MIRA INFORM REPORT

 

 

Report No. :

334685

Report Date :

11.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ACTAVIS GROUP EHF.

 

 

Registered Office :

Reykjavíkurvegi 76-78, 220 Hafnarfirđi

 

 

Country :

Iceland

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

20.04.2007

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is engaged in wholesale of pharmaceutical goods

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Iceland

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ICELAND - ECONOMIC OVERVIEW

 

Iceland's Scandinavian-type social-market economy combines a capitalist structure and free-market principles with an extensive welfare system. Prior to the 2008 crisis, Iceland had achieved high growth, low unemployment, and a remarkably even distribution of income. The economy depends heavily on the fishing industry, which provides 40% of export earnings, more than 12% of GDP, and employs nearly 5% of the work force. It remains sensitive to declining fish stocks as well as to fluctuations in world prices for its main exports: fish and fish products, aluminum, and ferrosilicon. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of software production, biotechnology, and tourism. In fall 2013, the Icelandic government approved a joint application by Icelandic, Chinese and Norwegian energy firms to conduct oil exploration off Iceland’s northeast coast. Abundant geothermal and hydropower sources have attracted substantial foreign investment in the aluminum sector, boosted economic growth, and sparked some interest from high-tech firms looking to establish data centers using cheap green energy, although the financial crisis has put several investment projects on hold. Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand, following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign currencies, following the privatization of the banking sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country secured over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to back government guarantees for foreign deposits in Icelandic banks. GDP fell 6.8% in 2009, and unemployment peaked at 9.4% in February 2009. Since the collapse of Iceland's financial sector, government economic priorities have included: stabilizing the krona, implementing capital controls, reducing Iceland's high budget deficit, containing inflation, addressing high household debt, restructuring the financial sector, and diversifying the economy. Three new banks were established to take over the domestic assets of the collapsed banks. Two of them have foreign majority ownership, while the State holds a majority of the shares of the third. Iceland began making payments to the UK, the Netherlands, and other claimants in late 2011 following Iceland's Supreme Court ruling that upheld 2008 emergency legislation that gives priority to depositors for compensation from failed Icelandic banks. British and Dutch authorities claim Iceland owes approximately $6.5 billion for compensating British and Dutch citizens who lost deposits in Icesave savings accounts when parent bank Landsbanki failed in 2008. Iceland’s financial woes prompted an initial increase in public support to join the EU and the Eurozone, with accession negotiations beginning in July 2010. However, the election of a new center-right government and declining public support amidst the ongoing Eurozone crisis led to the suspension of negotiations in mid-2013.

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Credit Report

 

 

 

ACTAVIS GROUP EHF.

 

 

ID-number

650407-0590

Legal form

Private limited company

Address

Reykjavíkurvegi 76-78

Postal Code

220 Hafnarfirđi

Operation

Wholesale of pharmaceutical goods (46460)

 

Date 31.07.2015 kl. 14:50

 

 

Updated

20.04.2015

Domicile

Reykjavíkurvegi 76-78

Established

20.04.2007

Postal code and place

220 Hafnarfirđi

Former name

Novator eignarhaldsfélag ehf

Phone number

550 3300

Alias

 

Mobile phone

-

VAT no.

114730

Fax

550 3301

Activity (NACE 2)

46460

Web page

www.actavis.is

Stock exchange listed

No

e-mail address

actavis@actavis.is

P.O. Box

 

 

 

 

Positive factors:

 

1

Registered Capital of Related Companies

2

Avg. CIP-Score of Related Companies

3

LT score 12 months ago

 

Negative factors:

 

1

Current maturities of long term debts

2

Cash ratio

3

Profit/loss before income tax

 

DIRECTORS/MANAGEMENT

 

Company's Board of Directors

according to meeting on: 01.07.2014

Name

ID number

Address

Status

Company involvement

Valur Ragnarsson

130164-4049

Ásvallagötu 18, 101 Reykjavík

Chairman of the board

(5)

Hafrún Friđriksdóttir

281261-4879

Bandaríkin

Board member

(5)

Signatures: Allir stjórnarmenn saman

 

 

 

 

Management

 

General manager not registered

 

Key employees

 

 

 

Name

ID-number

Address

Position

Brent Saunders

 

 

Chief Executive Officer, CEO

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share capital:

EUR 3.000.011.417

Restrictions on handling of shares:

Yes

Liability for redemption of shares:

No

 

Founders

 

 

 

Name

ID number

Address

Company involvement

Logos slf.

460100-2320

Efstaleiti 5, 103 Reykjavík

(205)

 

Shareholders

 

 

 

Name

Address

Share

Date of purchase

Actavis Pharma Holding 5 ehf

Reykjavíkurvegi 76-78 220 Hafnarfirđi

100,00%

 

 

 

PAYMENT INFORMATION

 

N/a

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Subsidiaries and affiliates

 

 

 

 

Name

ID-number

Address

Share %

Datepurchaseof

Actavis Dutch Holding BV

 

 

100,00%

0.0.0

Actavis Group PTC ehf.

640706-0310

Reykjavíkurvegi 76-78 220

100,00%

0.0.0

 

 

FINANCIAL INFORMATION

 

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Defaulting Debtors Database

No entries found

 

Auction claims

No entries found

 

 

Data from Reg. of enterprises

 

 

Stofndagsetning

20.04.2007

Skráningardagsetning

25.04.2007

Data Updated:

31.07.2015

Secondary name

 

Date of Articles of Association

10.03.2015

Domicile:

Reykjavíkurvegi 76-78, 220 Hafnarfirđi

 

Power of procuration

 

 

 

Name

ID number

Address

Company involvement

Guđjón Gústafsson

260278-3129

Frostaţingi 6, 203 Kópavogi

(12)

Hafrún Friđriksdóttir

281261-4879

Bandaríkin

(5)

Heimir Ţorsteinsson

200670-3889

Brekkuási 5, 210 Garđabć

(6)

 

Auditors / surveyors

 

 

 

 

Name

ID number

Address

Status

Company involvement

PricewaterhouseCoopers ehf.

690681-0139

Skógarhlíđ 12, 105 Reykjavík

 

 

 

Operation

 

 

 

 

 

 

 

 

 

2008

2009

2010

2011

2012

2013

2014

2015

Number of employees

1

1

1

1

1

1

1

0

 

Further information on the company‘s activities

Holding company.

 

Commercial banks

Engar fćrslur fundust

 

Real estate

Engar fćrslur fundust

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.98.76

Euro

1

Rs.69.88

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.