MIRA INFORM REPORT

Report No. :	344440
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	ARROW PHARMA (MALTA) LTD
Registered Office :	HF62, Hal Far Industrial Estate, BBG 3000, Birzebbugia
Country :	Malta
Financials (as on) :	31.12.2013
Date of Incorporation :	06.07.2001
Com. Reg. No.:	C-28423
Legal Form :	Limited Liability Company
Line of Business :	The company is principally engaged in the manufacturing and export of pharmaceutical, medicinal and related products
No. of Employees :	326 (2013)

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 :	Slow but correct
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)
Malta	B2	B2

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

MALTA - ECONOMIC OVERVIEW

Malta - the smallest economy in the euro zone - produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between Europe and North Africa makes it a target for irregular migration, which has strained Malta's political and economic resources. Malta's fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta has weathered the Eurozone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. In 2014, Malta led the Eurozone in growth, expanding by nearly 3.5%. Also in 2014, the government began promoting public-private partnerships in the healthcare sector to establish Malta as a Mediterranean health hub for medical tourism, reduced residential and commercial energy tariffs by 25%, and implemented a citizenship purchase program to increase government revenue and attract foreign investors. The government has implemented new programs, including free child care, to encourage increased labor participation. The high cost of borrowing and small labor market present potential constraints to future economic growth.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company legal form

Limited Liability Co. - Private Non-Exempt

DIRECTORS/MANAGEMENT

Board of directors:	ID-/Reg.no:	Position:
Cachia Patrick
190571M	DIRECTOR
SERGIO VELLA
730093	DIRECTOR
JAMES A. WILLIAMSON
488311586	DIRECTOR

NEGATIVE INFORMATION

Court information and defaulting debts in Eur
Claim owner
AUTOMATED REVENUE MANAGEMENT SERVICES LTD	CI reference	167527
Amount
18 007 .99	Date 09/09/2013 Reg.Nr.		176/2013

SHARE & SHARE CAPITAL INFORMATION

Capital

Authorized: 2,549,800.00 Issued: 1,147,410.00 Paid up: 1,147,410.00 EUR

Nominal value: 1.00 Share description: Ordinary shares

Shareholders	ID-/Reg.no:	Ownership (%):	Share class
ARROW PHARMA HOLDINGS B.V. Kabelweg 21, Amsterdam, The Netherlands
28111008	99.99%	Ordinary Shares
ACTAVIS HOLDING 2 S.A.R.L. Luxembourg, Luxembourg
B 151.214	0.01%	Ordinary Shares

PAYMENT INFORMATION

Export to:

International Trading

Selling terms:

Special Agreements

Import from:

Europe

Payment terms:

Special Agreements

GROUP STRUCTURE & AFFILIATED COMPANIES

N/A

FINANCIAL INFORMATION

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Company Representation

The legal and judicial representation is vested in any one director or, in addition in any person or persons nominated by the Board of Directors.

Company History:

Arrow Pharm (Malta) Ltd., forms part of the Arrow Group, a multinational pharmaceutical company. On December 2, 2009, the Arrow Group was acquired by Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading U.S. based specialty pharmaceutical company with over $3 billion in annual revenues.

Arrow Pharm (Malta) Ltd., is a direct wholly owned subsidiary of Arrow Pharma Holdings BV.

During January 2013, the ultimate parent Watson Pharmaceuticals, Inc, changed its registered name to Actavis, Inc. as part of the integration process in the acquisition of Actavis Group.

Latest Annual Return filed by subject company is made up to 6th July 2015.

Company Filed Changes / Notices:

 10.12.14: James Williamson and Patrick Cachia were appointed director

 10.12.14: Paul Mino Bisaro, David Adam Buchen and Anish Kirit Mehta resigned as Directors

 12.08.14: Shareholder Watson Pharma 2 S.a.r.l., changed its name to: Actavis Holding 2 S.a.r.l.

 30.06.14: Mr. Sigurdur Oli Olafsson resigned as director.

 26.03.13: The company changed its registered address to: HF62, Hal Far Industrial Estate, Birzebbugia.

 30.05.12: Sigurdur Oli Olafsson and Sergio Vella have been appointed directors

 21.12.10: Mr. Anish Kirit Mehta was appointed director.

 08.03.10: Arrow International Limited transferred 1 ordinary share to Watson Pharma 2 S.a r.l.

 05.03.10: Arrow Pharmaceuticals Holdings Limited transferred 1 ordinary share to Arrow International Limited.

 24.02.10: PricewaterhouseCoopers were appointed auditors.

 11.02.10: Mr. Paul Mino Bisaro and Mr. David Adam Bunchen were appointed directors.

 22.01.10: Mr. Anthony Allen resigned as director.

 12.01.10: Mr. Paul Harrison resigned as director.

 30.12.09: Anna Power transferred 1 ordinary share to Arow Pharmaceuticals Holdings Limited.

 05.03.09: Mr. David Duchen resigned as director.

 07.07.06: Arrow International Limited transferred all its holding to Arrow Pharma Holdings BV of The Netherlands.

 12.05.03: Quiver International Inc (USA) transferred 99.99% of the equity to Arrow International Ltd - Incorporated in Malta on 3 Oct 2001 – Principal Shareholder is Robin Hood Holdings Ltd also incorporated in Malta on 13 March 2003 and whose principal shareholder is QUIVER INC of Road Town, Tortola (BVI).

Direct Parent Company Details:

 Name: Arrow Pharma Holdings B.V.

 Address: Kabelweg 21, Amsterdam 1014BA, Netherlands

 Reg. No. 28111008

Company operation

The company is principally engaged in the manufacturing and export of pharmaceutical, medicinal and related products from its manufacturing facility in Malta, with Europe being its main export market.

Customer type:

International Customers

Employees

2013 - 326

2012 - 312

2011 - 261

2010 - 207

2009 - 181

NACE Code:

244: Manufacture of pharmaceuticals, medicinal chemicals and botanical products

Company status

Active

Company secretary	ID-/Reg.no:
Pisani Clare
495875M

Auditors	ID-/Reg.no:	Street:
PRICEWATERHOUSECOOPERS
AB/26/84/38	78, Mill Street, Qormi

Investments and company relations:

No investments and company relations

Real Estates:
Street:
HF62, Hal Far Industrial Estate	City:	Birzebbuga
Insurance value:
0	Year built:
Location:
Industrial area	Size:	8000 sq m

Tenure:

Rented

Real Estate type:

Registered Address, Offices Production Plant and warehouses

Trade banks:

Bank: HSBC Bank Malta p.l.c., 32/34, Merchants Str., Valletta

Charges

No information available

Company review: An online news articles dated 25th June 2014, entitled "Actavis invests €13 million in new warehouse facilities" states that: - Pharmaceutical company Actavis Malta today unveiled its state-of-the-art new warehouse at the Bulebel Industrial Estate – signifying an investment of €13 million. The 4,800 square meter structure has a storage capacity of 7,500 pallet positions and includes the use of solar thermal energy and hot water, lighting systems that are controlled according to occupancy and rain water harvesting systems. - The company was in the news for all the wrong reasons back in 2013 after it had to close down its Research and Development section – and lay off 68 employees – following a merger with US giant Watson. But according to company Managing Director Sergio Vella said the company is doing well and is in line with the objectives and targets it had set out. FINANCIAL STRENGTH INDICATOR : 5A (representing a company net worth over Eur50,000,000) CREDIT LIMIT guide: EUR400,000 (system limit)

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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