MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE PHARMACEUTICALS
LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12. 2006 |
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Date of
Incorporation : |
24.01.1924 |
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Com. Reg. No.: |
11-1151 |
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CIN No.: |
L24239MH1924PLC001151 |
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TAN No.: (Tax
Deduction & Collection Account No.) |
MUMG00196A |
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PAN No.: (Permanent
Account No.) |
AAACG4414B |
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Legal Form : |
It is
a public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of
Business : |
Manufacturing
and selling of pharmaceuticals, chemicals including bulk drugs and
formulations. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 48000000 |
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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 of multi-national Glaxo Group.
Available information indicates high financial responsibility of the company and
its management. Financial position is
good. Payments are always correct and
as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. Please
be informed that the company’s style is still very much the same and Thermo
Electron LLS India Private Limited is a different legal entity. |
LOCATIONS
|
Registered
Office : |
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Tel. No.: |
91-22-24933871
/ 24933514 / 24959595 |
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Fax No.: |
91-22-24935358
/ 24959494 |
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E-Mail : |
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Website : |
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Factory : |
v
2nd v
Ambad,
Nashik |
DIRECTORS
|
Name : |
Dr. H. B. Joshipura |
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Designation : |
Managing Director |
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Name : |
Mr. D. S. Parekh |
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Designation : |
Chairman |
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Name : |
Mr. V.
Thyagarajan |
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Designation : |
Vice-Chairman |
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Name : |
Mr. S.
Kalyanasundaram |
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Designation : |
Managing Director |
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Name : |
P. Bains (w.e.f. 26.07.2005) |
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Designation : |
Director |
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Name : |
R. R. Bajaaj |
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Designation : |
Director |
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Name : |
Dr. A. Banerjee |
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Designation : |
Director |
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Name : |
M. B. Kapadia |
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Designation : |
Director |
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Name : |
N. Kaviratne (w.e.f. 26.07.2005) |
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Designation : |
Director |
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Name : |
A. S. Lakshmanan |
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Designation : |
Director |
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Name : |
V. Narayanan |
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Designation : |
Director |
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Name : |
P. V. Nayak |
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Designation : |
Director |
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Name : |
P. Parsonson -
Alternate to P. Bains (w.e.f. 26.07.2005) |
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Designation : |
Director |
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Name : |
Dr. M. Reilly |
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Designation : |
Director |
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Name : |
Mr. M. B. Kapadia |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. A. Nadkarni |
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Designation : |
Company Secretary |
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Name : |
M. B. Kapadia |
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Designation : |
Senior Executive Director - Finance, Legal & Corporate Affairs - Corporate Communications & Administration - Fine Chemicals |
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Name : |
Dr. A. Banerjee |
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Designation : |
Executive Director- Technical |
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Name : |
Mr. R. Sequeira |
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Designation : |
Executive Vice-Presidents - Human Resources |
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Name : |
Mr. H. Singh |
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Designation : |
Executive Vice-Presidents –
Pharmaceuticals |
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Name : |
Mr. M. K. Vasanth Kumar |
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Designation : |
Executive Vice-Presidents - Information
Technology & Supply Chain |
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Name : |
Mr. J. Dwivedy |
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Designation : |
Vice-Presidents - Procurement -
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Name : |
Dr. S. Joglekar |
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Designation : |
Vice-Presidents - Medical
Affairs & Clinical Research |
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Name : |
Mr. S. Khanna |
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Designation : |
Vice-Presidents - Finance |
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Name : |
Mr. R. Limaye |
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Designation : |
Vice-Presidents - Marketing
& Commercial Strategy |
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Name : |
Mr. S. Patel |
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Designation : |
Vice-Presidents - Legal &
Corporate Affairs |
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Name : |
Mr. R. Raghunandan |
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Designation : |
Vice-Presidents - Quality |
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Name : |
Mr. K. Shivkumar |
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Designation : |
Vice-Presidents -
Pharmaceuticals |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Glaxo Group
Limited, |
30485250 |
35.99 |
|
Eskaylab
Limited, |
5880000 |
6.94 |
|
Burroughs
Wellcome International Limited, |
3360000 |
3.97 |
|
Castleton
Investment Limited |
3192238 |
3.77 |
|
Insurance Companies,
FIs & Banks |
10930682 |
12.90 |
|
Flls, NRIs, OCBs |
12403317 |
14.64 |
|
Mutual Funds |
1815015 |
2.14 |
|
Domestic
Companies |
1156697 |
1.37 |
|
Resident
Individuals |
15479818 |
18.28 |
|
Total |
84703017 |
100.00 |
List of top ten shareholders
of the Company other than Glaxo Group Limited, Eskaylab Limited, Burroughs
Wellcome International Limited and Castleton Investment Limited who hold
35.99%, 6.94%, 3.97% and 3.77% shares respectively.
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Life Insurance
Corporation of |
|
6.68 |
|
Aberdeen Asset
Managers Limited A/c Aberdeen International |
|
3.47 |
|
General
Insurance Corporation of |
|
1.47 |
|
J P Morgan
Fleming Asset Management ( |
|
1.46 |
|
Investment
Company ( |
|
1.45 |
|
Aberdeen Asset
Managers Limited A/c Aberdeen Global- |
|
1.28 |
|
T Rowe Price International
INC A/c T Rowe Price New |
|
0.99 |
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Oriental
Insurance Company Limited |
|
0.96 |
|
|
|
0.83 |
|
Life Insurance
Corporation of India-Future Plus |
|
0.70 |
|
National
Insurance Company Limited |
|
6.68 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and selling of pharmaceuticals, chemicals including bulk drugs and
formulations. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
|
Chemicals
(including Bulk Drugs) |
Tonnes |
|
371 |
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Formulations : |
|
|
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|
Liquids –
Orals, Topicals, Parenterals & Malt |
Kilo Litres |
|
8400 |
|
Antibiotic
Vials |
000 |
|
5000 |
|
Tablets
& Capsules |
Millions |
|
6750 |
|
Solids
including Powders & Ointments |
Tonnes |
|
1550 |
|
Aerosols |
‘000 |
|
3000 |
GENERAL INFORMATION
|
No. of Employees : |
3850 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
Price
Waterhouse & Company Chartered
Accountants |
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Solicitors: |
Crawford Bayley & Company Gagrat &
Company |
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Associates : |
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Subsidiaries : |
Biddle Sawyer Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,00,00,000 |
Equity
Shares |
Rs.10/- each |
Rs. 900.000 millions |
Issued &
Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
8,47,07,710 |
Equity
Shares |
Rs.10/- each |
Rs. 847.077 millions |
Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,47,03,017 |
Equity
Shares |
Rs.10/- each |
Rs. 847.030 millions |
The Company bought
back and extinguished 26,19,529 equity shares during the previous year.
* excludes 3,352
equity shares of Rs. 10 each of erstwhile Burroughs
Wellcome (
Of the above
shares:
(i) 4,29,17,488 equity
shares are held by the ultimate holding company GlaxoSmithKline pic,
Prior to the buy
back of equity shares:
(ii) 1,28,47,546
equity shares were allotted as fully paid-up pursuant to the Scheme of
Amalgamation of Burroughs Wellcome (
(iii) 1,47,00,000
equity shares were allotted as fully paid-up pursuant to the Scheme of
Arrangement for Amalgamation of SmithKline Beecham Pharmaceuticals (India)
Limited with the Company.
(iv) 4,06,87,500
equity shares were allotted as fully paid-up bonus shares by capitalisation of
share premium and reserves.
(v) 15,00,000
equity shares were allotted as fully paid-up pursuant to contracts without
payments being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
847.030 |
847.030 |
873.225 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
11100.099 |
8639.028 |
8369.408 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
11947.129 |
9486.058 |
9242.633 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
55.371 |
48.542 |
38.448 |
|
TOTAL BORROWING
|
55.371 |
48.542 |
38.448 |
|
|
DEFERRED TAX
LIABILITIES |
|
|
|
|
|
|
|
|
|
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TOTAL
|
12002.500 |
9534.600 |
9281.081 |
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
858.008 |
815.702 |
869.806 |
|
Capital work-in-progress
|
86.610 |
153.732 |
45.055 |
|
|
|
|
|
|
|
INVESTMENT
|
11394.056 |
9130.567 |
7768.258 |
|
DEFERREX TAX ASSETS
|
246.114 |
297.635 |
448.636 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
2409.541
|
2181.290
|
2264.973 |
|
|
Sundry Debtors
|
604.451
|
673.872
|
760.635 |
|
|
Cash & Bank Balances
|
350.306
|
475.263
|
633.826 |
|
|
Other Current Assets
|
270.342
|
194.666
|
208.066 |
|
|
Loans & Advances
|
1441.743
|
1092.935
|
978.778 |
Total Current Assets
|
5076.383
|
4618.026
|
4846.278 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
2477.130
|
2575.543
|
2194.711 |
|
|
Provisions
|
3181.541
|
2905.519
|
2502.241 |
Total Current Liabilities
|
5658.671
|
5481.062
|
4696.952 |
|
Net Current Assets
|
(582.288)
|
(863.036)
|
149.326 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.0000 |
|
|
|
|
|
|
|
TOTAL
|
12002.500 |
9534.600 |
9281.081 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
|
|
|
|
|
|
Sales Turnover |
15529.203 |
14853.023 |
14292.283 |
|
|
Other Income |
958.438 |
656.350 |
|
|
|
Total Income |
16487.641 |
15509.373 |
14292.283 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5559.540 |
4779.085 |
4182.391 |
|
|
Provision for Taxation |
1942.304 |
1716.240 |
1521.887 |
|
|
Profit/(Loss) After Tax |
3617.236 |
3062.845 |
2660.504 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
F.O.B. value of
exports including through merchant exporters |
301.776 |
273.228 |
|
|
|
Recovery of
expenses |
5.629 |
4.756 |
283.744 |
|
|
Clinical
research and data management |
224.658 |
141.642 |
|
|
|
Research and
development |
29.185 |
31.175 |
|
|
|
Others |
31.909 |
9.377 |
|
|
Total Earnings |
593.157 |
460.178 |
283.744 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
699.708 |
575.717 |
|
|
|
Stores & Spares |
2.539 |
0.245 |
1182.141 |
|
|
Capital Goods |
20.981 |
27.915 |
|
|
|
Others |
612.176 |
546.225 |
|
|
Total Imports |
1335.404 |
1150.102 |
1182.141 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Material |
6245.154 |
|
|
|
|
Operating and Other Expenses |
4524.416 |
4308.379 |
10109.892 |
|
|
Depreciation |
158.531 |
157.333 |
|
|
Total Expenditure |
10928.101 |
10730.288 |
10109.892 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
31.03.2007 [1st
Quarter] |
30.06.2007 [2nd
Quarter] |
|
Sales Turnover |
|
4203.000
|
3915.000
|
|
Other Income |
|
288.900
|
336.100
|
|
Total Income |
|
4491.900
|
4251.100
|
|
Total Expediture |
|
2769.500
|
2715.900
|
|
Operating Profit |
|
1722.400
|
1535.200
|
|
Interest |
|
0.000
|
0.000
|
|
Gross Profit |
|
1722.400
|
1535.200
|
|
Depreciation |
|
36.500
|
37.300
|
|
Tax |
|
562.800
|
502.000
|
|
Reported PAT |
|
1113.200
|
964.300
|
KEY RATIOS
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
Debt
Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long
Term Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current
Ratio |
0.97 |
1.00 |
1.09 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
6.62 |
6.23 |
5.81 |
|
Inventory
|
7.31 |
7.09 |
6.92 |
|
Debtors |
26.24 |
21.97 |
20.67 |
|
Interest
Cover Ratio |
408.07 |
202.58 |
164.90 |
|
Operating
Profit Margin (%) |
33.78 |
31.34 |
29.60 |
|
Profit
Before Interest and Tax Margin (%) |
32.84 |
30.34 |
28.42 |
|
Cash
Profit Margin (%) |
22.23 |
23.44 |
21.12 |
|
Adjusted
Net Profit Margin (%) |
21.29 |
22.44 |
19.94 |
|
Return
on Capital Employed (%) |
51.16 |
50.82 |
52.61 |
|
Return
on Net Worth (%) |
33.32 |
37.76 |
37.07 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The
company was incorporated on 24.01.1924 at Mumbai in
Incorporated
in 1924 as H J Foster and Company, an agency house to distribute the well-known
Glaxo baby food, Glaxo
In December, 2000, Glaxo Wellcome plc and SmithKline plc have merged under an
agreement. They formed a new company named GlaxoSmithKline plc. The new company
is well placed to respond to the healthcare challenges of the twenty first
century with market leadership in major therapeutic categories. With this
merger, Glaxo
It has adopted the acquisition route, amongst others, to grow. It acquired two
groups. The Burroughs Wellcome India Limited (BWIL) merger came about after the
parent was merged with Glaxo Plc. Subsequently, it acquired the Biddle Sawyer
Group, the approval for which was received.
MAX GB Limited, a 50:50 joint venture between Max India and Gist Brocades of
Netherlands, and Glaxo India Limited, have entered into an alliance for
manufacturing cephalexin from the drug intermediate, 7 ADCA.
In October 2001, SmithKline Beecham Pharmaceutical (
In March 2002, the Board of Directors of the Company approved the Scheme of
Arrangement for the Demerger of the marketing undertaking of Meghdoot Chemicals
Limited (wholly owned subsidiary) into the company and the simultaneous amalgamation
of Croydon Chemical Works Limited (wholly owned subsidiary) with the Company.
Subsequent to this the High Court has sanctioned the merger in November 2002
and therefore MCL and CCWL cease to be subsidiaries of the company. During 2002
the company has launched Timentims (an injectible antibiotic), Flutibact
(combination of Fluticasone and Mupirocin) and COD (daily-Ciprofloxacin
dosage).
BUSINESS
The
company is engaged in manufacturing and selling of pharmaceuticals, chemicals
including bulk drugs and formulations.
The
company has a wide range of product that covers around 14 therapeutic groups.
However, the benefits of the wide coverage are offset by about 70% of the
company’s products falling under the drug price control order (DPCO), Shackling
realizations.
Subject
has a strong product line with quite a few brands in the country's top 250
brands. Among its principal products are Betamethasone- based topical steroids,
Betnovate-C, Betnovate-M, and Betnovate- GM. It also makes tablets from the same
pharmaceutical ingredient, which is marketed under the brand name Betnesol. Its
other key products are Cephalosporin, Ceftum, H2 blocker based on Ranitidine,
Zinetac and the vitamin Celin.
Glaxo
manufactures the bulk drug from the basic stage, furfuryl alcohol, employing
the technology developed by its parent,
The company has launched Celex, a clarithromycin anti-infective formulation
under licence from and manufactured by Abbott
PARENT
COMPANY
Major
products are: Anti-ulcerant Zantac (Ranitidine), Anti-herpes Zovirax
(Acyclovir), Anti-infective Fortum (Ceftazidime). In the current fiscal, Glaxo
will have 5 new launches namely Ziagen and Agenerase (for AIDS), Lamivudine
(Hepatitis B), Seretide (anti-asthmatic) and Relenza for influenza.
The
merger of Smithkline Beecham Pharmaceuticals India Limited with Glaxo India
Limited has been approved and consequently the Company's name stands changed to
Glaxo Smithkline Pharmaceuticals Limited. The approval is effective January 1,
2001.
The
company has expanded the installed capacity of tablets and capsules during the year
2003 by 1140 million (nos.) and with this expansion the total capacity has been
increased to 9118 million (Nos).
RESULTS & DIVIDEND
The
Company divested the Agrivet Farm Care (AFC) Business as a going concern to Virbac
Animal Health India Private Limited, a 100% subsidiary of Virbac S.A. France,
on 31st July 2006 for a consideration of Rs. 2071 Millions. As
provided under the Companies Act, 1956, approval of the Shareholders was
obtained by postal ballot. The financial results for the year under review are
therefore not comparable.
MANAGEMENT
DISCUSSION AND ANALYSIS:
The Company commands a 6.4% market share in the Indian Pharmaceuticals Market
(Source: Stockist Audit [ORG IMS] IIPA MAT December 2006 - this audit is
representative of the Company's customer base covering stockists, sale to
hospitals and vaccines purchases). The Company enjoys a leadership position in
the Hospital segment (Source: [ORG IMS] Hospital Audit MAT December 2006) and
in segments in which its products are represented. The Company had another
satisfactory year, with Net Sales of the Company's continuing businesses
(excluding the AFC Business) registering a growth of 9.3%. Pharmaceuticals
sales also grew by 9.2% during the year. The Qualigens Fine Chemicals business
recorded a sales growth of 8.7% and Export sales grew by 10.4%.
Profit Before Tax and Exceptional Items of the Company's continuing businesses
(excluding the AFC Business) grew by 20.600. A double-digit growth in the
priority products range, procurement and manufacturing efficiencies and tight
expense control helped improve profits. Higher income from treasury operations
and clinical research operations also contributed to the profit
improvement.
Cash generation from operations continued to be favourable during the year,
driven by the strong business performance. Cash surpluses were deployed in safe
instruments.
THE PHARMACEUTICALS BUSINESS:
The Indian Pharmaceuticals Market grew by 13% (Source: Stockist Audit [ORG IMS]
IIPA MAT December 2006).
Net sales of the Pharmaceuticals business segment was Rs.13730 Millions
constituting 92% of the Company's total sales (excluding the AFC
business).
The Pharmaceuticals growth of 9.2% was a result of the continued strategy focussed
on Priority Products and their active promotion, and the shift from the acute
to the chronic disease segments. New products were once again the major driver
of growth in Pharmaceuticals. Sales of Augmentin have crossed Rs.1000 Millions
this year. The Company enjoys a leadership position in the segments in which
its products are represented including Dermatologicals, Corticosteroids,
Anti-infectives, Pain/Analgesics and Thyroid preparations. Calpol is the leader
in the non-narcotic anti-pyretic segment and Neosporin is the leader in topical
antibiotic preparations.
Augmentin
and Phexin continue to be amongst the top five brands in the anti-infective
segment. Vozet and Cetzine are leaders in the anti-histamine segment. The
Vaccines business has registered a negative growth mainly on account of the
competitive pricing environment coupled with stock outs of key products. To
some extent, sales were impacted since the accelerated demand for certain
products in the anti-infective and pain segments could not be met due to
capacity constraints and due to discontinuation of select products during the
year. The Company has taken steps for improvement of supply of key products and
aggressive measures are being initiated to counter the competition.
Windia
and Windamet for treatment of Diabetes, one of the fastest growing therapeutic
areas and the in-licensed products, Parit and Ferronine, launched last year are
all progressing well.
Business
Development continues to be the major driver of growth for the Company since
2002. Products launched since 2002 have contributed to around 25% of the
Company's incremental sales in 2006. The key strategy for Business Development
is to identify partners and introduce products in high growth therapeutic
areas. The Company is in talks with some leading Japanese and American
companies for new products in therapeutic areas like serious infections,
cardiovascular and trauma care. After making a major entry in diabetes with the
introduction of Windia and Windamet, the Company is also developing four new
products in the Windia family. Plans are in hand to introduce new products in
therapeutic areas like anti-inflammatory/analgesic, oral antibiotics,
cardiovascular and anti-coagulants in 2007.
THE QUALIGENS FINE CHEMICALS (AFC)
BUSINESS:
The
QFC business has maintained its market leadership position with an overall
sales growth of 8.7% this year. The Chemicals activity continued to grow in
double digits. Several new products were launched during the year.
The
glassware segment showed good growth with large orders from industries and
institutions. For the Diagnostics activity, plans are in hand for introduction
of new ranges and advance technology kits.
EXPORTS:
Exports recorded a sales turnover of Rs.300 Millions, comprising both Bulk Drugs
and Formulations. Exports of bulk drugs were to major markets like
Formulations
were exported to
PHARMACEUTICALS PRICING:
The
National Pharmaceuticals Pricing Authority (NPPA) effected a downward revision
in the prices of several vitamin formulations during the year.
As
reported last year, the Government has moved the Supreme Court in respect of
the judgement of the Hon'ble High Court of Delhi which had set aside the DPEA
demand relating to the bulk drug Betarnethasone. The matter continues to remain
pending before the Supreme Court.
MANUFACTURING:
A new state of the art Liquid Injectibles facility of international
standard has been commissioned at Nashik. The bulk drug plant, quality
assurance and process development laboratories and the water management system
at the Thane plant have all been upgraded to global standards.
Quality
Management Systems at the factories have been strengthened further.
The
Thane Plant was inspected by MHRA, the
The
company is in trade terms with:
·
Cauvery Aqua Private Limited
·
Vibro Pharma Private Limited
·
Vijay Bakelite Trading Company
·
Prerna Health Care Limited
·
Sundar Chemicals Private Limited
·
Themis Laboratories
·
Nalanda Packaging Industries
·
Nikava Pharmaceutical
·
Alutop
·
Autofits
·
Biochemical & Synthetic Products Limited
·
Budhraja Art Printers Private Limited
·
Clarion Synth-Chem Private Limited
·
Cosmos Printing Works
·
·
Topnote Aromatics
·
Hi-pro Tooling Systems
·
Kemwell Private Limited
·
Kopack Industries
·
Omega Lab Chemicals
·
Asian Industries
·
Shree Mangireesh Printing Press
·
Sundar Chemicals Private Limited
·
Swift Chemicals Limited
·
Vibro Pharma Private Limited
·
Kemwell Limited
·
Chemcos Corporation
·
On Dot
·
Technique Sales Corporation
·
Global Printing & Packaing Company Private Limited
·
Themis Laboratories Private Limited
·
Madhu Silica Private Limited
·
Surface Graphics Private Limited
·
Shree Jayanti Corporation
·
Printsoon
·
Sharpprint Packaging
·
Larphins Chems
·
Silitech Systems
·
Pioneer Extruders Private Limited
·
Technochem Engineers
·
Vasumati Printers
The
company’s fixed assets of important value include freehold land, leasehold
land, freehold building, leasehold building, plant & machinery, furniture
& fittings, trademarks and vehicles.
AS PER WEBSITE
GSK - The Big Picture
GlaxoSmithKline is a leading, global, research-based
healthcare and pharmaceutical company. In
Other than pharmaceuticals, GSK has one business - Qualigens Fine Chemicals (QFC). The Company’s Agrivet Farm Care (AFC) business was sold to Virbac India Private Limited in 2006.
QFC has an estimated market share of 29 per cent in the laboratory chemicals market. It also has a significant presence in the Diagnostics business.
GSK has two manufacturing units in
The 2000-strong field force of GSK, backed by a nation wide network of over 4000 stockists, ensures that the Company’s products are readily available across the nation. This combined with the quality of the products means that GSK is able to strengthen the hands of doctors by offering superior treatment and healthcare solutions.
It is their constant endeavour to improve the quality of life by enabling people to do more, feel better and live longer.
PRESS RELEASE
GlaxoSmithKline pharmaceuticals divests fine chemicals
26 July 2007
Mumbai: The board of
directors of GlaxoSmithKline Pharmaceuticals Limited today approved the
divestment of the company's Qualigens Fine Chemicals (QFC) business to Thermo
Electron LLS India Private Limited, a subsidiary of Thermo Fisher Scientific
Inc., a leading American company for Rs. 2400 Millions.
QFC, a division of GlaxoSmithKline Pharmaceuticals
manufactures and markets a range of fine chemicals, diagnostic kits and
laboratory products, including glassware, culture media, instruments and filter
papers. QFC is the market leader in
Thermo Fisher Scientific, with revenues of $9 billion is the
leading provider of analytical instruments, laboratory equipment, reagents and
consumables, software and services for research, analysis, discovery and
diagnostics. It operates in 38 countries and employs over 30,000 people. As
part of its continued focus on establishing a greater presence in the Asian
region, Thermo Fisher Scientific is looking to establish a strong foundation in
Dr. Hasit Joshipura, managing director, GlaxoSmithKline
Pharmaceuticals Limited, said, "Under the GSK umbrella, QFC has had an
excellent track record which has enabled the Business to develop into a market
leader in its area, with great contributions from its excellent and skilled
workforce. For further growth, infusion of new technology and products are
necessary. The Business has great potential and significant value would be
unlocked through its appropriate placement within a global leader in laboratory
chemicals and allied products."
He further added, "There is a synergistic fit with
Thermo Fisher Scientific, a global leader in the field and the QFC business
would benefit enormously through the range of products and
technologies, which Thermo Fisher Scientific would be able to provide.
Employees will be benefited by the expertise that Thermo Fisher Scientific
brings with it, in addition to providing a much broader canvas for leveraging
their skills and capabilities and provide future growth options."
GSK identifies Asia,
Monday, September 25, 2006 08:00 IST
GSK has identified
emerging markets in Asia and
"GSK has found lot of potential in these
emerging markets. They have wealth of options and hence focusing on
collaborations that have maximum value", he said.
According to him, GSK has an appetite for building blocks
and screening compounds among others. He refused to give more details about
collaborative arrangements as it is handled by GSK's
It should be noted that GSK
India had declared its intentions to play a more significant role in GSK's worldwide drug discovery
programmes. As pointed out by India Brand Equity Foundation, 'GSK plc is highly aware of
GSK already has research alliances in the filed of
preventive medicines. It has
signed up a drug discovery alliance with Ranbaxy. GSK had announced last year that its clinical trial data
management, analyses and reporting activities based in
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.39.79 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.56.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|