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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504009

Report Date :

16.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

EMCURE PHARMACEUTICALS LIMITED

 

 

Registered Office :

‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra

Tel. No.:

91-20-30610000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

16.04.1981

 

 

Com. Reg. No.:

11-024251

 

 

Capital Investment / Paid-up Capital :

INR 1808.521 Million

 

 

CIN No.:

[Company Identification No.]

U24231PN1981PLC024251

 

 

IEC No.:

[Import-Export Code No.]

3193008303

 

 

TIN No:

27750247807

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACE4574C1ZV

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACE4574C

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Developing, Manufacturing and Marketing of Allopathic Pharmaceutical Products. [Registered Activity]

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 31000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 1981 and it is engaged in developing, manufacturing and marketing of Allopathic pharmaceutical products.

 

For the financial year ended 2016, the company has witnessed a growth of 5.22% in its revenue as compared to its previous year and maintained good profitability margin during the year at 14.48% under review.

 

 

Rating takes into consideration the company’s established track record marked by sound financial profile marked by adequate net worth base along with low debt balance sheet profile and decent liquidity position.

 

Rating also takes into consideration the strength of the promoter’s experience of over three decades and strong manufacturing facilities with diversified product portfolio of new launches and long-term contracts with the pharmaceutical companies.

 

Further, the company also have a diversified income from its group companies in various countries and has an established market position.

 

The company has reported a good earnings per share i.e. INR 17.58 against INR 10 of face value.

 

Payments seems to be regular.

 

In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions.

 

Note 1:

 

As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

 

Note 2: Site visit report will be send in due course.

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Borrowing (A+)

Rating Explanation

Adequate degree of safety and low credit risk.

Date

09.10.2017

 

Rating Agency Name

CARE

Rating

Short Term Borrowing (A1)

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

09.10.2017

 

 

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 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.02.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Yogesh

Designation :

Not Divulged

Contact No.:

91- 7887541782

Date :

14.04.2018

 

91-20-30610000 (Management non-cooperative)

 

 

LOCATIONS

 

Registered Office/ Investor Grievances :

‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India 

Tel. No.:

91-20-30610000/ 27120084/ 40700000

Fax No.:

91-20-30610111

E-Mail :

corporate@emcure.co.in

hiteshwar.pruthi@emcure.co.in

arun.manjeshwar@roche.com

gaurav.pancholia@emcure.co.in

company.secretary@emcure.co.in

Website :

http://www.emcure.co.in

 

 

Corporate Office:

Survey No. 255/2, Opposite Tata Johnson, Hinjawadi Taluka Mulsi, District Pune-411057, Maharashtra, India

Tel. No.:

91-20-39821300

 

 

Business Development/ Factory :

Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, Maharashtra, India

Tel. No.:

91-20-39821300

Fax No.:

91-20-39821444

 

 

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

 

C – 10/12, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India

 

Small Batch Manufacturing

Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, 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 – 411026, Maharashtra, India 

Tel No.: 91-20-30610000

Fax No.: 91-20-30610222

 

Biotechnology R and D

Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, 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 31.03.2017

 

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., PGDM [IIMA]

Date of Appointment :

16.04.1981

PAN No.:

AAVPM4447J

DIN No.:

00118691

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U85320PN2002PLC018324

ZUVENTUS HEALTHCARE LIMITED

03/07/2002

-

U24232PN2005PLC020815

LASOR PHARMACEUTICALS LIMITED

28/07/2010

-

U72100PN2000PTC015368

EMCURE INFOTECH LIMITED

29/09/2000

-

U24231PN2001PLC016253

GENNOVA BIOPHARMACEUTICALS LIMITED

01/04/2015

-

 

 

Name :

Dr. Mukund Keshav Gurjar

Designation :

Whole Time Director

Address :

National Chemical Laboratory, Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

28.08.1952

Qualification :

M. Sc., Ph. D.

Date of Appointment :

23.07.2001

PAN No.:

ACGPG3335A

DIN No.:

00026843

 

 

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

Qualification :

B.Com, PGDBA

Date of Appointment :

05.06.2013

PAN No.:

AAUPM2926K

DIN No.:

00118469

Other Directorship:

 

 

CIN/FCRN

Company Name

Begin Date

End Date

U72100PN2000PTC015368

EMCURE INFOTECH LIMITED

15/01/2001

-

U24231PN2001PLC016253

GENNOVA BIOPHARMACEUTICALS LIMITED

19/06/2001

-

 

 

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 :

LLB, LLM

Date of Appointment :

03.04.1997

PAN No.:

AACPD9815A

DIN No.:

00153675

Other Directorship:

 

 

CIN/FCRN

Company Name

Begin Date

End Date

U72200GA2006PTC004816

INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED

30/09/2013

-

L51100GJ1993PLC019067

ADANI ENTERPRISES LIMITED

08/08/2013

-

U27109GJ2017PTC100322

NU METAL & STEEL PRIVATE LIMITED

09/01/2018

-

L70200MH2002PLC136849

MAN INFRACONSTRUCTION LIMITED

08/08/2012

-

U01110MH2002PTC136746

CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED

25/09/2002

-

U01210MH2002PTC136745

CAPRICON STUDFARM PRIVATE LIMITED

05/12/2002

-

U63090MH2002PLC136326

GREATSHIP (INDIA) LIMITED

25/06/2008

-

U67190MH2008PTC180341

SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED

20/03/2008

-

U74900MH2007PTC171272

EQUINE BLOODSTOCK PRIVATE LIMITED

04/06/2007

-

L74899UP1995PLC043677

JUBILANT FOODWORKS LIMITED

28/08/2017

-

L35110MH1948PLC006472

THE GREAT EASTERN SHIPPING COMPANY LIMITED

18/12/2006

-

L24121MH1979PLC021360

DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED

21/09/2017

-

L65990TN1975PLC062634

STERLITE INDUSTRIES (INDIA) LIMITED

29/06/2001

-

U26940MH1999PLC118229

NUVOCO VISTAS CORPORATION LIMITED

03/01/2017

-

L27101PN1985PLC038031

PRAJ INDUSTRIES LIMITED

27/08/1993

-

U99999MH1987PTC042289

CENTRUM FISCAL PRIVATE LIMITED

21/01/1987

-

U45200MH1995PTC093041

LODHA DEVELOPERS PRIVATE LIMITED

29/09/2017

-

L99999MH1995PLC094641

EDELWEISS FINANCIAL SERVICES LIMITED

30/07/2010

-

 

 

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

Qualification :

IPS

Date of Appointment :

26.06.1999

PAN No:

AAXPB9453H

DIN No.:

00621568

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U72200GA2006PTC004816

INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED

30/09/2013

-

L51100GJ1993PLC019067

ADANI ENTERPRISES LIMITED

08/08/2013

-

U27109GJ2017PTC100322

NU METAL & STEEL PRIVATE LIMITED

09/01/2018

-

L70200MH2002PLC136849

MAN INFRACONSTRUCTION LIMITED

08/08/2012

-

U01110MH2002PTC136746

CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED.

25/09/2002

-

U01210MH2002PTC136745

CAPRICON STUDFARM PRIVATE LIMITED

05/12/2002

-

U63090MH2002PLC136326

GREATSHIP (INDIA) LIMITED

25/06/2008

-

U67190MH2008PTC180341

SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED

20/03/2008

-

U74900MH2007PTC171272

EQUINE BLOODSTOCK PRIVATE LIMITED

04/06/2007

-

L74899UP1995PLC043677

JUBILANT FOODWORKS LIMITED

28/08/2017

-

L35110MH1948PLC006472

THE GREAT EASTERN SHIPPING COMPANY LIMITED

18/12/2006

-

L24121MH1979PLC021360

DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LTD

21/09/2017

-

L65990TN1975PLC062634

STERLITE INDUSTRIES (INDIA) LIMITED

29/06/2001

-

U26940MH1999PLC118229

NUVOCO VISTAS CORPORATION LIMITED

03/01/2017

-

L27101PN1985PLC038031

PRAJ INDUSTRIES LIMITED

27/08/1993

-

U99999MH1987PTC042289

CENTRUM FISCAL PRIVATE LIMITED

21/01/1987

-

U45200MH1995PTC093041

LODHA DEVELOPERS PRIVATE LIMITED

29/09/2017

-

L99999MH1995PLC094641

EDELWEISS FINANCIAL SERVICES LIMITED

30/07/2010

-

 

 

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

Qualification :

Graduate- Chemical Engineering

Date of Appointment :

23.09.2000

PAN No.:

AAAPD8407E

DIN No.:

00004006

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L85195TG1984PLC004393

NEULAND LABORATORIES LIMITED

23/08/1994

-

L24110GJ1969PLC001590

THEMIS MEDICARE LIMITED

27/08/2004

-

L24230GJ1995PLC025878

CADILA HEALTHCARE LIMITED

16/08/2003

-

U24249KA1991PLC011880

SAMI LABS LIMITED

12/01/2002

-

U65991MH1999PLC123027

HDFC ASSET MANAGEMENT COMPANY LIMITED

11/07/2000

-

U70200MH2000PTC127068

H DHANRAJGIR ESTATES PRIVATE LIMITED

07/06/2000

-

L15201GJ1994PLC023490

ZYDUS WELLNESS LIMITED

28/07/2009

-

U85100MH1946GAT005082

BREACH CANDY HOSPITAL TRUST

29/01/2004

-

U22100MH2004PTC149173

NEXT GEN PUBLISHING PRIVATE LIMITED

05/05/2006

-

 

LLPIN/FLLPIN

LLP Name

Begin Date

End Date

AAD-4038

ND CLOVERFIELDS CONSULTANCY LLP

19/02/2015

-

 

 

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

Qualification :

M.B.B.S

Date of Appointment :

27.04.2012

PAN No.:

AAAPT1950E

DIN No.:

00455125

 

 

Name :

Mr. Samonnoi Sajani Banerjee

Designation :

Director

Address :

Apartment 53, Maker Tower A, 5th Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Appointment :

08.01.2018

DIN No.:

06874206

 

 

Name :

Ms. Namita Vikas Thapar

Designation :

Whole-time Director and Chief Financial Officer

Address :

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

Date of Birth/Age :

21.03.1977

Date of Appointment :

28.07.2014

PAN No.:

AEDPM2995R

Qualification:

CA

DIN No.:

05318899

Other Directorship:

 

 

CIN/FCRN

Company Name

Begin Date

End Date

L31300MH1967PLC016531

FINOLEX CABLES LIMITED

10/08/2015

-

U24231PN1981PLC024251

EMCURE PHARMACEUTICALS LIMITED

01/08/2014

-

U85320PN2002PLC018324

ZUVENTUS HEALTHCARE LIMITED

27/07/2012

-

U74999PN2015PTC156644

THAPAR VENTURES PRIVATE LIMITED

01/10/2015

-

U80302PN2015PTC156778

INCREDIBLE IDEAS PRIVATE LIMITED

09/10/2015

-

U74999PN2016PTC164198

INCREDIBLE VENTURES PRIVATE LIMITED

29/04/2016

-

 

 

Name :

Mr. Fakrul Alam Sayeed

Designation :

Director

Address :

26, Raphael Drive, Monmouth Junct NJ 88522539 United States

Date of Birth/Age :

15.09.1948

Date of Appointment :

22.03.2016

Qualification:

M.SC. , Ph. D. Pharmacy

DIN No.:

07458933

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Kumar Chowdhary

Designation :

Company Secretary

Address :

Coronet, A-201, Lokhandwala Housing Complex, Akurli Road, Kandivali (East) Mumbai-400101, Maharashtra, India

Date of Appointment :

10.11.2016

PAN No.:

ACLPC2022R

 

 

Name :

Mrs. Namita Vikas Thapar

Designation :

Chief Finance Officer

Address :

Prasanna Bunglow No. 4, Mumbai-Pune Road, Khadki, Pune - 411003, Maharashtra, India

Date of Birth/Age :

21.03.1977

Qualification:

CA

Date of Appointment :

01.08.2014

PAN No.:

AEDPM2995R

 

 

Name :

P.C. Dhamne and Associates

Designation :

Company Secretaries

Address :

Office No. 207, 2nd Floor, Adinath Shopping Complex, Pune-Satara Road, Pune – 411037, Maharashtra, India

Tel. No:

91-20-30488943

Fax. No:

91-98228 18161

Email:

pankajdhamne@gmail.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2017

 

SHAREHOLDERS DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2017

 

Category

Percentage

Promoters [Individual/Hindu Undivided Family (Indian)]

47.99

Public/Other than promoters [Individual/Hindu Undivided Family (Indian)]

38.30

Public/Other than promoters [Non-resident Indian (NRI)]

0.62

Public/Other than promoters [Venture capital]

13.09

Total

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Developing, Manufacturing and Marketing of Allopathic Pharmaceutical Products. [Registered Activity]

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

Medicaments (Pharmaceutical products)

21002

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS AVAILABLE

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Axis Bank Limited, 2nd Floor-E, Axis House Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India

 

  • Kotak Mahindra Bank Limited, 101-102, 1st Floor, Soharab Hall, 21, Sasoon Road, Behind Pune Railway Station, Pune – 4110001, Maharashtra, India

 

  • HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

 

  • Bank of Baroda, 39, Mantri Courtramabai Ambedkar Road, PUNE – 411001, Maharashtra, India

 

  • Bank of Baroda, One Park Avenuenew Yorknany 10016US

 

 

Banker Name :

Export-Import Bank of India

Branch :

Centre One Building, Floor 21 World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Person Name :

---

Contact Number :

---

Name of Account Holder :

---

Account Number :

---

Account Since (Date/Year of Account Opening) :

---

Average Balance Maintained :

---

Credit Facilities Enjoyed (CC/OD/Term Loan) :

---

Account Operation :

---

Remark :

---

 

 

Facilities :

SECURED LOANS

31.03.2016

INR In Million

31.03.2015

INR In Million

LONG-TERM BORROWINGS

 

 

Indian Currency Loans from Banks

2215.097

1015.851

Foreign Currency Loans from Banks

1852.410

1481.632

Other loans and advances (Vehicle Loans)

23.629

32.638

SHORT TERM BORROWINGS

 

 

Working Capital Loans from Banks

3643.925

2891.654

Total

7735.061

5421.775

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

Muttha Towers 5Th Floor, Suite No-8 Airport Road, Yerwada, Pune, Maharashtra, India

PAN No.:

AAEFP3641G

 

 

Secretaries Auditors

 

Name :

SVD and Associates

Secretaries Auditors

Address :

4th Floor, Vedwati Apartments, Shivajinagar, Pune – 411005, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Company :
  • Zuventus Healthcare Limited (U85320PN2002PLC018324)
  • Gennova Biopharmaceuticals Limited (U24231PN2001PLC016253)
  • Emcure Brasil Farmaceutica Ltda., Brazil
  • Emcure Nigeria Limited, Nigeria
  • Emcure Pharmaceutical Mena FZ LLC, United Arab Emirates
  • Emcure Pharma UK Limited, United Kingdom
  • Emcure Pharmaceuticals Singapore Pte. Limited, Singapore
  • Emcure Pharmaceutical South Africa (Pty) Limited, South Africa
  • Gennova Biopharmaceuticals Limited, India
  • Heritage Pharma Holdings Inc., United States
  • Zuventus Healthcare Limited, India (U85320PN2002PLC018324)
  • UTH Healthcare Limited, India (U24232PN2011PLC138758)
  • Emcure Pharma Peru S.A.C., Peru
  • Emcure Pharma Mexico SA. De C.V., Mexico
  • Marcan Pharmaceuticas Inc., Canada
  • Emcure Pharmaceuticals Pty Limited, Australia
  • Laboratorios Tillomed Spain S.L.U., Spain
  • Tillomed Italia S.R.L., Italia
  • Tillomed Pharma GmbH

 

 

Fellow Subsidiary Company :
  • Heritage Pharmaceuticals Inc., United States
  • Emcure Heritage Canada Inc., Canada
  • Kosina Ilac Sanayi Ve Dis Ticaret Anonim Sirketi, Turkey
  • Tillomed Holdings Limited,  United Kingdom
  • Tillomed Laboratories Limited, United Kingdom
  • Heritage Pharma Labs Inc., United States
  • Bhardwaj Pharma GMBH, Germany

 

 

Associate :
  • Biolab Emcure Farmaceutica Comercial Ltda., Brazil

 

 

Enterprises which are owned, or have significant

influence of or are partners

with Key management personnel and their relatives: (As on 31.03.2016)
  • H. M. Sales Corporation, India
  • UTH Beverage Factory Private Limited, India (U15549PN2006PTC021813)
  • UTH Wellness Product Limited, Nigeria

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

INR 10/- each

INR 2000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

180852116

Equity Shares

INR 10/- each

INR 1808.521 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1808.521

452.130

452.130

(b) Reserves and Surplus

9066.941

8135.089

6870.288

(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)

10875.462

8587.219

7322.418

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4091.136

2530.121

3262.986

(b) Deferred tax liabilities (Net)

804.881

777.805

973.334

(c) Other long-term liabilities

140.932

410.846

380.612

(d) long-term provisions

89.826

83.303

65.356

Total Non-current Liabilities (3)

5126.775

3802.075

4682.288

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

3643.925

2891.654

2368.626

(b) Trade payables

2719.375

2974.794

3249.709

(c) Other current liabilities

3296.653

2223.272

3099.094

(d) Short-term provisions

351.922

479.486

693.093

Total Current Liabilities (4)

10011.875

8569.206

9410.522

 

 

 

 

TOTAL

26014.112

20958.500

21415.228

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8087.007

6676.450

6427.558

(ii) Intangible Assets

812.265

567.730

870.066

(iii) Tangible assets capital work-in-progress

713.410

728.002

357.537

(iv) Intangible assets under development

0.000

10.500

1439.193

(b) Non-current Investments

2906.274

2281.535

1834.318

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term loans and advances

2345.860

1970.282

1439.104

(e) Other Non-current assets

80.460

68.318

28.490

Total Non-Current Assets

14945.276

12302.817

12396.266

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5129.302

3428.212

3348.245

(c) Trade receivables

4616.685

4013.318

3445.958

(d) Cash and bank balances

381.238

322.183

697.745

(e) Short-term loans and advances

863.181

759.518

1131.077

(f) Other current assets

78.430

132.452

395.937

Total Current Assets

11068.836

8655.683

9018.962

 

 

 

 

TOTAL

26014.112

20958.500

21415.228

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Total Revenue from operations

21370.101

20310.058

16286.399

 

Other Income

404.201

646.055

197.656

 

TOTAL              

21774.302

20956.113

16484.055

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

3912.228

5087.591

4707.674

 

Purchases of Stock-in-Trade

3087.456

2201.935

1922.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(919.231)

56.738

(350.625)

 

Employee benefit expense

4189.930

3429.065

2867.871

 

CSR expenditure

37.801

29.519

0.000

 

Other expenses

5146.903

4400.376

3876.859

 

Exceptional items

543.935

1743.518

72.217

 

TOTAL            

15999.022

16948.742

13096.196

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

5775.280

4007.371

3387.859

 

 

 

 

 

Less

FINANCIAL EXPENSES

757.270

776.015

758.599

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5018.010

3231.356

2629.260

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

1044.261

1038.089

615.762

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3973.749

2193.267

2013.498

 

 

 

 

 

Less

TAX

794.128

126.588

269.245

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3179.621

2066.679

1744.253

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4615.062

3324.163

2276.580

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

0.000

174.480

 

Interim Dividend (and Tax thereon)

919.820

511.820

0.000

 

Proposed Dividend (and Tax thereon

0.000

263.960

522.190

 

TOTAL EARNINGS

919.820

775.780

696.670

 

 

 

 

 

 

Balance Carried to the B/S

6874.863

4615.062

3324.163

 

 

 

 

 

 

Earnings Per Share (INR)

 

 

 

 

Basic

17.58

45.71

39.03

 

Diluted

17.58

45.71

39.03

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

1842.169

1291.261

1146.275

 

 

 

 

Net cash flows from (used in) operations

3412.484

3463.977

3250.879

 

 

 

 

Net cash flows from (used in) operating activities

2506.744

2803.921

2886.092

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

[Sundry Debtors / Income * 365]

78.85

72.12

77.23

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

4.63

5.06

4.73

 

 

 

 

Average Payment Days

[Sundry Creditors / Purchases * 365]

141.80

148.95

178.91

 

 

 

 

Inventory Turnover

[Operating Income / Inventories]

1.13

1.17

1.01

 

 

 

 

Asset Turnover

[Operating Income / Net Fixed Assets]

0.60

0.50

0.37

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.57

0.54

0.60

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.78

0.65

0.81

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.92

1.00

1.29

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.88

0.93

1.24

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

7.63

5.16

4.47

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

((PAT / Sales) * 100)

%

14.88

10.18

10.71

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

12.22

9.86

8.14

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

29.24

24.07

23.82

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

1.11

1.01

0.96

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.59

0.61

0.60

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.42

0.41

0.34

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

4.72

12.27

13.05

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.11

1.01

0.96

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

452.130

452.130

1808.521

Reserves & Surplus

6870.288

8135.089

9066.941

Net worth

7322.418

8587.219

10875.462

 

 

 

 

Long-term borrowings

3262.986

2530.121

4091.136

Short term borrowings

2368.626

2891.654

3643.925

Current maturities of long-term debts

1146.275

1291.261

1842.169

Total borrowings

6777.887

6713.036

9577.230

Debt/Equity ratio

0.926

0.782

0.881

 

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

16286.399

20310.058

21370.101

 

 

24.706

5.219

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

16286.399

20310.058

21370.101

Profit/ (Loss)

1744.253

2066.679

3179.621

 

10.71 %

10.18 %

14.88 %

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

 

SOURCES OF FUNDS

31.03.2016

31.03.2015

 

 

 

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

4192.681

452.130

(b) Reserves & Surplus

12218.113

9216.557

(c) Money received against share warrants

0.000

0.000

 

 

 

(d) Share Application money pending allotment

0.000

0.000

(2) Minority Interest

649.755

472.054

Total Shareholders’ Funds (1) + (2)

17060.549

10140.741

 

 

 

(3) Non-Current Liabilities

 

 

(a) long-term borrowings

9421.259

3943.599

(b) Deferred tax liabilities (Net)

809.672

782.469

(c) Other long term liabilities

1305.540

444.301

(d) long-term provisions

753.889

729.947

Total Non-current Liabilities (3)

12290.360

5900.316

 

 

 

(4) Current Liabilities

 

 

(a) Short term borrowings

3788.348

3336.380

(b) Trade payables

5215.659

5134.747

(c) Other current liabilities

5143.000

3914.899

(d) Short-term provisions

2362.400

1697.135

Total Current Liabilities (4)

16509.407

14083.161

 

 

 

TOTAL

45860.316

30124.218

 

 

 

II.          ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

9907.686

8468.514

(ii) Intangible Assets

1609.953

1344.546

(iii) Capital work-in-progress

973.915

779.153

(iv) Intangible assets under development

8515.198

1690.205

(v) Goodwill Consolidation

0.032

0.040

(b) Non-current Investments

994.518

559.102

(c) Deferred tax assets (net)

2135.558

1712.777

(d) Long-term Loan and Advances

16.565

16.397

(e) Other Non-current assets

 

 

Total Non-Current Assets

24153.425

14570.734

 

 

 

(2) Current assets

 

 

(a) Current investments

0.000

0.000

(b) Inventories

8979.068

6255.265

(c) Trade receivables

7911.394

6079.488

(d) Cash and cash equivalents

3309.078

2167.291

(e) Short-term loans and advances

1499.100

1041.573

(f) Other current assets

8.251

9.867

Total Current Assets

21706.891

15553.484

 

 

 

TOTAL

45860.316

30124.218

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

31.03.2016

31.03.2015

 

SALES

 

 

 

Income

43562.874

37766.628

 

Other Income

247.213

350.029

 

TOTAL

43810.087

38116.657

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

5794.142

6663.691

 

Purchases of Stock-in-Trade

10693.233

7781.066

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1806.299)

(256.939)

 

Employee benefit expense

8556.278

6845.386

 

CSR expenditure

42.277

31.449

 

Other expenses

9365.252

8017.844

 

Exceptional items

1067.791

2436.897

 

TOTAL

33712.674

31519.394

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

10097.413

6597.263

 

 

 

 

Less

FINANCIAL EXPENSES

1051.163

1017.411

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

9046.250

5579.852

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

1974.727

1878.163

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

7071.523

3701.689

 

 

 

 

Less

TAX

1913.369

1091.037

 

 

 

 

 

TOTAL PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST

5158.154

2610.652

 

 

 

 

Less

PROFIT (LOSS) OF MINORITY INTEREST

85.136

47.118

 

 

 

 

 

TOTAL PROFIT (LOSS) FOR PERIOD

5073.018

2563.534

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

28.05

14.17

 

 

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

No

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

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

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

No

26

Turnover of firm for last three 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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

GENERAL INFORMATION: (As on 31.03.2016)

 

Subject the Company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally. Company's core strength lies in developing and manufacturing differentiated pharmaceutical products in-house, which are commercialized through Company's marketing infrastructure across geographies and relationships with multi-national pharmaceutical companies.

 

 

INDEX OF CAHREGS:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G82958000

100166764

Axis Bank Limited

19/03/2018

-

-

500000000.0

2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN

2

G80016728

100161882

Axis Bank Limited

19/03/2018

-

-

2650000000.0

2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN

3

G75772038

100151755

Axis Bank Limited

23/01/2018

-

-

630000000.0

2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN

4

G77447514

100155866

HDFC BANK LIMITED

15/01/2018

-

-

750000.0

HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN

5

G68216217

100136740

HDFC BANK LIMITED

10/10/2017

-

-

8500000.0

HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN

6

G57511917

100128731

BANK OF BARODA

22/09/2017

-

-

290000000.0

39, MANTRI COURTRAMABAI AMBEDKAR ROADPUNEMH411001IN

7

G54321948

100124569

HDFC BANK LIMITED

28/08/2017

-

-

3100000.0

HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN

8

G68469873

100138013

HDFC BANK LIMITED

10/08/2017

-

-

7800000.0

HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN

9

G49322464

100112623

Axis Bank Limited

14/07/2017

-

-

3893321000.0

2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN

10

G45031556

100100730

BANK OF BARODA

20/05/2017

-

-

290000000.0

39, MANTRI COURTRAMABAI AMBEDKAR ROADPUNEMH411001IN

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

 

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 65.22

UK Pound

1

INR 92.77

Euro

1

INR 80.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

PYK

 

 

Report Prepared by :

MTN

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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