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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
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Name : |
APOTEX INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
24.05.1974 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Engages in the research and development, manufacture, and distribution
of generic pharmaceuticals in Canada and internationally. It offers products in
various dosage forms, such as liquids, ophthalmics, nasal sprays, and
injectables. |
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No. of Employees : |
2,800 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
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Source
: CIA |
APOTEX INC.
Address:
Telephone: +1
416-749-9300
Fax: +1 416-401-3849
Website:
Corporate ID#: 001612278
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: April 1
2004
Date founded: May
24, 1974
Stock: -
Value: -
Name of manager: Jeremy
B. DESAI
Business:
Apotex Inc., a pharmaceutical company, engages in the research and
development, manufacture, and distribution of generic pharmaceuticals in Canada
and internationally. It offers products in various dosage forms, such as
liquids, ophthalmics, nasal sprays, and injectables.
The company serves customers through pharmacies and healthcare
facilities.
It also exports its generic pharmaceuticals internationally.
The company was founded in 1974 and is based in Toronto, Canada with
additional offices in Saudi Arabia.
It also has facilities in Montreal, Richmond Hill, Etobicoke,
Mississauga, Brantford, Windsor, Winnipeg, London, Calgary, and Vancouver,
Canada; and subsidiary locations, joint ventures, or licensing agreements
primarily in Australia, Belgium, Czech Republic, Italy, Mexico, the
Netherlands, New Zealand, Poland, and Turkey.
Apotex markets its drugs throughout Canada and the US, as well as in
about 115 other countries in the Asia/Pacific region, Africa, Europe, Latin
America, and the Middle East.
Apotex Inc. operates as a subsidiary of Apotex Pharmaceutical Holdings
Inc.
Suppliers include:
SARACA LABORATORIES LTD.
Plot No.320, Swamy Housing Society Ltd, Madhapur Hyderabad 500 081 India
DIVIS LABORATORIES LIMITED
Divi Towers, Dharam Karan Road, Ameerpet Hyderabad 500 016 India
Staff: 2,800 (in Canada)
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office.
The Company maintains a
branch located:
50 Steinway Blvd
Etobicoke, Ontario M9W 6Y3
Canada
Ph: +1 416-675-0338
Shareholders:
APOTEX PHARMACEUTICAL
HOLDINGS INC.
150 Signet Drive
Toronto, Ontario M9L 1T9 - Canada
Federal Corporation
Incorporated on 03-18-1996
ID# 3239748
Management:
Dr. Jeremy B. DESAI is the President and CEO since August 2014.
He replaced Jack KAY.
He served as the Chief Operating Officer of Apotex Inc. since January
2011 and served as its Executive Vice President of Research & Development
and Global Head of R&D since April 2006. He has 30 years of experience
working for both branded and generic pharmaceutical companies. Dr. Desai served
as Senior Vice President of Research and Development at Apotex since joining it
in January 2003 and Vice President of Research & Development for IVAX
Pharmaceuticals U.K. since June 2001.
His background provides an in-depth understanding of pharmaceutical
products as well as knowledge of international markets. He has been a
Non-Independent Director of Cangene Corp. since December 6, 2006.
Dr. Desai holds a Degree in Pharmacy in 1981, a Ph.D. in Pharmacy in
1985 and an M.B.A. in 1993 from the Open University Business School.
Bernard Charles SHERMAN is the Founder, Chairman and Director
Dr. Bernard Charles Sherman founded Apotex Holdings Inc. in 1974 and
serves as its President. Dr. Sherman founded Apotex Inc. in 1974 and serves as
its Chairman and served as its Chief Executive Officer. He serves as the
Chairman of Shermco Inc. He served as Chairman of Cangene Corp., until December
2006. He served as a Director of Citadel Gold Mines Inc. from February 4, 1988
to January 31, 2007. He serves on the Board of Governors for Mount Sinai
Hospital and the Baycrest Centre for Geriatric Care in Toronto. He is also a
member of the board of directors of Barr (FN1). He served as Director of
Cangene Corp., from November 1, 1995 to December 2006.
Dr. Sherman graduated with a Ph.D. from Massachusetts Institute of
Technology in 1967.
As far as we know, they are involved in other corporations, including:
APOTEX HOLDINGS, INC.
150 Signet Drive, Toronto, Ontario M9L 1T9 – Canada
Federal Corporation
Incorporated on 01-07-2000
ID# 3782565
APOTEX PHARMACEUTICAL
HOLDINGS INC.
150 Signet Drive, Toronto,
Ontario M9L 1T9 - Canada
Federal Corporation
Incorporated on 03-18-1996
ID# 3239748
and others.
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report but deferred any financials.
Outside sources (bank) gave
estimate sales for year 2013 in the range of
CAD 400,000,000=
The business is profitable.
Banks: Royal Bank of Canada
Bank of Canada
Legal filings & complaints:
As of today date, there are several legal filing pending with various Courts,
involving the Company as plaintiff or defendant.
July 23, 2014
Mylan Inc. announced that the U.S. District Court for the District of
New Jersey granted its motion for a temporary restraining order against Apotex
Inc. and Apotex Corporation in litigation relating to Paroxetine CR, the
authorized generic of GlaxoSmithKline's Paxil(R) CR. The District Court ordered
Apotex to immediately discontinue all sales and supply of Paroxetine CR. Mylan
previously obtained an order enjoining GlaxoSmithKline from supplying
Paroxetine CR to Apotex. In addition, the District Court ordered Apotex to
immediately recall all product from its direct customers that was shipped since
the injunction was entered on July 16, 2014.
Mylan has an exclusive license to an Orange Book patent pertaining to
Paxil CR which expires in July 2016, with pediatric exclusivity extending until
January 19, 2017.
March 12, 2014
Pfizer Inc. confirmed that the United States District Court for the
Eastern District of Virginia granted summary judgment invalidating the reissue
patent (U.S. Patent No. RE44,048), covering methods of treating osteoarthritis
and other approved conditions with celecoxib, the active ingredient in
Celebrex(R). Pfizer disagrees with the ruling and will pursue all available
remedies, including an immediate appeal of the court's decision.
A trial was scheduled to begin on March 19, 2014, for infringement of
the reissue patent in the action brought by Pfizer against the generic
companies Teva Pharmaceuticals USA, Inc., Mylan Pharmaceuticals Inc., Watson
Laboratories, Inc., Lupin Pharmaceuticals, USA, Inc., Apotex Corp., and Apotex,
Inc. Each of these generic companies previously filed an abbreviated new drug
application with the United States Food and Drug Administration seeking
approval to market a generic form of celecoxib in the United States beginning
on May 30, 2014, when Pfizer's basic Celebrex(R) compound patent (including the
six-month pediatric exclusivity period) expires.
This is eighteen months prior to the December 2, 2015 expiration
(including the six-month pediatric exclusivity period) of the reissue patent.
Secured debts summary: Several
Haut du formulaire
Trade references:
Date reported: August 2014
High credit: CAD 50,000+
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: July 2014
Paying status: 2 days beyond terms
Date reported: August 2014
High credit: CAD 5,000,000+
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Payroll
Paying status: As agreed
Date reported: August 2014
High credit: CAD 1,200
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Telecommunications
Paying status: On beyond terms
Domestic credit history:
Domestic credit history
appears as follow:
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Monthly Payment Trends - Recent
Activity |
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National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, 98% of trade
experience indicates a regular payment.
International credit history:
Payments of imports are currently made with an average of 2 to 5 days
beyond terms.
Other comments:
The Company maintains a
strong business.
The bank confirmed a
regular account.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.26 |
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1 |
Rs.97.51 |
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Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.