MIRA
INFORM REPORT
|
Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE PHARMACEUTICALS LIMITED |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
13.11.1924 |
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Com. Reg. No.: |
11-001151 |
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Capital Investment
/ Paid-up Capital : |
Rs. 847.030
Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1924PLC001151 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG00196A |
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PAN No.: [Permanent Account No.] |
AAACG4414B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing, Distributing and Trading in
Pharmaceuticals. |
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No. of Employees
: |
4706 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
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 80400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a
well-established and reputed company having a fine track record. The rating
reflects strong financial risk profile supported by low dependence on
external debt, strong liquidity position and decent profitability of the company.
Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can
be considered good for normal 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries to
stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajendra Taide |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-24959415 |
LOCATIONS
|
Registered Office : |
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|
Tel. No.: |
91-22-24933871/ 24933514/ 24959595 |
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Fax No.: |
91-22-24935358/ 24959494 |
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E-Mail : |
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Website : |
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Factory 1 : |
2nd
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Factory 2 : |
Ambad,
Nashik, |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Deepak S. Parekh |
|
Designation : |
Chairman |
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|
Name : |
Mr. V. Thyagarajan |
|
Designation : |
Vice-Chairman |
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|
Name : |
Dr. Hasit B. Joshipura |
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Designation : |
Managing Director |
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|
Name : |
Mr. R. R. Bajaaj |
|
Designation : |
Director |
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Name : |
Dr. A. Banerjee |
|
Designation : |
Director (Alternate to S. Harford upto 31.07.2012) |
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|
Name : |
Ms. A. Bansal |
|
Designation : |
Director [w.e.f.19.02.2013] |
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Name : |
Mr. P. V. Bhide |
|
Designation : |
Director |
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Name : |
Mr. Simon Harford |
|
Designation : |
Director |
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Name : |
Mr. M. B. Kapadia |
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Designation : |
Director |
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Name : |
Mr. N. Kaviratne CBE |
|
Designation : |
Director |
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Name : |
Mr. Raju Krishnaswamy |
|
Designation : |
Director |
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DIN No.: |
03043004 |
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|
Name : |
Mr. V. Narayanan |
|
Designation : |
Director [upto 09.11.2012] |
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|
Name : |
Mr. P. V. Nayak |
|
Designation : |
Director |
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Name : |
Mr. A. N. Roy |
|
Designation : |
Director |
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|
Name : |
Mr. Ronald C. Sequeira |
|
Designation : |
Director |
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|
Name : |
Mr. D. Sundaram |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
A. A. Nadkarni |
|
Designation : |
General Manager - Administration and Company Secretary |
|
|
|
|
Name : |
Mr. Rajendra Taide |
|
Designation : |
Accounts Manager |
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MANAGEMENT TEAM |
|
|
Managing Director : |
Dr. H. B. Joshipura |
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Senior Executive Directors : |
M. B. Kapadia – Finance – Corporate Communications, Secretarial and Administration |
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|
|
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Executive Director : |
v
R. C.
Sequeira Human Resources v
R. Krishnaswamy Technical |
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|
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Executive Vice-President : |
v
H. Buch Pharmaceuticals v Dr. S. Joglekar Medical and Clinical Research |
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|
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|
Vice-Presidents : |
v R. Bartaria Pharmaceuticals v
S. Dheri Biologicals v S. Khanna Finance v K. Hazari Legal and Corporate Affairs v C. T.
Renganathan Pharmaceuticals |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
42917488 |
50.67 |
|
|
42917488 |
50.67 |
|
Total shareholding of Promoter and Promoter Group (A) |
42917488 |
50.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1152919 |
1.36 |
|
|
7501864 |
8.86 |
|
|
20121350 |
23.76 |
|
|
28776133 |
33.97 |
|
|
|
|
|
|
1066335 |
1.26 |
|
|
|
|
|
|
11294771 |
13.33 |
|
|
295813 |
0.35 |
|
|
352477 |
0.42 |
|
|
2395 |
0.00 |
|
|
37212 |
0.04 |
|
|
294 |
0.00 |
|
|
234282 |
0.28 |
|
|
78294 |
0.09 |
|
|
13009396 |
15.36 |
|
Total Public shareholding (B) |
41785529 |
49.33 |
|
Total (A)+(B) |
84703017 |
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) |
84703017 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million 
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Glaxo Group Limited |
30485250 |
35.99 |
|
2 |
Eskaylab Limited |
5880000 |
6.94 |
|
3 |
Burroughs Wellcome International Limited |
3360000 |
3.97 |
|
4 |
Castleton Investment Limited |
3192238 |
3.77 |
|
|
Total |
42917488 |
50.67 |
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 Shareholders |
No.
of Shares held |
Shares
as % |
|
|
1 |
Life Insurance Corporation of India |
4822848 |
5.69 |
|
|
2 |
Aberdeen Global Indian Equity Fund
Mauritius Limited |
3287971 |
3.88 |
|
|
3 |
Aberdeen Emerging Markets Fund |
2634854 |
3.11 |
|
|
4 |
Aberdeen Global - Emerging Markets Equity
Fund |
2627999 |
3.10 |
|
|
5 |
Aberdeen Emerging Markets Equity Fund A |
1379918 |
1.63 |
|
|
6 |
Aberdeen Global - Asia Pacific Equity Fund |
1341550 |
1.58 |
|
|
7 |
General Insurance Corporation of India |
1000225 |
1.18 |
|
|
|
Total |
17095365 |
20.18 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % |
|
|
1 |
Life Insurance Corporation of India |
4822848 |
5.69 |
|
|
|
Total |
4822848 |
5.69 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Distributing and Trading in
Pharmaceuticals. |
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Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity (a) |
Actual
Production |
|
Chemicals
(including Bulk Drugs) |
Tonnes |
184 |
1 |
|
Formulations : |
|
|
|
|
Liquids – Orals, Topicals and Parenterals |
Kilo Litres |
8400 |
7407 |
|
Antibiotic Vials |
Thousands |
5000 |
520 |
|
Tablets and Capsules |
Million |
7650 |
10541 |
|
Solids including Powders and Ointments |
Tonnes |
2600 |
3265 |
|
Aerosol Cans |
Thousands |
-- |
154 |
Note:
(a) Installed capacities of the formulation factories of the Company (based on a five day week except where continuous processes are involved and on a single shift basis) are as certified by the Management.
(b) Licensed capacity is not indicated as industrial licensing for all bulk drugs, intermediates and their formulations stands abolished in terms of Press Note No. 4 (1994 Series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.
(c) Actual production includes quantities produced in the factories of third parties on loan licenses.
GENERAL INFORMATION
|
No. of Employees : |
4706 (Approximately) |
|
|
|
|
Bankers : |
v Citibank N.A. v Axis Bank Limited v Deutsche Bank v HDFC Bank Limited v
The Hongkong and Shanghai Banking Corporation
Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered
Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai
– 400028, Maharashtra, India |
|
|
|
|
Solicitors : |
Gagrat and Company |
|
|
|
|
Shareholders (the GlaxoSmithKline (GSK) Group
shareholding) in the Company : |
v Glaxo Group Limited, U.K. v Eskaylab Limited, U.K. v Burroughs Wellcome International Limited, U.K. v Castleton Investment Limited, Mauritius |
|
|
|
|
Holding Company / Ultimate Holding company of the
above shareholders * : |
v GlaxoSmithKline Plc, U.K. v GlaxoSmithKline Finance Plc, U.K. v SmithKline Beecham Limited, U.K. v Wellcome Limited, U.K. v The Wellcome Foundation Limited, U.K. v Wellcome Consumer Healthcare Limited, U.K. * No transactions during the
year |
|
|
|
|
Wholly Owned Subsidiary : |
Biddle Sawyer Limited |
|
|
|
|
Other related parties in the GlaxoSmithKline
(GSK) Group where common control exists and with whom the Company had transactions
during the year: |
v SmithKline Beecham Private Limited, Sri Lanka v GlaxoSmithKline Pakistan Limited, Pakistan v GlaxoSmithKline Asia Private Limited, India v GlaxoSmithKline Consumer Healthcare Limited,
India v GlaxoSmithKline Biologicals S.A., Belgium v GlaxoSmithKline Services Unlimited, U.K. v GlaxoSmithKline Export Limited, U.K. v SmithKline Beecham Pharmaceuticals R & D,
U.S. v Glaxo Operations UK Limited, U.K v GlaxoSmithKline Pte Limited, Singapore v GlaxoSmithKline Australia Pty Limited, Australia v GlaxoSmithKline Trading Services Limited, Ireland v GlaxoSmithKline Limited, Hong Kong v GlaxoSmithKline LLC, U.S.A v GlaxoSmithKline Limited, Kenya v Stiefel India Private Limited, India v Glaxo Wellcome Ceylon Limited, Sri Lanka v US Pharmaceuticals, U.S.A. v GlaxoSmithKline Ilaclari Sanayi ve Ticaret AS,
Turkey v GlaxoSmithKline Manufacturing SPA, Italy |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs. 10/- each |
Rs. 900.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84707710 |
Equity Shares |
Rs. 10/- each |
Rs. 847.077
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84703017* |
Equity Shares |
Rs. 10/- each |
Rs. 847.030
Millions |
|
|
|
|
|
* excludes 4693 equity shares of Rs. 10 each of the
Company (3352 equity shares of Rs. 10 each of erstwhile Burroughs Wellcome
(India) Limited) held in abeyance.
|
(a) Reconciliation of the number of shares : |
Number of Shares |
Rs. In Millions |
|
Balance at the beginning of the
year |
84703017 |
847.030 |
|
Issued during the year |
-- |
-- |
|
Balance at the end of the year |
84703017 |
847.030 |
(b)
Rights, preferences and restrictions attached to equity shares:
The Company has one class of equity shares having a
par value of Rs. 10 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
|
(c) Shares held by subsidiaries of ultimate
holding company in aggregate : |
Number of Shares |
Rs. In Millions |
|
Equity shares of Rs. 10 each (representing 50.67%
of total shareholding) |
42917488 |
429.175 |
|
(d) Details of equity shares held by shareholders
holding more than 5% shares of the aggregate shares in the Company: |
Number of Shares |
% Shareholding |
|
Glaxo Group Limited, U.K |
30485250 |
35.99% |
|
Eskaylab Limited, U.K. |
5880000 |
6.94% |
|
Life Insurance Corporation of
India |
4822848 |
5.69% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
847.030 |
847.030 |
|
(b) Reserves & Surplus |
|
19253.122 |
18352.318 |
|
(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) |
|
20100.152 |
19199.348 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
41.424 |
45.933 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
49.672 |
49.986 |
|
(d) long-term
provisions |
|
2347.929 |
2235.578 |
|
Total Non-current
Liabilities (3) |
|
2439.025 |
2331.497 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
2325.292 |
1983.410 |
|
(c)
Other current liabilities |
|
907.912 |
683.676 |
|
(d) Short-term
provisions |
|
5124.284 |
5912.752 |
|
Total Current
Liabilities (4) |
|
8357.488 |
8579.838 |
|
|
|
|
|
|
TOTAL |
|
30896.665 |
30110.683 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
894.021 |
991.321 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
437.875 |
161.899 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
576.751 |
1025.914 |
|
(c) Deferred tax assets (net) |
|
865.409 |
614.660 |
|
(d) Long-term Loan and Advances |
|
1896.868 |
1529.312 |
|
(e) Other
Non-current assets |
|
101.788 |
92.728 |
|
Total Non-Current
Assets |
|
4772.712 |
4415.834 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
449.092 |
572.109 |
|
(b)
Inventories |
|
2820.429 |
3301.407 |
|
(c)
Trade receivables |
|
1158.980 |
853.116 |
|
(d) Cash
and cash equivalents |
|
20387.791 |
19840.861 |
|
(e)
Short-term loans and advances |
|
570.279 |
499.734 |
|
(f)
Other current assets |
|
737.382 |
627.622 |
|
Total
Current Assets |
|
26123.953 |
25694.849 |
|
|
|
|
|
|
TOTAL |
|
30896.665 |
30110.683 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
847.030 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
18461.080 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
19308.110 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
51.619 |
|
|
TOTAL BORROWING |
|
|
51.619 |
|
|
DEFERRED TAX LIABILITIES |
|
|
87.400 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19447.129 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1089.331 |
|
|
Capital work-in-progress |
|
|
87.209 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1603.522 |
|
|
DEFERREX TAX ASSETS |
|
|
651.353 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2815.375
|
|
|
Sundry Debtors |
|
|
470.265
|
|
|
Cash & Bank Balances |
|
|
19480.769
|
|
|
Other Current Assets |
|
|
528.212
|
|
|
Loans & Advances |
|
|
1188.669
|
|
Total
Current Assets |
|
|
24483.290
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3319.194
|
|
|
Other Current Liabilities |
|
|
142.991
|
|
|
Provisions |
|
|
5005.391
|
|
Total
Current Liabilities |
|
|
8467.576
|
|
|
Net Current Assets |
|
|
16015.714
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19447.129 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
26303.031 |
23758.810 |
21116.425 |
|
|
|
Other Income |
1934.786 |
1596.229 |
1471.072 |
|
|
|
TOTAL |
28237.817 |
25355.039 |
22587.497 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
4378.090 |
4312.354 |
|
|
|
|
Purchases
of traded goods |
6074.549 |
5333.671 |
|
|
|
|
Changes
in inventories of finished goods, work-in-progress and traded goods |
525.864 |
(560.905) |
|
|
|
|
Employee
benefits expense |
2955.155 |
2783.631 |
|
|
|
|
Other
expenses |
4178.001 |
4066.232 |
|
|
|
|
Exceptional
Items |
1482.170 |
3225.414 |
|
|
|
|
TOTAL |
19593.829 |
19160.397 |
13915.491 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8643.988 |
6194.642 |
8672.006 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
178.393 |
204.078 |
176.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8465.595 |
5990.564 |
8495.724 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2693.006 |
1684.522 |
3035.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5772.589 |
4306.042 |
5636.881 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
11105.915 |
11645.281 |
10492.341 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
4235.150 |
3811.635 |
3388.120 |
|
|
|
Tax on distributed profit |
636.635 |
603.169 |
532.133 |
|
|
|
Transfer to General Reserve |
577.259 |
430.604 |
563.688 |
|
|
|
|
5449.044 |
4845.408 |
4483.941 |
|
|
BALANCE CARRIED
TO THE B/S |
11429.460 |
11105.915 |
11645.281 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports including through merchant exporters |
195.929 |
365.064 |
631.309 |
|
|
|
Recovery of expenses |
4.643 |
3.230 |
3.637 |
|
|
|
Clinical research and data management |
454.118 |
409.617 |
402.179 |
|
|
|
Research and development |
0.000 |
6.625 |
28.039 |
|
|
|
Others |
60.467 |
14.187 |
14.720 |
|
|
TOTAL EARNINGS |
715.157 |
798.723 |
1079.884 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw and packing
materials |
602.491 |
706.109 |
1036.459 |
|
|
|
Traded Goods |
1423.377 |
1088.738 |
775.445 |
|
|
|
Components and
spare parts for machinery |
0.000 |
1.521 |
1.226 |
|
|
|
Capital Goods |
126.483 |
76.471 |
9.303 |
|
|
TOTAL IMPORTS |
2152.351 |
1872.839 |
1822.433 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
68.15 |
50.84 |
66.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
6453.700 |
6266.500 |
6372.500 |
|
Total Expenditure |
5232.100 |
5125.900 |
5190.100 |
|
PBIDT (Excl
OI) |
1221.600 |
1140.600 |
1182.400 |
|
Other Income |
368.500 |
393.700 |
477.900 |
|
Operating
Profit |
1590.100 |
1534.300 |
1660.300 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional
Items |
200.700 |
(7.700) |
84.100 |
|
PBDT |
1790.800 |
1526.600 |
1744.400 |
|
Depreciation |
49.800 |
49.600 |
57.700 |
|
Profit
Before Tax |
1741.000 |
1477.000 |
1686.700 |
|
Tax |
590.600 |
467.500 |
517.900 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
1150.400 |
1009.500 |
1168.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1150.400 |
1009.500 |
1168.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
20.44
|
16.98 |
24.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
32.18
|
25.21 |
40.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.17
|
21.16 |
33.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.31 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.13
|
2.99 |
2.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
847.030 |
847.030 |
|
Reserves & Surplus |
18352.318 |
19253.122 |
|
Net
worth |
19,199.348 |
20,100.152 |
|
|
|
|
|
long-term borrowings |
45.933 |
41.424 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
45.933 |
41.424 |
|
Debt/Equity
ratio |
0.002 |
0.002 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
SALES |
21116.425 |
23758.810 |
26303.031 |
|
|
|
12.513 |
10.709 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
21116.425 |
23758.810 |
26303.031 |
|
Profit |
5636.881 |
4306.042 |
5772.589 |
|
|
26.69% |
18.12% |
21.95% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
31.12.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Current
Maturity of Long Term Borrowings : Interest free sales tax loan from SICOM Limited |
4.509 |
3.119 |
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 |
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 |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: SJL/66/2012 Filing Date: 15.02.2012 Reg. No.: SJ/66/2012 Reg. Date: 15.02.2012 |
|
Main Matter Lodging No: SSL/1760/2011
Reg.
No.: SS/2899/2011 |
|
Petitioner: RESONANCE SPECIALITIES LIMITED Respondent:
GLAXOSMITHKLINE PHARMACEUTICALS LIMITED Petn. Adv : VANDANA D JAISINGH (0) District: MUMBAI |
|
Bench: SINGLE Status: Transferred Category:
SUMMONSES FOR JUDGMENT. Transfer Date: 03.10.2012
Remark: TRANSFERRED TO CITY CIVIL COURT |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90227070 |
20/09/2004 |
1,300,000,000.00 |
UTI BANK LIMITED |
ROYAL ACCORD - IV; LOKAHANDWALA
COMPLEX, ANDHERI |
- |
|
2 |
90231657 |
13/07/1989 |
218,700,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MG ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
UNSECURED LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
LONG TERM BORROWINGS |
|
|
|
Interest free sales tax loan
from SICOM Limited |
41.424 |
45.933 |
|
|
|
|
|
Total |
41.424 |
45.933 |
|
LONG TERM BORROWINGS Terms of
repayment Interest free Sales Tax Loan from SICOM Limited
as at 31st December, 2012 of Rs. 45.933 Millions (Previous year – Rs. 49.052
Millions) includes Rs. 2.094 Millions (Previous year – Rs. 4.278 Millions)
availed under the 1988 Sales Tax deferment Scheme repayable in three
installments, closing on 31st January, 2014 and Rs. 43.839 Millions (Previous
year – Rs. 44.774 Millions) under the 1993 Sales Tax deferment Scheme
repayable in twenty nine instalments closing on 30th April, 2021. The current
maturity amount of Rs. 4.509 Millions (Previous year – Rs. 3.119 Millions) of
the loan. |
||
GENERAL INFORMATION
Subject is a public limited company and is listed on
the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The
Company is engaged interalia, in the business of manufacturing, distributing
and trading in pharmaceuticals.
MANAGEMENT
DISCUSSION AND ANALYSIS
FINANCE AND
ACCOUNTS
The Company maintained its
prominent position in the Pharmaceuticals market with Sale of Products (net of
Excise Duty) registering a growth of 11.2%. Sales of the Pharmaceuticals
business grew by 12.5% supported by good growth in all of the Company’s
diversified business units i.e. in the Mass Markets, Mass Specialty, Vaccines
and Specialty segments such as dermatologicals, oncology, etc.
Despite a challenging operating
environment, material cost increases and significant investments in field force
expansion in recent years, Profit before Exceptional items and Tax grew by
7.9%, and Profit before Investment Income, Depreciation and Tax amounted to 32%
of net Sales.
Cash generation from Operations
and before Exceptional items continues to remain favourable, driven by business
performance and management of working capital. The Company continues to look
for ways and means of deploying accumulated cash balances which remain invested
largely in bank deposits.
The Company has not accepted any
fixed deposits during the year. There was no outstanding towards unclaimed
deposit payable to depositors as on 31st December 2012.
PHARMACEUTICALS
BUSINESS PERFORMANCE AND OUTLOOK
The Company continues to enjoy a leadership
position in the therapy areas in which it provides health care solutions to
patients.
The Company outlined the strategy
six years back by defining the portfolio and identified specialty products as a
patient need and focused on these therapy areas with a view to augmenting the
company solutions in these areas. The contribution from specialty products has
consistently grown from 18.5% in 2009 to 21.7% in 2012 of the total sales of
the Company and has grown by 16% over last year.
The Company is a leader in meeting
patient needs in the area of Dermatology and has further consolidated its
leadership position and is well poised to expand the therapeutic offerings in
the coming years. In the Dermatology therapy, the Company registered a market
share of 15.5% during the current year. The core strength of the Company’s
clinical Dermatology offerings have consistently grown ahead of the market and
at the same time the newly expanded Stiefel business has met satisfactory
uptake from patients and doctors. The topical steroids continue to be the main
stay for Dermatology and have retained a strong leadership position with a
market share of 29%. The Company has a range of offerings for patients in
topical antibiotics through products like T Bact, Bactroban, Neosporin and
Altargo which occupy a significant leadership position with market share of
54%. In cosmetology, the Company continued to expand offerings for patients
with the innovative Stiefel range of products meeting needs in areas like acne,
sunscreen and dry skin management.
The disease burden of cancer sadly
continues to increase in the country. The Company, as in the last few years,
provided innovative solutions to meet the same. Tykerb launched for terminally
ill breast cancer patients continues to find increasing acceptance among
doctors and patients alike, particularly on account of the tiered pricing
approach which the Company follows for these life saving products. In addition,
Votrient for the treatment of kidney cancer and Revolade for treatment of
thrombocytopenia (reduced platelet count) in adults with the blood disorder
chronic immune (idiopathic) thrombocytopenic purpura (ITP), continue to meet
the needs of increasing number of patients year on year. The Company now has a
significant presence in the attempts to treat the unfortunate burden of cancer.
Cardiovascular disease as well
continues to grow at an alarming rate and the Company has brought to market
“Benitec”, a product licensed in from Daichi Sankyo, Japan. Benitec has found
increasing acceptance with patients and doctors alike in the current year.
Diseases of central nervous system also have a major epidemiology in the
country and the Company introduced a product from its parent organization’s
research pipeline, “Lamictal” as well as “Ictacetam”, a branded generic for the
treatment of Epilepsy. The launch of Seretide Evohaler with dose counter has
helped the Company in improving patient care in asthma. This unique device
through its dose counting model has helped to facilitate the right usage of the
drug delivery system thereby improving patient compliance.
The Mass Specialty business of the
Company recorded a double digit growth over the previous year with its promoted
product portfolio growing ahead of the market. The antiinfective range of
products, despite a slowdown in the market, crossed the milestone turnover of
Rs. 5000.000 Millions with Augmentin retaining its status of being the No. 1
brand in the Indian Pharmaceutical Industry by value. The Company’s recent
entry in the anti-fungal segment continued to provide an effective solution to
patient needs in this therapeutic area and the Company’s product, “Mycamine”
grew ahead of other products in this area in terms of its uptake by patients
and doctors.
The Company’s efforts towards
building awareness in the hypothyroidism area continued unabated and the
patient focused activities were highly appreciated by the physician’s
community. CCM was the proud recipient of the OPPI Marketing Excellence Award
in the Existing Product Category. The Company immensely benefited from the new
initiatives of Hospital and Tender business with both teams strengthening their
presence in the corporate and government hospital segments.
Mass markets, which comprise of
the traditional health care solutions of the Company contributed to 47% of the
Company’s share in Indian Pharmaceutical Market (IPM) in 2012. Mass markets had
11 brands in first 300 brands of IPM, in value terms. Betnesol was ranked 3rd
brand and Zinetac was at number 4, in unit terms.
Dilo BM, Cefspan, Lilo,
Ostocalcium, Zentel and Zyloric grew better than the market and Zinetac,
Piriton, Calpol, Phexin and Bactroban retained a growth level above the market
growth. Ostocalcium solids and liquids grew above the market and crossed a
turnover of Rs. 500.000 Millions. Calpol, Zinetac, Neosporin and Phexin
displayed very strong performance. The positive portfolio changes were
significant with greater momentum displayed on promoted brands. REACH, a rural
marketing initiative of the Company which attempts to physically provide access
of the Company’s products in small villages and which also provides continuing
medical education to doctors in these remote geographies has met with continued
success. The collaboration initiative between the Company and the Consumer
Healthcare Company owned by the parent organization with a view to improving
access of their products to patients has commenced well. As a part of this
initiative the mass markets business of the Company launched products in
patient nutrition by launching the brands ActiBase and ActiGrow. The Company is
already a leader in providing a solution for gout and expanded its offerings by
launching Febuxostat, again, for the treatment of gout.
International evidence clearly
suggests that disease prevention remains a more cost effective health economic
intervention than therapy. Consistent with this evidence, the Company offers a
wide range of vaccines to prevent specific diseases. The Company’s range of
vaccines grew faster than the overall vaccines market in 2012. Pneumococcal
disease remains the leading cause of infant mortality in the country. The
Company launched Synflorix a pneumococcal vaccine last year again at an India
specific price from the parent’s research pipeline. Synflorix was very well
received by pediatricians and parents alike and achieved a landmark distinction
of being the 1st brand in the Indian Pharmaceutical Industry to achieve this
level of success in the first year of launch. The other important vaccines
which continue to receive increasing support from the physician community were
Cervarix and Rotarix. The Company continues to hold its leadership position
with a market share of 24.9%. During the year the Company was awarded Frost and
Sullivan: Paediatricians’ Award for Vaccines Company of the year.
New products were introduced in
the areas of Dermatology, Oncology, Gynaecology and Respiratory.
Exports recorded a sales turnover
of Rs. 195.900 Millions comprising both Bulk Drugs and Formulations. Exports of
bulk drugs were to major markets like Japan, France, Jordan, U.K. and Germany.
SUPPLY CHAIN
PROCUREMENT
The trend of last year continued
in 2012 as well, whereby many uncontrollable factors made supply chain vulnerable
namely global and local economic downturn, high inflation and depreciating
Indian Rupee. Europe in particular posed a grave risk where exports from Indian
vendors were down and also a new regulation likely to be in practice by July
2013 forcing them to redesign their business models. All these posed risk in
supply continuity coupled with increasing cost. However, a combination of
strategic commodity management and integration with global and regional
management structure helped the Company in mitigating these price and security
of supply pressures to a great extent. Another focus area was to launch “Green
Sourcing” and reduction of carbon footprint of the Company’s supply chain. A
benchmark exercise of carbon emission from the Company’s key vendors was
initiated.
MANUFACTURING
The India manufacturing operations
have a roadmap and long term strategy aligned with the global strategy.
Capacity expansion projects of Ampoules and Eltroxin have been started at the
Nashik site this year. The Company also continues to work on building
capacities through dual sourcing for key products. The Nashik site is
continuously building capabilities through productivity, OEE improvements,
recruitment of professionals, specifically in Quality, EHS and Manufacturing, as
well as recruitment of fresh diploma engineers on the shop floor. Over a
period, the site has developed capabilities of supplying to Government Tenders
which are in generic drug form and highly customised packs.
MANUFACTURING
EXCELLENCE
In line with Global Manufacturing
and Supply initiatives, the Company has been working on strategy deployment,
performance management, lean leadership, visual factory, gemba with purpose
etc. Through strategy deployment the Nashik site is striving to engage
everybody and aligning the collective efforts of everyone with the site roadmap
to deliver the business goals. Several improvement projects have been
identified related to OEE improvement, cost reduction, productivity
improvement, quality and safety improvement which are in progress.
Lean sigma training was imparted
to 26 supervisors from different functions. They are working on the improvement
projects in their respective areas. A benchmarking study – Pharma Operations
Benchmarking of Solids (POBOS) was done for solid dose value stream to assess
where the Company stands as compared to other sites within GlaxoSmithKline
Group. In most of the areas the Company is in the top position. An action plan
has been drawn up by the site to further strengthen manufacturing and Quality
infrastructure.
LOGISTICS
Keeping in mind the growing
business and complexities, actions were taken to re-align processes and
infrastructure during the year. In tune with the Company’s commitment to
Quality and Compliance, major projects got started in consolidation of
warehouses, augmenting warehousing capability in terms of space, temperature
controlled storage area and fulfilling other basic needs. While supply position
was challenged for a few brands, overall positive trend in supply performance
especially in vaccines helped supporting the larger business performance.
STATEMENT OF
STANDALONE AUDITED RESULTS FOR THE YEAR ENDED 31ST DECEMBER, 2013
(RS.
IN MILLIONS)
|
Particulars |
3 Months Ended 31.12.2013 |
Preceding 3 Months Ended 30.09.2013 |
Year Ended 31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
Net Sales (net of excise duty) |
6306.300 |
6205.400 |
25201.700 |
|
Other Operating Income (net of expenses relating to service income) |
66.200 |
61.100 |
259.800 |
|
Total Income
from Operations (net) |
6372.500 |
6266.500 |
25461.500 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
1397.900 |
1491.200 |
5385.700 |
|
Purchases of stock-in-trade |
1623.600 |
2037.900 |
6700.000 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
116.700 |
(780.600) |
(507.500) |
|
Total materials consumed |
3138.200 |
2748.500 |
11578.200 |
|
Employee benefits expense |
887.700 |
950.900 |
3620.500 |
|
Depreciation |
57.700 |
496.000 |
198.800 |
|
Other expenses |
1285.400 |
1524.400 |
5492.100 |
|
Expenses relating to service income |
(121.200) |
(97.900) |
(450.100) |
|
Total operating expenses |
2109.600 |
2427.000 |
8861.300 |
|
Total expenses |
5247.800 |
5175.500 |
20439.500 |
|
Profit from Operations before Other Income and Exceptional Items |
1124.700 |
1091.000 |
5022.000 |
|
Other Income |
477.900 |
393.700 |
2009.700 |
|
Profit from ordinary activities before Exceptional Items |
1602.600 |
1484.700 |
7031.700 |
|
Exceptional Items |
84.100 |
(7.700) |
261.500 |
|
Profit from ordinary activities before tax |
1686.700 |
1477.000 |
7293.200 |
|
Tax Expense |
517.900 |
467.500 |
2274.400 |
|
Net Profit from ordinary activities |
1168.800 |
1009.500 |
5018.800 |
|
Paid-up Equity
Share Capital (Face value per share Rs. 10) |
847.000 |
847.000 |
847.000 |
|
Reserves excluding Revaluation Reserves |
|
|
19324.900 |
|
Earnings Per Share (EPS) (of Rs. 10 each) (not annualised) |
|
|
|
|
Basic and
diluted EPS (Rs.) |
13.8 |
11.9 |
59.3 |
|
PART II |
|
|
|
|
A. PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
Number of shares |
41785529 |
41785529 |
41785529 |
|
Percentage of shareholding |
49.3% |
49.3% |
49.3% |
|
Promoters and
promoter group Shareholding |
|
|
|
|
(a)
Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the
company) |
Nil |
Nil |
Nil |
|
(b)
Non-encumbered |
|
|
|
|
- Number of shares |
42917488 |
42917488 |
42917488 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100% |
100% |
100% |
|
- Percentage of shares (as a % of the total share capital of the
company) |
50.7% |
50.7% |
50.7% |
|
Particulars |
3 Months Ended 31.12.2013 |
|
B. INVESTOR
COMPLAINTS [Nos.] |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the quarter |
-- |
NOTES:
1) The quarter ended 31st December, 2013 saw the impact of the revamped Price Control Order, extending coverage to the National List of Essential Medicines (NLEM). The quarter was also impacted by a segment of the trade not buying the company's products and supply constraints.
The Company has only one reportable segment which is Pharmaceuticals. Accordingly, no separate disclosures of segment information have been made.
2) The Statement of Assets and Liabilities as required under clause 41(V)(h) of the Listing Agreement is as under:
|
Particulars |
31.12.2013 |
|
|
A. EQUITY AND
LIABILITIES |
|
|
|
1. Shareholders Funds |
|
|
|
a] Share Capital |
847.000 |
|
|
b] Reserves and
Surplus |
19324.900 |
|
|
Sub-total
– Shareholders’ funds |
20171.900 |
|
|
|
|
|
|
2.
Non-current Liabilities |
|
|
|
a] Long term
Borrowings |
36.100 |
|
|
b] Deferred Tax
Liabilities |
0.000 |
|
|
c] Other current
liabilities |
49.700 |
|
|
d] Long term
provisions |
2410.400 |
|
|
Sub-total
- Non-current Liabilities |
2496.200 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term
Borrowings |
0.000 |
|
|
b] Trade
Payables |
2780.100 |
|
|
c] Other Current
Liabilities |
862.200 |
|
|
d] Short Term
Provision |
5188.300 |
|
|
Sub-total
- Current Liabilities |
8830.600 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
31498.700 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
1619.300 |
|
|
b] Non-current
investment |
476.700 |
|
|
c] Deferred Tax
assets |
921.100 |
|
|
d] long Term
loans and Advances |
2328.700 |
|
|
e] Other
non-current assets |
135.500 |
|
|
Sub-total – Non- current assets |
5481.300 |
|
|
|
|
|
|
2. CURRENT ASSETS |
|
|
|
|
Current
Investments |
100.000
|
|
|
Inventories |
3424.000
|
|
|
Trade
Receivables |
963.900
|
|
|
Cash & Bank
Balances |
20271.400
|
|
|
Short Term loans
and advances |
699.200
|
|
|
Other Current
Assets |
558.900
|
|
Sub-total – Current Assets |
26017.400
|
|
|
|
|
|
|
TOTAL
- ASSETS |
31498.700 |
|
3) The Board of Directors recommends a Dividend of Rs. 50 per equity share (Previous year: Rs. 50 per equity share)
4) The above Results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 18th February, 2014.
5) The figures for the quarter ended 31st December, 2013 are the balancing figures between the audited financial results for the year ended 31st December, 2013 and the published financial results for the nine months ended 30th September, 2013.
6) The figures for 2012 have been regrouped wherever necessary to facilitate comparison.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
(Rs. in Millions) |
|
|
Contingent
Liabilities not provided for: |
|
|
|
(i)
Cheques discounted with banks |
48.458 |
45.383 |
|
(ii)
In respect of claims made against the Company not acknowledged as debts by
the Company |
|
|
|
-
Sales tax matters |
307.486 |
285.296 |
|
-
Excise matters |
59.264 |
43.897 |
|
-
Service tax matters |
12.920 |
12.920 |
|
-
Labour matters |
568.379 |
511.725 |
|
-
Other legal matters which net of current tax amount to |
220.155 |
106.357 |
|
-
which net of current tax amount to |
789.180 |
641.242 |
|
(iii)
Income-tax matters in respect of which appeals are pending |
|
|
|
-
Tax on matters in dispute |
1067.290 |
1767.644 |
|
Notes: Future cash outflows in respect
of (i) above are dependant on the return of cheques by banks. Future cash outflows in respect
of (ii) and (iii) above are determinable on receipt of decisions / judgements
pending with various forums / authorities. |
||
FIXED ASSETS:
TANGIBLE ASSETS
v
Freehold land
v
Leasehold land
v
Freehold buildings
v
Leasehold buildings
v
Plant and equipment
v
Furniture and fixtures
v
Vehicles
v Office
Equipment
PRESS RELEASES
GLAXOSMITHKLINE
PHARMACEUTICALS RESULTS FOR QUARTER 4 AND FULL YEAR 2013
February
18, 2014, Mumbai, India
GlaxoSmithKline
Pharmaceuticals Limited announced its financial results for the fourth quarter
and year ended 31st December, 2013.
Sale of
Products (net of Excise Duty) for the year ended 31st December 2013
declined by 3.1% as compared with the previous year, with sales of the
Pharmaceutical business being lower than last year by 4.3%. This was primarily due
to the impact of the revamped Drugs Prices Control Order, supply constraints
primarily in the first half of the year, and the unwillingness of a segment of
the trade to buy the company’s products during the part of the third and fourth
quarter of the year.
Gross Margin
was impacted by the decline in sales, material costs escalation and adverse
exchange rate movements. Incremental investments were also made for the
relaunch of Iodex and transfer of Ostocalcium, both of which are managed by
GSK’s Consumer Healthcare business in India. Profit after Exceptional items and
Tax for the year ended 31st Dec 2013 amounted to 20% of Net Sales (previous
year: 22%) and declined by 13.1% as compared to the previous year.
In 2013, the
Company added new products across therapeutic areas. The company launched
XGEVA™, a first and only RANK Ligand inhibitor approved for the prevention of
skeletal related events in patients with advanced malignancies involving bone
in the oncology portfolio; Physiogel lotion & cream, a hypoallergenic,
moisturizing lotion that helps in revitalizing the skin and gives protection
and relief from dry, sensitive & itchy skin conditions; Acne-Aid Wash, a
facial cleansing foam for oily & acne prone skin and Avamys™, a fluticasone
furoate nasal spray for seasonal and perennial allergic rhinitis.
The Board
recommended a dividend of Rs. 50 per Equity Share for the year (previous year:
Rs. 50 per Equity Share). If approved by the shareholders at the Annual General
Meeting, the Dividend will absorb Rs. 4240.000 Millions. The Dividend
Distribution Tax borne by the Company will amount to Rs. 710.000 Millions.
GSK ANNOUNCES NEW RS. 8640.000
MILLIONS [£85 MILLION] PHARMACEUTICAL MANUFACTURING INVESTMENT IN INDIA
November 14, 2013, Mumbai, India
A new Rs. 8640.000 Millions [£85million]
factory creating 250 jobs in India was today announced by healthcare company
GlaxoSmithKline (GSK) as part of its continued commitment to ensuring access to
medicines for people in the country.
During a visit to India today to take
part in a conference of international business leaders, GSK Chief Executive
Officer Sir Andrew Witty said the location of the new factory is yet to be
finalised, but that the lead site is in Bangalore.
GSK will partner with local design and
construction companies to build a state of the art manufacturing facility which
is expected to benefit from leading edge technologies including continuous
manufacturing and automated systems.
Today’s announcement is GSK’s latest
commitment to its manufacturing network in India where the company has invested
Rs. 10170.000 Millions [£100million] over the last decade. GSK is proactively
building capacity in the country as it delivers its portfolio of products in
areas such as gastroenterology and anti-inflammatory medicines. When complete
the new factory will make pharmaceutical products for the Indian market at a
rate of up eight billion tablets and one billion capsules a year. The facility,
expected to be operational by 2017, will also include a warehouse, site
infrastructure and utilities to support the manufacturing and packing of the
medicines.
Around 8500 people work in India for GSK.
The company is a leader in dermatology and vaccines, with vaccines such as
Rotarix against severe diarrhoea, and Synflorix used to protect children
against streptococcus pneumonia. In addition, GSK’s consumer business continues
to be a market leader with six billion cups of its best known product Horlicks
consumed by over 30 million households every year.
Sir Andrew said:
“GSK is a long-standing investor in India
and we fully support the Government in their efforts to increase access to
affordable medicines and to improve healthcare. This new facility will
substantially increase the capacity of our manufacturing base and enable us to
bring more medicines to the people of India.”
Notes to editors:
1. GSK’s current factories in India are:
three for Consumer Healthcare products (Nabha, Sonepat, and Rajahmundry), one
for Vaccines packaging and one for Pharmaceuticals products both located in
Nashik.
GSK SAYS SENIOR EXECS APPEAR TO HAVE BROKEN CHINESE LAW
July 22, 2013
GSK's head of emerging markets, Abbas
Hussain sent to China last week to lead GSK's response to the crisis said
certain senior executives of GSK China, who know our systems well, appear to
have acted outside of our processes and controls which breaches Chinese law
GlaxoSmithKline said on Monday that some of its executives in China appeared to have broken the law as part of a major bribery scandal that has ensnared the British drugmaker.
The company also said that proposed changes to its operations would result in lower prices of its medicines in China.
"Certain senior executives of GSK China, who know our systems well, appear to have acted outside of our processes and controls which breaches Chinese law," the firm's head of emerging markets, Abbas Hussain, said in a statement.
Hussain, sent to China last week to lead GSK's response to the crisis, held a meeting with the Ministry of Public Security at which he also promised to review GSK's business model.
"Savings made as a result of proposed changes to our operational model will be passed on in the form of price reductions, ensuring our medicines are more affordable to Chinese patients," Hussain added.
Police last week accused GSK of bribing officials and doctors to boost sales and raise the price of its medicines in China. They said GSK transferred up to 3 billion yuan (USD 489 million) to 700 travel agencies and consultancies over six years to facilitate the bribes. Four senior Chinese executives from GSK have been detained.
GSK has said it was deeply concerned by the allegations, which it called "shameful".
In a statement, China's Ministry of Public Security said Hussain apologized for the scandal during the meeting.
Hussain was dispatched to China by Chief Executive Andrew Witty, along with the group's global head of internal audit and a senior legal official, a person familiar with the matter said on Friday.
Witty will detail what action the drugmaker is taking in response to the bribery allegations when he presents quarterly results on Wednesday, sources said.
The company has run into problems despite conducting up to 20 internal audits in China each year, resulting in the sacking of dozens of staff for misconduct. In 2012, GSK dismissed 312 staff for policy violations worldwide, according to its annual Corporate Responsibility report, of which 56 were in China.
There has been widespread speculation that other multinational drug companies would be drawn into the corruption investigations.
The National Development and Reform Commission (NDRC) - China's powerful economic planning agency which sets and enforces drug prices - said it would establish a web platform to monitor the pricing behavior of drugs distributors, but gave few details.
Since 2000, the NDRC has made three rounds of adjustments on the maximum retail prices for medicines, the agency said in a statement posted on its website. Those efforts were geared toward preventing a rise in prices.
"The next step is to establish an online platform for medicine factory price monitoring, and strengthen monitoring of distributors' pricing behavior," the statement said, citing an unnamed official.
GLAXOSMITHKLINE
PHARMACEUTICALS NET SALES UP 16%, PAT BEFORE EXCEPTIONAL ITEMS GROWS 7.4% IN
FOURTH QUARTER OF FY 2012
19th February 2013, Mumbai, India
GlaxoSmithKline
Pharmaceuticals Limited announced its financial results for the fourth quarter
ended 31st December, 2012. The growth in Net Sales was 16% and Profit After Tax
and before Exceptional Items was 7.4%. The core Pharmaceuticals business grew
by 15.9% for the quarter.
For the year ended
31st December 2012, the growth in Net Sales was 11.2% and Profit After Tax and
before Exceptional Items was 7.3% while the core Pharmaceuticals business grew
by 12.5%.
Despite a
challenging operating environment, material cost increases and significant
investments in field force expansion, Profit before Exceptional items and Tax
grew by 7.3% and Profit before Investment Income, Depreciation and Tax amounted
to 32% of Net Sales.
In 2012, the Company
added new products across therapeutic areas. The company launched Altargo™ in
the dermatology portfolio; Volibris (Ambrisentan), a non-sulphonamide class
endothelin receptor antagonist (ERA) to treat pulmonary arterial hypertension
(PAH); HycamtinTM to fulfil unmet needs for patients with advance cancers and
relapsed small cell lung cancer (SCLC); Seretide® Evohaler® - a Metered Dose
Inhaler (MDI) with dose counter to help patients keep a correct count of drug
doses taken.
The company forayed
in CNS through the launch of Lamictal a newer epileptic drug for treatment of
partial and generalized seizures in children and adults. It is also used in
bipolar disorder for preventing mood episodes like depression and mania.
Branded generics
were added to the range of products – Zimvir for herpes, Uriscostat for gout,
IVfer for iron deficiency and Ictacetam for epilepsy.
Commenting on the
performance, Dr. Hasit B. Joshipura, Managing Director, said, “In 2012, growth
was broad based across the company. Mass markets grew well. Vaccines continued
the growth momentum by growing ahead of the market. Mass Specialty and Specialty,
both showed market competitive growth.”
The Board
recommended a dividend of Rs. 50 per Equity Share for the year (previous year:
Rs. 45 per Equity Share). If approved by the shareholders at the Annual General
Meeting, the Dividend will absorb Rs. 4240.000 Millions. The Dividend
Distribution Tax borne by the Company will amount to Rs. 640.000 Millions.
About GlaxoSmithKline:
GlaxoSmithKline
Pharmaceuticals Limited is a subsidiary of GlaxoSmithKline Plc, one of the
world's leading research-based pharmaceutical and healthcare companies,
committed to improving the quality of human life by enabling people to do more,
feel better and live longer.
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. 61.32 |
|
|
1 |
Rs. 102.54 |
|
Euro |
1 |
Rs. 84.19 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.