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Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
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Name : |
MYLAN PHARMACEUTICALS, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.01.1961 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engaged in researching, developing, manufacturing, marketing,
and distributing generic pharmaceutical products. |
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No. of Employees : |
20,000 (For the group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
|
Source
: CIA |
Company name: MYLAN PHARMACEUTICALS, INC.
Address:
Mailing address:
Telephone: +1
304-599-2595
Fax: +1 304-598-5406
Website: www.mylanpharms.com
Corporate ID#:
State:
Judicial form: Corporation – Profit
Date incorporated: 01-01-1961
Stock: 10,000 shares
common
Value: USD
5= par value
Name of manager: Harry
KORMAN
Business:
Mylan Pharmaceuticals Inc. engages in researching, developing,
manufacturing, marketing, and distributing generic pharmaceutical products.
Its products include amlodipine besylate and atorvastatin calcium
tablets for use in the treatment of hypertension; levetiracetam
extended-release tablets for the treatment of partial onset seizures in patients
of over 16 years of age with epilepsy; eprosartan mesylate tablets for treating
hypertension; doxycycline hyclate delayed-release tablets; and fluvastatin
capsules for the treatment of familial and nonfamilial hypercholesterolemia,
mixed dyslipidemia, and secondary prevention of cardiovascular diseases.
The company also provides olanzapine tablets for the treatment of
schizophrenia, acute treatment of manic or mixed episodes associated with
bipolar 1 disorder, and maintenance treatment of bipolar 1 disorder; tablets
for allergy medication; nevirapine tablets for combination antiretroviral
treatment of HIV-1 infection; acyclovir ointment USP, 5% for the management of
initial genital herpes; and phenytoin chewable tablets for the control of generalized
tonic-clonic and partial seizures, and prevention and treatment of seizures
occurring during or following neurosurgery.
In addition, it offers clopidogrel tablets for acute coronary syndrome;
and for patients with a recent history of myocardial infarction, stroke, or
established peripheral arterial disease. Further, the company provides
norethindrone tablets to prevent pregnancy. Its products are also used for the
treatment of various diseases ranging from angina to arthritis, depression to
diabetes, pain to Parkinson's disease, and schizophrenia to sleep disorders.
Mylan Pharmaceuticals Inc. was formerly known as Milan Pharmaceuticals.
The company was founded in 1961 and is based in
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom
Suppliers include:
MATRIX LABORATORIES IV FLOOR
EIN: 55-0455423
Staff: 20,000 (for the group)
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office, owned.
Shareholders:
MYLAN INC.
1500 Corporate Drive,
Ph: +1 724-514-1800
Fx: +1 724-514-1870
Mylan Inc. engages in the development, manufacture, marketing,
licensing, and distribution of generic and branded generic pharmaceuticals,
specialty pharmaceuticals, and active pharmaceutical ingredients (APIs)
worldwide.
It operates in two segments, Generics and Specialty. The Generics
segment primarily develops, manufactures, sells, and distributes generic or
branded generic pharmaceutical products in tablet, capsule, and injectable or
transdermal patch forms, as well as API. It also focuses on developing APIs
with non-infringing processes to partner with manufacturers. This segment
serves proprietary and ethical pharmaceutical wholesalers and distributors,
group purchasing organizations, drug store chains, independent pharmacies, drug
manufacturers, institutions, and public and governmental agencies.
The Specialty segment manufactures and sells branded specialty
injectable, nebulized, and transdermal products for life-threatening
conditions.
Its products include EpiPen Auto-Injector to treat severe allergic
reactions; and Perforomist Inhalation Solution, a formoterol fumarate
inhalation solution for the maintenance treatment of bronchoconstriction in
chronic obstructive pulmonary disorder patients. This segment serves
pharmaceutical wholesalers and distributors, pharmacies, and healthcare
institutions. The company also manufactures and sells injectable products in
various therapeutic areas for the hospital setting; supplies APIs for the
manufacture of antiretroviral (ARV) drugs to treat HIV/AIDS; offers finished
dosage form (FDF) products in the ARV market; and manufactures non-ARV FDF
products, as well as focuses on developing, manufacturing, and commercializing
dry powder inhaler delivery platform. Mylan Inc. has a strategic collaboration
with Pfizer Japan Inc.
The company was formerly known as Mylan Laboratories Inc. and changed
its name to Mylan Inc. in October 2007. Mylan Inc. was founded in 1961 and is
based in
The Company is listed with the Nasdaq under symbol MYL.
Management:
Joe DUDA, President
(no antecedents available)
Harry A. KORMAN is the Director and CEO
He has been the Chief Operating Officer and Executive Vice President of
Mylan, Inc. since January 1, 2012. Previously, Mr. Korman served as the
President of North America Operations at Mylan, Inc. from October 10, 2007 to
January 1, 2012. He served as Senior Vice President of Mylan Laboratories Inc.
until January 1, 2012 and previously served as its Vice President since January
2001. Mr. Korman served as President of Mylan Pharmaceuticals, a
subsidiary of Mylan Laboratories Inc.
since May 2005 until October 2007. He served as President of UDL Laboratories,
Inc., subsidiary of Mylan Laboratories Inc. since January 2001. Mr. Korman has
been employed by Mylan since 1996. He served as Vice President of Sales and
Marketing of Mylan Pharmaceuticals Inc., from 1997 to December 2000 and Vice
President of Sales of UDL Laboratories, Inc., from 1988 to 1997. He served as
Vice Chairman of Generic Pharmaceutical Association.
Alan R. WEINER, Vice President
John MIRAGLIA, Treasurer
Subsidiaries and
partnership:
MYLAN DELAWARE, INC.
MYLAN INTERNATIONAL HOLDINGS INC.
In
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent company which reported the following:
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
TOTAL REVENUES |
5,450.5 |
6,129.8 |
6,796.1 |
6,909.1 |
|
|
OPERATING INCOME |
928.7 |
1,127.1 |
1,338.8 |
1,350.4 |
|
|
NET INCOME |
345.1 |
536.8 |
640.9 |
623.7 |
|
Banks: Wells Fargo Bank
Bank of
Legal filings
& complaints:
As of today date, there are several legal filing pending with various
Courts, involving the Company as plaintiff or defendant.
Secured debts
summary (UCC):
File number: 201138499704
Date filed: 11-14-2011
Secured Party: Bank of
File number: 201238531630
Date filed: 02-22-2012
Secured Party: The Bank of Tokyo Mitsubishi Ufj Ltd
Trade references:
Date reported: November 2014
High credit: USD 50,000+
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Office supply
Paying status: 3 days beyond terms
Date reported: November 2014
High credit: USD 2,500,000+
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Payroll
Paying status: As agreed
Date reported: November 2014
High credit: April 2014
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Telecommunications
Paying status: 2 days beyond terms
Domestic credit history:
National Credit Bureaus
gave a correct credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 1 to 5 days beyond terms.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company is developing a
strong 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
06-06-2014.
The risk is low.
Our opinion:
A business connection may
be conducted.
Standard & Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings from
CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
The transfer and
convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The political
brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the government's
ability to manage public finances and diverts attention from the debate over
how to achieve more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid). A new political consensus
might (or might not) emerge after the 2012 elections, but we believe that by
then, the government debt burden will likely be higher, the needed medium-term
fiscal adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides that
if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada,
France, Germany, and the U.K.--we also observe, based on our base case
scenarios for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.