MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNICURE INDIA PRIVATE LIMITED |
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Registered Office : |
C-677, New Friends Colony, New Delhi- 110005 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.07.1980 |
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Com. Reg. No.: |
55-10642 |
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CIN No.: [Company
Identification No.] |
U74899DL1980PTC010642 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals and Healthcare Industry |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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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 meeting its normal commitments
timeously. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-677, New Friends Colony, New Delhi- 110005, India |
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Tel. No.: |
91-11-25768374 |
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E-Mail : |
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Website : |
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Factory : |
C/22, Sector-3, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2553334/ 2522465/ 2522965/ 4320188/ 4320184/ 12 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Abdul Mateen |
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Designation : |
Director |
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Address : |
C-677, New Friends Colony, New Delhi-110064, India |
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Date of Birth/Age : |
07.05.1955 |
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Date of Appointment : |
14.07.1980 |
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Name : |
Mr. Ikhlas Ahmed Chawla |
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Designation : |
Director |
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Address : |
C-677, New Friends Colony, New Delhi-110064, India |
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Date of Birth/Age : |
07.05.1965 |
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Date of Appointment : |
01.05.1999 |
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Name : |
Mr. Piyush Mehta |
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Designation : |
Director |
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Address : |
L-136, Awas Vikas Colony, B.H.E.L, Hardwar, India |
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Date of Birth/Age : |
10.05.1965 |
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Date of Appointment : |
05.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Abdul Rasheed |
|
7050 |
|
Abdul Mateen |
|
6999 |
|
Abdul Hameed |
|
7000 |
|
Khail Ahmed |
|
7000 |
|
Ikhlas Ahmed Chawla |
|
7000 |
|
Shehnaz Rashid |
|
3500 |
|
Atya Hameed |
|
3500 |
|
Farzana Mateen |
|
3500 |
|
Nishant Khalil |
|
3500 |
|
Mukhlis Aziz |
|
3800 |
|
Anmol Aziz |
|
3800 |
|
Hamd Aziz |
|
3800 |
|
Sana Aziz |
|
3800 |
|
Nihal Aziz |
|
3800 |
|
Amin-Ul-Aziz |
|
3800 |
|
Fahad Aziz |
|
3800 |
|
Saad Aziz |
|
3800 |
|
Mehak Aziz |
|
3800 |
|
Muskan Aziz |
|
3800 |
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Kashish Aziz |
|
3800 |
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Noor-Ul- Aziz |
|
3800 |
|
Zoya Aziz |
|
3800 |
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Rahmat Aziz |
|
3800 |
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Khuloos Aziz |
|
3800 |
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Sufia Ikhlas |
|
3500 |
|
V.K. Jain |
|
1400 |
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Karun Khanna |
|
30000 |
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Sushil Kumar |
|
80000 |
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Urmila Gupta |
|
5000 |
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Sachin Jain |
|
20000 |
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Shashi Jain |
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5000 |
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B.S Chouhan |
|
1000 |
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Sudip Varma |
|
3000 |
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A.P.Dixit |
|
1 |
|
Total |
|
254950 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2006
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
42.97 |
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Other top fifty (50) shareholders (Other than listed above) |
|
57.03 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals and Healthcare Industry |
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Products : |
·
Kurgesic (Dipersible) ·
Uniflam –DT ·
Du-Gesic ·
Comflam Plus ·
Ambenil-D ·
Ambenil ·
Ocaldin ·
Cipzole ·
Curezole 400 ·
Unitrtan D.S ·
EZI Tablet ·
Ranicure CM ·
Ranicure ·
Nile 400 ·
Unirox 150 ·
Ocin 200 ·
CFT 250 ·
CFT 500 ·
Unimox -125 DT ·
Unicof ·
Ocin-OZ ·
Ocin-TZ ·
Relax ·
Cetacure 250 mg ·
Cefacure 126 m (Disp.) ·
Cefacure 500 Mg. Tab ·
Alprazolam ·
Alpracalm- D ·
Unidal Kid (Dispersible) ·
Flamulide Tablests ·
Spasure |
GENERAL
INFORMATION
|
Bankers : |
Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh,India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bajaj and Company Chartered Accountant |
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Address : |
Flat No. 4, 9, Pusa Road, New Delhi-110005, India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
254950 |
Equity Shares |
Rs. 100/-
each |
Rs. 25.495
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
25.495 |
25.495 |
18.455 |
|
|
2] Share Application Money |
3.505 |
7.375 |
7.400 |
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|
3] Reserves & Surplus |
12.118 |
5.076 |
4.184 |
|
|
4] (Accumulated Losses) |
0.000 |
[0.767] |
0.000 |
|
|
NETWORTH |
41.118 |
37.179 |
30.039 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80.417 |
31.808 |
16.297 |
|
|
2] Unsecured Loans |
6.295 |
3.597 |
4.197 |
|
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TOTAL BORROWING |
86.712 |
35.405 |
20.494 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.632 |
0.788 |
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TOTAL |
127.830 |
73.216 |
51.321 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.824 |
34.346 |
13.103 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.026 |
0.026 |
0.026 |
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DEFERREX TAX ASSETS |
0.575 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
34.440
|
14.708 |
14.731 |
|
|
Sundry Debtors |
160.059
|
66.106 |
50.774 |
|
|
Cash & Bank Balances |
10.281
|
5.000 |
5.287 |
|
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Other Current Assets |
0.244
|
0.183 |
0.193 |
|
|
Loans & Advances |
13.873
|
12.708 |
7.906 |
|
Total
Current Assets |
218.897
|
98.705 |
78.891 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
138.872
|
58.450 |
39.843 |
|
|
Provisions |
1.680
|
1.455 |
0.925 |
|
Total
Current Liabilities |
140.552
|
59.905 |
40.768 |
|
|
Net Current Assets |
78.345
|
38.800 |
38.123 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.060 |
0.044 |
0.070 |
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|
|
|
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|
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TOTAL |
127.830 |
73.216 |
51.321 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
378.202 |
232.338 |
203.168 |
|
|
Other Income |
6.406 |
2.241 |
1.210 |
|
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Total Income |
384.608 |
234.579 |
204.378 |
|
|
|
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|
|
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Profit/(Loss) Before Tax |
6.852 |
1.265 |
1.209 |
|
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Provision for Taxation |
6.052 |
0.735 |
0.859 |
|
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Profit/(Loss) After Tax |
0.800 |
0.530 |
0.350 |
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Expenditures : |
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|
|
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Manufacturing Expenses |
179.435 |
116.944 |
93.801 |
|
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Raw Material Consumed |
187.818 |
99.499 |
89.073 |
|
|
Purchases made for re-sale |
14.818 |
15.569 |
17.117 |
|
|
Increase/(Decrease) in Finished Goods |
[8.720] |
[0.037] |
[1.975] |
|
|
Depreciation & Amortization |
4.405 |
1.339 |
1.203 |
|
Total Expenditure |
377.756 |
233.314 |
203.169 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.21
|
0.23 |
0.17 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.81
|
0.54 |
0.60 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.56
|
0.95 |
1.31 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.03 |
0.04 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.23
|
2.56 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.65 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1980PTC010642 |
|
Name of the
company |
UNICURE INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
C-677, New Friends Colony, New Delhi- 110005, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Hyothecation |
|
Particular of
charge holder |
Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh,India |
|
Amount secured by
the charge |
Rs.0.400 Million |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Brief description
of the instrument modifying the charge under section 135 |
Sup. Comm.
Hypothecation Agreement Letd ( 2NO) |
|
Date of
instrument modifying the charge |
11.03.2006 |
|
Particulars of
the present modification |
OCC Limit stands enhanced
from Rs. 17.500 Millions to Rs. 30.000 Millions which is secured by all p/M
EMT of Property at 44-B and 16-D, B-65 and C-22 Noida, Uttar Praesh |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90052025 |
|
Corporate
identity number of the company |
U74899DL1980PTC010642 |
|
Name of the
company |
UNICURE INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C-677, New Friends Colony, New Delhi-110005, India |
|
Type of charge |
Book Debts Immovable
Property Others |
|
Particular of
charge holder |
Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh,India |
|
Nature of description
of the instrument creating or modifying the charge |
i)
Supplemental
Common Hypothecation Agreement ii)
Counter
Indemnity iii)
Letter
Evidencing extension of deposit of title deeds along with schedule A and B |
|
Date of
instrument Creating the charge |
17.12.2007 |
|
Amount secured by
the charge |
Rs. 106.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@ 1% above the ongoing BPLR with a minimum of 10.75% p.a. Terms of
Repayment As per agreement Margin As per agreement Extent and
Operation of the charge 100% Others CC (SL- ODBD Rs.
20.000 Millions) – Rs. 50.000 Millions Cash Credit (Adhoc) Rs. 7.500
Millions, LC Rs.20.000 Millions BG (ST) Rs. 11.500 Millions Guarantee Rs.
15.000 Millions CDB Rs. 2.500 Millions |
|
Short particulars
of the property charged |
Prime – All the
stocks and book debts Coll. Secured by
way of :- All p and M toos,
accessories and misc fixed assets, Equitable mortgage of the company’s
following properties i)
Factory L
and B situated at C-22 Sec -3 Noida ii)
Flat No. 44B
Block U-3 Sect 11 Dhavigiri Apatment, Noida iii)
Residential
Flat No. 16 D Block B-9, Udgaigiri –II Apartment Sec. 34 Noida iv)
Plot B-65
Sector – 57 v)
1/6th
share of factory land and Buildig at Khasra no. 46 and 49, Village – Raipur,
Tehsil Roorkee |
|
Particulars of
the present modification |
The Various
working capital facilities enhanced to Rs. 106.500 Millions i.e. CC (SL –
ODBD R.s 20.000 Millions) Rs. 50.000 Millions, Cash Credit (Adhoc) Rs. 7.500
Millions LC Rs. 20.000 Millions BG (ST) Rs. 11.500 Millions Guarantee Rs.
15.000 Millions CDB Rs. 2.500 Millions Other term and Conditions remain same. |
Fixed Assets:
·
Lease hold Land
·
Factory Building
·
Plant and Machinery
·
Dies
·
Furniture and Fixture
·
Electric Fittings
·
Weighing Machine
·
Office Equipments
·
Cycle and Cycle Rickshaw
·
Fire Extinquishers
·
Fans
·
Laboratory Equipments
·
Generator
·
Scooter
·
Water Tank
·
Motor Cars
·
Air Conditioner
·
Computers
·
Intercom
·
Office Premises
·
Pager
·
Telephone Instruments
·
Water Pump
·
EPABX
·
Hoist
·
Security Equipments
·
Transformer (Elctric)
·
Delivery Van
·
Residential Flat
·
Building under Construction
AS PER WEBSITE
Company Profile:
Pursuit of excellence in health care has been the motto
since the company started in 1984 at Noida. Mr. Abdul Mateen founded the
company with a lot of zeal and commitment to contribute to society by providing
safe and affordable drugs. It was his sincere efforts and devotion which has
brought this company to this platform which makes everybody associated with the
company feel proud.
With the successful mission to develop a successful and
dedicated company for manufacturing and marketing wide range of safe, effective
and cost effective drugs and spreading the network to the remotest locations in
India and abroad to serve its valued customers,thereby helping them to lead
healthier lives over past two decades subject has become an epitome for
“efficacious medicines at most reasonable prices”.
Infrastructure:
The plant in Roorkee, Uttarakhand lies in excise exempted
zone. It complies to WHOGMP norms. The plant is capable of manufacturing
tablets(non Beta lactam and sex hormones ), capsules, liquid orals and ointments.
The facilty of sex hormone tablets is being used extensively and many reputed
brands of sex hormones are being manufactured at the facility. The other areas
of expertise are antacids and nutritional supplements as oral prepartions.
The Noida plant is WHOGMP approved and ISO certified. It was
the first plant in the state of Uttar Pradesh to comply with latest Schedule M
specifications. It has facility to manufacture tablets(non beta lactam ,beta
lactam and sex hormones), liquid orals, capsules, ORS and ointments. The plant
is approved for manufacturing drugs for veterinary use also. In this plant
drugs are manufactured for government agencies and for exports.
Quality policy :
At Unicure they value the well being of the consumers. They
manufacture drugs while observing the most stringent standards and using
validated processes. The infrastructure is certified and approved by many
agencies like WHOGMP, ISO 9001, DGQA etc. Well trained and experienced
personnel are employed ,regular seminars and lectures are conducted to adopt
the latest techniques.
Manufacturing:
Leading pharmaceutical companies are increasingly
turning towards out-sourcing and contract manufacturing. It is becoming an
integral, ongoing element of their business strategy to achieve efficiency in
cost, capacity and time to the market.
They boast of 10 years of quality contract manufacturing
services to reputed pharmaceutical companies. The sound technical know how has
helped them in providing these companies with consistent high quality product
much to their satisfaction and the delight .
Clients:
They have developed a strong network
both in domestic and international arena where the products are well recognized
and accepted.
They are approved by DGQA (Ministry of Defence) and are
regularly supplying large quantities of drugs to armed forces.
They are also engaged in supplies of drugs to various
Government organizations like Health services of Delhi, Mahrashtra, Karnataka,
Tamil Nadu, Kerala, Pondicherry, Punjab, Himachal Pradesh, Jammu & Kashmir,
Rajasthan, Madhya Pradesh, Chhatisgarh, Uttar Pradesh, West Bengal, Haryana,
Uttaranchal, Orissa and Assam.and have a good track record with all these
organisations
They cater to many Pharma marketing companies which are well
known and many of them are in top 25 companies according to ORG report like
Mankind Pharma, Jagsonpal Pharmaceuticals, Obsurge Biotech, Seagull Pharma and
many more.
They are also active in exports and the products are being
exported to Afghanistan, CIS countries, Iraq, Jordan, Kenya, Nepal, Nigeria and
Oman . They also export through merchant exporters. All the products are well
accepted and repeat orders are always there.
News
and Events:
UNICURE CONSOLIDATING ITS OVERSEAS BUSINESS
Unicure after gaining a stong foothold in domestic arena is
planning to pursue its global ambitions in a more aggressive manner. The
company is already exporting drugs in large volumes and is trying to increase
the its foothold particularly in middle east and central American countries.
The company is already registered in Nepal and Afghanistan.
It also has presence in countries like CIS, Iraq , Jordan and Oman. Entry into
new countries is being done with help of joint ventures and alliances.
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 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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|