Assets |
|
|
333.858
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
98.917 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3563.491 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
2927.504 |
|
|
|
Other Income |
|
|
19.501 |
|
|
|
TOTAL |
8972.000 |
5320.080 |
2947.005 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
1488.832 |
|
|
|
Increase/Decrease in stock |
|
|
17.543 |
|
|
|
Personnel Cost |
|
|
515.329 |
|
|
|
Operating and other expenses |
|
|
862.250 |
|
|
|
TOTAL |
6079.680 |
4009.230 |
2883.954 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
63.051 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
NA |
394.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1844.110 |
593.300 |
(331.518) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
356.240 |
203.750 |
195.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
1487.870 |
389.550 |
(527.276) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
495.590 |
0.000 |
22.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
992.280 |
389.550 |
(504.841) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(288.420) |
(677.970) |
(115.824) |
|
|
|
|
|
|
|
|
|
|
INCLUDED ON
AMALGAMATION |
0.000 |
0.000 |
(57.291) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
703.720 |
(288.420) |
(677.956) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
NA |
2598.590 |
|
|
|
Development and licensing Income |
|
NA |
176.253 |
|
|
|
Other Income |
|
NA |
19.474 |
|
|
TOTAL EARNINGS |
8148.990 |
NA |
2794.317 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
836.040 |
|
|
|
Capital Goods |
NA |
NA |
127.134 |
|
|
|
Others |
NA |
NA |
36.876 |
|
|
TOTAL IMPORTS |
NA |
NA |
1000.050 |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
62.98 |
25.79 |
(33.43) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
11.06
|
7.33
|
(17.13)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(18.01)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.43
|
6.37
|
(12.33)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.38
|
(0.81)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.59
|
4.66
|
4.50
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.50
|
1.21
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.12.2012 Rs. In Millions |
31.12.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Intercorporate
Borrowing |
2493.205 |
2345.990 |
|
Total |
2493.205 |
2345.990 |
Note: Unsecured loans from related party are
repayable on demand and based on mutually agreed terms, no amounts are due
within next 1 year from December 31, 2012.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10430983
|
11/06/2013
|
1,700,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B77046480
|
|
2 |
10380757
|
08/10/2012
|
1,500,000,000.00
|
Export
- Import Bank of India |
Centre One Building, Floor 21,
World Trade Centr e Complex, Cuffe Parade, Mumbai, Maharashtra - 400005,
INDIA |
B59767152
|
|
3 |
10365980
|
15/03/2013
* |
600,000,000.00
|
YES
BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra -
400018, INDIA |
B72841372
|
|
4 |
10363775
|
30/05/2013
* |
2,950,000,000.00
|
AXIS
BANK LIMITED |
CORPORATE BANKING BRANCH, INDIAN
EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE, Karnataka -
560001, INDIA |
B77918100
|
|
5 |
10317005
|
15/03/2013
* |
2,275,250,000.00
|
Axis
Bank Limited |
AXIS HOUSE, 2ND FLOOR, WADIA INTERNATIONAL
CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA |
B73037210
|
|
6 |
10260665
|
15/03/2013
* |
2,375,000,000.00
|
CENTRAL
BANK OF INDIA |
CORPORATE FINANCE BRANCH, MMO BUILDING,
1ST FLOOR, M. G. ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA |
B72947864
|
* Date of charge modification
CORPORATE
INFORMATION:
Subject is wholly owned
subsidiary of Strides Arcolab Limited (`Strides/ Strides and its subsidiaries
together referred to as `Strides Group), a Pharmaceutical company headquartered
in Bangalore, India.The Company specializes in the manufacture of Specialty
Products and has a state of the art Research and Development center.
OPERATIONAL HIGHLIGHTS
Total revenue of
the Company stood at Rs. 8972.00 Millions for the year ended December 31, 2012
as against Rs. 5320.080 Millions for the previous year ended December 31, 2011.
The Company has a net profit of Rs. 992.280 Millions during the year.
FIXED ASSETS:
- Leasehold
land
- Building
- Furniture and
fixtures
- Office
equipment and computers
- Plant and
machinery
- Motor vehicle
- Registrations
and brands
- Software
licenses
NEWS:
MYLAN’S AGILA SPECIALTIES
DEAL FACES RIDERS FROM US WATCHDOG
Sep 28, 2013
NEW DELHI:
US-based generic giant Mylan Inc's $1.85-billion
bid to acquire Indian drugmaker Agila
Specialties now faces fresh riders, this time from its home country.
The US
competition watchdog Federal Trade Competition said on Thursday that it would
give its green signal to the deal only if either Mylan or Agila divests 11
critical generic injectable drugs to rival firms. Strides didn't respond to
ET's queries sent over mail on the issue till going to the press
The anti-trust
body of the US says that there are very few players marketing drugs in these
therapeutic categories.
"Preserving
existing competition is especially important in markets for injectable drugs
where supply disruptions have led to shortages" said Deborah Feinstein,
Director of the FTC's Bureau of Competition. Strides Arcolab, the parent firm
of Agila slipped 2% at BSE to close at Rs 874 on Friday.
This deal faced
hurdles in India on similar grounds, when sections within the government raised
objections saying that critical drugmaking units are passing into hands of
multinationals. However, the deal was subsequently cleared after Prime Minister
Manmohan Singh summoned an inter-ministerial meeting on the issue and
intervened in the matter.
"The number
of suppliers in generic pharmaceutical markets matters because prices generally
decrease as the number of competing generic suppliers increases," an FTC
statement said. In addition, the injectable generic products of concern are
highly susceptible to supply disruptions caused by the inherent difficulties of
producing sterile liquid drugs, it added.
For instance,
Mylan has a 60% share of the market in Amiodarone hydrochloride injection, an
anti-arrhythmic cardiac drug of last resort used to treat patients with
recurring unstable ventricular tachycardia.
The US currently
has only three suppliers for the drug - Mylan, Fresenius Kabi AG and Hikma
Pharmaceuticals PLC.
The anti-trust
commission, in its proposed order, suggests that Mylan sells specific
injectables either from its stable or from Agila's portfolio to other generic
drugmakers such as Intas Pharma, Gland Pharma, Sagent Pharma among others. Mylan
couldn't be reached for comment.
Earlier this
month, a sterile manufacturing facility of Agila received a warning letter from
the US drug regulator. Mylan, however, clarified in a statement that the
regulatory action wouldn't affect the deal.
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. 61.89 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 83.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.