MIRA
INFORM REPORT
|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MYLAN LABORATORIES LIMITED (w.e.f. 05.10.2011) |
|
|
|
|
Formerly Known
As : |
MATRIX LABORATORIES LIMITTED |
|
|
|
|
Registered
Office : |
Plot No.564/A/22 Road No.92, Jubilee Hills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.11.1984 |
|
|
|
|
Com. Reg. No.: |
01-005146 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.312.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231AP1984PLC005146 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM02247A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM3491M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Pharmaceuticals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 99470000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Mylan Inc, USA. It is an established company
having fine track record. The company has been a better improvement in its sales volume as well
as net profitability during 2013. Financial as well as liquidity position
appears to be strong and healthy. Further, the company successfully maintains strong research and
development capabilities and low cost manufacturing base. The ratings also take into consideration the company’s working capital
intensive operations and increasing competition in the international generics
market. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of strong business profile and its established market
position, the subject can be considered good for business dealings at usual
trade terms and conditions. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Long Term Rating) |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
January 30, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Debt) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 30, 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.
LOCATIONS
|
Registered Office : |
Plot No.564/A/22 Road No.92, Jubilee Hills, Hyderabad – 500033, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-30496666/ 23550543 |
|
Fax No.: |
91-40-27700343/ 30866699 |
|
E-Mail : |
nagaraj.bodige@matrixlabsindia.com apisales@maylan.in (APIs) fdfsales@mylan.in (Formulations) careers@mylan.in (Careers) |
|
Website : |
DIRECTORS
As on: 24.09.2010
|
Name : |
Mr. Rajiv Malik |
|
Designation : |
Director |
|
Address : |
B- 6B, Gangotri Alaaknanda, |
|
Date of Birth/Age : |
12.03.1961 |
|
Qualification : |
Degree in Pharmaceutical Industry |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00120557 |
|
|
|
|
Name : |
Mr. Susanto Banerjee |
|
Designation : |
Director |
|
Address : |
JI003 Spring Field Apartment, Sarjapura Road ,Belan Dooru, Bangalore –
560102, Karnataka, India |
|
Date of Birth/Age : |
28.11.1966 |
|
PAN No.: |
ACZPB6469M |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00182743 |
|
|
|
|
Name : |
Dr. B Hari Babun |
|
Designation : |
Whole-Time Director |
|
Address : |
11, Sai Ansh Arcade, Duragavihar Nagar Coly, Trimulghery, Secunderabad
– 500 015, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.07.1964 |
|
Qualification : |
Ph. D. and Master of Science |
|
PAN No.: |
ABYPB0113E |
|
Date of Appointment : |
17.08.2012 |
|
DIN No.: |
01119687 |
|
|
|
|
Name : |
Mr. Sanjeev Sethi |
|
Designation : |
Director |
|
Address : |
Plot No.24, Quitelands, Gatchibowli, Hyderabad – 500 008, Andhra
Pradesh, India |
|
Date of Birth/Age : |
22.07.1967 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
02168682 |
KEY EXECUTIVES
|
Name : |
Mr. B Nagaraj Goud |
|
Designation : |
Secretary |
|
Address : |
H.No.5-14-88, Indiranagar Colony II APHB Colony, Movalai, Hyderabad –
500 040, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.12.1977 |
|
Date of Appointment : |
07.10.2009 |
|
Pan No.: |
AGYPB3840P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.09.2010
SHAREHOLDING DETAILS FILE ATTACHED
As on: 04.12.2013
|
Name of Allottee |
|
No. of Shares |
|
Mylan Luxembourg 2 S.a.r.i, Luxembourg |
|
28418047 |
|
|
|
|
|
Total |
|
28418047 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.09.2010
|
Category |
|
Percentage |
|
Nationalised or other banks |
|
0.01 |
|
Mutual funds |
|
0.03 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.40 |
|
Bodies corporate |
|
1.61 |
|
Other top fifty shareholders |
|
0.20 |
|
Others |
|
97.75 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pharmaceuticals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· The Bank of Nova Scotia, 6-3-346/1, Road No.1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India · DBS Bank Limited, Salarpuria Windsor, No.3, No.10, Ulsoor Road, Ward 78, Bangalore - 560042, Karnataka, India · The Hongkong and Shanghai Banking Corporation Limited, 6-3-1107 and 1108, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India · The Royal Bank of Scotland NV, Maker Maxity, 4 North Avenue, Level 3, BKC, Mumbai - 400051, Maharashtra, India · Export - Import Bank of India, Centre One; World Trade Centre, Cuffe Parade; Mumbai - 400005, Andhra Pradesh, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accounts |
|
Address : |
Gowra Grand, III Floor, 1-8-1-384- and 385, SP Road, Secunderabad –
500 003, Andhra Pradesh, India |
|
PAN No. : |
AACFD3771D |
|
|
|
|
Holding Company : |
MP Laboratories (Mauritius) Limited |
|
|
|
|
Ultimate Holding
Company: |
Mylan Inc. |
|
|
|
|
Subsidiary Company
: |
· Matrix Laboratories (Xiamen) Limited · Jiangsu Matrix Pharmaceutical Chemical Limited · Matrix Laboratories Singapore Pte Limited · Matrix Pharma Group (Xiamen) Limited · Mylan Laboratories Inc · Astrix Laboratories Limited CIN No.: U24239AP2005PLC047551 |
|
|
·
|
|
Fellow Subsidiary
Company : |
· Alphapharm Pty Limited · Mylan Pharma UK · Mylan SAS · Mylan SPA · Mylan Seiyaku Limited · Mylan New Zealand Limited · Arcana Arzneimittel GmbH · Mylan (UK) Limited · Mylan Pharmaceutical ULC · Mylan Technologies · Xixia Pharmaceuticals (Pty) Limited Inc · Docpharma BVBA · Gerard Laboratories Limited · Mylan Ireland Limited · Mylan Pharmaceuticals Private Limited CIN No.: U73100MH1997PTC106267 |
CAPITAL STRUCTURE
After: 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184756858 |
Equity Shares |
Rs.2/- each |
Rs.369.514 Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156338811 |
Equity Shares |
Rs.2/- each |
Rs.312.680 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
312.680 |
312.680 |
312.680 |
|
(b) Reserves & Surplus |
24554.940 |
18223.520 |
16020.810 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
24867.620 |
18536.200 |
16333.490 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6916.340 |
5218.080 |
2636.230 |
|
(b) Deferred tax liabilities (Net) |
2018.230 |
1628.280 |
1154.600 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
23.480 |
|
(d) long-term provisions |
184.440 |
126.380 |
109.410 |
|
Total Non-current
Liabilities (3) |
9119.010 |
6972.740 |
3923.720 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
10009.800 |
6828.490 |
5501.990 |
|
(b) Trade payables |
11399.810 |
8550.780 |
6043.480 |
|
(c) Other current liabilities |
4705.640 |
4724.910 |
4155.820 |
|
(d) Short-term provisions |
463.92 |
304.420 |
47.480 |
|
Total Current
Liabilities (4) |
26579.170 |
20408.600 |
15748.770 |
|
|
|
|
|
|
TOTAL |
60565.800 |
45917.540 |
36005.980 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16954.720 |
13493.140 |
11495.540 |
|
(ii) Intangible Assets |
1044.410 |
54.520 |
38.890 |
|
(iii) Capital work-in-progress |
1314.260 |
1098.010 |
768.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
536.410 |
2451.210 |
2566.140 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1765.830 |
898.200 |
620.660 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
21615.630 |
17995.080 |
15490.130 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
51.800 |
|
(b) Inventories |
17572.250 |
12967.350 |
9827.240 |
|
(c) Trade receivables |
12692.880 |
10502.480 |
5629.530 |
|
(d) Cash and cash equivalents |
2042.000 |
39.760 |
146.120 |
|
(e) Short-term loans and advances |
3111.900 |
1705.910 |
2044.750 |
|
(f) Other current assets |
3531.140 |
2706.960 |
2816.410 |
|
Total Current
Assets |
38950.170 |
27922.460 |
20515.850 |
|
|
|
|
|
|
TOTAL |
60565.800 |
45917.540 |
36005.980 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
53920.770 |
39523.870 |
28775.510 |
|
|
|
Other Income |
2059.810 |
448.900 |
169.750 |
|
|
|
TOTAL (A) |
55980.580 |
39972.770 |
28945.260 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
29044.530 |
20724.650 |
15694.470 |
|
|
|
Purchases of stock-in-trade |
1321.230 |
848.850 |
359.040 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1559.540) |
(867.610) |
(1858.650) |
|
|
|
Employee benefit expense |
2918.400 |
2225.330 |
1676.840 |
|
|
|
Other expenses |
12220.950 |
8876.130 |
6716.230 |
|
|
|
Exceptional items |
1914.800 |
130.640 |
(851.390) |
|
|
|
TOTAL (B) |
45860.370 |
31937.990 |
21736.540 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10120.210 |
8034.780 |
7208.720 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
630.160 |
575.690 |
432.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9490.050 |
7459.090 |
6776.060 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
964.650 |
779.260 |
601.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8525.400 |
6679.830 |
6174.180 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3329.970 |
1987.400 |
1516.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5195.430 |
4692.430 |
4657.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. value |
44478.270 |
34171.130 |
|
|
|
|
Other revenue |
34.080 |
3.240 |
|
|
|
|
Guarantee commission |
31.720 |
28.130 |
|
|
|
TOTAL EARNINGS |
44544.070 |
34202.500 |
23461.870 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.23 |
30.01 |
29.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.28 |
11.74 |
16.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.81 |
16.90 |
21.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.52 |
15.77 |
18.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.36 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.68 |
0.65 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.37 |
1.30 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The Registered Office of the company has been shifted from 1-1-151/1,
Sairam Towers, 4th Floor, Alexander Road, Secunderabad – 500003,
Andhra Pradesh, India to the present address w.e.f. 15.03.2011
REVIEW OF OPERATIONS
The Company posted yet another impressive year of performance. During the year, the turnover, on a standalone basis, increased by 37%, while on a consolidated basis, the sales increased by 36% over the previous year. The increase in sales was mainly due to the increase in the sales of Active Pharmaceutical Ingredients (APIs) and Finished Dosage Form (FDF) products. The net profit before tax and exceptional items also showed an impressive growth of 53% on a standalone basis, while on a consolidated basis, the increase was 51% over the previous year.
During the year, the Management has assessed the operations of its subsidiary group of companies in China, Matrix Pharma Group (Xiamen) Limited and its subsidiaries (held by global holding company Matrix Laboratories (Singapore) Pte Limited to identify indication of diminution, other than temporary, in the value of investment recorded in the books of account and, accordingly, has made a gross provision of Rs. 1914.800 Millions. The investment in the China Group of Companies was made by the Company in 2006 as part of a backward integration strategy of the Company to secure supply of Active Pharmaceuticals (APIs) and API intermediates. The China operations consist of an API and FDF manufacturing facility and an APIIntermediates manufacturing facility. The API intermediates manufacturing operations were shut down in December 2011. The API manufacturing operations had been shut down since January 2013. Given the substantial scale down in operations, as the API manufacturing is closed down and FDF manufacturing activity is currently very small, the cash flows from future operations are insufficient and accordingly the entire carrying value of investment has been written down.
During the year, the Company filed 7 US Drug Master Files (DMFs) and 18 EU DMFs / Certificates of Suitability to European Pharmacopoeia (CEPs). With these filings, as on March 31, 2013, the cumulative number of DMFs filed by the Company, together with its subsidiaries and associates is 174 U.S. DMFs and 180 EU DMFs / CEPs.
During the year, the Company has filed 20 Abbreivated New Drug Applications(ANDAs) with the U.S. Food and Drug Administration(FDA), 18 with European regulatory agencies, 4 with the World Health Organisation(WHO), 16 with Canada regulatory agencies, 11 with Australian regulatory agencies, 10 with New Zealand regulatory agencies and 18 with South Africa regulatory agencies. Aggregate filings covering Finished Dosage Forms during the year were 97 in numbers.
Cumulatively, the Company made the filings of 151 ANDAs with the FDA, 99 regulatory filings with European regulatory agencies, 36 filings with the WHO, 58 with Canadian regulatory agencies, 50 with Australian regulatory agencies, 31 with New Zealand, and 74 with RSA aggregating to 499 regulatory submissions. During the year, the Company secured approvals for 16 ANDAs from the FDA, 21 from Canadian regulatory agencies, 16 from the European regulatory agencies, 6 from Australian regulatory agencies (TGA), 5 from New Zealand regulatory agencies and 15 from South Africa regulatory agencies.
During the year 2012-13, the Company was selected as a leading supplier of antiretroviral (ARV) drugs toIndia’s National AIDS Control Organization (NACO).
During the year 2012-13, the Company entered into the South African market by participating in the South African ARV tender and was selected as one of the leading suppliers of ARV drugs to the South African National Department of Health for the tender period January 1, 2013 to December 31, 2014.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
20.010 |
22.000 |
|
Loans and advances from others |
6896.330 |
5102.330 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
5545.100 |
3087.120 |
|
|
|
|
|
Total |
12461.440 |
8211.450 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10296577 |
12/08/2013 * |
480,000,000.00 |
DBS BANK LIMITED |
SALARPURIA WINDSOR, NO.3, NO.10, ULSOOR ROAD, WARD 78, BANGALORE, KARNATAKA - 560042, INDIA |
B84460450 |
|
2 |
10268093 |
27/01/2011 |
480,000,000.00 |
DBS BANK LIMITED |
SALARPURIA WINDSOR, NO.3, (OLD NO.10), ULSOOR ROAD, WARD NO. 78, BANGALORE, KARNATAKA - 560042, INDIA |
B06623540 |
|
3 |
10198643 |
12/08/2013 * |
8,104,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
6-3-1107 AND 1108, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B84182138 |
|
4 |
10198487 |
29/07/2010 * |
470,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A91987479 |
|
5 |
10179307 |
21/07/2009 |
300,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A69552057 |
|
6 |
10179308 |
21/07/2009 |
700,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A69552685 |
|
7 |
90128817 |
06/07/2007 * |
186,000,000.00 |
ANDHRA BANK |
R P. ROAD, SECUNDERABAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A19287150 |
|
8 |
90130616 |
08/06/2007 * |
434,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A19336171 |
|
9 |
90130414 |
12/08/2013 * |
700,000,000.00 |
THE ROYAL BANK OF SCOTLAND NV |
MAKER MAXITY, 4 NORTH AVENUE, LEVEL 3, BKC, MUMBAI, MAHARASHTRA - 400051, INDIA |
B84032853 |
|
10 |
90262408 |
12/08/2013 * |
8,104,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 2ND FLOOR, OZONE BUILDING, 6-3-669, PUNJAGUTTA MAIN ROAD, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B84033638 |
|
11 |
90130385 |
12/08/2013 * |
1,000,000,000.00 |
THE BANK OF NOVA SCOTIA |
6-3-346/1, ROAD NO.1, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
B85301729 |
|
12 |
90130372 |
01/12/2003 |
262,500,000.00 |
HDFC BANK LTD |
LAKDIKAPUL BRANCH, SADEED PLAZA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
13 |
90262350 |
19/09/2003 |
120,000,000.00 |
IDBI BANK LTD. |
MAHAVIR HOUSE, BASEERBAGH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
14 |
90262253 |
24/02/2003 |
5,000,000.00 |
COOPERATIVE
CENTRALE RAIFFEISEN - BOERENFEENBANK B |
SINGAPORE BRANCH; 77; ROBINSON ROAD - 08 - 00, SIA BUILDING, SINGAPORE, ANDHRA PRADESH - 068896, INDIA |
- |
|
15 |
90262220 |
14/11/2002 |
75,000,000.00 |
PUNJAB NATIONAL BANK |
RP ROAD, SECUNDRABAD, ANDHRA PRADESH, INDIA |
- |
|
16 |
90260738 |
25/11/1988 |
263,000.00 |
ANDHRA PRADESH STATE FINANCIAL CORPAORATION |
CHIRAG ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
17 |
90260687 |
11/02/1988 |
3,635,000.00 |
AP STATE FINANCIAL CORPORATION |
CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Electrical Equipment
· Lab Equipment
· Computer Hardware
Intangible Assets
· Computer Software
· Goodwill
AS PER WEBSITE
DETAILS
Press Release
STRIDES ARCOLAB
COMPLETES $1.75 BN SALE OF AGILA SPECIALTIES TO MYLAN LABORATORIES INC.
Drug maker Strides Arcolab Limited today said it has completed the sale of its Agila Specialties division to Mylan Inc for a total consideration of up to USD 1.75 billion.
The company, however, said it has agreed to a hold back of USD 250 million due to a warning letter received by it from the USFDA for one of its injectable facilities in Bangalore.
In a statement, the company said since the initial announcement of the transaction, the board of directors approved final transaction terms to include "a hold back of USD 250 million contingent upon satisfaction of certain regulatory conditions".
"The company expects those contingent conditions will be satisfied sometime in 2014," it added.
In September, the USFDA had issued a warning letter to Agila Specialties over violation of manufacturing norms in one of its plants in Bangalore following an inspection in June.
Earlier in the same month, the government had approved Mylan's deal to fully acquire Agila Specialties from Strides Arcolab. The companies had announced the deal in February.
While announcing the deal, the US-based firm had said that Agila will bring a broad product portfolio of more than 300 filings approved globally and marketed through a network covering 70 countries, including 61 abbreviated new drug applications (ANDAs) approved by the US Food and Drug Administration (USFDA).
Commenting on the completion of the transaction, Strides Acrolab Founder and Group CEO Arun Kumar said: "We are delighted with the conclusion of this transaction and are confident that Agila will play a significant role in Mylan's growth strategy to become a global injectable leader.
Post the deal, over 1,800 employees of Strides Group would become part of Mylan. Agila currently produces drugs across nine manufacturing facilities in India, Brazil and Poland, eight of which have been approved by the USFDA.
UNICHEM SELLS INDORE
SEZ PLANT TO MYLAN FOR $26.3M
This August, Mylan Inc received FIPB nod for its Rs.51680.000 Millions FDI proposal to finance the acquisition of Agila Specialties.
Unichem Laboratories Limited is selling its Indore-based SEZ plant to generic and specialty pharmaceuticals maker Mylan Laboratories Limited for Rs.1610.000 Millions ($26.27 million), as per a stock market disclosure.
"The board of directors of Unichem at its meeting held on February 15, 2013 had approved the sale of Indore SEZ plant to Mylan and members of the company had approved the sale on March 29, 2013 through a postal ballot," the company said in the filing.
Mumbai-headquartered Unichem makes pharmaceutical ingredients and pharmaceutical formulations for various therapeutic areas, including gastro-intestinal, cardiovascular, diabetes, psychiatry, neurology, anti-bacterial, anti-infectives and pain management. It has six drug manufacturing locations across the country.
Founded in 2001, Hyderabad-based Mylan works as a subsidiary of US-based Mylan Inc. The company manufactures and supplies active pharmaceutical ingredients.
Last October, Mylan acquired a Visakhapatnam-based unit from SMS Pharmaceuticals Limited for $33 million.
This August, Mylan Inc received approval of Foreign Investment Promotion Board, the nodal government body monitoring foreign investment in the country, for its Rs.51680.000 Millions foreign direct investment (FDI) proposal to finance the acquisition of Agila Specialties Private Limited.
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 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] 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.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.