MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	MYLAN PHARMACEUTICALS ULC
Registered Office :	150 6^th Avenue, Ste 3400 S.W., Calgary, Alberta T2P 3Y7
Country :	Canada
Date of Incorporation :	01.01.2003
Legal Form :	ULC
Line of Business :	Manufactures and supplies generic and specialty pharmaceuticals. It provides products for anatomical therapeutic category that includes cardiovascular system, nervous system, alimentary tract and metabolism, antineoplastic, and musculo skeletal
No. of Employees :	600

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
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)
Canada	A1	A1

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

CANADA - ECONOMIC OVERVIEW

As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela

Source : CIA

Company name and address

Company name: MYLAN PHARMACEUTICALS ULC

Reg. address: 150 6^th Avenue, Ste 3400 S.W., Calgary, Alberta T2P 3Y7 –

Canada

Headquarters: 85 Advance Rd, Etobicoke, Ontario M8Z 2S6 - Canada

Telephone: +1 416-236-2631

Fax: +1 416-236-2940

Website: www.mylan.ca

Corporate ID#: AB-2015086222

State: Alberta

Judicial form: ULC

Date incorporated: 01-01-2010

Date founded: 01-01-2003

Stock: -

Value: -

Name of manager: Richard M. GUEST

ACTIVITIES & OPERATIONS

History:

Business started on 01-01-2003 as em industries Canada, Inc.

On 01-01-2008, merged into 1370623 ALBERTA INC.

On 01-01-2009, merged with PREMPHARM INC. to create Mylan Pharmaceuticals ULC, incorporated in Alberta under ID# AB-2014440610

On 01-01-2010, merged with Mylan Canada ULC, to create Mylan Pharmaceuticals ULC, the new business.

IST

Business:

Mylan Pharmaceuticals ULC manufactures and supplies generic and specialty pharmaceuticals.

It provides products for anatomical therapeutic category that includes cardiovascular system, nervous system, alimentary tract and metabolism, antineoplastic, and musculo skeletal.

The company was founded in 2003 and is based in Etobicoke, Canada.

Mylan Pharmaceuticals ULC operates as a subsidiary of Mylan Luxembourg 2 SARL.

Staff: 600

Operations & branches:

At the headquarters, we find the corporate office of the group in Canada.

The address given on your order:

5525 West Boulevard, Box 920, Vancouver, British Columbia V6M 3W6

is the UPS Store which rents mailboxes.

SHAREHOLDERS & MANAGERS

Shareholders:

MYLAN LUXEMBOURG 2 SARL

8 Rue Jean Monnnet

Luxembourg L-2180 Luxembourg

Management:

Rochard M. GUEST is the President, Director and CEO.

Mr. Guest has more than 25 years of health care experience including senior executive positions in both the generic and branded pharmaceutical industry. He serves as President of Mylan. He has significant experience in building retail and brand businesses involving both prescription and OTC products.

He serves as a Member of Advisory Board at TH!NK Business Insights Inc.

Mr. Guest also served on numerous industry and hospital boards, most recently, the CACDS, CGPA and St. Peter's Health Care, Hamilton.

Lesley BOURGET is Director.

Subsidiaries

And partnership: None

FINANCIALS

In Canada, privately held corporations are not required to publish any financials.

On a direct call, nobody was available to answer our questions.

We sent a fax but no answer received.

However, sales estimate for year 2013 is in the range of CAD 100,000,000=

The business is profitable.

Banks: Scotia Bank

…

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: Several

Haut du formulaire

COMPANY CREDIT HISTORY

Trade references:

Date reported: November 2014

High credit: CAD 60,000

Now owing: 0

Past due: 0

Last purchase October 2014

Line of business: Office supply

Paying status: On terms

Date reported: November 2014

High credit: CAD 800,000

Now owing: 0

Past due: 0

Last purchase: October 2014

Line of business: Payroll

Paying status: As agreed

Date reported: November 2014

High credit: CAD 2,000

Now owing: 0

Past due: 0

Last purchase: October 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains a regular business.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on February 10, 2014.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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