MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	882/1-871, Village Rajoda, Near Hotel Kankavati, Bavla, Ahmedabad – 382 220, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.2006
Com. Reg. No.:	04-048109
Capital Investment / Paid-up Capital :	Rs.712.348 Millions
CIN No.: [Company Identification No.]	U24231GJ2006PTC048109
TAN No.: [Tax Deduction & Collection Account No.]	AHMA06911C
PAN No.: [Permanent Account No.]	AAGCA0781K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in scientific research activities, including due diligence analytical testing for Abbreviated New Drug Application (ANDA) and marketing of research work and resulting products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2921000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has been successful in wiping-off its accumulated losses of the previous year. Reserves of the company appear to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	September, 2012

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

Management non co-operative [91-2714-304700]

LOCATIONS

Registered Office/ Research and Development Centre :	882/1-871, Village Rajoda, Near Hotel Kankavati, Bavla, Ahmedabad – 382 220, Gujarat, India
Tel. No.:	91-2714-304700
Fax No. :	91-2714-304704
E-Mail :	accounts@amnealindia.com India@amneal.com vpindia@amneal.com sales@amneal.com
Website :	www.amneal.com
Area :	3000 sq ft
Location :	Owned
New York Administrative Offices :	85 Adams Avenue, Hauppauge, New York 11788
Tel. No.:	631.952.0214
Fax No.:	631.656.1009
Account Management, Sales Operations and Customer Response Offices :	118 Beaver Trail, Glasgow, KY 42141
Tel. No.:	866.525.7270/ 270.678.9393
Fax No.:	866.525.7271
E-Mail :	sales@amneal.com customerresponse@amneal.com
Business Development and Corporate Offices :	440 U.S. Highway 22 East, Suite 104, Bridgewater, NJ 08807
Tel. No.:	908.947.3120/ 908.947.3122
Fax No.:	908.947.4146
E-Mail :	businessdevelopment@amneal.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Suresh Punambhai Patel

Designation :

Whole Time Director

Address :

Block No.54, Shri Somnath Nagar CHS Limited, Behind Sanghvi School, Navrangapura Road, Wadaj, Ahmedabad – 380 013, Gujarat, India

Date of Appointment :

01.10.2011

PAN No.:

ACRPP4822E

DIN No. :

01856345

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ2006PTC048109	AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIMITED	Whole-time director	01/10/2011	07/04/2006	-	Active	NO
2	U73100GJ2008PTC053430	AMNEAL LIFE SCIENCES PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
3	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	30/09/2011	30/07/2010	-	Active	NO

Name :

Mr. Kanubhai Punambhai Patel

Designation :

Director

Address :

22, Ramyakunj Society, Galaxy Cinema, Naroda, Ahmedabad – 382 325, Gujarat, India

Date of Appointment :

17.11.2007

DIN No. :

01883090

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ2006PTC048109	AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIMITED	Director	17/11/2007	17/11/2007	-	Active	NO
2	U73100GJ2008PTC053430	AMNEAL LIFE SCIENCES PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO

Name :

Mr. Chintu Kanubhai Patel

Designation :

Director

Address :

115, Northfield Road., Parsippany, NJ 07054-3187, USA

Date of Appointment :

07.04.2006

DIN No. :

01980171

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ2006PTC048109	AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO
2	U73100GJ2008PTC053430	AMNEAL LIFE SCIENCES PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO

Name :

Mr. Nikunj Bansibhai Patel

Designation :

Whole Time Director

Address :

A/29/A, Karmachari Nagar Society, Part-1, Opposite Alkapuri Society, Ghatlodia, Ahmedabad – 380 061, Gujarat, India

Date of Birth/Age :

04.11.1975

Date of Appointment :

01.10.2011

PAN No.:

ALJPP2060M

DIN No. :

02790495

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ2006PTC048109	AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIMITED	Whole-time director	01/10/2011	01/09/2009	-	Active	NO
2	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	30/09/2011	30/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Dr. Ravi Kumar Nithiyanandam
Designation :	Head Vice President (PR & D)
Name :	Dr. V.K. Agrawal
Designation :	Senior Vice President
Name :	Santhanakrishnan Srinivasan
Designation :	Director
Name :	Mr. Anil Kabra
Designation :	Senior General Manager (Finance)
Name :	Ms. Vanita Girdharilal Agrawal
Designation :	Secretary
Address :	14, Laxmi Society, Bed Mandir Road, Kankaria, Ahmedabad – 380 022, Gujarat, India
Date of Appointment :	02.02.2012
PAN No.:	AIAPA3799C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2012

Names of Shareholders	No. of Shares
Amneal Pharmaceuticals LLC, USA	57073229
Amneal Pharma Investment Holding, Mauritius	14011494
Nikunj Patel	150050
Suresh Patel	49
Suresh Patel C/o Rajchandra Medical Corporation, India	1
Total	71234823

AS ON 29.09.2012

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]	99.79
Directors or relatives of directors	0.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in scientific research activities, including due diligence analytical testing for Abbreviated New Drug Application (ANDA) and marketing of research work and resulting products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

v Bank of Baroda, S.G. Highway Branch, Shapath-III, Near GNFC Info Tower, S.G. Highway, Ahmedabad – 380 054, Gujarat, India

v Bank of Baroda, Bank of Baroda Towers, 3^rd Floor, Opposite Law Garden, Ellisbridge, Ahmedabad - 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	271.596	143.068
Total	271.596	143.068

Banking Relations :	-
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	2^nd Floor, Shivalik, IshaanAhmedabad, Gujarat, India
PAN No. :	AABFS3421N
Holding Company :	Amneal Pharmaceuticals LLC, USA
Fellow Subsidiary Company :	Amneal Pharma Investment Holdings, Mauritius
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Amneal Life Sciences Private Limited, India (CIN No.: U73100GJ2008PTC053430) Rajchandra Medical Corporation, India Raks Pharma Private Limited, India (CIN No.: U24233GJ2008PTC068526)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71234823	Equity Shares	Rs.10/- each	Rs.712.348 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	712.348	572.233
(b) Reserves & Surplus	17.791	(3.910)
(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)	730.139	568.323
(3) Non-Current Liabilities
(a) Long-term borrowings	399.496	143.068
(b) Deferred tax liabilities (Net)	4.759	5.815
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	3.533	1.604
Total Non-current Liabilities (3)	407.788	150.487
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3.421	1.185
(c) Other current liabilities	143.801	107.506
(d) Short-term provisions	8.140	9.418
Total Current Liabilities (4)	155.362	118.109
TOTAL	1293.289	836.919
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	360.366	355.945
(ii) Intangible Assets	1.943	0.611
(iii) Capital work-in-progress	445.875	95.999
(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	56.656	70.923
(e) Other Non-current assets	7.502	0.515
Total Non-Current Assets	872.342	523.993
(2) Current assets
(a) Current investments	81.502	0.000
(b) Inventories	67.813	45.922
(c) Trade receivables	121.179	0.000
(d) Cash and cash equivalents	125.074	41.202
(e) Short-term loans and advances	23.877	219.653
(f) Other current assets	1.502	6.149
Total Current Assets	420.947	312.926
TOTAL	1293.289	836.919

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		415.324
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(22.103)
NETWORTH		393.221
LOAN FUNDS
1] Secured Loans		127.580
2] Unsecured Loans		1.778
TOTAL BORROWING		129.358
DEFERRED TAX LIABILITIES		3.745
TOTAL		526.324
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		327.102
Capital work-in-progress		7.149
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.354
	Sundry Debtors	0.000
	Cash & Bank Balances	4.792
	Other Current Assets	6.647
	Loans & Advances	253.658
Total Current Assets		282.451
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.005
	Other Current Liabilities	60.002
	Provisions	1.371
Total Current Liabilities		90.378
Net Current Assets		192.073
MISCELLANEOUS EXPENSES		0.000
TOTAL		526.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	408.890	256.021	118.886
		Other Income	6.755	1.215	13.908
		TOTAL (A)	415.645	257.236	132.794
Less	EXPENSES
		Personnel Expenses	382.090	229.474	33.515
		Operating and Administrative Expenses			47.948
		Exceptional items			26.229
		Prop period items			0.000
		TOTAL (B)	382.090 (including financial & depreciation)	229.474 (including financial & depreciation)	107.692
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				25.102
Less	FINANCIAL EXPENSES (D)				17.202
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				7.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)				21.677
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		33.555	27.762	(13.777)
Less	TAX (H)		11.854	9.570	1.626
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		21.701	18.192	(15.403)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(22.102)	(6.699)
	BALANCE CARRIED TO THE B/S		NA	NA	(22.102)
	EARNINGS IN FOREIGN CURRENCY
		Rendering of contract research and development services	NA	256.021	118.886
	TOTAL EARNINGS		NA	256.021	118.886
	IMPORTS
		Capital Goods	29.908	39.212	16.674
		Raw Materials	2.347	0.749
		Consumables	0.462	0.139
	TOTAL IMPORTS		32.717	40.100	16.674
	Earnings/ (Loss) Per Share (Rs.)		0.37	0.40	(0.69)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.22	7.07	(11.60)
Net Profit Margin (PBT/Sales)	(%)	8.21	10.84	(11.59)
Return on Total Assets (PBT/Total Assets}	(%)	3.96	3.75	(2.26)
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	(0.04)
Debt Equity Ratio (Total Debt/Networth)		0.55	0.25	0.33
Current Ratio (Current Asset/Current Liability)		2.71	2.65	3.13

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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396254	11/12/2012	798,923.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B65625618
2	10363286	18/06/2012	834,600.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B42743666
3	10345560	02/03/2012	1,523,430.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B36284578
4	10335600	30/01/2012	1,433,700.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B32144024
5	10300873	06/07/2011	660,000.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B18303438
6	10275616	31/01/2011	2,093,000.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B08482879
7	10188007	30/10/2009	1,257,000.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	A74051624
8	10098200	18/06/2013 *	450,800,000.00	BANK OF BARODA	S G HIGHWAY BRANCH, SHAPATH III, NEAR G N F C INFO TOWER, BODAKDEV, AHMEDABAD - 380054, GUJARAT, INDIA	B79484663
* Date of charge modification

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from others	127.900	0.000
TOTAL	127.900	0.000

NOTE:

The registered office of the company has been shifted from 9, Indus Park Society, Opposite Sundervan, Near Spipa, Ahmedabad, Gujarat to the present address w.e.f. 01.07.2009.

CORPORATE INFORMATION:

The company, domiciled in India and incorporated under the provisions of the Companies Act, 1956 is engaged in scientific research activities, including due diligence analytical testing for Abbreviated New Drug Application (ANDA) and marketing of research work and resulting products, if any, mainly for exports to its parent company, Amneal Pharmaceuticals LLC, USA.

PERFORMANCE REVIEW:

During the year the company has further strengthened its’ business and its Sales of Services of the Company at Rs.408.890 millions.

SHARE CAPITAL:

During the year authorized Capital is increased to Rs.750.000 millions and the paid up capital of the company has been increased to Rs.712.348 millions.

FIXED ASSETS:

v Freehold Land

v Buildings

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Computer

v Electrical Equipments and Fitting

v Computer Software

PRESS RELEASES:

AMNEAL PHARMACEUTICALS ANNOUNCES FIVE NEW ORAL SOLIDS

POTASSIUM CHLORIDE EXTENDED-RELEASE CAPSULES AND SILDENAFIL CITRATE, NEVIRAPINE, METAXALONE, AND WARFARIN SODIUM IN TABLET FORM FURTHER EXPAND GENERICS PORTFOLIO

BRIDGEWATER, NJ (USA), AUGUST 2, 2013

Following the highly-anticipated Q1 launch of its generic equivalent to Suboxone®, Amneal Pharmaceuticals has brought five additional products to market. These medications represent over $550 million of market value across multiple therapeutic categories and demonstrate the generic manufacturer’s continued commitment to deliver affordable medicines across a wide range of treatment areas. This rapid succession of new product launches is testament to Amneal’s extraordinary growth.

Potassium chloride extended-release capsules are available in 10 mEq K (750 mg) strength in 100, 500 and 1000-count. Amneal’s generic is AB-rated and therapeutically equivalent to the RLD for Micro-K®10 ExtenCaps® (registered trademarks of Nesher Pharmaceuticals (USA) LLC).

Sildenafil tablets are available in 20 mg strength in 90-count. The Amneal generic is AB-rated and therapeutically equivalent to Revatio® (a registered trademark of Pfizer Inc.).

Nevirapine tablets, USP, are available in 200 mg strength in 60-count. Amneal’s generic is AB-rated and therapeutically equivalent to Viramune® (a registered trademark of Boehringer Ingelheim Pharmaceuticals, Inc.).

Metaxalone tablets are available in 800 mg strength in 100-count. The Amneal generic is AB-rated and therapeutically equivalent to Skelaxin® (a registered trademark of King Pharmaceuticals Research and Development, Inc.).

Warfarin sodium tablets are available in 1, 2, 2.5, 3, 4, 5, 6, 7.5, and 10 mg strengths in 100-count. Amneal’s generic is AB-rated and therapeutically equivalent to Coumadin® (a registered trademark of Bristol-Myers Squibb Pharma Company). Warfarin sodium is a boxed warning drug. Please see full prescribing information below.

All five products are now shipping and available through wholesalers, distributors, and directly to the trade.

Amneal Pharmaceuticals, LLC is a U.S.-based manufacturer of generic pharmaceuticals. Known as “Generic’s New Generation”, Amneal prides itself on its unwavering commitment to quality, meaningful business relationships, and innovative approach to maximizing value for all stakeholders. Extensive investment in R&D, an intelligently aggressive expansion strategy, and focus on vertical integration are key contributors to the company’s impressive growth over the past several years. Amneal is headquartered in Bridgewater, New Jersey with manufacturing, R and D, packaging, sales and distribution facilities throughout the U.S., as well as abroad.

AMNEAL PHARMACEUTICALS RECEIVES FDA APPROVAL FOR GENERIC SUBOXONE®

BUPRENORPHINE HCL AND NALOXONE HCL TABLETS FOR TREATING OPIOID ADDICTION EXPECTED TO SAVE MILLIONS IN HEALTHCARE COSTS

BRIDGEWATER, NJ (USA), FEBRUARY 25, 2013

Amneal Pharmaceuticals, LLC, the 7^th largest generic drug manufacturer in the U.S. market, has received U.S. FDA approval for one of the first generic versions of Suboxone^® sublingual tablets for maintenance treatment of opioid drug dependence. Generic buprenorphine hydrochloride (HCl) and naloxone HCl dihydrate sublingual tablets are now available in 2 mg/0.5 mg and 8 mg/2 mg strengths, both in 30-count bottles. The Amneal medication is bioequivalent to Suboxone^® (a registered trademark of Reckitt Benckiser Healthcare (UK) Limited (RB.L)). Annual U.S. sales of Suboxone^® in all dosage forms are $1.5 billion, according to December 2012 IMS Health market data.

Providing opioid-dependent patients with high quality generic buprenorphine HCl and naloxone HCl through treatment in physicians’ offices, treatment centers, or prescriptions filled at retail pharmacies offers tremendous cost savings for both consumers and the U.S. healthcare system, while delivering the same therapeutic effect as the brand medication. To help their patients take advantage of this lower cost alternative, physicians should clearly indicate “buprenorphine HCl and naloxone HCl tablets” or “Suboxone^® tablets” when writing prescriptions to avoid confusion at the pharmacy. Patients currently using any form of Suboxone^® should ask their doctors or dispensing pharmacists for buprenorphine HCl and naloxone HCl sublingual tablets to get the cost-saving generic version with a pleasant orange flavor.

In addition to patients and their prescribing physicians, a more cost-effective opioid addiction treatment should be welcome news to insurance companies, the Centers for Medicare and Medicaid Services, the Veterans Health Administration and other payors, pharmacy benefits managers (PBMs), managed care facilities, drug addiction and recovery organizations and treatment advocacy groups as well. Generic drugs are saving the U.S. healthcare system one billion dollars every other day, according to the Generic Pharmaceutical Association.

“The FDA’s decision to approve the first generic equivalents to Suboxone^® sublingual tablets will ensure that millions of patients in the U.S. who need this product now have access to a high quality, low cost generic version,” said Chirag Patel, President and Co-Chairman of Amneal. “Since the agency has issued its opinion on Reckitt Benckiser’s September 2012 Citizen’s Petition in favor of generic competition, Amneal’s buprenorphine HCl and naloxone HCl tablets can offer consumers and physicians greater choice in opioid addiction treatment. We are also pleased that the FDA has referred this matter to the Federal Trade Commission to investigate and address Reckitt’s anticompetitive business practices.”

“We appreciate the FDA’s thorough assessment of Reckitt’s Citizen’s Petition and applaud their recent decision to deny it in its entirety,” said Chintu Patel, Amneal CEO and Co-Chairman. “The FDA determined that Reckitt’s petition did not raise valid scientific or regulatory issues associated with the product, which Amneal contended in its comments on the petition. Physicians should have no concerns in writing prescriptions for the generic tablet form of the product.”

Manufactured in Amneal’s fully FDA-compliant Brookhaven, NY facility, buprenorphine HCl and naloxone HCl tablets will be available through wholesalers and distributors as well as directly to the trade. The product received FDA approval under an approved Risk Evaluation and Mitigation Strategy (REMS), known as the Buprenorphine-containing Transmucosal products for Opioid Dependence (BTOD) REMS program, and will be distributed in accordance with FDA and U.S. Drug Enforcement Administration (DEA) regulations governing the handling of CIII controlled substances. The generic tablets will be available to patients when the BTOD REMS program becomes operational in early March.

Amneal Pharmaceuticals, LLC is a U.S.-based manufacturer of generic pharmaceuticals. Known as “Generic’s New Generation,” Amneal prides itself on its unwavering commitment to quality, meaningful business relationships, and innovative approach to maximizing value for all stakeholders. Extensive investment in R and D, an intelligently aggressive expansion strategy, and focus on vertical integration are key contributors to the company’s impressive growth over the past several years. Amneal is headquartered in Bridgewater, New Jersey with manufacturing, R and D, packaging, sales and distribution facilities throughout the U.S., as well as abroad.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.