MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	MYLAN IRELAND LIMITED

Registered Office :	6th Floor South Bank House Barrow Street Dublin 4 216410

Country :	Ireland

Financials (as on) :	31.12.2013

Date of Incorporation :	01.06.2011

Com. Reg. No.:	IE499501

Legal Form :	Private Company

Line of Business :	Manufacturer and Supplier of Pharmaceutical Products.

No of Employees :	138 (31.12.2013)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Ireland

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name: MYLAN IRELAND LIMITED

Company No: IE499501

Company Status: Active - Accounts Filed

Registered Address: 6th Floor South Bank House Barrow Street Dublin 4 216410

DIRECTORS/MANAGEMENT

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	JOHN HANNON	Date of Birth	09/02/1962
Officers Title		Nationality
Present Appointments	6	Function	Director
Appointment Date	01/06/2011
Address	12 FAIRWAYS AVENUE, GRIFFITH ROAD, DUBLIN 11

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PETER ANDREW MCCORMICK	Date of Birth	09/11/1969
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/06/2011
Address	VALHALLA, 18 THORMANBY WOODS, HOWTH, DUBLIN 13

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	MHC CORPORATE SERVICES LIMITED	Date of Birth	15/07/1998
Officers Title		Nationality
Present Appointments	294	Function	Company Secretary
Appointment Date	01/06/2011

Previous Director/Company Secretaries

No Previous Director Details

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage

Outstanding

Satisfied

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	Total Value of Satisfied CJs -	€0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MYLAN IRELAND HODLINGS LIMITED	EUR	1	ORDINARY	1	100

Trade Payment Information

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	14 companies
Linkages	144 companies
Countries	In 37 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	MYLAN, INC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MYLAN, INC		-	-	$6,909,143,000
MERCK GENERICS GROUP BV	N/A	-	-
MCDERMOTT LABORATORI...	IE110075	31.12.2012	N	€114,220,000
MYLAN PHARMA UK LI...	07838949	31.12.2013	N
MYLAN GROUP B.V.	24171754	31.12.2012	N
GENERICS (U.K.) LIMITED	01558756	31.12.2013	N	£72,658,000
MYLAN LUXEMBOURG 9 SARL	N/A	-	-
MYLAN INVESTMENTS LI...	IE488202	31.12.2013	N
MYLAN PHARMA HOLDI...	IE412522	31.12.2013	N
MYLAN PHARMA GROU...	IE313327	31.12.2013	N
MYLAN PHARMA AC...	IE477387	31.12.2013	N
MYLAN TEORANTA	IE130418	31.12.2013	N	€167,065,213
MYLAN LUXEMBOURG L4 SCS	N/A	-	-
MYLAN IRELAND LIMITED	IE499501	31.12.2013	N	€430,068,000

Statistics

Group	14 companies
Linkages	144 companies
Countries	In 37 countries

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Weeks	52	(%)	61	(%)	-	(%)	-	(%)	-
Currency	EUR	(%)	EUR	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	N	(%)	-	(%)	-	(%)	-
Turnover	€430,068,000	10.8%	€388,108,000	-	-	-	-	-	-
Export	-	-	€352,040,000	-	-	-	-	-	-
Cost of Sales	€413,518,000	11.4%	€371,123,000	-	-	-	-	-	-
Gross Profit	€16,550,000	-2.6%	€16,985,000	-	-	-	-	-	-
Wages & Salaries	€9,227,000	22.4%	€7,539,000	-	-	-	-	-	-
Directors Emoluments	€725,000	-26.9%	€992,000	-	-	-	-	-	-
Operating Profit	€2,431,000	118.8%	€1,111,000	-	-	-	-	-	-
Depreciation	€237,000	259.1%	€66,000	-	-	-	-	-	-
Audit Fees	€45,000	-	€45,000	-	-	-	-	-	-
Interest Payments	€39,000	178.6%	€14,000	-	-	-	-	-	-
Pre Tax Profit	€2,392,000	118%	€1,097,000	-	-	-	-	-	-
Taxation	-€135,000	68.8%	-€432,000	-	-	-	-	-	-
Profit After Tax	€2,257,000	239.4%	€665,000	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	€2,257,000	239.4%	€665,000	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Tangible Assets	€1,590,000	-8.7%	€1,742,000	-	-	-	-	-	-
Intangible Assets	€4,507,000	-6.8%	€4,836,000	-	-	-	-	-	-
Total Fixed Assets	€6,097,000	-7.3%	€6,578,000	-	-	-	-	-	-
Stock	€41,330,000	35.4%	€30,515,000	-	-	-	-	-	-
Trade Debtors	0	-	0	-	-	-	-	-	-
Cash	0	-	0	-	-	-	-	-	-
Other Debtors	€13,372,000	9.4%	€12,221,000	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
Total Current Assets	€54,702,000	28%	€42,736,000	-	-	-	-	-	-
Trade Creditors	€17,834,000	9%	€16,365,000	-	-	-	-	-	-
Bank Loans & Overdrafts	0	-	0	-	-	-	-	-	-
Other Short Term Finance	€27,158,000	39.9%	€19,407,000	-	-	-	-	-	-
Miscellaneous Current Liabilities	€12,885,000	0.1%	€12,877,000	-	-	-	-	-	-
Total Current Liabilities	€57,877,000	19%	€48,649,000	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	0	-	0	-	-	-	-	-	-
Other Long Term Finance	0	-	0	-	0	-	-	-	-
Total Long Term Liabilities	0	-	0	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	€2,922,000	339.4%	€665,000	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€2,922,000	339.4%	€665,000	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Net Worth	-€1,585,000	62%	-€4,171,000	-	-	-	-	-	-
Working Capital	-€3,175,000	46.3%	-€5,913,000	-	-	-	-	-	-
Total Assets	€60,799,000	23.3%	€49,314,000	-	-	-	-	-	-
Total Liabilities	€57,877,000	19%	€48,649,000	-	-	-	-	-	-
Net Assets	€2,922,000	339.4%	€665,000	-	-	-	-	-	-

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	NO	-	-	-	-	-	-
Capital Employed	€2,922,000	339.4%	€665,000	-	-	-	-	-	-
Number of Employees	138	15%	120	-	-	-	-	-	-
Auditors	DELOITTE & TOUCHE
Auditor Comments	The audit report contains no adverse comments
Bankers	CITIBANK
Bank Branch Code	08-60-71

Ratios

Date Of Accounts	31/12/13	31/12/12	-	-	-
Pre-tax profit margin %	0.56	0.28	-	-	-
Current ratio	0.95	0.88	-	-	-
Sales/Net Working Capital	-135.45	-65.64	-	-	-
Gearing %	0	0	-	-	-
Equity in %	5.20	1.50	-	-	-
Creditor Days	15.09	18	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.23	0.25	-	-	-
Return On Capital Employed %	81.86	164.96	-	-	-
Return On Total Assets Employed %	3.93	2.22	-	-	-
Current Debt Ratio	19.80	73.15	-	-	-
Total Debt Ratio	19.80	73.15	-	-	-
Stock Turnover Ratio %	9.61	7.86	-	-	-
Return on Net Assets Employed %	81.86	164.96	-	-	-

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Status History

No Status History found

Event History View Documents

Date	Description
28/08/2014	Annual Returns
28/08/2014	New Accounts Filed
28/08/2014	New Accounts Filed
05/08/2013	New Accounts Filed
02/08/2013	Annual Returns
25/01/2013	Annual Returns
10/01/2012	Annual Returns
01/06/2011	New Company Secretary (MHC CORPORATE SERVICES LIMITED) appointed
01/06/2011	New Board Member (PETER ANDREW MCCORMICK) appointed
01/06/2011	New Board Member (JOHN HANNON) appointed

Previous Company Names

No Previous Names found

Received Documents

Writ Details

No writs found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 62% during the latest trading period.

A 23.3% growth in Total Assets occurred during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 3 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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.

Name	Number	Latest Key Financials	Turnover
MYLAN B.V.	34112365	31.12.2011
MYLAN LUXEMBOURG 2 S.À R.L.	B133516	31.12.2012
MYLAN CARIBE, INC		-
MILAN HOLDINGS		-
UDL LABORATORIES, INC		-
MATRIX LABORATORIES INC		-
BIONICHE PHARMA USA LLC		-
MYLAN BERTEK PHARMACEUTICALS INC		-
MYLAN SPECIALTY L.P		-
SOMERSET PHARMACEUTICALS INC		-
BERTEK INTERNATIONAL INC		-
BERTEK PHARMACEUTICALS, INC		-
MLRE LLC		-
MYLAN PHARMACEUTICALS INC		-
MYLAN TECHNOLOGIES, INCORPORATED		-
MYLAN INSTITUTIONAL INC		-
MYLAN LABORATORIES INC		-
MYLAN DELAWARE INC		-
MYLAN CARIBE, INC		-
MYLAN LLC		-