MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EMCURE
PHARMACEUTICALS LIMITED |
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Registered Office : |
Emcure House, T –
184, MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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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 : |
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 18000000 |
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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 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. |
INFORMATION PARTED
BY
|
Name : |
Ms. Pratiksha |
|
Designation : |
Accountant |
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Date : |
15.12.2008 |
LOCATIONS
|
Registered
Office/Factory : |
Emcure House, T -
184, M. I. D. C., Bhosari, Pune-411026, Maharashtra, India |
|
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 : |
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Area : |
50,000 Sq. ft.
(Owned) |
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Factory 1 : |
C – 10/12,
M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India |
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Factory 2 : |
D6/S-25,
M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India |
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Factory 3 : |
T – 172,
M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India |
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Factory 4 : |
Plot 12/2, F – II
Block, M.I.D.C., Pimpri, Pune – 411018, Maharashtra, India |
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Factory 5 : |
Plot No. D – 24,
M.I.D.C., Kurkumbh, Taluka Daund, District Pune, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Hamayun Raja
Dhanrajgir |
|
Designation : |
Director |
|
Address : |
Flat No. F – 41,
Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai – 400039, Maharashtra, India |
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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 |
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Designation : |
Managing Director |
|
Address : |
4, Mumbai – Pune
Road, Kirkee, Pune – 411003, Maharashtra, India |
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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] |
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Experience : |
27 Years |
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|
Name : |
Mr. Arunkumar
Purushottamalal Khanna |
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Designation : |
Whole Time
Director |
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Address : |
Clover Hills,
Bungalow No. 63, Nibm Road, Kondhwa, Pune – 411048, Maharashtra, India |
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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, Azad Road, Juhu, Mumbai – 400049, Maharashtra, India |
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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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|
Name : |
Mr. Berjis Minoo
Desai |
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Designation : |
Director |
|
Address : |
Yezerina II, 740
/ 741, Parsi Colony Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India |
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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, Maharashtra, India |
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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. |
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Experience : |
30 years |
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|
Name : |
Mr. Shrikant
Krushnaji Bapat |
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Designation : |
Director |
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Address : |
91, Sagar Tarang,
Worli Sea Face, Worli, Mumbai – 400018, Maharashtra, India |
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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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|
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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 |
|
Address : |
Bungalow C – II /
2, NCL Colony, Pashan Road, Pune – 411008, Maharashtra, India |
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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 |
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Address : |
752, Cornerstone
Lane, Bryn Mawr, Pennsylvannia, U.S.A. – 19010 |
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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, Bel Air Court,
Miltown, New Jersey – 08550, U.S.A. |
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Date of
Birth/Age : |
20.09.1949 |
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Date of
Appointment : |
12.01.2005 |
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|
Name : |
Mr. Samson Marvin |
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Designation : |
Director |
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Address : |
752 Riverton Road,
Moorestown, New Jersey – 08057 |
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Date of
Birth/Age : |
20.06.1941 |
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Date of
Appointment : |
27.08.2007 |
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|
Name : |
Mr. Mathew Cyriac |
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Designation : |
Director |
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Address : |
Kanchanjunga Flat
No. 13, 72 Peddar Road, Mumbai 400026,
Maharashtra |
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Date of
Birth/Age : |
20.05.1969 |
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Date of
Appointment : |
20.11.2007 |
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|
Name : |
Mr. Sandeep Anil
Phadnis |
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Designation : |
Director |
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Address : |
3, Prabhat
Gururaj Society, Pauo Road, Pune – 4110038 |
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Date of Birth/Age
: |
11.06.1968 |
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Date of
Appointment : |
29.04.2006 |
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 |
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Designation : |
Secretary |
|
Address : |
3, Prabhat,
Gururaj Society, Paud Road, Pune – 411038, Maharashtra, India |
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Date of
Birth/Age : |
11.06.1968 |
|
Date of
Appointment : |
29.04.2006 |
MAJOR SHAREHOLDERS
AS ON 20.05.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ambalal
Ramanlal Mehta |
|
259710 |
|
Ms. Sushila
Ramanlal Mehta |
|
242220 |
|
Mr. Satish
Ramanlal Mehta |
|
2863906 |
|
Mr. 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 |
|
Mr. 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 |
|
Ms. Ushaben Shah |
|
13650 |
|
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 |
AS ON 31.03.2008
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
2.80 |
|
Directors or relatives of directors |
|
57.48 |
|
Other top fifty shareholders |
|
39.72 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and
Biological Products. |
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|
Products : |
-Anti-Inflammatory / Analgesics -For Benign Prostrate Hyperplasia |
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Brand Names : |
“EMCURE” |
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Exports : |
|
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Countries : |
UK, USA and
Africa |
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|
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Imports : |
|
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Countries : |
China, UK, USA
and Germany |
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|
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Terms : |
|
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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, Baroda. 2)
National
Organic Chemical Industries Limited, Bombay. 3)
Lupin
Chemicals Limited, Bombay. 4)
Bayer India
Limited, Bombay |
|
|
|
|
Customers : |
1)
Radiant
Chemists, Bombay 2)
Spencer
& Company Limited, Madras. 3)
Akbarallys
Stores Department Stores Limited, Bombay 4)
Bombay
General Hospital, Bombay. |
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|
No. of Employees : |
4500 |
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Bankers : |
|
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Facilities : |
Secured by hypothecation of stock in trade and book debts Secured by equitable mortgage of land and building of movable Secured by assets acquired on hire purchase Secured by assets accrued under finance lease |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
||||||||||
|
Name : |
Partha Ghosh Price Waterhouse
and Company Chartered
Accountants |
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|
Address: |
252, Veer
Savarkar Marg, Shivaji Park, Dadar, Mumbai 400021, Maharashtra, India |
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Associates/Subsidiaries : |
Ř Emcure Infotech Limited CIN No.: U72100PN2000PTC015368 Ř Zuventus Healthcare Limited CIN No.: U85320PN2002PTC018324 Ř Gennova Biopharmaceuticals Limited CIN No.: U24231PN2001PLC016253 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
20000000 |
Preference Shares
|
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
Total |
|
Rs. 600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30865535 |
Equity Shares |
Rs. 10/- each |
Rs. 308.655 Millions |
|
17931642 |
Preference Shares
|
Rs. 10/- each |
Rs. 179.316 Millions |
|
|
Total |
|
Rs. 487.971 Millions |
Notes:
Of the above :
1. 24,014,046 (Previous Year: 24,014,046) equity shares were allotted as fully paid-up bonus shares by way of capitalisation of Reserves.
2. 967,498 equity shares have been issued as fully paid-up shares pursuant to the Scheme of Amalgamation for consideration other than cash
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
487.971 |
487.204 |
119.250 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
3301.783 |
3120.406 |
913.010 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
3789.754 |
3607.610 |
1032.260 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2336.644 |
1792.021 |
1421.923 |
|
|
2] Unsecured
Loans |
164.631 |
171.580 |
175.434 |
|
TOTAL BORROWING
|
2501.275 |
1963.601 |
1597.357 |
|
|
DEFERRED TAX
LIABILITIES |
336.926 |
269.202 |
148.825 |
|
|
|
|
|
|
|
TOTAL
|
6627.955 |
5840.413 |
2778.442 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2703.497 |
2264.667 |
1606.988 |
|
Capital work-in-progress
|
1034.057 |
259.114 |
203.897 |
|
|
|
|
|
|
|
INVESTMENT
|
631.286 |
876.501 |
85.881 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
1062.792 |
716.535 |
465.086 |
|
|
Sundry Debtors
|
1070.071 |
984.146 |
557.763 |
|
|
Cash & Bank Balances
|
26.658 |
663.312 |
13.068 |
|
|
Other Current Assets
|
9.343 |
18.554 |
1.505 |
|
|
Loans & Advances
|
1115.939 |
828.547 |
529.836 |
Total Current Assets
|
3284.803 |
3211.094 |
1567.258 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
880.771 |
624.154 |
601.908 |
|
|
Provisions
|
144.917 |
146.809 |
83.674 |
Total Current Liabilities
|
1025.688 |
770.963 |
685.582 |
|
Net Current Assets
|
2259.115 |
2440.131 |
881.676 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
6627.955 |
5840.413 |
2778.442 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
4374.328 |
4262.235 |
3390.228 |
|
|
Other Income |
292.407 |
172.708 |
55.042 |
|
|
Total Income |
4666.735 |
4434.943 |
3445.270 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
351.222 |
700.722 |
406.435 |
|
|
Provision for Taxation |
62.992 |
237.942 |
-- |
|
|
Profit/(Loss) After Tax |
288.230 |
462.780 |
406.435 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1279.151 |
1310.841 |
1185.799 |
|
|
Purchase made for resale |
404.385 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(136.080) |
291.239 |
315.160 |
|
|
Salaries, Wages, Bonus, etc. |
925.798 |
663.599 |
498.754 |
|
|
Managerial Remuneration |
57.555 |
47.363 |
36.029 |
|
|
Payment to Auditors |
1.845 |
1.650 |
1.060 |
|
|
Interest |
187.279 |
163.502 |
97.358 |
|
|
Insurance Expenses |
11.880 |
9.009 |
5.202 |
|
|
Power & Fuel |
140.800 |
126.596 |
61.224 |
|
|
Depreciation & Amortization |
168.488 |
132.536 |
78.786 |
|
|
Other Expenditure |
1274.412 |
987.886 |
759.463 |
|
Total Expenditure |
4315.513 |
3734.221 |
3038.835 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
6.17 |
15.80
|
11.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.02 |
10.43
|
11.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.86 |
12.79
|
12.80
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.19
|
0.39
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93 |
0.75
|
2.21
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20 |
4.16
|
2.29
|
LOCAL AGENCY
FURTHER INFORMATION
Trade
References
- Wthlas
Pharmacautical Limited
- Phizer
- Glaxo
- Genmark
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 |
OPERATIONS:
The Gross Sales Revenue for the financial year under review was Rs.4,792.48
Million as compared to Rs.4,826.04 Million recorded for the previous financial
year. The Net Sales (excluding Excise Duty of Rs.418.15 Million) are
Rs.4,374.33 Million as compared to previous year’s Net Sales of Rs.4,262.24
Million (excluding Excise Duty of Rs.563.80 Million). In the business of
manufacturing and marketing of formulations of third party brands for reputed
Multinationals, the Company has recorded sales of Rs.1,003.30 Million as
compared to the previous year’s sales of Rs.1,387.00 Million. The sales of own
branded domestic formulations were recorded at Rs.2,757.00 Million as against
Rs.2,745.91 Million, for the previous year. For the year under review, Exports
were recorded at Rs.1,032.20 Million, including sales to Regulated and Semi
Regulated markets, as compared to Exports of Rs.705.36 Million for the previous
year, reflecting a growth of 43.40%.
INCREASE IN SHARE
CAPITAL:
The Company allotted 76,710 Equity shares on preferential basis, during
the year, to Blackstone GPV Capital Partners Mauritius V-C Ltd. on 18th
January, 2008 thereby increasing the paid up Equity Share Capital base from
previous year’s Rs.307.89 Million to Rs.308.65 Million
SUBSIDIARY
COMPANIES:
ZUVENTUS
HEALTHCARE LIMITED:
The Company’s subsidiary, Zuventus Healthcare Limited, has recorded
gross sales of Rs.1,880.29 Million as compared to the previous year’s
Rs.1,781.63 Million. The Company has recorded a profit before tax of Rs.142.17
Million for the year under review against a profit of Rs.269.77 Million for the
year ended 31st March, 2007. The subsidiary increased its paid up Share Capital
base from Rs.40.11 Million to Rs.50.14 Million.
GENNOVA
BIOPHARMACEUTICALS LIMITED:
The Company’s subsidiary, Gennova Biopharmaceuticals Limited has
recorded revenue of Rs.423.99 Million (Previous year: Rs. 327.04 Million).
The subsidiary increased its Authorized Share Capital from Rs.250
Million to Rs.550 Million comprising of Equity Share Capital of Rs.100 Million
and Preference Share Capital of Rs.450 Million. The subsidiary also increased
its paid up capital from Rs.200 million to Rs.500 million.
EMCURE INFOTECH
LIMITED:
The Company’s subsidiary, Emcure Infotech Limited, has remained
un-operational for the year under review.
LASOR PHARMACHEM
LIMITED:
The Company’s subsidiary, Lasor Pharmachem Limited is yet to commence
its commercial operations.
EMCURE
PHARMACEUTICALS USA, INC.:
The Company’s subsidiary in the USA, Emcure Pharmaceuticals USA, Inc.
has recorded revenue of US$ 1.27 Million
for the year ended 31st December, 2007.
EMCURE NIGERIA
LIMITED:
The Company incorporated a subsidiary in Nigeria on 2nd July, 2007 with
an intention of focusing and foraying
into Semi Regulated markets, especially Africa, which is a huge market for ARV
drugs. This being the first year of its incorporation, the subsidiary company
has closed its first financial year on 31st March, 2008.
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 UK and an Advanced Management Program from Harvard.
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 India who have been mentioned in the Institute of
Scientific Information of Chemists and has more than 500 citations. Dr. Gurjar
is currently the Deputy Director at National Chemical Laboratory, Pune. He is a
leading Fellow at various National and International Academies. He holds a
double Ph.D., from London University, UK and from Nagpur University, India.
Profile of Dr.
Jitendra V. Singh
Dr. Singh is the Saul P. Steinberg Professor of Management
at The Wharton School, University of Pennsylvania. He was the Vice Dean,
International Academic Affairs at Wharton for three years. He holds a doctorate
in Organization Theory and Behaviour and a Master of Arts in Sociology from
Stanford University. Dr. Singh has been on the Board at Infosys Technologies
Limited and Global Vision Inc., Florida, and has been an Advisor to prestigious
companies such as Eurindia Limited, London and Global Vision Inc., Florida. His
focus is on strategic and organizational change, building world-class capabilities,
corporate governance, strategic and organizational challenges of high growth,
and he has an abiding interest in high technology firms. Dr. Singh is an
alumnus of IIM, Ahmedabad.
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 India
after the launch of its private equity business in India in the middle of
last year. 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 their 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 their 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 their management,
their strategy, and their future growth plan." Mr. Akhil Gupta, Chairman and Managing Director of Blackstone Advisors
India Private Limited, stated, "Their investment in Emcure reflects
their 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. They believe their industry
expertise and relationships with the CEOs of some of the leading
pharmaceutical businesses in the world will complement the Company's growth
strategy. They 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
Federal Republic of Ethiopia Mr. UD Balaji, General Manager, International Division recently met
H.E Mr Girma Wolde-Giorgis, President of the Federal Republic of
Ethiopia, at Addis Ababa , Ethiopia . During the meeting, HIV initiatives of
Emcure were discussed. H.E, Mr Girma Wolde-Giorgis, who is also the
Chairperson of the AIDS Control Programme in Ethiopia shares his concern
regarding HIV/AIDS with Emcure. |
|
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 US President’s Emergency Plan for
AIDS Relief (PEPFAR), and will work to identify scientific obstacles to treatment
for children and take practical steps to address key barriers. |
|
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 India. 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 India currently. It is a protease inhibitor, which
is useful in second-line treatments for patients who have developed
resistance to their first antiretroviral cocktails. |
|
January |
Emcure sets up Centre for HIV/AIDS called ‘Taal’ in Pune As a part of its HIV/ AIDS initiatives, Emcure started the a pharmacy
for HIV/AIDS called ‘Taal’ in Pune where HIV/AIDS products will be available
at cheaper rates. ‘Taal’ is a first of its kind pharmacy partnership
initiative in India, which helps reach out to people living with HIV/AIDS and
offer them a treatment in a more humane environment. It is unique because of
the fact that it is run by people afflicted with HIV/AIDS. |
|
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, South Africa, WHO Geneva and global audit
teams of MNCs |
|
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 Africa and
the world received a boost with the visit of His Excellency, Dr. Kenneth
Kaunda, First President of Zambia. During his visit to Emcure, Dr. Kaunda
launched 'Emtri' suspension, a first of its kind paediatric formulation for
the treatment of HIV infected children. Emcure and Dr. Kaunda's Children of
Africa Foundation will jointly work towards fighting the AIDS menace. |
|
March 2005 - |
Emcure bags prestigious ARV orders Prestigious orders have been obtained for Emcure's ARV formulations
from various ministries of Health : Kenya, Tanzania, Sudan, Zambia and Namibia.
Supplies of Emcure's ARV formulation to the tune of USD 2 million have been
effected in the current financial year and supplies are ongoing to various
NGOs across India and Africa working on AIDS control programmes |
|
February 2005 |
President of Iceland formally inaugurates Hinjwadi
facility. On Monday, February 7 2005, the President
of Iceland, H.E. Dr. Ólafur Ragnar Grímsson formally inaugurated Emcure’s
state-of-the-art manufacturing facility for solid dosage forms at Hinjwadi,
Pune. |
|
February 2005 |
Emcure
signs MOU with Actavis Group hf, a leading European generic major for
strategic partnership Emcure and Iceland based Actavis Group hf
signed an MOU spanning strategic areas of Abbreviated New Drug Applications
(ANDAs), Marketing Authorisations (MAs) as well as manufacturing of
formulations for the regulated markets. 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 Europe. |
|
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 US and international patents in the field of
Pharmaceutical Sciences. He has been associated in various capacities with
reputed pharmaceutical and medical device companies. Dr. Patel brings his
vast experience to Emcure and will be instrumental in developing the roadmap
for Emcure's push into the regulated markets. |
|
November 2004 |
Emcure Pharmaceuticals USA., Inc., incorporated Emcure's US subsidiary to cater to the market requirements and liaise
closely with Emcure's partners was incorporated. A key team of seasoned
professionals from the pharmaceutical industry will work closely on
formulation development and regulatory support to the parent company from
this subsidiary. |
|
October 2004 |
- the 1st Indigenous Iron Sucrose injection in India, for the
management of anemia in CKD patients. |
|
October 2004 |
Hinjwadi facility
approved by MCC, South Africa Emcure’s state-of-the-art solid dosages
facility at Hinjwadi, Pune is approved by the MCC, South Africa. |
|
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 India's leading gynaecologists chairs this board.
Comprising luminaries from the medical profession, the Medical Advisory Board
comprises leading experts from the fields of Gynaecology, Oncology,
Cardiology, Otolaryngology, Orthopedics, Nephrology, Pediatrics, HIV/AIDS and
Haematology. |
|
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 UK and USA. and other regulated markets 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 their 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 India as well as the global market. |
|
September 2003 |
Emcure launches Atpure - Chirally pure Atenolol
(S-Atenolol) With the runaway success of S-Amlodipine (chiral Amlodipine) in India
and its proven benefits, Emcure followed up with the launch of Atpure. Atpure
is the result of continued extensive Research and Development by the Emcure
team and is based on the chiral purification of Atenolol - a beta-blocker. 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. |
Form 8
|
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
Maharashtra 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 Maharashtra
:
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
Maharashtra : 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
Maharashtra : 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
Maharashtra Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003 |
||||||||||||||
|
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
Maharashtra 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
Maharashtra :
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
Maharashtra : 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
Maharashtra : 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
Maharashtra Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003 |
||||||||||||||
|
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
MAHARASHTRA 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
Maharashtra 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
Maharashtra :
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
Maharashtra : 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
Maharashtra : 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
Maharashtra Dapodi, Pune –
411012 Corporation Bank Industrial
Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003 |
||||||||||||||||||||||||||||||||||||||||||||||
|
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 |
||||||||||||||||||||||||||||||||||||||||||||||
|
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
MAHARASHTRA 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, India : 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,
India are being availed by the company in addition to the present term loan
of Rs. 200 millions from Bank of Maharashtra. The new Term loan limits are as
under :
|
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 Pune, India, Company is today a vertically integrated pharmaceutical company
with infrastructure, skills and restheirces that are at par with the best in
the world. Their strengths span research to the manufacturing of APIs,
Formulations and Biotechnology.
The Company has carved a niche for itself as a preferred
outsourcing partner for some of the largest MNCs both
in India and global markets.
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 Middle
East.
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 Africa, Asia Pacific and CIS. They took another
significant step towards fulfilling their corporate social responsibility by
starting ‘Taal’, a pharmacy for HIV/AIDS.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|