MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMCURE PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
‘Emcure House’,
T-184, MIDC, Bhosari, Pune – 411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.04.1981 |
|
|
|
|
Com. Reg. No.: |
25-024251 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.351.657 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231PN1981PLC024251 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE00094D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE4574C |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter
and Importer of Pharmaceutical Products. |
|
|
|
|
No. of Employees
: |
4000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
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Comments : |
Subject is an established company having fine track record. The company has seen a dip in its net profitability during 2013. However, the ratings takes into consideration the accredited
manufacturing facilities and a favourable financial profile marked by healthy
networth. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In view of extensive experience and long track record of the
promoters, the subject can be considered normal for business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ [Long Term Bank Facilities] |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
03.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A1 [Short Term Bank Facilities] |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
03.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Gaurav Pancholia |
|
Designation : |
Assistant General Manager Finance |
|
Contact No.: |
91-20-30610000 |
|
Date : |
26.06.2014 |
LOCATIONS
|
Registered
Office : |
‘Emcure House’, T
– 184, MIDC, Bhosari, Pune – 411 026, Maharashtra, India |
|
Tel. No.: |
91-20-30610000 |
|
Fax No.: |
91-20-30610111 |
|
E-Mail : |
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|
Website : |
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|
Area : |
50000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Manufacturing
Units : |
API Manufacturing Plot No. D – 24, M.I.D.C., Kurkumbh, Taluka Daund, District Pune – 413
802, Maharashtra, India Tel No.: 91-2117-305000/ 235742 Fax No.: 91-2117-235743 Formulations – Injectables Plot P – 1, MIDC,
Hinjewadi, Pune – 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821400 Formulations – Solids 1.
C
– 10/12, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India 2.
Plot
P-II, MI.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821340 Small Batch Manufacturing Plot P-II, IT-BT
Park, M.I.D.C. Hinjwadi, Pune - 411
057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821444 |
|
|
|
|
R and D
Centers : |
API R and D Plot 12/2, F – II
Block, M.I.D.C., Pimpri, Pune – 411018, Tel No.: 91-20-30613000 Fax No.: 91-20-30613056 Plot P-II,
Infotech Park M.I.D.C. Hinjwadi, Pune – 411 057, Maharashtra, India Tel No.: 91-20-39821350 Fax No.: 91-20-39821445 Formulation R and D T 184, M.I.D.C,
Bhosari, Pune – 411 026, Maharashtra, India Tel No.: 91-20-30610000 Fax No.: 91-20-30610222 Biotechnology R and D Plot No. I, IT-BT
Park M.I.D.C. Hinjwadi, Pune – 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821441 |
|
|
|
|
Representative
office : |
B/3-Shree Arihant Compound, Kalher Pipeline, Kalher Bhiwandi, Thane –
421302, Maharashtra, India |
DIRECTORS
AS ON 01.07.2013
|
Name : |
Mr. Satish
Ramanlal Mehta |
|
Designation : |
Managing Director |
|
Address : |
4, Mumbai – |
|
Date of Birth/Age : |
13.01.1951 |
|
Date of Appointment : |
01.04.2012 |
|
Qualification : |
M. Sc., M.B.A.
[IIMA] |
|
Voter ID No.: |
FGD0962068 |
|
DIN No.: |
00118691 |
|
|
|
|
Name : |
Mr. Arunkumar Purushotamalal
Khanna |
|
Designation : |
Whole Time
Director |
|
Address : |
Clover Hills,
Bungalow No.63, Nibm Road, Kondhwa, Pune – 411048, Maharashtra, India |
|
Date of Birth/Age : |
09.07.1952 |
|
Qualification : |
B. Sc, M.A. (Eco) |
|
Date of Appointment : |
05.01.2010 |
|
DIN No.: |
00121686 |
|
|
|
|
Name : |
Mr. Mahesh
Nathalal Shah |
|
Designation : |
Whole Time
Director (Technical) |
|
Address : |
303, Abhinav
Sankul, Plot No. 1A, Survey No. 132, Aundh, Pune – 411007, |
|
Date of Birth/Age : |
03.10.1953 |
|
Qualification : |
M. Sc. |
|
Date of Appointment : |
15.06.2011 |
|
Voter ID No.: |
MT/ 42/ 246/
0777545 |
|
DIN No.: |
00118341 |
|
|
|
|
Name : |
Dr. Mukund Keshav
Gurjar |
|
Designation : |
Whole Time
Director |
|
Address : |
Bungalow C – II /
2, NCL Colony, |
|
Date of Birth/Age : |
28.08.1952 |
|
Qualification : |
M. Sc., Ph. D. |
|
Date of Appointment : |
28.08.2012 |
|
Voter ID No.: |
DRD0732172 |
|
DIN No.: |
00026843 |
|
|
|
|
Name : |
Mr. Berjis Minoo
Desai |
|
Designation : |
Director |
|
Address : |
Yezerina II, 740/
741, Parsi Colony Road No. 5, Dadar, Mumbai – 400014, |
|
Date of Birth/Age : |
02.08.1956 |
|
Qualification : |
LLM |
|
Date of Appointment : |
03.04.1997 |
|
DIN No.: |
00153675 |
|
|
|
|
Name : |
Mr. Shreekant
Krushnaji Bapat |
|
Designation : |
Director |
|
Address : |
Yashodhan, II
Floor, United Western Co-Operative Housing Society, Karve Nagar, Pune - 411052,
Maharashtra, India |
|
Date of Birth/Age : |
06.10.1937 |
|
Date of Appointment : |
26.06.1999 |
|
DIN No.: |
00621568 |
|
|
|
|
Name : |
Mr. Hamayun Raja
Dhanrajgir |
|
Designation : |
Director |
|
Address : |
Flat No. F –
37/38, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai – 400039, Maharashtra,
India |
|
Date of Birth/Age : |
02.12.1936 |
|
Date of Appointment : |
23.09.2000 |
|
DIN No.: |
00004006 |
|
|
|
|
Name : |
Mr. Marvin Stanly Samson |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
20.06.1941 |
|
Date of Appointment : |
27.08.2007 |
|
DIN No.: |
01824691 |
|
|
|
|
Name : |
Mr. Amit Mahendrakumar Dixit |
|
Designation : |
Nominee Director |
|
Address : |
Thakur Niwas, Flat No. 21, 173, |
|
Date of Birth/Age : |
26.01.1973 |
|
Date of Appointment : |
01.03.2011 |
|
Qualification : |
|
|
DIN No.: |
01798942 |
|
|
|
|
Name : |
Mr. Girish Laxmikant Telang |
|
Designation : |
Director |
|
Address : |
401, Sagar Dardhan, 4th Floor, Worli Sea Face, Mumbai – 400030,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1949 |
|
Date of Appointment : |
27.04.2012 |
|
DIN No.: |
00455125 |
|
|
|
|
Name : |
Mr. Mukund Pandurang Ranade |
|
Designation : |
Whole-Time Director |
|
Address : |
C-503, Pride Panorama Senapati Bapat Marg, Pune – 411016, Maharashtra,
India |
|
Date of Birth/Age : |
30.04.1956 |
|
Date of Appointment : |
29.06.2012 |
|
DIN No.: |
00109845 |
|
|
|
|
Name : |
Mr. Sunil Rajnikant Mehta |
|
Designation : |
Whole-time Director |
|
Address : |
4, Mumbai – Pune Road, Kirkee, Pune – 411 003, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1963 |
|
Date of Appointment : |
05.06.2013 |
|
DIN No.: |
00118469 |
KEY EXECUTIVES
|
Name : |
Mr. Kedar Purshottam Phadke |
|
Designation : |
Secretary |
|
Address : |
D-4, Arvind Complex, |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
19.11.2010 |
|
Pan No.: |
ABQPP3732P |
|
|
|
|
Name : |
Mr. Gaurav |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Amit Jadav |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 01.07.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
15.67 |
|
Directors or relatives of Directors |
82.03 |
|
Other top fifty shareholders |
2.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Pharmaceutical Products. |
|
|
|
|
Exports : |
|
|
Products : |
Finish Goods |
|
Countries : |
·
USA ·
Dubai ·
Nigeria ·
Europe |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Japan ·
China ·
Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity (In Lakhs) |
Installed Capacity (In Lakhs) |
Actual Production (In Lakhs) |
|
|
|
|
|
|
|
Capsules |
Numbers |
10000.00 |
10750.00 |
1438.42 |
|
Tablets |
Numbers |
50000.00 |
68395.00 |
47689.51 |
|
API |
Kilograms |
NA |
5.97 |
2.00 |
|
Injectibles |
Vials |
NA |
1570.00 |
146.83 |
|
Liquid |
Bottle |
NA |
237.60 |
97.37 |
|
Ointments |
Tubes |
-- |
-- |
56.23 |
|
Others |
-- |
-- |
-- |
32.47 |
GENERAL INFORMATION
|
Suppliers : |
USV Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers, End Users, Others, Hospital, Government
Institute Teva Pharmaceutical Industries Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
4000 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Bank of
Maharashtra, Tejsingh Building, 35/B, Mumbai Pune Highway, Depodi, Pune –
411012, Maharashtra, India ·
The
Saraswat Co-operative Bank Limited, Nana Chowk, Bombay – 400007, Maharashtra,
India ·
Export
–Import Bank of India, Centre One Building, 21st Floor, World
Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India ·
Axis
Bank Limited, 2nd Floor, E Axis House, Bombay Dyeing Mill
Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India ·
ABN
Amro Bank N.V., 327, M.G. Road Camp, Pune-411001, Maharashtra, India ·
The
Bank of Maharashtra Limited, Lokmangal, 1501, Shivaji Nagar, Pune – 411005,
Maharashtra, India ·
Housing
Development Finance Corporation Limited, Ramon House, 169, Backbay
Reclamation, HT Parekh Marg, Mumbai-400020, Maharashtra, India ·
State
Bank of India, Industrial Finance Branch, Tara Chamber, 2nd Floor,
Mariaai Police Chowky, Pune-Mumbai Highway, Wakdewadi, Pune-411003,
Maharashtra, India ·
IndusInd
Bank Limited, 2401, Gen Timmayya Road, Contonment, Pune-411001, Maharashtra,
India ·
BNP
Paribas Bank, French Bank Building, 62, Homji Street, Fort, Mumbai-400001,
Maharashtra, India ·
Citi
Bank ·
Bank
of India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
Address : |
252, Veer
Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400021, Maharashtra, India |
|
PAN No: |
AAEFP3641G |
|
|
|
|
Subsidiaries : |
·
Emcure Brasil Farmaceutica Ltda
(formerly known as Emcure Brasil Representanco Commercial Farmaceutica Ltda) ·
Emcure Nigeria Limited ·
Emcure Pharmaceutical Mena FZ LLC. ·
Emcure Pharmaceutical South Africa
Pty Limited ·
Emcure Pharmaceuticals USA Inc. ·
Gennova Biopharmaceuticals Limited ·
Heritage Pharma Holdings Inc ·
Zuventus Healthcare Limited ·
Emcure Pharma UK Limited ·
Emcure Pharmaceuticals Singapore Pte.
Limited |
|
|
|
|
Step-Down Subsidiary : |
· Heritage Pharmaceuticals Inc (Subsidiary of Heritage Pharma Holding Inc) |
|
|
|
|
Other Related Parties : |
·
Falcon
Enterprises ·
H.M. Sales
Corporation ·
Uth
Beverages Factory Private Limited ·
Uth Healthcare Private Limited ·
Uth Wellness
Products Limited |
CAPITAL STRUCTURE
AS ON 01.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45213029 |
Equity Shares |
Rs.10/- each |
Rs.452.130 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35165689 |
Equity Shares |
Rs.10/- each |
Rs.351.657 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
351.657 |
351.657 |
|
(b) Reserves & Surplus |
|
5653.394 |
4820.358 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6005.051 |
5172.015 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3074.919 |
1909.271 |
|
(b) Deferred tax liabilities (Net) |
|
704.910 |
572.740 |
|
(c) Other long term liabilities |
|
549.837 |
386.309 |
|
(d) long-term provisions |
|
62.151 |
480.460 |
|
Total Non-current Liabilities (3) |
|
4391.817 |
3348.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1648.484 |
1261.791 |
|
(b) Trade payables |
|
2366.077 |
2134.183 |
|
(c) Other current
liabilities |
|
2489.132 |
1912.606 |
|
(d) Short-term provisions |
|
278.452 |
300.863 |
|
Total Current Liabilities (4) |
|
6782.145 |
5609.443 |
|
|
|
|
|
|
TOTAL |
|
17179.013 |
14130.238 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
5768.588 |
5813.875 |
|
(ii) Intangible Assets |
|
731.121 |
136.190 |
|
(iii) Capital
work-in-progress |
|
46.335 |
7.336 |
|
(iv)
Intangible assets under development |
|
1147.587 |
787.888 |
|
(b) Non-current Investments |
|
1701.952 |
1091.549 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
814.516 |
633.030 |
|
(e) Other Non-current assets |
|
36.060 |
22.005 |
|
Total Non-Current Assets |
|
10246.159 |
8491.873 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2316.972 |
1776.773 |
|
(c) Trade receivables |
|
3104.419 |
2121.230 |
|
(d) Cash and cash
equivalents |
|
99.171 |
203.034 |
|
(e) Short-term loans and
advances |
|
1067.963 |
1278.603 |
|
(f) Other current assets |
|
344.329 |
258.725 |
|
Total Current Assets |
|
6932.854 |
5638.365 |
|
|
|
|
|
|
TOTAL |
|
17179.013 |
14130.238 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
351.657 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3760.134 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4111.791 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4321.400 |
|
|
2] Unsecured Loans |
|
|
285.248 |
|
|
TOTAL BORROWING |
|
|
4606.648 |
|
|
DEFERRED TAX LIABILITIES |
|
|
424.911 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9143.350 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5153.271 |
|
|
Capital work-in-progress |
|
|
933.930 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
776.272 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1623.466
|
|
|
Sundry Debtors |
|
|
1753.753
|
|
|
Cash & Bank Balances |
|
|
109.750
|
|
|
Other Current Assets |
|
|
155.215
|
|
|
Loans & Advances |
|
|
1594.183
|
|
Total
Current Assets |
|
|
5236.367
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1856.797
|
|
|
Other Current Liabilities |
|
|
909.615
|
|
|
Provisions |
|
|
190.078
|
|
Total
Current Liabilities |
|
|
2956.490
|
|
|
Net Current Assets |
|
|
2279.877
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9143.350 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13008.358 |
12272.273 |
9557.909 |
|
|
|
Other Income |
227.310 |
132.832 |
134.054 |
|
|
|
TOTAL (A) |
13235.668 |
12405.105 |
9691.963 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4592.076 |
5087.370 |
4119.445 |
|
|
|
Purchases of stock-in-trade |
1270.387 |
553.420 |
237.526 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-progress and stock-in-trade |
(440.703) |
(169.145) |
(145.224) |
|
|
|
Employee benefit Expenses |
2316.924 |
1907.966 |
1543.886 |
|
|
|
Other Expenses |
3093.269 |
2633.876 |
2262.906 |
|
|
|
Exceptional Item |
164.559 |
0.172 |
0.000 |
|
|
|
TOTAL (B) |
10996.512 |
10013.659 |
8018.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2239.156 |
2391.446 |
1673.424 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
648.748 |
579.290 |
453.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1590.408 |
1812.156 |
1219.572 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
508.974 |
456.429 |
392.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1081.434 |
1355.727 |
826.741 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.883 |
151.422 |
254.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
965.551 |
1204.305 |
572.145 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6531.278 |
7028.797 |
5074.750 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1997.902 |
2767.674 |
2210.240 |
|
|
|
Spare Parts |
23.324 |
16.102 |
7.540 |
|
|
|
Capital Goods |
703.629 |
204.262 |
185.670 |
|
|
TOTAL IMPORTS |
2724.855 |
2988.038 |
2403.450 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.00 |
34.00 |
17.31 |
|
Expected Sales (2013-2014): Rs.16500.000 Millions
The above information has been parted by Mr. Amit Jadav (Account
Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.30
|
9.71 |
5.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.31
|
11.05 |
8.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.57
|
11.07 |
7.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.26 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79
|
0.61 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.01 |
1.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
351.657 |
351.657 |
|
Reserves & Surplus |
4820.358 |
5653.394 |
|
Net
worth |
5,172.015 |
6,005.051 |
|
|
|
|
|
long-term borrowings |
1909.271 |
3074.919 |
|
Short term borrowings |
1261.791 |
1648.484 |
|
Total
borrowings |
3,171.062 |
4,723.403 |
|
Debt/Equity
ratio |
0.613 |
0.787 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
9557.909 |
12272.273 |
13008.358 |
|
|
|
28.399 |
5.998 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
9557.909 |
12272.273 |
13008.358 |
|
Profit |
572.145 |
1204.305 |
965.551 |
|
|
5.99% |
9.81% |
7.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
(Rs.
In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturity of long term debt |
1383.265 |
1205.519 |
Not available |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
RESULT OF OPERATIONS:
The Gross Revenue from
Operations for the financial year, was Rs.13296.609 Millions as compared to
Rs.12488.968 Millions recorded for the previous financial year. The Net Revenue
from Operations (after deducting Excise Duty of Rs.288.251 Millions) are
Rs.13008.358 Millions as compared to previous year’s Net Revenue from
Operations of Rs.12272.273 Millions (after deducting Excise Duty of Rs.216.695
Millions). Thus, the Net Revenue from Operations have recorded a growth of 6.0%
For the year, profit before exceptional item and tax is Rs.1245.992
Millions as compared to Rs.1355899 Millions in 2011-2012.
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10438632 |
03/07/2013 |
642,120,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B80336795 |
|
2 |
10388115 |
08/11/2012 |
1,104,000,000.00 |
AXIS
BANK LIMITED |
2ND FLOOR-E,
AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P.B. MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B62610936 |
|
3 |
10366726 |
26/07/2012 |
400,000,000.00 |
AXIS
BANK LIMITED |
2ND FLOOR-E,
AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P.B. MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B44253698 |
|
4 |
10343704 |
22/03/2012 |
600,000,000.00 |
AXIS
BANK LIMITED |
2ND FLOOR
- E, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B35635275 |
|
5 |
10321886 |
20/10/2011 |
340,000,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020,
INDIA |
B27278274 |
|
6 |
10275233 |
23/03/2011 |
276,000,000.00 |
AXIS
BANK LIMITED |
CREDIT
MANAGEMENT CENTRE, 214/215, CITY MALL, NEAR PUNE UNIVERSITY, PUNE, MAHARASHTRA
- 411007, INDIA |
B08524878 |
|
7 |
10265084 |
02/02/2011 |
1,000,000,000.00 |
AXIS
BANK LIMITED |
2ND
FLOOR - E, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B05724059 |
|
8 |
10228273 |
10/02/2012
* |
6,325,400,000.00 |
AXIS
BANK LIMITED |
2ND
FLOOR - E, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B32401408 |
|
9 |
10225052 |
21/05/2013
* |
700,000,000.00 |
STATE
BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA
CHAMBER, 2ND FLOOR, MARIAAI POLICE CHOWKY, PUNE MUMBAI HIGHWAY, WAKDEWADI,
PUNE, MAHARASHTRA - |
B77648426 |
|
10 |
10216082 |
21/05/2013
* |
700,000,000.00 |
STATE
BANK OF INDIA |
TARA
CHAMBERS, WAKDEWADI IFB, PUNE, MAHARASHTRA - 411003, INDIA |
B77645802 |
* Date of charge modification
PRESS
RELEASE
BLACKSTONE
TO SELL STAKE IN EMCURE PHARMA FOR RS.7000.000 MILLIONS
Mumbai, Dec. 19:
Global private equity major Blackstone is to sell its entire 13.01 per cent
stake in Pune-based Emcure Pharmaceuticals Ltd to Bain Capital for about
Rs.7000.000 Millions.
This was the PE major’s first investment in India wherein it had pumped in
Rs.2300.000 Millions ($49 million) in 2006.
The PE major, which holds the stake through one of its Mauritius-based
entities, is exiting the venture with three times its initial investment.
This is the second exit for Blackstone after it exited BPO firm Intelenet Global
Services in 2011 with a similar return on investments. The PE firm sold its
stake in the outsourcer to the U.K.-based Serco Group in an all-cash deal of
about Rs.28610.000 Millions.
Emcure, ranked as the 14th largest pharmaceutical company in India in terms
of domestic sales, is into developing, manufacturing and marketing of
pharmaceutical products globally.
The transaction is subject to conditions under contract and law including
approvals such as Foreign Investment Promotion Board (FIPB) approval,
Blackstone said in a statement.
“Blackstone has been a valuable strategic partner for us over the last few
years. In addition to providing growth capital to expand our business
multi-fold, it also shared strategic insights to manage our fast growing business
effectively,” said Satish Mehta, Emcure’s Managing Director and Chief Executive
Officer.
Earlier on Monday, Akhil Gupta, who has been the face of private equity
major Blackstone India for the last eight years, has stepped down as its
Managing Director.
Gupta, 61, however will continue with the company as its non-executive
chairman. Blackstone named Amit Dixit and Mathew Cyriac to jointly lead its
private equity business in India.
Blackstone has been significantly active in India since 2006 and has
invested a total of $2.9 billion across sectors.
EMCURE
ENTERS AGREEMENT INTO AGREEMENT TO ACQUIRE BRANDED ONCOLOGY PRODUCT FROM BMS
Pune, India, Jan 9, 2013 – Emcure Pharmaceuticals Ltd. (“Emcure”) today
announced that it has entered into a definitive agreement to acquire worldwide
rights for BiCNU® (Carmustine for injection) from Bristol-Myers Squibb Company
(NYSE: BMY). The product is a chemotherapy agent indicated for treatment of
brain tumors, multiple myeloma, Hodgkin’s disease and non-Hodgkin’s lymphoma.
The acquisition is expected to increase Emcure’s presence in
the global oncology market segment and serve as an anchor product in building
the company’s full service oncology franchise. Mr. Satish Mehta, CEO of Emcure,
said, “The acquisition of BiCNU® demonstrates Emcure’s commitment to building a
leading franchise in the global oncology market. The BiCNU® acquisition coupled
with our vertical integration and full line generic oncology pipeline allow us
to provide an even wider array of value driven healthcare solutions.”
Under the agreement, upon closing, Emcure will acquire marketing rights
and authorizations, trademarks, and the technology and know-how related to the product.
Emcure will acquire all other marketing rights and authorizations held by
Bristol-Myers Squibb on a global basis following a transition period during
which Bristol-Myers Squibb will continue to distribute the product. Post
acquisition, Emcure plans to sell the product through its subsidiaries,
including Heritage Pharmaceuticals, Inc. in the United States, and in some
cases, through Emcure’s marketing and distribution partners.
ROCHE
SIGNS DEAL WITH EMCURE TO MAKE 2 CANCER DRUGS HERE
Swiss drug major Roche, which has often locked horns with Indian generic drug manufacturers over patents,has made a shift in its strategy by signing a manufacturing contract with Emcure Pharma for its blockbuster,anti-cancer biologics drugs Herceptin and Mab Thera. This is the first time that an Indian drug maker has got a biologic drug manufacturing contract.
This deal will equip Emcure to manufacture products that are sophisticated monoclonal antibodies. We look at this project as Emcures first project with Roche, said Mukund Ranade, director, Emcure Pharmaceuticals. Depending on its success,we hope cooperation would become broad based, he said.Biologics drugs are complex molecules that require sophisticated manufacturing capabilities.
Emcure will manufacture these drugs for the Indian market and depending on the success of this drug it will be taken to other developing countries.Roche is the only company that sells Herceptin for which there is no generic substitute. These drugs, currently under process development, are expected to hit the market by 2013. However,Emcure has not revealed if it is a mere contract manufacturing or a voluntary licence deal. Analysts said this development is interesting as Roche has not only stayed away from striking such deals in India but has also taken Indian generic manufacturers to court citing violation of its intellectual property rights. The deal with Emcure is a smart move by Roche; with this, it can deter the entry of other generic companies and also offer affordable drugs for a country like India, said Anjan Sen, director, life sciences and healthcare, Deloitte India.
Roche has been under pressure from various health activists
and the government to reduce the price of Herceptin, that costs.1 lakh for a
single dosage here. Since the drug is patented, there is no generic substitute
making it the only available drug for breast cancer patients. This pressure has
forced the drug major to enter into a contract with a local company, which
might lead to a fall in prices,said analysts. Big pharma companies across the
world have come under pressure to reduce their prices on life saving cancer and
HIV Aids drugs. Companies like Roche are facing massive dual pricing
pressure,and these deals are a way forward towards addressing those issues,
said an analyst from a consulting firm who has advised Roche in its India
strategy.In the past, Emcure had signed licensing deals with US based biopharma
giant Gilead Life Sciences for drugs such as Tenafovir and with Johnson and
Johnson for Darunvir, both of which are anti-HIV drugs.
EMCURE ENTERS INTO PARTNERSHIP WITH IDIS FOR BiCNU ® FOR
SELECT COUNTIRES
29th
April 2013 - Emcure Pharmaceuticals Ltd. (“Emcure”) has entered into a
partnership with Idis to create access to BiCNU® (Carmustine for injection) in
The UK and Ireland, Switzerland, Portugal, Romania, Turkey, Costa Rica,
Ecuador, Malaysia, Taiwan, Thailand and South Africa.
Emcure
acquired the worldwide rights to BiCNU® on December 2012 from Bristol-Myers
Squibb. BiCNU® is indicated as palliative therapy as a single agent or in
established combination therapy with other approved chemotherapeutic agents in
the following:
•
Brain tumors: glioblastoma, brainstem glioma, medulloblastoma, astrocytoma,
ependymoma, and metastatic brain tumors.
•
Multiple myeloma: in combination with prednisone.
•
Hodgkin’s disease:as secondary therapy in combination with other approved drugs
in patients who relapse while being treated with primary therapy, or who fail
to respond to primary therapy.
• Non-Hodgkin’s
lymphomas: as secondary therapy in combination with other approved drugs for
patients who relapse while being treated with primary therapy, or who fail to
respond to primary therapy.
Idis’ extensive experience of managing access to medicines
not available in the country of need ensures the requisite experience and
capabilities to create access to BiCNU® in an ethical and regulatory compliant
manner.
EMCURE
PHARMACEUTICALS WITHDRAWS PROPOSED IPO
The Pune-based pharma
company had filed draft offer documents with the Securities and Exchange Board
of India (Sebi) for the proposed IPO in June last year.
The proposed issue comprised of fresh issue of
up to Rs 3000.000 Millions and an offer for sale of up to 25,13,057 equity
share.
However, the company
through its lead merchant
banker IDFC Capital withdrew its offer documents on June 6
this year, as per the latest update available with Sebi.
The pharma company
intends to utilise the net proceeds for setting up of new manufacturing
facilities and expansion of existing manufacturing facilities, research and
development and general corporate
purposes.
The company is engaged in developing,
manufacturing and marketing a broad range of pharmaceutical products globally.
Emcure Pharmaceuticals operates nine
manufacturing facilities, eight of which are located in India and one in the
US.
Prior to Emcure Pharmaceuticals, three firms
--Trimax IT Infrastructure and Services, BSCPL Infrastructure and GMR Energy--
had withdrawn their respective public offer plans this year so far.
TEVA PHARMACEUTICAL RECALLS 38,858 BOTTLES OF DRUGS MADE BY EMCURE
PHARMACEUTICALS IN US MARKET
The recall includes anti-diabetic glyburide and metformin
hydrochloride tablets, anti-inflammatory drug indomethacin in different
strengths and hypertension drug methyldopa.
According to information
available on US Food and Drug Administration's (USFDA) website, Teva is
recalling 2,532 bottles of glyburide and metformin hydrochloride tablets for
deviations from Current Good Manufacturing Practice (CGMP).
The nationwide recall of the four lots was
initiated by Teva on March 24.
The company is also
recalling 7,694 bottles of anti- inflammatory drug indomethacin 25 mg, produced
by Emcure Pharma, for non-adherence to CGMP.
Besides, the company is recalling 5,812 bottles
of the same drug of 50 mg strength for deviations from CGMP.
Further, the company is recalling 22,820 bottles
of methyldopa tablets, indicated for low blood pressure, in the US for
violation of manufacturing norms.
All the recalls fall
under Class II, in which the use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or there is remote probability of
serious adverse health consequences.
PUNE'S EMCURE PHARMA SCOUTING FOR LAND IN GUJARAT
Pune-based Emcure Pharmaceuticals is
scouting for land in Gujarat to set up a formulations plant here, state
government sources indicated.
The privately held company which is into
manufacturing both active pharmaceutical ingredients (APIs) and
pharmaceutical formulations, currently has three formulations plants and one
API manufacturing plant in Pune.
"The company officials visited Gujarat
to scout for location around two weeks back and plan to invest around Rs 150
crore to set up a formulation plant here," informed a senior state
government official close to development. The company officials could not be
reached for a comment.
Emcure is one of the largest contract
manufacturers of tablets, capsules, liquids, ointments and creams in India and
manufactures the key brands for some of the largest MNCs in India, the company
website noted.
It forayed into supplying the regulated
markets with the setting up of a solid dosages facility at Hinjwadi.
The Hinjwadi manufacturing facility has
approvals from both the UK MHRA and MCC South Africa, while the USFDA
certification was received recently for the solid dosages plant.
The company also has a facility for
manufacturing liquid injectables, while the small volume parenterals facility
has independent lines for filling pre-filled syringes, vials and ampoules. This
plant has been set up as per standards and guidelines laid down by US FDA, the
website noted adding that "to cater to the demand of domestic market and
emerging markets a new state of the art facility at
Emcure has set up research and development
centers for both API and formulations at Pimpri, Bhosari and Hinjwadi in Pune. It
has operations in India, USA, Latin America, Middle East, Africa and other
emerging markets.
In the last few months, a slew of domestic
and global pharmaceutical companies have shown interest in coming to Gujarat,
which accounts for almost one-third of the country's pharmaceutical production.
Abbott India, a subsidiary of Illinois
head-quartered Abbott Laboratories is all set start commercial production at
its upcoming facility at Jhagadia this year where it plans to make
nutraceutical products.
Meanwhile, Teva and Proctor & Gamble
(P&G) joint venture that would be making the Vicks range of products from
P&G stable at Sanand, has started work on the first phase of the project.
Associated Capsules Private Limited (ACPL),
one of the largest producers of pharmaceutical empty hard gelatine capsules in
the world, is also planning to set up a plant in Bharuch for the same.
BLACKSTONE TO SELL ITS STAKE IN EMCURE PHARMA TO BAIN CAPITAL
MUMBAI: New York-based private equity firm Blackstonehas sold its 13.09 per cent stake in Pune-based Emcure
Pharmaceuticals to Bain
Capital for Rs6500.000 Millions, signalling the long-term potential of the
pharmaceutical sector despite recent government moves to increase the ambit of
price control. The deal also signals the increasing proclivity of private
equity companies to sell to each other as exits by way of the public markets has become difficult due tovolatility and the moribund state of the primary market.
Blackstone, which had invested Rs2300.000
Millions in Emcure in 2006, will get 2.8 times the value of its initial
investment. The deal values Emcure, promoted by first generation entrepreneur,
Satish Mehta, at Rs5,0000.000 Millions. ET had reported on September 30 that
Bain is in advanced talks to buy out Blackstone's stake in Emcure.
"We have the
conviction that Emcure is capable of continued strong growth and value creation
in the years ahead," said Amit Chandra,
managing director, Bain Capital Advisors (
The deal marks Blackstone's second exit from its
Indian portfolio, after it sold its stake in back-office provider Intelenet to
British Serco group in 2011. It also coincides with Blackstone making top-level
changes in India by elevating two of its senior managing directors Amit Dixit
and Mathew Syriac as the co-heads.
"Emcure was the first private equity
investment by a Blackstone managed fund in India. The company's revenues and
profits grew significantly during our investment horizon," said Amit Dixit
in a release.
The investment by Bain
Capital, whose investments in
"The deal certainly shows that PE funds are
keen leveraging the positive environment in the pharma sector valuation. Pharma
companies are expected to good valuation when they get listed," said
Surajit Pal, pharma analyst at Mumbai-based institutional broking firm
Prabhudas Liladher.
Emcure, India's 14th largest drug company by
sales, had filed its first draft public offer prospectus with the Securities and
Exchange Board of India to raise Rs600 crore in June this year. The offer is
yet to be launched.
PE funds selling stake to rival PEs, known in
industry parlance as secondary sales, have been increasing. In June, Warburg
Pincus sold its stake in Alliance Tire to rival KKR.
Emcure Pharma has been growing aggressively in the
domestic market by developing differentiated products. It develops,
manufactures and markets a broad range of pharmaceutical products in major
therapeutic areas, including cardiology, pain and analgesics, HIV, gynecology,
nephrology, anti-infective, and vitamins, minerals and nutrients products.
Emcure's domestic business has grown at a compounded annual rate of 16.4 per
cent between March 2008 and March 2013, exceeding industry growth of 13.7 per
cent during the same period, according to data compiled by IMS health India.
BLACKSTONE SIGNS AGREEMENT TO SELL ITS STAKE IN EMCURE
PHARMACEUTICALS TO BAIN CAPITAL
New York/Mumbai, December 19, 2013.
Today, Blackstone announced that one of its affiliated private equity entities
based in Mauritius had entered into an agreement to sell its equity stake in
Pune-based Emcure Pharmaceuticals Limited to Bain Capital. Emcure is engaged in
developing, manufacturing and marketing a well-diversified range of
pharmaceutical products globally. It is currently ranked as the 14th
largest pharmaceutical company (Source: IMS Health India, Secondary Stockist
Audit (“SSA”), March 2013) in India in terms of market share based on the
domestic sales of pharmaceutical products.
The transaction is subject to conditions under contract and
law including approvals such as Foreign Investment Promotion Board (FIPB)
approval.
Satish Mehta, Emcure’s Managing Director and Chief Executive
Officer, said, “Blackstone has been a valuable strategic partner for us over
the last few years. In addition to providing growth capital to expand our
business multi-fold, they also shared strategic insights to manage our fast
growing business effectively. We are delighted that we have lived up to the
faith reposed in us by Blackstone. We are also delighted to welcome a
prestigious firm like Bain Capital and look forward to reaching greater heights
in partnership with them.”
Amit Dixit, Co-Head of Private Equity at Blackstone Advisors
India Pvt Ltd and a Director on Emcure’s board, said, “Emcure was the first
private equity investment by a Blackstone managed fund in India. Since our
investment, the company has significantly strengthened its position in the
Indian pharmaceutical market and has established a strong presence in the US
and other semi-regulated markets. Thanks to its management team, the company’s
revenues and profits grew significantly during our investment horizon. Going
forward, we believe Emcure will continue to build on its strong platform and
continue its rapid growth trajectory.”
Amit Chandra, Managing Director, Bain Capital Advisors
(India) Pvt Ltd, an advisor to Bain Capital, said, “Emcure is strongly positioned
with a well-diversified range of products. Its strong management team, under
the leadership of Mr. Satish Mehta, has built high quality chemistry skills,
and robust marketing and distribution capabilities, that gives Bain Capital
managed funds the conviction that Emcure is capable of continued strong growth
and value creation in the years ahead.”
EMCURE PHARMACEUTICALS WITHDRAWS
PROPOSED IPO
The Pune-based pharma company had filed
draft offer documents with the Securities and Exchange Board of India (Sebi)
for the proposed IPO in
June last year.
The proposed issue comprised of fresh
issue of up to Rs 300 crore and an offer for sale of up to 25,13,057 equity
share.
However, the company through its lead merchant
banker IDFC Capital
withdrew its offer documents on June 6 this year, as per the latest update
available with Sebi.
The pharma company intends to utilise the
net proceeds for setting up of new manufacturing facilities and expansion of
existing manufacturing facilities, research and development and general corporate
purposes.
The company is engaged in developing,
manufacturing and marketing a broad range of pharmaceutical products globally.
Emcure Pharmaceuticals operates nine
manufacturing facilities, eight of which are located in India and one in the
US.
Prior to Emcure Pharmaceuticals, three
firms --Trimax IT Infrastructure and Services, BSCPL Infrastructure and GMR
Energy-- had withdrawn their respective public offer plans this year so far.
PUNE'S EMCURE PHARMA SCOUTING FOR LAND IN GUJARAT
Pune-based Emcure Pharmaceuticals is scouting for land in
Gujarat to set up a formulations plant here, state government sources
indicated.
The privately held company which is into manufacturing both
active pharmaceutical ingredients (APIs) and pharmaceutical formulations,
currently has three formulations plants and one API manufacturing plant in
Pune.
"The company officials visited Gujarat to scout for
location around two weeks back and plan to invest around Rs 150 crore to set up
a formulation plant here," informed a senior state government official
close to development. The company officials could not be reached for a comment.
Emcure is one of the largest contract manufacturers of
tablets, capsules, liquids, ointments and creams in India and manufactures the
key brands for some of the largest MNCs in India, the company website noted.
It forayed into supplying the regulated markets with the
setting up of a solid dosages facility at Hinjwadi.
The Hinjwadi manufacturing facility has approvals from both
the UK MHRA and MCC South Africa, while the USFDA certification was received
recently for the solid dosages plant.
The company also has a facility for manufacturing liquid
injectables, while the small volume parenterals facility has independent lines
for filling pre-filled syringes, vials and ampoules. This plant has been set up
as per standards and guidelines laid down by US FDA, the website noted adding
that "to cater to the demand of domestic market and emerging markets a new
state of the art facility at Bari - Brahmana Jammu, India was created in 2009.
This facility manufactures both solid and liquid orals."
Emcure has set up research and development centers for both
API and formulations at Pimpri, Bhosari and Hinjwadi in Pune. It has operations
in India, USA, Latin America, Middle East, Africa and other emerging markets.
In the last few months, a slew of domestic and global
pharmaceutical companies have shown interest in coming to Gujarat, which
accounts for almost one-third of the country's pharmaceutical production.
Abbott India, a subsidiary of Illinois head-quartered Abbott
Laboratories is all set start commercial production at its upcoming facility at
Jhagadia this year where it plans to make nutraceutical products.
Meanwhile, Teva and Proctor & Gamble (P&G) joint
venture that would be making the Vicks range of products from P&G stable at
Sanand, has started work on the first phase of the project.
Associated Capsules Private Limited (ACPL), one of the largest
producers of pharmaceutical empty hard gelatine capsules in the world, is also
planning to set up a plant in Bharuch for the same.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Electrical Installation
· Air Handling Equipment
· Computer
· Office Equipment
· Furniture and Fixtures
· Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
53 |
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 |
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 |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.