MIRA INFORM REPORT
|
Report
Date : |
15.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
UNIMARK REMEDIES LIMITED |
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Registered
Office : |
19, Crystal, 1st Floor, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
01.12.1993 |
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Com.
Reg. No.: |
11-75373 |
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CIN
No.: [Company
Identification No.] |
U23200MH1993PLC075373 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMU03720G |
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PAN
No.: [Permanent
Account No.] |
AAACU0589R |
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Legal
Form : |
A Closely
Held Public Limited Liability Company. |
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Line
of Business : |
Manufacturer
of Bulk Drugs. |
RATING &
COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum
Credit Limit : |
USD 3500000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established and reputed company having
satisfactory track. Directors are reported as experienced, respectable and
having satisfactory means of their own. Their trade relations are reported as
fair. Payments are usually correct and as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office / Corporate office : |
19, Crystal, 1st Floor, |
|
Tel.
No.: |
91-22-26464769
/ 26040361 |
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Fax
No.: |
91-22-26463772
/ 26007917 |
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E-Mail
: |
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|
Website
: |
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Factory
1 : |
Ř
41/42/42A/43, G.I.D.C. Industrial Estate, 1st Phase, Vapi –
396 195, Ř 300/337/338, |
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|
|
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Godown
: |
Near
Marwell Engineering Works, Koparkhairne, Vashi, Navi Mumbai – 400 705, |
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Tel.
No.: |
91-22-27687728 |
DIRECTORS
|
Name : |
Mr. Jayant M. Parekh |
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Designation
: |
Chairman (Professional) |
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Address
: |
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Date
of Birth : |
06.09.1930 |
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Qualification
: |
B.Com. A.C.A. |
|
Experience
: |
Chartered Accountant with over 44 years of experience in the
pharmaceutical industry. Professional experience of 38 years with the Franco
Indian Pharmaceuticals |
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Date
of Appointment : |
17.07.1995 |
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Functional Responsibilities : |
Involved in policy matters of the company |
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Name : |
Mr. Sandip Jayant Parekh |
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Designation
: |
Technical Director |
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Address |
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Date of Birth : |
24.01.1968 |
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Qualification
: |
M. Sc.( Org. Chem. ) from IIT, Mumbai |
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Experience
: |
Masters in Organic Chemistry from IIT, Mumbai. 13 years of
experience in manufacturing and R&D in the pharmaceutical industry |
|
Date of
Appointment |
01.12.1993 |
|
Functional Responsibilities : |
Responsible for all the Technical (including R & D) and
Human Resources Management of the Production facilities |
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|
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|
Name : |
Mr. Mehul Jayant Parekh |
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Designation
: |
Executive Director |
|
Address |
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Date of Birth : |
26.11.1958 |
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Qualification : |
B.Com |
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Date
of Appointment |
06.03.1995 |
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Experience
: |
20 years of experience in the pharmaceutical
industry. Responsible for providing strategic direction to the company and
implementation of corporate objectives |
|
Functional Responsibilities : |
CEO of the Company. Responsibilities in formulating
and implementation of Corporate objectives and direction of the Company |
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|
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|
Name : |
Mr. Jayant V. Parekh |
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Designation
: |
Director |
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Address |
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Date
of Appointment |
17.07.1995 |
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|
|
|
Name : |
Mr. Yogesh N. Parekh |
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Designation
: |
Finance Director |
|
Address |
C-36, |
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Date of Birth : |
03.03.1959 |
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Qualification : |
B. Com, F.C.A |
|
Date
of Appointment |
17.07.1995 |
|
Experience
: |
Chartered Accountant with over 20 years of experience in
Financial accounting, Taxation and Logistics |
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Functional Responsibilities : |
Looks after complete Financial and Logistic Management |
|
|
|
|
Name : |
Mr. Pramod D. Shedde |
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Designation
: |
Director |
|
Address |
B/11, Ocean Gold, |
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Date
of Appointment |
01.02.2001 |
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Date of Ceasing |
07.11.2001 |
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|
Name : |
Mr. Abhijit Sen |
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Designation
: |
Director |
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Address |
6, |
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Date
of Appointment |
07.09.2000 |
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Date of Ceasing |
07.11.2001 |
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|
|
|
Name : |
Mr. Vijay Indravadan Dave |
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Designation
: |
Director |
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Address |
7/27, Binakunj, behind |
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Date
of Birth : |
14.10.1957 |
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Date of Appointment : |
20.08.2004 |
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|
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|
Name : |
Harmander Palsingh Chawla |
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Designation
: |
Director |
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Address |
1022, Sector 44B, |
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Date
of Birth : |
14.04.1940 |
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Date of Appointment : |
04.03.2005 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Jayant M. Parekh Joint with Madhukanta Parekh |
105570 |
|
Madhukanta
J Parekh Joint with Jayant M Parekh |
160380 |
|
J M
Parekh – HUF |
350190 |
|
Nandini S
Parekh |
270 |
|
Sonali M Parekh
Through Natural Guardian Beena M Parekh |
218970 |
|
Pooja M
Parekh – through Natural Guardian Beena M Parekh |
8370 |
|
J M
Parekh Jointly with Madhukanta Parekh and Mehul Parekh |
150000 |
|
J M Parekh
Jointly with Madhukanta Parekh and Sandeep Parekh |
150000 |
|
Swiss Tec
VCF Private Limited |
470588 |
|
Mehul J
Parekh Joint with Beena M Parekh |
4904550 |
|
Sandip
Parekh Joint with Nandini S Parekh |
817200 |
|
Beena M Parekh
Joint with Mehul J Parekh |
634500 |
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|
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As on 28.03.2006 |
|
|
Dr.
Hitesh Parikh |
229412 |
|
Dr. Priti
Parikh |
200000 |
|
Dr. Ashok
Palvia |
125000 |
|
Mr.
Paresh Kadakia |
125000 |
|
Mr. Ketan
Sukhadia |
175000 |
|
Mr. Anuj
Sukhadia |
175000 |
|
Jigna
Sukhadia |
150000 |
|
Chaya
Sukhadia |
150000 |
|
Pooja
Sukhadia |
50000 |
|
Aesha
Sukhadia |
50000 |
|
Mr.
Niranhan Gupta |
100000 |
|
Mr.
Jayesh Gandhi |
100000 |
|
Mr. Amul
Vora |
75000 |
|
Mr. Nilay
Vora |
75000 |
|
Mr.
Shahid Rangoonwala |
75000 |
|
Mr. Roopa
Rangoonwala |
75000 |
|
Amrita
Advisors Private Limited |
100000 |
|
Total |
2029412 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer
of Bulk Drugs. |
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Products
: |
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Exports
to : |
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Imports
from : |
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Terms
: |
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Purchasing : |
L/C, D/A or D/P |
GENERAL
INFORMATION
|
No. of
Employees : |
600 |
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|
|
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Bankers
: |
v
Bank of Maharashtra, v
Bank of v
Canara Bank, Tamarind Lane, 8/10, Calicot House, Mumbai - 400 023 v
Citi Bank v
State Bank of v The |
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Banking Relations : |
Good |
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Auditors
: |
Rege
& Thakker Chartered
Accountants |
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Address
: |
5B, Fairy
Manor, 13, Rustom Sidhwa Marg, Fort, Mumbai – 400 001 |
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Tel.
No.: |
91-22-22658613 |
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Fax
No. : |
91-22-22632884 |
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Email
: |
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Associates/Subsidiaries : |
ˇ
Unimark Remedies Hong Kong Limited ˇ
Eastern Remedies |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity
shares |
Rs. 10/- each |
Rs. 100.000 millions |
|
5000000 |
Cumulative
Convertible Preference Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
Total |
|
Rs. 150.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity
shares |
Rs. 10/- each |
Rs. 100.000 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
100.000 |
79.706 |
79.700 |
|
|
3] Reserves
& Surplus |
762.386 |
511.144 |
369.000 |
|
NETWORTH
|
862.386 |
590.850 |
448.700 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
1080.188 |
1076.414 |
1014.000 |
|
|
2]
Unsecured Loans |
1.950 |
1.750 |
26.800 |
|
TOTAL
BORROWING
|
1082.138 |
1078.164 |
1040.800 |
|
|
DEFERRED
TAX LIABILITIES |
210.201 |
162.501 |
0.000 |
|
|
Deferred
Credit |
23.218 |
23.218 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2177.943 |
1854.733 |
1489.500 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
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|
|
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FIXED ASSETS [Net Block]
|
1305.693 |
1102.504 |
929.200 |
|
Capital work-in-progress
|
142.328 |
59.853 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
0.352 |
0.346 |
0.800 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
613.066 |
575.970 |
485.800 |
|
|
Sundry Debtors
|
734.154 |
387.851 |
438.000 |
|
|
Cash & Bank Balances
|
51.933 |
25.321 |
19.000 |
|
|
Loans & Advances
|
60.845 |
45.995 |
39.700 |
Total Current Assets
|
1459.998 |
1035.137 |
982.500 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
696.750 |
344.490 |
431.000 |
|
|
Provision
|
37.721 |
4.661 |
|
Total Current Liabilities
|
734.471
|
349.151 |
431.000
|
|
Net
Current Assets
|
725.527 |
685.986 |
551.500 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
4.043 |
6.044 |
8.000 |
|
|
|
|
|
|
|
TOTAL
|
2177.943 |
1854.733 |
1489.500 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
3064.761 |
2054.307 |
2120.300 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
358.838 |
198.412 |
162.900 |
Provision for Taxation
|
107.594 |
56.210 |
50.900 |
Profit/(Loss) After Tax
|
251.244 |
142.202 |
112.000 |
|
|
|
|
|
Export Value
|
NA |
963.878 |
607.790 |
|
|
|
|
|
Import Value
|
NA |
465.632 |
542.653 |
|
|
|
|
|
Total Expenditure
|
2705.923 |
1855.895 |
1957.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
8.20
|
6.92 |
5.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.71
|
9.66 |
7.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.97
|
9.28 |
8.52 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.34 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
2.42 |
3.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.96 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY :
The company was incorporated on 1st December,
1993 at Mumbai in
The company was incorporated with the main objects to purchase
or otherwise acquire and takeover as going concern of
BUSINESS :
Generic
Names of the Principal Products /
Services of the company are :
Ř
Bulk
Drugs
Ř
Traded
and Operational
The company
owns a division known as
The
company's manufacturing facilities are fitted with modern machinery and housed
on independent plots of land.
The company
is a Registered Small Scale Industry.
The company
is in trade terms with :
Ř
BASF,
Ř
Ř
Wacker,
Ř
Pfizer
India Limited
Ř
Wockhardt
Limited
Ř
Ranbaxy
Laboratories Limited
Ř
Lyka
Labs Limited
The company’s fixed assets of important value include
leasehold land, freehold land, buildings, plant & machinery, furniture
& fixture, vehicles, computer systems, water/air pollution control
equipment and office equipments.
As per website
Unimark Remedies Limited (“URL”) is a Research Driven Pharmaceutical
Company primarily engaged in the manufacturing of APIs and Advanced
Intermediates. Since 1995 company has developed vast skills in the areas of
Process R & D, Process Chemistry Skills, Handling Complex Chemical
Reactions and expertise in marketing of APIs and Speciality Intermediates in
India and Globally.
In a challenging
economic environment Unimark Remedies Limited has emerged as a leading
manufacturer of Active Pharmaceutical Ingredients (APIs) and Speciality
Intermediates in
OVER VIEW OF URL:
URL was set up in 1984 as the exclusive Marketing Agent
for Pfizer, BASF, UB Petro Products.
URL’s core competence in marketing and logistics facilitated inroads to
successfully access more than 75% of the domestic pharma market in value terms
of its range of products. Currently URL
manages throughput of approximately INR 11000 millions (in value terms) for
Pfizer, Aventis, ICI, Solutia and many other Indian and MNCs.
In 1996, URL entered
the API manufacturing Activity as part of backward integration with an emphasis
on cost effective process and economics of scale. URL has successfully grown this business to INR 1940 mn in FY04. URL has today strategically positioned
itself as a non competing supplier to Global Generic players such as Ranbaxy,
West-ward Pharm, Pfizer (USA), GSK (UK), Apotex
COVERAGE:
After consolidating and sustaining its growth in the unregulated
market, strategic plans have been put into action for opportunities in the
Regulated markets after the expiry of their patent. Present market coverage
encompasses more than 40 countries with appreciable market share in few major
countries.
In few Latin American countries the company is already registered as approved
Generic Supplier along with few International major API Suppliers.
The key driver of growth is the implementation of niche
higher margin low value APIs with scope of improved potential across the Globe.
The company covers more than 70% of the Formulation
companies in
GLOBAL LEADERSHIP:
Today the company enjoys Global Leadership for products like
Nalidixic Acid, Nimesulide, Oxolinic Acid, Albendazole, Cefaclor, Lisinopril
and Intermediates like 7-ANCA and 7-ACCA.
MANUFACTURING PLANTS:
The Company has two State of
WHO GMP Certified facilities
ICHQ7a Compliant
Facility ready for US FDA Inspection
ISO 14001 Certified
Facility approved by Ministry of
R & D purposes
NET WORTH:
As of 31/03/2005 the Net worth of the company is US $ 15
Million
|
Corporate
identity number of the company |
U23200MH1993PLC075373 |
|
Name of
the company |
UNIMARK REMEDIES LIMITED |
|
Address
of the registered office or of the principal place of business in |
19, Crystal, 1st Floor, |
|
This form
is for |
Modification
of charge |
|
Type of
charge |
Hypothecation
|
|
Particular
of charge holder |
Export
Import Bank of Centre on
Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai –
400005, |
|
Nature of
instrument creating charge |
Deed of
hypothecation executed by Unimark Remedies Limited in favour of Export Import
Bank of |
|
Date of
instrument Creating the charge |
17.05.2004 |
|
Amount
secured by the charge |
Rs. 2.000
millions |
|
Brief of
the principal terms an conditions and extent and operation of the charge |
As per
schedule Ii of the deed of hypothecation dated 17.05.2004 |
|
Description
of the4 property charged |
Furniture
and Fixture, Plant and Machinery, Stock in trade, Book debts and Vehicles |
|
Charge
identification number of the charge to be modified |
90164479 |
|
Date of
instrument modifying |
14.06.2006 |
|
Particulars
of the present modification |
The security created under the deed of hypothecation dated 17.05.2004 in favour of Export Import
Bank of India for the dollar loan of USD 2 millions over the borrowers
moveable assets briefly descried in schedule III to the principal deed and
also in schedule II B to the supplemental deed of hypothecation dated 14.06.2006 shall stand modified so
as to be now available for the
dollar loan upto the enhanced limit of USD 6.45 million dated 14.06.2006
service fee, costs charges and expenses and all other monies payable by the
borrower to Exim Bank under the supplemental dollar loan agreement. The charge created by the supplemental deed of
hypothecation shall operate as a continuing by way of pari passu first charge
over the borrower movable fixed assets
and pari passu first charge over the borrower current assets for the
due repayment by the charged created under the principal deed as modified by
the supplemental deed of hypothecation in favour of Exim bank shall rank in
the order or priority set out in schedule III to the supplemental deed of
hypothecation. Save as so modified all the terms, conditions, covenants
undertakings and indemnities contained in the principal deed and applicable
to the enhanced dollar loan and the principal deed as remain in full force
and effect until the enhanced dollar loan of USD 6.45 million interest and
all other monies payable under the supplemental dollar loan agreement shall
have been paid to Exim Bank in full and the principal deed shall be read and
construed in all respects accordingly.
|
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
records 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 records 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. 40.97 |
|
|
1 |
Rs. 80.73 |
|
Euro |
1 |
Rs. 54.56 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |