MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	AKBAR PHARMACEUTICALS (PVT) LIMITED
Registered Office :	No.334, T. B. Jayah Mawatha, Colombo - 10
Country :	Sri Lanka
Date of Incorporation :	20.12.1994
Com. Reg. No.:	PV 11321
Legal Form :	Private Limited Liability Company (In Operation)
Line of Business :	Import of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network
No. of Employees :	100

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Sri Lanka	A2	A2

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

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit

Source : CIA

COMPANY DETAILS - Registration and Shareholder Details

a.	Name of Subject of Inquiry	:	AKBAR PHARMACEUTICALS (PVT) LIMITED
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Inayetally Abarally
d.	Primary Line of Business	:	Import of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network
e.	Head Office	:	# 334, T. B Jayah Mawatha , Colombo-10, Sri Lanka. Tel. No: (00 94 11) 269 7151 Fax No: (00 94 11) 269 9029 E mail: akbar@akbar.com Pharma@akbar.com
g.	No. of Employees	:	Approximately 100

Company details

a.	Registration No	:	N (PVS) 14117
	Date of Registration	:	20^th December 1994
b.	Registration No	:	PV 11321
	Date of Registration	:	27^th January 2009
c.	Registered Office	:	No.334, T. B. Jayah Mawatha, Colombo - 10
d.	Board of Directors As at 04^th October 2012	:	Inayetally Abarally	Managing Director
			Akbarally Abbasally	Director
			Akbarally Tyeabally Abbalally	Director
			Akbarally Ali Asghar Abasally	Director
			Akbarally Hatim Abasally	Director
			Akbarally Mansoor Abbassally	Director
			Akbarally Huzeta Inayetally	Director
			Ismail Kemel Nawshad Ahmed	Director
e.	Issued Share Capital	:	Rs. 15,000,000.00
f.	Nominal Value of Share	:	Rs. 10.00 (Total Number of Shares 1,500,000)

g.	Share Holders As at 04^th October 2012	:	Share Holders	No. of Shares
			Inayetally Akbarally	200
			Akbarally Abbasally	300
			Akbarally Tyeabally Ubbalally	100
			Akbarally Ali Asghar Abasally	100
			Akbarally Hatim Abasally	100
			Akbarally Mansoor Abbassally	100
			Akbarally Huzefa Inayetally	100
			Akbarally Alefiya	100
			Akbarally Shabbir inayetally	100
			Akbar Brothers Ltd	1,498,800
h.	Auditors	:	B D O Partner
i.	Company Secretaries	:	Wimalasuriya Dhammika Gamini
j.	Bankers	:	HSBC Indian Overseas Bank Standard Chartered Bank Hatton national bank PLC

Director Details

01)

Name	Inayetally Akbarally
ID Number	372511532 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	7^th September 1937
Age	76 Years

02)

Name	Akbarally Abbasally
ID Number	330311274 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31^st January 1933
Age	80 Years

03)

Name	Akbarally Tyeabally Abbasally
ID Number	573120060 X
Nationality	Sri Lankan
Gender	Male
Date of Birth	7^th November 1957
Age	56 Years

04)

Name	Akbarally Ali Asghar Abbasally
ID Number	591950037 X
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th July 1959
Age	54 Years

05)

Name	Akbarally Hatim Abbasally
ID Number	670900495 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30^th March 1967
Age	46 Years

06)

Name	Akbarally Mansoor Abbasally
ID Number	700510131 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20^th February 1970
Age	43 Years

07)

Name	Akbarally Huzefa Inayetally
ID Number	6832920520 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24^th November 1968
Age	45 Years

08)

Name	Ismail Kemel Naushad Ahmed
ID Number	6220503900 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	23^rd July 1962
Age	51 Years

3) FINANCIAL DETAILS - Most recent available Financial Information

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

4) CURRENT INVESTIGATION

Company Logo

· History.

The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is a Private Limited Liability Company incorporated on 20th December 1994 under registration number N (PVS) 14117 and then the company was re-registered on 27th January 2009 under registration number PV 11321 .

The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is Sucidery Company of Akbar Brothers Ltd

The AKBAR GROUP consists of the following companies.

v Akbar Brothers Exports (Pvt) Ltd.

v Akbar Pharmaceuticals (Pvt) Ltd

v Quick Tea (Pvt) Ltd

v Flexiprint (Pvt) Ltd.

v Falcon Trading (Pvt) Ltd.

v Land and Building Limited.

v A B Developments (Pvt) Ltd.

v A B Properties Limited.

v Tea House (Pvt) Ltd.

v Energy Reclamation (Pvt) Ltd

v Mosaic Art (Pvt) Ltd.

· Location.

The Subject Company is located at the client # 334, T. B. Jayah Mawatha, Colombo - 10

· Operational Details.

General

The subject company primary line of business is import and distribute of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products.

The company imports carefully selected branded generic and OTC pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutria cuticles or herbal products and markets them through its island-wide distribution network. The highest standards of quality, efficiency and customer satisfaction maintained by the company at all times have resulted in it becoming one of the country’s leading pharmaceutical suppliers. The company holds some of the finest agencies of reputed companies worldwide.

Products

Pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products

Country

USA, India, UK, Germany, Switzerland, Pakistan, Japan, Australia, France, Iran, Italy

Employees

Approximately 100

· AKBAR PHARMACEUTICALS (PVT) LIMITED is represented of following international companies

o 3M ESPE – USA

o Agio Pharmaceuticals – India

o Arvind Remedies – India

o Atlas Surgical – India

o BDH Industries Ltd.- India

o Claris Lifesciences limited – India

o Cuxson Gerrard & Co. Ltd. – UK

o Denk Pharma GmbH & Co., KG- Germany

o Glosel India Impex (pvt) Ltd. – India

o Hermes Sweeteners – Switzerland

o Hilbro International Pvt Ltd – Pakistan

o Hisamitsu Pharmaceutical Co. Inc.- Japan

o Hollister Limited - USA

o Hollister Limited – USA

o Hospira – Australia

o Intra Special Catheters – Germany

o Kosan Corporation – Japan

o Labratories Rivadis – France

o Marck Biosciences Ltd – India

o Medopharm – India

o Medi Direct – UK

o Merlyn Medical – USA

o Mohan Pharma – India

o MRK Healthcare – India

o Nestor Pharmaceuticals – India

o Nova Pharm – Germany

o Novel Drugs – India

o Pharsin Co.,- Iran

o Pidilite Industries – India

o Raptakos Brett & Co. Ltd. – India

o Sapimed S. P. A.- Italy

o Smiths Medical International – UK

o Sorbion AG – Germany

o Stericat Gutstrings – India

o Swann Morton Limited – UK

o Tecfen Corporation – USA

o Timesco of London - UK

· Financial Data

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

· Trade references

Cosmetic Devices & Drugs Regulatory Authority

· Credit Recommendations

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.103.12
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

NNA

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.