MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	AMNEAL PHARMA AUSTRALIA PTY LTD

Formerly Known As :	SCENTIA PHARMACEUTICALS PTY LTD

Registered Office :	C/o Nexia Australia, Level 18, 530 Collins Street, Melbourne, Victoria 3000

Country :	Australia

Date of Incorporation :	14.12.2010

Com. Reg. No.:	147854484

Legal Form :	Australian Proprietary Company, Limited by Shares

Line of Business :	Import and Distribution of Pharmaceutical Products.

No. of Employees :	10 Employees

RATING & COMMENTS

MIRA’s Rating :

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

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Australia

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

AUSTRALIA - ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Source : CIA

Company Name and Address

Verified Address

Subject name
AMNEAL PHARMA AUSTRALIA PTY LTD
Business address
12 River Street
Town
South Yarra
Province
Victoria
Zip / Postal code
3141
Country
Australia
Telephone
N/A
Fax
N/A
Website
www.amneal.com
Remarks
The Subject is not registered as a phone user locally and we are unable to obtain any contact number of the Subject or its Director’s.

Registered address
C/o NEXIA AUSTRALIA
Level 18, 530 Collins Street
Town
Melbourne
Province
Victoria
Zip / Postal code
3000
Country
Australia

SUMMARY DETAILS

Report Summary

Date registered
14/12/2010
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Gavin Upiter
Line of business
The Subject’s business consist of import and distribution of pharmaceutical products.
Staff employed
10 employees

Paid-up capital
AUD10,445,408.46

Subject’s Credit Risk Analysis

Country risk
Country risk is minimal
Operation trend
Operational trend is in start-up phase
Management experience
Management is modestly experienced
Financial performance
Financial performance is undetermined
Remarks
It is strictly advisable to conduct all business dealings on fully secured terms as we are unable to verify the Subject's locality.

Organisation structure
Organisational structure is acceptable
Detrimental
Some detrimental found
Payment history
No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered
14/12/2010
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 147854484
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 21147854484

Statutory status
Active
Previous name
SCENTIA PHARMACEUTICALS PTY LTD (until 03-03-2014)
STRIDES PHARMA AUSTRALIA PTY LTD
LINKACE INVESTMENTS PTY LTD (initial)
Change of legal form
None reported.

BOARD OF MANAGEMENT

Key Personnel

Name
Gavin Upiter
Designation
Managing Director

BOARD OF DIRECTORS

Appointments

Name
Chintu Patel
Title
Director
Appointment date
08/05/13
Address
C/o AMNEAL PHARMACEUTICALS LLC
50 Horseblock Road
Brookhaven, NY 11719
United States
Biography
Born on 05/10/1971 in India.
Name
Chirag Patel
Title
Director
Appointment date
18/04/13
Address
C/o AMNEAL PHARMACEUTICALS LLC
1 New England Avenue
Piscataway, NJ 08854
United States
Biography
Born on 21/12/1966 in India.
Name
Gavin Upiter
Title
Director
Appointment date
17/02/14
Address
2A Porter Road
Carnegie, VIC 3163
Australia
Biography
Born on 12/11/1968 in South Africa.

Staff employed
10 employees

SHARE CAPITAL

Composition

Authorized capital
AUD10,445,408.46
Number / Type of shares
9,525,100 Ordinary Shares
Share par value
No par value
Issued capital
AUD10,445,408.46

Paid-up capital
AUD10,445,408.46

OWNERSHIP / SHAREHOLDERS

Composition

How listed
Full list
Shareholder name
AMNEAL PHARMACEUTICALS PTY LTD
Address
12 River Street
South Yarra, VIC 3141
Australia
Number / Type of shares
9,525,100 Ordinary Shares
Percentage (%) of shares
100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name
AMNEAL PHARMACEUTICALS LLC
Affiliation type
Ultimate Holding Company
Country of business
United States
Company name
AMNEAL PHARMACEUTICALS PTY LTD
Affiliation type
Parent Company
Country of business
Australia
Company name
AMNEAL ENTERPRISES, LLC
Affiliation type
Sister Company
Country of business
United States
Company name
AMNEAL PHARMACEUTICALS COMPANY (INDIA) PRIVATE LIM ITED
Affiliation type
Sister Company
Country of business
India
Company name
AMNEAL LIFE SCIENCES PRIVATE LIMITED
Affiliation type
Sister Company
Country of business
India

BANK AND MORTGAGES

Mortgages

None reported.

Legal Filings

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

FINANCIAL STATISTICS

Remarks

The Subject is classified as a small proprietary company by the Australian Securities & Investments Commission hence is not required to disclose their financial statement.

A proprietary company is defined as small for a financial year if it satisfies at least two of the following:
- The consolidated revenue for the financial year of the company and any entities it controls is less than $25 million;
-The value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and
-The company and any entities it controls have fewer than 50 employees at the end of the financial year.

BUSINESS DETAILS

Operational Details

Main activities
The Subject engages in import and distribution of pharmaceutical products.

The Subject is part of Amneal Pharmaceuticals LLC, which manufactures and supplies generic pharmaceuticals in the United States. The company offers prescription pharmaceutical products in various forms, including oral solids that range from tablets to capsules and soft gels; and liquid-form pharmaceuticals that range from suspensions to solutions. It offers products in various therapeutic categories, including analgesic, anti-anxiety, anti-arrhythmic, anti-bacterial, anti-biotic, anticonvulsant, anti-depressant, anti-epileptic, anti-gas, anti-histamine, anti-hyperglycemic, anti-hypertensive, anti-inflammatory, anti-nausea, anti-psychotic, antiretroviral, bronchodilator, cholinergic agonist, cough suppressant, decongestant, diuretic, hormone replacement, H2-blocker/anti-acid, immunosuppressant, laxative, muscle relaxant, otic/topical corticosteroids, urinary antiseptic, vasodilator, and vitamin supplement. The company sells its products to pharmacies. Amneal Pharmaceuticals LLC was founded in 2002 and is based in Bridgewater, New Jersey with additional administrative offices in Hauppauge, New York; and distribution and sales operations in Glasgow, Kentucky. It has manufacturing facilities in Hauppauge and Brookhaven, New York; and Piscataway, Branchburg, and Paterson, New Jersey. The company has research and development facilities in Brookhaven, New York; Piscataway and Branchburg, New Jersey; and Ahmedabad, India.

Purchases

Local
None reported.

International
The Subject sources its product(s) / material(s) from countries such as India, United States.

Sales

Local
The Subject sells its product(s) locally.

International
None reported.

Business Facilities and Assets

Premises
The Subject operates from the verified heading address consisting of a warehouse and an administrative office.

Branches
None reported.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 46.714 billion
Gross domestic product (GDP)
US$ 1.586 trillion
Purchasing power parity (GPP)
954.296 billion of International dollars
GDP per capita (current prices)
US$ 68,916
GDP composition by sector
agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation
2010: 2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate
2010: 5.2%
2011: 5.1%
2012: 5.2%

Public debt (general Government gross debt as percentage (%) of GDP)
2010: 20.4%
2011: 22.9%
2012: 24%
Government bond ratings
Standard & Poors: AAA
Moodys rating: Aaa
Moodys outlook: STA
Market value of publicly traded shares
US$1.198 trillion
Largest companies
Qantas Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs), Brambles (Business & Personal Services),Crown Ltd (Casinos & Gaming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica (Diversified Metals & Mining), Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings (Other Transportation), Transurban Group (Other Transportation), QBE Insurance Group (Property & Casualty Insurance), Insurance Australia Group (Property & Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra (Telecommunications Services)

Trade and Competitiveness Overview

Total exports
US$263.9 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports
US$239.7 billion
Import commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Best countries for doing business
10 out of 185 countries
Global competitiveness ranking
20 (ranking by country on a basis of 144, the first is the best)

Major export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Major import partners
China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI inflows
2009: US$26,554 million
2010: US$35,556 million
2011: US$41,317 million
FDI outflows
2009: US$16,693 million
2010: US$12,791 million
2011: US$19,999 million

Country and Population Overview

Total population
22.68 million
Total area
7,692,024 km2
Capital
Canberra

Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
79%

PAYMENT OUTLOOK

Purchases Term

International
Telegraphic transfer, D/P, Credit 30-90 days

Sales Term

Local
Bank transfer, Prepayment, Credit 30-90 days

Trade Reference/ Payment Behaviour

Comments
As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources
Official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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 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%)

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.