MIRA INFORM REPORT
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK
PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.11.1977 |
|
|
|
|
Com. Reg. No.: |
11-19982 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.270.850 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299MH1977PLC019982 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG07883B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturing and
Marketing of Pharmaceutical Products |
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|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
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 101000000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exists |
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|
|
Comments : |
Subject is a well established and reputed pharmaceutical company
having a excellent track record. It is among the top 25 players with a market
share of 1.6 per cent. Financial position of the company appears to be sound. Sales and
Profit of the company has increased in 2013. Directors are reported to be
well experienced and knowledgeable businessmen. Trade relations are reported as praise worthy. 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) |
|
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
18.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
18.03.2013 |
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.
LOCATIONS
|
Registered/ Administrative Office : |
B/2, Mahalaxmi Chambers, 22, Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
|
Tel. No.: |
91-22-24964893/ 24964894/ 24964895/
24964896/ 56549999/ 55902491/ 92 |
|
Fax No.: |
91-22-24932648/ 23512177/ 23519652 |
|
E-Mail : |
|
|
Website : |
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|
Corporate Office : |
Gelnmark House, HDO – Corporate Building
Wing A, B D Sawant Marg, Chakala, Off Western Express Highway, Andheri (East),
Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-40189999 |
|
Fax No.: |
91-22-40189986 |
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|
|
|
Manufacturing Facilities : |
Formulations ·
E – 37, MIDC Industrial Area, D-Road, Satpur,
Nasik – 422007, Maharashtra, India ·
Plot No. 7, Colvale Industrial Estate, Bardez –
403 115, ·
D-42, Plot No. 50, Kundaim Industrial Estate,
Kundaim – 403 115, Goa, India ·
Unit – I, Village-Kishanpura, Baddi Nalagarh
Road, Tehsil Nalagarh, District Solan, Baddi – 174 101, Himachal Pradesh,
India ·
Business Unit II, Village Bhattanwala, PO
Rajpura, Nalagarh District Solan, ·
Unit - III, Village Kishanpura,
Baddi-Nalagarh Road, Dist. - Solan – 174101, Himachal Pradesh, India ·
Plot No. 2, Phase-II, Pharma Zone, Special
Economic Zone Area, Pitampur, Indore – 454 775, Madhya Pradesh, India ·
Rua Assahi, 33-1, Andar CEP: 09633-0110, Rudge
Ramos ·
Rua Frei Liberato De Gries, 548, Jardim
Arpoadar, CEP: 05572-210, ·
Glenmark Pharmaceuticals S.R.O., Fibichova 143,
56617, Vysoke Myto, Czech Republic ·
Calle 9 Ing Meyer Oks N 593, Parque Industrial
Pilar, B1629MX Buenos Aires, Argentina
·
Growth Centre, Samlik-Marchak, District – East
Sikkim, Sikkim. API ·
3109-C, GIDC Industrial Estate, Ankleshwar,
District Bharuch - 393 002, ·
Plot No. 163-165/170-172, Chandramouli Industrial
Estate, Mohal Bazarpeth, ·
Plot No. A80, MIDC Area, Kurkumbh, Daund, Pune
– 413 802, ·
Z-103 I, Dahej SEZ, Dahej District, Bharuch,
Gujarat, Indi ·
Plot No.B-25, Five Star MIDC,
Shendra, District Aurangabad, Maharashtra, India |
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|
|
|
R and D Centers : |
·
Plot
No. A-607, TTC Industrial Area, MIDC, Mahape, Vashi, Navi Mumbai - 400 705, ·
Chemin
de la Combeta 5, 2300 La Chaux-de-fonds, ·
Plot
No. C 152, MIDC Sinnar Industrial Area, ·
Plot
No. M4, Taloja Industrial Area, MIDC Taloja, Takula Panvel – 410 208, District
– Raigad, |
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|
|
|
Clinical
Research Centre : |
·
Plot
No. D 508, TTC Industrial Estate, MIDC, Turbhe, Navi Mumbai – 400705,
Maharashtra, India ·
Building
2, Croxley Green Business Park, Merlins Meadow, Watford, Hertfordshire, UK |
DIRECTORS
(AS ON 31.03.2013)
|
Name:
|
Mr. Glenn
Saldanha |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B. Pharma /
M.B.A. |
|
|
|
|
Name:
|
Mrs. Cheryl
Pinto |
|
Designation : |
Director -
Corporate Affairs |
|
Qualification: |
Graduate in
Pharmacy |
|
|
|
|
Name:
|
Mr. Rajesh V.
Desai |
|
Designation : |
Executive
Director and CFO |
|
|
|
|
Name |
Mrs. B. E. Saldanha |
|
Designation |
Non Executive Director |
|
Qualification : |
Graduated in Arts and Law |
|
|
|
|
Name |
Mr. D. R. Mehta |
|
Designation |
Non Executive Director |
|
|
|
|
Name |
Mr. Sridhar Gorthi |
|
Designation |
Non Executive Director |
|
Qualification : |
B.A., L.L.B. (Hons.)
from |
|
|
|
|
Name |
Mr. Bernard
Munos |
|
Designation |
Non Executive Director |
|
|
|
|
Name |
Mr. Hocine Sidi
Said |
|
Designation |
Non Executive Director |
|
Qualification : |
B.A. (International
Marketing) |
|
|
|
|
Name |
Mr. J. F.
Ribeiro |
|
Designation |
Non Executive Director |
|
Qualification : |
Ex-IPS |
|
|
|
|
Name |
Mr. N. B. Desai
|
|
Designation |
Non Executive Director |
|
|
|
|
Name : |
Dr. Brian W
Tempest |
|
Designation : |
Non Executive
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Chowdhary |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2614312 |
0.96 |
|
|
128241936 |
47.34 |
|
|
128241936 |
47.34 |
|
|
130856248 |
48.30 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
130856248 |
48.30 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
7968363 |
2.94 |
|
|
11204176 |
4.14 |
|
|
91812983 |
33.89 |
|
|
110985522 |
40.97 |
|
|
|
|
|
|
|
|
|
|
3225042 |
1.19 |
|
|
|
|
|
|
|
|
|
|
15524622 |
5.73 |
|
|
7830870 |
2.89 |
|
|
|
|
|
|
2495349 |
0.92 |
|
|
226409 |
0.08 |
|
|
410824 |
0.15 |
|
|
1209428 |
0.45 |
|
|
10004 |
0.00 |
|
|
637222 |
0.24 |
|
|
1462 |
0.00 |
|
|
29075883 |
10.73 |
|
|
|
|
|
Total Public
shareholding (B) |
140061405 |
51.70 |
|
|
|
|
|
Total (A)+(B) |
270917653 |
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) |
270917653 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
7000 (Approximately) |
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|
Bankers : |
· Bank of India Mahalaxmi Branch,
Mumbai – 400026, Maharashtra, India |
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|
Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Cost Auditors: |
|
|
Name: |
Sevekari Khare and Associates Ccost Accountants |
|
Address: |
Mumbai, Maharashtra, India |
|
|
|
|
Solicitor : |
· Kanga and Company, Mumbai, Maharashtra, India ·
Trilegal, Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary
Companies: |
·
Glenmark Pharmaceuticals Europe Limited., U.K. ·
Glenmark Generics (Europe) Limited., U.K. ·
Glenmark Pharmaceuticals S.R.O., Czech Republic ·
Glenmark Pharmaceuticals SK, s.r.o., Slovak
Republic ·
Glenmark Pharmaceuticals S. A., Switzerland ·
Glenmark Holding S. A., Switzerland ·
Glenmark Generics Holding S. A., Switzerland ·
Glenmark Generics Finance S. A., Switzerland ·
Glenmark Pharmaceuticals S.R.L., Romania ·
Glenmark Pharmaceuticals Eood., Bulgaria ·
Glenmark Distributors SP z.o.o., Poland ·
Glenmark Pharmaceuticals SP z.o.o., Poland ·
Glenmark Generics Inc., USA ·
Glenmark Therapeutics Inc., USA ·
Glenmark Farmaceutica Ltda., Brazil ·
Glenmark Generics SA., Argentina ·
Glenmark Pharmaceuticals Mexico, S.A. DE C.V.,
Mexico ·
Glenmark Pharmaceuticals Peru SAC., Peru ·
Glenmark Pharmaceuticals Colombia Ltda., Colombia ·
Glenmark Uruguay S.A., Uruguay ·
Glenmark Pharmaceuticals Venezuela., C.A.,
Venezuela ·
Glenmark Dominicana, SRL, Dominican Republic ·
Glenmark Pharmaceuticals Egypt S.A.E., Egypt ·
Glenmark Pharmaceuticals FZE., United Arab
Emirates ·
Glenmark Impex L.L.C., Russia ·
Glenmark Philippines Inc., Philippines ·
Glenmark Pharmaceuticals (Nigeria) Limited.,
Nigeria ·
Glenmark Pharmaceuticals Malaysia Sdn Bhd.,
Malaysia ·
Glenmark Pharmaceuticals (Australia) Pty
Limited., Australia ·
Glenmark South Africa (Pty) Limited., South
Africa ·
Glenmark Pharmaceuticals South Africa (Pty)
Limited., South Africa ·
Glenmark Access Limited (formerly known as
Glenmark Exports Limited.) ·
Glenmark Generics Limited, India ·
Glenmark Generics B.V., Netherlands ·
Glenmark Arzneimittel Gmbh., Germany ·
Glenmark Generics Canada, Inc. ·
Glenmark Pharmaceuticals Kenya Limited, Kenya ·
Glenmark Therapeutics AG; Switzerland |
|
|
|
|
Investment in
Joint Venture: |
·
Glenmark Pharmaceuticals (Thailand) Company
Limited., Thailand |
|
|
|
|
Enterprise over
which key managerial personnel exercise significant influence: |
·
Glenmark Foundation, India |
CAPITAL STRUCTURE
(AS ON 02.08.2013)
Authorised Capital : Rs.750.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.271.001 Millions
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.1/- each |
Rs.350.000 Millions |
|
4000000 |
Cumulative Redeemable Non Convertible
Preference Shares |
Rs.100/- each |
Rs.400.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270535503 |
Equity Shares |
Rs.10/- each |
Rs.270.530
Millions |
|
318150 |
Add: Issued during the year - Under the employee Stock Option Scheme,
2003 (ESOS) |
|
Rs.0.320
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.270.850 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
270.850 |
270.530 |
270.270 |
|
(b) Reserves & Surplus |
24960.930 |
21586.550 |
19527.140 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
25231.780 |
21857.080 |
19797.410 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
2543.500 |
2745.700 |
|
(b) Deferred tax liabilities (Net) |
285.820 |
238.010 |
229.300 |
|
(c) Other long term
liabilities |
849.450 |
778.420 |
31.230 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1135.270 |
3559.930 |
3006.230 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short
term borrowings |
3088.490 |
2220.890 |
7973.830 |
|
(b) Trade
payables |
4262.030 |
2704.990 |
1758.610 |
|
(c) Other
current liabilities |
4427.050 |
644.140 |
1007.990 |
|
(d) Short-term
provisions |
710.760 |
703.580 |
198.000 |
|
Total
Current Liabilities (4) |
12488.330 |
6273.600 |
10938.430 |
|
|
|
|
|
|
TOTAL |
38855.380 |
31690.610 |
33742.070 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2671.190 |
2162.680 |
2160.200 |
|
(ii)
Intangible Assets |
85.390 |
74.900 |
77.590 |
|
(iii)
Capital work-in-progress |
1688.960 |
655.710 |
312.530 |
|
(iv)
Intangible assets under development |
35.240 |
33.700 |
23.400 |
|
(b) Non-current Investments |
12943.320 |
10832.690 |
10412.470 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9228.010 |
9552.030 |
15401.460 |
|
(e) Other
Non-current assets |
1809.160 |
1018.310 |
5430.610 |
|
Total
Non-Current Assets |
28461.270 |
24330.020 |
33818.260 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1901.510 |
1759.270 |
1570.070 |
|
(c) Trade
receivables |
4850.980 |
3587.430 |
1893.440 |
|
(d) Cash
and cash equivalents |
1677.860 |
475.140 |
309.490 |
|
(e)
Short-term loans and advances |
669.350 |
670.450 |
236.940 |
|
(f) Other
current assets |
1294.410 |
868.300 |
813.870 |
|
Total
Current Assets |
10394.110 |
7360.590 |
4823.810 |
|
|
|
|
|
|
TOTAL |
38855.380 |
31690.610 |
38642.070 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
19493.040 |
15646.650 |
11629.390 |
|
|
|
Other Income |
1162.450 |
551.040 |
717.520 |
|
|
|
TOTAL (A) |
20655.490 |
16197.690 |
12346.910 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4157.500 |
3376.690 |
2404.910 |
|
|
|
Purchases of Stock-in-trade |
1410.880 |
1049.470 |
871.580 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-trade |
(36.670) |
(128.630) |
139.890 |
|
|
|
Employee benefit expenses |
3030.170 |
2468.090 |
1741.570 |
|
|
|
Other expenses |
7606.720 |
5771.280 |
3613.650 |
|
|
|
TOTAL (B) |
16168.600 |
12536.900 |
8771.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4486.890 |
3660.790 |
3575.310 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
436.940 |
608.690 |
857.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4049.950 |
3052.100 |
2717.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
250.410 |
211.130 |
209.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3799.540 |
2840.970 |
2507.930 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(61.530) |
187.980 |
386.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3861.070 |
2652.990 |
2121.780 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
10294.140 |
8511.120 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
NA |
NA |
108.110 |
|
|
|
Tax on Proposed Dividend on Equity Shares |
NA |
NA |
17.960 |
|
|
|
Residual Dividend and Dividend Tax |
NA |
NA |
0.500 |
|
|
|
Transfer to General Reserve |
NA |
NA |
212.190 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
10294.140 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
6708.560 |
5405.840 |
3020.010 |
|
|
|
Guarantee Commission |
181.750 |
109.380 |
11.210 |
|
|
|
Interest on loan to subsidiaries |
115.360 |
144.800 |
308.040 |
|
|
|
Royalty Income |
1.130 |
1.850 |
0.000 |
|
|
TOTAL EARNINGS |
7006.800 |
5661.870 |
3339.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
290.090 |
244.680 |
158.840 |
|
|
|
Capital Goods |
567.820 |
102.580 |
166.850 |
|
|
TOTAL IMPORTS |
857.910 |
347.260 |
325.690 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share - Basic (Rs.) |
14.26 |
9.81 |
7.86 |
|
|
|
Earnings Per Share - Diluted (Rs.) |
14.25 |
9.80 |
7.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
18.69
|
16.38
|
17.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.49
|
18.16
|
21.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.71
|
14.09
|
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12
|
0.22
|
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
1.17
|
1.29 |
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
Yes |
------------------------------------------------------------------------------------------------------------------------------
CASE
DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS (OS) 678/2013
SYMED LABS LIMITED - Plaintiff
Through Ms. Shwetasree Majumdar, Advocate
versus
GLENMARK PHARMACEUTICALS LTD and ANR. Defendant
Through Mr. Rajiv Virmani, Senior Advocate with Ms. Rajeshwari H., Advocate
CORAM:
HON'BLE MR. JUSTICE JAYANT NATH
ORDER
29.08.2013
Counter Claim No.45/2013
Learned counsel for the defendant states that Written Statement to the
Counter-Claim has been received day before yesterday. He submits that though
the plaintiff was given opportunity on 29.5.2013 to file the same in four weeks
it has been filed very belatedly. He submits that he needs at least 4 weeks
time to file replication to the written statement to the counter claim.
Prayer is allowed. Plaintiff may file replication within four weeks from
today.
List for arguments on 28.10.2013.
CS (OS) 678/2013 and IA No.5908/2013
List on 28.10.2013.
JAYANT NATH, J
AUGUST 29, 2013
N $ A-27
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Other Loans |
|
|
|
- From Banks |
0.000 |
2543.500 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Short-term loan from banks |
3088.490 |
1071.290 |
|
|
|
|
|
Total |
3088.490 |
3614.790 |
RESULTS OF OPERATIONS
On Standalone
basis the Company achieved a gross revenue of Rs.19,493.040 millions and the Standalone
operating profit before finance costs, depreciation and tax was Rs.4,486.890
millions as compared to Rs. 3,660.790 millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ENVIRONMENT
The global
economy continues to be challenging and global economic growth is projected to
be lower than the previous year Despite improved global financial conditions
and reduced short-term risks, the world economy continues to expand at a
subdued pace. After a marked downturn over the past two years, global economic
activity is expected to slowly gain momentum in the second half of 2013 and
2014 on the back of accommodative monetary policies in developed and developing
economies. Short-term risks stemming from the euro area crisis, fiscal adjustment
in the United States and a further slowdown in large developing countries have
diminished, but not disappeared. Enhanced international policy coordination is
needed to mitigate negative policy spillovers and foster robust and balanced
growth. At the same time, new medium-term risks have emerged, including
possible adverse effects of unconventional monetary measures in developed
economies on global financial stability. These risks have the potential to once
again derail the feeble recovery of the world economy. International policy
coordination needs to be enhanced to mitigate negative policy spillovers,
promote cooperation in reforming the international financial system, and ensure
sufficient resource flows to developing economies, and in particular the least
developed countries.
GLOBAL PHARMA
SCENARIO
The
Global Pharma scenario remains dynamic and challenging. They are witnessing
various new developments that make one believe that the ensuing years for
pharma companies will be challenging. They would also witness significant
changes in strategies by Pharmaceutical companies to take into consideration
the dynamic environment that is surrounding the industry. An important trend
that is being witnessed is the regulatory environment in developed and
developing countries. While developed countries are constantly raising the bar,
the developing countries are rapidly changing guidelines to bring them on par
with the developed countries regulatory framework. This evolution has resulted
in confusion in many markets as Pharma companies operating in these markets are
constantly trying to assess the standards for getting their products approved.
The increased scrutiny from regulators will continue to enforce renewed commitment
to quality from the industry. Some of the other trends that are being witnessed
are the continuous shift of share of healthcare spends from treatment of
disease to prevention and diagnosis. Further, the disease burden shift towards
chronic diseases is rapidly happening. The patients are becoming increasingly
empowered and going ahead, will be responsible for an increased portion of
healthcare costs due to ever increasing pressure on governments. The value of
patent expiries will increase, but the composition of value will shift from
small molecule to biologics.
BUSINESS REVIEW
SPECIALTY BUSINESS
The
specialty formulations business is organized around four regions India, Latin
America, Central Eastern Europe and Markets of Africa/Asia/CIS.
During the year under review, the specialty formulations business performed well, with the business growing by 27.52% to 26514.43 (USD 486.06 Mn) as compared to X 20792.42 (USD 428.44 Mn) for the previous corresponding financial year (excluding out-licensing income). The specialty business is now 53.88% of the overall base business as compared to 58.02% for the previous financial year.
INDIA
The
India formulations business outperformed during the year registering revenue of
X 13095.79 Mn (USD 240.07 Mn) as compared to 10021.30 Mn (USD 206.50 Mn) in the
previous corresponding year, recording growth of 30.68 % in X term.
As
per IMS-MAT Mar 2013, Glenmark gained 3 ranks from 23rd to 20th as compared to
MAT Mar 2012 exhibiting value growth of 18.0% vis-a-vis industry growth of
10.1%. Market share for the India business moved up from 1.69% to 1.82% during
the same period and the India business was the 2nd fastest growing company
among top 20 players in the industry. During the last two financial years the
India business gained five ranks in the Indian market place. The growth is once
again driven by strong performance of leading brands resulting in market share
improvement across core therapeutic areas. To further strengthen its presence
in India, the company has entered into two new businesses i.e. the OTC business
and pure generics business.
PROGRESS
IN OPERATING THERAPEUTIC AREAS:
In
Cardiology, market share increased from 2.86% to 3.30%, Respiratory market
share increased from 2.84% to 3.33%, Anti-infective MS increased from 1.35% to
1.60% and Gynaecology MS increased from 1.26% to 1.38% and in Dermatalogy
market share was maintained at 8.69%.
Market
share gains also led to two (2) ranks gain in the Cardiac and Respiratory
segments attaining 13th and 7th position in respective segments and one (1)
rank in Gynaecology segment with current rank at 22nd. In Dermatalogy, we
maintained 2nd rank and increased the value gap with respect to 3rd position.
ACTIVE
PHARMACEUTICAL INGREDIENTS (API)
The
API business continued with its strategy of focusing on differentiated API
products and also changing the business mix towards the regulated markets.
During the year under review, the API business also recorded its first sales in
Japan.
Revenue
from sale of APIs globally wasRs.3976.410 Millions [USD 72.90 Mn] in FY13
against Rs.3094.440 Millions [USD 63.76 Mn] in FY12, recording an increase of
28.5% in Rs. term.
During
the year, Ankleshwar API facility received approval from the Regulatory Agency
of Japan (PMDA). The API business made inroads into Japan with 3 new product
filings. Glenmark s API facility at Ankleshwar receives European cGMP
certification post a joint inspection of USFDA and EMEA. Another seven new
USDMFs were filed including several first DMFs targeting FTF and three DMFs to
support Europe Market. The business continued its leadership position for
Amiodarone, Lercanidipine, Adapalene, Perindopril, combined with launches of
new products during the year viz, Atovaquone in Canada through partner and
Levocetirizine in Europe through partner.
The
development of a new state-of-the-art manufacturing facility of Glenmark is in
progress at Dahej, Gujarat. This facility will cater to the manufacturing of
intermediates and Active Pharmaceutical Ingredients for regulated markets and
is expected to be commissioned in FY 2014.
OUTLOOK
Glenmark's
short-term and long-term outlook is encouraging for several reasons. On the
discovery front, the pipeline is progressing well with 4 molecules in clinics.
The
company will also continue with its approach of out-licensing its molecules. On
the generics front, with high value patented drugs going off patent in the
coming years, there is huge potential for the generics business. Glenmark is
actively increasing its base in major generics markets of US and Western
Europe.
At
same time, the specialty business will continue to build differentiated
pipelines in rest of the world markets, notably the 'Pharmerging' markets.
Focus will be on building size and scale organically. The Company has also put
multiple systems and processes in place to manage its complex operations and
instill efficiencies across the value chain. Glenmark will also continue to
build capabilities and nurture a talent pool with diverse skills sets to deliver
continuous results.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
Rs. in millions |
|
|
(a) Claims
against the Company not acknowledge as debts |
|
|
|
Labour Dispute |
0.060 |
0.090 |
|
Disputed Taxes and Duties |
105.780 |
154.470 |
|
(b) Guarantees |
|
|
|
Bank guarantees |
41.390 |
19.630 |
|
Letter of comfort on behalf of subsidiaries, to the extent of limits |
24286.730 |
15925.540 |
|
(c) Others |
|
|
|
Open letters of credit |
18.640 |
460.380 |
|
Indemnity Bond |
374.570 |
287.730 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80033325 |
23/09/2004 |
100,000,000.00 |
State Bank of
India |
ATLANTA
BUILDING, , NARIMAN POINT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
2 |
80020353 |
26/09/2012 * |
4,900,000,000.00 |
Bank of India |
8-A, BHULABHAI
DESAI ROAD, MAHALAXMI, MUMBAI, MAH ARASHTRA - 400026, INDIA |
B60388204 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
·
·
· Other buildings and premises
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets
·
Computer Software
·
Brands
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 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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
73 |
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.