1. Summary Information
|
|
|
Country |
|
|
Company Name |
UNIMARK REMEDIES LIMITED |
Principal Name 1 |
MR. MEHUL JAYANT PAREKH |
|
Status |
MODERATE |
Principal Name 2 |
MR. SANDIP JAYANT PAREKH |
|
|
|
Registration # |
|
|
Street Address |
|
||
|
Established Date |
01.12.1993 |
SIC Code |
-- |
|
Telephone# |
91-22-26464769 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-22-67304100 |
Business Style 2 |
MARKETING |
|
Homepage |
Product Name 1 |
ACTIVE PHARMACEUTICAL INGREDIENTS |
|
|
# of employees |
500 (APPROXIMATELY) |
Product Name 2 |
ADVANCED INTERMEDIATES |
|
Paid up capital |
RS.168,895,250/- |
Product Name 3 |
-- |
|
Shareholders |
FOREIGN
HOLDINGS-45.96% BODIES CORPORATE-1.33% DIRECTORS OR RELATIVES OF
DIRECTORS-52.64% OTHERS-0.07% |
Banking |
DBS BANK LIMITED |
|
Public Limited Corp. |
NO |
Business Period |
20 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
B (34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARIES |
HONG KONG |
UNIMARK REMEDIES HONG KONG LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,706,134,000 |
Current Liabilities |
1,778,688,000 |
|
Inventories |
2,128,752,000 |
Long-term Liabilities |
5,041,175,000 |
|
Fixed Assets |
3,690,722,000 |
Other Liabilities |
275,122,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7,094,985,000 |
|
Invest& other Assets |
3,056,342,000 |
Retained Earnings |
5,318,070,000 |
|
|
|
Net Worth |
5,486,965,000 |
|
Total Assets |
12,581,950,000 |
Total Liab. & Equity |
12,581,950,000 |
|
Total Assets (Previous Year) |
11,670,573,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
6,830,605,000 |
Net Profit |
283,734,000 |
|
Sales (Previous yr)/ |
6,478,774,000 |
Net Profit
(Prev.yr) |
358,623,000 |
|
Report Date : |
31.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIMARK REMEDIES LIMITED (w.e.f. 03.05.1995) |
|
|
|
|
Formerly Known
As : |
UNIMARK REMEDIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Enterprise Centre, 1st Floor, Off. Nehru Road, Vile Parle
(East), Mumbai – 400 099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
01.12.1993 |
|
|
|
|
Com. Reg. No.: |
11-075373 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.168.895
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23200MH1993PLC075373 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMU03720G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0589R |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in the manufacturing of Active
Pharmaceutical Ingredients (“APIs”) and Advanced Intermediates, also involved
in manufacturing and marketing of formulations. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21948000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an
established company having moderate track record. There appears some
dip in the profits of the company during current year. The rating also
takes into consideration the stretched liquidity profile of the company. However, trade
relations are reported as fair. Business is active. Payment terms are
reported to be slow but correct. The company can
be considered for business dealings with some cautions. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Loan: BB+ (Suspended) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
December, 2013 |
Reason for suspension: Inability to carryout rating in the absence of
requisite information from the company.
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
31-03-2012.
LOCATIONS
|
Registered Office/ Corporate Office : |
Enterprise Centre, 1st Floor, Off. Nehru Road, Vile Parle
(East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-26464769/
26040361/ 67304153/ 67304000/ 101/100 |
|
Fax No.: |
91-22-67304100/
260/ 26463772/ 26007917 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
41, G.I.D.C.
Industrial Estate, 1st Phase, District Valsad, Vapi – 396 195,
Gujarat, India |
|
Tel. No.: |
91-260-2420639/ 40 |
|
Fax No.: |
91-260-2420161/ 2424390 |
|
|
|
|
Factory 2 : |
337, Kerala
Nalsarovar Road, Taluka Dholka, Village Bavla, Ahmedabad – 380 220, Gujarat,
India |
|
Tel. No.: |
91-2714-304100 |
|
Fax No.: |
91-2714-268381/ 268229 |
|
|
|
|
Factory 3 : |
Building No. AP/2-3, Gala No. 1 to 4, Rajlaxmi commercial Complex, Bhiwandi, India |
|
|
|
|
Godown : |
Near Marwell
Engineering Works, Koparkhairne, Vashi, Navi Mumbai – 400 705, Maharashtra,
India |
|
Tel. No.: |
91-22-27687728 |
DIRECTORS
AS ON 25.10.2012
|
Name : |
Mr. Mehul Jayant Parekh |
|
Designation : |
Managing Director |
|
Address : |
11th Floor, Kamleshwar New Co-operative Housing Society
Limited, 40, Tagore Road, Santacruz (West), Mumbai – 400 054, Maharashtra,
India |
|
Date of Birth/Age : |
26.11.1958 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00026776 |
|
PAN No.: |
AACPP6247L |
|
|
|
|
|
|
|
Name : |
Mr. Sandip Jayant Parekh |
|
Designation : |
Whole-Time Director |
|
Address : |
A-91-92, SHaligram Apartment, Near Umiya
Vijay Society, Behind Satellite Police Station, Ahmedabad – 380 015, Gujarat,
India |
|
Date of Birth/Age : |
24.01.1968 |
|
Qualification : |
M. Sc. (Org. Chem.) from IIT, Mumbai |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00048033 |
|
PAN No.: |
AACPP6244K |
|
|
|
|
|
|
|
Name : |
Mr. Yogesh Navnitlal Parikh |
|
Designation : |
Whole-time Director |
|
Address : |
C-36, Gujarati Society, 2nd
Floor, Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
|
Date of Birth/Age : |
03.02.1959 |
|
Qualification : |
B. Com, F.C.A |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00048121 |
|
PAN No.: |
AACPP6250F |
|
|
|
|
Name : |
Mr. Harmander Palsingh Chawla |
|
Designation : |
Director |
|
Address : |
1022, Sector 44B, Chandigarh – 160 047,
India |
|
Date of Birth/Age : |
14.04.1940 |
|
Qualification : |
M. Tech, Ph.D |
|
Date of Appointment : |
04.03.2005 |
|
DIN No.: |
00015627 |
|
|
|
|
|
|
|
Name : |
Koppisetty Srinivas |
|
Designation : |
Director |
|
Address : |
Flat No.304, Building No.15, Mhada Residential Complex, Oshiwara,
Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1963 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.04.2012 |
|
DIN No.: |
00514607 |
|
|
|
|
Name : |
Mr. Omdutt Behari Tyagi |
|
Designation : |
Whole time director |
|
Address : |
B-804, Oberoi Woods, Off. Western Express Highway, Goregaon (East),
Mumbai – 400 063, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1958 |
|
Qualification : |
M.Sc., Phd. |
|
Date of Appointment : |
16.04.2010 |
|
DIN No.: |
03023105 |
|
PAN No.: |
AABPT5413D |
|
|
|
|
Name : |
Mr. Ranchhodlal Kesavlal Shah |
|
Designation : |
Director |
|
Address : |
1601, Somerest, Opposite D-Mart, Hiranandani Gardens, Powai, Mumbai –
400 076, Maharashtra, India |
|
Date of Birth/Age : |
08.04.1944 |
|
Qualification : |
Bachelor of
Science in Chemistry from St. Xavier’s College, B. Sc. – Tech Technology of
Pharmaceuticals and Fine Chemicals Department of Chemical Technology Bombay
University |
|
Date of Appointment : |
17.06.2011 |
|
DIN No.: |
03470002 |
|
|
|
|
Name : |
Mr. Shekhar Ramchandra Shanbhag |
|
Designation : |
Director |
|
Address : |
53, Winged Foot Drive, Manalapan, New Jersey, USA - 07726 |
|
Date of Birth/Age : |
30.06.1947 |
|
Qualification : |
MS in Industrial
Pharmacy |
|
Date of Appointment : |
06.05.2011 |
|
DIN No.: |
03518366 |
|
|
|
|
Name : |
Mr. Vijay Kumar Batra |
|
Designation : |
Additional Director |
|
Address : |
161, Dayanand Vihar, Vikas Marg Extension, Delhi – 110 092, India |
|
Date of Birth/Age : |
13.03.1947 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
00038275 |
|
|
|
|
Name : |
Mr. Sanjeev Anant Gupte |
|
Designation : |
Additional Director |
|
Address : |
Sumer Castle, E-401, 4th Floor, LBS Marg, Thane (West),
Mumbai – 400 601, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1962 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
03042650 |
|
|
|
|
|
|
|
Name : |
Mr. Pradipkumar Pravinchandra Vaishnav |
|
Designation : |
Additional Director |
|
Address : |
A-9, Model Town CHS, 6th Floor, Gulmohar Cross Road-7, JVPD
Scheme, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
19.05.1956 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
05234461 |
KEY EXECUTIVES
|
Name : |
Mr. Mohammad Abdul Nadeem |
|
Designation : |
Secretary |
|
Address : |
G-402, Plot 8 and 9, Sector 19A, Nerul (East), Navi Mumbai – 400 706,
Maharashtra, India |
|
Date of Birth/Age : |
07.11.1977 |
|
Date of Appointment : |
27.06.2011 |
|
PAN : |
ADTPN5526G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.10.2012
Note:
Shareholding details file attached.
AS ON 25.10.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.96 |
|
Bodies
corporate |
|
1.33 |
|
Directors
or relatives of directors |
|
52.64 |
|
Others
|
|
0.07 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the manufacturing of Active
Pharmaceutical Ingredients (“APIs”) and Advanced Intermediates, also involved
in manufacturing and marketing of formulations. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
API |
Tones |
622.74 |
1637.99 |
Notes:
·
Installed capacity represents effective operational
capacity calculated on a continuous process basis, based on that year’s product
mix.
·
Actual production includes production at loan
licensee locations and captive consumption
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
DBS Bank Limited, 221, Fort House, 3rd Floor,
D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India ·
State Bank of India, Backbay Reclamation Branch,
Raheja Chambers, Free Press Journal Marg,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Bank of Baroda ·
Canara Bank ·
Citibank N.A. ·
State Bank of Indore ·
Export-Import Bank of India, Centre One Building,
Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005,
Maharashtra, INDIA ·
Standard Chartered Bank, 90, M.G. Road, Fort,
Mumbai – 400 001, Maharashtra, India ·
The Jammu and Kashmir Bank Limited, 79-A, Mehta
House, Bombay Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India ·
Central Bank of India Limited, M.G. Road Fort,
Mumbai – 400 023, Maharashtra, INDIA ·
ICICI Bank Limited ·
IDBI Bank Limited ·
New
India Co-Operative Bank Limited,
Central
Credit Department, Temple View-1, Raheja Township- Malad East, Mumbai – 400
097, Maharashtra, India ·
Standard Chartered Bank, Crescenzo, C/38/39,
G-Block, 6th Floor, Behind MCA Club, Bandra (East), Mumbai – 400
051, Maharashtra, India ·
Bank of India, 92/93, Free Press House, 9th
Floor, Free Press Journal Marg, 215, Nariman Point, Mumbai – 400 021,
Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra,
India ·
Corporation Bank, 301- 302, Eagles Flight, Suren
Road, Andheri (East), Mumbai – 400 093, Maharashtra, India ·
Bank of Maharashtra, 301, Suraj Bhavan, S.V.
Road, Khar (West), Mumbai - 400 052, Maharashtra, India ·
The Royal Bank of Scotland N.V., Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Barclays Bank PLC, 801/808, Ceejay House,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok
and Company Chartered
Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S.B. Marg,
Elphinstone (West), Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-23671623 |
|
Fax No.: |
91-22-23671624 |
|
E-Mail : |
|
|
PAN No.: |
AAAFW4298E |
|
|
|
|
Subsidiaries : |
·
Unimark Remedies Hong Kong Limited, Hong Kong ·
Zen Life Sciences Private Limited, India (CIN
No.: U85190MH2008PTC188384) ·
Unimark Remedies S.R.O, Czech Republic ·
Onkology Kombine Private Limited, India (formerly
known as Zen Oncology Private Limited) (CIN No.: U24100MH2009PTC194712) |
|
|
|
|
Associate : |
KDL Biotech Limited, India (CIN No.: L24230MH1986PLC040603) |
|
|
|
|
Entities in which directors of the Company are
able to exercise control or have significant influence : |
·
Orchid Enterprises, India ·
Syngergia Sciences Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16889525 |
Equity Shares |
Rs.10/- each |
Rs.168.895
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 |
|
168.895 |
168.895 |
|
(b) Reserves & Surplus |
|
5318.070 |
5034.339 |
|
(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) |
|
5486.965 |
5203.234 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
2138.293 |
2367.070 |
|
(b) Deferred tax liabilities (Net) |
|
252.956 |
337.721 |
|
(c) Other long
term liabilities |
|
13.926 |
14.426 |
|
(d) Long-term
provisions |
|
20.509 |
23.832 |
|
Total Non-current
Liabilities (3) |
|
2425.684 |
2743.049 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2902.882 |
1775.796 |
|
(b)
Trade payables |
|
697.341 |
1038.319 |
|
(c)
Other current liabilities |
|
1067.421 |
907.909 |
|
(d) Short-term provisions |
|
1.657 |
2.266 |
|
Total Current
Liabilities (4) |
|
4669.301 |
3724.290 |
|
|
|
|
|
|
TOTAL |
|
12581.950 |
11670.573 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3631.450 |
3769.277 |
|
(ii)
Intangible Assets |
|
59.272 |
118.665 |
|
(iii)
Capital work-in-progress |
|
1078.336 |
801.997 |
|
(iv) Intangible assets under development or
work-in-progress |
|
1847.071 |
1305.214 |
|
(b) Non-current Investments |
|
130.935 |
130.934 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
315.065 |
287.719 |
|
(e) Other
Non-current assets |
|
33.472 |
32.853 |
|
Total Non-Current
Assets |
|
7095.601 |
6446.659 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2128.752 |
2001.068 |
|
(c)
Trade receivables |
|
2391.843 |
1886.496 |
|
(d) Cash
and cash equivalents |
|
111.713 |
395.956 |
|
(e)
Short-term loans and advances |
|
599.343 |
598.433 |
|
(f)
Other current assets |
|
254.698 |
341.961 |
|
Total
Current Assets |
|
5486.349 |
5223.914 |
|
|
|
|
|
|
TOTAL |
|
12581.950 |
11670.573 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
129.934 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3251.824 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3381.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4016.070 |
|
|
2] Unsecured Loans |
|
|
348.617 |
|
|
TOTAL BORROWING |
|
|
4364.687 |
|
|
DEFERRED TAX LIABILITIES |
|
|
484.159 |
|
|
Other Liabilities (Deferred Credit) |
|
|
23.218 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8253.822 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3945.723 |
|
|
Capital work-in-progress |
|
|
1260.962 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
130.883 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1390.125
|
|
|
Sundry Debtors |
|
|
1964.454
|
|
|
Cash & Bank Balances |
|
|
40.787
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
695.636
|
|
Total
Current Assets |
|
|
4091.002
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1007.415
|
|
|
Other Current Liabilities |
|
|
147.422
|
|
|
Provisions |
|
|
19.911
|
|
Total
Current Liabilities |
|
|
1174.748
|
|
|
Net Current Assets |
|
|
2916.254
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8253.822 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6830.605 |
6478.774 |
6201.606 |
|
|
|
Other Income |
43.042 |
48.974 |
28.747 |
|
|
|
TOTAL (A) |
6873.647 |
6527.748 |
6230.353 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4099.203 |
3796.731 |
-- |
|
|
|
Purchases of stock-in-trade |
512.801 |
959.726 |
-- |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
23.555 |
(527.181) |
-- |
|
|
|
Employee benefit expense |
331.554 |
389.003 |
371.349 |
|
|
|
Other expenses |
818.988 |
987.417 |
-- |
|
|
|
Consumption Materials Changed Inventories |
-- |
-- |
3860.335 |
|
|
|
Manufacturing Services Costs |
-- |
-- |
604.746 |
|
|
|
Administration, Selling and Others
Expenses |
-- |
-- |
367.516 |
|
|
|
Research and Development Expenses |
-- |
-- |
54.846 |
|
|
|
TOTAL (B) |
5786.101 |
5605.696 |
5258.792 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1087.546 |
922.052 |
971.561 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
577.391 |
405.040 |
370.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
510.155 |
517.012 |
601.043 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
311.186 |
304.828 |
278.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
198.969 |
212.184 |
322.441 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(84.765) |
(146.439) |
57.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
283.734 |
358.623 |
264.723 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
617.087 |
408.464 |
393.741 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
750.821 |
617.087 |
408.464 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2085.127 |
2681.886 |
2090.605 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.80 |
21.71 |
20.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.13
|
5.49 |
4.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.91
|
3.28 |
5.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
2.25 |
4.01
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.92
|
0.80 |
1.29
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.40 |
3.48
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
Case Details
Bench:-Bombay
|
Lodging No.:- |
ITXAL/287/2013 |
|
Filing Date:- |
18/02/2013 |
|
Reg. No.:- |
ITXA/1151/2013 |
|
Reg. Date:- |
23/05/2013 |
|
Petitioner:- |
The Commissioner of Income Tax |
|
Respondent:- |
Unimark Remedies Limited |
|
Petn. Adv.:- |
Tejveer Singh |
|
Resp. Adv.:- |
Sudhakar Lakhani |
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
|
Status:- |
Admitted (Unready) |
|
Category:- |
Tax Appeals |
|
Last Date:- |
19/03/2013 |
|
Stage:- |
For Direction |
|
Last Coram:- |
Hon'ble Shri Justice J.P. Devadhar Hon'ble Shri Justice M.S. Sanklecha |
|
Act :- |
Income Tax Act, 1961 |
|
Under Section:- |
260A |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10415530 |
04/05/2013 * |
120,000,000.00 |
BANK OF INDIA |
92/93, FREE
PRESS HOUSE, 9TH FLOOR, FREE PRESS JOURNAL MARG, 215, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B78399441 |
|
2 |
10415825 |
04/05/2013 * |
440,000,000.00 |
BANK OF INDIA |
92-93, FREE PRESS
HOUSE, 9TH FLOOR, FREE PRESS JOURNAL MARG, 215 NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B78399177 |
|
3 |
10384628 |
04/05/2013 * |
180,000,000.00 |
CENTRAL BANK OF
INDIA LIMITED |
M G ROAD FORT,
MUMBAI, MUMBAI, MAHARASHTRA - 4000 |
B78398815 |
|
4 |
10384627 |
04/05/2013 * |
380,000,000.00 |
CENTRAL BANK OF
INDIA |
M G ROAD, FORT,
MUMBAI, MAHARASHTRA - 400023, INDIA |
B78398450 |
|
5 |
10376320 |
04/05/2013 * |
250,000,000.00 |
NEW INDIA
CO-OPERATIVE BANK LIMITED |
CENTRAL CREDIT
DEPARTMENT, TEMPLE VIEW-1, RAHEJA |
B77999803 |
|
6 |
10325574 |
29/12/2011 * |
200,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B29410826 |
|
7 |
10287967 |
03/05/2011 |
350,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORT,
MUMBAI, MAHARASHTRA - 400023, INDIA |
B13346515 |
|
8 |
10277484 |
29/12/2011 * |
900,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B29293628 |
|
9 |
10277523 |
29/12/2011 * |
250,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
79A, MEHTA
HOUSE, BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B30470587 |
|
10 |
10278530 |
04/05/2013 * |
320,000,000.00 |
CORPORATION BANK |
301- 302, EAGLES
FLIGHT, SUREN ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA |
B78259645 |
|
11 |
10278532 |
29/12/2011 * |
400,000,000.00 |
CORPORATION BANK |
301-302, THE
EAGLE'S FLIGHT, SUREN ROAD, OFF. AND |
B29286465 |
|
12 |
10270141 |
27/01/2011 |
350,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES FORT BRANCH, 10/12, |
B06214415 |
|
13 |
10256985 |
27/01/2011 * |
100,000,000.00 |
IDBI BANK
LIMITED |
SPECIALISED CORPORATE,
47, OPUS CENTRE, GROUND FLOOR, |
B06178743 |
|
14 |
10256982 |
27/01/2011 * |
150,000,000.00 |
IDBI BANK
LIMITED |
SPECIALISED CORPORATE,47,
OPUS CENTRE, GROUND FLOOR, |
B06178214 |
|
15 |
10248453 |
27/01/2011 * |
120,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE, |
B06398077 |
|
16 |
10224775 |
27/01/2011 * |
240,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B06397640 |
|
17 |
10176412 |
29/09/2009 * |
808,080,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
LEVEL 10, HSBC MAIN
BUILDING, 1 QUEEN'S ROAD CENTRAL, HONGKONG, - 9999999, HONG KONG |
A70331483 |
|
18 |
10144308 |
28/09/2010 * |
690,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE,
3RD FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B37738457 |
|
19 |
10141701 |
04/05/2013 * |
200,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA
GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B78381423 |
|
20 |
10101693 |
04/05/2013 * |
313,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO,
C/38/39, G-BLOCK, 6TH FLOOR, BEHIND MC |
B78399490 |
|
21 |
10092376 |
01/06/2011 * |
100,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B14868350 |
|
22 |
10090508 |
04/05/2013 * |
447,000,000.00 |
BANK OF
MAHARASHTRA |
301, SURAJ
BHAVAN, S V ROAD, KHAR WESY, MUMBAI, MAHARASHTRA - 400052, INDIA |
B78210630 |
|
23 |
10049603 |
15/10/2008 * |
420,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
BIRLA HOUSE, 25
BARAKHAMBA ROAD, NEW DELHI, DELHI |
A49761505 |
|
24 |
10050722 |
15/10/2008 * |
420,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
BIRLA HOUSE, 25
BARAKHAMBA ROAD, NEW DELHI, DELHI |
A49760291 |
|
25 |
90164479 |
06/07/2012 * |
290,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B56864432 |
|
26 |
90166825 |
27/01/2011 * |
450,000,000.00 |
STATE BANK OF
INDIA |
BACKBAY
RECLAMATION BRANCH, RAHEJA CHAMBERS, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B06400824 |
|
27 |
90164398 |
27/01/2011 * |
210,000,000.00 |
STATE BANK
OFTRAVANCORE |
12-115, TULSIANI
CHAMBERS, 1ST FLOOR, WEST WING, |
B06274666 |
|
28 |
90165489 |
16/06/2004 * |
62,500,000.00 |
THE HONGKONG AND
SHAGAI BANKING CORPORATION LIMITED |
ECE HOUSE, 228;
KASTURBA GANDHI MARG, NEW DELHI, |
- |
|
29 |
90165477 |
21/03/2003 * |
90,000,000.00 |
STATE BANK OF
INDORE |
214; D.N. ROAD, FORT,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
30 |
90166762 |
08/10/2003 * |
90,000,000.00 |
STATE BANK OF
INDORE |
214; D.N. ROAD,
FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
31 |
80058757 |
29/04/2002 |
798,000.00 |
BANK OF BARODA |
SANTACRUZ ( W) BRANCH,
MUMBAI, MAHARASHTRA - 40005 |
- |
|
32 |
90164223 |
08/10/2003 * |
69,500,000.00 |
CANARA BANK |
TARNARIND LANE,
8/10 CALCOT HOUSE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
33 |
90164094 |
03/05/2011 * |
250,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH,, 10/12, 4TH |
B13348461 |
|
34 |
90164082 |
30/09/2002 * |
130,000,000.00 |
ICICI LIMITED |
ICICI TOWER, BANDRA
KURLA COMPLEX, MUMBAI, MAHARASHTRA, INDIA |
- |
|
35 |
90165388 |
18/05/2001 * |
130,000,000.00 |
ICICI LIMITED |
ICICI TOWER,
BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA, INDIA |
- |
|
36 |
90165381 |
12/03/2009 * |
410,000,000.00 |
CITI BANK N.A. |
CITI TOWER, 61,
DR. S.S.ROAD, MUMBAI, MAHARASHTRA |
A58138926 |
|
37 |
90163563 |
07/07/1997 |
327,000.00 |
THE SARASWAT
CO-OP. BANK LIMITED |
CENTRAL
ADMINISTRTIVE OFFICE, APSARA CIENMA BUILD |
- |
|
38 |
90163370 |
28/07/1999 * |
10,000,000.00 |
SIDBI |
10/10 MADAN
MOHAN MALVIYA MARG, LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
39 |
90163265 |
28/11/1995 |
3,000,000.00 |
BANK OF
MAHARASTRA |
KHAR ROAD
BRANCH, BOMBAY, MAHARASHTRA - 400052, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from others |
30.000 |
35.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
177.551 |
0.000 |
|
Rupee term loans from others |
10.000 |
5.000 |
|
Total
|
217.551 |
40.000 |
Note:
The registered office of the company has been
shifted from 19, Crystal, 1st Floor, Juhu Road, Santacruz (West),
Mumbai – 400 054, Maharashtra, India to the present address w.e.f. 28.06.2011.
NATURE OF OPERATIONS:
Unimark Remedies
Limited (‘Unimark” or “the Company”), a public limited company was incorporated
on 1 December 1993. The Company is primarily engaged in the manufacturing of
Active Pharmaceutical Ingredients (“APIs”) and Advanced Intermediates. The
Company has developed skills in the areas of process research and development,
process chemistry, handling complex chemical reactions and expertise in
marketing of APIs and speciality intermediates both globally and within India.
The Company currently operates two fully US FDA approved manufacturing units at
Bavla near Ahmedabad, and at Vapi both in the state of Gujarat, India. At both
these units the Company also has state of the art research and development
facilities.
The Company is
also involved in manufacturing and marketing of formulations in the Indian
market and also exports such formulations in other unregulated markets.
The Company’s registered office is at 101, Enterprise Centre, off Nehru
Road, Vile Parle East, Mumbai - 400 099 Maharashtra, India.
Key Financial Highlights
- Net sales grew
by Rs.351.831 millions during FY 2012-13, from Rs.6478.774 millions, FY 2011-12
- Earnings before
Interest Tax, Depreciation and Amortization (EBITDA) grew by 15.82% to
Rs.1087.546 millions during FY 2012-13, from Rs.922.052 millions in FY 2011-12
- Net profits down by 1.38% to Rs.283.734 millions during FY 2012-13, as
compared to Rs.358.623 millions FY 2011-12.
Profit and Loss Highlights
- Material cost
has been increased by 2.59% to Net Sales. In FY 2012-13 material cost is
Rs.4635.559 millions which is 67.86% of Net Sales.
During FY 2011-12
material cost was Rs.4229.276 millions which is 65.28% of Net Sales. The
material cost was increased due to increase in Price and foreign exchange.
- Personnel cost
decreased by Rs.57.496 millions to 1.15% of Net Sales, at Rs.331.554 millions.
During FY 2012-13, as against Rs.389.003 millions for FY 2011-12.
- Manufacturing
and Other Expenses decreased by Rs.134.560 millions to 11.19% of Net Sales at
Rs.764.533 millions during the FY 2012-13 as against Rs.899.093 millions
during, FY 2011-12.
- Revenue
Expenditure on R&D stands at Rs.76.980 millions amounting to 1.12 % of Net
Sales during FY 2012-13, as against Rs.39.207 millions amounting to 0.69% of
Net Sales during FY 2011-12.
Balance Sheet
Highlights
Capital Expenditure stands at Rs.929.581 millions during the year.
INDUSTRY OVERVIEW
Indian
Pharmaceutical Industry is playing a key role in promoting and sustaining
development in the vital field of medicines. A number of Indian pharmaceutical
companies adhere to highest quality standards are approved by regulatory
authorities in USA and UK. Pharmaceutical Industry in India is one of the
largest and most advanced among the developing countries. It provides
employment to millions and ensures that essential drugs at affordable prices
are available to the vast population of India and Manufacturers are now free to
produce any drug duly approved by the Drug Control Authority. Indian
pharmaceutical industry got a major boost with the signing of General Agreement
on Tariffs and Trade in January 2005 with which India began recognizing global
patents. In India 15 prominent contract research organizations (CROs) offer
efficient R&D on a low-cost basis. Thirty five per cent of business is in
the field of new drug discovery and the rest 65 per cent of business is in the
clinical trials arena. India offers a huge cost advantage in the clinical
trials domain compared to Western countries. Indian pharma companies are vying
for the branded generic drug space to register their global presence. The
Indian Pharmaceutical industry meets approximately 95% of the country’s
pharmaceutical needs. The present turnover of the Indian Pharma Industry is
approximately $ 9.0 billion of which the share of exports is 40%.Globally it ranks
4th in terms of volume with a share of 8% in the world pharmaceutical market.
In terms of value, it ranks 14th. Key therapeutic segments of Indian
pharmaceutical industry include anti-infective, gastrointestinal and
cardio-vascular.
India’s
pharmaceutical companies can also operate at much lower profit margins that
their Western counterparts. Today, India produces some of the cheapest drugs in
the world, especially because labor costs are 50 to 55% cheaper than in the
West. Industry experts indicate that infrastructure costs are 40 % lower and
fixed cost is estimated to be 12% to 20% less that in the United States and
Western Europe. Consequently, India can produce bulk drugs that cost 60% less
that in the West and can open a production plant in India 40% cheaper than in
developed countries.
Operations Review
During the year,
the Company achieved a turnover of Rs.6830.605 millions as against Rs.6478.774
millions during the previous year. Other income earned (mainly interest income)
during the year stood at Rs.43.042 millions as against Rs.48.974 millions in
the previous year. Earnings per share is Rs.16.80 per share as against Rs.21.71
per share last year. Exports constituted 30.66% of the net turnover.
Operational Highlights
- Regulatory
markets API sales (including US and Europe) fall by Rs.156.631 millions during
FY 2012-13, down from Rs.752.784 millions, FY 2011-12). The Regulatory Markets
contributed 8.73% of the Net Sales of the Company.
- Net Sales for Indian
business increase by 11.06% as compared to that of the previous year.
- Net Sales for Middle Asia and African was down by Rs.474.388 millions
as compared to corresponding Sales figure for the previous year.
Operational Summary
- Active
Pharmaceutical Ingredients:
Till date, for the
regulated markets, the Company has filed 38 Drug Master File (DMF) with US FDA.
At present, out of that 21 products are commercially accessed by the
Formulators.
- Drug Products
(Formulations):
- The Company is
quite aggressive and implementing the things as per planned strategies by
filing its own ANDAs (Abbreviated New Drug Applications) for US market and
Market Authorisation for European markets. Till date, the Company has filed 8
ANDAs into various therapeutic segments for US markets (including 4 through
Joint Venture Partners), 26 marketing authorization for European markets (13
countries) and 2 ANDS (Abbreviated New Drug Submissions) for Canadian market.
- Para IV Filing
on NCE-1 date – the Company is ready with 2 “First to File P-IV” ANDAs to be
filed on opening date with US FDA by which the Company will be eligible for 180
days exclusivity marketing rights for those products.
- Domestic Market:
In Domestic market, the company has already launched 110 products and 35 products
expected to be launched by March 2013.
- ROW Market: The
Company is also active in rest of the world market segment which includes
countries like Sri Lanka, Senegal, Angola, Burundi, Benin, Nigeria etc.
With all the above
efforts, the Company is in the process of transforming itself to a Dosage
manufacturing company from currently Active Pharmaceutical Ingredient Company.
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Electrical Incubation
·
Furniture and Fixtures
·
Office Equipments
·
Vehicle
·
R&D Equipment
·
R&D Building
Intangible Assets
·
Technical Know-how
·
Product Development
WEBSITE DETAILS:
NEWS:
RS 5K-CR PROPOSALS SENT TO CDR CELL IN AUG, JUST 3
CASES CLEARED IN JULY
September 03 2013
Loans worth
Rs.51690.000 millions were referred to the corporate debt restructuring (CDR)
cell in August compared with over Rs.155000.000 millions loans referred in
July, a banker with direct knowledge of the development said on Monday.
In the
July-September period last year, about 33 cases worth Rs.189070.000 millions
had been referred to the cell.
Of the 12 cases
referred to the cell, the larger ones are AMR India (Rs.13300.000 millions),
Hanjer Biotech (Rs.7860.000 millions) and Unimark Remedies (Rs.4770.000
millions). The number of restructured loans approved by the cell in August were
not available right away. The cell had approved only three cases, worth
Rs.12750.000 millions, for restructuring in July, the banker said.
In FY13 alone,
the cell had approved restructuring for 106 accounts worth Rs.764790.000
millions. The pace for restructuring does not seem to be slowing down this year
either. In the April-June period this year, the cell had approved loans worth
Rs.212660.000 millions for restructuring. According to estimates given by eight
large banks, over Rs.250000.000 millions cases will come up for restructuring
by September 30.
Bankers meet
every month to take stock of development in each company admitted to CDR cell
and whether they should be approved or not. According to analysts, the banking
system could take a collective hit of an estimated Rs.130000.000-150000.000
millions on bottomline in next two years due to tough restructuring guidelines
issued by Reserve Bank of India (RBI).
In the final
guidelines announced in May, RBI had raised the provisioning requirement for
all new restructured loans to 5% starting June. This was higher than the
earlier requirement of 2.75%. For all standard restructured assets, the
provisioning requirement will be raised to 5% by 31 March 2016, in a
calliberated manner.
Moreover, the
level of promoter sacrifice has also been raised to a minimum of 20% of bank
sacrifice or 2% of the restructured loan amount, whichever is higher.
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.62.73 |
|
|
1 |
Rs.103.87 |
|
Euro |
1 |
Rs.85.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.