MIRA INFORM REPORT

Report No. :	303863
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	TEVA INDIA PRIVATE LIMITED (w.e.f.22.01.2009)
Formerly known as :	IVAX INDIA PRIVATE LIMITED
Registered Office :	M-34, Saket, New Delhi – 110017
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.12.2000
Com. Reg. No.:	55-268473
Capital Investment / Paid-up Capital :	Rs. 184.286 Millions
CIN No.: [Company Identification No.]	U73100DL2000PTC268473
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of conducting research and development of pharmaceutical molecules and finished dosage forms.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 31-03-2014.

LOCATIONS

Registered Office :	M-34, Saket, New Delhi – 110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	arun.shembekar@teva.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kapil Dev Sapra

Designation :

Director

Address :

M-34, Saket, New Delhi – 110017, India

Date of Birth/Age :

05.08.1972

Date of Appointment :

29.09.2006

DIN No.:

00130600

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current desnation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
2	U73100DL2000PTC268473	Teva India Private Limited	Director	22/09/2009	17/02/2006	-	Active	NO
3	U74899DL2002PLC138679	TEVA API INDIA LIMITED.	Director	29/09/2006	10/08/2006	-	Active	NO
4	U45400DL2007PTC171573	UDI Realty India Private Limited	Director	18/12/2007	18/12/2007	-	Active	NO
5	U74140DL2011PTC219099	LONELY PLANET INDIA PRIVATE LIMITED	Director	12/05/2011	12/05/2011	28/09/2011	Active	NO
6	U33111DL2000FTC268478	TEVAPHARM INDIA PRIVATE LIMITED	Director	27/06/2012	03/08/2011	-	Active	NO

Name :

Mr. Shaul Mukhtar

Designation :

Director

Address :

20 Ela St., Reut, PO Box 80, Israel, Reut, 80, Israel

Date of Birth/Age :

07.08.1955

Date of Appointment :

29.12.2009

DIN No.:

02920199

Name :

Eyal Arieli

Designation :

Director

Address :

P.O. Box 101, Kfar Harif, 79830, Israel

Date of Birth/Age :

03.08.1961

Date of Appointment :

14.12.2011

DIN No.:

03360084

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33111DL2000FTC268478	TEVAPHARM INDIA PRIVATE LIMITED	Director	04/10/2011	14/12/2010	-	Active	NO
2	U73100DL2000PTC268473	Teva India Private Limited	Director	28/09/2012	14/12/2011	-	Active	NO

Name :

Ramchandra Ganapati Naik

Designation :

Director

Address :

Row House 9, Eternity, Kanakia Spaces, Teen Hath Naka, Thane – 400602, India

Date of Birth/Age :

12.05.1954

Date of Appointment :

16.09.2013

DIN No.:

00297009

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140MH2006PTC163088	MANACA'CONSULTANTS PRIVATE LIMITED	Director	02/04/2012	14/07/2006	-	Active	NO
2	U74899DL2002PLC138679	TEVA API INDIA LIMITED.	Managing director	28/02/2013	28/02/2013	-	Active	NO
3	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	12/09/2013	30/04/2013	-	Active	NO
4	U33111DL2000FTC268478	TEVAPHARM INDIA PRIVATE LIMITED	Director	28/06/2013	30/04/2013	-	Active	NO
5	U73100DL2000PTC268473	Teva India Private Limited	Director	16/09/2013	30/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kahinath Shembekar
Designation :	Company Secretary
Address :	B-203, Payal, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	23.03.1954
Date of Appointment :	01.01.2014
Name :	Fabian Jude Dsouza
Designation :	Manager
Address :	D 403, Sonal Link Residency, Link Road, Mith Chowkie, Junction, Malad (West), Maharashtra, India
Date of Birth/Age :	06.04.1966
Date of Appointment :	01.01.2014

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Ivax International GMBH, Switzerland	6144513
Ivax International BV, Netherlands	10
Teva Pharmaceutical Investments Pte Limited, Singapore	6417041
Total	12561564

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of conducting research and development of pharmaceutical molecules and finished dosage forms.
Products :	Allopethic Medicines Tablets Capsules Syrups
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Not Available

Auditors :
Name :	SRBC and Company Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAEFP5579P
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	Teva Pharmaceutical Industries Limited, Israel
Holding Company :	Teva Pharmaceutical Investments Singapore Pte Limited, Singapore
Fellow Subsidiaries :	Teva Kowa Holdings B.V. Tevapharma Japan Inc. Teva Pharmaceuticals Works Limited, Hungary Pliva Hrvatska D.O.O., Croatia Pliva Croatia Limited Teva API India Limited Tevapharma India Private Limited
Associates :	IVAX International GmbH, Switzerland

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,561,564	Equity Shares	Rs. 10/- each	Rs. 125.616 Millions
5,867,000	Preference Shares	Rs. 10/- each	Rs. 58.670 Millions
	Total		Rs. 184.286 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,561,564	Equity Shares	Rs. 10/- each	Rs. 125.616 Millions
5,867, 000	Preference Shares	Rs. 10/- each	Rs. 58.670 Millions
	Total		Rs. 184.286 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	184.286	125.616	125.616
(b) Reserves & Surplus	156.229	128.975	105.088
(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)	340.515	254.591	230.704
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	51.157
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.231	1.255	0.884
Total Non-current Liabilities (3)	4.231	1.255	52.041
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.131	3.757	2.541
(c) Other current liabilities	4.995	60.098	5.952
(d) Short-term provisions	2.029	8.560	9.615
Total Current Liabilities (4)	14.155	72.415	18.108
TOTAL	358.901	328.261	300.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.022	64.201	70.911
(ii) Intangible Assets	0.065	0.121	0.281
(iii) Capital work-in-progress	8.507	1.855	0.090
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	11.409	11.831	10.076
(d) Long-term Loan and Advances	34.702	20.254	7.748
(e) Other Non-current assets	1.057	0.000	0.000
Total Non-Current Assets	122.762	98.262	89.106
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	10.600	24.554	40.360
(d) Cash and cash equivalents	217.743	198.329	163.904
(e) Short-term loans and advances	1.291	1.351	0.695
(f) Other current assets	6.505	5.765	6.788
Total Current Assets	236.139	229.999	211.747
TOTAL	358.901	328.261	300.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	186.930	180.161	139.145
Less	EXPENSES
		TOTAL	145.382	142.461	111.992
	PROFIT/ (LOSS) BEFORE TAX		41.548	37.700	27.153
Less	TAX		14.295	13.813	10.097
	PROFIT/ (LOSS) AFTER TAX		27.253	23.887	17.056
	Earnings / (Loss) Per Share (Rs.)		1.48	1.30	0.93

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.26	11.98	9.34
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.12
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.22
Current Ratio (Current Asset/Current Liability)		16.68	3.18	11.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	125.616	125.616	184.286
Reserves & Surplus	105.088	128.975	156.229
Net worth	230.704	254.591	340.515
long-term borrowings	51.157	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	51.157	0.000	0.000
Debt/Equity ratio	0.222	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	139.145	180.161	186.930
		29.477	3.757

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	139.145	180.161	186.930
Profit	17.056	23.887	27.253
	12.26%	13.26%	14.58%

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	No
24]	Banking facility details	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

Teva Global Generic R and D has assigned the exclusive task to the company of carrying out development for an important market like Japan. Since last four years, the company is working in this area and has made remarkable progress. During April 2013 till date three products have been developed for Japanese market. Japanese Regulatory Authorities have approved four products developed by us.

The product development portfolio has expanded and the development is progressing satisfactorily as per time lines.

FUTURE OUTLOOK

The company is in the process of establishing the facility to develop High Potent formulations. The construction is about to commence and the facility will be in place during the current financial year. With establishment of High Potent formulations testing facility, the company will be able to develop and analyze Class four onwards molecules in the dedicated laboratory.

To rationalize the company operations, the company has decided to merge with Tevapharm India Private Limited. The merger process has already been initiated at Delhi high court, since the registered office of the company is shifted to Delhi. With the merger of the company with Tevapharm India Private Limited the company will be the part of composite manufacturing and trading company with multi state operations in India.

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS

• Buildings
• Plant and Machinery
• Computers
• Office Equipments
• Furniture and Fixture
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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 records 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] Records 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. 61.89
UK Pound	1	Rs. 93.92
Euro	1	Rs. 72.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		45

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.