MIRA
INFORM REPORT
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Report No. : |
62799 |
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Report Date : |
06.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK GENERICS LIMITED |
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Registered Office : |
B/2, Mahalaxmi Chambers 22, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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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
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000 |
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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 subsidiary of Glanmark Pharmaceuticals Limited, a well
established and reputed pharmaceutical company, listed on the Stock
Exchanges. Trade relations are fair. Payments are correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
B/2, Mahalaxmi Chambers 22, |
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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 / 40189827 |
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Fax No.: |
91-22-40189988 / 40189804 |
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, |
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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 |
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Marshall J Mendonza |
500 |
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Blanche E Saldanha |
500 |
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Glenn Saldanha |
500 |
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Rajesh V Desai |
500 |
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Cheryl Pinto |
500 |
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Subramani Vaidyanathan |
500 |
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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 |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
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 |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.127 |
0.127 |
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4] (Accumulated Losses) |
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(0.018) |
(0.011) |
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NETWORTH |
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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 |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.609 |
0.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
0.625 |
0.643 |
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Other Current Assets |
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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 |
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0.016 |
0.027 |
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Net Current Assets |
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0.609 |
0.616 |
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MISCELLANEOUS EXPENSES |
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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 |
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0.000 |
0.000 |
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Total Income |
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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 |
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(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 |
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0.001 |
0.000 |
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Total Expenditure |
|
0.007 |
0.005 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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- |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
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- |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(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 |
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Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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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, |
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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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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 v
Mumbai v v
v v
v v
Chennai v v
v v
v v
Kolkata v v
Vadodara v v
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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, ˜
˜
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, Sholapur, Maharashtra – 413213 , India ˜
˜
Plot No. 7, Colvale
Industrial Estate, Bardez, ˜
˜
Village Kishanpura, ˜
˜
Rua Assahi , 33-1, Andar CEP
09633-0110, Rudge Ramos Sao Bernado Do Campo, ˜
˜
Medicamenta A .S Fibichova
143, 566 17 Vysoke Myto, |
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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, (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, |
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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, West 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
v
Glenmark Pharmaceutica LDA Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar, 2675 v
v
Glenmark Pharmaceuticals ( 2798, |
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 |
|
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|
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 |
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Qualification |
B.Sc., B. Ed. |
|
Date of
Appointment |
1st January, 1982 |
|
Experience |
33 years |
|
Previous
Employment |
|
|
Other
Directorships |
· · Glenmark Exports Limited, · · Glenmark Research Laboratories Private Limited, · · Glenmark Finlease Private Limited |
|
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|
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 ( |
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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 |
|
Age |
73 years |
|
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 |
|
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 |
|
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 |
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|
|
|
Name |
Dr. Prasanna R. Gore |
|
Designation |
Director |
|
Age |
38 years |
|
Qualification |
Ph.D. and M.S. in Pharmaceutical Marketing from |
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Experience |
11 years |
|
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 |
|
Age |
46 years |
|
Qualification |
Science Graduate and Chartered Accountant |
|
Experience |
22 years |
|
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|
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 |
|
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|
|
Name |
Mr. Sridhar Gorthi |
|
Designation |
Non Executive Director |
|
Age |
31 years |
|
Qualification |
BA, LLB (Hons) from |
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|
|
|
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 – |
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|
|
|
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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Exports to : |
Africa, |
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|
Imports from : |
Europe and |
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|
|
|
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|
Terms : |
|
||||||||||
|
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
v
Alcap Containers Private
Limited v
v
Blown v
v
Corneilo Packaging v
v
Joy Enterprise v
v
K K AIu Foil v
v
K Laminates v
v
Manju Industrial Ancillaries v
v
Print Paks ( v
v
Rajlaxmi Plastics v
v
Super Label Manufacturing
Company v
v
Varsha Plast v
v
Waxoils Private Limited v v
Speciality Caps v
v
Aviditya Chemical Corporation
v
v
Plascap Industries v
v
Mahesh Industry v
v
Kraft-Pack Containers v
v
Autofits v
v
Crown Closures Private
Limited v
v
D M Printers v
v
Servewell Printers v
v
Pharma Plastics v
v
Desicca Chemicals v
v
Renuka Industries v
v
Standard Packprints Private
Limited v
v
Eskay Packaging v
v
Mahalsa Chemicals v
v
Bina Packaging & Printers
Private Limited v
v
Supreme Alutainers Private
Limited v
v
Agarwal ISPAT Udyog v
v
Akshar Enterprises v
v
Glindia Chemicals v
v
Lifeline Drugs &
Intermeduates Private Limited v
v
Dayaram Chemicals v
v
Plastic pigments Private
Limited v v
Synthochem Private Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of
Employees : |
1081 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of Mahalaxmi Branch,
Mumbai – 400 026, |
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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 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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|
|
|
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|
Banking Relations : |
Good |
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|
|
|
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|
Auditors : |
|
|||||||||||||||||||||||||||||||||||||||
|
Name: |
Price Waterhouse Chartered Accountants |
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|
Address: |
Mumbai |
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|
|
|
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|
Associates : |
˜
˜
Glenmark Pharmaceutica LDA,
Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar, 2675 Odivelas,
Portugal ˜
˜
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
v
Glenmark Dominicana S.A. v
v
Glenmark Impex LLC, v
v
Glenmark Philippines Inc., v
v
Laboratorios Klinger Do v
v
Glenmark v
v
Glenmark Organics Limited, v
v
Glenmark Exports Limited, v
v
GM Pharma Limited v
v
Glenmark Pharmaceuticals lnc,
v
v
Glenmark Pharmaceuticals ( v
v
Glenmark Pharmaceuticals v
v
Glenmark Pharmaceuticals Sdn.
v
v
Glenmark Pharmaceuticals
S.A., v
v
Glenmark Chemicals Inc., v
v
Servycal SA, v
v
Glenmark Pharmaceuticals Pty.
Limited, v
v
Glenmark Pharmaceuticals [ v
v
Bouwer Bartlett Pty. Limited,
v
v
Glenmark Impex LLC, |
|||||||||||||||||||||||||||||||||||||||
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
The Company has a strong base in Formulations development
with teams operating out of laboratories in
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
The Company generated USD 196 Mn net sales in FY 2008.
Snapshot
·
The Generics
business has been built over the last 5 years
·
Comprising of US
& EU generics, API and Argentina Oncology SBUs
·
GGL focuses on
developing, manufacturing, selling, and the distribution of generics through
wholesalers, retailers and pharmacy chains etc
·
End to End
vertically integrated into the generic market (From API to front end marketing
capabilities)
·
Focused on certain
key niche market segments including: Dermatology, Hormones, Controlled
Substances, Oncology, and Modified Release
·
GGL is a
subsidiary of Glenmark Pharmaceuticals Limited
GGL's US subsidiary Glenmark Generics Inc (erstwhile Glenmark Pharmaceuticals Inc.) that was
incorporated in 2004 - registered net revenues of USD 140 Mn in FY 2008.
It registered annual revenues of UDS 100 Mn within first three years
of commencing operations.
·
Presence in
controlled substances, hormones, oncology, modified release and dermatology
·
GGL received its
first 180 day (shared) exclusivity for marketing Oxcarbazepine (Generic of Trileptal®)
·
Filed PIVs (FTF
opportunities) for Zetia®, Tarka®, Strattera® & Crestor®
·
28 products on the
market
·
> 30 products
filed with USFDA
·
Portfolio of
marketed products has doubled each year during the last three years
·
Glenmark Generics
Inc has entered into strategic partnerships for controlled substances,
development of dermatology products and for oral solids
GGL's EU
subsidiary Glenmark Generics (Europe) Limited (erstwhile Glenmark Pharmaceuticals (
·
Already filed for
five
·
Portfolio of more
than 30 EU CTD solid and semi-solids dossiers at various stages of development
·
Several supply
deals are in place with leading European generic players
·
It entered into a
strategic product development agreement with Mylan (Merck Generics) for three
dermatology products
·
Supply deals have
been executed with five leading EU generic players
Glenmark acquired the Argentinean company Servycal S.A. with a focused oncology portfolio.
·
Presence in
oncology in over 23 countries
·
Caters to about
75% of cancer therapy products
·
Presence in
cytotoxics, anti-hormonals and supportive therapies
In the API domain, GGL has:
·
Presence across 80
countries including regulated markets like US and
·
Over 30 USDMFs
filed along with several DMFs in
·
Filed over 100
process patents in the last 3 year
·
Several supplies
to regulated market customers for first to file ANDA’s
·
Market leader in
the Less regulated markets on several products including Telmisartan, Diacerin,
Olmesartan and Linezolid. Market leader in
·
Direct presence of
sales teams in key markets of US,
COMPANY OVERVIEW
The company engages in developing, manufacturing, and marketing
generic formulations and API businesses. It offers active pharmaceutical
ingredients, which are used as raw material in the manufacture of formulations.
The company’s product categories include ACE inhibitor, anti-acne, anti-arrythmic,
anti-bacterial, anti-depressant, anti-diabetic, anti-epileptic, anti-fungal,
anti-histamine, anti-hypertensive, and anti-osteoarthritis. It manages the
research and development, and branded formulation businesses in
MEDIA RELEASE
Glenmark
dermatology line expands with recent
Date: 25 September 2008
Mumbai,
September 25, 2008: Glenmark
Generics Limited’s (GGL) US subsidiary has received ANDA approval from the
United States Food and Drug Administration (U.S. FDA) for Betamethasone
Dipropionate Cream, 0.05% (Augmented) and will soon commence marketing and
distribution of this product in the U.S. market.
Betamethasone
Dipropionate is a high-potency corticosteroid indicated for the relief of the
inflammatory and pruritic manifestations of corticosteroid-responsive
dermatoses and is the generic therapeutic equivalent of Diprolene AF® cream
marketed by Schering.
This is the eighth
steroidal dermatological product in the Company’s marketed product portfolio
targeting an overall segment value of USD 60 million. This recent approval
aligns with Glenmark’s strategy to continue strengthening its presence in this
niche segment. Two ANDA approvals from the Company’s semi-solid pipeline were
received in the last quarter - Mometasone Furoate Cream 0.1% and Mometasone
Furoate Ointment 0.1%. These products will be manufactured at Glenmark’s U.S.
FDA approved state of the art semi-solid facility located in
Glenmark’s current
portfolio consists of 34 products, translating to 126 SKUs, authorized for
distribution in the
About
Glenmark Generics Limited (GGL) Glenmark
Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited
(Glenmark) and aims to be a global integrated Generic and API leader. GGL has
an established presence in North America, EU and
About
Glenmark Pharmaceuticals Limited: Glenmark Pharmaceuticals Limited (GPL) is a
research-driven, global, integrated pharmaceutical company headquartered at
Glenmark Generics launches Trandolapril Tablets
Date: 20 June 2008
June 20, 2008: Glenmark Generics
Limited (GGL), a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark), has
received ANDA approval from the United States Food and Drug Administration
(U.S. FDA) for Trandolapril tablets USP 1 mg, 2 mg and 4 mg and will
immediately commence marketing and distribution of these products in the
Trandolapril is an
ACE (Angiotensin Converting Enzyme) inhibitor used to treat high blood pressure
and is the generic equivalent of Mavik® tablets marketed by Abbott
Laboratories. The total sales for Trandolapril tablets in the twelve month
period ending March 2008 were in excess of USD 23 million, as per IMS Health.
This recent approval
coupled with the three ANDA approvals received from the U.S. FDA in May 2008
for Mometasone Cream USP 0.1%, Mometasone Ointment USP 0.1% and Metformin
Tablets USP 500 mg, 850 mg, 1000 mg brings GGL’s current portfolio to 33
generic products authorized for distribution in the U.S. market. The Company
currently has over 35 ANDA’s filed with the U.S. FDA pending approval.
About
Glenmark Generics Limited (GGL) Glenmark
Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited
(Glenmark) and aims to be a global integrated Generic and API leader. GGL
has an established presence in North America, EU and
About Glenmark Glenmark Pharmaceuticals Limited (Glenmark) is a research-driven,
global, fully integrated pharmaceutical company headquartered at
Glenmark Generics receives three ANDA
approvals
- Portfolio of 32
products for the
Mumbai,
May 30, 2008: Glenmark Generics Limited (GGL), 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 Glenmark’s Baddi facility in
GGL had
earlier acquired the
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
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 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.46.88 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|