MIRA
INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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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) : |
31.03.2010 |
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Date of
Incorporation : |
18.11.1977 |
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Com. Reg. No.: |
11-019982 |
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Capital
Investment / Paid-up Capital : |
Rs.269.838 Millions |
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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. |
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No. of Employees
: |
1081 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 70937000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having fine track. Financial position of the
company appears to be sound. Fundamentals are strong and healthy. Trade
relations are fair. Business is actives. Payments are reported to be regular
and as per commitments. The company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B/2, Mahalaxmi Chambers, 22, |
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Tel. No.: |
91-22-24964893/24964894/24964895/24964896/
56549999 |
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Fax No.: |
91-22-24932648/ 23512177/ 23519652 |
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E-Mail : |
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Website : |
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Administrative Office : |
801-813, 8th Floor, Mahalaxmi
Chambers, 22, 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
v
v
Chennai v
v
v
Kolkata v
Vadodara 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.: |
91-22-40189999 |
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Fax No.: |
91-22-40189986 |
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Email: |
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Website: |
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Factory : |
v
E –
37, MIDC Industrial Area, D-Road, Satpur, v
Plot
No. A-80, MIDC Area, Kurkumbh, Daund, Pune – 413 802, v
3109-C,
GIDC Industrial Estate, Ankleshwar-393002, Bharuch, v
Plot
No. 163-165/170-172, Chandramouli Industrial Estate, Mohol, Mohal Bazarpeth, v
Plot
No. 7, Colvale Industrial Estate, Bardez, v
Village
Kishanpura, v
Rua
Assahi , 33-1, Andar CEP 09633-0110, Rudge Ramos Sao Bernado Do Campo, v
Glenmark
Pharmaceuticals s.r.o., Fibichova 143, 566 17 Vysoke Myto, v
Business
Unit II, Village bhattanwala, PO Rajpura, Nalagarh District – Solan, v
D-42,
Plot No. 50, Kundaim Industrial Estate, Kundaim-403115, v
Plot
No.2, Phase II, Pharma Zone, Special Economic Zone Area, Pitampur,
Indore-454775, v
Rua
Frei Liberato De Gries, 548, Jardim Arpoadar, CEP-05572-210, |
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R and D Centers : |
v
Plot
No. C-152, MIDC Sinnar Industrial Area, -
421 103,
v
Plot
No. A-607, TTC Industrial Area, MIDC, Mahape, Vashi, Navi Mumbai - 400 705, v
Plot
No. M4, Taloja Industrial Area, MIDC Taloja, Takula Panvel-410208, District –
Raigad, (Clinical Research Centre) v
Plot
No. D -508, TTC Industrial Estate, MIDC Turbhe, Navi Mumbai – 400 705, v
C2
7600, The Quorum, Oxford Business park, North Oxford, OX$2JZ, (Biotech Research Centre) v
Chemin
De La Combeta 5 2300 La Chaux De Fonds, |
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Branch Office : |
v
215/216,
Adhyaru Industrial Estate, Sun Mill Compounds, Lower Parel, Mumbai – 400 013,
Tel. No. :
91-22-24982172 v
No.
2, v
Plot No.
39, Vasavinagar, v
13-14-15,
v
10/58,
Kirth Nagar Industrial Area, v
510,
Commercial Point, 79, Lenin Sarani, Kolkata – 700 013, West Tel. No. : 91-33-22449668
/ 22467318 v
IBF
Warehousing Complex, v
817-819,
Sidharth Complex, Tel. No. : 91-126-2337857 /
2342359 v
Gundecha Onclave, Tel. No.: 91-22-40189724 |
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Overseas Office : |
v
Glenmark Pharmaceutica LDA Lote 4 – 2 – DT,
Qta Do Meio, Rua Combatentes Do
Ultramar, 2675 v
Glenmark Pharmaceuticals ( 2798, |
DIRECTORS
AS ON 25.09.2009
|
Name |
Mr. Gracias
Saldanha |
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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, India |
|
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, India |
|
Qualification |
B.Sc., B. Ed. |
|
Date of Appointment |
1st
January, 1982 |
|
Experience |
33 years |
|
Previous Employment |
|
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Other Directorships |
· Glenmark Exports Limited · Glenmark Research Laboratories Private Limited · Glenmark Finlease Private Limited |
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|
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|
Name |
Mr. Glenn
Saldanha |
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Designation |
Managing Director
and Chief Executive Officer |
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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 ( |
|
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 |
|
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 |
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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, India |
|
Qualification |
B. Pharm |
|
Experience |
11 years |
|
Date of Appointment |
1st August,
2000 |
|
Other Directorships |
Managing
Director of Cheryl Laboratories Private Limited |
|
|
|
|
Name |
Mr. Abhinna
Sundar Mohanty |
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Designation |
Director –
Domestic Formulations |
|
Age |
50 years |
|
Qualification |
M. Sc.,
In-charge of Domestic Formulations |
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Experience |
27 years |
|
|
|
|
Name |
Mr. Sridhar
Gorthi |
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Designation |
Non Executive
Director |
|
Age |
31 years |
|
Qualification |
BA, LLB (Hons)
from |
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|
Name |
Mr. Natvarlal
B. Desai |
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Designation |
Non-Executive
Director |
|
Age |
76 years |
|
Experience |
+ 45 years |
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|
|
Name |
Mr. M. Gopal
Krishnan |
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Designation |
Non Executive
Director |
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Age |
68 years |
|
Experience |
25 years |
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|
Name |
Mr. D. R. Mehta |
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Designation |
Director |
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|
Name |
Mr. Hocine Sidi
said |
|
Designation |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Marshall Mendonza |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,333,809 |
0.86 |
|
|
128,241,936 |
47.45 |
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|
128,241,936 |
47.45 |
|
|
130,575,745 |
48.31 |
|
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|
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Total
shareholding of Promoter and Promoter Group (A) |
130,575,745 |
48.31 |
|
(B) Public
Shareholding |
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|
|
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|
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|
7,679,466 |
2.84 |
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|
10,875,948 |
4.02 |
|
|
82,451,638 |
30.51 |
|
|
101,007,052 |
37.37 |
|
|
|
|
|
|
7,250,805 |
2.68 |
|
|
|
|
|
|
19,414,138 |
7.18 |
|
|
8,945,619 |
3.31 |
|
|
3,078,694 |
1.14 |
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|
114,336 |
0.04 |
|
|
609,605 |
0.23 |
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|
1,844,813 |
0.68 |
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|
24,329 |
0.01 |
|
|
485,611 |
0.18 |
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|
38,689,256 |
14.31 |
|
Total Public
shareholding (B) |
139,696,308 |
51.69 |
|
Total (A)+(B) |
270,272,053 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total
(A)+(B)+(C) |
270,272,053 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of
Pharmaceutical Products |
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Products : |
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Exports to : |
Africa, |
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Imports from : |
Europe and |
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Terms : |
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Purchasing : |
L/C, D/A or D/P |
PRODUCTION STATUS (as on 31.03.2010):-
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Injections |
|
Litres |
- |
210901 |
|
Liquid Orals |
|
Litres |
12036666 |
4175057 |
|
Lotions and externals |
|
Litres |
2367500 |
708052 |
|
Ointments and Creams |
|
Kgs. |
4357500 |
834457 |
|
Solids and Powders |
|
Kgs. |
113000 |
311173 |
|
Tablets and Capsules |
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Nos. |
1182950000 |
784299349 |
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Others |
|
-- |
- |
132131 |
Notes:
(i)
The products of the Company are exempt from licencing procedures.
(ii)
Installed capacity, being a technical matter, has not been
verified by the auditors. However, the management has certified the same.
(iii)
Actual production includes goods manufactured at third party
manufacturing facilities on loan licence basis and at leased facilities.
GENERAL INFORMATION
|
Suppliers : |
v
Alcap
Containers Private Limited v
Blown
v
Corneilo
Packaging v
Joy
Enterprise v
K K
AIu Foil v
K
Laminates v
Manju
Industrial Ancillaries v
Print
Paks ( v
Rajlaxmi
Plastics v
Super
Label Manufacturing Company v
Varsha
Plast v
Waxoils
Private Limited v
Speciality
Caps v
Aviditya
Chemical Corporation v
Plascap
Industries v
Mahesh
Industry v
Kraft-Pack
Containers v
Autofits v
Crown
Closures Private Limited v
D M
Printers v
Servewell
Printers v
Pharma
Plastics v
Desicca
Chemicals v
Renuka
Industries v
Standard
Packprints Private Limited v
Eskay
Packaging v
Mahalsa
Chemicals v
Bina
Packaging and Printers Private Limited v
Supreme
Alutainers Private Limited v
Agarwal
ISPAT Udyog v
Akshar
Enterprises v
Glindia
Chemicals v
Lifeline
Drugs and Intermeduates Private Limited v
Dayaram
Chemicals v
Plastic
pigments Private Limited v
Synthochem Private Limited |
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No. of Employees : |
1081 (Approximately) |
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Bankers : |
Bank of |
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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 is secured by hypothecation of Stocks of
raw materials, packing materials, finished goods, work in process,
receivables and equitable mortgage on fixed assets at the manufacturing
facility at
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Banking Relations : |
---- |
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Auditors : |
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Name: |
Price Waterhouse Chartered Accountants |
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Address: |
Mumbai, |
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Cost Auditors: |
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Name: |
Sevekari Khare and Associates Chartered Accountant |
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Address: |
Mumbai, |
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Wholly Owned Subsidiaries Companies : |
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Joint Venture Company : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350,000,000 |
Equity Shares |
Re.1/- each |
Rs.350.000 Millions |
|
4,000,000 |
Cumulative
Redeemable Non convertible Preference Shares |
Rs.100/- each |
Rs.400.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
270261703 |
Equity Shares |
Re.1/- each |
Rs.270.262 Millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350,000,000 |
Equity Shares |
Re.1/- each |
Rs.350.000 Millions |
|
4,000,000 |
Cumulative
Redeemable Non convertible Preference Shares |
Rs.100/- each |
Rs.400.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
269,837,553 |
Equity Shares |
Re.1/- each |
Rs.269.838 Millions |
|
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Note
1. During the year ended 31st March, 2010 the Company, pursuant to Employee Stock Option Scheme 2003, has granted 236,500 (2009 - 2,305,500) options at market price as defined in SEBI (ESOS) Guidelines and cancelled 601,100 (2009 - 1,697,500) options.
2. During the year 604,860 (2009 - 500,300) options were converted into Equity Shares under the Employee Stock Option Scheme, 2003. As at 31st March, 2010, 2,633,500 options were outstanding under Employee Stock Option Scheme, 2003. On exercise of the options so granted under Employee Stock Option Scheme 2003, the paid-up Equity Share Capital of the Company will increase by a like number of shares.
3. During the year, Nil (2009 - 7,500) Zero Coupon Foreign Currency Convertible Bonds (FCCB) of USD 1,000 each aggregating USD Nil (2009 - USD 7.5 million) were converted into Nil (2009 - 1,293,706) equity shares of Re. 1 each. As at 31st March, 2010, FCC Bonds amounting to USD 30 million were outstanding.
4. On 18th September, 2009 the Company allotted 18,712,935 Equity Shares of Re. 1 each at a premium of Rs. 220/- per share to Qualified Institutional Buyers pursuant to chapter VIII of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulation 2009.
5. Of the above 158,371,140 (2009 - 158,371,140) Equity Shares of Re. 1 each are allotted as fully paid-up Bonus Shares by Capitalization of Reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
269.838 |
250.520 |
248.726 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17464.316 |
12049.185 |
10033.759 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17734.154 |
12299.705 |
10282.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
486.403 |
1122.123 |
1913.256 |
|
|
2] Unsecured Loans |
7111.150 |
9536.950 |
3362.888 |
|
|
TOTAL BORROWING |
7597.553 |
10659.073 |
5276.144 |
|
|
DEFERRED TAX LIABILITIES |
327.713 |
411.232 |
955.554 |
|
|
|
|
|
|
|
|
TOTAL |
25659.420 |
23370.010 |
16514.183 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1904.076 |
1728.069 |
3675.331 |
|
|
Capital work-in-progress |
468.830 |
324.493 |
2255.675 |
|
|
|
|
|
|
|
|
INVESTMENT |
9929.191 |
2376.317 |
1966.990 |
|
|
DEFERREX TAX ASSETS |
96.727 |
88.060 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1503.976
|
1303.143 |
2736.307 |
|
|
Sundry Debtors |
3300.915
|
4098.190 |
5951.624 |
|
|
Cash & Bank Balances |
50.772
|
116.877 |
111.751 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10481.709
|
15726.828 |
2569.482 |
|
Total
Current Assets |
15337.372
|
21245.038 |
11369.164 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
791.803
|
1490.474 |
1763.748 |
|
|
Other Current Liabilities |
1111.054
|
742.081 |
933.102 |
|
|
Provisions |
173.919
|
159.412 |
56.127 |
|
Total
Current Liabilities |
2076.776
|
2391.967 |
2752.977 |
|
|
Net Current Assets |
13260.596
|
18853.071 |
8916.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25659.420 |
23370.010 |
16514.183 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10296.868 |
8661.724 |
14048.243 |
|
|
|
Other Income |
91.897 |
994.923 |
200.460 |
|
|
|
TOTAL (A) |
10388.765 |
9656.647 |
14248.703 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
3730.510 |
3055.159 |
5599.711 |
|
|
|
Selling and Operating Expenses |
4473.195 |
2880.774 |
3125.690 |
|
|
|
Research and Development Expenses |
460.560 |
514.584 |
505.695 |
|
|
|
Exceptional Item |
0.000 |
2.980 |
0.000 |
|
|
|
TOTAL (B) |
8664.265 |
6453.497 |
9231.096 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1724.500 |
3203.150 |
5017.607 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
301.584 |
551.386 |
411.301 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1422.916 |
2651.764 |
4606.306 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
212.778 |
191.045 |
294.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1210.138 |
2460.719 |
4311.878 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(74.494) |
281.456 |
421.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1284.632 |
2179.263 |
3890.238 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7480.978 |
5636.879 |
2347.340 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
107.935 |
100.208 |
0.000 |
|
|
|
Tax on Proposed Dividend on Equity Shares |
17.927 |
17.030 |
0.000 |
|
|
|
Residual Dividend and Dividend Tax |
0.163 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
128.463 |
217.926 |
400.000 |
|
|
|
Interim Dividend on equity shares |
0.000 |
0.000 |
171.545 |
|
|
|
Tax on interim dividend on equity shares |
0.000 |
0.000 |
29.154 |
|
|
BALANCE CARRIED
TO THE B/S |
8511.122 |
7480.978 |
5636.879 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
2068.524 |
6774.128 |
|
|
|
Commission Earnings |
NA |
29.135 |
46.039 |
|
|
|
Other Earnings |
NA |
136.067 |
21.952 |
|
|
TOTAL EARNINGS |
NA |
2233.726 |
6842.119 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
114.254 |
1242.941 |
|
|
|
Capital Goods |
NA |
182.620 |
219.977 |
|
|
TOTAL IMPORTS |
NA |
296.874 |
1462.918 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share - Basic (Rs.) |
4.93 |
8.72 |
15.90 |
|
|
|
Earnings Per Share - Diluted (Rs.) |
4.92 |
8.54 |
15.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2572.350 |
2933.630 |
3187.180 |
2853.160 |
|
Total Expenditure |
2022.580 |
2289.950 |
2449.720 |
2009.180 |
|
PBIDT (Excl OI) |
549.770 |
643.680 |
737.460 |
843.980 |
|
Other Income |
314.850 |
(228.870) |
111.580 |
106.350 |
|
Operating Profit |
864.610 |
414.810 |
849.040 |
950.340 |
|
Interest |
84.670 |
101.360 |
77.810 |
96.980 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
779.940 |
313.440 |
771.230 |
853.370 |
|
Depreciation |
54.580 |
53.360 |
51.490 |
50.450 |
|
Profit Before Tax |
725.370 |
260.080 |
719.740 |
802.910 |
|
Tax |
117.460 |
(15.350) |
140.270 |
143.940 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
607.910 |
275.430 |
579.480 |
658.960 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
607.910 |
275.430 |
579.480 |
658.960 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.36
|
22.57
|
27.30
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.75
|
28.41
|
30.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.01
|
10.71
|
28.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.20
|
0.42
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
1.06
|
0.78
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.38
|
8.88
|
4.13 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a research-driven, global, fully integrated
pharmaceutical company headquartered at
RESULTS OF OPERATIONS
The Company achieved consolidated Gross revenue of Rs. 25006.470 millions (Rs. 21160.330 million) registering a growth of 18.18% over the previous year and the Consolidated operating profit before interest, depreciation and tax was Rs. 6685.290 millions as compared to Rs. 6289.950 millions in the previous year. On standalone basis the company achieved a gross revenue of Rs. 10296.870 millions and the Standalone operating profit before interest, depreciation & tax was Rs. 1724.500 millions as compared to Rs. 3206.130 millions in the previous year.
OUTLOOK
Subject short-term and long-term outlook is encouraging for several
reasons. On the discovery front, the pipeline is progressing well with 7
molecules in clinics, of which two are ready for phase III trials. The company
will also continue with its approach of out-licensing its molecules. On the
generics front, with high value patented drugs going off patent in the coming
years, there is huge potential for the generics business. Subject is actively
increasing its base in major generics markets of US and
FIXED ASSETS:-
·
Freehold and
·
· Other Premises
· Plant and Machinery
· Furniture and Fixtures
· Equipments
· Vehicles and Brands
·
Computer Software
·
Brands
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2010
(Rs. in millions)
|
Particular |
Quarter
Ended |
Half
Year Ended |
|
|
31.12.2010 |
31.12.2010 |
|
Net Sales/ Income
form operation |
3183.865 |
8685.537 |
|
Other Operating
Income |
3.309 |
6.323 |
|
Total Income |
3187.174 |
8691.86 |
|
Expenditure |
|
|
|
Increase /
Decrease in stock |
(1.790) |
162.656 |
|
Consumption of
raw material / purchase |
703.866 |
1760.188 |
|
Purchase of
traded goods |
268.602 |
629.046 |
|
Employees cost |
439.909 |
1314.611 |
|
Depreciation |
51.486 |
159.425 |
|
Other expenditure
|
1039.133 |
2895.752 |
|
Total expenditure |
2501.206 |
6921.678 |
|
Profit from
operation before other income, interest and exceptional items |
685.968 |
1771.468 |
|
Other income |
111.584 |
197.557 |
|
Profit before
interest and exceptional items |
797.552 |
1969.025 |
|
Interest |
77.810 |
263.838 |
|
Profit after
interest but before exceptional items |
719.742 |
1705.187 |
|
Exceptional items |
-- |
-- |
|
Profit / Loss from
ordinary activities before tax |
719.742 |
1705.187 |
|
Tax expenses |
140.266 |
242.371 |
|
Net profit/ Loss
from ordinary activities after tax |
579.476 |
1462.816 |
|
Paid up equity
share capital (face value of equity shares of Rs. 1/- each) |
270.169 |
270.169 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
|
Earning per
shares (in Rs) Basic/ Diluted |
2.15 |
5.42 |
|
Public
shareholding |
|
|
|
Number
of Shares |
139614958 |
139614958 |
|
% of
Shareholding |
51.68% |
51.68% |
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
Nil |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
Nil |
Nil |
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
|
b)
Non Encumbered |
|
|
|
-
Number of Shares |
130553745 |
130553745 |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
48.32 |
48.32 |
Note:
1.
The above results were reviewed by the Audit Committee
and approved at the meeting of the Board of Directors held on February 01,
2011.
2.
The Statutory Auditors have carried out a limited
review of the Standalone result for the quarter ended December 31, 2010.
3.
The Company is exclusively in the Pharmaceutical
business segment.
4.
During the quarter ended December 31, 2010,
pursuant to Employee Stock Option Scheme 2003, the Company converted 125,050
options into equity shares of Re.1 each.
As at December 31, 2010, 2,333,550 options were outstanding, which upon
exercise are convertible into equivalent number of equity shares.
5.
There were no investor complaints pending at the
beginning of the quarter. 13 complaints were received from investors during the
quarter and same have been resolved.
6.
In the Standalone result, Net sales for the quarter
includes export sales Rs. 793.260 millions (Previous period Rs. 829.933
millions).
7.
Tax expenses is computed after considering MAT
credit and other income tax benefits.
8.
Diluted EPS includes provision for conversion of
FCC Bonds and ESOPs.
9.
Previous period's figures have been re-grouped/
re-classified wherever necessary.
WEBSITE DETAILS:
PRESS RELEASE:
GLENMARK’S
CONSOLIDATED REVENUE INCREASES BY 17% TO RS.7508 MILLION FOR Q3- FY’11.
CONSOLIDATED NET PROFIT INCREASES BY 16.5% TO RS.1096 MILLION FOR Q3- FY11
• Specialty formulations business grew by 25 % for Q3-FY11
-
- ROW markets, Latam region and
• Generics business registered sales growth of 7 %
- US Generics business grew by 8 %
Mumbai, February
1, 2011: Glenmark Pharmaceuticals Limited (GPL), the research-led global
integrated pharmaceutical company announced its third quarter results for the
period ending December 31, 2010. For the third Quarter of FY’2011, Glenmark’s
consolidated revenue was at Rs. 7,508.15 Millions [USD 165.34 Millions] as
against Rs. 6,416.85 Millions [USD 136.30 Millions], an increase of 17%.
Revenue from the generics business was at Rs. 2,987.55 Millions (USD 65.91
Millions), as against Rs. 2,804.41 Millions (USD 59.57 Millions), a growth of
7%. The Speciality formulation business revenue was at Rs. 4,520.61 Millions
(USD 99.43 Millions) as against Rs. 3,612.44 Millions (USD 76.73 Millions) for
the corresponding quarter of the previous year, registering a growth of 25%. The
Consolidated Net Profit for the third quarter was Rs. 1095.56 Millions as
compared to Rs. 940.74 Millions for the previous corresponding quarter, an
increase of 16.5 %. During the last corresponding quarter i.e. Q3 FY’2010
Glenmark received licensing income of Rs 232.40 million. Adjusting for this
number, Net Profit would be higher than stated.
Commenting on the
results Mr. Glenn Saldanha, CEO and MD, Glenmark Pharmaceuticals Limited
mentioned “The good growth recorded during the quarter is due to the impressive
performance of the
For the nine month
ended Dec 31, 2010, Glenmark’s consolidated revenue was at Rs. 21,569.39
Millions [USD 469.89 Millions] as against Rs. 17,756.98 Millions [USD 367.64
Millions], an increase of 21%. Revenue from the generics business was at Rs.
8,900.08 Millions (USD 193.89 Millions), as against Rs. 7,767.25 Millions (USD
160.81 Millions), a growth of 15%. The Speciality formulation business revenue
was at Rs. 12,669.31 Millions (USD 276.00 Millions) as against Rs. 9,989.73
Millions (USD 206.83 Millions) for the corresponding nine months of the
previous year, registering a growth of 27%. The Consolidated Net Profit for
the nine month period was Rs. 3767.25 Millions as compared to Rs 2284.13
Millions, an increase of 64.93 %.
Specialty
Business:
Sales for the
formulation business in
On the drug
discovery front, Glenmark’s in-licensed molecule Crofelemer successfully
completed Phase 3 clinical testing for HIV associated diarrhea in the
Generics Business:
Revenues for the
third quarter of FY’ 2011 were Rs. 2,040.89 Millions (USD 45.03 Millions)
against revenue of Rs. 1,886.46 Millions (USD 40.11 Millions) in the previous
year, reflecting an increase of 8% in rupee terms over the corresponding
quarter of the previous year. The European the business posted revenues of Rs.
154.02 Millions (USD 3.39 Millions) for the quarter, against revenue of Rs.
66.22 Millions (USD 1.41 Millions) for the corresponding quarter of previous
year showing a growth of 133% in rupee terms.
About Glenmark
Pharmaceuticals Limited
Glenmark
Pharmaceuticals Limited (GPL) is a research-driven, global, integrated
pharmaceutical company headquartered at
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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.