MIRA INFORM REPORT
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Report No. : |
334221 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLENMARK
PHARMACEUTICALS LIMITED |
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Registered
Office : |
B/2, Mahalaxmi Chambers,
22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra |
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Tel No.: |
91-22-24964893/
24964894 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
18.11.1977 |
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Com. Reg. No.: |
11-019982 |
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Capital
Investment / Paid-up Capital : |
Rs. 271.290 Million |
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CIN No.: [Company Identification
No.] |
L24299MH1977PLC019982 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG07883B |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is primarily
engaged in a single segment business of formulations and is managed as one
entity, for its various activities and manufacturing and marketing of
pharmaceuticals. |
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No. of Employees
: |
11000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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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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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 company having
fine track record. The rating reflects GPL’s strong position in
the fast – growing chronic-therapeutic segments in India supported by decent
financial base and adequate profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
12.11.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.11.2014 |
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
31-03-2013.
INFORMATION DECLINED
Management non - cooperative (91-22-40189999)
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 |
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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 31.03.2014
|
Name:
|
Mrs. Cherylann
Pinto |
|
Designation : |
Director -
Corporate Affairs |
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Qualification: |
Graduate in
Pharmacy |
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Name:
|
Mr. Rajesh V.
Desai |
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Designation : |
Executive
Director and CFO |
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Name |
Mrs. B. E. Saldanha |
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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 |
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Qualification : |
B.A., L.L.B.
(Hons.) from |
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|
Name |
Mr. Bernard
Munos |
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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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Name |
Mr. N. B. Desai
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Designation |
Non-Executive Director |
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Name : |
Dr. Brian W
Tempest |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Chowdhary |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2804884 |
0.99 |
|
|
128241936 |
45.45 |
|
|
128241936 |
45.45 |
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|
131046820 |
46.44 |
|
|
|
|
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Total
shareholding of Promoter and Promoter Group (A) |
131046820 |
46.44 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
9714094 |
3.44 |
|
|
9586035 |
3.40 |
|
|
101174098 |
35.86 |
|
|
120474227 |
42.70 |
|
|
|
|
|
|
6375161 |
2.26 |
|
|
|
|
|
|
13481878 |
5.12 |
|
|
6396685 |
2.69 |
|
|
2150320 |
0.79 |
|
|
1462 |
0.00 |
|
|
363660 |
0.13 |
|
|
210526 |
0.07 |
|
|
193861 |
0.07 |
|
|
1148011 |
0.43 |
|
|
232800 |
0.08 |
|
|
28404044 |
10.86 |
|
Total
Public shareholding (B) |
148878271 |
53.56 |
|
Total
(A)+(B) |
279925091 |
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) |
279925091 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sr..No. |
Name of the Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total |
|
1 |
Saldanha Family Trust |
12,82,41,936 |
47.27 |
|
2 |
Cherylann Maria Pinto |
4,91,000 |
0.18 |
|
3 |
Blanche Elizabeth Saldanha |
4,83,966 |
0.18 |
|
4 |
Glenn Mario Saldanha |
4,49,947 |
0.17 |
|
5 |
Glenn Mario Saldanha |
3,00,000 |
0.11 |
|
6 |
Robin Joseph Pinto |
2,74,000 |
0.10 |
|
7 |
Blanche Elizabeth Saldanha |
1,10,544 |
0.04 |
|
8 |
Blanche Elizabeth Saldanha |
1,10,543 |
0.04 |
|
9 |
Blanche Elizabeth Saldanha |
1,10,542 |
0.04 |
|
10 |
Blanche Elizabeth Saldanha |
1,10,542 |
0.04 |
|
11 |
Cherylann Maria Pinto |
1,07,000 |
0.04 |
|
12 |
Robin Pinto |
1,02,000 |
0.04 |
|
13 |
Cherylann Maria Pinto |
67,300 |
0.02 |
|
14 |
Robin Joseph Pinto |
53,000 |
0.02 |
|
15 |
Robin Joseph Pinto |
17,000 |
0.01 |
|
16 |
Cherylann Maria Pinto |
11,500 |
0.00 |
|
17 |
Neha Saldanha |
6,000 |
0.00 |
|
|
Total |
13,10,46,820 |
46.44 |
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
|
Sr..No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Aranda Investments (Mauritius) Pte Limited |
11261010 |
3.99 |
|
2 |
Oppenheimer Developing Markets Fund |
8466056 |
3.00 |
|
3 |
Life Insurance Corporation Of India |
6288242 |
2.23 |
|
4 |
Hsbc Global Investment Funds A/C Hsbc Gif Mauritius Limited |
4222408 |
1.50 |
|
5 |
T. Rowe Price Emerging Markets Stock Fund |
3414825 |
1.21 |
|
6 |
Stichting Pensioenfonds Abp |
2925993 |
1.04 |
|
7 |
Total |
36578534 |
12.96 |
Details of Locked-in
Shares
|
Sr..No. |
Name of the
Shareholder |
No. of Shares held |
Locked-in Shares as
% of Locked-in Shares as % of Total No. of SharesTotal No. of Shares |
|
1 |
Aranda Investments (Mauritius) Pte Limited |
1,08,00,000 |
3.83 |
|
2 |
Aranda Investments (Mauritius) Pte Limited |
1,50,000 |
0.05 |
|
|
Total |
1,09,50,000 |
3.88 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in a single segment business of
formulations and is managed as one entity, for its various activities and
manufacturing and marketing of pharmaceuticals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
11000 (Approximately) |
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Bankers : |
· Bank of India, Mahalaxmi Branch, Mumbai – 400026, Maharashtra, India |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Cost Auditors: |
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|
Name: |
Sevekari Khare and Associates Ccost Accountants |
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Address: |
Mumbai, Maharashtra, India |
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Solicitor : |
· Kanga and Company, Mumbai, Maharashtra, India ·
Trilegal, Mumbai, Maharashtra, India |
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Collaborators : |
Not Available |
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Subsidiary
Companies (As on 31.03.2014) : |
·
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 |
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Investment in Joint
Venture : |
Glenmark Pharmaceuticals (Thailand) Co. Limited, Thailand |
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Enterprise over
which key managerial personnel exercise significant influence : |
Glenmark Foundation, India |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital: Not
Available
Issued, Subscribed & Paid-up Capital: Rs. 271.290 Million
AS ON 25.07.2014
Authorised Capital: Rs.750.000
Million
Issued, Subscribed & Paid-up Capital: Rs.271.284 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Re.1/- each |
Rs. 350.000 Million |
|
4000000 |
Cumulative Redeemable Non Convertible Preference Shares |
Rs.100/- each |
Rs. 400.000 Million |
|
|
Total |
|
Rs.750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270535503 |
Equity Shares |
Re.1/- each |
Rs.270.530
Million |
|
318150 |
Add: Issued during the year - Under the employee Stock Option Scheme,
2003 (ESOS) |
Rs.100/- each |
Rs.0.320
Million |
|
|
|
|
|
|
|
Total |
|
Rs.270.850 Million |
|
|
As at 31 March
2014 |
|
|
List of shareholders holding more than 5% shares |
% of Holding |
of Shares |
|
Saldanha Family Trust |
47.28 |
128,241,936 |
|
HSBC Global Investment Funds Mauritius Limited |
- - |
- - |
As at 31 March
2014, 282,100 options were outstanding under Employee Stock Option Scheme 2003.
On exercise of the options so granted under Employee Stock Option Scheme, 2003,
the paid up Equity Share Capital of the Company will increase by equivalent
number of shares.
Right, Preference
and restriction on shares
The Company
presently has only one class of ordinary equity shares. For all matters
submitted to vote in the shareholders meeting, every holder of ordinary equity
shares, as reflected in the of the Company on the date of the shareholders’
meeting, has one vote in respect of each share held. All shares are equally
eligible to receive dividends and the repayment of capital in the event of
liquidation of the Company.
In the period of
five years immediately preceeding 31 March 2014, the Company has not allotted
any shares as fully paid up pursuant to contracts without payment being
received in cash. Further, the Company has neither issued bonus shares nor
bought back any shares during the aforementioned period.
Employee Stock
Option Scheme, 2003 (ESOS)
The Company has
formulated an Employee Stock Option Scheme (‘ESOS’) scheme namely ESOS 2003
under which it has made grants on various dates from time to time. Each grant
has a vesting period which varies from 1 - 2 years and up to 4 - 6 years from
the date of grant depending on the terms of the grant. The grants are made at
the market price of the equity shares of the Company on either the date or the
closing price of the date prior to day of the grant.
The aggregate
share options and weighted average exercise price under the above mentioned
plan are as follows:
|
|
2014 |
|
|
|
Number* |
weighted average Price in Rupees |
|
Outstanding at 1 April 753,800 317.39 |
753,800 |
317.39 |
|
Granted |
-- |
-- |
|
Forfeited/cancelled |
(101,700) |
286.86 |
|
Exercised |
(307,000) |
337.88 |
|
Outstanding as
at 31 March |
282,100 |
301.53 |
All share based
employee remuneration would be settled in equity. The Company has no legal or
constructive obligation to repurchase or settle the options.
The fair values of
options granted are determined using the Black-Scholes valuation model.
Significant inputs into the calculation are:
|
Share price
(Rs.)* |
120.85 – 480.40 |
|
Exercise price
(Rs.)* |
120.85 – 480.40 |
|
Weighted average
volatility rate |
40% - 60% |
|
Dividend payout |
200% |
|
Risk free rate |
7.75% - 9.00% |
|
Average
remaining life |
1- 60 months |
*All figures have
been accordingly adjusted for:
- Split of face
value from Rs. 10 to Rs. 2 in October 2003.
- 1:1 bonus issue in
April 2005 and split of face value from Rs. 2 to Rs. 1 in September 2007.
The underlying
expected volatility was determined by reference to historical data, adjusted
for unusual share price movements. No special features inherent to the options
granted were incorporated into the measurement of fair value.
The Company’s net
profit and earnings per share would have been as under, had the compensation
cost for employees’ stock options been recognized based on fair value at the
date of grant in accordance with Black-Scholes model.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
271.290 |
271.220 |
270.850 |
|
(b) Reserves & Surplus |
0.020 |
28789.000 |
24960.930 |
|
(c) Money received against
share warrants |
49249.220 |
0.000 |
0.000 |
|
|
0.000 |
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
0.000 |
29060.220 |
25231.780 |
|
|
49520.530 |
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
1323.970 |
364.170 |
285.820 |
|
(c) Other long term
liabilities |
1219.210 |
518.790 |
849.450 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2543.180 |
882.960 |
1135.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3533.160 |
3088.490 |
|
(b) Trade payables |
3475.990 |
5626.820 |
4262.030 |
|
(c) Other current liabilities |
15667.860 |
2236.340 |
4427.050 |
|
(d) Short-term provisions |
3786.990 |
956.420 |
710.760 |
|
Total
Current Liabilities (4) |
1513.800 |
12352.740 |
12488.330 |
|
|
24444.640 |
|
|
|
TOTAL |
|
42295.920 |
38855.380 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15248.670 |
4391.700 |
2671.190 |
|
(ii) Intangible Assets |
0.000 |
93.490 |
85.390 |
|
(iii) Capital work-in-progress |
0.000 |
797.810 |
1688.960 |
|
(iv) Intangible assets under
development |
0.000 |
35.240 |
35.240 |
|
(b) Non-current Investments |
16595.180 |
14092.420 |
12943.320 |
|
(c) Deferred tax assets (net) |
0.000 |
6705.230 |
10324.070 |
|
(d) Long-term Loan and Advances |
8546.310 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
138.630 |
83.900 |
148.760 |
|
Total
Non-Current Assets |
40528.790 |
26199.790 |
27896.930 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7366.320 |
2104.260 |
1901.510 |
|
(c) Trade receivables |
24408.310 |
11360.440 |
5567.310 |
|
(d) Cash and cash equivalents |
485.470 |
1084.550 |
1677.860 |
|
(e) Short-term loans and
advances |
3563.220 |
1514.290 |
1751.810 |
|
(f) Other current assets |
156.240 |
32.590 |
59.960 |
|
Total
Current Assets |
35979.560 |
16096.130 |
10958.450 |
|
|
|
|
|
|
TOTAL |
76508.350 |
42295.920 |
38855.380 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|||||
|
|
SALES |
|
|
|
|||||
|
|
Income |
50856.020 |
23009.040 |
19493.040 |
|||||
|
|
Other Income |
849.410 |
671.340 |
1162.450 |
|||||
|
|
TOTAL
|
51705.430 |
23680.380 |
20655.490 |
|||||
|
|
|
|
|
|
|||||
|
Less |
EXPENSES |
|
|
|
|||||
|
|
Cost of Materials Consumed |
15640.260 |
4678.860 |
4157.500 |
|||||
|
|
Purchases of Stock-in-Trade |
1739.540 |
1599.710 |
1410.880 |
|||||
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(696.530) |
(52.300) |
(36.670) |
|||||
|
|
Employees benefits expense |
6622.540 |
3953.530 |
3030.170 |
|||||
|
|
Other expenses |
12900.310 |
7869.560 |
7606.720 |
|||||
|
|
Exceptional Item |
1687.370 |
0.000 |
0.000 |
|||||
|
|
TOTAL
|
37893.490 |
18049.360 |
16168.600 |
|||||
|
|
|
|
|
|
|||||
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
13811.940 |
5631.020 |
4486.890 |
|||||
|
|
|
|
|
|
|||||
|
Less |
FINANCIAL
EXPENSES |
301.890 |
309.780 |
436.940 |
|||||
|
|
|
|
|
|
|||||
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
13510.050 |
5321.240 |
4049.950 |
|||||
|
|
|
|
|
|
|||||
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1194.600 |
302.000 |
250.410 |
|||||
|
|
|
|
|
|
|||||
|
|
PROFIT/
(LOSS) BEFORE TAX |
12315.450 |
5019.240 |
3799.540 |
|||||
|
|
|
|
|
|
|||||
|
Less |
TAX |
2240.200 |
681.000 |
(61.530) |
|||||
|
|
|
|
|
|
|||||
|
|
PROFIT/
(LOSS) AFTER TAX |
10075.250 |
4338.240 |
3861.070 |
|||||
|
|
|
|
|
|
|||||
|
Less |
APPROPRIATIONS |
|
|
|
|||||
|
|
Transfer to General Reserve |
NA |
477.210 |
386.500 |
|||||
|
|
Dividend |
NA |
542.450 |
541.710 |
|||||
|
|
Tax on Dividend |
NA |
92.190 |
92.060 |
|||||
|
|
Total
(M) |
NA |
1111.850 |
1020.270 |
|||||
|
|
|
|
|
|
|||||
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|||||
|
|
F.O.B. Value of Exports |
NA |
8528.440 |
7006.800 |
|||||
|
|
TOTAL
EARNINGS |
NA |
8528.440 |
7006.800 |
|||||
|
|
|
|
|
|
|||||
|
|
IMPORTS |
|
|
|
|||||
|
|
Raw Materials |
NA |
400.570 |
290.090 |
|||||
|
|
Capital Goods |
NA |
178.410 |
567.820 |
|||||
|
|
TOTAL
IMPORTS |
NA |
578.980 |
857.910 |
|||||
|
|
|
|
|
|
|||||
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
||||
|
|
Basic |
37.14 |
16.01 |
14.26 |
|
||||
|
|
Diluted |
37.13 |
16.00 |
14.25 |
|
||||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
2718.000 |
|
Cash generated from operations |
NA |
1913.870 |
3205.710 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
19.81 |
18.85 |
19.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
27.16 |
24.47 |
23.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.56 |
24.29 |
27.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.17 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.30 |
0.88 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
270.850 |
271.220 |
271.290 |
|
Reserves & Surplus |
24960.930 |
28789.000 |
49249.220 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
25231.780 |
29060.220 |
49520.510 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3088.490 |
3533.160 |
3475.990 |
|
Total
borrowings |
3088.490 |
3533.160 |
3475.990 |
|
Debt/Equity
ratio |
0.122 |
0.122 |
0.070 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
19493.040 |
23009.040 |
50856.020 |
|
|
|
18.037 |
121.026 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
19493.040 |
23009.040 |
50856.020 |
|
Profit |
3861.070 |
4338.240 |
10075.250 |
|
|
19.81% |
18.85% |
19.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
CASE DETAILS BENCH:-BOMBAY PRESENTATION DATE: 08.04.2014
|
||||||||||||||||||||||||||||||||||
UNSECURED
LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Term loan from Banks |
NA |
3518.470 |
|
|
|
|
|
Total |
NA |
3518.470 |
SEGMENT
INFORMATION (As on 31.03.2014)
Business segments
The Company is primarily
engaged in a single segment business of formulations and is managed as one
entity, for its various activities and manufacturing and marketing of
pharmaceuticals is governed by a similar set of risks and returns.
RESULTS OF
OPERATIONS
On Standalone
basis the Company achieved a revenue of Rs. 23,009.04 million and the
Standalone operating profit before finance costs, depreciation and tax was
Rs.5631.020 million as compared to Rs. 4486.890 million in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS (As on 31.03.2014)
Global Environment
During the year
the world economy continued to experience subdued growth. Underperformance in
the global economy was observed across almost all regions and major economic groups.
Most developed economies continued struggling in an uphill battle against the
lingering effects of the financial crisis, grappling in particular with the
challenges of taking appropriate fiscal and monetary policy actions. A number
of emerging economies, which had already experienced a notable slowdown in the
past two years, encountered new headwinds during 2013 on both international and
domestic fronts.
On the positive
side, Europe witnessed greater financial stability and there were signs of revival
in a number of its constituent nations, ledby Germany and UK. The US too saw
better employment numbers and an improvement in its growth prospects which
prompted its leaders to consider withdrawing the easy money policies that
bolstered the economy. Worldwide recession risk declined to its lowest level in
three years, and the upturn in global trade and manufacturing has reinforced
the upswing.
But a rough start
to the year 2014 - financial market turmoil and the Ukraine issue points out
that the crisis for the world economy is far from over. The World Bank outlook
for developing countries is for flat growth in 2014. This marks the third year
in a row of sub-five percent growth and reflects a more challenging post-crisis
global economic environment.
GLOBAL PHARMA
SCENARIO (As on 31.03.2014)
The world pharmaceutical market is estimated to have grown
by around 2.5% in 2013. While average revenue growth in developed markets was
only 0.36%; in emerging markets the growth was about 10.7%.
The
outlook for the global pharmaceutical market is marked by greater cost
pressures and a higher bar for product innovation that reflects an increased
demand for value from both regulators and consumers. Weak growth in developed
markets, the continued rise of emerging markets and a shift to specialty
medicines are predicted to be significant outcomes over the next five years.
The
Global Pharma scenario remains dynamic and challenging. We are witnessing
various new developments that make one believe that the ensuing years for
pharma companies will be challenging. The pharmaceutical industry is facing the
‘Innovation Challenge’ characterized by the drastic decrease in productivity in
its R&D and
marketing
of new molecules. The decrease in innovation capacity of Big Pharmaceutical
companies threatens their short and long term economic performance.
Another
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. The
increased scrutiny from regulators will continue to enforce renewed commitment
to quality from the industry.
M&A
activity is also expected to ramp up in the pharmaceutical space in 2014 and
beyond. Faced with slowing sales and fewer drug approvals, Big Pharma will look
at buying the companies that have solid pipelines and will deliver growth.
Some
of the other movements 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.
INDEX OF CHARGES
|
.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 |
26/10/2013 * |
6,800,000,000.00 |
Bank of India |
8-A, Bhulabhai Desai Road, Mahalaxmi, Mumbai, Maharashtra - 400026, INDIA |
B89859318 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Factory Building
· Other buildings and premises
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
- Vehicles
- Computer Software
PRESS RELEASE
GLENMARK’S CONSOLIDATED
REVENUE INCREASES BY 10.62% TO RS. 66447.68 MN IN FY 14-15
CONSOLIDATED REVENUE IN Q4 FY14-15 WAS RS. 17758.13 Mn AN INCREASE OF
4.24%
Business Highlights
· India Business grew at 15.03% to Rs. 4405.71 Mn for the quarter and to Rs. 17489.53 Mn for the year
· US Business grew by 7.09% to Rs. 5363.44 Mn for the quarter and to Rs. 20397.66 Mn for the year
· Europe Business grew by 25.93% to Rs. 2433.00 Mn for the quarter and to Rs. 6445.33 Mn for the year
· Latin America Business grew by 70.51% to Rs. 1810.35 Mn for the quarter and to Rs. 7640.00 Mn for the year
Mumbai, May 29, 2015: Glenmark Pharmaceuticals Limited, the research-led global integrated pharmaceutical company today announced its results for the fourth quarter and year ended March, 31, 2015.
For the fourth quarter ended March 31, 2015, Glenmark’s consolidated revenue was at Rs. 17,758.13 Mn (USD 285.38 Mn) as against Rs. 17035.60 Mn (USD 276.86 Mn). For the year ended March 31, 2015, Glenmark’s consolidated revenue was at Rs. 66,447.68 (USD 1086.19 Mn) as against Rs. 60,069.35 (USD 994.09 Mn) recording an increase of 10.62%.
Consolidated Net Profit was at Rs. 106.13 Mn for the Quarter and Rs. 4753.10 Mn for the year ended March, 31, 2015.
*The Net Profit is not comparable due to exceptional item of Rs. 1870.89 Mn in the fourth quarter on account of the settlement claim including legal expenses arrived with the State of Texas by Glenmark Generics Inc., USA an ultimate subsidiary of Glenmark Pharmaceuticals Ltd.
“We continue to record good growth in our India, LatAm and Europe businesses. Currency devaluation and subdued business environment persisted to impact our Rest of the World, especially Russian operations. We have been also making steady progress in our innovation pipeline with our 3 NCE and 4 NBE molecules in development;” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited.
The Board of Directors recommend a final dividend of 200 % i.e. Rs. 2 per equity share of the face value of Re. 1 each for FY 2015.
India
Sales for the formulation business in India for the fourth quarter ended March 31, 2015, was at Rs. 4405.71 Mn (USD 70.71 Mn) as against Rs. 3,829.96 Mn (USD 62.05 Mn) in the previous corresponding quarter, recording a growth of 15.03%.
USA
Formulations Glenmark Pharmaceuticals Inc., U.S.A. registered revenue from the sale of finished dosage formulations was at Rs. 5,363.44 Mn (USD 86.16 Mn) for the quarter ended March 31, 2015 against revenue of Rs. 5,008.52 Mn (USD 81.09 Mn) for the previous corresponding quarter, recording an increase of 7.09%.
Africa, Asia and CIS
Region (ROW)
For the fourth quarter, revenue from Africa, Asia and CIS region was Rs. 2198.41 Mn (USD 35.34 Mn) as against Rs. 3,425.34 Mn (USD 55.93 Mn) for the previous corresponding quarter.
Europe Formulations
Glenmark Europe’s operations revenue for the fourth quarter ended March 31, 2015 was at Rs. 2,433.00 Mn (USD 39.37 Mn) as against Rs. 1,932.00 Mn (USD 31.60 Mn) recording growth of 25.93%.
Latin America
Glenmark’s revenue from its Latin American and Caribbean operations was at Rs. 1,810.35 Mn (USD 29.00 Mn) for the fourth quarter ended March 31, 2015 as against Rs. 1,061.74 Mn (USD 17.22 Mn), recording an increase of 70.51%.
Active Pharmaceutical
Ingredients (API)
Revenue from sale of API to regulated and semi-regulated markets globally was Rs. 1,547.22 Mn (USD 24.84 Mn), for the quarter ended March 31, 2015 against Rs. 1,530.63 Mn (USD 24.88 Mn) for the previous corresponding quarter.
About Glenmark
Glenmark Pharmaceuticals Ltd. (GPL) is a research-driven,
global, integrated pharmaceutical company headquartered at Mumbai, India. It is
ranked among the top 80 Pharma & Biotech companies of the world in terms of
revenues. (SCRIP 100 Rankings published in the year 2014). Glenmark is a
leading player in the discovery of new molecules both NCEs (new chemical
entity) and NBEs (new biological entity). Glenmark has several molecules in
various stages of clinical development and is primarily focused in the areas of
Inflammation [asthma/COPD, rheumatoid arthritis etc.] and Pain [neuropathic
pain and inflammatory pain]. The company has a significant presence in branded
generics markets across emerging economies including India. GPL along with its
subsidiary has 14 manufacturing facilities in four countries and has six
R&D centers. The Generics business of Glenmark services the requirements of
the US and Western Europe markets. The API business sells its products in over
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.00 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
ART |
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 |
8 |
|
--PROFITABILITY |
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 |
|
72 |
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.