MIRA
INFORM REPORT
|
Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK
PHARMACEUTICALS LIMITED |
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Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
18.11.1977 |
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Com. Reg. No.:
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11-19982 |
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CIN No.: [Company
Identification No.] |
L24299MH1977PLC019982 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMG07883B |
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Legal Form : |
Public Limited
Liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of
Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
RATING & COMMENTS
|
MIRA’s Rating
: |
A |
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 |
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Maximum Credit
Limit : |
USD 12500000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company. It is
one of the fastest growing companies in pharmaceutical industry. Available information indicates high
financial responsibility of the company.
Trade relations are fair.
Payments are always correct and as per commitments. The company can
be considered good for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, |
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Tel. No.: |
91-22-24964893/24964894/24964895/24964896 |
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Fax No.: |
91-22-24932648 |
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E-Mail : |
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Website : |
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Divisional
Office : |
Located at :- v
Mumbai v
v
v
Chennai v
v
v
Kolkata v
Vadodara
v
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Corporate
Office : |
801-813, 8th
Floor, Mahalaxmi Chambers, 22m Bhulabhai Desai Road, Mumbai - 400026,
Maharashtra, India |
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Tel. No.: |
91-22-24964893 /
94/ 95/ 96/99 |
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Fax No.: |
91-22-24932648/24919652 |
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Factory 1 : |
˜
E –
37, MIDC Industrial Area, D-Road, Satpur, ˜
Plot
No. A-80, MIDC Area, Kurkumbh, Daund, Pune – 413 802, ˜
3109-C,
GIDC Industrial Estate, Ankleshwar-393002, Bharuch, ˜
Plot
No. 163-165/170-172, Chandramouli Industrial Estate, Mohol, Mohal Bazarpeth, ˜
Plot
No. 7, Colvale Industrial Estate, Bardez, ˜
Village
Kishanpura, |
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R & D
Centers : |
˜
Plot
No. C-152, MIDC Sinnar Industrial Area, ˜
Plot
No. A-607, TTC Industrial Area, MIDC, Mahape, Vashi, Navi Mumbai - 400 705, |
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Branches : |
˜
215/216,
Adhyaru Industrial Estate, Sun Mill Compounds, Lower Parel, Mumbai – 400 013,
Tel. No. : 91-22-24982172 ˜
No.
2, ˜
Plot
No. 39, Vasavinagar, ˜
13-14-15,
˜
10/58,
Kirth Nagar Industrial Area, ˜
510, Commercial
Point, 79, Lenin Sarani, Kolkata – 700 013, Tel. No. : 91-33-22449668 / 22467318 ˜
IBF
Warehousing Complex, ˜
817-819,
Sidharth Complex, Tel. No. : 91-126-2337857 /
2342359 |
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Overseas
Office : |
v
Glenmark
Pharmaceutica LDA Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar, 2675 v
Glenmark
Pharmaceuticals ( 2798, |
DIRECTORS
|
Name |
Mr. Gracias Saldanha |
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Designation |
Chairman |
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Age |
66 years |
|
Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A, Byramji
Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
M.Sc., DBM |
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Experience |
40 years |
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Date of
Employment |
1st December, 1977 |
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Previous
Employment |
Aristo Pharmaceuticals Private Limited |
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Other
Directorships |
Glenmark Exports Limited, Glenmark Research Laboratories Private Limited, Glenmark Finlease Private Limited |
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Name |
Mrs. B. E. Saldanha |
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Designation |
Director – Exports |
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Age |
64 years |
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Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B.Sc., B. Ed. |
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Date of
Appointment |
1st January, 1982 |
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Experience |
33 years |
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Previous Employment |
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Other
Directorships |
Glenmark Exports Limited, Glenmark Research Laboratories Private Limited, Glenmark Finlease Private Limited |
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Name |
Mr. Glenn Saldanha |
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Designation |
Managing Director & Chief Executive Officer |
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Age |
34 years |
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Address |
Ivorick Apartments, Flat No.32, Third Floor, St. Cyril Road, Opp. St.
Andrew School Gate, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B. Pharm. / M.B.A. |
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Experience |
10 years |
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Date of
Appointment |
1st August, 1998 |
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Previous
Employment |
Pricewaterhouse Coopers ( |
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Other
Directorships |
GM Pharma Limited, Glenmark Organics Limited |
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Name |
Mr. Julio F. Ribeiro |
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Designation |
Director |
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Age |
73 years |
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Address |
51, Sagar Tarang, Worli Seaface, Worli, Mumbai - 400 025, |
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Qualification |
Ex-IPS |
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Other
Directorships |
IIT Corporate Services Limited |
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Previous
Employment |
Ex-Commissioner of Police, Mumbai Former Special Secretary to Government of Ministry of Home Affairs Former Director General of Police, Mumbai Ex-Advisor to the Governor of Ex-Ambassador of |
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Name |
Mrs. Cheryl Pinto |
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Designation |
Director- Corporate Affairs |
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Age |
37 years |
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Address |
Flat No. 6, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B. Pharm |
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Experience |
11 years |
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Date of
Appointment |
1st August, 2000 |
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Other
Directorships |
Managing Director of Cheryl Laboratories Private Limited |
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Name |
Dr. Prasanna R. Gore |
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Designation |
Director |
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Age |
38 years |
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Qualification |
Ph.D. and M.S. in Pharmaceutical Marketing from |
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Experience |
11 years |
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Other
Directorships |
Elected Vice Chairman of the American Association of Pharmaceutical
Scientists - Economic, Management and Marketing Section for the year 2000. |
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Name |
Mr. Rajesh V. Desai |
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Designation |
Director- Finance/IT/Legal |
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Age |
46 years |
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Qualification |
Science Graduate and Chartered Accountant |
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Experience |
22 years |
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Name |
Mr. J. M. Trivedi |
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Designation |
Director (Non Executive) |
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Age |
49 years |
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Qualification |
B. Tech (Chemicals Engineering) form Indian Institute of Technology,
Mumbai and has a Diploma in Basic Finance from ICFAI. |
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Experience |
20 years |
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Name |
Mr. Abhinna Sundar Mohanty |
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Designation |
Director – Domestic Formulations |
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Age |
50 years |
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Qualification |
M. Sc., In-charge of Domestic Formulations |
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Experience |
27 years |
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|
Name |
Mr. Sridhar Gorthi |
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Designation |
Non Executive Director |
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Age |
31 years |
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Qualification |
BA, LLB (Hons) from |
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Name |
Mr. Natvarlal B. Desai |
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Designation |
Non-Executive Director |
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Age |
76 years |
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Experience |
+ 45 years |
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Name |
Mr. M. Gopal Krishnan |
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Designation |
Non Executive Director |
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Age |
68 years |
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Experience |
25 years |
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Name |
Mr. Steven Bates |
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Designation |
Director |
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Name |
Dr. V Swaroop |
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Designation |
Head – New Drug Discovery |
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Name |
Mr. Terrance Coughlin |
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Designation |
President – US Operations and Head – API Sales |
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Name |
Mr. Ailton Wiliczinski |
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Designation |
Chief Executive Officer – |
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Name |
Mr. K Anand |
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Designation |
Senior Vice President – Regulatory Affairs and QA |
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Name |
Mr. Avdhut Sukhtankar |
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Designation |
Senior Vice President – Operations |
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Name |
Mr. Vithal Dhamankar |
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Designation |
Vice President – Semi Regulated Market (Formulations) |
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Name |
Mr. Arun Narayan |
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Designation |
Executive Vice President – EU Business |
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Name |
Dr. Vijay Soni |
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Designation |
Global Head – IPM |
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Name |
Mr. Alind Sharma |
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Designation |
Vice President – Human Resources |
KEY EXECUTIVES
|
Name : |
Mr. Marshall
Mendonza |
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Designation : |
Company Secretary |
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Name : |
Mr. Sanjay
Chowdhary |
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Designation : |
Assistant Company
Secretary |
SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
65140512 |
54.87 |
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Resident
Individual |
17320525 |
14.59 |
Foreign Institutional Investor
|
23097210 |
19.46 |
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Bodies Corporate |
6243583 |
5.26 |
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Indian Financial Institutions/ Banks |
2345701 |
1.98 |
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Mutual Funds |
2129060 |
1.79 |
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Non Resident
Indians / OCBs |
1202158 |
1.01 |
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Banks |
468808 |
0.39 |
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H.U.F. |
226037 |
0.19 |
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Employees |
200940 |
0.17 |
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Clearing Members |
200026 |
0.17 |
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Directors |
130500 |
0.11 |
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Trusts |
15200 |
0.01 |
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Overseas
Corporate Bodies |
500 |
0.00 |
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Total
|
118720760 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
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Products : |
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Exports to : |
Africa, |
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Imports from : |
Europe and |
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Terms : |
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Purchasing : |
L/C, D/A or D/P |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Injectibles |
|
Litres |
-- |
139668 |
|
Liquid Orals |
|
Litres |
4875000 |
3590325 |
|
Lotions and
externals |
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Litres |
450000 |
682073 |
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Ointments and
Creams |
|
Kgs |
966000 |
533728 |
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Solids and
Powders |
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Kgs |
105000 |
265738 |
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Tablets and
Capsules |
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Nos |
810000000 |
738009868 |
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Bulk Drugs |
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Kgs |
300000 |
69727 |
GENERAL INFORMATION
|
Suppliers : |
v
Alcap
Containers Private Limited v
Blown
v
Corneilo
Packaging v
Joy
Enterprise v
K K
AIu Foil v
K
Laminates v
Manju
Industrial Ancillaries v
Print
Paks ( v
Rajlaxmi
Plastics v
Super
Label Manufacturing Company v
Varsha
Plast v
Waxoils
Private Limited v
Speciality
Caps v
Aviditya
Chemical Corporation v
Plascap
Industries v
Mahesh
Industry v
Kraft-Pack
Containers v
Autofits v
Crown
Closures Private Limited v
D M
Printers v
Servewell
Printers v
Pharma
Plastics v
Desicca
Chemicals v
Renuka
Industries v
Standard
Packprints Private Limited v
Eskay
Packaging v
Mahalsa
Chemicals v
Bina
Packaging & Printers Private Limited v
Supreme
Alutainers Private Limited v
Agarwal
ISPAT Udyog v
Akshar
Enterprises v
Glindia
Chemicals v
Lifeline
Drugs & Intermeduates Private Limited v
Dayaram
Chemicals v
Plastic
pigments Private Limited v
Synthochem
Private Limited |
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No. of
Employees : |
1081 |
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Bankers : |
Bank of Mahalaxmi Branch,
Mumbai – 400 026, |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Prince Waterhouse Chartered
Accountants |
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Associates : |
˜
Glenmark
Pharmaceutica LDA, Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar,
2675 ˜
Glenmark
Pharmaceuticals ( ˜
Cheryl
Laboratories Private Limited ˜
Blossom
Pharmaceuticals ˜
Glenmark
Research Laboratories Private Limited ˜
Glenmark
Organics Limited ˜
Glen
Foods Private Limited ˜
Glenmark
Finlease Private Limited |
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Subsidiaries : |
v
Glenmark
Dominicana S.A. v
Glenmark
Impex LLC, v
Glenmark
Philippines Inc., v
Laboratorios
Klinger Do Brazil Ltda, v
Glenmark
v
Glenmark
Organics Limited, v
Glenmark
Exports Limited, v
GM
Pharma Limited v
Glenmark
Pharmaceuticals lnc, v
Glenmark
Pharmaceuticals ( v
Glenmark
Pharmaceuticals Nigeria Limited , v
Glenmark
Pharmaceuticals Sdn. v
Glenmark
Pharmaceuticals S.A., v
Glenmark
Chemicals Inc., v
Servycal
SA, v
Glenmark
Pharmaceuticals Pty. Limited, v
Glenmark
Pharmaceuticals [ v
Bouwer
Bartlett Pty. Limited, v
Glenmark
Impex LLC, |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs. 2.00 each |
Rs. 300.000 millions |
|
4000000 |
Cumulative
Redeemable Non convertible Preference Shares
|
Rs. 100.00 each |
Rs. 400.000 millions |
|
|
Unclassified
Capital |
|
Rs. 50.000 millions |
|
|
Total |
|
Rs. 750.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
118720760 |
Equity Shares |
Rs. 2.00 each |
Rs. 237.442 millions |
|
2000000 |
7% Redeemable Cumulative Non – Convertible Preference Shares |
Rs. 100.00 each |
Rs.200.000 millions |
|
440000 |
Equity Shares Warrant |
|
Rs. 0.044 millions |
|
|
Total
|
|
Rs. 437.486 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
437.486 |
437.286 |
218.546 |
|
|
2] Reserves &
Surplus |
2750.122 |
2429.774 |
2132.109 |
|
NETWORTH
|
3187.608 |
2867.060 |
2350.655 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1418.318 |
1293.032 |
1029.429 |
|
|
2] Unsecured
Loans |
5868.404 |
3080.580 |
119.314 |
|
TOTAL
BORROWING
|
7286.722 |
4373.612 |
1148.743 |
|
|
DEFERRED TAX LIABILITIES |
468.522 |
386.111 |
293.181 |
|
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|
|
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TOTAL
|
10942.852 |
7626.783 |
3792.579 |
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APPLICATION OF FUNDS
|
|
|
|
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|
|
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|
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|
FIXED ASSETS [Net Block]
|
2525.673 |
2093.010 |
1376.670 |
|
Capital work-in-progress
|
575.565 |
129.050 |
244.966 |
|
|
|
|
|
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INVESTMENT
|
435.648 |
264.564 |
299.647 |
|
DEFERREX TAX ASSETS
|
0.000 |
25.287 |
23.627 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1388.916 |
1110.593 |
821.601 |
|
|
Sundry Debtors
|
2827.924 |
1821.047 |
1304.813 |
|
|
Cash & Bank Balances
|
891.570 |
1092.793 |
67.694 |
|
|
Loans & Advances
|
3402.554 |
1871.872 |
392.263 |
Total Current Assets
|
8510.964 |
5896.305 |
2586.371 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1096.926 |
779.013 |
705.349 |
|
|
Provisions
|
8.072 |
2.420 |
39.772 |
Total Current Liabilities
|
1104.998
|
781.433
|
745.121
|
|
Net
Current Assets
|
7405.966 |
5114.872 |
1841.250 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
6.419 |
|
|
|
|
|
|
|
TOTAL
|
10942.852 |
7626.783 |
3792.579 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
6237.480 |
5407.351 |
3836.409 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
853.009 |
869.353 |
525.420 |
Provision for Taxation
|
179.969 |
234.546 |
105.379 |
Profit/(Loss) After Tax
|
673.040 |
634.807 |
420.041 |
|
|
|
|
|
Export Value
|
1523.461 |
1301.355 |
489.539 |
|
|
|
|
|
Import Value
|
479.251 |
437.005 |
296.690 |
|
|
|
|
|
Total Expenditure
|
5384.471 |
4537.998 |
3315.759 |
SUMMERIZED RESULTS
|
PARTICULARS |
|
|
200703 (Full Year) |
|
Sales Turnover |
|
|
8026.400 |
|
Other Income |
|
|
62.600 |
|
Total Income |
|
|
8089.000 |
|
Total Expenditure |
|
|
5916.800 |
|
Operating Profit |
|
|
2172.200 |
|
Interest |
|
|
229.500 |
|
Gross Profit |
|
|
1942.700 |
|
Depreciation |
|
|
234.600 |
|
Tax |
|
|
66.300 |
|
Reported PAT |
|
|
1348.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 (1st Quarter) |
|
Sales Turnover |
|
|
2629.500 |
|
Other Income |
|
|
10.800 |
|
Total Income |
|
|
2640.300 |
|
Total Expenditure |
|
|
1884.300 |
|
Operating Profit |
|
|
756.000 |
|
Interest |
|
|
93.500 |
|
Gross Profit |
|
|
662.500 |
|
Depreciation |
|
|
59.900 |
|
Tax |
|
|
60.000 |
|
Reported PAT |
|
|
485.900 |
200706
1st Quarter
Notes EPS is Basic Status of Investor Complaints for the
quarter ended June 30, 2007 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 11 Complaints disposed off during the
quarter 11 Complaints unresolved at the end of the quarter Nil 1.The above
results were reviewed by the audit committee and taken on record at the meeting
of the Board of Directors held on July 30, 2007. 2. The Statutory Auditors have
carried out a limited review of the Standalone results for the quarter ended
June 30, 2007. 3. The Company is exclusively in the Pharmaceutical business
segment. 4.Provision for Current and Deferred Taxation of Rs 123.736 million
(Standalone) is for the quarter ended June 30, 2007 and the actual tax
liability of the Company will be determined on the basis of taxable income of
the Company for the year April 01, 2007 to March 31, 2008. 5. During the quarter
ended June 30, 2007, pursuant to Employee Stock Option Scheme 2003, the Company
has converted 5,550 options and cancelled 89,250 options. As at June 30, 2007,
1,594,540 options were outstanding. 6. During the quarter, FCC Bonds amounting
to USD 10.5 million were converted into 995,628 equity shares of Rs 2 each. 7.
Diluted EPS includes provision for conversion of FCC Bonds. 8. Consequent to
accounting standard 15, 'Employee Benefits' (Revised 2005) becoming mandatory
in its application w.e.f April 01, 2007, the Company is in process of computing
the transitional liability, which will be adjusted against opening reserves and
not have any impact on the above result. The expenses of Rs 15.00 million have
been provided in the quarter on a best estimated basis. 9. The Company has
received the Shareholders' approval through postal ballot for split /
subdivision of the face value of the equity shares from Rs 2 /- to Re l/- per
share. 10. Previous period's figures have been re-grouped / re-classified
wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
1.93 |
1.06 |
0.62 |
|
Long Term Debt Equity Ratio |
1.54 |
0.88 |
0.37 |
|
Current Ratio |
2.82 |
2.74 |
1.67 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.14 |
2.49 |
2.56 |
|
Inventory |
4.95 |
5.55 |
6.01 |
|
Debtors |
2.66 |
3.43 |
3.00 |
|
Interest Cover Ratio |
5.89 |
6.19 |
6.22 |
|
Operating Profit Margin (%) |
19.44 |
22.11 |
19.30 |
|
Profit Before Interest and Tax Margin (%) |
16.61 |
19.32 |
16.44 |
|
Cash Profit Margin (%) |
13.71 |
14.63 |
13.89 |
|
Adjusted Net Profit Margin (%) |
10.88 |
11.83 |
11.03 |
|
Return on Capital Employed (%) |
11.60 |
19.31 |
20.05 |
|
Return on Net Worth (%) |
23.31 |
25.53 |
22.28 |
STOCK PRICES
|
Face Value |
Rs. 2.00 |
|
High |
Rs. 625.00 |
|
Low |
Rs. 618.00 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
originally incorporated under the name and style of "Glenmark
Pharmaceuticals Private Limited" under the Companies Act, 1956 and became
a deemed public company on 1st July, 1990, then again became a
private company on 27th September, 1990. The word private was
deleted on 1st July, 1991 and became a public limited company on 12th
January, 1996.
Subject is engaged
in research and development, manufacturing and marketing of branded
formulations in
The company came
out with a public issue in order to set up a manufacturing facility at
The
company has entered into a new segment of obesity which helped in diversifying
its revenue streams. The company also plans to tap the huge generic opportunity
available in the international market. It intends to enter the generic market
in the
The company had plans to discover new molecules in the asthma, obesity and
diabetes segments. Glenmark had successfully entered the Active Pharma
Ingredient (API) Business in the 4th quarter of 2001-02. For diabetes the
company had established a Healthe on division. Out of the 11 products
introduced during 2001-02, 4 of were introduced for the first time in
In 2003, GPL has acquired Bulk Drugs manufacturing Plant from GlaxoSmithkline
Pharmaceuticals at Ankleshwar. But the company has sold its Verna Plant at
The company has installed Bulk drug facility for the first time during the
financial year 2003-04 and the newly installed capacity is 60000 Kg.
The company has entered into a collaboration agreement during March 2005 with
Shasun Chemicals & Drugs Limited for the joint development, filing and
marketing of twelve generic pharmaceutical products for the
During 2004-05 the company has incorporated Glenmark Pharmaceuticals SA, a
wholly-owned subsidiary in Switzerland to help manage NCE clinical trials as
well as build research skills that complement R&D activities in India. The
company has acquired an API Manufacturing Unit at Ankleshwar,
In March 2005 the company has issued bonus equity shares to its equity
shareholders in the ratio of 1:1.
In 2006, The Company has set up a manufacturing facility at Baddi (H.P) for
manufacturing solid oral, liquid oral and semi-solids formulations, which was
commissioned from August 2005. The company plans to upgrade its facilities in
Ankleshwar and also commence pre-construction activities at its new API site in
The company has increased the installed capacity of Tablets & Capsules,
Liquid Orals and Ointments & Creams by 24, 00, 00,000 Nos. 24, 00,000 ltrs
and 1, 86,000 Kgs. respectively. With this expansion the total installed
capacity of Tablets & Capsules, Liquid Orals and Ointments & creams has
increased to 81,00,00,000 Nos. 48,75,000 ltrs
and 9,66,000 Kgs. respectively.
Business
The company is
engaged in manufacturing and marketing of Pharmaceutical Products such as
Orals, Lotions & Externals, Tablets and Capsules, Solids and Powders,
Ointments and others and Pesticide Products such as Phorate 10% Gr., M.P.E.C,
Neocidol, Endosulfan 35% EC, Cypermethrin 10% EC, Cypermethrin 25% EC, Copper
Oxychloride, Basudin 20% EC, Dichlorvos 76% EC and Monocrotophos 36% and Others.
The company’s
formulations plant has spacious operational areas for different sections. Besides Oral Tablets, Capsules and Oral
Liquids Departments, there are facilities for manufacturing Topicals – Creams, Lotions,
Ointments and Powders. The entire
facility uses the latest world class technology.
The plant has been
awarded the WHO GMP Certificate as the facilities and operations fully conform
to the stringent WHO requirements in this respect.
The company has
three plants in
The company has a
team of 853 medical representatives and managers.
The company’s
products figures among the leaders in the dermatology and respiratory segments
in
The company came
out with a public issue in order to set up a manufacturing facility at
It has entered into
a new segment of obesity which helped in diversifying its revenue streams. The
company also plans to tap the huge generic opportunity available in the
international market. It intends to enter the generic market in the
The company had
plans to discover new molecules in the asthma, obesity and diabetes segments.
The company had successfully entered into the Active Pharma Ingredient (API)
Business in the 4th quarter of 2001-02. For diabetes the company had
established a Healtheon division. Out of the 11 products introduced during
2001-02, 4 were introduced for the first time in
Set up a
RESULTS OF OPERATIONS
The Directors are pleased to report satisfactory performance for the year under
report. The Company achieved gross revenue of Rs. 6,237.48 million (Rs.
5,407.35 million), registering an increase of 15.35% over the previous year.
This growth is mainly attributed to the increased focus through greater
divisionalisation, addition of field sales force and launch of new
products.
PROFITS
The operating profit before interest, depreciation & tax declined to Rs.
1086.02 million from Rs. 1174.68 million, a decrease of 7.55% over the previous
year.
OPERATIONS
Pharma Division
Domestic sales at Rs. 3,936.80 million (Rs. 3,027.74 million) registered an
increase of 30% over the previous year. The Company launched several new
products and line extensions across its seven retail divisions to strengthen
its portfolio during the year.
The Company has set up a manufacturing facility at Baddi, Himachal Pradesh for
manufacturing solid oral, liquid oral and semi-solids formulations, which was
commissioned from August 2005. It will largely focus on meeting the Company's
growth requirements for formulation production to cater to the domestic
market.
INTERNATIONAL BUSINESS
Revenues from the
export of branded formulations increased to Rs. 1,006.94 million from Rs.
804.39 million for the previous year, recording a growth of 25%.
Revenues from sale of API to regulated and semi-regulated markets globally grew
to Rs. 525.91 million from Rs. 439.02 million for the previous year, recording
an increase of 20%.
The company has obtained registration for 298 formulation products and also
filed 373 additional registrations in several of its export markets. The
Company also commenced new business operations in
-
Glenmark Pharmaceuticals Inc.,
Further the Company has received US FDA approvals for two generic ANDAs,
Fluconazole and Zonisamide. Glenmark is fully integrated on these two products
and will manufacture the formulations at
Glenmark entered into a collaboration agreement with InvaGen Pharmaceuticals,
Inc. [InvaGen] for the joint development, filing and marketing of seven generic
pharmaceutical products for the
Glenmark filed a total of 11 ANDAs in FY2006. In addition the Company has a
total of 16-17 products undergoing the US FDA approval process.
- Latin America /
Glenmark Farmaceutica Ltd [GFL], the wholly owned Brazilian subsidiary, and
Servycal S.A., posted revenues of Rs. 758.95 million for the year 2005-06
against Rs. 236.76 million for the previous year reflecting an increase of
221%.
Glenmark Pharmaceuticals SA,
The integration of the Argentine sales and marketing company, Servycal with the
rest of Latin American operations is progressing well.
-
The Company's Swiss subsidiary acquired Bouwer Bartlett Pty. Limited [Bouwer
Bartlett], a South African sales and marketing company in December 2005. Bouwer
Bartlett, besides having a major presence in the dermatology segment, with a
basket of 22 products, and a significant marketing force, will be a strategic
entry point for the Company into one of the largest and fastest growing
pharmaceutical markets in the continent of
DOMESTIC API AND CO-MARKETING
Revenues from the domestic API and co-marketing business amounted to Rs. 491.16
million in FY06 against Rs. 713.49 million for the corresponding period of the
previous year, recording a decline of 31 %.
The Company continues to tie-up API supply agreements with several of the large
generic players in the
The Company plans to upgrade its facilities in Ankleshwar and also commence
pre-construction activities at its new API site in
The Company has already filed 7 DMFs in FY06 taking the count of total DMFs
filed to 20 as of 31st March, 2006.
The company is in trade terms with:-
·
K.
Laminates
·
Kraft-Pack
Containers
·
Autofits
·
Servewell
Printers
·
Pharma
Plastics
·
Carewell
Printers Private Limited
The company’s fixed
assets of important value include freehold and leasehold land, factory
building, other premises, plant & machinery, furniture & fixtures,
equipments, vehicles and brands.
PRESS RELEASES
Glenmark posts for Q3 FY07
consolidated revenue growth of 118% and consolidated profits of Rs. 1889.2
million
Mumbai, January 23, 2007: Glenmark Pharmaceuticals
Limited, the research-led global and integrated pharmaceutical company, has
posted gross [total] consolidated revenues of Rs. 4461.22 Mn [USD1 99.13
Mn] for the third quarter of the financial year 2006-07 ended December 31, 2006
and a growth of 118% compared to the corresponding period of the previous year.
Consolidated profits for the quarter were Rs. 1889.82 million [USD 42.00 Mn];
while the net profit from the base business [net of milestones] stood at Rs.
615.93 Mn [USD 13.69 Mn].
Formulations: In the period under review,
Glenmark’s US business posted revenues of Rs. 835.29 Mn [USD 18.56 Mn],
registering an extensive growth of 401% over the third quarter of the previous
year. The Company’s Latin American operations, comprising Glenmark Farmacêutica
Ltda and Servycal
API: The API business [international
and domestic] for the quarter registered a growth in revenues by 3% to Rs.
390.05 Mn [USD 8.67 Mn] over Q3 in FY 2006.
Drug Discovery: Oglemilast [a PDE4 inhibitor],
Glenmark’s lead molecule for asthma/COPD has completed the exercise-induced
asthma trial on the compound and is expecting the top line results shortly. Its
development partner, Forest Laboratories, would be undertaking Phase 2B
clinical testing after responding to the FDA’s questions. The Company is
currently in the process of evaluating several European partners for Oglemilast
to develop and market the drug in
Further to signing a EUR 190 Mn
deal with
Glenmark’s third molecule, GRC
6211, a vanilloid receptor [VR1] antagonist compound for a range of pain
indications entered Phase 1 trials; conducted by Kendle, a leading global CRO.
The Company hopes to complete Phase 1 by June 2007 and the dental pain study by
October 2007; it aims to be an early launcher in this class and targets
launching the molecule in 2011. Glenmark is also in discussions for potential
licensing partners for this compound.
Glenmark has three more
molecules in the pre-clinical stages and plans to take one of them, GRC 10801
[a CB1 antagonist for obesity], to the clinics by March-April 2007. The
Company
expects 2 more molecules, GRC 10693 [CB2 agonist for pain] and GRC 4039 [PDE4
for Rheumatoid Arthritis] to progress to Phase 1 in Q1 and Q2 of FY08
respectively. Thus Glenmark expects to have 6 molecules in the clinics by next
year.
Glenn
Saldanha, Managing Director and CEO of Glenmark said: “They remain committed to
NCE research and are confident of achieving the aggressive targets they have
set out: they currently have three molecules undergoing clinical trials and
three more poised to enter the clinics over the next six to eight months. On
the generics and branded generics front, they are happy with the buoyant growth
shown by their
Glenmark
receives
Mumbai,
July 3, 2007: Glenmark Pharmaceuticals Ltd. [Glenmark], a research-based
pharmaceutical company, headquartered in Mumbai (
It is
the AB-rated generic equivalent of Novartis's anti-fungal Lamisil® tablets with
annual sales of over USD 650 million (IMS-Dec 2006) in the
Glenmark
is manufacturing the finished dose formulation at its USFDA approved
manufacturing facility in
With
this approval, GPI now has a portfolio of 19 generic products for the
About
Glenmark Pharmaceuticals Inc.,
Glenmark’s
About
Glenmark
Glenmark
Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical
company headquartered in
The
Company has generic formulation and API business interests in over 80 countries
across the world including the highly regulated markets of
Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC
3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for
the North American and Japanese markets, respectively, in two landmark deals.
Oglemilast is presently undergoing Phase II clinical trials in the
Glenmark purchases
rights to two therapeutic antibodies from Chromos
Mumbai, India and
Burnaby, British Columbia, Canada July 19, 2007 – Glenmark
Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark
Pharmaceuticals Ltd. (Glenmark) and Chromos Molecular Systems Inc. (Chromos)
(TSX:CHR) of British Columbia, Canada, announced today that they have completed
the purchase by Glenmark of Chromos’ two New Biological Entities (NBE’s)
CHR-1103 and CHR-1201. The two NBE’s are humanized monoclonal therapeutic
antibodies. Under the terms of the transaction agreements between Glenmark and
Chromos, Glenmark has purchased all rights to the two products as well as
rights to use Chromos’ proprietary ACE System technology for cell line
development for use with respect to CHR-1103 and CHR- 1201. Glenmark holds the
worldwide rights for further development, registration and commercialization of
these products. Financial terms of the transaction are not to be released. CHR-1103
and CHR-1201 are part of a validated class of drugs known as SAMI’s (selective
adhesion molecule inhibitors) that includes such drugs as ReoPro
(Centocor/Lilly), Raptiva (Genentech/Xoma) and Tysabri (Biogen/Elan). CHR-1103
is a broad anti inflammatory agent with a novel mechanism of action, being
developed initially to treat acute multiple sclerosis, for which there is no
treatment approved at present. Glenmark plans to initiate Phase I clinical
trials in 2008 and complete Phase 1 on CHR-1103 by March 2009. CHR-1201 is an
anti-thrombolytic humanized monoclonal antibody, which Glenmark plans to
develop initially to treat acute stroke. Glenmark plans to start Phase I on
CHR-1201 by March 2009. On this occasion, Glenn Saldanha, Managing Director and
CEO of Glenmark Pharmaceuticals Ltd., stated, “This is a very important
addition to our pipeline of Novel Biological Entities. These two NBE’s would
help accelerate our pipeline in the biologics space.” Michael Buschle,
President – Biologics at Glenmark
About
Glenmark
Glenmark
Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical
company headquartered in
About
Chromos
Chromos
is a biopharmaceutical company focused on the development and commercialization
of its proprietary ACE System technology that is used to engineer production
quality cell lines to manufacture biopharmaceutical products including
monoclonal antibodies and the development of human therapeutic products. As
part of its ongoing restructuring efforts, on April 12, 2007 Chromos filed a
Notice of Intention to Make a Proposal to its creditors under the Bankruptcy and Insolvency Act. For
more information visit our website at www.chromos.com.
Risks and Uncertainties Certain of the
statements contained in this press release are forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or
achievements of Chromos, or industry results, to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. To the extent possible, management implements
strategies to reduce or mitigate the risks and uncertainties associated with
Chromos’ operations. Operating risks include (i) the continued availability of
capital to finance Chromos’ activities; (ii) Chromos’ limited cash position,
(iii) the ability to successfully obtain proof of the effectiveness of Chromos’
technology (iv) the ability to complete and maintain corporate alliances
relating to the development and
commercialization of Chromos’ technology; (v) the ability to obtain and enforce
patent and other intellectual property protection for Chromos’ technology; (vi)
market acceptance of Chromos’ technology; (vii) the competitive environment and
impact of technological change; (viii) Chromos’ ability to attract and retain
employees to carry out its business plans; (ix) the timely development and
commercialization of any technology or products that are contingent on the
completion and maintenance of corporate alliances with third parties (x) the
demand for repayment of the outstanding Notes by the Noteholders; (xi) approval
of any proposal to creditors made under the Bankruptcy and Insolvency Act; and
(xii) re-emergence from its reorganization proceedings. Further details on
Chromos’ operating risks can be found in its most recently filed Annual
Information Form and in its Quarterly and Annual Reports to Shareholders.
Glenmark posts for
Q1 FY08, a consolidated revenue growth of 88 per cent and
consolidated
revenues of Rs. 3594.24 million
Mumbai, July 30,
2007: Glenmark Pharmaceuticals Limited, the research-led global and integrated
pharmaceutical company, has posted gross [total] consolidated revenues of
Rs.3594.24 Mn [USD1 87.01 Mn] for the first quarter of the financial year
2007-08 ended June 30, 2007, a growth of 88% compared to the corresponding
period of the previous year. Consolidated profits for the quarter were
Rs.571.51 million [USD.13.83 Mn], a growth of 206% as compared to Q1 of the
previous year. Formulations: In the period under review, Glenmark’s US
business posted revenues of Rs.826.22 Mn [USD 20 Mn], registering a growth of
258% over the first quarter of the previous year. The Company’s Latin American
operations, comprising Glenmark Farmacêutica Ltda and Servycal
Drug Discovery
NCEs
Development of
Oglemilast is ongoing and Glenmark’s partner, Forest Laboratories, have now
completed additional preclinical work requested by the FDA which will soon be
submitted for their review. Post FDA concurrence, the drug will move into a
larger Phase IIB study. Glenmark’s lead molecules, GRC 8200 also continues to
progress well in its Phase II clinical trials. We completed Phase I clinical
trials for GRC 6211, Glenmark’s lead Vanniloid Receptor (VR1) antagonist
compound in Europe on 72 healthy human subjects using single and multiple doses
during the quarter. It was found that GRC 6211 was well tolerated by the
subjects at all dosage levels and was found to have a good safety profile and
predictable pharmacokinetic properties. Glenmark has now initiated a Phase IIA
proof of concept study for dental pain in Europe and hopes to complete this
study by December 2007. Additionally, Glenmark plans to initiate 2 large Phase
II studies for neuropathic pain and osteoarthritis. Glenmark has three more
molecules in advanced pre-clinical stages. Glenmark plans to file GRC 4039 for
Phase 1 clinical testing in Q2. GRC 10693 and GRC 10801 will move into Phase 1
in Q3/Q4 timeframe.
Biologics
Glenmark
Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark
Pharmaceuticals Ltd. (Glenmark) has purchased two new biological entities from
Chromos Molecular Systems Inc., in Q1 FY08. These New Biological Entities
(NBE’s), CHR-1103 and CHR-1201, are humanized monoclonal therapeutic
antibodies. Under the terms of the transaction agreements between Glenmark and
Chromos, Glenmark has purchased all rights to the two products as well as
rights to use Chromos’ proprietary ACE System technology for cell line
development for use with respect to CHR-1103 and CHR-1201. CHR-1103 and
CHR-1201 are part of a validated class of drugs known as SAMI’s (selective
adhesion molecule inhibitors) that includes such drugs as ReoPro
(Centocor/Lilly), Raptiva (Genentech/Xoma) and Tysabri (Biogen/Elan). CHR-1103
is a broad anti inflammatory agent with a novel mechanism of action, being
developed initially to treat acute multiple sclerosis, for which there is no
treatment approved at present. Glenmark plans to initiate Phase I clinical
trials in 2008 and complete Phase 1 on CHR-1103 by March 2009. CHR-1201 is an
antithrombolytic humanized monoclonal antibody, which Glenmark plans to develop
initially to treat acute stroke. Glenmark plans to start Phase I on CHR-1201 by
March 2009. Glenn Saldanha, Managing Director and CEO of Glenmark said: “We
have expanded our portfolio in the area of biologics research with the buy-out
of the two new biologic entities from
About Glenmark
Glenmark
Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical
company headquartered in
Disclaimer
This
document has been prepared by Glenmark Pharmaceuticals Ltd. The information,
statements and analysis made in this document describing company’s objectives,
projections and estimates are forward looking statements and progressive within
the meaning of applicable Security Laws and Regulations. The analysis contained
herein is based on numerous assumptions. Actual results may vary from those
expressed or implied depending upon economic conditions, government policies
and other incidental factors. No representation or warranty, either expressed
or implied, is provided in relation to this document. This document should not
be regarded by recipients as a substitute for the exercise of their own
judgment.
About Glenmark
Glenmark Pharmaceuticals Limited is a research-led, global,
fully integrated pharmaceutical company headquartered in
Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC
3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for
the North American and Japanese markets, respectively, in two landmark deals.
Oglemilast is presently undergoing Phase II clinical trials in the
The Company also has generic and branded generic formulation
and API business interests spanning several product segments in over 80
countries across the world including the highly regulated markets of
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.06 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.55.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|