MIRA INFORM REPORT

 

 

Report No. :

337789

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

EMCURE PHARMACEUTICALS LIMITED

 

 

Registered Office :

‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra

Tel. No.:

91-20-30610000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.04.1981

 

 

Com. Reg. No.:

25-024251

 

 

Capital Investment / Paid-up Capital :

Rs.452.130 million

 

 

CIN No.:

[Company Identification No.]

U24231PN1981PLC024251

 

 

IEC No.:

3193008303

 

 

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 :

Subject is engaged in manufacturing of Formulations and Active Pharma Ingredients (APIs).

 

 

No. of Employees :

5000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (70)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject incorporated in April 1981 and it is engaged in the manufacturing of formulations and active pharmaceutical ingredients. Subject is a well-established company having fine track record.

 

For the financial year ended 2014, company possesses healthy operational risk profile and it has achieved total revenue of Rs.16484.065 million with profit of Rs.1744.263 million as compared to previous revenue (2013) of Rs.13235.668 million along with a profit of Rs.965.548 million.

 

Company possesses healthy financial risk profile supported by decent profitability margins along with adequate net worth base and favorable debt protection metrics of the company.

 

Rating also takes into consideration experience and long track record of the promoter’s pharmaceutical segment along with diversified product portfolio of the company.

 

However, rating strength partially offset by intense competition in the generic formulations industry along with regulatory risk inherent in the pharmaceutical industry.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long-Term Bank Facilities: AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

23.07.2015

 

 

Rating Agency Name

CARE

Rating

Short-Term Bank Facilities: A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

23.07.2015

 

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Gaurav Pancholia

Designation :

Deputy General Manager – Finance

Contact No.:

91-20-30610000

Date :

20.08.2015

 

 

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 :

corporate@emcure.co.in

gaurav.pancholia@emcure.co.in

dixit@blackstone.com

Website :

http://www.emcure.co.in

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 & D Centers :

API R and D

Plot 12/2, F – II Block, M.I.D.C., Pimpri, Pune – 411 018, Maharashtra, India

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 – 421 302, Maharashtra, India

 

 

DIRECTORS

 

AS ON 28.07.2014

 

Name :

Mr. Satish Ramanlal Mehta

Designation :

Managing Director

Address :

4, Mumbai – Pune Road, Kirkee, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

13.01.1951

Qualification :

M. Sc., M.B.A. [IIMA]

Date of Appointment :

01.04.2012

Voter ID No.:

FGD0962068

DIN No.:

00118691

 

 

Name :

Mr. Mahesh Nathalal Shah

Designation :

Whole Time Director (Technical)

Address :

303, Abhinav Sankul, Plot No. 1A, Survey No.132, Aundh, Pune – 411 007, Maharashtra, India

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, Pashan Road, Pune – 411 008, Maharashtra, India

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 – 400 014, Maharashtra, India

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 – 411 052, 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 – 400 039, Maharashtra, India

Date of Birth/Age :

02.12.1936

Date of Appointment :

23.09.2000

DIN No.:

00004006

 

 

Name :

Mr. Girish Laxmikant Telang

Designation :

Director

Address :

401, Sagar Dardhan, 4th Floor, Worli Sea Face, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

28.11.1949

Date of Appointment :

10.08.2012

DIN No.:

00455125

 

 

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 :

01.07.2013

DIN No.:

00118469

 

 

Name :

Mr. Amit Ranbir Chandra

Designation :

Director

Address :

Flat C-4, 3rd Floor, Palacimo CHS., Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

12.06.1968

Date of Appointment :

28.07.2014

DIN No.:

00009797

 

 

Name :

Ms. Namita Vikas Thapar

Designation :

Whole-time Director

Address :

Prasanna, 4 Mumbai Pune Road, Kirkee, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

21.03.1977

Date of Appointment :

01.08.2014

DIN No.:

05318899

 

 

Name :

Samonnoi Sajani Banerjee

Designation :

Alternate Director

Address :

Apartment 53, Maker Tower A, 5th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Appointment :

30.06.2015

DIN No.:

06874206

 

 

KEY EXECUTIVES

 

Name :

Pulak Pranab Banerjee

Designation :

Secretary

Address :

B13, Rustomjee Central Park, Andheri Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Date of Appointment :

30.06.2015

PAN No.:

ABAPB4027B

 

 

Name :

Ms. Namita Vikas Thapar

Designation :

Chief Financial Officer

Address :

Prasanna Bunglow No.4, Mumbai-Pune Road, Khadki, Pune, Pune – 411 003, Maharashtra, India

Date of Appointment :

01.08.2014

PAN No.:

AEDPM2995R

 

Name :

Mr. Gaurav Pancholia

Designation :

Deputy General Manager – Finance

 

Name :

Mr. M.P. Ranade

Designation :

President (Business Development)

 

Name :

Mr. Vikas Thapar

Designation :

Senior Director-Corporate Development and Strategy

 

Name :

Mrs. Namita Thapar

Designation :

Chief Financial Officer

 

Name :

Mr. Anoop Sood

Designation :

President - Marketing

 

Name :

Mr. Raju Kalera

Designation :

Controller-Finanace

 

Name :

Mr. T.V. Subramanium

Designation :

Controller-Commercial

 

Name :

Mr. Satish Kaul

Designation :

Resident Director-Jammu

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2014

 

Names of Shareholders

 

No. of Shares

Percentage of holding

Mehta Satish

17625937

38.98

Blackstone GPV Capital Partners Mauritius V-C Limited

5918386

13.09

Mehta Samit

3336130

7.38

Mehta Sanjay

3776260

8.35

Mehta Bhavana

2311222

5.11

Mehta Sunil

2616293

5.79

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 28.07.2014

 

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

82.04

Other top fifty shareholders

2.29

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing of Formulations and Active Pharma Ingredients (APIs).

 

 

Products :

Item Code No. (ITC Code)

30045020

Product Description

Medicaments

(Pharmaceutical Products)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Pharmaceutical Products

Countries :
  • France
  • Kenya
  • Korea
  • Germany

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • Korea
  • Germany
  • Hong Kong

 

 

Terms :

 

Selling :

Cash, Cheque and Credit 

 

 

Purchasing :

Cash, Cheque and Credit 

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers, End Users, Hospital and Government Institute

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

5000 (Approximately)

 

 

Bankers :

Banker Name

Bank of Maharashtra

Branch Address

Tejsingh Building, 35/B, Mumbai Pune Highway, Depodi, Pune – 411 012, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

·         Export-Import Bank of India, Centre One Building, 21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

·         Axis Bank Limited, 2nd Floor, E Axis House, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai – 400 025, Maharashtra, India

·         State Bank of India, Industrial Finance Branch, Tara Chamber, 2nd Floor, Mariaai Police Chowky, Pune-Mumbai Highway, Wakdewadi, Pune – 411 003, Maharashtra, India

·         State Bank of India, Tara Chamber, 2nd Floor, Near Mariaai Police Chowky, Pune-Mumbai Highway, Wakdewadi, Pune – 411 003, Maharashtra, India

·         Bank of India, Pune Large Corporate Branch, Sushilp, 1290, Shiva  Jinagar, Opposite Hotel Swan Inn, Off JM Road, Pune – 411 005, Maharashtra, India

·         IndusInd Bank Limited, 2401, Gen Timmayya Road, Contonment, Pune-411 001, Maharashtra, India 

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

1979.669

1671.245

Foreign currency term loans from banks

1258.351

1377.549

Rupee term loans from others

(Vehicle loan secured by vehicles for which loan is taken)

24.971

26.125

SHORT TERM BORROWINGS

 

 

Working Capital Loans from Banks

(Hypothecation of Inventory, Book Debts and Receivables)

2368.627

1648.484

Total

5631.618

4723.403

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Pune, Maharashtra, India

PAN No:

AAEFP3641G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries :
  • Emcure Brasil Farmaceutica Ltda
  • Emcure Nigeria Limited
  • Emcure Pharmaceuticals Mena FZ LLC.
  • Emcure Pharmaceuticals 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
  • Emcure Uth Healthcare Limited (from June 19, 2013)

 

 

Step-Down Subsidiary :
  • Heritage Pharmaceuticals Inc. (Subsidiary of Heritage Pharma Holdings Inc.)
  • Emcure Heritage Canada Inc. (Subsidiary of Heritage Pharma Holdings Inc.)
  • Kosina Ilac Sanayi Ve Dis Ticaret Anonim Sirketi (Subsidiry of Emcure Pharma UK Limited)

 

 

Joint Venture:

Biolab Emcure Farmaceutica Comercial Ltda. (Joint venture of Emcure Brasil Farmaceutica Ltda)

 

 

Enterprise over which Key Management Personnel have significant influence:
  • H.M. Sales Corporation
  • Uth Beverages Factory Private Limited
  • Emcure Uth Healthcare Limited
  • Uth Wellness Product Limited

 

 

CAPITAL STRUCTURE

 

AS ON 28.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

120000000

Equity Shares

Rs.10/- each

Rs.1200.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

45213029

Equity Shares

Rs.10/- each

Rs.452.130 million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

452.130

351.657

351.657

(b) Reserves & Surplus

6870.290

5653.408

4820.358

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

7322.420

6005.065

5172.015

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

3262.991

3074.919

1909.271

(b) Deferred tax liabilities (Net)

973.334

704.910

572.740

(c) Other long term liabilities

380.612

549.837

386.309

(d) Long-term provisions

65.356

62.151

480.460

Total Non-current Liabilities (3)

4682.293

4391.817

3348.780

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2368.627

1648.484

1261.791

(b) Trade payables

3249.709

2366.077

2134.183

(c) Other current liabilities

3099.085

2512.518

1912.606

(d) Short-term provisions

693.093

255.073

300.863

Total Current Liabilities (4)

9410.514

6782.152

5609.443

 

 

 

 

TOTAL

21415.227

17179.034

14130.238

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6427.558

5768.588

5813.875

(ii) Intangible Assets

870.066

731.121

136.190

(iii) Capital work-in-progress

357.537

46.335

7.336

(iv) Intangible assets under development

1439.193

1147.587

787.888

(b) Non-current Investments

1834.319

1701.963

1091.549

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1439.106

814.516

633.030

(e) Other Non-current assets

28.490

36.070

22.005

Total Non-Current Assets

12396.269

10246.180

8491.873

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3348.245

2316.973

1776.773

(c) Trade receivables

3445.958

3104.429

2121.230

(d) Cash and cash equivalents

697.745

99.168

203.034

(e) Short-term loans and advances

1131.072

1067.959

1278.603

(f) Other current assets

395.938

344.325

258.725

Total Current Assets

9018.958

6932.854

5638.365

 

 

 

 

TOTAL

21415.227

17179.034

14130.238

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

16286.399

13008.358

12272.273

 

 

Other Income

197.666

227.310

132.832

 

 

TOTAL                                     (A)

16484.065

13235.668

12405.105

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

4707.674

4592.073

5087.370

 

 

Purchases of stock-in-trade 

1922.200

1270.398

553.420

 

 

Changes in Inventories of Finished Goods, Work-in-progress and stock-in-trade

(350.625)

(440.703)

(169.145)

 

 

Employee benefit Expenses

2867.871

2316.934

1907.966

 

 

Other Expenses

3876.860

3093.249

2633.876

 

 

Exceptional Item

72.216

164.559

0.172

 

 

TOTAL                                     (B)

13096.196

10996.510

10013.659

 

 

 

 

 

Less

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

3387.869

2239.158

2391.446

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

758.599

648.748

579.290

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

2629.270

1590.410

1812.156

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

615.762

508.979

456.429

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

2013.508

1081.431

1355.727

 

 

 

 

 

Less

TAX                                                                  (H)

269.245

115.883

151.422

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

1744.263

965.548

1204.305

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

 2276.580

1568.770

645.127 

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

 174.480

96.560

120.431

 

Dividend

 522.190

161.180

160.245

 

BALANCE CARRIED TO THE B/S

3324.170

2276.580

1568.770

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

8494.500

6531.278

7028.797

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2096.601

1997.902

2767.674

 

 

Spare Parts

19.846

23.324

16.102

 

 

Capital Goods

122.228

703.630

204.262

 

TOTAL IMPORTS

2238.675

2724.856

2988.038

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

39.03

27.46

34.00

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

20670.000

 

 

 

 

 

The above information has been parted by Mr. Gaurav Pancholia (Deputy General Manager – Finance).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current maturities of long-term debt

1169.486

1383.265

1205.519

Cash generated from operations

3235.030

630.840

2353.405

Net Cash from Operating Activities

2878.730

519.980

2172.084

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin
(PAT/ Sales)

(%)

10.71

7.42

9.81

 

 

 

 

 

Operating Profit Margin
(PBDIT/Sales)

(%)

20.80

17.21

19.49

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.32

7.57

11.07

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.27

0.18

0.26

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.93

1.02

0.85

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.96

1.02

1.01

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

351.657

351.657

452.130

Reserves & Surplus

4820.358

5653.408

6870.290

Share Application money pending allotment

0.000

0.000

0.000

Net worth

5172.015

6005.065

7322.420

 

 

 

 

Long-term borrowings

1909.271

3074.919

3262.991

Short term borrowings

1261.791

1648.484

2368.627

Current Maturities of Long term debt

1205.519

1383.265

1169.486

Total borrowings

4376.581

6106.668

6801.104

Debt/Equity ratio

0.846

1.017

0.929

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Revenue from operations

12272.273

13008.358

16286.399

 

 

5.998

25.199

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Revenue from operations

12272.273

13008.358

16286.399

Profit

1204.305

965.548

1744.263

 

9.81%

7.42%

10.71%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity-Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

Yes

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS:

 

 

HIGH COURT OF BOMBAY

 

Case Details

 

Bench:-Bombay

 

PRESENTATION DATE : 10.11.2014

 

 

 

Lodging No.:-

CEXAL/369/2014

Filing Date:-

10.11.2014

 

 

Reg. No.:-

CEXA/72/2015

Reg. Date:-

04.03.2015

 

 

 

Petitioner:-

COMMISSIONER OF CENTRAL EXCISE PU

Respondent:-

EMCURE PHARMACEUTICALS LIMITED

 

Petn. Adv.:-

ANAMIKA MALHOTRA (I1776)

 

 

 

 

 

District:-

PUNE

 

 

 

 

 

 

Bench:-

DIVISION

Status:-

Pre-Admission

Category:-

CENTRAL EXCISE APPEAL (CEXA)

 

Last Date:-

24.08.2015

Stage:-

FOR ADMISSION(ORIGINAL SIDE MATTERS)

 

 

Last Coram:-

HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI

HON’BLE SHRI JUSTICE B.P. COLABAWALLA

 

 

 

 

 

Act :-

Central Excise and Salt Act

 

 

CHARGES:

Top of Form

Suit-filed accounts of Rs.10.000 million and above as on 28-Feb-2015
Borrowers details

Borrower name

EMCURE PHARMACEUTICALS LIMITED 

Address

EMCURE HOUSE’, T-184, MIDC, BHOSARI, PUNE 411026, MAHARASHTRA

 

Name of Directors Reported by Credit Grantors Filing the Suit:

 

Sr. No.

 

Directors Reported by Credit Grantors

1

AKHIL GUPTA

2

ARUNKUMAR KHANNA

3

BERJIS DESAI

4

HUMAYUN DHANRAJGIR

5

MAHENDRA PATEL

6

MAHESH SHAH

7

MARVIN SAMSON

8

MUKUND GURJAR

9

SATISH MEHTA

10

SHREEKANT BAPAT

 

List of Credit Grantors to which EMCURE PHARMACEUTICALS LIMITED is a defaulter:

 

Names of Credit Grantors

 

Branch

Amount 
(Rs. in million)

BNP PARIBAS

PUNE

355.400

 

Total

355.400

 

 

Top of Form

Suit-filed accounts of Rs.10.000 million and above as on 28-Feb-2015
Borrowers details

Borrower name

EMCURE PHARMACEUTICALS LIMITED 

Address

EMCURE HOUSE’, T-184, MIDC, BHOSARI, PUNE 411026, MAHARASHTRA

 

Name of Directors Reported by Credit Grantors Filing the Suit:

 

Sr. No.

 

Directors Reported by Credit Grantors

1

MAHESH NATHALAL SHAH

2

AMIT DIXIT

3

BERJIS MINOO DESAI

4

HUMAYUN DHANRAJGIR

5

JOSE VALENTIM SARTARELLI

6

KEDAR PURUSHOTTAM PHADKE

7

ARUNKUMAR PURSHOTAMLAL KHANNA

8

MARVIN STANLEY SAMSON

9

MUKUND KESHAO GURJAR

10

MUKUND PANDURANG RANADE

11

SATISH RAMANLAL MEHTA

12

SHREEKANT KRUSHNAJI BAPAT

13

VIKAS MADAN THAPAR

 

List of Credit Grantors to which EMCURE PHARMACEUTICALS LIMITED is a defaulter:

 

Names of Credit Grantors

 

Branch

Amount 
(Rs. in million)

ICICI BANK LIMITED

PUNE

316.478

 

Total

316.478

 

 

RESULT OF OPERATIONS:

 

The Gross Revenue from Operations for the financial year under review was Rs.16607.150 million as compared to Rs.13296.600 million recorded for the previous financial year. The Net Revenue from Operations after deducting Excise Duty was Rs.16286.400 million as compared to previous years, Net Revenue from Operations after deducting Excise Duty Rs.13008.350 million. Thus, the Net Revenue from Operations have recorded a growth of 25.20%.

 

For the year, profit before exceptional item and tax is Rs.2085.730 million as compared to Rs.1245.990 million in financial year 2012-13.

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10576947

23/06/2015

1,570,000,000.00

AXIS BANK LIMITED

2ND FLOOR - E, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C57470049

2

10568282

13/05/2015

768,000,000.00

EXPORT IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE 
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

C53103263

3

10557459

11/03/2015

2,641,666.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C47787858

4

10557461

11/03/2015

2,542,081.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C47856851

5

10553658

15/12/2014

847,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C45806916

6

10553656

29/11/2014

640,030.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C45808813

7

10553655

17/11/2014

7,200,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C45814712

8

10553666

15/11/2014

990,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C45801545

9

10554880

22/10/2014

585,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL 
(WEST), MUMBAI, MAHARASHTRA - 400013, INDIA

C45803467

10

10526891

30/09/2014

400,000,000.00

STATE BANK OF INDIA

TARA CHAMBER, 2ND FLOOR, NEAR MARIAAI POLICE CHOWKY, PUNE-MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA

C30440721

11

10514772

05/08/2014

700,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA

C16268807

12

10511694

17/07/2014

570,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

C13841333

13

10512625

10/07/2014

300,000,000.00

BANK OF INDIA

PUNE LARGE CORPORATE BRANCH, SUSHILP, 1290, SHIVA 
JINAGAR, OPPO. HOTEL SWAN INN, OFF JM ROAD, PUNE, MAHARASHTRA - 411005, INDIA

C14827257

14

10481314

07/02/2014

300,000,000.00

BANK OF INDIA

'SUSHILP' BUILDING, 1290 SHIVAJI NAGAR, OPPOSITE HOTEL 
SWAN INN, OFF J. M. ROAD, PUNE, MAHARASHTRA - 411005, INDIA

B97941926

15

10438632

03/07/2013

642,120,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B80336795

16

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

17

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

18

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

19

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

20

10228273

31/07/2014 *

7,064,800,000.00

AXIS BANK LIMITED

2ND FLOOR - E, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C15294192

21

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 - 411003, INDIA

B77648426

22

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

 

 

FIXED ASSETS:

 

·         Leasehold Land Over the lease period

·         Office Building

·         Plant and Machinery

·         Electrical Installation

·         Air Handling Equipment

·         Office Equipments

·         Computers

·         Furniture and Fixtures

·         Vehicle - cars

·         Machinery Spares

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57                      

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

 

70

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.