MIRA
INFORM REPORT
|
Report Date : |
06.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
EMCURE
PHARMACEUTICALS LIMITED |
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|
|
|
Registered Office : |
Emcure House, T –
184, MIDC, Bhosari, Pune – 411026, |
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Country : |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.04.1981 |
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Com. Reg. No.: |
11-24251 |
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|
CIN No.: [Company
Identification No.] |
U24231PN1981PLC024251 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE00094D |
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PAN No.: [Permanent
Account No.] |
AAACE4574C |
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|
Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer and
Seller of Pharmaceuticals such as Antibiotics,
Herbal, Bacteriological and Biological Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 4000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as
experienced, respectable and resourceful industrialist. Their trade relations
are reported as fair. Financial position is good. Payments are usually
correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/Factory
: |
Emcure House, T -
184, M. I. D. C., Bhosari, Pune-411026, |
|
Tel. No.: |
91-20-30610000 |
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Fax No.: |
91-20-30610111 /
27122289 |
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E-Mail : |
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Website : |
http://www.emcure.co.in |
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Area : |
48,000 Sq. ft.
(Owned) |
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|
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Factory 1 : |
C – 10/12,
M.I.D.C., Bhosari, Pune – 411026, |
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Factory 2 : |
D6/S-25,
M.I.D.C., Bhosari, Pune – 411026, |
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Factory 3 : |
T – 172,
M.I.D.C., Bhosari, Pune – 411026, |
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Factory 4 : |
Plot 12/2, F – II
Block, M.I.D.C., Pimpri, Pune – 411018, |
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Factory 5 : |
Plot No. D – 24, M.I.D.C.,
Kurkumbh, Taluka Daund, District Pune, |
DIRECTORS
|
Name : |
Mr. Hamayun Raja
Dhanrajgir |
|
Designation : |
Director |
|
Address : |
Flat No. F – 41,
Dhanraj Mahal, |
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Date of
Birth/Age : |
02.12.1936 |
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Date of
Appointment : |
23.09.2000 |
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|
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|
Name : |
Mr. Satish
Ramanlal Mehta |
|
Designation : |
Managing Director |
|
Address : |
4, Mumbai – |
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Date of
Birth/Age : |
13.01.1951 |
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Date of
Appointment : |
14.09.1995 |
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Qualification
: |
M. Sc., M.B.A.
[IIMA] |
|
Experience : |
27 Years |
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|
|
|
Name : |
Mr. Arunkumar
Purushottamalal Khanna |
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Designation : |
Whole Time
Director |
|
Address : |
Clover Hills,
Bungalow No. 63, |
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Date of
Birth/Age : |
09.07.1952 |
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Date of
Appointment : |
27.12.1994 |
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|
Name : |
Mr. Shar
Ramchandra Gujar |
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Designation : |
Director |
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|
Name : |
Mr. Bhalch
Keshinath Khare |
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Designation : |
Director |
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|
Name : |
Mr. Rust Phiroze
Sonawala |
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Designation : |
Director |
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Name : |
Mr. Dilip
Girdharlal Shah |
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Designation : |
Director |
|
Address : |
2 / 21, Beach
Queen, 35 – B, |
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Date of
Birth/Age : |
25.04.1941 |
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Date of
Appointment : |
02.09.1999 |
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Date of
Ceasing : |
10.06.2005 |
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|
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|
Name : |
Mr. Berjis Minoo
Desai |
|
Designation : |
Director |
|
Address : |
Yezerina II, 740 /
741, Parsi Colony Road No. 5, Dadar, Mumbai – 400014, |
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Date of
Birth/Age : |
02.08.1956 |
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Date of
Appointment : |
03.04.1997 |
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|
Name : |
Mr. Mahesh
Nathalal Shah |
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Designation : |
Whole Time
Director |
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Address : |
303, Abhinav
Sankul, Plot No. 1A, Survey No. 132, Aundh, Pune – 411007, |
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Date of
Birth/Age : |
03.10.1953 |
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Date of
Appointment : |
15.08.2001 |
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Qualification
: |
M. Sc. |
|
Experience : |
30 years |
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|
|
|
Name : |
Mr. Shrikant Krushnaji
Bapat |
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Designation : |
Director |
|
Address : |
91, Sagar Tarang,
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Date of
Birth/Age : |
08.10.1937 |
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Date of
Appointment : |
26.06.1999 |
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|
Name : |
Mr. A. K. Khanna |
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Designation : |
Director |
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Qualification
: |
B. Sc., M. A.
[Eco.] |
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Experience : |
34 years |
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|
Name : |
Mr. Umakan
Chimanlal Shah |
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Designation : |
Director |
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|
Name : |
Dr. Mukund Keshao
Gurjar |
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Designation : |
Director |
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Address : |
Bungalow C – II /
2, NCL Colony, |
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Date of
Birth/Age : |
28.08.1952 |
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Date of
Appointment : |
23.07.2001 |
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|
Name : |
Mr. A. K.
Medhekar |
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Designation : |
Director |
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Qualification
: |
B. Com, ACA |
|
Experience : |
26 years |
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|
|
|
Name : |
Mr. Jitendra Vir
Singh |
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Designation : |
Director |
|
Address : |
752, |
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Date of
Birth/Age : |
31.01.1954 |
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Date of
Appointment : |
11.07.2003 |
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|
Name : |
Mr. Mahendra
Raojibhai Patel |
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Designation : |
Director |
|
Address : |
5, |
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Date of
Birth/Age : |
20.09.1949 |
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Date of
Appointment : |
12.01.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Shirish
Padmakar Dabir |
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Designation : |
Secretary |
|
Address : |
A / 6, Malkauns
Society, Paud Phata, Karve Road, Pune – 411038, Maharashtra, India |
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Date of
Birth/Age : |
27.12.1963 |
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Date of
Appointment : |
26.08.2004 |
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Date of
Ceasing : |
29.04.2006 |
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|
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|
Name : |
Mr. Sandeep Anil
Phadnis |
|
Designation : |
Secretary |
|
Address : |
3, Prabhat,
Gururaj Society, |
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Date of
Birth/Age : |
11.06.1968 |
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Date of
Appointment : |
29.04.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ambalal
Ramanlal Mehta |
|
259710 |
|
Ms. Sushila
Ramanlal Mehta |
|
242220 |
|
Mr. Satish Ramanlal
Mehta |
|
2863906 |
|
Satish Ramanlal
Mehta [HUF] |
|
330975 |
|
Ms. Namita Vikas
Thapar |
|
604980 |
|
Mr. Samit Satish
Mehta |
|
1310452 |
|
Ms. Bhavana
Satish Mehta |
|
913756 |
|
Ambalal Hiralal
Mehta [HUF] |
|
381990 |
|
Mr. Rajanikant Hiralal
Mehta |
|
496635 |
|
Hiralal
Rajanikant Mehta [HUF] |
|
319870 |
|
Ms. Pushpa
Rajanikant Mehta |
|
429765 |
|
Mr. Sunil
Rajanikant Mehta |
|
522395 |
|
Mr. Sanjay
Rajanikant Mehta |
|
935757 |
|
Mr. Piyush
Popatlal Shah |
|
14400 |
|
Mr. Suhas
Popatlal Shah |
|
9600 |
|
Ms. Shaila Sharad
Gujar |
|
10050 |
|
Ms. Kamini Sunil
Mehta |
|
664654 |
|
Mr. Sanjay
Rajanikant Mehta jointly with Ms. Sonali Sanjay Mehta |
|
68400 |
|
Mr. Rutav Sunil
Mehta jointly with Mr. Sunil Rajanikant Mehta |
|
58837 |
|
Ms. Kamini Sunil
Mehta jointly with Mr. Sunil Rajanikant Mehta |
|
129112 |
|
Mr. Arunkumar
Purushottamlal Khanna |
|
150000 |
|
Mr. Mahesh
Nathalal Shah |
|
30000 |
|
Mr. Avinash
Kamlakar Medhekar |
|
32250 |
|
Ms. Bhavana Satish
Mehta jointly with Mr. Satish Ramanlal Mehta |
|
8640 |
|
Mr. Sunil
Rajanikant Mehta jointly with Ms. Kamini Sunil Mehta |
|
23400 |
|
Ms. Pushpa
Rajanikant Mehta jointly with Mr. Rajnikant Hiralal Mehta |
|
3840 |
|
Ms. Sonali Sanjay
Mehta |
|
276612 |
|
Mr. Jashvantlal
Chandulal Shah |
|
4500 |
|
Mr. Saumil
Jasubhai Shah |
|
4500 |
|
Ms. Suhasini
Saumil Shah |
|
10050 |
|
Ms. Surekha
Umakant Shah |
|
24750 |
|
Ms. Rita Mukesh
Desai |
|
2250 |
|
Ms. Swati Hetal
Shah |
|
10050 |
|
Ms. Smita Paresh
Shah |
|
10050 |
|
Mr. Bhalchandra
Kashinath Khare jointly with Ms. Padmini Bhalchandra Khare |
|
18150 |
|
Ms. Shreekant
Krushnaji Bapat jointly with Ms. Alaka Shreekant Bapat |
|
21300 |
|
Mr. Dilip Girdharlal
Shah jointly with Ms. Smita Dilip Shah |
|
16800 |
|
Mr. Rustom
Phiroze Soonawala |
|
10500 |
|
Mr. Berjis Minoo
Desai |
|
15000 |
|
Mr. Narinder
Gurbaxraj Sagar |
|
9000 |
|
Mr. Milind
Mahadev Lad |
|
2250 |
|
Mr. Anoop A. Sood |
|
4500 |
|
Mr. Ajit
Brajkishorelal Mehta |
|
1350 |
|
Mr. Anil Verma |
|
1350 |
|
Ms. Manjusha
Ambadas Joshi |
|
2850 |
|
Mr. Yashwant
Jagannath Agte |
|
1350 |
|
Mr. Uday Chandu
Borde |
|
1350 |
|
Mr. Mahinder
Punwanin |
|
2250 |
|
Mr. Raju Pessumal
Kalera |
|
2250 |
|
Mr. Navneet
Hargovindas Shah |
|
18000 |
|
Mr. Girishchander
Harrai Desai |
|
9000 |
|
Mr. Jaydeep
Ranjitrai Desai |
|
9000 |
|
Mr. Humayun Raja
Dhanrajgir |
|
15000 |
|
Mr. Venkappa
Martahndappa Agadi jointly with Ms. Kamala Venkappa Agadi |
|
9000 |
|
Mr. Mohan
Ramchandra Gujar jointly with Ms. Leela Mohan Gujar |
|
2250 |
|
Ms. Anvi Sanjay
Mehta |
|
62167 |
|
Mr. Rutav Sunil
Mehta |
|
21375 |
|
Mr. Umakant
Chimanlal Shah |
|
45000 |
|
Mr. Vijay Damodar
Kulkarni |
|
1350 |
|
Mr. T. S. R.
Moorthy |
|
1350 |
|
Mr. D. Shivputra
Kannure |
|
1350 |
|
Ms. Sonali Sanjay
Mehta jointly with Mr. Sanjay Rajanikant Mehta |
|
78172 |
|
Ms. Anvi Sanjay
Mehta jointly with Ms. Sonali Sanjay Mehta |
|
22645 |
|
Mr. Rajanikant Hiralal
Mehta jointly with Ms. Pushpa Rajanikant Mehta |
|
9750 |
|
Mr. Rutav Sunil
Mehta jointly with Ms. Kamini Sunil Mehta |
|
29610 |
|
Sanjay Rajanikant
Mehta [HUF] |
|
5625 |
|
Mr. Prahlad
Babanrao Lande |
|
2250 |
|
Mr. Mukund Keshao
Gurjar |
|
15000 |
|
Mr. Mukund
Pandurang Ranade |
|
19500 |
|
Mr. Deo
Venkatarangala Balaji |
|
1350 |
|
Mr. Rajesh
Narayanan Nair |
|
750 |
|
Mr. Nishith
Jyotindra Trivedi |
|
750 |
|
Mr. Dilip
Nandkumar Deobagkar |
|
1500 |
|
Mr. Ajay
Premchand Bharadwaj |
|
7500 |
|
Mr. Rakesh
Triloknath Bamzai |
|
7500 |
|
Mr. Jitendra Vir
Singh |
|
75000 |
|
Mr. Prakashkumar
Prasantakumar Guha |
|
15000 |
|
Mr. Chandrakant
Vittal Shetty |
|
3000 |
|
Mr.
Balasubramaniam Shriram |
|
3000 |
|
Mr. Mahendra
Raojibhai Patel |
|
100000 |
|
Mr. Joseph Renner |
|
50000 |
|
TOTAL |
|
11911350 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller
of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and
Biological Products. |
|
|
|
|
Products : |
-Anti-Inflammatory / Analgesics |
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|
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|
Brand Names : |
“EMCURE” |
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Terms : |
|
|
Selling : |
Credit of 30
days, Cash and Contract |
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|
|
|
Purchasing : |
Credit of 30
days, Cash and Contract |
GENERAL INFORMATION
|
Suppliers : |
1)
Indian
Organic Chemicals Limited, 2)
National
Organic Chemical Industries Limited, 3)
Lupin
Chemicals Limited, 4)
Bayer
India Limited, |
|
|
|
|
Customers : |
1)
Radiant
Chemists, 2)
Spencer
& Company Limited, 3)
Akbarallys
Stores Department Stores Limited, 4)
|
|
|
|
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
|
|
|
Associates/Subsidiaries : |
Ø
Lazor
Labs Private Limited, Ø
Emfin
Investments Private Limited, Ø
Nuoan
Pharma Private Limited, Ø
Emcure
Laboratories Private Limited. Ø
Emcure
Infotech Limited Ø
Zuventus
Healthcare Limited Ø
Gennova
Biopharmaceuticals Limited Ø
Lasor
Pharmachem Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11925000 |
Equity Shares |
Rs. 10/- each |
Rs. 119.250 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 |
119.250 |
117.750 |
78.500 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
913.010 |
685.177 |
543.000 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1032.260 |
802.927 |
621.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1421.923 |
724.237 |
512.500 |
|
|
2] Unsecured
Loans |
175.434 |
139.597 |
155.900 |
|
TOTAL BORROWING
|
1597.357 |
863.834 |
668.400 |
|
|
DEFERRED TAX
LIABILITIES |
148.825 |
102.980 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2778.442 |
1769.741 |
1289.900 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1606.988 |
937.002 |
752.300 |
|
Capital work-in-progress
|
203.897 |
28.997 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
85.881 |
47.934 |
34.800 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
465.086 |
398.195 |
302.400 |
|
|
Sundry Debtors
|
557.763 |
519.554 |
419.100 |
|
|
Cash & Bank Balances
|
13.068 |
15.650 |
9.800 |
|
|
Other Current Assets
|
1.505 |
0.866 |
0.000 |
|
|
Loans & Advances
|
529.836 |
394.262 |
196.900 |
Total Current Assets
|
1567.258 |
1328.527 |
928.200 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
601.908 |
503.271 |
386.600 |
|
|
Provisions
|
83.674 |
69.448 |
38.800 |
Total Current Liabilities
|
685.582 |
572.719 |
425.400 |
|
Net Current Assets
|
881.676 |
755.808 |
502.800 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
2778.442 |
1769.741 |
1289.900 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
3445.126 |
2512.006 |
2965.800 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
406.435 |
260.850 |
277.300 |
Provision for Taxation
|
127.685 |
71.398 |
97.200 |
Profit/(Loss) After Tax
|
278.750 |
189.452 |
180.100 |
|
|
|
|
|
Total Expenditure
|
2959.905 |
2189.481 |
2688.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
8.09
|
7.54 |
6.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.80
|
10.38 |
9.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.80
|
11.51 |
16.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.32 |
44.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
1.79 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.32 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
History:
Milestones
|
1981 |
- Emcure
Pharmaceuticals Private Limited incorporated. |
|
1983 |
- First
manufacturing facility commissioned at Bhosari, Pune. |
|
1995 |
- Beginning of own
product marketing. Normet launched. |
|
1996 |
- New marketing
division "Emcure Shweiz" launched. |
|
1997 |
- New marketing
division "Impetus" launched. |
|
1998 |
- Launch of the
popular Iron preparation "Orofer". |
|
1999 |
- New marketing
division "Nucron" and "International" division launched. |
|
2000 |
- New Marketing Division "Ennova" launched. |
|
2001 |
- New Marketing Divisions "Lasor" and "Ennova
Impetus" launched. |
|
2002 |
- Launch and commercialisation of S-Amlodipine and Asomex formulation. |
|
2003 |
- Launch and commercialisation of S-Atenolol and Atpure formulation. |
|
2004 |
- Solid Orals facility at Hinjwadi audited and approved by MCC- South
Africa. |
|
2005 |
- Hinjwadi solid dosage facility approved by UK MHRA. |
|
2006 |
- Completed construction of Small Batches Manufacturing unit |
RESULT OF OPERATIONS :
The gross sales revenue
for the financial year under report was Rs. 4020.25 millions as compared to Rs.
2778.55 millions recorded for the previous financial year reflecting an
excellent growth of 44.5%. The net sales [excluding Excise Duty of Rs. 630.02
millions] are Rs. 3390.23 millions as compared to previous year net sales of
Rs. 2488.18 millions [excluding excise duty of Rs. 290.37 millions].
In the business of
manufacturing and marketing of formulations of third party brands for reputed multinationals,
the company has recorded sales of Rs. 1322.28 millions as compared to the
previous year Rs. 977.27 millions. The
company has also achieved an impressive growth in manufacturing and marketing
of its own branded domestic formulations.
These sales were recorded at Rs. 2232.71 millions as against Rs. 1511.06
millions, for the previous year, thus achieving a commendable growth of 48%.
During the year
2005-06, export sales were recorded at Rs. 465.26 millions, including sales to
regulated and semi regulated market, as compared to sales of Rs. 221.73
millions for the previous year, reflecting a growth of 110%.
The company
continued to gain market share in core therapeutic areas in the domestic
market. The research and development
teams in API and formulations gave it the cutting edge in the domestic market
with the product and processes that it has developed, notably in the area of
Chiral Chemistry. The success was
replicated in the international market as the company entered the global supply
chain by forming alliances with global pharma majors, notably with Bristol –
Myers Squibb wherein the company will manufacture and supply APIs as well as
formulations of their protease inhibitor Atazanavir and market the same in Sub
Sahara, Africa and India.
During the year
2005-06, the state-of-art facility for manufacture of solid orals was approved
by US FDA. The first module of the API manufacturing facility at Kurkumbh was
also completed. The small volume
parenterals facility at Hinjwadi is undergoing validation and this validation
process in expected to be completed by June, 2006. Both these facilities are complaint with the
requirements of US FDA. These facilities
would enable the company to offer a truly integrated solution to its business
associates.
During the year
2005-06, the company took several initiatives to fulfill its corporate social
responsibility of fighting against HIV/AIDS. These initiatives were aimed at
raising awareness, removing social stigma attached to HIV/AIDS, continuously working
towards making the drugs more affordable, and developing drugs for adults as
well as pediatric age-group.
INCREASE IN SHARE CAPITAL :
The company
allotted 150000 equity shares of Rs. 10 each, at a premium, on preferential
basis, to two Foreign Nationals on 06.04.2005, thereby increasing the Paid up
Share Capital base from previous year’s Rs. 117.75 millions to Rs. 119.25
millions in the year under report.
Generic Names of
Three Principal Products / Services of the company are as under :
|
Item Code No. |
Product Description |
|
293390.01 |
Heterocyclic
Compounds [e.g. Carbamazepine] |
|
300490.38 |
Anti –
Histamines, Anti Asthamatics, Bronchospasm Relaxants in Tablets / Injections
etc. |
|
300450.02 |
Iron preparations
Ferrous Fumrate/Ferrous Sulphate / Ferric Ammonium Citrate / Ferrous
Gluconate haemoglobin, other iron compounds with vitamins in tablets,
capsules, syrup, etc. |
Director’s
profile:
Profile of Humayun Dhanrajgir – Chairman
Mr.
Dhanrajgir has a very rich and vast experience in the pharmaceutical industry
having held several senior management positions including that of Managing
Director of Glaxo India Limited. He is an erstwhile President of the
Organization of Pharmaceutical Producers of India (O.P.P.I). He did his
graduation in chemical engineering from
Profile of Mr. Dilip Shah
Mr.Shah has been associated
with the pharmaceutical industry since 1967. He is known for his work in
strategic planning, acquisitions and mergers, business restructuring, promotion
of information technology, and government liaising. Mr. Shah was, until August
1997, the Commercial Director and a Member of the Board of Directors at Pfizer
Limited. He set up the Vision Consulting Group at Mumbai to work in the areas
of Public Policy, Strategic Planning and Entry Planning. Currently he is the
Secretary General of the newly formed Indian Pharmaceutical Alliance. Mr. Shah
is an MBA from IIM Ahmedabad.
Profile of Mr. Shrikant Bapat
An
erstwhile officer of the Indian Police Service (IPS), Mr. Bapat is a highly
distinguished and decorated Senior Police Officer. He has held several
important positions like Joint Director; Intelligence Bureau, Ministry of Home
Affairs, Commissioner of Police, Mumbai and has also been a Senior Member of
the Maharashtra Public Service Commission for a period of six years.
Profile of Mr. Berjis Desai
Mr. Desai is a specialist in
mergers & acquisitions, derivatives, corporate and financial laws,
international business laws, international commercial arbitration and offshore
structuring. He is a Partner of the renowned Solicitor firm in Mumbai, J. Sagar
Associates.
Profile of Dr. Mukund K Gurjar
Dr.
Gurjar has been closely associated with Drugs and Pharmaceutical Sciences since
1975 and is a distinguished researcher in the country. He has carried out
extensive work in the field of new chemical entities (NCEs). He has the distinction
of being one of the 43 scientists from
Profile of Dr. Jitendra V. Singh
Dr. Singh is the Saul P. Steinberg Professor of Management
at The Wharton School,
Profile of Mr. Satish Mehta,
Managing Director
Mr.
Mehta has a wealth of experience in the pharmaceutical industry since 1975. He
is on the Executive Committee of the Maharashtra Chamber of Commerce,
Industries & Agriculture (MCCIA), Pune; a member of National AIDS Committee
and also a member of State level committee of Foods and Drugs. Mr. Mehta is the
prime mover for various strategic alliances, and growth plans at Emcure. One of
the promoters of Emcure, Mr. Mehta is the Managing Director of the Company. He
is a Post Graduate in Chemistry and an MBA from IIM Ahmedabad.
Profile of Mr. Arun Kumar
Khanna, Director - Operations
Mr.
Khanna has vast experience in the pharmaceutical industry since 1973. He is a
member of the Spurious Drugs committee of Ministry of Health, representing the
pharmaceutical industry. Mr. Khanna is the Director-Operations of the Company.
He spearheads the marketing function of the Company and is responsible for both
domestic as well as international marketing. He has made a significant
contribution in developing Emcure into a strongly market driven company. He is
a Graduate of Science and holds a Post Graduate qualification in Economics.
Profile of Mr. Mahesh Shah,
Director - Technical
Mr.
Shah has a rich technical experience in the pharmaceutical industry since 1976.
He has been associated with Emcure since its inception and is in charge of the
manufacturing operations at Emcure. Mr. Shah is a Post-Graduate in Science.
News:
|
Month/Year |
News |
|
March 2007 |
Effective 1st March 2007, Dr. Fakrul Sayeed
joins Emcure Pharmaceuticals USA Inc. as the Chief Executive and Chief
Scientific Officer for Emcure Group. |
|
July 2006 |
Blackstone to Invest $50 million in Emcure Pharmaceuticals Limited Emcure Pharmaceuticals Limited and The Blackstone Group, announced today
that Emcure's Board of Directors has approved an agreement as part of which
The Blackstone Group and its affiliates would invest U.S. $50 million in the
Company. This transaction represents Blackstone's first investment in Mr Humayun Dhanrajgir, Chairman of Emcure's Board stated "The
board and management of Emcure were impressed with Blackstone's commitment to
the pharmaceutical sector and their level of diligence in exploring an
investment option in Emcure. The combination of Blackstone's
shareholding with the entrepreneurial skills of Satish Mehta, Managing
Director and major promoter of the Company, is a watershed in the development
of the Company into a leading pharmaceutical business." Mr. Satish Mehta, Managing Director of the Company, added, "We
are excited about the positive impact Blackstone will have on our growth
prospects. We evaluated various capital raising alternatives and are
delighted that we have been able to conclude a deal with Blackstone who we
believe will be an ideal partner for us. We look forward to their active
participation in our Board and their help with strategic relationships and
acquisitions given their expertise and network in the industry. Blackstone's
investment is a strong demonstration of their confidence in our management,
our strategy, and our future growth plan." Mr. Akhil Gupta, Chairman and Managing Director of Blackstone Advisors
India Private Limited, stated, "Our investment in Emcure reflects our
strong interest in the Indian pharmaceutical industry which we believe is
well positioned to show robust domestic growth as well as benefit from
increased amount of outsourcing to India. Satish has built a great
business with several drivers for future growth which is supported by a
high-quality and entrepreneurial management team. We believe our industry
expertise and relationships with the CEOs of some of the leading
pharmaceutical businesses in the world will complement the Company's growth
strategy. We look forward to working closely with Emcure in this next phase
of its evolution." |
|
April 2006 |
Meeting with H.E Mr Girma Wolde-Giorgis, President of the Mr. UD Balaji, General Manager, International Division recently met
H.E Mr Girma Wolde-Giorgis, President of the Federal Republic of
Ethiopia, at |
|
March 2006 |
Emcure part of the US Govt drive to find better HIV treatments for
children in poorest countries Mr. Satish Mehta, Managing Director, Mr. A K Khanna,
Director-Operations, and Mr. Nilesh Patel, Vice President, Emcure-USA, were
privileged to be invited to a function at the White House by the first lady
of US, Ms. Laura Bush, where she announced a new public-private partnership
to promote scientific and technical discussions on solutions for pediatric
HIV treatment, formulations and access. Emcure is honoured to be a part of
this collaboration which includes renowned innovator pharmaceutical
companies, generic pharmaceutical companies, multilateral organizations such
as UNAIDS and UNICEF and the US Government. The initiative forms part of the |
|
February 2006 |
Emcure enters into a strategic alliance with global giant
Bristol-Myers Squibb Emcure Pharmaceuticals Limited has entered into a strategic alliance with
Bristol-Myers Squibb, a global pharmaceutical giant,, as a part of
Bristol-Myers Squibb's global access programme. Under the agreement, Emcure
would manufacture the bulk drug, finished atazanavir and also market it in 50
countries in Sub-Sahara, Africa and On 15th of February 2006, the signing ceremony took place at BMS’s New
York Head Quarters. Mr.Lamberto Andriatti, President Pharmaceuticals, BMS and
Mr.Satish Mehta, Managing Director, Emcure Pharmaceuticals Limited, signed
the agreement. The drug, sold by Bristol-Myers Squibb under the brand name Reyataz®
in US, is not available in |
|
January |
Emcure sets up Centre for HIV/AIDS called ‘ As a part of its HIV/ AIDS initiatives, Emcure started the a pharmacy
for HIV/AIDS called ‘ |
|
January |
Solid Dosages Facility at Hinjewadi receives the USFDA The Solid dosages facility at Hinjewadi received the USFDA approval. The
approval proves the company’s world class standards. This success of the
state-of-the-art facility can be attributed to the excellent systems and
processes put in place by a highly competent team and the vision of the top
management. During 2006, the company is targeting USFDA approvals for its
injectables facility at Hinjwadi, Pune and the API manufacturing plant at
Kurkumbh. The solid dosages facility has capacity of producing 6-10 billion
tablets per annum. It is also approved by UK-MHRA, MCC, |
|
June 2005 |
Emcure
launches PanPure – Chirally Pure Pantoprazole With focus on chiral technology, Emcure launches PanPure,
S-Pantoprazole, which extends the frontiers of PPI therapy. PanPure
(S-Pantoprazole) is an Emcure R&D product, which is chirally pure &
clinically sure compared to racemic pantoprazole. |
|
June 2005 |
Emcure
launches Metpure XL world’s first Chirally pure extended release S (-)
Metoprolol Succinate. |
|
June 2005 |
Emcure
launches for the First time in India Foseal (Sevelamer
hydrochloride) for treating hyperphosphatemia. |
|
March 2005 |
Dr.
Kenneth Kaunda, First President of Zambia visits Emcure Emcure's pioneering efforts in battling the AIDS menace in |
|
March 2005 - |
Emcure bags prestigious
ARV orders Prestigious orders have been obtained for Emcure's ARV formulations
from various ministries of Health : |
|
February 2005 |
President of Iceland
formally inaugurates Hinjwadi facility. On Monday, February 7 2005, the President
of |
|
February 2005 |
Emcure signs MOU with Actavis Group hf, a leading
European generic major for strategic partnership Emcure and Actavis Group hf. is a Euro 600 million
generics company with a strong global presence. The MoU was signed by Mr.
Robert Wessman, President & CEO, Actavis and Mr. Satish Mehta, Managing
Director, Emcure. This strategic partnership will play a
major role in Emcure's foray into the regulated markets. |
|
January 2005 |
UK MHRA Approval For Emcure’s Hinjwadi Facility January 2005 - UK MHRA Approval for
Emcure's Hinjwadi facility The UK Regulatory Authorities audited and approved
Emcure's Hinjwadi facility based on submission of manufacturing data of
products manufactured at this facility. With this UK MHRA approval, Emcure is
geared up to commence exports to |
|
January 2005 |
Dr. Mahendra Patel joins
the Emcure Board of Directors Dr. Mahendra Patel is very well known in the global pharmaceutical
Industry with over twenty |
|
November 2004 |
Emcure Pharmaceuticals
USA., Inc., incorporated Emcure's |
|
October 2004 |
- the 1st Indigenous Iron Sucrose injection in |
|
October 2004 |
Hinjwadi
facility approved by MCC, Emcure’s state-of-the-art solid dosages
facility at Hinjwadi, Pune is approved by the MCC, |
|
September 2004 |
SAP R/3 Enterprise version 4.7 goes live across
Emcure To streamline data flow between various
arms of the organization, help in areas such as material resource planning,
as well as provide access to real time information, Emcure has implemented
SAP R/3 Enterprise version 4.7. This implementation was done in a record time
and will go a long way in creating internal efficiencies as well as a robust
information management system. |
|
August 2004 |
Medical Advisory Board formed A high powered Medical Advisory Board to
guide and advise Emcure's effort to be closer to the customer was formed. Dr.
R. P. Soonawala, one of |
|
July 2004 |
Emcure launches Orofer XT Tablets, containing
Ferrous Ascorbate. The launched of Orofer XT Tablets,
containing Ferrous Ascorbate has revolutionised iron therapy. With its unique
ability to deliver extra rapid Hb Rise, Orofer XT is a fine example of
Emcure’s Research. |
|
May 2004 |
Mr. Humayun Dhanrajgir takes over as Chairman of
Emcure's Board of Directors Mr. Humayun Dhanrajgir, who has been
associated with Emcure for over a decade took over as the Chairman of Emcure's
Board of Directors. Emcure is all set to gain immensely from his direction
and guidance as well as by drawing from his vast experience and knowledge of
the pharmaceutical industry. |
|
March 2004 |
Emcure Hinjwadi declared
EOU Emcure has obtained an EOU status for the new unit at Hinjwadi.This is
a key achivement for Emcure's global supply outlook. The Hinjwadi
manufacturing facility spread over 200,000 square feet of space, dedicated to
solid dosages This facility has been created to global standards with a
installed capacity of 5 billion tablets and capsules which can be scaled up
as required. The facility is part of Emcure's strategic plan to form a part
of the global outsourcing of manufacturing and is in the process of audits
from major regulatory agencies of The ultra-modern Hinjwadi manufacturing facility is among the best in
the industry with great care taken on all aspects to ensure delivery of high
quality products. It augments our previous manufacturing facilities that are
dedicated to the domestic and neighbouring markets. |
|
December 2003 |
The increased focus on Anti Retroviral drugs at Emcure to battle the
global AIDS menace received a fillip with an initial order from the African
continent. This order is seen as the precursor to much more business that
would ensue in this area of battling AIDS in which Emcure has taken the
initiative both in |
|
September 2003 |
Emcure launches Atpure -
Chirally pure Atenolol (S-Atenolol) With the runaway success of S-Amlodipine (chiral Amlodipine) in Emcure as created a niche for itself in the area of chiral molecules
and has several other chirally pure forms of several drugs in the research
pipeline at various stages. |
|
July 2002 |
Zuventus Healthcare
was launched in mid 2002 with the objective to
focus on therapeutic areas such as Anti infectives,
Gastroenterology, Life style disorders, Respiratory medicine and Nutritional
support. Zuventus has also entered
the Dermatology, Ophthalmology, Otology segments with the launch of its new
Division Zuvista. |
|
Name of the company |
EMCURE PHARMACEUTICALS LIMITED |
||||||||||||||
|
Presented By |
Mr. Shirish Dabir, Company Secretary |
||||||||||||||
|
1) Date and
description of instrument creating the change |
A. Bank of Agreement for
Hypothecation of goods, stocks, movables, plant and machineries and book
debts and memorandum of record of equitable mortgage both dated 27.11.1997.
This constitutes a single charge B. Corporation
Bank : Agreement of
hypothecation dated 01.02.2000 [of erstwhile Lasor Laboratories Limited
before amalgamation] |
||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
A. Bank of
B. Corporation
Bank :
|
||||||||||||||
|
3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
A. Bank of Hypothecation of
movables, plants, machineries, goods, stocks, materials, items, inventories,
raw materials, semi finished goods, finished goods, stock-in-trade, goods in
process, movables in transit, all of the movable assets and properties, the
goodwill and all receivables, book debts and all the rights, titles or
interest therein. An equitable mortgage of land and building B. Corporation
Bank : Hypothecation of
raw materials, stock-in-process, semi finished goods and finished goods,
stores, spares, receivables, book debts, plant and machinery, equipments,
furniture, computers, jigs and fixtures and all other movable fixed assets of
the company |
||||||||||||||
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
A. Bank of Rate of Interest
; PLR + 1% + tax B. Corporation
Bank Interest @ PLR +
1.5% i.e. 13.50% p.a. [Exclusive of
Interest Tax], at present subject to revision from time to time |
||||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, |
||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
No instrument is
created, but a certificate of closure of Loan accounts has been received from
Corporation Bank bearing Ref. No. IFB/OR/635/04-05, dated August 16, 2004 |
||||||||||||||
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Corporation Bank Original charge
was created on 1st February, 2000 by way of hypothecation, to
secure credit facility of Rs. 55 millions was also secured by equitable
mortgage of land & building as collateral security on 29.03.2000 for the
same amount. This charge was further
enhanced to Rs. 110 millions on 11th February, 2003, secured by
hypothecation of stocks in trade and book debts and also collaterally secured
by hypothecation of all movable fixed assets Further as per
the Memorandum of record of equitable mortgage dated 12.06.2003 the
properties of the company have been mortgaged as an additional security to
the security provided earlier. Further it is
stated that the property exclusively charged to Corporation Bank vide the
memorandum of deposit of title deeds dated 29.03.2000 was released in lieu of
above mentioned security. Now, vide no
objection certificate received from Corporation Bank, on repayment of all the
outstanding dues by the company of the said Bank and on surrendering the
limits sanctioned by the bank to the company, the bank has agreed to vacate
its charge over the property of the company to the extent of the limits
sanctioned by it, to the tune of Rs. 110 millions created vide the working
capital cartel agreement, further secured additionally by memorandum of
record of equitable mortgage. Thus the total
amount secured by the charge stands reduced from Rs. 437.500 millions to Rs.
327.500 millions as under :
All other terms and
conditions of the working capital cartel agreement, joint deed of
hypothecation and agreement for term loan all dated 11.02.2003, in respect of
the above mentioned 3 Banks viz. Bank of Maharashtra, Citi Bank N. A., BNP
Paribas, remain unchanged. |
|
Name of the company |
EMCURE PHARMACEUTICALS LIMITED |
||||||||||||||
|
Presented By |
Mr. Avinash Medhekar, Director [Finance] |
||||||||||||||
|
1) Date and
description of instrument creating the change |
A. Bank of Agreement for Hypothecation
of goods, stocks, movables, plant and machineries and book debts and
memorandum of record of equitable mortgage both dated 27.11.1997. This
constitutes a single charge B. Corporation
Bank : Agreement of
hypothecation dated 01.02.2000 [of erstwhile Lasor Laboratories Limited
before amalgamation] |
||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
A. Bank of
B. Corporation
Bank :
|
||||||||||||||
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
A. Bank of Hypothecation of
movables, plants, machineries, goods, stocks, materials, items, inventories,
raw materials, semi finished goods, finished goods, stock-in-trade, goods in
process, movables in transit, all of the movable assets and properties, the
goodwill and all receivables, book debts and all the rights, titles or
interest therein. An equitable mortgage of land and building B. Corporation
Bank : Hypothecation of
raw materials, stock-in-process, semi finished goods and finished goods,
stores, spares, receivables, book debts, plant and machinery, equipments,
furniture, computers, jigs and fixtures and all other movable fixed assets of
the company |
||||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
A. Bank of Rate of Interest
; PLR + 1% + tax B. Corporation
Bank Interest @ PLR +
1.5% i.e. 13.50% p.a. [Exclusive of
Interest Tax], at present subject to revision from time to time |
||||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, |
||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Memorandum of
Record of Equitable Mortgage dated 12.06.2003 |
||||||||||||||
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
BANK OF Original charge
to secure various credit facilities of Rs. 77.500 millions secured by
hypothecation and equitable mortgage on land at Bhosari was enhanced to Rs.
145.500 millions on 29.01.1999, is now reduced to Rs. 220 millions, secured
by hypothecation of stocks in trade and book debts and also collaterally
secured by hypothecation of all movable fixed assets as stated in Part A of Second
Schedule of the Joint Deed of Hypothecation dated 11th February,
2003 and the rate of interest and commission are mentioned in second schedule
of the working capital cartel agreement.
Further as per the memorandum of record of equitable mortgage dated
12.06.2003 the properties of the company referred to in Part A of second
schedule of the said memorandum have been provided as an additional security
to the security provided earlier vide the joint deed of hypothecation dated
11.02.2003. The company has also
been sanctioned Term Loan of Rs. 200 millions from Bank of Maharashtra,
secured by hypothecation of all movable fixed assets as stated in Part B of
second schedule of the joint deed of hypothecation dated 11.02.2003 and the
rate of interest as mentioned in Term Loan Agreement dated 11.02.2003. Whereas the
property of the company referred to in Part B of second schedule of the said
memorandum have been provided as an additional security to the term loan of
Rs. 200 millions over and above the security which was provided earlier vide
the joint deed of hypothecation dated 11.02.2003. Further it is
stated that the property exclusively charged to Bank of Maharashtra mortgage
dated 29.01.1999 is hereby through this modification released in lieu of
above mentioned security. B. Corporation
Bank Original charge
created on 01.02.2000 by way of hypothecation to secure credit facility of
Rs. 55 million, was also secured by equitable mortgage of land & building
as collateral security on 29.03.2000, is now enhanced to Rs. 110 millions,
secured by hypothecation of stocks in trade and book debts and also
collaterally secured by hypothecation of all movable fixed assets as stated
in Part A of second schedule of the Joint Deed of Hypothecation dated
11.02.2003 and the rate of interest and commission are mentioned in second
schedule of the working capital cartel agreement. Further as per
the memorandum of record of equitable mortgage dated 12.06.2003 the properties
of the company mentioned in Part A of the second schedule have been mortgaged
as an additional security to the security provided earlier vide the joint
deed of hypothecation dated 11.02.2003. Further it is
stated that the property exclusively charged to Corporation Bank vide the
memorandum of deposit of title deeds dated 29.03.2000 is hereby through this
modification released in lieu of above mentioned security. C. Citi Bank N.A. The company has
been sanctioned Cash Credit facility / Export Pre Shipment and Post shipment
finance / usance or Sight letter of credit / financial or performance
guarantee of Rs. 67.500 millions from Citi Bank N. A. secured by
hypothecation of stocks in trade and book debts and also collaterally secured
by hypothecation of all movable fixed assets as stated in Part A of second
schedule of the Joint Deed of Hypothecation dated on 11.02.2003 and the rate
of interest and commission are mentioned in second schedule of the working
capital cartel agreement Further as per
the memorandum of record of equitable mortgage dated 12.06.2003 the
properties of the company mentioned in Part A of the second schedule have
been mortgaged as an additional security to the security provided earlier
vide the joint deed of hypothecation dated 11.02.2003 D. BNP Paribas : The company has
been sanctioned 1. Cash Credit /WCDL Rs. 40 millions 2. Export Credit Rs. 40
millions Preshipment / Postshipment [1+2 not to exceed Rs. 40 millions in
aggregate] from BNP Paribas, secured by hypothecation of stocks in trade and
book debts and also collaterally secured by hypothecation of all movable
fixed assets as stated in Part A of second schedule of the joint deed of
hypothecation dated on 11.02.2003 and the rate of interest and commission are
mentioned in second schedule of the working capital cartel agreement. Further as per
the memorandum of record of equitable mortgage dated 12.06.2003 the
properties of the company mentioned in Part A of the second schedule have
been mortgaged as an additional security to the security provided earlier
vide the joint deed of hypothecation dated 11.02.2003 5. The security
of movable and immovable assets of the company will be given to each bank on
pari-passu basis in proportion to their respective limits. These limits are stated in the first
schedule of the working capital cartel agreement. 6. Now, the total
amount secured by the charge is Rs. 437.500 millions The security for
movable assets have been provided vide joint deed of hypothecation dated
11.02.2003 excluding that of Hinjewadi which is exclusively hypothecated with
the Bank of Maharashtra for the purpose of term loan of Rs. 200 millions The security for
immovable assets have been provided vide the memorandum of record of
equitable mortgage dated 12.06.2003 excludign that of Hinjewadi which is
exclusively mortgaged with the Bank of Maharashtra for the purpose of term
loan fo Rs. 200 millions Rs. 437.500
millions is secured to all the four bankers on pari passu basis to the extent
of individual sanctioned limits thereby modifying all earlier charges created
with the erstwhile companies before amalgamation. Vide this
document Bank of Maharashtra and Corporation Bank have released the
respective properties as stated in modification clause |
|
Name of the company |
EMCURE PHARMACEUTICALS LIMITED |
||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. Shirish Dabir, Company Secretary |
||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and
description of instrument creating the change |
A. Bank of Agreement for Hypothecation
of goods, stocks, movables, plant and machineries and book debts and
memorandum of record of equitable mortgage both dated 27.11.1997. This
constitutes a single charge B. Corporation
Bank : Agreement of
hypothecation dated 01.02.2000 [of erstwhile Lasor Laboratories Limited
before amalgamation] |
||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
A. Bank of
B. Corporation
Bank :
|
||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
A. Bank of Hypothecation of
movables, plants, machineries, goods, stocks, materials, items, inventories,
raw materials, semi finished goods, finished goods, stock-in-trade, goods in
process, movables in transit, all of the movable assets and properties, the
goodwill and all receivables, book debts and all the rights, titles or
interest therein. An equitable mortgage of land and building B. Corporation
Bank : Hypothecation of
raw materials, stock-in-process, semi finished goods and finished goods,
stores, spares, receivables, book debts, plant and machinery, equipments,
furniture, computers, jigs and fixtures and all other movable fixed assets of
the company |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
A. Bank of Rate of Interest
; PLR + 1% + tax B. Corporation
Bank Interest @ PLR +
1.5% i.e. 13.50% p.a. [Exclusive of
Interest Tax], at present subject to revision from time to time |
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|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, |
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6) Date and brief description of instrument
modifying the charge |
First
supplemental working capital agreement in favour of participating Bank of
reconstituted multiple banking finance arrangement dated 23.03.2005 First
supplemental deed of modification cum further charge of hypothecation [of
current assets & movable plant, machineries & other fixed assets]
dated 23.03.2005 |
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|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
BANK OF Original charge
to secure various credit facilities of Rs. 77.500 millions secured by
hypothecation and equitable mortgage on land at Bhosari was enhanced to Rs.
145.500 millions on 29.01.1999, was further enhanced to Rs. 247.500 millions
by creation of equitable mortgage also on additional land at Bhosari and
Pimpri on 29.10.1999, was then reduced to Rs. 220 millions, secured by
hypothecation of stocks in trade and book debts and also collaterally secured
by hypothecation of all movable fixed assets as stated in Part A of Second
Schedule of the Joint Deed of Hypothecation dated 11.02.2003 and the rate of
interest and commission were mentioned in second schedule of the working
capital cartel agreement. The company has
also been sanctioned Term Loan of Rs. 200 millions from Bank of Maharashtra,
secured by hypothecation of all movable fixed assets as stated in Part B of
second schedule of the joint deed of hypothecation dated 11.02.2003 and the
rate of interest as mentioned in Term Loan Agreement dated 11.02.2003. Further it is
stated that the property exclusively charged to Bank of Maharashtra mortgage
dated 29.01.1999 is hereby through this modification released in lieu of
above mentioned security. B. Corporation
Bank Original charge
created on 01.02.2000 by way of hypothecation to secure credit facility of
Rs. 55 million, was also secured by equitable mortgage of land & building
as collateral security on 29.03.2000, is now enhanced to Rs. 110 millions,
secured by hypothecation of stocks in trade and book debts and also
collaterally secured by hypothecation of all movable fixed assets. Further as per
the memorandum of record of equitable mortgage dated 12.06.2003 the
properties of the company had been mortgaged as an additional security to the
security provided earlier. Further it is
stated that the property exclusively charged to Corporation Bank vide the
memorandum of deposit of title deeds dated 29.03.2000 is hereby through this
modification released in lieu of above mentioned security. Vide no objection
certificate received from Corporation Bank, on repayment of all the
outstanding dues by the company of the said bank and on surrendering the
limits sanctioned by the bank to the company, the bank has agreed to vacate
its charge over the property of the company, to the extent of the limits
sanctioned by it, to the tune of Rs. 110 millions, created vide the working
capital cartel agreement, joint deed of hypothecation and term loan
agreement, further secured additionally by memorandum of record of equitable
mortgage, for which no instrument was created, but a certificate of closure
of loan accounts has been received from Corporation Bank bearing Ref. No.
IFB/OR/635/04-05, dated August 16, 2004. Thus the total
amount secured by the charge stands reduced from Rs. 437.500 millions to Rs.
327.500 millions as under :
All other terms
and conditions of the working capital cartel agreement, joint deed of
hypothecation and agreement for term loan all dated 11.02.2003, in respect of
the above mentioned 3 Banks viz. Bank of Maharashtra, Citi Bank N. A., BNP
Paribas, remain unchanged. C. Citi Bank N.A. The company has
been sanctioned Cash Credit facility / Export Pre Shipment and Post shipment
finance / usance or Sight letter of credit / financial or performance
guarantee of Rs. 67.500 millions from Citi Bank N. A. secured by
hypothecation of stocks in trade and book debts and also collaterally secured
by hypothecation of all movable fixed assets as stated in Part A of second
schedule of the Joint Deed of Hypothecation dated on 11.02.2003 and the rate
of interest and commission are mentioned in second schedule of the working
capital cartel agreement. Further as per
the memorandum of record of equitable mortgage dated 12.06.2003 the properties
of the company mentioned in Part A of the second schedule have been mortgaged
as an additional security to the security provided earlier vide the joint
deed of hypothecation dated 11.02.2003 D. BNP Paribas : The company has
been sanctioned 1. Cash Credit /WCDL Rs. 40 millions 2. Export Credit Rs. 40
millions Preshipment / Postshipment [1+2 not to exceed Rs. 40 millions in
aggregate] from BNP Paribas, secured by hypothecation of stocks in trade and
book debts and also collaterally secured by hypothecation of all movable
fixed assets as stated in Part A of second schedule of the joint deed of
hypothecation dated on 11.02.2003 and the rate of interest and commission are
mentioned in second schedule of the working capital cartel agreement. Further as per the
memorandum of record of equitable mortgage dated 12.06.2003 the properties of
the company mentioned in Part A of the second schedule have been mortgaged as
an additional security to the security provided earlier vide the joint deed
of hypothecation dated 11.02.2003 5. The security
of movable and immovable assets of the company will be given to each bank on
pari-passu basis in proportion to their respective limits. These limits are stated in the first
schedule of the working capital cartel agreement. E. ICICI Bank UK
Limited : The company has
been sanctioned by the Bank, Term Loan by way of external commercial
borrowing of USD 7.00 million for new projects and / or expansion of othe
units, against the security of, first pari passu charge along with ICICI Bank
Limited, India, of mortgage of land and building and hypothecation of movable
fixed assets situated at F- II Block, Kurkumbh factory and R & D centre
at Hinjewadi factory and further pari passu charge along with working capital
and other term lenders of the company, on the common fixed assets of the
company [other than exclusive charge of Bank of Maharashtra for their term
lending for Hinjewadi factory and fixed assets free from all encumbrances] as
specified in the present agreements dated 23.03.2005. F. ICICI Bank
Limited, The company has
been sanctioned by the bank, term loans of Rs. 150 millions [with a sublimit
of L/C of Rs. 50millions] for new projects and / or expansion of other units,
againt the security of first pari passu charge along with ICICI Bank UK
Limited, of mortgage of land and building and hypothecation of movable fixed
assets situated at F – II Block, Kurkumbh factory and R & D centre at
Hinjewadi factory and further pari passu charge along with working capital
and other term lenders of the company, on the common fixed assets of the
company as specified in the present agreements dated 23.03.2005. G. HDFC Bank
Limited : The company has
been sanctioned by the Bank, limit of Rs. 100 millions for working capital
requirements against the security of first pari passu charge on the current
assets of the company along with other working capital lenders and first pari
passu charge on the common fixed assets of the company [other than those
fixed assets which have been exclusively charged to respective term lenders
for term loan limits]. By present
agreements dated 23.03.2005 the first supplemental working capital agreement
& first supplemental deed of modification cum further charge of
hypothecation, for securities provided thereunder, the present working
capital limits of Rs. 327.500 millions have been revised by the addition of
HDFC Bank Limited in the working capital cartel arrangement. The increased working capital limits
[funded and non funded], are as under:-
Similarly,
additional term loans from BNP Paribas, ICICI Bank UK Limited and ICICI Bank
Limited,
|
As Per Web Details
Established in 1981, Company was born out of the vision to
create a healthcare company that would address the vast healthcare needs. Their
commitment and drive have propelled their growth from a single manufacturing
facility during the genesis, to a range of world class manufacturing facilities
spread across API, formulations and biotechnology
What began with a single manufacturing facility at Pune, has
today rapidly grown into a set of world class manufacturing facilities and one
of the top Indian pharmaceutical corporate in the domestic industry.
Headquartered in
The Company has carved a niche for itself as a preferred
outsourcing partner for some of the largest MNCs both
in
Company also researches, manufactures and
markets formulations under its own brands in the domestic market and exports
its own formulations to Asia, Africa, CIS, Europe, Latin America and the
In 2006, it received US FDA approval for its solid dosages
facility at Hinjwadi, Pune. The plant manufactures solid oral formulations for
the international regulated markets. With this approval, the facility has
accreditation from US FDA, UK MHRA, WHO Geneva and MCC South Africa.
Today, the Company brand stands
for quality, competitiveness and transparency. These values have stood them in
good stead to carve their image in the industry and build long-term sustainable
relationships with their partners.
Company is building its pipeline of Chiral and conventional
APIs and is emerging as a strong player in the biotechnology front.
Company is also very active in dealing with HIV/AIDS concern
through its "Let's fight AIDS together" initiative and supplies
Antiretroviral drugs to
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.39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
-- |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|