MIRA INFORM REPORT

Report No. :	517551
Report Date :	27.06.2018

IDENTIFICATION DETAILS

Name :	SUN PHARMACEUTICAL INDUSTRIES (AUSTRALIA) PL
Registered Office :	195 Princes Hwy, Port Fairy Vic 3284
Country :	Australia
Financials (as on) :	31.03.2016
Date of Incorporation :	11.03.2008
Legal Form :	Australian Proprietary Company
Line of Business :	The subject operates in the marketing of a wide range of generics, specialty products and manufacture controlled substances in Australia.
No. of Employees :	178

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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

AUSTRALIA - ECONOMIC OVERVIEW

Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control.

Australia benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed due to falling global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas Project, will significantly expand the resources sector.

Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New Zealand and India.

Source : CIA

REGISTERED NAME

SUN PHARMACEUTICAL INDUSTRIES (AUSTRALIA) P/L

ACN 130119603

ABN 64130119603

Summary Panel
Established	2008
Incorporated	2008
Line of Business	marketing of a wide range of generics, specialty products and manufacture controlled substances
Status	Trading
Chief Executive Officer	ZIPPEL, GEOFFREY DONALD
Adverse Listings	Nil

EXECUTIVE SUMMARY

	Sun Pharmaceutical Industries (Australia) P/L
	As at 31 Mar 2016	As at 31 Mar 2015	Change (%)
Revenue	$45,522,138.00	$3,905,166.00	1065.69%
Profit b/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Profit a/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Net Profit Margin	-12.20%	-28.22%	16.02%

During fiscal 2016, the subject recorded a deficiency in Net Cashflows from operating activities totalling $931 358.

As at 31 March 2016 the subject recorded Working Capital of $87,857,374 and a current ratio of 4 to 1 indicating strong liquidity levels.

The subject recorded Net Assets totalling $47,077,828 at 31 March 2016.

CORPORATE SEARCH

Company Type Australian Proprietary Company

Status Registered

Incorporation Date 11 Mar 2008

Incorporation State VIC

Registered Office 195 Princes Hwy

PORT FAIRY VIC 3284

Current Directors

Total: 2

Director Name BHAVSAR, URVISH NARESKUMAR

Appointment Date 31 JAN 2017

Date of Birth 10 JUN 1972

Gender MALE

Resident Overseas N

1, 506 HIGH ST RD, MT WAVERLY VIC 3149

Director Name MEHTA, HARIN PARMANAND

Appointment Date 11 Mar 2008

Date of Birth 02 Sep 1956

Place of Birth KOLKATA INDIA

Gender UNKNOWN

Resident Overseas Y

Current Secretaries

Total: 1

Secretary Name BHAVSAR, URVISH

NARESKUMAR

Appointment Date 26 Nov 2015

Date of Birth 10 Jun 1972

Place of Birth AHMEDABAD INDIA

Address UNIT 1, 506 HIGH STREET ROAD

MOUNT WAVERLEY VIC, 3149

Current Other Officers

Total: 1

Officer Role Appointed Auditor

Officer Name NUTTON, WILLIAM ALLAN

Appointment Date 15 Sep 2008

Date of Birth -

Address UNIT 1 W A NUTTON &

ASSOCIATES, 6 GLOUCESTER

AVENUE BERWICK VIC, 3806

Current Other Organisation Officers

Total: 1

Officer Role Ultimate Holding Company

Officer Name SUN PHARMACEUTICALINDUSTRIES LIMITED

Company Shares

Total: 54644666 Amount: $54,644,666

Class ORDINARY SHARES [ORD]

Number of Shares Issued 100

Paid Capital $100.00

Total Amount Due and Payable $0.00

Document Number 1E4173297

Class REDEEMABLE PREFERENCE [REDP]

Number of Shares Issued 54644566

Paid Capital $54,644,566.00

Total Amount Due and Payable $0.00

Current Shareholders

Shareholder Name SUN PHARMA HOLDINGS

Number Held 100

Beneficially Held Y

Fully Paid Y

Jointly Held N

Address ST LOUIS BUSINESS CENTRE

CNR DESROCHES & ST LOUIS

STREETS PORT LOUIS

MAURITIUS

Class ORD

Shareholder Name SUN PHARMA GLOBAL FZE

Address PO BOX 122304, SAIF-ZONE

SHARJAH UNITED ARAB

EMIRATES

Class REDP

Number Held 54644566

Beneficially Held Y

Fully Paid Y

Jointly Held N

SECURITY INTERESTS

Effective 30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system.

As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. Subsequently Registered Charges are no longer lodged with the Australian Securities and Investments Commission (ASIC).

BUSINESS STRUCTURE

TRADING ADDRESS Level 4, 1 Acacia Pl

NOTTING HILL, VIC 3168

TELEPHONE (613) 9594 9800

EMAIL mysupport.au@sunpharma.com

Urvish.bhavsar@sunpharma.com

WEBSITE www.sunpharma.com

HOLDING ENTITY SUN PHARMA HOLDINGS

ULTIMATE HOLDING

ENTITY SUN PHARMACEUTICAL INDUSTRIES LTD

BRANCHES 195 Princes Hwy Port Fairie VIC

BANK Not determined

EMPLOYEES 178

BACKGROUND

The subject was incorporated in Victoria on 11 March 2008 under the current style.

OPERATIONS

The subject operates in the marketing of a wide range of generics, specialty products and manufacture controlled substances in Australia.

The company markets oral formulations, technologically complex injectables/delivery systems and manufactures poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics. Products are manufactured to meet the stringent standards of the Australian Therapeutic Goods Administration (TGA).

The group provide high-quality, affordable medicines trusted by healthcare professionals and patients in over 150 countries of the world. The global presence is supported by 45 manufacturing facilities across 5 continents. The group has a multi-cultural workforce comprising more than 30,000 employees of over 50 nationalities.

Activities are conducted from premises located at the above listed trading address.

ADVERSE

A search of records of on 22 November 2017 failed to trace any litigation listed against the subject at that date.

FINANCES

During the current interview conducted with the subject’s director Urvesh Bhavsar he declined to release any details pertaining to the subject unless the source of the enquiry was released.

Below is a summary of the subject’s most recently lodged income results.

	Sun Pharmaceutical Industries (Australia) P/L
	As at 31 Mar 2016	As at 31 Mar 2015	Change (%)
Revenue	$45,522,138.00	$3,905,166.00	1065.69%
Profit b/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Profit a/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Net Profit Margin	-12.20%	-28.22%	16.02%

During fiscal 2016, the subject recorded a deficiency in Net Cashflows from operating activities totalling $931 358.

As at 31 March 2016 the subject recorded total current assets of $117,542,150. They included cash of $128, receivables of $12,790,286 and inventories of $103,802,726.

Current liabilities at the same date totalled $29,684,776 and included payables of $7,063,375, borrowings of $5,275,512 and provisions of $14,816,397.

As at 31 March 2016 the subject recorded Working Capital of $87,857,374 and a current ratio of 4 to 1 indicating strong liquidity levels.

The subject recorded Net Assets totalling $47,077,828 at 31 March 2016.

	Sun Pharmaceutical Industries (Australia) P/L
	As at 31 Mar 2016	As at 31 Mar 2015	Change (%)
Revenue	$45,522,138.00	$3,905,166.00	1065.69%
Profit b/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Profit a/tax	($5,553,832.00)	($1,102,016.00)	403.97%
Net Profit Margin	-12.20%	-28.22%	16.02%
Current Assets	$117,542,150.00	$1,056,166.00	11029.14%
Non Current Assets	$57,839,325.00	$1,703.00	3396219.73%
Total Assets	$175,381,475.00	$1,057,869.00	16478.75%
Current Liabilities	$29,684,776.00	$56,837.00	52127.91%
Non Current Liabilities	$98,618,871.00	$3,013,921.00	3172.11%
Total Liabilities	$128,303,647.00	$3,070,758.00	4078.24%
Net Assets	$47,077,828.00	($2,012,889.00)	-2438.82%
Working Capital	$87,857,374.00	$999,329.00	8691.64%
Current Ratio	3.96	18.58	-78.69%
Debt to Equity	2.73	-1.53	-278.65%

TRADE SURVEY

Details pertaining to the subjects suppliers were not provided for the current enquiry.

A trade survey on the subject was subsequently unable to be conducted.

Trade payment records from further sources in the past 4 months have traced the following data for the subject.

Total Owing: $37,536

Total Past Due: $0

Average Late Payment Days: 0

All Industries Late Payment Days: 10

Within terms: $37,536

1 – 30 days past due: $0

31 – 60 days past due: $0

61 – 90 days past due: $0

91+ days: $0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.17
UK Pound	1	INR 90.47
Euro	1	INR 79.74
AUD	1	INR 50.64

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Report Prepared by :

TRU

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.