MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK GENERICS LIMITED (w.e.f.29.11.2007) |
|
|
|
|
Formerly Known
As : |
GLENMARK ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
B/2, Mahalaxmi Chambers 22, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-081597 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1508.560
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1994PLC081597 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG05256G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG9820D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing,
Exporting and Marketing of Pharmaceutical Formulations and Active
Pharmaceutical Ingredients. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 68036000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “GLENMARK PHARMACEUTICALS LIMITED” It is a well-established and reputed company having a good track
record. Financial position of the company is sound. The promoters seem to be well
experience businessmen. Trader relations are reported to be 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 18, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
March 18, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Uday Kesri |
|
Designation : |
Assistant Manager of Planning |
|
Contact No.: |
91-9584467425 |
LOCATIONS
|
Registered Office : |
B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
|
Tel. No.: |
91-22-24964893/ 24901481/ 67589999/ 40189999/ 40189930 |
|
Mobile No.: |
91-9584467425 (Mr. Uday Kesri) |
|
Fax No.: |
91-22-24932648/ 24919652/ 67589986/ 40189986/ 40189988 |
|
E-Mail : |
skshankar@glenmark-generics.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Glenmark 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/ 40189827 |
|
Fax No.: |
91-22-40189988/ 40189804 |
|
|
|
|
Factory 1 : |
Plot No.2, Pharma Zone, Sez Phase II, Pithampur District, Dhar, Madhya
Pradesh, India |
|
|
|
|
Factories : |
Also Located at: ·
Goa ·
Ankleshwar ·
Kurkumbh ·
Mohol |
DIRECTORS
AS ON 29.07.2013
|
Name : |
Mr. Natvarlal Bhimbhai Desai |
|
Designation : |
Director |
|
Address : |
701, Kubelisque Conominm, Union Park, Pali Hill, Nargis Dutt Road,
Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1927 |
|
Qualification : |
Matric from Mumbai University |
|
Date of Appointment : |
30.06.2010 |
|
DIN No.: |
00029023 |
|
|
|
|
Name : |
Mr. Sridhar Anant Gorthi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
1002, 10th Floor, June Blossoms, Manuel Gonsalves Road, Bandra,
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1972 |
|
Qualification : |
BA, LLB (Hons.) |
|
Date of Appointment : |
05.09.2008 |
|
DIN No.: |
00035824 |
|
|
|
|
Name : |
Mr. Julio Francis Ribeiro |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
5th Floor, Room No.51, Sagar Tarang Building, 15-A, K A G
Khan Road, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1929 |
|
Qualification : |
B Com, LLB |
|
Date of Appointment : |
05.09.2008 |
|
DIN No.: |
00047630 |
|
|
|
|
Name : |
Mr. Glenn Mario Saldanha |
|
Designation : |
Director |
|
Address : |
1101 to 1102, 111th Floor, Lasolita Rustomjee Building, Off
Turner Road 28th, 25th Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
26.11.1969 |
|
Qualification : |
B. Pharm, MBA |
|
Date of Appointment : |
05.09.2008 |
|
PAN No.: |
AMWPS4972P |
|
DIN No.: |
00050607 |
|
|
|
|
Name : |
Mr. Rajesh Vasudeo Desai |
|
Designation : |
Director |
|
Address : |
102-D Wing, Shrinath Bhuvan, Nicolas Wadi, Yashwant Tawde Path,
Dahisar (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1958 |
|
Qualification : |
B. Sc, C.A. |
|
Date of Appointment : |
30.06.2010 |
|
PAN No.: |
ACOPD2684H |
|
DIN No.: |
00050838 |
|
|
|
|
Name : |
Mr. Devendra Raj Mehta |
|
Designation : |
Director |
|
Address : |
B – 5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302015, Rajasthan,
India |
|
Date of Birth/Age : |
25.06.1937 |
|
Qualification : |
B.A., LLB |
|
Date of Appointment : |
30.06.2010 |
|
DIN No.: |
01067895 |
|
|
|
|
Name : |
Mr. Jalaj Sharma |
|
Designation : |
Whole Time Director |
|
Address : |
Flat 125 and 126, West End, D Wing, Raheja Vihar, Chandivali Farm Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1963 |
|
Qualification : |
PGDBM (Finance) |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AEKPS3848E |
|
DIN No.: |
02626340 |
KEY EXECUTIVES
|
Name : |
Mr. Rudalf Joseph Corriea |
|
Designation : |
Secretary |
|
Address : |
Nale, Kondebhat, Tal Vasai, District Thane, Nalasopara (West), Mumbai
– 401 203, Thane, India |
|
Date of Birth/Age : |
04.06.1985 |
|
Date of Appointment : |
01.05.2013 |
|
PAN No.: |
APUPC3095G |
|
|
|
|
Name : |
Mr. Uday Kesri |
|
Designation : |
Assistant Manager of Planning |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.07.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 29.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
1.37 |
|
Bodies corporate |
98.49 |
|
Other |
0.14 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting
and Marketing of Pharmaceutical Formulations and Active Pharmaceutical
Ingredients. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· USA Europe |
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Terms : |
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Selling : |
Cash, Cheque and
Credit |
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Purchasing : |
Cash, Cheque and
Credit |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Injectibles |
Kgs |
-- |
34,792 |
|
Lotions & Externals |
Ltrs |
-- |
166 |
|
Ointments and Creams |
Kgs |
972,000 |
187,239 |
|
Tablets and Capsules |
Nos |
4,963,400,000 |
3,137,241,592 |
|
Bulk Drugs |
Kgs |
466,000 |
190,579 |
NOTES:
1.
The products of the Company are exempt from
licensing procedures.
2.
Installed capacity, being a technical matter, has not
been verified by the auditors. However, the management has certified the same.
3.
Actual production includes goods manufactured at
third party manufacturing facilities on loan licence basis and at leased
facilities, however same is not considered for the installed capacity
disclosure.
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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|
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|
Bankers : |
·
Axis Bank Limited Axis House, 2nd Floor, E-Wing, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India [Tel No.: 91-22-43252525] ·
Axis Bank Limited 6th Floor, Maker Tower “F”, Cuffe Parade, Mumbai – 400005,
Maharashtra, India ·
Central Bank of India Corporation Finance Branch, 1st Floor, M. M. O. Building,
M. G. Road, Fort, Mumbai – 400023, Maharashtra, India |
|||||||||||||||||||||
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|
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.G.N. Price and Company Chartered Accountants |
|
Address : |
204, Parikh Building, N.G. Acharya Road, Chembur, Mumbai – 400071,
Maharashtra, India |
|
Tel. No.: |
91-22-25281531/ 67993443/ 25280291 |
|
Fax No.: |
91-22-25280291 |
|
E-Mail : |
|
|
PAN No: |
AAAFR0651G |
|
|
|
|
Holding Company : |
Glenmark Pharmaceuticals Limited [L24299MH1977PLC019982] |
|
|
|
|
Subsidiary Company : |
· Glenmark Generics (Europe) Limited, U.K. Glenmark Generics Finance SA , Switzerland (GGFSA) Glenmark Generics Inc, USA Glenmark Generics S. A., Argentina Glenmark Generics Holding S.A., Switzerland (merged with
GGFSA wef 01.04.12) Glenmark Generics B. V., Netherlands Glenmark Arzneimittel GmbH, Germany Glenmark Generics Canada Inc., Canada |
|
|
|
|
Fellow Subsidiary Company : |
· Glenmark Access Limited [U51900MH1996PLC102125] Glenmark Dominicana SRL, Dominican Republic Glenmark Impex L.L.C., Russia Glenmark Philippines Inc., Philippines Glenmark Farmaceutica Ltda., Brazil Glenmark Pharmaceuticals Europe Limited, UK Glenmark Pharmaceuticals (Nigeria) Limited, Nigeria Glenmark Pharmaceuticals (Malaysia) Sdn.Bhd., Malaysia Glenmark Pharmaceuticals (Thailand) Company Limited,
Thailand. Glenmark Pharmaceuticals S.A., Switzerland Glenmark Pharmaceuticals South Africa (Pty) Limited, South
Africa Glenmark South Africa (Pty) Ltd., South Africa Glenmark Pharmaceuticals (Australia) Pty. Limited,
Australia Glenmark Holding S.A., Switzerland Glenmark Pharmaceuticals s.r.o, Czech Republic Glenmark Pharmaceuticals S.R.L, Romania Glenmark Pharmaceuticals Eood, Bulgaria Glenmark Pharmaceuticals Mexico s.a. de c.v., Mexico Glenmark Pharmaceuticals Peru SAC., Peru Glenmark Pharmaceuticals SP. z.o.o, Poland Glenmark Distributors SP z.o.o, Poland Glenmark Uruguay S.A., Uruguay Glenmark Therapeutics Inc., USA Glenmark Pharmaceuticals Egypt S. A. E., Egypt Glenmark Pharmaceuticals FZE., United Arab Emirates Glenmark Pharmaceuticals Venezuela C.A., Venezuala Glenmark Pharmaceuticals Colombia Ltda., Colombia Glenmark Pharmaceuticals SK S.R.O, Slovak Republic Glenmark Pharmaceuticals (Kenya) Limited Glenmark Therapeutics AG, Switzerland |
CAPITAL STRUCTURE
AS ON 29.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151074353 |
Equity Shares |
Rs.10/- each |
Rs.1510.744 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150855534 |
Equity Shares |
Rs.10/- each |
Rs. 1508.560
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1508.560 |
1503.250 |
|
(b) Reserves & Surplus |
|
15500.560 |
11573.550 |
|
(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) |
|
17009.120 |
13076.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4702.750 |
4702.750 |
|
(b) Deferred tax liabilities (Net) |
|
841.050 |
624.640 |
|
(c) Other long term
liabilities |
|
1.450 |
1.400 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
5545.250 |
5328.790 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
589.720 |
4653.680 |
|
(b)
Trade payables |
|
5351.910 |
3720.500 |
|
(c)
Other current liabilities |
|
306.240 |
227.910 |
|
(d) Short-term
provisions |
|
341.630 |
31.840 |
|
Total Current
Liabilities (4) |
|
6589.500 |
8633.930 |
|
|
|
|
|
|
TOTAL |
|
29143.870 |
27039.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
4140.540 |
3587.670 |
|
(ii)
Intangible Assets |
|
484.510 |
580.740 |
|
(iii)
Capital work-in-progress |
|
2135.080 |
1482.450 |
|
(iv)
Intangible assets under development |
|
769.250 |
720.670 |
|
(b) Non-current Investments |
|
5297.450 |
5297.450 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4032.410 |
5282.810 |
|
(e) Other
Non-current assets |
|
1445.690 |
710.800 |
|
Total Non-Current
Assets |
|
18304.930 |
17662.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2970.990 |
2463.860 |
|
(c) Trade
receivables |
|
6295.190 |
5185.370 |
|
(d) Cash
and cash equivalents |
|
445.630 |
215.010 |
|
(e)
Short-term loans and advances |
|
1127.130 |
1512.690 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
10838.940 |
9376.930 |
|
|
|
|
|
|
TOTAL |
|
29143.870 |
27039.520 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1499.550 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9390.224 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10889.774 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
269.630 |
|
|
2] Unsecured Loans |
|
|
8002.932 |
|
|
TOTAL BORROWING |
|
|
8272.562 |
|
|
DEFERRED TAX LIABILITIES |
|
|
582.960 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19745.296 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3854.862 |
|
|
Capital work-in-progress |
|
|
1866.584 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1061.550 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2489.695 |
|
|
Sundry Debtors |
|
|
3892.883 |
|
|
Cash & Bank Balances |
|
|
189.847 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
10595.314 |
|
Total
Current Assets |
|
|
17167.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1627.441 |
|
|
Other Current Liabilities |
|
|
2557.125 |
|
|
Provisions |
|
|
20.873 |
|
Total
Current Liabilities |
|
|
4205.439 |
|
|
Net Current Assets |
|
|
12962.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19745.296 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17261.340 |
12825.010 |
11045.200 |
|
|
|
Other Income |
452.260 |
722.060 |
297.350 |
|
|
|
TOTAL (A) |
17713.600 |
13547.070 |
11342.550 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7452.980 |
6319.270 |
5108.150 |
|
|
|
Purchases of stock-in-trade |
69.500 |
37.370 |
36.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(85.620) |
83.730 |
(149.820) |
|
|
|
Employee benefit expense |
1122.170 |
916.320 |
605.230 |
|
|
|
Other expenses |
3186.510 |
2802.590 |
2217.200 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
2339.778 |
|
|
|
TOTAL (B) |
11745.540 |
10159.280 |
10156.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5968.060 |
3387.790 |
1185.710 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
525.600 |
417.140 |
438.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5442.460 |
2970.650 |
746.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
407.140 |
387.820 |
326.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5035.320 |
2582.830 |
420.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
495.880 |
399.500 |
(6.690) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4539.440 |
2183.330 |
427.120 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
NA |
10863.200 |
9150.834 |
|
|
|
Interest Income |
NA |
181.700 |
243.846 |
|
|
|
Others |
NA |
0.000 |
5.577 |
|
|
TOTAL EARNINGS |
NA |
11044.900 |
9400.257 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
63.883 |
|
|
|
Raw Materials and Packing Materials |
NA |
NA |
1051.161 |
|
|
TOTAL IMPORTS |
NA |
NA |
1115.044 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.15 |
14.55 |
2.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
25.63 |
16.12 |
3.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.17 |
20.14 |
3.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.04 |
13.22 |
2.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.20 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.31 |
0.72 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.09 |
4.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1503.250 |
1508.560 |
|
Reserves & Surplus |
11573.550 |
15500.560 |
|
Net worth |
13076.800 |
17009.120 |
|
|
|
|
|
Long-term borrowings |
4702.750 |
4702.750 |
|
Short term borrowings |
4653.680 |
589.720 |
|
Total
borrowings |
9356.430 |
5292.470 |
|
Debt/Equity
ratio |
0.715 |
0.311 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11045.200 |
12825.010 |
17261.340 |
|
|
|
16.114 |
34.591 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11045.200 |
12825.010 |
17261.340 |
|
Profit |
427.120 |
2183.330 |
4539.440 |
|
|
0.039 |
0.170 |
0.263 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10141439 |
20/10/2009 * |
1,500,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, IST FLOOR, M.M.O. BUILDING,M.G.ROAD, FORT, MUMBAI,
MAHARASHTRA - 400023, INDIA |
A72105059 |
|
2 |
10114486 |
19/12/2008 * |
1,700,000,000.00 |
BANK OF INDIA |
MAHALAXMI
BRANCH, 8A-BHULABHAI DSESAI ROAD, MUMBAI, MAHARASHTRA - 400026, INDIA |
A54985908 |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
589.720 |
4649.440 |
|
|
|
|
|
Total |
589.720 |
4649.440 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank guarantees |
24.980 |
19.400 |
|
Disputed taxes/duties (Excise Duty) |
97.050 |
57.690 |
|
Open letters of credit (Refer Note a) |
505.300 |
303.230 |
|
Corporate Guarantee (Refer Note b) |
5870.880 |
3815.250 |
|
|
|
|
|
Total |
6498.210 |
4195.570 |
NOTE:
a) The total amount related to letters of credit outstanding as on 31st March, 2013 and 31st March, 2012.
b) Corporate guarantee given on behalf of Glenmark Generics
Finance S.A., Switzerland
FIXED ASSETS
Tangible Assets
·
Leasehold Land
·
Factory Buildings
·
Other Buildings and
Premises
·
Plant and Machinery
·
Furniture and Fixtures
·
Equipments
·
Vehicles
Intangible Assets
·
Computer Software
·
Product Knowhow
·
Goodwill
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. 60.73 |
|
|
1 |
Rs. 101.48 |
|
Euro |
1 |
Rs. 81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.