MIRA
INFORM REPORT
|
Report Date : |
28.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE PHARMACEUTICALS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
13.11.1924 |
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Com. Reg. No.: |
11-001151 |
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Capital Investment
/ Paid-up Capital : |
Rs.847.030
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L24239MH1924PLC001151 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG00196A |
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PAN No.: [Permanent Account No.] |
AAACG4414B |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and selling of pharmaceuticals, chemicals including bulk
drugs and formulations. |
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No. of Employees
: |
4338 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 76000000 |
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Status : |
Very 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 a highly reputed company having good track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. Company can be
considered good for any normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in medium to long run. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Cooperative
(91-22-24933871)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24933871/ 24933514/ 24959595 |
|
Fax No.: |
91-22-24935358/ 24959494 |
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E-Mail : |
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Website : |
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Factory 1 : |
2nd
|
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Factory 2 : |
Ambad,
Nashik, |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Deepak S. Parekh |
|
Designation : |
Chairman |
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|
|
Name : |
Mr. V. Thyagarajan |
|
Designation : |
Vice-Chairman |
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|
Name : |
Dr. Hasit B. Joshipura |
|
Designation : |
Managing Director, Executive Director |
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|
Name : |
Mr. R. R. Bajaaj |
|
Designation : |
Director |
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|
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|
Name : |
Dr. A. Banerjee (Alternate to S. Harford w.e.f. 01.08.2011) |
|
Designation : |
Director |
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|
Name : |
Mr. P. V. Bhide |
|
Designation : |
Director |
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|
Name : |
Mr. Simon Harford |
|
Designation : |
Director |
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|
Name : |
Mr. M. B. Kapadia |
|
Designation : |
Director |
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Name : |
Mr. Nihal Vijaya Devadas Kaviratne |
|
Designation : |
Director |
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Name : |
Mr. R. Krishnaswamy (w.e.f. 01.08.2011) |
|
Designation : |
Director |
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|
Name : |
Mr. V. Narayanan |
|
Designation : |
Director |
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|
Name : |
Mr. P. V. Nayak |
|
Designation : |
Director |
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|
Name : |
Mr. A. N. Roy (w.e.f. 04.11.2011) |
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Designation : |
Director |
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Name : |
Mr. Ronald C. Sequeira |
|
Designation : |
Director |
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Name : |
Mr. D. Sundaram |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
A. A. Nadkarni |
|
Designation : |
General
Manager - Administration and Company Secretary |
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|
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MANAGEMENT TEAM : |
Managing Director Dr. H. B. Joshipura Senior Executive Directors M. B. Kapadia – Finance – Corporate Communications, Secretarial and
Administration Dr. A. Banerjee – Primary manufacturing and Research Executive Director Mr. Ronald C. Sequeira –
Human Resources Executive Vice-Presidents Dr. S. Joglekar – Medical and
Clinical Research M. K. Vasanth Kumar – Supply
Chain Vice-Presidents R. Bartaria – Pharmaceuticals H. Buch – Pharmaceuticals S. Khanna – Finance S. Patel – Legal and
Corporate Affairs C. T. Renganathan –
Pharmaceuticals |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
42,917,488 |
50.67 |
|
|
42,917,488 |
50.67 |
|
Total shareholding of Promoter and Promoter Group (A) |
42,917,488 |
50.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,423,433 |
2.86 |
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|
9,587,529 |
11.32 |
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|
15,532,350 |
18.34 |
|
|
27,543,312 |
32.52 |
|
|
|
|
|
|
1,612,047 |
1.90 |
|
|
|
|
|
|
11,836,203 |
13.97 |
|
|
192,361 |
0.23 |
|
|
601,606 |
0.71 |
|
|
2,395 |
-- |
|
|
13,270 |
0.02 |
|
|
294 |
-- |
|
|
221,883 |
0.26 |
|
|
363,764 |
0.43 |
|
|
14,242,217 |
16.81 |
|
Total Public shareholding (B) |
41,785,529 |
49.33 |
|
Total (A)+(B) |
84,703,017 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
84,703,017 |
-- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
selling of pharmaceuticals, chemicals including bulk drugs and formulations. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity (a) |
Actual
Production |
|
Chemicals
(including Bulk Drugs) |
Tonnes |
184 |
1 |
|
Formulations : |
|
|
|
|
Liquids – Orals, Topicals and Parenterals |
Kilo Litres |
8400 |
7407 |
|
Antibiotic Vials |
Thousands |
5000 |
520 |
|
Tablets and Capsules |
Million |
7650 |
10541 |
|
Solids including Powders and Ointments |
Tonnes |
2600 |
3265 |
|
Aerosol Cans |
Thousands |
-- |
154 |
(a) Installed capacities of the formulation factories of the Company (based on a five day week except where continuous processes are involved and on a single shift basis) are as certified by the Management.
(b) Licensed capacity is not indicated as industrial licensing for all bulk drugs, intermediates and their formulations stands abolished in terms of Press Note No. 4 (1994 Series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.
GENERAL INFORMATION
|
No. of Employees : |
4338 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
252, Veer Savarkar Marg, |
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Solicitors: |
Gagrat and
Company |
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Shareholders
(the GlaxoSmithKline (GSK) Group shareholding) in the Company : |
· Glaxo Group Limited, U.K. · Eskaylab Limited, U.K. · Burroughs Wellcome International Limited, U.K. · Castleton Investment Limited, Mauritius |
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Holding company
/ ultimate holding company of the above shareholders * : |
· GlaxoSmithKline plc, U.K. · GlaxoSmithKline Finance plc, U.K. · SmithKline Beecham plc, U.K. · Wellcome Limited, U.K. · Wellcome Foundation Limited, U.K. · Wellcome Consumer Healthcare Limited, U.K. |
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Subsidiary of
the Company : |
Biddle Sawyer Limited |
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Other related parties in the GlaxoSmithKline (GSK)
Group where common control exists and with whom the Company had transactions
during the year : |
· SmithKline Beecham Private Limited, Sri Lanka · GlaxoSmithKline Pakistan Limited, Pakistan · GlaxoSmithKline Asia Private Limited, India · GlaxoSmithKline Consumer Healthcare Limited, India · GlaxoSmithKline Biologicals S.A., Belgium · GlaxoSmithKline Services Unlimited, U.K. · Laboratoire GlaxoSmithKline S.A.S., France · GlaxoSmithKline Pharmaceutical Sdn Bhd, Malaysia · GlaxoSmithKline Export Limited, U.K. · SmithKline Beecham Pharmaceuticals R and D, U.S. · GlaxoSmithKline Pte Limited, Singapore · GlaxoSmithKline Australia Pty Limited, Australia · GlaxoSmithKline Trading Services Limited, Ireland · GlaxoSmithKline LLC, U.S.A · GlaxoSmithKline Limited, Kenya · Stiefel India Private Limited, India · Glaxo Wellcome Ceylon Limited, Sri Lanka ·
US Pharmaceuticals, U.S.A. |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84707710 |
Equity Shares |
Rs.10/- each |
Rs.847.077 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84703017* |
Equity Shares |
Rs.10/- each |
Rs.847.030 millions |
|
|
|
|
|
* excludes 4,693 equity shares of Rs.10 each of the Company (3,352 equity shares of Rs. 10 each of erstwhile Burroughs Wellcome (India) Limited) held in abeyance.
Of the above shares:
(i) 4,29,17,488 equity shares are held by the ultimate holding company GlaxoSmithKline plc, U.K. through its subsidiaries. Prior to the buy back of equity shares#:
(ii) 1,28,47,546 equity shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation of Burroughs Wellcome (India) Limited with the Company.
(iii) 1,47,00,000 equity shares were allotted as fully paid-up pursuant to the Scheme of Arrangement for Amalgamation of SmithKline Beecham Pharmaceuticals (India) Limited with the Company.
(iv) 4,06,87,500 equity shares were allotted as fully paid-up bonus shares by capitalisation of share premium and reserves.
(v) 15,00,000 equity shares were allotted as fully paid-up pursuant to contracts without payments being received in cash.
# The Company bought back and extinguished 26,19,529 equity shares in 2005.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
847.030 |
847.030 |
847.030 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18352.318 |
18461.080 |
16744.452 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19199.348 |
19308.110 |
17591.482 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
49.052 |
51.619 |
54.186 |
|
|
TOTAL BORROWING |
49.052 |
51.619 |
54.186 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19248.400 |
19359.729 |
17645.668 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
991.321 |
1089.331 |
928.079 |
|
|
Capital work-in-progress |
254.084 |
87.209 |
213.573 |
|
|
|
|
|
|
|
|
INVESTMENT |
1598.023 |
1603.522 |
1909.109 |
|
|
DEFERREX TAX ASSETS |
614.660 |
563.953 |
446.924 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3301.407
|
2815.375
|
2530.169
|
|
|
Sundry Debtors |
853.116
|
470.265
|
537.347
|
|
|
Cash & Bank Balances |
19863.753
|
19480.769
|
16726.005
|
|
|
Other Current Assets |
689.744
|
528.212
|
295.341
|
|
|
Loans & Advances |
2250.683
|
1188.669
|
1055.353
|
|
Total
Current Assets |
26958.703
|
24483.290
|
21144.215
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3396.276
|
3319.194
|
2913.753
|
|
|
Other Current Liabilities |
149.096
|
247.914
|
252.870
|
|
|
Provisions |
7623.019
|
4900.468
|
3829.609
|
|
Total
Current Liabilities |
11168.391
|
8467.576
|
6996.232
|
|
|
Net Current Assets |
15790.312
|
16015.714
|
14147.983
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19248.400 |
19359.729 |
17645.668 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23380.340 |
21116.425 |
18707.672 |
|
|
|
Other Income |
1974.699 |
1471.072 |
1202.285 |
|
|
|
TOTAL |
25355.039 |
22587.497 |
19909.957 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
9085.120 |
7770.039 |
6922.250 |
|
|
|
Operating and
Other Expenses |
6849.863 |
5968.516 |
5239.201 |
|
|
|
TOTAL |
17942.54 |
13738.555 |
12161.451 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9420.056 |
8848.942 |
7748.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
204.078 |
176.282 |
163.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9215.978 |
8672.660 |
7584.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4909.936 |
3035.779 |
2461.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4306.042 |
5636.881 |
5122.909 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11645.281 |
10492.341 |
8824.080 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3811.635 |
3388.120 |
2541.090 |
|
|
|
Tax on distributed profit |
603.169 |
532.133 |
401.267 |
|
|
|
Transfer to General Reserve |
430.604 |
563.688 |
512.291 |
|
|
BALANCE CARRIED
TO THE B/S |
11105.915 |
11645.281 |
10492.341 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports including through merchant exporters |
365.064 |
631.309 |
714.978 |
|
|
|
Recovery of expenses |
3.230 |
3.637 |
5.130 |
|
|
|
Clinical research and data management |
409.617 |
402.179 |
439.592 |
|
|
|
Research and development |
6.625 |
28.039 |
29.441 |
|
|
|
Others |
14.187 |
14.720 |
32.825 |
|
|
TOTAL EARNINGS |
798.723 |
1079.884 |
1221.966 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and packing
materials |
706.109 |
1036.459 |
1008.869 |
|
|
|
Finished Goods |
1088.738 |
775.445 |
730.608 |
|
|
|
Components and
spare parts for machinery |
1.521 |
1.226 |
1.554 |
|
|
|
Capital Goods |
76.471 |
9.303 |
22.259 |
|
|
TOTAL IMPORTS |
1872.839 |
1822.433 |
1763.290 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.84 |
66.55 |
60.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 |
30.06.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
6298.500 |
6618.600 |
|
Total Expenditure |
|
4270.500 |
4491.800 |
|
PBIDT (Excl OI) |
|
2028.000 |
2126.800 |
|
Other Income |
|
733.400 |
380.200 |
|
Operating Profit |
|
2761.400 |
2507.000 |
|
Interest |
|
0.000 |
0.000 |
|
Exceptional Items |
|
(929.700) |
(90.100) |
|
PBDT |
|
1831.700 |
2416.900 |
|
Depreciation |
|
41.200 |
43.000 |
|
Profit Before Tax |
|
1790.500 |
2373.900 |
|
Tax |
|
561.600 |
738.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
1228.900 |
1635.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
1228.900 |
1635.200 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
16.98
|
24.96
|
25.73
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
39.42
|
41.07
|
40.54
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.28
|
33.91
|
34.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.45
|
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.44
|
0.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.89
|
3.02
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
FINANCE AND ACCOUNTS
The Company maintained its prominent position in the Pharmaceuticals market with Net Sales (net of Excise Duty) registering a growth of 10.7%. Profit After Tax and Before Exceptional Items grew by 8.6%. Sales of the Company’s Pharmaceuticals business grew by 12.5%, supported by good growth in the vaccines, dermatologicals, hormonal preparations, gastro - intestinal and oncology therapeutic segments. Despite material cost escalations and significant expansion of the field force, Profit Before Investment Income and Tax amounted to 33% of Net Sales. Profit After Tax and Before Exceptional Items mounted to 27% of Net Sales.
Cash generation from operations was favourable, with the Company continuing to look for ways and means of deploying accumulated cash balances which remain invested largely in bank deposits.
The Company has not accepted any fixed deposits during the year. There was no outstanding towards unclaimed deposit payable to depositors as on 31st December 2011.
PHARMACEUTICALS
BUSINESS PERFORMANCE AND OUTLOOK
The Company continues to enjoy a leadership position in the categories in which its products are represented.
The Mass Specialty business of the Company recorded double digit growth over the previous year. Some of the key brands grew ahead of the market thereby gaining Market share.
The foray into branded generics market with Zobactin and Esblanem yielded good results during the year. Zobactin is ranked as the No. 2 brand (Dec MAT 2011, H.S.A) in a market which has more than 56 brands of Piperacillin+Tazobactum. In the Meropenem market, Esblanem is ranked at 6th position (Dec MAT 2011, H.S.A).
Mycamine an in-licensed brand from Astellas became the 2nd largest brand (Dec MAT 2011, SSA) in the systemic antifungal market. Calcium Citrate Malate [CCM], the high strength Calcium, re-launched in 2010 has performed well in a cluttered market of more than 300 calcium oral solid brands and has jumped from 19th rank to the 2nd rank brand (Dec MAT 2011, SSA) in the calcium oral solids category during the year. In a market, with more than 70 generics, Ceftum continues to maintain its leadership position and has been awarded a Certificate of Marketing Excellence in Premium Brand Category by C-Marc-IPHMR in December 2011.
The Company has taken the initiative to expand its presence in the Specialty business to widen its footprint in India. The Company’s endeavour in Oncology to bring the latest breakthrough/ innovative products to enhance patient care is well acknowledged by the oncologists. After the successful launch of Tykerb in 2008, the Company has expanded its presence further by introducing two new segments, Kidney Cancer and Hematology with launch of Votrient™ and Revolade™. Votrient is indicated for the treatment of advanced renal cell carcinoma (RCC). Revolade is for the treatment of thrombocytopenia (reduced platelet count) in adults with the blood disorder chronic immune (idiopathic) thrombocytopenic purpura (ITP).
In the cardiovascular business, the Company continues to maintain the leadership with Lanoxin and strengthened the position with an in-licensed product, Benitec from Daiichi, Japan. After entering the fast growing Statin market, Rosutec slotted as the 4th best new introduction from a Multinational Company in the cardiology space, moved up 10 ranks to the 15th position (Dec MAT 2011, SSA). In the endeavour to consolidate the cardiovascular portfolio, the Company has launched Angiotec, Ranolazine one of the emerging chronic angina targets in India. In the Diabetes segment, the Company is in the process of strengthening its presence by the introduction of branded generics as volume builders like METLEAD (Metformin) and new launches of Metformin + Glimiperide (METLEAD G).
The Dermatology business of the Company continues to maintain the leadership position with 15% market share (Dec MAT 2011, SSA). The topical steroid portfolio of the Dermatology business is growing ahead of the market. Topical antibiotics, Anti-fungal and Anti-viral portfolio too have grown in double digits. The initiative to expand its presence in cosmetic dermatology through the Stiefel brand promoted by the Company has reflected in this year’s performance by significant gain in market share. The three represented segments of cosmetic dermatology, acne, dry skin and sun protection are supporting this growth. Dermocalm, the 19th brand of calamine launched in 2009, attained 1st rank in 2011 (Dec MAT 2011, SSA).
Mass market activity brands comprising of acute care classic brands had crossed many landmarks in terms of turnover of brands. Calpol, which is ranked as No. 1 prescribed product in Indian Pharmaceutical Market as per (Dec MAT 2011, IMS Rx audit) and Zinetac have crossed Rs. 1000.000 Millions. Neosporin maintained its lead in the topical antibiotic market. Cobadex CZS remained as a leader in the segment. Calpol T, the new introduction in pain segment, overtook 75 brands and became No. 3 in Paracetamol+Tramadol market (Dec MAT 2011, SSA).
The Company’s Rural Marketing initiative continued the excellent pace of growth and rapidly expanded to many new villages. The growing equity in these markets was clearly reflective in double digit growth across the spectrum of brands.
The Company’s Vaccines business grew significantly higher than the overall vaccines market growth. The key drivers of growth were brands Havrix, Varilrix and Rotarix. The vaccines field force has doubled over the past two years thereby enabling better reach and coverage of pediatricians and non-paed specialties across the country. The year also saw the launch of Synflorix - a vaccine against invasive pneumococcal disease - the leading cause of childhood mortality in India. This vaccine will help reduce the burden of pneumococcal disease in India thereby help in achieving the United Nations Millennium Development Goals. The Company continues to remain the leading company in the Indian vaccines market.
The company continued the search for new Business Development opportunities in high growth therapeutic areas.
Exports recorded a sales turnover of Rs. 365.100 Millions comprising both Bulk Drugs and Formulations. Exports of bulk drugs were to major markets like Japan, France, Indonesia, Jordan, U. K. and Germany.
MANUFACTURING
The Company continues to invest in manufacturing capabilities and the supply network to support growth at optimum product cost. Nashik site continues to deliver Albendazole tablets to WHO as a part of the Lymphatic Filriasis eradication programme. Nashik manufacturing site continue to focus on waste reduction opportunities through optimising material usage and pack rationalization. There was considerable focus on improving Environment, Health and Safety and GMP compliance at both Nashik and Thane sites during the year.
The Nashik site has embarked upon major investment programmes to augment the capacity of various dose forms in line with the latest GMP requirements and the growing market volumes.
Manufacturing
Excellence
Nashik site continues to support sales growth through significant volume contribution by creating supply capabilities through adding best in class manufacturing equipments. During the year Nashik site supplied ~ 7.2 Bn dose forms. There was focus on improving the Environment, Health and Safety at site through living safety training, Zero access machine guarding, and LOTO programme implementation. Nashik site has also received the WHO GMP certificate.
BOARD OF DIRECTORS
Mr. A. N. Roy
Mr. Roy, 61 holds a Master degree in History and is a retired civil servant. During his 38 years long career in the Indian Police Service (“IPS”), he held with great distinction a range of assignments including some of the challenging and sensitive ones, both in the Maharashtra State and Government of India. He retired in May, 2010 as the Director General of Police (DGP), Maharashtra, heading a police force of over 2,00,000. As the DGP Maharashtra, he was the advisor to the State Government for internal security, law and order and crime administration. Mr. Roy, as Police Commissioner of Mumbai for over three years has evolved many instruments and schemes for making Police services more accessible to citizens and people-friendly. Citizen Facilitation Centers for providing time-bound, transparent, hassle-free solutions to people’s expectations from the Police were highly appreciated by people and media.
As Managing Director of Police Housing Corporation, he galvanized the work of planning, financing and executing projects of housing and office building construction for Police and other organizations under Home Department of Government of Maharashtra. As the Director General of Anti-Corruption Bureau, he initiated a policy document on Vigilance matters for Government of Maharashtra and took many steps for checking corruption in Government working. He was responsible for all operational matters in the elite Special Protection Group, charged with the responsibility of the proximate security of the Prime Minister and former Prime Ministers. He has very wide knowledge and experience of security and Intelligence matters at the state and national level.
Mr. R. R. Bajaaj
Mr. Bajaaj is a graduate in Science and Law. He joined Mahindra and Mahindra Limited as Management Trainee in 1964. He then moved on to Otis Elevator Company (India) Limited in their Field Operations Department in 1967 and held a series of increasingly senior roles within that Company including Head of Northern Regional Operations, Country Head for Middle East and South East Asia countries. Mr. Bajaaj returned to India as Managing Director of Otis Elevator Company (India) Limited in 1989. In 2000, he was appointed as Vice- President South and South East Asia operations based in Singapore. In 2001, he took up international assignment with an NGO Special Olympics Inc. as Managing Director, Asia Pacific. In 2006, he entered into a Joint Venture with the world’s largest Consulting Firm for Vertical Transportation, Lerch Bates which is Head quartered in Denver, U.S. He is a Director of the Company since October 2002 and is member of the Investor/ Shareholders Grievance Committee. He is also a Director in HDFC Asset Management Company Limited and President of Bombay Gymkhana Limited.
Mr. N. Kaviratne CBE
Mr. Nihal Kaviratne has an Honours degree in Economics from Mumbai University. His global career with Unilever spanned 40 years. He joined them in India as a Management Trainee in 1966, and held a series of increasing senior roles including Head of Marketing Research and Economics and General Manager of Export Division. In 1984 he moved as Managing Director of the Detergents Division in Indonesia, and later became Regional Leader for Latin America and South Asia at Corporate Headquarters in London, Managing Director in Argentina and Chairman in Indonesia. He was appointed Senior Vice President - Development and Environmental Affairs, Unilever Asia, based in Singapore and Chairman of Unilever’s Home and Oral Care businesses in Asia.
He was awarded the CBE for services to UK business interests and for sustainable development in Indonesia. He is a Director of the Company since July 2005 and is the member of Audit Committee. Mr. Kaviratne is the Chairman of Akzo Nobel India Limited and of the Indian Cancer Society. He is President Commissioner of TVS Indonesia and a Director of several Singapore based companies including the DBS Group, SATS, StarHub and Wildlife Reserves Singapore
Mr. R. Krishnaswamy
Mr. Krishnaswamy has completed his B. Pharm from JSS college of Pharmacy Ooty and has undertaken Ex.MBA from ICFAI. Prior to joining the Company, Mr. Krishnaswamy worked as Senior Vice - President, Global Manufacturing with Wockhart Limited. In this capacity, he was leading the manufacturing operations of Wockhart in India, U.S.A and Ireland. He also headed the contract manufacturing services and the RandD formulation for India and rest of the world countries. Earlier, Mr. Krishnaswamy has also had successful stints with organisations like Cipla Limited, Bangalore and Ranbaxy Laboratories Limited. He was also actively working on the Boards of Wockhart Infrastructure Development Limited and Wockhart Biopharm Limited. He is appointed as a Director of the Company since 1st August 2011.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.12.2011 |
31.12.2010 |
|
(i) Cheques discounted with banks |
45.383 |
22.069 |
|
(ii) In respect of claims made against the Company not acknowledged as debts by the Company |
|
|
|
- Sales tax matters |
285.296 |
259.921 |
|
- Excise matters |
43.897 |
43.897 |
|
- Service tax matters |
12.920 |
12.920 |
|
- Labour matters |
511.725 |
416.507 |
|
- Other legal matters |
106.357 |
106.357 |
|
which net of current tax amount to |
641.242 |
560.707 |
|
(iii) Taxation matters in respect of which appeals are pending |
|
|
|
- Tax on matters in dispute |
1767.644 |
1245.924 |
|
- Other consequential matters (net of tax) |
-- |
37.439 |
Notes:
Future cash outflows in respect of (i) above are dependent on the return of cheques by banks.
Future cash outflows in respect of (ii) and (iii) above are determinable on receipt of decisions / judgements pending with various forums / authorities
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH JUNE,
2012
Rs. In Millions
|
|
Unaudited |
||
|
Particular |
3 months ended |
Preceding 3 months ended |
6 months ended |
|
|
30.06.2012 |
31.03.2012 |
30.06.2012 |
|
Income from Operations |
|
|
|
|
Net Sales (net of excise duty) |
6519.600 |
6227.800 |
12747.400 |
|
Other Operating Income (net of expenses relating to service income) |
99.000 |
70.700 |
169.700 |
|
Total Income from Operations (net) |
6618.600 |
6298.500 |
12917.100 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
1035.000 |
1014.200 |
2049.200 |
|
Purchases of stock-in-trade |
1477.000 |
1235.100 |
2712.100 |
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
195.400 |
371.900 |
567.300 |
|
Total materials consumed |
2707.400 |
2621.200 |
5328.600 |
|
Employee benefits expense |
788.600 |
650.000 |
1438.600 |
|
Depreciation |
43.000 |
41.200 |
84.200 |
|
Other expenses |
1128.800 |
1084.500 |
2213.300 |
|
Expenses relating to service income |
(133.000) |
(85.200) |
(218.200) |
|
Total operating expenses |
1827.400 |
1690.500 |
3517.900 |
|
Total expenses |
4534.800 |
4311.700 |
8846.500 |
|
Profit from Operations before Other Income and Exceptional Items |
2083.800 |
1986.800 |
4070.600 |
|
Other Income |
380.200 |
733.400 |
1113.600 |
|
Profit from ordinary activities before Exceptional Items |
2464.000 |
2720.200 |
5184.200 |
|
Exceptional Items |
(90.100) |
(929.700) |
(1019.800) |
|
Profit from ordinary activities before tax |
2373.900 |
1790.500 |
4164.400 |
|
Tax Expense |
|
|
|
|
Tax on Profit from ordinary activities before Exceptional Items |
767.800 |
863.300 |
1631.100 |
|
Tax relating to Exceptional Items |
(29.100) |
(301.700) |
(330.800) |
|
Total Tax Expense |
738.700 |
561.600 |
1300.300 |
|
Net Profit from ordinary activities |
1635.200 |
1228.900 |
2864.100 |
|
Paid-up Equity Share Capital (Face value per share Rs. 10) |
847.000 |
847.000 |
847.000 |
|
Reserves excluding Revaluation Reserves |
|
|
|
|
Earnings Per Share (EPS) (of Rs. 10 each) (not annualised) |
|
|
|
|
Basic and diluted EPS (Rs.) |
19.30 |
14.50 |
33.80 |
|
PART II |
|
|
|
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
Number of shares |
41785529 |
41785529 |
41785529 |
|
Percentage of shareholding |
49.3% |
49.3% |
49.3% |
|
Promoters and promoter group Shareholding |
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
(b) Non-encumbered |
|
|
|
|
- Number of shares |
42917488 |
42917488 |
42917488 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of shares (as a % of the total share capital of the company) |
50.7% |
50.7% |
50.7% |
|
|
|
|
|
|
B. INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Received during the quarter |
20 |
|
|
|
Disposed of during the quarter |
20 |
|
|
|
Remaining unresolved at the end of the quarter |
-- |
|
|
1. Net Sales of the Pharmaceuticals business grew by 16.3% during the three months ended 30th June, 2012, as compared to the corresponding quarter in the previous year.
2. Exceptional Items for the three months ended 30th June, 2012 mainly pertain to rationalisation initiatives relating to a manufacturing site.
3. The Company has only one reportable segment which is Pharmaceuticals. Accordingly, no separate disclosures of segment information have been made.
4. The Statement of Assets and Liabilities as required under clause 41(V)(h) of the Listing Agreement is as under:
Rs. In Millions
|
Particulars |
As at 30.06.2012 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders' Funds |
|
|
(a) Share capital |
847.000 |
|
(b) Reserves and surplus |
21266.800 |
|
Sub-total - Shareholders' funds |
22113.800 |
|
Non-current liabilities |
|
|
(a) Long-term borrowings |
41.400 |
|
(b) Other long-term liabilities |
114.700 |
|
(c) Long-term provisions |
2195.400 |
|
Sub-total - Non-current liabilities |
2351.500 |
|
Current liabilities |
|
|
(a) Trade payables |
2350.300 |
|
(b) Other current liabilities |
700.800 |
|
(c) Short-term provisions |
743.400 |
|
Sub-total - Current liabilities |
3794.500 |
|
TOTAL - EQUITY AND LIABILITIES |
28259.800 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
(a) Fixed assets |
1285.300 |
|
(b) Non-current investments |
576.800 |
|
(c) Deferred tax assets (net) |
893.100 |
|
(d) Long-term loans and advances |
1586.600 |
|
(e) Other non-current assets |
3.900 |
|
Sub-total - Non-current assets |
4345.700 |
|
Current assets |
|
|
(a) Current investments |
769.200 |
|
(b) Inventories |
2784.500 |
|
(c) Trade receivables |
1529.800 |
|
(d) Cash and bank balances |
17036.800 |
|
(e) Short-term loans and advances |
936.000 |
|
(f) Other current assets |
857.800 |
|
Sub-total - Current assets |
23914.100 |
|
TOTAL - ASSETS |
28259.800 |
5. The above Results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 13th August, 2012.
6. The statutory auditors have carried out a limited review of the standalone results for the quarter ended 30th June, 2012. The figures for 2011 have been regrouped wherever necessary to facilitate comparison
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Freehold Building
· Leasehold Building
· Plant and Machinery
· Furniture and Fittings
· Vehicles
AS PER WEBSITE
PROFILE:
Established in the year 1924 in India Subject (GSK Rx India) is one of the oldest pharmaceuticals company and employs over 3500 people. Globally, they are a Ł 27.4 billion, leading, research-based healthcare and pharmaceutical company. In India, they are one of the market leaders with a turnover of Rs. 26990.000 Millions and a share of 4.2%*. At GSK, their mission is to improve the quality of life by enabling people to do more, feel better and live longer. This mission drives then to make a real difference to the lives of millions of people with their commitment to effective healthcare solutions.
The GSK India product portfolio includes prescription medicines and vaccines. Their prescription medicines range across therapeutic areas such as anti-infectives, dermatology, gynaecology, diabetes, oncology, cardiovascular disease and respiratory diseases. The company is the market leader in most of the therapeutic categories in which it operates. GSK also offers a range of vaccines, for the prevention of hepatitis A, hepatitis B, invasive disease caused by H, influenza, chickenpox, diphtheria, pertussis, tetanus, rotavirus, cervical cancer, streptococcus pneumonia and others.
With opportunities in India opening up, GSK India is aligning itself with the parent company in areas such as clinical trials, clinical data management, global pack management, sourcing raw material and support for business processes including analytics.
GSK's best-in-class field force, backed by a nation-wide network of stockists, ensures that the Company's products are readily available across the nation. GSK has two manufacturing units in India, located at Nashik and Thane as well as a clinical development centre in Bangalore. The state of art plant at Nashik makes formulations while bulk drugs and the active pharmaceutical ingredients are manufactured at Thane
Being a leader brings responsibility towards the communities in which they operate. At GSK, they have a Corporate Social Responsibility program that works towards fulfilling basic healthcare, education and other developmental needs of the underserved population. With this dedication and commitment, they believe that the world will be better, healthier and happier.
GSK is committed to developing new and effective healthcare solutions. The values on which the group was founded have always inspired growth and will continue to do so in times to come.
PRESS RELEASES:
August 13, 2012,
Mumbai, India
GlaxoSmithKline Pharmaceuticals
Net Sales up 16%, PAT before Exceptional Items grows 12% in Second
Quarter of FY 2012
GlaxoSmithKline Pharmaceuticals Limited announced its financial results for the second quarter ended June 30, 2012. The growth in Net Sales was 16% and Profit After Tax and before Exceptional Items was 12%. The core Pharmaceuticals business grew by 16.3% for the quarter.
The quarter saw a growth across all the business verticals. Dermatology and Vaccines continued to grow strongly. Despite material cost escalations and adverse exchange rate movement, the EBITDA margin was 33% for the quarter.
In the Second quarter, the Company launched Uricostat for Gout treatment. The Company expanded its Oncology portfolio by launching Hycamtin TM to fulfill unmet needs for patients with advance cancers and relapsed small cell lung cancer (SCLC).
The company also introduced Volibris (Ambrisentan), a non-sulphonamide class endothelin receptor antagonist (ERA) used to treat pulmonary arterial hypertension (PAH).
During the quarter, a Metered Dose Inhaler (MDI) with dose counter was launched, which will help patients keep a correct count of drug doses taken. This technology has been introduced in Seretide® Evohaler®.
Commenting on the performance, Dr. Hasit B. Joshipura, Managing Director, said, “Growth for the quarter was market competitive, with all the segments delivering strong growth.”
About
GlaxoSmithKline:
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling people to do more, feel better and live longer.
Issued: 6 June 2012,
India
GlaxoSmithKline Pharmaceuticals Limited Introduces
Metered Dose Inhaler with dose counter
Mumbai: GlaxoSmithKline Pharmaceuticals Limited today announced the launch of an enhanced version of a Metered Dose Inhaler (MDI) with dose counter, for the first time in India. This inhaler has an innovative dose counter that keeps track of number of doses left. This helps the patients to take the right number of drug doses. The inhaler also has a locking system which prevents drug wastage when the inhaler is not in use.
Commenting about the launch, Dr. Hasit Joshipura, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said, “We are excited about the launch of this inhaler with dose counter. This enhancement is yet another step in our endeavour to help patients take the appropriate dosage of their medicine as prescribed by their physician.”
The technology has been introduced in Seretide® Evohaler®. The inhaler is indicated for management of asthma and COPD in patients above 4 years of age.
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.55.59 |
|
|
1 |
Rs.87.87 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
NO |
|
--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 |
|
76 |
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.