MIRA
INFORM REPORT
|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK PHARMACEUTICALS LIMITED |
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Registered
Office : |
B/2, Mahalaxmi Chambers,
22, |
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|
Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.11.1977 |
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Com. Reg. No.: |
11-19982 |
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Capital Investment
/ Paid-up Capital : |
Rs.270.850 Millions |
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CIN No.: [Company Identification
No.] |
L24299MH1977PLC019982 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG07883B |
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Legal Form : |
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 |
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Maximum Credit Limit : |
USD 101000000 |
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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.
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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 DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 CO-OPERATIVE.
Contact No.: 91-91-22-40189897
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 |
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Fax No.: |
91-22-24932648/ 23512177/ 23519652 |
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E-Mail : |
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Website : |
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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 |
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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 |
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|
|
|
Name:
|
Mr. Rajesh V.
Desai |
|
Designation : |
Executive
Director and CFO |
|
|
|
|
Name |
Mrs. B. E. Saldanha |
|
Designation |
Non Executive Director |
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Qualification : |
Graduated in Arts and Law |
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|
Name |
Mr. D. R. Mehta |
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Designation |
Non Executive Director |
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|
Name |
Mr. Sridhar Gorthi |
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Designation |
Non Executive Director |
|
Qualification : |
B.A., L.L.B.
(Hons.) from |
|
|
|
|
Name |
Mr. Bernard
Munos |
|
Designation |
Non Executive Director |
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Name |
Mr. Hocine Sidi
Said |
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Designation |
Non Executive Director |
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Qualification : |
B.A.
(International Marketing) |
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|
|
Name |
Mr. J. F.
Ribeiro |
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Designation |
Non Executive Director |
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Qualification : |
Ex-IPS |
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|
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Name |
Mr. N. B. Desai
|
|
Designation |
Non Executive Director |
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|
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 30.09.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2713681 |
1.00 |
|
|
128241936 |
47.30 |
|
|
128241936 |
47.30 |
|
|
130955617 |
48.30 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
130955617 |
48.30 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6793348 |
2.51 |
|
|
13576965 |
5.01 |
|
|
89813438 |
33.13 |
|
|
110183751 |
40.64 |
|
|
|
|
|
|
|
|
|
|
3974486 |
1.47 |
|
|
|
|
|
|
|
|
|
|
15994151 |
5.90 |
|
|
7797870 |
2.88 |
|
|
2219078 |
0.82 |
|
|
330026 |
0.12 |
|
|
449986 |
0.17 |
|
|
1257773 |
0.46 |
|
|
10054 |
0.00 |
|
|
169777 |
0.06 |
|
|
1462 |
0.00 |
|
|
29985585 |
11.06 |
|
|
|
|
|
Total Public
shareholding (B) |
140169336 |
51.70 |
|
|
|
|
|
Total (A)+(B) |
271124953 |
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) |
271124953 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Saldanha Family Trust |
12,82,41,936 |
47.30 |
47.30 |
|
2 |
Cherylann Maria Pinto |
4,91,000 |
0.18 |
0.18 |
|
3 |
Blanche Elizabeth Saldanha |
4,83,966 |
0.18 |
0.18 |
|
4 |
Glenn Mario Saldanha |
4,49,947 |
0.17 |
0.17 |
|
5 |
Glenn Mario Saldanha |
3,00,000 |
0.11 |
0.11 |
|
6 |
Robin Joseph Pinto |
2,74,000 |
0.10 |
0.10 |
|
7 |
Cherylann Maria Pinto |
1,07,000 |
0.04 |
0.04 |
|
8 |
Robin Pinto |
1,00,000 |
0.04 |
0.04 |
|
9 |
Cherylann Maria Pinto |
67,300 |
0.02 |
0.02 |
|
10 |
Blanche Elizabeth Saldanha |
88,258 |
0.03 |
0.03 |
|
11 |
Blanche Elizabeth Saldanha |
88,258 |
0.03 |
0.03 |
|
12 |
Blanche Elizabeth Saldanha |
88,258 |
0.03 |
0.03 |
|
13 |
Blanche Elizabeth Saldanha |
80,759 |
0.03 |
0.03 |
|
14 |
Robin Joseph Pinto |
53,000 |
0.02 |
0.02 |
|
15 |
Robin Joseph Pinto |
16,935 |
0.01 |
0.01 |
|
16 |
Cherylann Maria Pinto |
11,500 |
0.00 |
0.00 |
|
17 |
Neha Saldanha |
6,000 |
0.00 |
0.00 |
|
18 |
Blanche Elizabeth Saldanha |
7,500 |
0.00 |
0.00 |
|
|
Total |
13,09,55,617 |
48.30 |
48.30 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
1 |
HSBC Global Investment Funds A/c HSBC GIF
Mauritius Ltd |
8934988 |
3.30 |
3.30 |
|
|
2 |
Life Insurance Corporation Of India |
9271338 |
3.42 |
3.42 |
|
|
3 |
Kemnay Investment Fund LImited |
3612082 |
1.33 |
1.33 |
|
|
4 |
General Insurance Corporation of India |
3135000 |
1.16 |
1.16 |
|
|
5 |
Merrill Lynch Capital Markets Espana S A S
V |
3190784 |
1.18 |
1.18 |
|
|
6 |
Emerging Markets Growth Fund Inc |
5362846 |
1.98 |
1.98 |
|
|
|
Total |
33507038 |
12.36 |
12.36 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
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Products : |
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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 : |
-- |
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|
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|
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 |
|
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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
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
2718.000 |
127.180 |
NA |
|
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 |
Yes |
|
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
BENCH:-BOMBAY
|
Lodging No.:- |
CHSL/834/2012 |
Filing Date:- |
11/05/2012 |
Reg. No.:- |
CHS/725/2012 |
Reg. Date:- |
11/05/2012 |
MAIN MATTER
|
Lodging No.:- |
Reg No.:- |
S/1851/2007 |
|
|
Petitioner:- |
Charak Pharmaceuticals (India) Limited
and ANR |
Respondent:- |
Glenmark Pharmaceuticals Limited |
|
Petn.Adv.:- |
Sunil and Company |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|
Status:- |
Pre-Admission |
Category:- |
CHAMBER SUMMONS. |
|
Last Date:- |
25/10/2013 |
Stage:- |
-- |
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.C. GUPTE |
|
Act :- |
Code of Civil Procedure 1908 |
------------------------------------------------------------------------------------------------------------------------------
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
PRESS RELEASE
GLENMARK ANNOUNCES
LAUNCH OF HYDROCORTISONE BUTYRATE CREAM IN THE US
Glenmark is entitled to 180 days of exclusivity as it is the
first generic company to file an ANDA for the product.
December 9, 2013: Glenmark Generics Inc., USA, the subsidiary of Glenmark
Generics Limited, announces the exclusive launch of Hydrocortisone Butyrate
cream USP, 0.1% in the United States. The Company received approval from the
United States Food and Drug Administration (U.S. FDA) for Abbreviated New Drug
Application (ANDA) for its generic version of Locoid Lipocream® on September
27, 2013.
Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate cream, as it is the first generic company to file an ANDA for the product.
Hydrocortisone Butyrate cream is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in adults and the treatment of mild to moderate atopic dermatitis in patients 3 months to 18 years of age. According to IMS Health sales data for the 12 month period ending September 2013, Hydrocortisone Butyrate cream garnered annual sales of approximately USD 36.8 million.
Glenmark’s current portfolio consists of 90 products
authorized for distribution in the U.S. marketplace and 56 ANDA’s pending
approval with the U.S. FDA. In addition to these internal filings, GGI
continues to identify and explore external development partnerships to
supplement and accelerate the growth of the existing pipeline and portfolio.
About Glenmark
Generics Limited
Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader. GGL has an established presence in North America and developing an EU presence. It primarily sells its FDF products in the United States ("US") and the European Union ("EU"), as well as its oncology FDF products in South America. The Company supplies APIs to customers in approximately 80 countries, including the US, various countries in the EU, South America and India.
GLENMARK CONFIRMS PATENT CHALLENGE FOR BENDAMUSTINE HYDROCHLORIDE
This ANDA has been
filed from Glenmark's Argentina lyophilized injectable facility
December 31, 2013: Glenmark Pharmaceuticals Limited and Glenmark Generics Inc., USA ("Glenmark") confirms Cephalon Inc. has filed a patent infringement suit on 26 Dec 2013 in the U.S. District Court for the District of Delaware seeking to prevent Glenmark from commercializing its Abbreviated New Drug Application (ANDA) Bendamustine Hydrochloride product, their generic version of Treandae, prior to expiration of the Orange
Book patents. A complaint against Glenmark has been filed on US patent 8,445,524. This lawsuit was filed under the provisions af the Hatch-Waxman Act.
Bendamustine is indicated for the treatment of patients with Chronic Lymphocytic Leukemia. This ANDA has been filed from Glenmark's Argentina lyophilized injectable facility. For the twelve-month period ending September 2013, Treanda" achieved sales of USD 659 million according to IMS Health.
About Glenmark
Generics Limited
Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader. GGL has an established presence in North America and developing an EU presence, which primarily sells its FDF products in the United States ("US") and the European Union (L'EU"), as well as its oncology FDF products in South America. The Company supplies APIs to custorhers in approximately 80 countries, including the US, various countries in the EU, South America and.India.
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.62.41 |
|
|
1 |
Rs.102.53 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
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 |
YES |
|
--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.