MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MEDREICH LIMITED |
|
|
|
|
Formerly Known As : |
MEDREICH STERILAB
LIMITED |
|
|
|
|
Registered Office : |
Medreich House No
12/8, Saraswati Ammal Street, M. S. Nagar, Bangalore – 560033, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
16.08.1973 |
|
|
|
|
Com. Reg. No.: |
08-2383 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24232KA1973PLC002383 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS01934C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCM1458Q |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacturers of
Pharmaceutical Formulations such as Amoxycillin, Ampicillin, Chloromphenicol,
Chloroquine Phosphate, Ibuprofen, Indometacin, Metronidazole, Paracetamol,
Sulphadoxine, Tetracycline, Amikacin, Analgin, Benajathine Penicillin,
Dexamethasone, Gentamycin, Cotrimoxazole, Erthromycin, Cloxacillin,
Ketoconazole, Procaine, Augmentine, etc. in the form of capsules, tablets,
liquids, etc |
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 |
|
Maximum Credit Limit : |
USD 9800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established company having fine track.
Directors are reported as experienced, respectable and having
satisfactory means of their own.
Their trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
Medreich House No
12/8, Saraswati Ammal Street, Maruthi Seva Nagar, Bengalore – 560033,
Karnataka, India |
|
Tel. No.: |
91-80-25493334 [10
Lines] |
|
Fax No.: |
91-80-25474741 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Leased -- 1500
sq. fts |
|
|
|
|
Corporate Office : |
Survey No. 4/3,
Avalahalli, Off Kanakpura Road, Anjanapura Post, Bangalore, Karnataka, India |
|
Tel. No.: |
91-80-25493334 |
|
Fax No.: |
91-80-25474741 |
|
|
|
|
Factory : |
Ø 12th Mile, Old Madras Road, Virgo
Nagar, Bangalore – 560049, Karnataka, India Area : 3500 sq. ft. -- owned Ø 4/2, Anjanapura, Avalahalli, Karakapura
Road, Bangalore, Karnataka, India Ø 49 B & C, Bommasandra Industrial Area,
Bangalore, Karnataka, India Ø Plot No. 36, Bommasandra Industrial Area,
Bangalore, Karnataka, India |
DIRECTORS
|
Name : |
Mr. C. Pukhraj
Bothra |
|
Designation : |
Managing Director |
|
Address : |
14, 7th
Cross, Jaibharat Nagar, Bangalore – 560033, Karnataka |
|
Date of Birth/Age : |
20.07.1956 |
|
Experience : |
25 years |
|
Date of Appointment : |
01.06.1990 |
|
|
|
|
Name : |
Mr. J. R. Venu |
|
Designation : |
Whole Time Director |
|
Address : |
Basanth no. 1, 4th
Main Road, Tata Silk Farm, Bangalore – 560004, Karnataka |
|
Date of Birth/Age : |
17.02.1956 |
|
Date of Appointment : |
01.06.1990 |
|
|
|
|
Name : |
Mr. Keith De
Souza |
|
Designation : |
Director |
|
Address : |
90 Wyatt Drive, Barnes, London, England |
|
Date of Birth/Age : |
01.07.1955 |
|
Date of Appointment : |
14.09.1996 |
|
|
|
|
Name : |
Mr. Paul Michael
Barett |
|
Designation : |
Chairman |
|
Address : |
1, Leicester
Close, Henley – On – Thames, Oxon, RG92DLD |
|
Date of Birth/Age : |
09.11.1945 |
|
Date of Appointment : |
19.05.2004 |
|
|
|
|
Name : |
Mr. Rajeev Mehta |
|
Designation : |
Director |
|
Address : |
80, Wyatt Drive,
Barnes, London, England – SW 138AB |
|
Date of Birth/Age : |
19.08.1951 |
|
Date of Appointment : |
19.05.2004 |
|
Name : |
Mr. Simon George
Brundan |
|
Designation : |
Director |
|
Address : |
Horwood Cottage,
Churt Road, Hindhead, Surrey, FU266HZ |
|
Date of Birth/Age : |
05.04.1964 |
|
Date of Appointment : |
19.05.2004 |
|
|
|
|
Name : |
Tan Suan Swee |
|
Designation : |
Director |
|
Address : |
60 B, Orchard Road, # 06 – 18 Tower 2, Singapore – 238891 |
|
Date of Birth/Age : |
10.04.1956 |
|
Date of Appointment : |
14.10.2005 |
|
|
|
|
Name : |
Mr. Seow Teng Peng |
|
Designation : |
Director |
|
Address : |
2 Avon Road, Singapore – 439780 |
|
Date of Birth/Age : |
05.05.1945 |
|
Date of Appointment : |
14.10.2005 |
|
|
|
|
Name : |
Mr. Anand Govi Ndaluri |
|
Designation : |
Director |
|
Address : |
2-2-12/1/C, S – 3, Orchids Apartments, Durgabai Deshmukh Colony, Hyderabad
500007, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.01.1973 |
|
Date of Appointment : |
14.10.2005 |
|
|
|
|
Name : |
Ms. Kushboo Bothra |
|
Designation : |
Director |
|
Address : |
No. 14, 7th Cross, Jai Bharat Nagar, Bangalore – 560033, Karnataka
|
|
Date of Birth/Age : |
30.05.1983 |
|
Date of Appointment : |
07.06.2004 |
|
|
|
|
Name : |
Ms. Vandana Bothra |
|
Designation : |
Director |
|
Address : |
No. 14, 7th Cross, Jai Bharat Nagar, Bangalore – 560033,
Karnataka |
|
Date of Birth/Age : |
01.06.1980 |
|
Date of Appointment : |
03.04.2003 |
|
|
|
|
Name : |
Mr. Dasari Ramesh |
|
Designation : |
Director |
|
Address : |
No. 506, II Block, SMR Vinay Estate, Banaswadi, Bangalore – 560043 |
|
Date of Birth/Age : |
14.05.1967 |
|
Date of Appointment : |
22.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (01.09.2006) |
No. of Shares |
|
Ms. Leela Kanwar |
10 |
|
Ms. Vandana Bothra |
10 |
|
Mr. Arun Kumar Chordia |
10 |
|
Mr. Hemanth Kumar Bothra |
10 |
|
Ms. Kushboo Bothra |
10 |
|
M/s. Med Holdings (UK) Limited |
21055093 |
|
M/s. Nokha Holdings Private Limited |
7787450 |
|
M/s. V Sciences Investment Pte Limited |
10000 |
|
M/s. V Sciences Investment Pte Limited |
14196160 |
|
|
|
|
Equity Share
Break-up [As on 31.03.2007] |
Percentage of
Holding |
|
Foreign Holdings |
73.00 |
|
Bodies Corporate |
27.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Pharmaceutical Formulations such as Amoxycillin, Ampicillin, Chloromphenicol,
Chloroquine Phosphate, Ibuprofen, Indometacin, Metronidazole, Paracetamol,
Sulphadoxine, Tetracycline, Amikacin, Analgin, Benajathine Penicillin,
Dexamethasone, Gentamycin, Cotrimoxazole, Erthromycin, Cloxacillin,
Ketoconazole, Procaine, Augmentine, etc. in the form of capsules, tablets,
liquids, etc |
||||||||
|
|
|
||||||||
|
Products: |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
U.K., Africa and
Canada |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
U.K., Spain,
Germany, China, Malaysia and Italy |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, D/P, Credit
[15/60/120 days] terms |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C, D/P, Credit
[45/90/30-180 days] terms |
GENERAL
INFORMATION
|
Suppliers : |
v Sel Jegat Printers, Sivakasi, v Enzed Chloro Products Private Limited,
India v Fine Print Private Limited, India v Yuno Packaging Private Limited, India v Biotica, Spain v Ribbon SCR, Italy v Sauter AG, Germany v Shimatzo, Japan v S. M. Chemicals, Malaysia |
|
|
|
|
Customers : |
v
Medreich
PLC, UK v
Glaxo Smith
Kleine |
|
|
|
|
No. of Employees : |
Total 462 : In
Office 75 persons and In Factory 387 persons |
|
|
|
|
Bankers : |
v State Bank of Mysore Industrial Finance Branch,
Bangalore – 560001, Karnataka, India v Canara Bank Overseas Bank, M. G. Road,
Bangalore – 560001, Karnataka, v
Housing
Development Finance Corporation Limited v
Corporation
Bank v
Karnataka
State Financial Corporation v
Karnataka
State Industrial Investment & Development Corporation Limited v
Export
Import Bank of India Center one building, 21st
Floor, World Trade Center, Complex, Cuff
Parade, Mumbai 400005, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered
Accountant Address: 19/1, 1st
Floor, 2nd Cross, Lower Palace Orchards, Bangalore – 560003,
Karnataka, India S. R. Batliboi
and Associates Chartered
Accountants UB City, Camberra
Block, 12th Floor, No. 24, Vittal Malaya Road, Bangalore 560001,
Karnataka, India |
|
|
|
|
|
|
|
Associates/Subsidiaries : |
v Synchron Research Service Private Limited v
Kanpha Labs
Private Limited, Bangalore, Karnataka, India v
Medreich
Holdings [UK] Limited v
Medreich Plc
v
Medreich
South Africa Limited v
LDP –
Laboratories Torlan v
Trust Chemists
and Druggists Limited v
Pharmazen
Medicals Pte Limited v
Medreich
Kali Macao Limited v
Medreich [M]
SDH v
Medreich Pte
Limited v
Medreich
Australia Pty Limited v
Medreich Far
East Limited v
SAS
Laboratories Torlan v
Sarl
Medreich France v
Medreich China
Pharmaceuticals Limited v
Medreich
Taiwan Pharmaceuticals Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
44134259 |
Equity Shares |
Rs. 10/- Each |
Rs. 441.342 Millions |
|
14196162 |
Preference Shares |
Rs. 78.80/- Each |
Rs. 1118.658 Millions |
|
|
Total |
|
Rs. 1560.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28852593 |
Equity Shares |
Rs. 10/-
Each |
Rs. 288.525
Millions |
|
14196160 |
Preferences Shares |
Rs. 78.80/- Each |
Rs. 1118.658
Millions |
|
|
Total |
|
Rs. 1407.183 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 |
|
|
|
|
|
1] Share Capital |
1407.183 |
1407.183 |
158.927 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1048.217 |
975.734 |
346.056 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2455.400 |
2382.917 |
504.983 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
528.410 |
819.266 |
833.154 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
528.410 |
819.266 |
833.154 |
|
|
DEFERRED TAX LIABILITIES |
113.915 |
94.180 |
50.303 |
|
|
|
|
|
|
|
|
TOTAL |
3097.725 |
3296.363 |
1388.440 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
795.507 |
778.599 |
755.738 |
|
|
Capital work-in-progress |
61.206 |
14.670 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1445.392 |
1403.152 |
28.790 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
363.665
|
382.889
|
460.295 |
|
|
Sundry Debtors |
576.695
|
777.458
|
529.491 |
|
|
Cash & Bank Balances |
251.606
|
420.335
|
40.447 |
|
|
Other Current Assets |
20.421
|
9.467
|
7.521 |
|
|
Loans & Advances |
227.461
|
191.603
|
99.492 |
|
Total
Current Assets |
1439.848
|
1781.752 |
1137.246 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
587.313
|
606.345
|
513.087 |
|
|
Provisions |
56.915
|
75.465
|
36.274 |
|
Total
Current Liabilities |
644.228
|
681.810 |
549.361 |
|
|
Net Current Assets |
795.620
|
1099.942
|
587.885 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
16.027 |
|
|
|
|
|
|
|
|
TOTAL |
3097.725 |
3296.363 |
1388.440 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2262.023 |
2225.726 |
2085.903 |
|
|
Other Income |
101.730 |
95.990 |
94.909 |
|
|
Total Income |
2363.753 |
2321.716 |
2180.812 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
158.896 |
208.722 |
127.560 |
|
|
Provision for Taxation |
-- |
-- |
18.544 |
|
|
Profit/(Loss) After Tax |
158.896 |
208.722 |
109.016 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1569.193 |
1598.178 |
1519.825 |
|
|
Consumption of stores and spares parts |
3.095 |
2.747 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
23.851 |
24.587 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
165.741 |
121.810 |
81.986 |
|
|
Managerial Remuneration |
7.800 |
8.864 |
4.751 |
|
|
Payment to Auditors |
1.511 |
0.423 |
0.080 |
|
|
Interest |
90.088 |
66.907 |
44.170 |
|
|
Insurance Expenses |
5.869 |
9.314 |
5.203 |
|
|
Power & Fuel |
55.437 |
49.710 |
50.070 |
|
|
Depreciation & Amortization |
38.663 |
40.028 |
113.000 |
|
|
Other Expenditure |
243.608 |
190.426 |
234.167 |
|
Total Expenditure |
2204.856 |
2112.994 |
2053.252 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.02
|
8.98
|
4.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.72
|
9.37
|
6.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
|
8.15
|
6.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.62
|
2.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
2.61
|
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was
incorporated on 16th August, 1973 at Bangalore in Karnataka under
the name and style ‘Sterilab Private Limited’
The company’s name
was changed to ‘Medreich Sterilab Private Limited’ w. e. f. 12.09.1996,
consequent to financial collaboration with ‘Med Holding [U.K.] Limited],
Surrey, U.K. for 51% holding.
It was converted
from private limited company to public limited company w. e. f. 01.07.1997.
The company was
merged with ‘Krystal Parenterals Private Limited’ w. e. f. 01.04.1999
The company’s name
was changed to present recently.
It is in trade terms with :
Ø
Medreich Plc,
U.K.
Ø
Formulation
Plc, U.K.
Ø
Karib Chenie,
U.K.
Ø
Glaxo Smith
Kleine, U.K.
Ø
Formulex,
Canada
The company has
collaborations with Medreich Plc, U.K.
FIXED ASSETS
Ø
Land
Ø
Factory
Buildings
Ø
Office
Buildings
Ø
Plant and
Machinery
Ø
Electrical
Equipments & Installations
Ø
Furniture and
Fittings
Ø
Vehicles
Ø
Office
Equipments
Ø
Computers
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge identification
number of the charge to be modified |
10050036 |
|
Corporate
identity number of the company |
U24232KA1973PLC002383 |
|
Name of the
company |
MEDREICH LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Medreich House No
12/8, Saraswati Ammal Street, M. S. Nagar, Bangalore – 560033, Karnataka,
India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Export Import
Bank of India Center one
building, 21st Floor, World Trade Center, Complex, Cuff Parade,
Mumbai 400005, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. A mortgage by deposit of title
deeds was created by Mederich Limited [ the Guarantor] vide Memorandum of
Entry dated 11.06.2007 in favour of Export Import Bank of India to secure the
financial assistance granted /to be granted by EXIM Bank to Medreich Plc. UK |
|
Date of instrument
Creating the charge |
11.06.2007 |
|
Amount secured by
the charge |
Rs. 220.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest LIBOR [12 months]
plus 225 basis per annum, payable monthly. [b] Terms of
repayment Each disbursement
shall be repaid within 360 days from time to time date of such disbursement
with an option to renew the limit at the discretion of EXIM Bank. [c] Extent and
operation of the charge the charge created
vide the aforesaid MOE shall operate as continuing security by way of first
charge to secure due performance and discharge by the Guarantor of its
obligations under Deed of Guarantee dated 12.03.2007 executed in favour of
EXIM bank for buyer’s credit upto revolving limit of USD 5.00 Millions
[equivalent to Rs. 220.000 Millions] agreed to be advanced by EXIM Bank to
the Borrower. |
|
Short particulars
of the property charged |
All the existing
immovable properties of the Guarantor situated at No. 4/3, Avalahalli
Village, Uttarahalli Hobli, Bangalore more particularly described in Part A
to the second schedule and New immovable properties of the Guarantor situated
at No. 4/2, Avalahalli Village, Uttarahalli Hobli, Bangalore more
particularly described in Part B to the second schedule of the MOE |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
The charge
created by the Guarantor vide Deed of hypothecation dated 2.03.2007 is now modified
by the aforesaid MOE for securing the due performance and discharge of its
liabilities/obligations under Deed of Guarantee dated 12.03.2007 executed in
favour of EXIM Bank for buyers credit of USD 5 Millions granted/to be granted
to the Borrower. |
|
Name of the
company |
MEDREICH
LIMITED |
|
Presented By |
Mr. C. P.
Bothra, Managing Director |
|
1) Date and
description of instrument creating the change |
17th
March, 2005 Deed of
hypothecation [copy is enclosed] |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Term loan of Rs.
250 millions |
|
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 |
All of the borrowers
present and future moveable fixed assets including the plant and machinery,
furniture and fixtures, lightings, etc. situated at company’s Unit – I, at 12th
Mile, Old Madras Road, Virgonagar, Bangalore – 49 and at company’s corporate
office at Medreich House, No. 12/8, Saraswathi Ammal Street, M. S. Nagar,
Bangalore – 33 and morefully described in the schedule attached to the
hypothecation agreement. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
YES BANK LIMITED Nehru Centre, 9th
Floor, Dr. A. B. Road, Worli, Mumbai – 18 2.39% p.a.
prevalent from time to time Overdue rate : 2%
p.a. Principal
repayment : 6 equal half yearly installments, first installment payable at
the end of 18 months from the date of first drawdown Prepayment :
Allowed on the interest reset dates |
|
5) Name and
Address and description of the person entitled to the charge. |
YES BANK LIMITED Nehru Centre, 9th
Floor, Dr. A. B. Road, Worli, Mumbai – 400018 |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
AS PER
WEBSITE
History
In 1994, when Smithkline Beecham tasked
Medreich plc to source quality generic drugs, for its Africa operations, it
came upon a little company that had world class quality parameters. This
company was guided by the Beecham technical and regulatory protocols that it
used in its own facility in UK. The little company, Medreich, has come a long
way since then. But the guiding principles remain the same - aim to make a
difference through leveraging technological excellence by way of building
partnerships with strong and vibrant local partners,
around the globe.
Global Reach –
Local Partnerships
The combination of worldwide scale and local insight gives the organisation
solid foundations on which to grow. Good internal and external communication
between the partners and the centre will help ensure long-term prosperity. The
organisation nurtures the key values of customer, performance, innovation and
sense of urgency in the way they work.
As the world is shrinking and trade barriers are beginning to come
down, the pharmaceutical industry is constantly in search of ways to reduce
cost without compromising on quality or service; so as to retain a competitive
edge in the global market place.
Subject
is an Indian Company and forms part of the UK Group of companies
comprising of Medreich plc. They have an international focus, and world-class
accredited plants that are capable of offering low
cost, high quality out-sourcing solutions for its customers.
They specialise in developing and delivering
bespoke solutions for their major international customers. They have the capability
to handle significant complexity and to produce a wide range of products and
dosage forms, in varied packing presentations.
Company strictly adheres to all cGMP
requirements and through regular Audit interactions with International
agencies, they are constantly upgrading their plants to meet the needs of the
changing Regulatory scenario, Quality requirements, while keeping an eye on
Environment, Health and Safety.
Company plants are certified by the UK MHRA, TGA
Australia, South Africa MCC as well as leading multinational and Indian
pharmaceutical companies.
They are committed to setting the best standards
in the industry, to build long-term relationships with their customers, deliver complete satisfaction,
while improving business performance.
They actively seek strategic alliances with
growing, dynamic and leading companies that share their Vision of offering very
competitively priced formulations without compromise on Quality and Service.
Company is a pharmaceutical company that has been
in existence since 1976, manufacturing generic and branded drugs in several
therapeutic areas. In 1994 a strategic joint venture with Medreich plc of UK
put the company firmly in the global arena. With more than 1500 employees
worldwide, exceptional quality standards and a client base that is spread
across 54 countries, Medreich has built a reputation for raising the bar on
product superiority with every undertaking.
Medreich’s R&D and manufacturing facilities have received the seal
of approval from leading global regulatory bodies such as –UK MHRA, Australia
TGA, SA MCC, Health Canada, French FDA. The company produces drugs for leading,
global pharmaceutical companies such as GSK, Pfizer, Sanofi Aventis, Wyeth,
Merck, among others.
Quality
Every Unit produced by the Company, will totally
conform to the quality systems & procedures laid down by the company.
• Every Unit produced by the Company, will
be in accordance with the process, procedures & controls as laid down by
the company.
• Every input and component that goes into
the product produced, will conform to all standards laid down by the Company.
• Every manual, document, certificates,
approvals, will be made to conform to the highest quality standards.
• Every human resource available in the
Company, while they are directly or indirectly connected with the production of
every Unit will adhere to all quality systems, controls, & procedure.
• Every Unit produced by the Company, will
carry the Company’s commitment to quality & customer satisfaction.
• The Company will make constant &
continuous endeavors to upgrade & enhance its procedures, systems &
controls to keep up to the latest Quality Standards in vogue at any given point
in time.
Support
Regulatory
Affairs:
Fully equipped and staffed
by a team of professionals that can compile and update all regulatory documents
in line with International requirements, including those of the UK MHRA, TGA
Australia and South African MCC. Speed of response according to the customer’s
requirements is paramount to this team, together with the accuracy and
presentation of the data.
Shelf Life Claim
and Stability testing:
Fully equipped to
undertake multiple studies on both finished product packs as well as active
ingredients. Stability studies can be done according to the full range of ICH
Guidelines as well to more stringent standards of analysis and accelerated
stability testing. They always make sure they have the full supporting data and
documentation to underpin shelf-life claims.
Logistics:
In-house
experienced & professional logistics department capable of delivering the
products at a very competitive cost & speed any where in the world.
Packaging development:
In-house
experienced technical & creative professionals offering diverse packaging
presentations custom made for all the customers.
Press Releases
Adcock to set up Rs 710.000
Millions JV in Bangalore
February 10, 2007
The Bangalore-based The company and Adcock Ingram Holdings (PTY), a leading
South Africa-based healthcare company, have signed an agreement to set up a
joint venture in Bangalore to cater to the burgeoning South African healthcare
market.
According to Medreich CEO Rajeev Mehta, "This is the culmination of a
relationship between Medreich and Adcock working in close cooperation to cater
to the healthcare markets in South Africa". Under the agreement,
Medreich's world-class production facilities in Bangalore will be utilised.
Medreich and Adcock Ingram as equity partners will together invest to the tune
of US$ 16 million (Rs 710.000 Millions) in the joint venture.
Medreich, which has a strategic presence in Europe, UK, South East Asia,
Australia and New Zealand, will continue its independent thrust to consolidate
its growth in these markets as well. Medreich subsidiaries and joint ventures
reflect the company's core value: 'global reach through local partnerships.
Last year, Temasek Holdings, the investment arm of the Government of Singapore,
acquired an equity stake in Medreich as a strategic investment.
Adcock Ingram, a leading South African branded healthcare marketing and
manufacturing organization, is part of Tiger Brands, a JSE and LSE listed
company with a market capitalization of US $ 3.1 billion. Tiger Brands have a
diverse food and healthcare portfolio in South Africa. Besides, Adcock Ingram
owns numerous leading brands in the pharmaceutical sector in South Africa and
has a strong presence in both private and tender markets of South Africa. The
company has manufacturing facilities and a Formulation Development Centre in
Johannesburg.
Significantly, Medreich's business model envisions migrating from large volume
contract manufacturing to higher value-added strategic partnership with global
majors. For Adcock Ingram, this is one more step towards growing its global presence.
This JV is one aspect of Adcock Ingram's overall global strategic supply chain
strategy, providing a competitive sourcing route and expansion of operations
outside South Africa. Adcock Ingram will, at the same time, invest in its local
South African manufacturing capacity.
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. 45.12 |
|
UK Pound |
1 |
Rs. 79.60 |
|
Euro |
1 |
Rs. 63.83 |
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. |
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 |
|