MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMCURE PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
‘Emcure House’, T
– 184, MIDC, Bhosari, Pune – 411 026, Maharashtra |
|
|
|
|
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 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 |
|
|
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Amit Jadav |
|
Designation : |
Account Executive |
|
Contact No.: |
91-20-30610000 |
|
Date : |
15.02.2014 |
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 : |
|
|
Website : |
|
|
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, MI.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, IT-BT
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 |
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 of
Pharmaceutical Products. |
|
|
|
|
Exports : |
|
|
Products : |
Finish Goods |
|
Countries : |
USA |
|
|
|
|
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 |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
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
|
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.
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
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.