MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLENMARK GENERICS LIMITED |
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Registered Office : |
B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1994 |
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Com. Reg. No.: |
11-81597 |
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CIN No.: [Company
Identification No.] |
U24110MH1994PLC081597 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG05256G |
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PAN No.: [Permanent
Account No.] |
AACCG9820D |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer, Marketing and Distribution of
Generic Pharmaceutical Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of well known and well established company
Gelnmark Pharmaceuticals Limited. It is a listed company having excellent
track. Trade relations are fair. No payments records are available. As the company is a subsidiary of Glenmark Pharmaceuticals Limited, it
can be considered good for any normal business dealings at normal trade
terms. |
LOCATIONS
|
Registered Office : |
B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India. |
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Tel. No.: |
91-22-24964893 / 24901481 |
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Fax No.: |
91-22-24932648 / 24919652 |
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E-Mail : |
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Website : |
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Corporate Office : |
Glenmark House, HDO Corporate Building, Wing A B C Sawant Marg, Chakala,
Andheri (East), Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-40189999 |
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Fax No.: |
91-22-40189988 |
DIRECTORS
|
Name : |
Mr. Gracias A Saldanha |
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Designation : |
Chairman and Managing Director |
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Address : |
Windmere Co. Op. Housing Society Limited, Flat No. 2236-A, B J Road,
Bandra (W), Mumbai – 400 050, Maharashtra, India. |
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Date of Birth/Age : |
16.04.1937 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Blanche E Saldanha |
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Designation : |
Director |
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Address : |
Windmere Co. Op. Housing Society Limited, Flat No. 2236-A, B J Road,
Bandra (W), Mumbai – 400 050, Maharashtra, India. |
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Date of Birth/Age : |
04.07.1940 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Mahadev Kulkarni |
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Designation : |
Director |
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Address : |
Sujata Apartment, 201/B, 2nd Floor, Opp. S. T. Stand,
Badlapur (West), Thane – 421 503, Maharashtra, India |
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Date of Birth/Age : |
02.11.1960 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Cheryl Pinto |
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Designation : |
Director |
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Address : |
Windmere Co. Op. Housing Society Limited, Flat No. 2236-A, B J Road,
Bandra (W), Mumbai – 400 050, Maharashtra, India. |
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Date of Birth/Age : |
16.01.1967 |
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Date of Appointment : |
23.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Gracias A Saldanha |
500 |
|
Marshall J Mendonza |
500 |
|
Blanche E Saldanha |
500 |
|
Glenn Saldanha |
500 |
|
Rajesh V Desai |
500 |
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Cheryl Pinto |
500 |
|
Subramani Vaidyanathan |
500 |
|
Glenmark Pharmaceuticals Limited |
46500 |
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Total |
50000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Marketing and Distribution of
Generic Pharmaceutical Products. |
GENERAL
INFORMATION
|
Bankers : |
Not Divulged |
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Auditors : |
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|
Name : |
N. K. Mittal and Associates Chartered Accountant |
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Address : |
817, Building No. III, Navjivan Commercial Premises, Lamington Road,
Grant Road (E), Mumbai – 400 008, Maharashtra, India |
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Parent Company : |
Glenmark Pharmaceuticals Limited CIN No. : L24299MH1977PLC019982 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.500 |
0.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.127 |
0.127 |
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4] (Accumulated Losses) |
|
(0.018) |
(0.011) |
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NETWORTH |
|
0.609 |
0.616 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
0.609 |
0.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
0.625 |
0.643 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
|
0.625 |
0.643 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
0.016 |
0.027 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
0.016 |
0.027 |
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Net Current Assets |
|
0.609 |
0.616 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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0.609 |
0.616 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
0.000 |
0.000 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
0.000 |
0.000 |
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Profit/(Loss) Before Tax |
|
(0.007) |
(0.005) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
(0.007) |
(0.005) |
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Expenditures : |
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Payment to Auditors |
|
0.006 |
0.005 |
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Other Expenditure |
|
0.001 |
0.000 |
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Total Expenditure |
|
0.007 |
0.005 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
- |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
|
- |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(1.12) |
(0.78) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.01) |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.03 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
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|
39.06 |
23.81 |
LOCAL AGENCY
FURTHER INFORMATION
Database Report of Glenmark Pharmaceuticals
Limited (Parent Company)
IDENTIFICATION
DETAILS
|
Name : |
GLENMARK
PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
B/2, Mahalaxmi Chambers,
22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra |
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|
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Country : |
India |
|
|
|
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Financials (as
on) : |
31.03.2007 |
|
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Date of
Incorporation : |
18.11.1977 |
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|
|
|
Com. Reg. No.:
|
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 |
LOCATIONS
|
Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
|
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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Administrative
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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Divisional
Office : |
Located at :- v
Mumbai v
Delhi v
Ghaziabad v
Chennai v
Bangalore v
Hyderabad v
Kolkata v
Vadodara v
Patna |
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Corporate
Office : |
Gelnmark House,
HDO – Corporate Building Wing A, B D Sawant Marg, Chakala, Off Western
Express Highway, Andheri (East), Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-6758 9999 |
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Fax No.: |
91-22-6758 9986 |
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Email: |
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Website: |
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Factory : |
˜
E – 37, MIDC
Industrial Area, D-Road, Satpur, Nasik – 422 007, Maharashtra, India ˜
Plot No.
A-80, MIDC Area, Kurkumbh, Daund, Pune – 413 802, Maharashtra, India ˜
3109-C, GIDC
Industrial Estate, Ankleshwar-393002, Bharuch, Gujarat, India ˜
Plot No.
163-165/170-172, Chandramouli Industrial Estate, Mohol, Mohal Bazarpeth, Sholapur, Maharashtra –
413213 , India ˜
Plot No. 7,
Colvale Industrial Estate, Bardez, Goa, India ˜
Village
Kishanpura, Baddi Nalagarh Road, TEhsil Nalagarh, District Solan – 174101,
Himachal Pradesh, India ˜
Rua Assahi ,
33-1, Andar CEP 09633-0110, Rudge Ramos Sao Bernado Do Campo, Sao Paulo,
Brazil ˜
Medicamenta
A .S Fibichova 143, 566 17 Vysoke Myto, Czech Republic. |
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R & D
Centers : |
˜
Plot No. C-152,
MIDC Sinnar Industrial Area, Malegaon, Nasik District - 421 103, Maharashtra
, India ˜
Plot No.
A-607, TTC Industrial Area, MIDC, Mahape, Vashi, Navi Mumbai - 400 705,
Maharashtra , India] (Clinical Research
Centre) ˜
Plot No. D
-508, Ttc Industrial Estate, Midc Turbhe, Navi Mumbai – 400 705, Maharashtra,
India (Biotech Research Centre) ˜
Chemin De La
Combeta 5 2300 La Chaux De Fonds, Switzerland |
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Branches : |
˜
215/216, Adhyaru
Industrial Estate, Sun Mill Compounds, Lower Parel, Mumbai – 400 013,
Maharashtra, India Tel. No. : 91-22-24982172 ˜
No. 2,
Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamilnadu, India ˜
Plot No. 39,
Vasavinagar, Kharkana Main Road, Secunderabad – 500 015, Andhra Pradesh,
India ˜
13-14-15,
Bhargava Plaza, 4th N-Block, Rajaji Nagar, Dr. Rajkumar Road,
Bangalore – 560 010, Karnataka, India ˜
10/58, Kirth
Nagar Industrial Area, New Delhi – 110 015, India ˜
510,
Commercial Point, 79, Lenin Sarani, Kolkata – 700 013, West Bengal, India Tel. No. : 91-33-22449668 / 22467318 ˜
IBF
Warehousing Complex, Meerut Road, Ghaziabad – 201 001, Uttar Pradesh , India ˜
817-819,
Sidharth Complex, R. C. Dutt Road, Alkapuri, Vadodara – 390 007, Gujarat,
India 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
Odivelas, Portugal v Glenmark Pharmaceuticals (Canada) Limited 2798, Thamesgate Dr., Unit 4, Mississauga, Ontario, Canada L4T 1T9 |
DIRECTORS
|
Name |
Mr. Gracias Saldanha |
|
Designation |
Chairman |
|
Age |
66 years |
|
Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
|
Qualification |
M.Sc., DBM |
|
Experience |
40 years |
|
Date of
Employment |
1st December, 1977 |
|
Previous
Employment |
Aristo Pharmaceuticals Private Limited |
|
Other
Directorships |
· Glenmark Exports Limited, · Glenmark Research Laboratories Private Limited, · Glenmark Finlease Private Limited |
|
|
|
|
Name |
Mrs. B. E. Saldanha |
|
Designation |
Director – Exports |
|
Age |
64 years |
|
Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
|
Qualification |
B.Sc., B. Ed. |
|
Date of
Appointment |
1st January, 1982 |
|
Experience |
33 years |
|
Previous
Employment |
Walsingham House School |
|
Other
Directorships |
· Glenmark Exports Limited, · Glenmark Research Laboratories Private Limited, · Glenmark Finlease Private Limited |
|
|
|
|
Name |
Mr. Glenn Saldanha |
|
Designation |
Managing Director & Chief Executive Officer |
|
Age |
34 years |
|
Address |
Ivorick Apartments, Flat No.32, Third Floor, St. Cyril Road, Opp. St.
Andrew School Gate, Bandra (West), Mumbai - 400 050, Maharashtra |
|
Qualification |
B. Pharm. / M.B.A. |
|
Experience |
10 years |
|
Date of
Appointment |
1st August, 1998 |
|
Previous
Employment |
Pricewaterhouse Coopers (U.S.) |
|
Other
Directorships |
GM Pharma Limited, Glenmark Organics Limited |
|
|
|
|
Name |
Mr. Julio F. Ribeiro |
|
Designation |
Director |
|
Age |
73 years |
|
Address |
51, Sagar Tarang, Worli Seaface, Worli, Mumbai - 400 025, Maharashtra |
|
Qualification |
Ex-IPS |
|
Other
Directorships |
IIT Corporate Services Limited |
|
Previous
Employment |
· Ex-Commissioner of Police, Mumbai · Former Special Secretary to Government of India, · Ministry of Home Affairs · Former Director General of Police, Mumbai · Ex-Advisor to the Governor of Punjab · Ex-Ambassador of India to Rumania |
|
|
|
|
Name |
Mrs. Cheryl Pinto |
|
Designation |
Director- Corporate Affairs |
|
Age |
37 years |
|
Address |
Flat No. 6, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
|
Qualification |
B. Pharm |
|
Experience |
11 years |
|
Date of
Appointment |
1st August, 2000 |
|
Other
Directorships |
Managing Director of Cheryl Laboratories Private Limited |
|
|
|
|
Name |
Dr. Prasanna R. Gore |
|
Designation |
Director |
|
Age |
38 years |
|
Qualification |
Ph.D. and M.S. in Pharmaceutical Marketing from University of West
Virginia, Morgantown and B.Sc. from University of Bombay |
|
Experience |
11 years |
|
Other
Directorships |
Elected Vice Chairman of the American Association of Pharmaceutical
Scientists - Economic, Management and Marketing Section for the year 2000. |
|
|
|
|
Name |
Mr. Rajesh V. Desai |
|
Designation |
Director- Finance/IT/Legal |
|
Age |
46 years |
|
Qualification |
Science Graduate and Chartered Accountant |
|
Experience |
22 years |
|
|
|
|
Name |
Mr. J. M. Trivedi |
|
Designation |
Director (Non Executive) |
|
Age |
49 years |
|
Qualification |
B. Tech (Chemicals Engineering) form Indian Institute of Technology,
Mumbai and has a Diploma in Basic Finance from ICFAI. |
|
Experience |
20 years |
|
|
|
|
Name |
Mr. Abhinna Sundar Mohanty |
|
Designation |
Director – Domestic Formulations |
|
Age |
50 years |
|
Qualification |
M. Sc., In-charge of Domestic Formulations |
|
Experience |
27 years |
|
|
|
|
Name |
Mr. Sridhar Gorthi |
|
Designation |
Non Executive Director |
|
Age |
31 years |
|
Qualification |
BA, LLB (Hons) from National Law School of India University |
|
|
|
|
Name |
Mr. Natvarlal B. Desai |
|
Designation |
Non-Executive Director |
|
Age |
76 years |
|
Experience |
+ 45 years |
|
|
|
|
Name |
Mr. M. Gopal Krishnan |
|
Designation |
Non Executive Director |
|
Age |
68 years |
|
Experience |
25 years |
|
|
|
|
Name |
Mr. Steven Bates |
|
Designation |
Director |
|
|
|
|
Name |
Dr. V Swaroop |
|
Designation |
Head – New Drug Discovery |
|
|
|
|
Name |
Mr. Terrance Coughlin |
|
Designation |
President – US Operations and Head – API Sales |
|
|
|
|
Name |
Mr. Ailton Wiliczinski |
|
Designation |
Chief Executive Officer – Brazil Subsidiary |
|
|
|
|
Name |
Mr. K Anand |
|
Designation |
Senior Vice President – Regulatory Affairs and QA |
|
|
|
|
Name |
Mr. Avdhut Sukhtankar |
|
Designation |
Senior Vice President – Operations |
|
|
|
|
Name |
Mr. Vithal Dhamankar |
|
Designation |
Vice President – Semi Regulated Market (Formulations) |
|
|
|
|
Name |
Mr. Arun Narayan |
|
Designation |
Executive Vice President – EU Business |
|
|
|
|
Name |
Dr. Vijay Soni |
|
Designation |
Global Head – IPM |
|
|
|
|
Name |
Mr. Alind Sharma |
|
Designation |
Vice President – Human Resources |
KEY EXECUTIVES
|
Name : |
Mr. Marshall
Mendonza |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sanjay
Chowdhary |
|
Designation : |
Assistant Company
Secretary |
|
|
|
|
Name : |
Ms.
Vasudha Jha Glenmark
Pharmaceuticals Limited |
|
Designation : |
General
Manager, Corporate Communications |
|
Tel. No.: |
91 –
22 - 40189919 |
|
Fax No.: |
91 –
22 - 40189986 |
|
Email: |
media@glenmarkpharma.com |
SHAREHOLDING
PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
65140512 |
54.87% |
|
Resident
Individual |
17320525 |
14.59% |
Foreign Institutional Investor
|
23097210 |
19.46% |
|
Bodies Corporate |
6243583 |
5.26% |
|
Indian Financial Institutions/ Banks |
2345701 |
1.98% |
|
Mutual Funds |
2129060 |
1.79% |
|
Non Resident
Indians / OCBs |
1202158 |
1.01% |
|
Banks |
468808 |
0.39% |
|
H.U.F. |
226037 |
0.19% |
|
Employees |
200940 |
0.17% |
|
Clearing Members |
200026 |
0.17% |
|
Directors |
130500 |
0.11% |
|
Trusts |
15200 |
0.01% |
|
Overseas
Corporate Bodies |
500 |
0.00% |
|
Total
|
118720760 |
100.00% |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
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Products : |
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|
|
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Exports to : |
Africa, Russia,
Middle East, Asia and other countries |
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|
|
|
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Imports from : |
Europe and Far
East |
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Terms : |
|
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|
Purchasing : |
L/C, D/A or D/P |
PRODUCTION STATUS (as on 31.03.2007):-
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Injectibles |
|
Litres |
--- |
166574 |
|
Liquid Orals |
|
Litres |
5595000 |
3237853 |
|
Lotions and
externals |
|
Litres |
450000 |
270868 |
|
Ointments and
Creams |
|
Kgs |
1093000 |
425015 |
|
Solids and
Powders |
|
Kgs |
236000 |
82831 |
|
Tablets and
Capsules |
|
Nos |
1030000000 |
980935691 |
|
Bulk Drugs |
|
Kgs |
300000 |
90671 |
GENERAL
INFORMATION
|
Suppliers : |
v Alcap Containers Private Limited v Blown Enterprise v Corneilo Packaging v Joy Enterprise v K K AIu Foil v K Laminates v Manju Industrial Ancillaries v Print Paks (India) 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 India Mahalaxmi Branch,
Mumbai – 400 026, Maharashtra |
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Facilities : |
Notes: 1. Term loan is
secured by way of exclusive charge as the case may be, at certain locations,
on Company's fixed assets both present and future. 2. Working
Capital Facilities from Bank are secured by Hypothecation of Stocks of raw
materials, packing materials, finished goods, work in progress, receivables
and equitable mortgage on fixed assets at the manufacturing facility at Nasik
and Research and Development centre at Sinnar, Nasik. 3. Other Loans
are secured by way of Hypothecation of certain Premises, Equipments and
Vehicles.
Notes: 1. FCCB Issue A) The Company
had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs. 1.332 millions at issue) (i) Convertible
at the option of the bondholder at any time on or after 11th November, 2007
but prior to the close of business on 29th November, 2010 at a fixed exchange
rate of Rs. 44.94 per 1 USD and the price greater of 35% of the average of
the order book volume-weighted-average-price of a share on each Trading Day
during the period commencing on 10th September, 2007 and ending on 10th
November, 2007 and the Floor Price (Rs.317.25) of par value of Rs. 2 per
share. (ii) Redeemable
in whole but not in part at the option of the Company on or after 10th
January, 2010 if closing price of the share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 11th January, 2011 at 139.729% of its principal amount if
not redeemed or converted earlier. The redemption premium of 39.729% payable
on maturity of the bond if there is no conversion of the bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of bonds. B) The Company
had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs.873,200 at issue) (i) Convertible
at the option of the bondholder at any time on or after 28th March, 2005 but
prior to the close of business on 2nd January, 2010 at a fixed exchange rate
of Rs. 43.66 per 1 USD and price of Rs. 862.394 per share of par value of Rs.
2 per share subject to adjustment in certain events i.e. issue of
Bonus Shares, Division, Consolidation, Rectification of Shares, etc. (ii) Redeemable
in whole but not in part at the option of the Company on or after 15th
February, 2008 if closing price of the Share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 16th February, 2010 at 133.74% of its principal amount if
not redeemed or converted earlier. The redemption premium of 33.74% payable
on maturity of the Bond if there is no conversion of the Bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of Bonds. During the year out of the above, 11,500 FCC Bonds of USD
1,000 each aggregating to USD 11.5 million were converted into 1,164,408
equity shares of Rs.2 each. C) The Company
had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs. 2,183,000 at issue) (i) Convertible
at the option of the bondholder at any time on or after 15th November, 2006
but prior to the close of business on 2nd January, 2010 at a fixed exchange
rate of Rs. 43.66 per 1 USD and the price greater of 35% of the average of
the order book volume-weighted-average-price of a share on each Trading Day
during the period commencing on 15th September, 2006 and ending on 14th
November, 2006 and the Floor Price (Rs. 500) of par value of Rs. 2 per share. (ii) Redeemable
in whole but not in part at the option of the Company on or after 15th
February, 2009 if closing price of the share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 16th February, 2010 at 134.07% of its principal amount if
not redeemed or converted earlier. The Redemption Premium of 34.07% payable
on maturity of the Bond if there is no conversion of the Bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of Bonds. 2. The Company
has availed of an interest free sales tax deferral loan under Part I of the
1983 and 1988 Package Schemes of the Government of Maharashtra, repayable
after twelve years in six half-yearly installments. |
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Banking Relations : |
Good |
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Auditors : |
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|
Name: |
Price Waterhouse Chartered Accountants |
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Address: |
Mumbai |
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Associates : |
˜
Glenmark Pharmaceutica
LDA, Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar, 2675
Odivelas, Portugal ˜
Glenmark
Pharmaceuticals (Canada) Limited, 2798, Thamesgate Dr., Unit 4, Mississauga,
Ontario, Canada L4T 1T9 ˜
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, Russia v
Glenmark Philippines
Inc., Philippines v
Laboratorios
Klinger Do Brazil Ltda, Brazil [name changed as Glenmark Farmaceutica Ltda,
Brazil w.e.f. June 01,2005] v
Glenmark
Farmaceutica Ltda, Brazil [merged with Laboratories Klinger Do Brazil Ltda,
Brazil w.e.f. June 01, 2005] v
Glenmark
Organics Limited, India v
Glenmark
Exports Limited, India v
GM Pharma
Limited v
Glenmark
Pharmaceuticals lnc, U.S.A. v
Glenmark
Pharmaceuticals (U.K.) Limited, U.K. v
Glenmark
Pharmaceuticals Nigeria Limited , Nigeria v
Glenmark
Pharmaceuticals Sdn. Bhd., Malaysia v
Glenmark
Pharmaceuticals S.A., Switzerland v
Glenmark
Chemicals Inc., U.S.A. [upto September 27, 2005] v
Servycal SA,
Argentina v
Glenmark
Pharmaceuticals Pty. Limited, South Africa v
Glenmark
Pharmaceuticals [Australia] Pty. Limited, Australia v
Bouwer
Bartlett Pty. Limited, South Africa v
Glenmark
Impex LLC, Russia |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs. 2.00 each |
Rs. 350.000 millions |
|
4000000 |
Cumulative
Redeemable Non convertible Preference Shares
|
Rs. 100.00 each |
Rs. 400.000 millions |
|
|
Total |
|
Rs. 750.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120058108 |
Equity Shares |
Rs. 2.00 each |
Rs. 240.116 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
240.116 |
437.486 |
437.286 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
4261.473 |
2750.122 |
2429.774 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4501.589 |
3187.608 |
2867.060 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1700.276 |
1418.318 |
1293.032 |
|
|
2] Unsecured
Loans |
7387.140 |
5868.404 |
3080.580 |
|
TOTAL BORROWING
|
9087.416 |
7286.722 |
4373.612 |
|
|
DEFERRED TAX
LIABILITIES |
762.283 |
468.522 |
386.111 |
|
|
|
|
|
|
|
TOTAL
|
14351.288 |
10942.852 |
7626.783 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2769.132 |
2525.673 |
2093.010 |
|
Capital work-in-progress
|
1562.958 |
575.565 |
129.050 |
|
|
|
|
|
|
|
INVESTMENT
|
1390.955 |
435.648 |
264.564 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
25.287 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
2182.009 |
1388.916 |
1110.593 |
|
|
Sundry Debtors
|
4209.936 |
2827.924 |
1821.047 |
|
|
Cash & Bank Balances
|
113.882 |
891.570 |
1092.793 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
3986.257 |
3402.554 |
1871.872 |
Total Current Assets
|
10492.084 |
8510.964 |
5896.305 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1857.123 |
1096.926 |
779.013 |
|
|
Provisions
|
6.718 |
8.072 |
2.420 |
Total Current Liabilities
|
1863.841
|
1104.998
|
781.433
|
|
Net Current Assets
|
8628.243 |
7405.966 |
5114.872 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
14351.288 |
10942.852 |
7626.783 |
|
PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
8371.183 |
6184.362 |
5407.351 |
|
|
Other Income |
62.644 |
53.118 |
0.000 |
|
|
Total Income |
8433.827 |
6237.480 |
5407.351 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1708.168 |
853.009 |
869.353 |
|
|
Provision for Taxation |
360.125 |
179.969 |
234.546 |
|
|
Profit/(Loss) After Tax |
1348.043 |
673.040 |
634.807 |
|
|
|
|
|
|
|
Export Value
|
3191.421 |
1523.461 |
1301.355 |
|
|
|
|
|
|
|
Import Value
|
859.658 |
479.251 |
437.005 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
3605.215 |
3217.818 |
|
|
|
Selling & Operating Expenses |
2223.731 |
1603.471 |
|
|
|
Interest |
229.494 |
58.164 |
4537.998 |
|
|
Depreciation & Amortization |
234.575 |
174.848 |
|
|
|
Other Expenditure |
432.644 |
330.170 |
|
|
Total Expenditure |
6725.659 |
5384.471 |
4537.998 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2629.500 |
2792.700 |
4335.800 |
|
Other Income |
10.800 |
16.900 |
22.600 |
|
Total Income |
2640.300 |
2809.600 |
4358.400 |
|
Total Expenditure |
1884.300 |
1824.700 |
2386.300 |
|
Operating Profit |
756.000 |
984.900 |
1972.100 |
|
Interest |
93.500 |
108.700 |
117.600 |
|
Gross Profit |
662.500 |
876.200 |
1854.500 |
|
Depreciation |
59.900 |
75.100 |
77.800 |
|
Tax |
60.000 |
99.300 |
319.300 |
|
Reported PAT |
485.900 |
638.600 |
1464.300 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
2.13 |
1.93 |
1.06 |
|
Long Term Debt-Equity Ratio |
1.27 |
1.54 |
0.88 |
|
Current Ratio |
1.75 |
2.82 |
2.74 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
2.45 |
2.14 |
2.49 |
|
Inventory |
4.69 |
4.95 |
5.55 |
|
Debtors |
2.38 |
2.66 |
3.43 |
|
Interest Cover Ratio |
5.34 |
5.89 |
6.19 |
|
Operating Profit Margin(%) |
27.91 |
19.44 |
22.11 |
|
Profit Before Interest And Tax Margin(%) |
25.10 |
16.61 |
19.32 |
|
Cash Profit Margin(%) |
18.91 |
13.71 |
14.63 |
Web Details :
Company Profile
The Company aims to be a global integrated Generic and
API leader. The Company currently markets finished dose formulations in USA,
Europe, and Argentina and has Active Pharmaceutical Ingredients (APIs) presence
in over 80 countries through an established group of subsidiaries, marketing
front-ends and offices in India and select overseas locations.
The Company has a strong base in Formulations development
with teams operating out of laboratories in India and Latin America. The
Company generated USD 196 Mn net sales in FY 2008.The Company has a state-of-the-art manufacturing plant at Goa, India that
is approved by US FDA, TPD (Canada), MHRA, UK and many other overseas
regulatory authorities. GGL also markets over 45 APIs to more than 80 countries
across the world and had over 30 USDMFs filed and/or approved along with
several DMFs in Canada.
The Company’s API division
possesses strong, dedicated process research capabilities and a dedicated team
of scientists equipped with the best analytical tools and a sophisticated
information centre. Currently, The company has three API manufacturing plants
in India of which its plant at Ankhleshwar is approved by USFDA and several
other overseas regulatory bodies.
Glenmark Generics receives three ANDA approvals
Portfolio of 32 products for the US market
The Company, a subsidiary of Glenmark
Pharmaceuticals Limited (Glenmark), has received ANDA approvals for Mometasone
Furoate Ointment USP, 0.1%, Mometasone Furoate Cream USP, 0.1% and Metformin
Hydrochloride Tablets USP 500 mg, 850 mg and 1000 mg and will soon commence
marketing and distribution of these products in the US market.
Mometasone Furoate is a
medium potency corticosteroid indicated for the relief of the inflammatory and
pruritic manifestations of corticosteroid-responsive dermatoses. Like other
topical corticosteroids, Mometasone Furoate has anti-inflammatory,
antipruritic, and vasoconstrictive properties. The total sales for the two
Mometasone Furoate products in the 12 month period ending March 2008 were in
excess of USD 29 million, as per IMS Health.
Mometasone will be manufactured at the company’s
Baddi facility in India. The company has recently received US FDA approval for
its state of the art semi-solids manufacturing plant at Baddi, Himachal
Pradesh. The Baddi plant also received GMP approval from MHRA of UK, and from
TPD, Canada. The US FDA approval will now enable the company to enter the niche
segment of semi-solid dosages in most of the regulated markets of the world.
Glenmark is a leader in the dermatology segment in India with brands like
Candid, Candid TV, Candiderma and has over 30 brands in the domestic market.
The company had earlier acquired the US marketing
rights for a line of Clobetasol Propionate dermatology products that include -
Cream, E Cream, Ointment, Gel and Topical Solution through a US based
pharmaceutical development company. The Company commenced marketing and
distribution of these products in March.
Metformin Hydrochloride
tablets as monotherapy are indicated as an adjunct to diet and exercise to
improve glycemic control in patients with type 2 diabetes. As of 2007, it is
one of only two oral anti-diabetics in the World Health Organization Model List
of Essential Medicines (the other being Glibenclamide). The total sales for
Metformin Hydrochloride tablets in the 12 month period ending March 2008 were
in excess of USD $158 million as per IMS Health.
Based on these recent launches, GGL now has a
portfolio of 32 generic products for the US market. The Company currently has
over 35 ANDAs undergoing US FDA approval process/launch.
About Glenmark Generics Limited (GGL)
The company is a subsidiary of Glenmark
Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic
and API leader. The company has an established presence in North America, EU
and Argentina and maintains marketing front-ends in these countries. The
company has a strong base in Formulations development with teams operating out
of laboratories in India and Latin America. The Company has a state-of-the-art
manufacturing plant at Goa, India that is approved by US FDA, TPD (Canada),
MHRA, UK and many other overseas regulatory authorities. The company also
markets over 45 APIs to more than 80 countries across the world and had over 30
USDMFs filed and/or approved along with several Canadian DMFs, EDMFs and
CEPs/CoSs. GGL generated USD 196 Mn in Net Sales in FY08.
About Glenmark Pharmaceuticals Limited
(Glenmark)
The company is a research-driven, global, fully
integrated pharmaceutical company headquartered at Mumbai, India. Its
shares are listed on India's two large stock exchanges, the Bombay Stock
Exchange (BSE) and the National Stock Exchange (NSE). It employs over 5000
people across its global operations across 80 countries. The Company's
Speciality business generated USD 303 Mn in Net sales in FY08.
The Company is a leader in India in the discovery
of new molecules and is focused in the areas of inflammation [Asthma/COPD, etc]
and metabolic disorders [Diabetes, Obesity, etc]. The Company is in the process
of creating marketing front-ends for the launch of its proprietary products in
the future. The company’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 US. GRC 6211,
undergoing Phase II clinical trials, has recently been out-licensed to Eli
Lilly & company.
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 records 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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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 |
|