|
Report No. : |
340566 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACTAVIS LIMITED |
|
|
|
|
Registered Office : |
Blb016, Bulebel Industrial Estate, Postal Code: 165620 |
|
|
|
|
Country : |
Malta |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
07.06.1974 |
|
|
|
|
Com. Reg. No.: |
C2867 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacture, research and development of pharmaceutical and medicinal products. |
|
|
|
|
No. of Employee : |
557 (2013) |
RATING & COMMENTS
|
MIRAs 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 : |
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) |
|
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, and was hurt by the global economic downturn, but fared better than most other EU member states. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta's financial services industry has grown in recent years and it has avoided contagion from the European financial crisis, largely because its debt is mostly held domestically and its banks have low exposure to the sovereign debt of peripheral European countries. The EU reopened an excessive deficit procedure against Malta in June 2013, having found that its forecasted deficit for the year was likely to exceed 3% of GDP.
|
Source
: CIA |
Basic Information
|
|
|
Registered
Name |
ACTAVIS LIMITED |
|
Trade
Name |
ACTAVIS
LIMITED |
|
Registered
Address |
BLB016,
BULEBEL INDUSTRIAL ESTATE, Postal Code: 165620, Malta |
|
Telephone |
0035621693533 |
|
Fax |
0035621693604 |
|
E-mail |
|
|
Status |
Registered
and operational |
|
Legal
Type |
Private
Limited Liability Company |
|
Registration
No |
C2867 Registration Date
07/06/1974 |
|
Start
Date |
07/06/1974 Years of Operation
41 |
|
Last
annual report |
07/06/2014 |
|
Last
return |
07/06/2014 |
|
CINFO
ID |
24382130 |
Summary
|
|
|
Employees |
Dec
2013 |
|
Total Number |
557 |
|
Auditors PricewaterhouseCoopers - 78, Mill
Street, Qormi, Malta |
|
Assessment: Low Risk
Payment habits: No complaints
|
Authorized
capital |
2329373.00 EUR |
|
Nominal No
Of Shares |
|
|
Issued No Of Shares |
945,136 |
|
Nominal
value |
2.33 EUR |
|
Paid Up |
2,201,574.28 EUR |
|
Issued
capital |
2,201,574.28 EUR |
|
Shares Breakdown |
Value |
Issued |
Class |
Type |
|
1,000,000 |
2.33 EUR |
- |
- |
Ordinary |
|
Directors |
Position |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|||
|
WILLIAMSON, JAMES Director MANION WAY,
Building name: 2754, DOYLESTOWN PA, USA, Malta |
038827117 |
- |
- |
- |
No |
|
|||
|
VELLA,
SERGIO |
Director |
385955M |
- |
60 |
No |
|
|||
|
Directors Position |
ID |
Occupation |
Age |
Appointed |
Other dir. |
|
33, TRIQ IL-KBIRA,
XEWKIJA, GOZO, Malta |
|||||
|
Secretary Position |
ID |
Occupation |
Age |
Appointed |
Other
dir. |
|
PISANI, CLAIRE C°mpany Secretary |
495875M |
- |
40 |
- |
No |
|
30, CENSU BUGEJA STREET,
Building name: ORANGERIE, IKLIN, |
-, Malta |
|
|
|
|
|
Other Relations Position |
|
|
Appointed |
|
|
|
CACHIA,
PATRICK Managing
Director VICTOR VASSALLO
STREET, Building name: 40, ATTARD, -, Malta |
190571M |
|
|
|
|
|
Shareholders |
ID/Reg. No. |
|
Nationality |
Shares % |
|
|
27197589 |
|
Netherlands |
945135 100 |
||
|
BAARNSCHE
DIJK 1, Postal Code: 3741LN, NETHERLANDS, BAARN, Malta |
|
|
|
|
|
|
VELLA, JOSEPH |
1018249M |
|
Malta |
1
0 |
|
|
TRIQ
V BORON, Building name: DAR IX-XAGHRA, NAXXAR, Malta |
|
|
|
|
|
Activity Code
Description
2442 Manufacture
of pharmaceutical preparations
Line of business
The Company is engaged in the
manufacture, research and development of pharmaceutical and medicinal products.
In 2014, the Company's research and development division ceased to operate in
its current structure.
|
Premises |
|
Date Updated |
|
|
Operates as: |
|
24/03/2015 |
|
|
Office, Factory,
Warehouse |
|
|
|
|
Affiliates and Subsidiaries |
Country |
Relation |
Date Reg. |
|
Arrow Pharm (Malta)
Limited |
Malta |
Associated
Company |
|
|
ACTAVIS EXPORT
INTERNATIONAL LIMITED |
Malta |
Associated
Company |
|
|
ACTAVIS MALTA
LIMITED |
Malta |
Associated
Company |
|
|
ACTAVIS
INTERNATIONAL LIMITED |
Malta |
Associated
Company |
|
According to
our against the subject no negatives have been registered.
STATEMENT
OF FINANCIAL POSITION
ASSETS
|
FIELD
NAME |
December 2013 (Units) |
December 2012 (Units) |
|
Non current Assets |
|
|
|
Property,
Plant & Equipment |
33,972,978
|
36,301,068
|
|
Other
Assets |
5,525,437
|
8,024,243
|
|
Deferred
tax assets |
7,011,185
|
8,907,831
|
|
Total
Non current Assets |
46,509,600
|
53,233,142
|
|
Current
Assets |
|
|
|
Inventories |
17,816,673
|
13,592,474
|
|
Receivables |
52,568,097
|
103,162,123
|
|
Refundable
taxes |
1,883
|
1,883
|
|
Cash
at bank and in hand |
815,553
|
617,183
|
|
Total
current Assets |
71,202,206
|
117,373,663
|
|
Total
Assets |
117,711,806
|
170,606,805
|
|
EQUITY
AND LIABILITIES |
||
|
Equity |
||
|
Share
capital |
2,201,575
|
2,201,575
|
|
Other
reserves |
9,207,409
|
11,104,055
|
|
Retained
Earnings |
90,503,133
|
120,459,635
|
|
Total
Equity |
101,912,117
|
133,765,265
|
|
LIABILITIES |
||
|
Non-current
liabilities |
||
|
Borrowings |
|
122,292
|
|
Total
non-current liabilities |
0
|
122,292
|
|
Current
liabilities |
||
|
Trade
and other payables |
15,799,689
|
36,719,248
|
|
Total
current liabilities |
15,799,689
|
36,719,248
|
|
Total
Liabilities |
15,799,689
|
36,841,540
|
|
Total
Equity and liabilities |
117,711,806
|
170,606,805
|
|
STATEMENT
OF COMPREHENSIVE INCOME |
||
|
Revenue |
113,669,774
|
103,221,732
|
|
Cost
of Sales |
-90,907,580
|
-87,589,805
|
|
Gross
Profit |
22,762,194
|
15,631,927
|
|
Other
income |
384
|
2,256
|
|
Administration
expenses |
-3,042,623
|
-3,611,539
|
|
Other
expenses |
-17,966
|
-55,652
|
|
Operating
Loss/Profit |
19,701,989
|
11,966,992
|
|
Finance
income |
341,804
|
1,288,690
|
|
Finance
costs |
-295
|
-261
|
|
Net
finance costs |
341,509
|
1,288,429
|
|
Profit
before tax |
20,043,498
|
13,255,421
|
|
Tax |
-1,896,646
|
-21,703,470
|
|
Net
profit/loss for the year* |
18,146,852
|
-8,448,049
|
|
Other
comprehensive income |
||
|
Total
comprehensive income for the year |
18,146,852
|
-8,448,049
|
|
CASH
FLOW STATEMENT |
||
|
Profit
before tax |
20,043,498
|
13,255,421
|
|
Adjustments
for: |
||
|
Cash
flows (used in)/ from operations |
20,043,498
|
13,255,421
|
|
Net Cash flows
(used in)/ from operating activities |
20,043,498
|
13,255,421
|
|
Net
(decrease)/increase in cash and cash equivalents |
20,043,498
|
13,255,421
|
|
Cash
and cash equivalents: |
||
|
At
end of the year |
20,043,498
|
13,255,421
|
CONCLUSION
Information in this report was obtained from official local
sources.
A questionnaire was sent - no reply received
The Times of Malta
Actavis has opened a new warehouse at its Bulebel site. The
13 million investment consists of a 4,800 square metre warehouse with a
capacity for storing 7,500 pallet positions, and includes a number of
sustainable building features that are designed to minimise its impact on the
environment, such as the utilisation of solar thermal energy and hot water,
lighting systems controlled according to occupancy and rain harvesting systems.
Actavis employs over 750 people on the island, making the company one of the
largest employers in the country. The need for this new warehouse arises from a
significant increase in manufacturing output from the site in Bulebel, where
the volume has practically tripled over the past seven years.
The Times of Malta
The acquisition by Aurobindo Pharma Limited of a number of
Actavis plc operations in seven European countries is not expected to hit the
workforce at the two Actavis plants in Malta.
Though Malta was not among the seven countries in the
agreement, questions were raised about the company's future in Malta in the
wake of last March's decision to close the research and development branch in
Malta. As a result 64 employees lost their jobs. Sergio Vella, vice-president
manufacturing operations (Western Europe), said Actavis did not expect the
agreement to have an impact on its local employment levels in the foreseeable
future. Aurobindo Malta managing director Frederick Schembri said the company
was planning to expand its operations in Malta, which served as a testing and
batch release site for the company's European market.
The Times of Malta
The Actavis Malta facilities were honoured with the global
award for the best logistics performance among all the Actavis facilities
worldwide. Actavis managing director for the Malta operations, Patrick Cachia,
said: "This achievement recognises the work being done by our colleagues
in the logistics and warehousing team to maintain an excellent customer service
level while optimising utilisation of space and hence leading to a reduction in
transportation cost."
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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 SCs
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.