MIRA INFORM REPORT

Report No. :	345360
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	AKBAR PHARMACEUTICALS (PVT) LIMITED

Registered Office :	No.334, T. B. Jayah Mawatha, Colombo - 10

Country :	Sri Lanka

Date of Incorporation :	20.12.1994

Com. Reg. No.:	PV 11321

Legal Form :	Private Limited Liability Company

Line of Business :	Import of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network

No. of Employees :	Approximately 100

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

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)

Sri Lanka

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

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka continues to experience strong economic growth following the end of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit, but low tax revenues remain a concern. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets.

Source : CIA

GENERAL - Basic information at a glance

a.	Name of Subject of Inquiry	:	AKBAR PHARMACEUTICALS (PVT) LIMITED
b.	Legal Form & Status	:	Private Limited Liability Company (In Operation)
c.	Managing Director	:	Inayetally Abarally
d.	Primary Line of Business	:	Import of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network
e.	Head Office	:	# 334, T. B Jayah Mawatha , Colombo-10, Sri Lanka. Tel. No: (00 94 11) 269 7151 Fax No: (00 94 11) 269 9029 E mail: akbar@akbar.com Pharma@akbar.com
g.	No. of Employees	:	Approximately 100

COMPANY DETAILS - Registration and Shareholder Details

Registration No

N (PVS) 14117

Date of Registration

20th December 1994

Registration No

PV 11321

Date of Registration

27th January 2009

Registered Office

No.334, T. B. Jayah Mawatha, Colombo - 10

Board of Directors

As at

02^nd October 2014

Inayetally Akbarally	Managing Director
Akbarally Abbasally	Director
Akbarally Tyeabally Abbalally	Director
Akbarally Ali Asghar Abasally	Director
Akbarally Hatim Abasally	Director
Akbarally Mansoor Abbassally	Director
Akbarally Huzefa Inayetally	Director

Issued Share Capital

Rs. 15,000,000.00

Total Number of Shares

1,500,000

Nominal Value of Share

Not disclosed/stat6ed vide Company Act #7 of 2007

Share Holders

As at

02nd October 2014

Share Holders	No. of Shares
Share Holders	No. of Shares
Inayetally Akbarally	300
Akbarally Abbasally	200
Akbarally Tyeabally Ubbalally	100
Akbarally Ali Asghar Abasally	100
Akbarally Hatim Abasally	100
Akbarally Mansoor Abbassally	100
Akbarally Huzefa Inayetally	100
Akbarally Alefiya	100
Akbarally Shabbir inayetally	100
Akbar Brothers Ltd	1,498,800

Auditors

B D O Partner, #126-2/1, Y.M.B.A. building, Colombo 01

Company Secretaries

Wimalasuriya Dhammika Gamini, #130, Poorwarama Road, Colombo 5

Bankers

HSBC

Indian Overseas Bank

Standard Chartered Bank

Hatton national bank PLC

Commercial Bank of Ceylon

Directors’ Details

01)

Name	Inayetally Akbarally
ID Number	372511532 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	7^th September 1937
Age	77 Years

02)

Name	Akbarally Abbasally
ID Number	330311274 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	31^st January 1933
Age	82 Years

03)

Name	Akbarally Tyeabally Abbasally
ID Number	573120060 X
Nationality	Sri Lankan
Gender	Male
Date of Birth	7^th November 1957
Age	57 Years

04)

Name	Akbarally Ali Asghar Abbasally
ID Number	591950037 X
Nationality	Sri Lankan
Gender	Male
Date of Birth	13^th July 1959
Age	55 Years

05)

Name	Akbarally Hatim Abbasally
ID Number	670900495 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	30th March 1967
Age	48 Years

06)

Name	Akbarally Mansoor Abbasally
ID Number	700510131 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	20th February 1970
Age	45 Years

07)

Name	Akbarally Huzefa Inayetally
ID Number	6832920520 V
Nationality	Sri Lankan
Gender	Male
Date of Birth	24th November 1968
Age	46 Years

08)

Name	Akbarally Alefiya
ID Number	N/A
Nationality	Sri Lankan
Gender	Male
Date of Birth	N/A
Age	N/A

09)

Name	Akbarally Shabbir Inyetally
ID Number	N/A
Nationality	Sri Lankan
Gender	Male
Date of Birth	N/A

FINANCIAL DETAILS

Most recent available Financial Information

The company has declined to provide information on its finances without the identity of the end user.

Note: Based on the corporate laws of Sri Lanka, legal entities which are Private Company with Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

CURRENT INVESTIGATION

Company Logo

New Picture

History

The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is a Private Limited Liability Company incorporated on 20th December 1994 under registration number N (PVS) 14117 and then the company was re-registered on 27th January 2009 under registration number PV 11321 .

The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is a subsidiary Company of Akbar Brothers Ltd

The AKBAR GROUP consists of the following companies.

· Akbar Brothers Exports (Pvt) Ltd.

· Akbar Pharmaceuticals (Pvt) Ltd

· Quick Tea (Pvt) Ltd

· Flexiprint (Pvt) Ltd.

· Falcon Trading (Pvt) Ltd.

· Land and Building Limited.

· A B Developments (Pvt) Ltd.

TOTAL CREDIT MANAGEMENT SERVICES LANKA (Pvt) LTD., Colombo, SRI LANKA.

· A B Properties Limited.

· Tea House (Pvt) Ltd.

· Energy Reclamation (Pvt) Ltd

· Mosaic Art (Pvt) Ltd

· Location

The Subject Company is located at the client # 334, T. B. Jayah Mawatha, Colombo - 10

Operational Details

General

The subject company primary line of business is import and distribute of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products.

The company imports carefully selected branded generic and OTC pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutria cuticles or herbal products and markets them through its island-wide distribution network. The highest standards of quality, efficiency and customer satisfaction maintained by the company at all times have resulted in it becoming one of the country’s leading pharmaceutical suppliers. The company holds some of the finest agencies of reputed companies worldwide.

Products

Pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products

Country

USA, India, UK, Germany, Switzerland, Pakistan, Japan, Australia, France, Iran, Italy

Employees

Approximately 100

· AKBAR PHARMACEUTICALS (PVT) LIMITED is represented of following international companies

o 3M ESPE – USA

o Agio Pharmaceuticals – India

o Arvind Remedies – India

o Atlas Surgical – India

o BDH Industries Ltd.- India

o Claris Lifesciences limited – India

o Cuxson Gerrard & Co. Ltd. – UK

o Denk Pharma GmbH & Co., KG- Germany

o Glosel India Impex (pvt) Ltd. – India

o Hermes Sweeteners – Switzerland

o Hilbro International Pvt Ltd – Pakistan

o Hisamitsu Pharmaceutical Co. Inc.- Japan

o Hollister Limited - USA

o Hollister Limited – USA

o Hospira – Australia

o Intra Special Catheters – Germany

o Kosan Corporation – Japan

o Labratories Rivadis – France

o Marck Biosciences Ltd – India

o Medopharm – India

o Medi Direct – UK

o Merlyn Medical – USA

o Mohan Pharma – India

o MRK Healthcare – India

o Nestor Pharmaceuticals – India

o Nova Pharm – Germany

o Novel Drugs – India

o Pharsin Co.,- Iran

o Pidilite Industries – India

o Raptakos Brett & Co. Ltd. – India

o Sapimed S. P. A.- Italy

o Smiths Medical International – UK

o Sorbion AG – Germany

o Stericat Gutstrings – India

o Swann Morton Limited – UK

o Tecfen Corporation – USA

o Timesco of London - UK

· Trade references

Cosmetic Devices & Drugs Regulatory Authority, Ministry of Health

· Credit Recommendations

Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

INFORMATION PARTED BY

Name :	Mr. Laxman
Designation :	Accounts Executive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Information Gathered by :	JML

Analysis Done by :	SUB

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.