MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED |
|
|
|
|
Registered
Office : |
Patiala Road, Nabha, District Patiala – 147201, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
30.10.1958 |
|
|
|
|
Com. Reg. No.: |
16-002257 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 420.555
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231PB1958PLC002257 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLG11719B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Malt based Food, Protein Rich Food, Cereal Beverages,
Nutritional Food Powder, etc. |
|
|
|
|
No. of Employees
: |
3463 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 54000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
GlaxoSmithKline Consumer Healthcare Limited (GSKCH) is an Indian Associate of GlaxoSmithKline Plc. U.K. It is a well-established and reputed company having fine track record. Financial position of the company is good. Networth of the company appears to be strong and healthy. Profit margin of the company reported to be fair. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
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 [91-124-2540700]
LOCATIONS
|
Registered Office/ Factory 1 : |
Patiala Road, Nabha, District Patiala – 147201, Punjab, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/ Corporate Office : |
DLF Plaza Tower, DLF Phase I, Gurgaon – 122002, Haryana,
India |
|
Tel. No.: |
91-124-2540700/ 5057700 |
|
Fax No.: |
91-124-2540720/ 2540721 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Industrial Area, Dowleswaram – 533124, Andhra Pradesh, India |
|
|
|
|
Factory 3 : |
14 km Stone, Sonepat - Meerut Road, Village Khewra, P.O. Bahalgarh, District Sonepat -130121, Haryana, India |
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|
Regional Offices : |
Located at: New Delhi Kolkata Mumbai Chennai |
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Depots : |
Located at: South Bangalore Chennai Cochin Pondicherry Kandlakoya
(Hyderabad) Madurai East Cuttack Guwahati Ranchi Dankuni
(Kolkata) Patna Siliguri West Ahmedabad Goa Indore Pune Raipur North Dehradun Jaipur Delhi Lucknow Panchkula Zirakpur |
|
|
|
|
RDCs : |
Located at: Kandlakoya
(Hyderabad) Ambala Delhi |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Simon J. Scarff, O.B.E |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Zubair Ahmed |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Kunal Kashyap |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukesh H. Butani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Dayal |
|
Designation : |
Director |
|
|
|
|
Name : |
P. Dwarakanath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Praveen K. Gupta (till 31.01.2012) |
|
Designation : |
Director |
|
|
|
|
Name : |
Jaiboy J. Phillips (w.e.f.06.02.2012) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramakrishnan Subramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Surinder Kumar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Sonali Khanna |
|
Designation : |
General Manager - Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
30471992 |
72.46 |
|
|
30471992 |
72.46 |
|
Total
shareholding of Promoter and Promoter Group (A) |
30471992 |
72.46 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
26720 |
0.06 |
|
|
200403 |
0.48 |
|
|
4965396 |
11.81 |
|
|
280 |
0.00 |
|
|
280 |
0.00 |
|
|
5192799 |
12.35 |
|
|
|
|
|
|
816831 |
1.94 |
|
|
|
|
|
|
4196230 |
9.98 |
|
|
1277042 |
3.04 |
|
|
100644 |
0.24 |
|
|
951 |
0.00 |
|
|
77883 |
0.19 |
|
|
21810 |
0.05 |
|
|
6390747 |
15.20 |
|
Total Public
shareholding (B) |
11583546 |
27.54 |
|
Total (A)+(B) |
42055538 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
42055538 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Malt based Food, Protein Rich Food, Cereal Beverages,
Nutritional Food Powder, etc. |
||||||||||
|
|
|
||||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity Qty MT |
Installed
Capacity Qty MT |
Actual
Production* Qty MT |
|
1. Malt Based Foods |
105000 |
|
37689 |
|
2. Cereal Based Beverage |
2000 |
114400 |
3414 |
|
3. Powdered Milk |
3000 |
|
-- |
|
4. Protein Rich Foods |
3000 |
1200 |
960 |
|
5. Nutritional Food Powder |
1200 |
|
56 |
|
6. Malt Based Foods |
-- |
-- |
78982 |
|
7. Protein Rich Foods |
-- |
-- |
516 |
|
8. Cereal Based Beverage |
-- |
-- |
342 |
|
Total |
114200 |
115600 |
121959 |
|
9. Ghee |
6000 |
4000 |
371 |
|
10. Packaged Foods |
-- |
-- |
638 |
* Actual Production includes Bulk Production
and does not include Trial Production
Notes:
1. The actual production under Serial No. 1 does not include production of intermediate products of 48,280 MT (Previous Year 43,081 MT) for captive consumption. This intermediate product is further processed at Third Party for manufacture of Malt Based Foods and accordingly, the said production is disclosed under Serial No. 6. Further, the closing stock under Serial No. 1 does not include 5,586 MT amounting to Rs. 600.119 Millions (Previous year 5,100 MT amounting to Rs. 511.883 Millions)
2. The installed capacities on triple shift basis are as per certificates given by the Director-Operations and have not been verified by the Auditors, being a technical matter.
3. Production figures are net of captive consumption.
4. Powdered Milk is for captive consumption and accordingly the same have been included in Goods in Process in Schedule 5 and 15. Boost Intermediate/ Horlicks Intermediates are included in Goods in Process in Schedule 5 and 15 as these are semi-finished products.
5. Licensed capacity listed above Serial No. 1, 2, 3, 4, 5 and 9 are in respect to all the three factories of the company and are covered by Industrial Entrepreneurs' Memorandums (IEMs) in terms of Notification No. 477 (E) dated July 25, 1991 of the Department of Industrial Development, Ministry of Industry, Government of India.
6. The Products under Serial No. 1, 2 and 3 to 5 are manufactured in an integrated plant respectively and, therefore, installed capacity cannot be given separately.
7. The Products listed under Serial No. 6, 7, 8 and 10 are processed by Third Parties.
8.
Closing Stock is net of samples, internal
consumption, other stock losses
GENERAL INFORMATION
|
No. of Employees : |
3463 (Approximately) |
|
|
|
|
Bankers : |
Deutsche Bank
Citibank N.A.
BNP Paribas
State Bank of India
HDFC Bank Limited
The Hongkong and Shanghai Banking Corporation
Limited
Dena Bank
ICICI Bank Limited
State Bank of Patiala
Andhra Bank JP Morgan Chase
Bank N.A. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Promoter Company : |
Horlicks Limited, (a subsidiary of GlaxoSmithKline Plc UK)
holds 43.16% of equity shares of the Company. |
|
|
|
|
Other related parties in GlaxoSmithKline Group which are under Common
Control : |
Glaxo Operations UK Area Glaxo SmithKline Bangladesh Limited Glaxo SmithKline Exports Limited Glaxo Wellcome Indonesia GlaxoSmithKline Asia Private Limited GlaxoSmithKline Australia Pty GlaxoSmithKline Consumer Healthcare GmbH GlaxoSmithKline Consumer Healthcare Kenya GlaxoSmithKline Consumer Healthcare SDN BHD Malaysia GlaxoSmithKline Pharmaceuticals Limited GlaxoSmithKline Philippines Inc. GlaxoSmithKline Pte. Limited GlaxoSmithKline Services Unlimited (U.K.) GlaxoSmithKline Trading Services Limited GSK Nigeria GSK Plc, UK GSK Services Limited S B Bangladesh PT Sterling Products Indonesia SB Corp CB (USA) SB Pharmaceutical Services SB Research Limited SB Corporate Centre SmithKline Beecham (Private) Limited, Sri Lanka SmithKline Beecham Corporation Sterling Drugs (M) Sdn Bhd Tianjin SmithKline and French Labs Limited, China GSK China Investment Company Limited Glaxo Wellcome Manufacturing Pte Limited GSK South Africa Pty Glaxo Saudi Arabia Limited GlaxoSmithKline Pakistan Limited Glaxo
Opearation UK Limited |
|
|
|
|
Trusts under Control of the Board of the Trustees : |
Senior Staff Gratuity Fund Employees’ Gratuity Fund Provident Fund Indian
Senior Executives Superannuation Fund |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42055538 |
Equity Shares |
Rs. 10/- each |
Rs. 420.555
Millions |
|
|
|
|
|
(A) Shares held by Ultimate Holding Company and its Subsidiaries
18152243 (previous
year: 18152243) Equity Shares are held by Horlicks Limited, a subsidiary of
GlaxoSmithKline Plc UK, the Ultimate Holding Company
(B) Reconciliation of Equity Shares outstanding
|
Particulars |
31.12.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Balance at the beginning of the year |
42055538 |
420.555 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Balance at the end of the year |
42055538 |
420.555 |
(C) Details of shareholders having more than 5% of the aggregate shares
in the Company
|
Name of Shareholder |
31.12.2012 |
|
|
|
No. of Shares
held |
Rs. in Millions |
|
Horlicks Limited |
18152243 |
43.16% |
|
Arisaig Partners (Asia) Pte Limited A/c Arisaig India |
2106101 |
5.01% |
D) Rights, preferences and restrictions attached to shares
The Company has one
class of equity shares having a par value of Rs. 10 per share. Each shareholder
is eligible for one vote per share held.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
420.555 |
420.555 |
|
(b) Reserves & Surplus |
|
13189.219 |
11021.171 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
13609.774 |
11441.726 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
114.831 |
99.668 |
|
(d)
long-term provisions |
|
767.968 |
507.597 |
|
Total
Non-current Liabilities (3) |
|
882.799 |
607.265 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
4784.375 |
3593.686 |
|
(c)
Other current liabilities |
|
3514.892 |
2942.658 |
|
(d)
Short-term provisions |
|
2753.079 |
2239.232 |
|
Total
Current Liabilities (4) |
|
11052.346 |
8775.576 |
|
|
|
|
|
|
TOTAL |
|
25544.919 |
20824.567 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1938.323 |
2006.894 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
1972.386 |
1491.579 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
616.263 |
398.897 |
|
(d) Long-term Loan
and Advances |
|
446.638 |
504.276 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
4973.610 |
4401.646 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3696.355 |
3699.558 |
|
(c)
Trade receivables |
|
1126.144 |
991.907 |
|
(d)
Cash and cash equivalents |
|
14642.426 |
10796.544 |
|
(e)
Short-term loans and advances |
|
668.058 |
600.328 |
|
(f)
Other current assets |
|
438.326 |
334.584 |
|
Total
Current Assets |
|
20571.309 |
16422.921 |
|
|
|
|
|
|
TOTAL |
|
25544.919 |
20824.567 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
420.555 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9179.832 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9600.387 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9600.387 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2022.520 |
|
|
Capital work-in-progress |
|
|
1083.262 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.005 |
|
|
DEFERRED TAX ASSETS |
|
|
267.346 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3120.006 |
|
|
Sundry Debtors |
|
|
503.664 |
|
|
Cash & Bank Balances |
|
|
9760.983 |
|
|
Other Current Assets |
|
|
345.566 |
|
|
Loans & Advances |
|
|
501.073 |
|
Total
Current Assets |
|
|
14231.292 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3569.246 |
|
|
Other Current Liabilities |
|
|
1134.427 |
|
|
Provisions |
|
|
3300.365 |
|
Total
Current Liabilities |
|
|
8004.038 |
|
|
Net Current Assets |
|
|
6227.254 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9600.387 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
31874.936 |
27650.045 |
23061.183 |
|
|
|
Other Income |
1137.858 |
852.521 |
1173.928 |
|
|
|
TOTAL (A) |
33012.794 |
28502.566 |
24235.111 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
10198.918 |
|
|
|
|
|
Purchases of stock-in-trade |
1464.299 |
1343.298 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(144.747) |
(440.007) |
|
|
|
|
Employee benefits expense |
3011.195 |
2583.656 |
|
|
|
|
Other expenses |
11611.174 |
9821.196 |
|
|
|
|
TOTAL (B) |
26140.840 |
22605.530 |
19319.972 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6871.955 |
5897.033 |
4915.139 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.233 |
34.664 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6847.722 |
5862.369 |
4915.139 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
360.837 |
459.756 |
397.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6486.885 |
5402.613 |
4518.045 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2119.327 |
1850.544 |
1519.521 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4367.558 |
3552.069 |
2998.524 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2945.099 |
1458.967 |
1209.393 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT OF
DIFFERENTIAL DIVIDEND TAX FOR PRIOR YEAR |
0.000 |
0.000 |
2.924 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - Final |
1892.499 |
1471.944 |
2102.777 |
|
|
|
Corporate Dividend Tax |
307.011 |
238.786 |
349.245 |
|
|
|
Transferred to General Reserve |
436.756 |
355.207 |
299.852 |
|
|
BALANCE CARRIED
TO THE B/S |
4676.391 |
2945.099 |
1458.967 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
1914.694 |
1815.921 |
1333.175 |
|
|
|
Miscellaneous Income |
63.242 |
31.933 |
11.941 |
|
|
TOTAL EARNINGS |
1977.936 |
1847.854 |
1345.116 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
216.441 |
133.807 |
135.205 |
|
|
|
Capital Goods |
37.044 |
70.063 |
162.391 |
|
|
TOTAL IMPORTS |
253.485 |
203.870 |
297.596 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
103.85 |
84.46 |
71.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2013 |
30.06.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
9753.800 |
8903.000 |
|
Total Expenditure |
|
7690.800 |
7342.600 |
|
PBIDT (Excl
OI) |
|
2063.000 |
1560.400 |
|
Other Income |
|
324.400 |
385.300 |
|
Operating
Profit |
|
2387.400 |
1945.700 |
|
Interest |
|
1.400 |
1.600 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
2386.000 |
1944.100 |
|
Depreciation |
|
107.000 |
122.000 |
|
Profit
Before Tax |
|
2279.000 |
1822.100 |
|
Tax |
|
714.900 |
622.500 |
|
Provisions and Contingencies |
|
0.000 |
0.000 |
|
Reported PAT |
|
1564.100 |
1199.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
1564.100 |
1199.600 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
13.23
|
12.46 |
12.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.35
|
19.54 |
19.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.26
|
28.53 |
27.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.47 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.87 |
1.78 |
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 |
No |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
PERFORMANCE OF THE
COMPANY
This is a landmark year for the Company having crossed three key milestones, Rs. 30000.000 Millions sales, Rs. 3,000 share price and Rs. 100 EPS. The company recorded 15% increase in sales and 23% increase in PAT during 2012 over the previous year. The Company has now achieved consistent double digit profitable growth for the eighth year in a row.
The strong double digit performance of the Company’s key brands – Horlicks and Boost continued during 2012. Horlicks registered a growth of 15.3% with strong performance across variants. The Mega Brand Horlicks witnessed a re-launch during the year on the platform of a strong scientific claim, whereby Horlicks is clinically proven to “Improve the 5 Signs of Growth” supplementing the existing claim of Taller, Stronger and Sharper. The re-launch was supported by a strong Media campaign, which turned out to be one of the most high-decibel and impactful launches in the FMCG sector this year. The on-ground execution also kept pace with some never before visibility in trade, practically owning the stores across markets and partnering with 10,000+ doctors across the Country. The Horlicks extensions range continues to grow from strength to strength. After the successful campaign in North-West on Power of Milk, Horlicks launched the next big initiative in North-West, “The Tastiest Chocolate Horlicks Ever”. The campaign strengthened the “Horlicks increases the Power of Milk” proposition along with the taste credentials of “MORE CHOCOLATY” and helped the Company gain firm ground in the traditionally un-penetrated North and West regions, taking the growth trajectory for these regions to the next level.
Boost, which from inception has stood for ‘energy’ at its core, had a momentous year during 2012 with one of the strongest performance recording 19.3% growth. The strong performance of Boost was supported by some innovative campaigns during the year. E.g. “Sachin Tendulkar’s 23 years of Stamina, powered by Boost”, leveraging of the global tie-up between GSK and McLaren in India through which, the Company provided access of the world of F1, to Boosts’ customers and the Boost Anthem (created by Dhanush of “Kolaveri Di” fame), through which Boost made a strong entry into the digital marketing space. The year also witnessed the launch of Boost in an exciting flavour, Boost Choco Éclair, which has performed exceedingly well and connected well with kids on taste.
The Foods portfolio continued to deliver strong double digit growth. The biscuits portfolio recorded growth of 26% over 2011. The year also witnessed the foray of brand Horlicks into the Health Biscuits segment with the launch of Nutribic in 2 variants, Fiber Rich Digestive and Zero Added Sugar. The feedback from the market has been very encouraging and within the first quarter of launch, the Company has gained an impressive market share. Horlicks Oats, which was launched in South India last year, has been very well accepted and has garnered an impressive market share ranking third within a short span of time.
The Company’s focused cost management and working capital optimisation program continued to deliver strong results in containing inflation and supporting profitable growth. Sustained improvement in working capital continued in 2012. The cost optimization programs and returns from surplus cash arising from working capital initiatives have supported sustained investments in the Company’s brands. 2012 witnessed several strong impactful campaigns which have been covered above.
The Company has successfully completed a major capacity expansion project in February 2013. The project involved commissioning of a new manufacturing line using Vacuum Band Drier (VBD) technology, which involves extensive automation and controls. This is the World’s largest Vacuum Band Dryer line and will augment their capacity by 18 thousand tones p.a.
RESERVES
The total Reserves as on December 31, 2012 stood at Rs. 13189.223 Millions representing an increase of 19.7% from last year.
INFORMATION
TECHNOLOGY
The Company continues to be at the forefront of Information Technology. The Information Technology function has played the crucial role of a business enabler having effectively partnered with all functions. During the year, the Company has initiated projects with cutting edge technology to strengthen the Sales force effectiveness.
The Information Technology has displayed excellent agility and provided innovative solutions to address changing business requirements.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The tough economic conditions of 2011 continued in 2012. While inflation did begin to taper off from the highs of 2011, the expectations of a rate cut continued to elude the market all through 2012. The high interest rates coupled with a lackluster reforms process slowed down the industrial production. This coupled with the subdued performance in both services and agriculture, has significantly slowed down the GDP growth in the current fiscal and is expected to be the lowest in a decade. Amidst the gloomy scenario, the second half of 2012 saw some serious reform making process and political will in making efforts to bring the economy back to track. Some tough economic measures namely FDI in Retail, Oil and Gas and Power sector reforms, which saw the light of the day in the second half of 2012, brought about a welcome change. FII inflows in 2012 @ USD 23.2 Billion were the second highest in the last decade and to end with, 2012 turned out to be a fantastic year for the stock markets.
While the economic challenges continue, they move into 2013 with a renewed sense of confidence on most fronts. Clearly, the undertone in the markets is that the worst is over. Positive Government action the reforms process is extremely encouraging. Further, inflation is expected to tone down in 2013 and pave the way for reduction in interest rates in a phased manner by over 100 basis points. These factors are collectively expected to end the slump in factory output. With a normal monsoon in 2013, GDP growth is expected to gradually improve to 6-7%.
OPPORTUNITIES,
THREATS AND OUTLOOK
The slowdown in economy did have an adverse impact on the private consumption and the FMCG sector as a whole. A strong rebound in growth seems unlikely in the near short term. Further, the twin deficits are currently at unsustainably high levels and any significant fiscal corrective action from the Government will result in further dampening the economy. While the Government has pledged to go strong on the reforms process, some of the actions, particularly the deregulation of oil prices and SEB reforms will add to inflationary pressures. Prices of key commodities to their business which have been largely under control during 2012 will be closely watched given their sensitivity to their business. With 2013 being a pre-election year, the pressure on fiscal deficit is likely to continue. However, various social welfare programmes, particularly in the traditionally underpenetrated rural areas will be a key positive to the Consumer goods sector.
While they tread carefully amidst various external challenges, the Company strongly believes that they are strategically placed to benefit from the potential offered by the FMCG Sector given their internal strengths on people, processes, business strategy and strong brands with innovation capabilities.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND SIX MONTHS ENDED JUNE 30, 2013
[Rs.
in Millions]
|
|
PART I |
|
|
|
|
|
PARTICULARS |
3 Months Ended
30/06/2013 |
Preceding 3 Months
Ended 31/03/2013 |
Year to date
figures for current period ended 30/06/2013 |
|
|
|
UNAUDITED |
UNAUDITED |
UNAUDITED |
|
|
Income
from Operations |
|
|
|
|
1 |
(a) Net Sales / Income from
Operations (Net of Excise Duty) |
8529.200 |
9398.600 |
17927.800 |
|
|
(b) Other Operating Income |
373.800 |
355.200 |
729.000 |
|
|
Total
Income from operations (Net) |
8903.000 |
9753.800 |
18656.800 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of material consumed |
2811.000 |
2785.500 |
5596.500 |
|
|
(b) Purchase of stock-in-Trade |
357.000 |
392.800 |
749.800 |
|
|
(c) Change of inventories of finished
goods, work-in-progress and stock-in-trade |
(181.700) |
380.900 |
199.200 |
|
|
(d) Employee benefits expense |
1044.100 |
889.500 |
1933.600 |
|
|
(e) Advertising and Promotion |
1375.600 |
1592.900 |
2968.500 |
|
|
(f) Depreciation and Amortisation
expense |
122.000 |
107.000 |
229.000 |
|
|
(g) Other Expenses |
1936.600 |
1649.200 |
3585.800 |
|
|
Total
Expenses |
7464.600 |
7797.800 |
15262.400 |
|
3 |
Profit
from operations before other income, finance costs and exceptional Items
(1-2) |
1438.400 |
1956.000 |
3394.400 |
|
4 |
Other income |
385.300 |
324.400 |
709.700 |
|
5 |
Profit
from Ordinary activities before finance costs and exceptional Items (3+4) |
1823.700 |
2280.400 |
4104.100 |
|
6 |
Finance costs |
1.600 |
1.400 |
3.000 |
|
7 |
Profit
from ordinary activities after finance costs but before exceptional items
(5-6) |
1822.100 |
2279.000 |
4101.100 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit
from ordinary activities before tax (7+8) |
1822.100 |
2279.000 |
4101.100 |
|
10 |
Tax expense |
622.500 |
714.900 |
1337.400 |
|
11 |
Net
Profit from ordinary activities after tax (9-10) |
1199.600 |
1564.100 |
2763.700 |
|
12 |
Extraordinary items (net of tax
expense) |
- |
- |
- |
|
13 |
Net
Profit for the period (11-12) |
1199.600 |
1564.100 |
2763.700 |
|
14 |
Paid
Up equity share capital |
420.600 |
420.600 |
420.600 |
|
|
(Face
Value of Equity Shares) |
10 |
10 |
10 |
|
15 |
Reserve
excluding Revaluation Reserve as per Balance Sheet of the previous accounting
year |
|
|
|
|
16.
i |
Earnings
per share (before extraordinary items) (of Rs 10/- each) (not annualised): |
|
|
|
|
|
(a)
Basic and |
28.52 |
37.19 |
65.71 |
|
|
(b)
Diluted |
|
|
|
|
16.
ii |
Earnings
per share (after extraordinary items) (of Rs 10/- each) (not annualised): |
|
|
|
|
|
(a)
Basic and |
28.52 |
37.19 |
65.71 |
|
|
(b)
Diluted |
|
|
|
|
PART
II |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
3 Months Ended
30/06/2013 |
Preceding 3 Months
Ended 31/03/2013 |
Year to date
figures for current period ended 30/06/2013 |
|
1.
Public Shareholding -Number of Shares -Percentage of Shareholding |
11583546 27.54 |
11583546 27.54 |
11583546 27.54 |
|
2.
Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares - Percentage of shares (as a % of the total shareholding
of Promoter and Promoter Group) - Percentage of shares (as a% of the total share capital
of the Company) b) Non-encumbered - Number of shares - Percentage of shares (as a % of the total shareholding
of Promoter and Promoter Group) - Percentage of shares (as a% of the total share capital
of the Company) |
-- -- -- 30471992 100.00 72.46 |
-- -- -- 30471992 100.00 72.46 |
-- -- -- 30471992 100.00 72.46 |
|
|
Particulars |
3 months ended 30th June 13 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
57 |
|
|
Disposed of during the quarter |
57 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
[Rs. in Millions]
|
Particulars |
As at (Current half
year end) |
|
|
(30.06.2013) |
|
A.
EQUITY AND LIABILITIES |
|
|
Shareholders'
funds |
|
|
a)
Share capital |
420.600 |
|
b)
Reserves and surplus |
15938.400 |
|
Sub-total
- Shareholders' funds |
16359.000 |
|
2.
Non-current liabilities |
|
|
a)
Long term borrowings |
- |
|
b)
Deferred tax liabilities (net) |
- |
|
c)
Other long term liabilities |
103.900 |
|
d)
Long term provisions |
1126.500 |
|
Sub-total
- Non-current liabilities |
1230.400 |
|
3.
Current liabilities |
|
|
a)
Short-term borrowings |
- |
|
b)
Trade payables |
5455.700 |
|
c)
Other current liabilities |
4686.600 |
|
d)
Short-term provisions |
861.600 |
|
Sub-total
- Current liabilities |
11003.900 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
28593.300 |
|
|
|
|
B.
ASSETS |
|
|
1.
Non-current Assets |
|
|
a)
Fixed assets # |
3810.400 |
|
b)
Deferred tax assets (net) |
694.300 |
|
c)
Long-term loans & advances |
1775.800 |
|
d)
Other non-current assets |
- |
|
Sub-total
- Non-current assets |
6280.500 |
|
2.
Current Assets |
|
|
a)
Inventories |
3585.800 |
|
b)
Trade receivables |
2622.200 |
|
c)
Cash and cash equivalents |
14401.500 |
|
d)
Short term loans and advances |
837.600 |
|
e)
Other current assets |
865.700 |
|
Sub-total
- Current assets |
22312.800 |
|
|
|
|
TOTAL
– ASSETS |
28593.300 |
#
Fixed Assets includes CWIP aggregating Rs 320.027 Millions as at June 30, 2013
(Rs 1972.386 Millions as at Dec 31, 2012)
Notes:
1.
The Company's
nutritional business is India focused and in a single business and geographical
segment. Accordingly segment information is not applicable.
2.
The Company
received 57 investor complaints during the quarter ended June 30, 2013 which
were duly resolved by the end of the quarter. There were no investor complaints
pending at the beginning and at the end of the quarter.
3.
The unaudited
financial results for the quarter ended June 30, 2013 have been reviewed by the
Audit Committee of the Board and approved by the Board of Directors of the
Company at its meeting held on August 1, 2013. The Limited Review for the
unaudited financial results for the quarter ended June 30, 2013, as required
under Clause 41 of the Listing Agreement has been completed by the statutory
auditors.
4. Figures for the previous period have been regrouped/reclassified wherever necessary, to conform to the current period's classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
Contingent
Liabilities not provided for: |
|
|
|
a) Direct tax |
2837.896 |
1599.233 |
|
b) Indirect
taxes - net of tax impact Rs. 4.255 Millions (Previous Year Rs. 3.693
Millions) |
8.859 |
7.690 |
|
Notes: The amounts
shown above represent the best possible estimates of pending litigations/disputes
arrived at on the basis of available information. The above do not include
potential risks/demands, if any for ongoing issues, where no claims have been
made against the company. The uncertainties and possible reimbursements if
any are dependent on the outcome of the different legal processes which have
been invoked by the Company or the claimants as the case may be and therefore
cannot be predicted accurately. The Company engages reputed professional
advisors to protect its interests and has been advised that it has strong
legal positions against such disputes. |
||
FIXED ASSETS:
Tangible Assets
Land (Freehold)
Buildings
Plant and
Equipment
Information
Technology Equipment
Furniture and
Fixtures
Office Equipment
Vehicles
Leasehold Improvements
Intangible Assets
Patents and Trade
Marks
PRESS RELEASES
NAINA DARPAN AND DISHADDRA PODDAR FROM NEW DELHI TO COMPETE IN HORLICKS
WIZKIDS SOUTH ASIA FINALS 2013
May the best Wizkids make it to the Final Horlicks WizTeam!
New Delhi, Aug 3, 2013: The most sought after inter-school cultural and
literary competition of the year- Horlicks Wizkids by Krayon is back with a
bang. Horlicks Wizkids - the largest interschool fiesta running across India,
Nepal, Pakistan and Sri Lanka, is now bigger and better. With the Chennai
finals culminating with much fanfare, Naina Darpan, ASN Senior Sec School
and Dishaddra Poddar, Ryan International, Mayur Vihar, emerged as the
winners who will represent their city at the Horlicks Wizkids South Asia Finals
in November 2013. The winners of Horlicks Wizkids South Asia 2013 winners will
earn scholarships worth Rs 10000.000 Millions and a 5 day educational trip
to Germany
The city finals round in New Delhi witnessed an overwhelming response
from schools and children across the city with over 2000 students from more
than 40 schools participating. The Airforce Auditorium was packed with students
cheering for their teams showcasing their talents on the stage.
With Horlicks Wizkids in its 11th year, this unique competition is now a
part of the co-scholastic curriculum prescribed by the National Curriculum
Framework 2005 and is graded in every students’ school performance. It is one
of the most sought after student engagement experience bringing all the
students from various schools of a city under one roof, thus enhancing their
social interaction and cooperation skills as well.
Commenting on the kick-off this year, Jayant Singh, EVP, Marketing,
GlaxoSmithKline Consumer Healthcare India said, “Horlicks as a nourisher and nurturer
aims to strive for an all-round growth and development for children. Taking the
same proposition forward, with Horlicks Wizkids we hope to create avenues for
students to display their aptitude that goes beyond academics and bring out the
best in them!”
“The purpose of education is overall development of students; Wizkids is
that platform that hones the personality of students making them more confident
who understand their strengths. Over the year Wizkids has become an integral
part of the school calendar in India and has given millions of students an
opportunity to live their dreams,” Syed Sultan Ahmed, MD EduMedia, Project
Director of Horlicks Wizkids added.
With more than 30 events in the field of arts, literature, painting,
extra-curricular activities are being hosted by Krayon, Horlicks Wizkids is
South Asia’s largest interschool fiesta for students from class 1 to 12.
Students will be invited from all over India to take part in ‘Horlicks Wiz Team
2013’ through online registration or by visiting the closest host cities. Along
with this Horlicks Wizkids also has an online competition Iwiz running on
Facebook. This year some other new elements are live updates and online
competitions on Twitter. Pinterest will also be used for photo trending
purposes. A dedicated YouTube channel is created to host all the videos from
Horlicks Wizkids. In addition to the existing competition, a unique feature of
Horlicks Wizkids this year will be the Shadow Campaign which invites students
from non-host cities to be a part of the competition and get a chance to
present their talent.
GURGAON, NCR INDIA, AUGUST 1, 2013
GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED HIGH GROWTH FOR THE QUARTER
ENDED JUNE 30, 2013
·
Sales
up by 17 %
·
Net
Profits up by 12.5 %
·
Net
Profits up by 12.5 %
Overview
GlaxoSmithKline Consumer
Healthcare Limited (GSKCH) today declared its financial results for the quarter
ended June 30, 2013. Net sales at Rs 8530.000 Millions recorded a growth of 17
% over 2012 with PBT at Rs. 1820.000 Millions growing by 15 % for the same
period and PAT at Rs 1200.000 Millions growing by 12.5 %.
Commenting on the Company’s
performance, Mr. Zubair Ahmed, MD, GSKCH India, said, “GSKCH has been recording
robust growth year-on-year across portfolios. Over the last few months, we have
been focusing not only on base products but also high science based value-added
products, which are designed to address specific needs of the consumer. These
specialised products are the next level of offering for consumers who are
looking at focused benefits for their family. Products such as Women’s
Horlicks, Mother’s Horlicks, Horlicks ProMind and Horlicks Nutribic, have
contributed to the Company’s growth. In addition, we have also been
concentrating on driving deeper penetration across categories which has also
contributed to the overall growth of the brands. Furthermore, cost-efficient
engineering programmes have helped the Company deliver progressive result. “
India Performance
Another quarter of strong double digit profitable growth was driven by
superior Sales performance and a strong cost management programme.
GSKCH is committed to top line growth and has been exceeding
expectations over the last quarters by remarkably maintaining its performance.
Highlights
The GSK health drink portfolio continues to be a market leader with an
overall volume share of 65.2% (MAT Jun 2013).
In May this year, Horlicks has made entry into the flavoured oats
segment with the launch of three new exciting flavours (Classic Masala,
Southern Spices and Mild Kurma).
Portfolio expansion with the launch of Nutribic Honey and Crispy Oats
biscuits in April’13.
Backed by a strong marketing and activation package, the Boost volume market
share has climbed to 28.3% from 27.4% in its strong market of South (MAT Jun
2013, South U+R).
Boost launched a new campaign in April’13-‘Boost powering Sachin’s
Stamina’. The new campaign was accompanied with a packaging disruption with
Sachin’s graphical image on base packs.
Oral Health Care and Wellness
Increased focus on Oral Healthcare (OHC) category in India through
launch of Sensodyne Repair and Protect, in April ’13.
Over The Counter (OTC) portfolio extension of brand Eno into the liquid
and tablet format in June ’13. The brand also launched a new flavour- Nimbu
Shikanji in its powder format.
About GlaxoSmithKline Consumer Healthcare Limited
GSKCH is an associate of GlaxoSmithKline Plc. of U.K, a global science
based healthcare company. GSKCH has continually benefited from the technical
and marketing inputs that have been available as a consequence of this
association. GSKCH is the largest player in the health food drinks industry.
The Company with its manufacturing plants located in Nabha, Rajahmundry and
Sonepat has a total workforce of about 3450 people.
GSKCH has a strong marketing and distribution network in India
comprising over 650 distributors and a direct coverage of over 750000 retail outlets.
Its flagship product, Horlicks, is a widely regarded and highly respected brand
for over 100 years. The Company also manufactures and markets Boost, Viva and
Maltova and in addition markets and distributes a number of products in diverse
categories, which include prominent names such as Eno, Crocin and Iodex as well
as products from the global portfolio like and Sensodyne.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.92 |
|
|
1 |
Rs. 99.45 |
|
Euro |
1 |
Rs. 83.92 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.