Annual Report - Glenmark

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44 who are geared to respond to and tackle their respective market requirements. Since these markets are a focus for development, they are backed by strong internal systems as well as adequate resources. Research Risk Original research is characterised by huge investments of time and money and compounded by an uncertainty of realisations. However, in the present scenario that respects product patents; original drug research assumes critical importance. Risk management Glenmark is balancing the risk involved in its drug discovery programme by taking a prudent approach: Selecting target segments after exhaustive research across the following parameters, viz. the existing and projected size of the therapeutic segment, prospective competition in an unprotected patent environment, the size of the potential demand as well as the scope latent in the products for attractive value-addition. Presently, Glenmark is conducting work in the asthma/COPD and diabetes/obesity segments. Working on parallel targets to maximise success prospects. The efforts of its talented NCE research team have delivered promising results in a short period with its lead molecule for asthma /COPD having successfully cleared the Phase I clinical trials and & a few others expected to move into the clinical trial stage in FY 2006. Another outcome of the Company's R&D initiative has been the development of several patentprotected platform technologies for Drug Delivery Systems, which will contribute strongly to future growth. Competition Risk Performing in a highly competitive arena like the Indian Pharmaceutical Market has its share of perils that could impact the Company's revenues and profits. Risk management Notwithstanding price fluctuations, the IPM holds tremendous potential in the long term. Here is why: Even though India has one of the lowest health spends in the world, with the imminent changes in urban lifestyles and increased spending power, it is expected that the Indian Pharmaceutical Industry's CAGR will also shift into a higher gear. With a rich human resource pool of technically qualified graduates, high skills in synthetic chemistry, expertise in product engineering and a low-cost manufacturing base, on one hand and with billions of dollars worth of products going off patent from 2005 on the other, India is poised to grow internationally as well. Glenmark will benefit by leveraging its local advantage and competing in the global generics markets, and thereby make up for any revenue dips in India. Currency Risk The Company hazards suffering losses arising from currency fluctuations. Risk management Glenmark has selectively circumvented its forex positions in order to limit the impact due to volatile forex movements and has supported it by instituting a competent forex management system. Environment Risk Effluents released by pharmaceutical companies could harm the environment if adequate pollution control measures are not observed. Risk management Glenmark is committed to managing its waste in a sound and responsible manner and adhering to norms stipulated by the regulatory authorities. This is reflected in its investments in world-class pollution-mitigating plants and practices, which have helped treat its solid, liquid and gaseous waste effectively.
Four year financial summary Balance Sheet (Rs. in ‘000) 2001-02 2002-03 2003-04 2004-05 Share Capital Equity capital 101,404 101,811 118,546 237,286 Preference Capital 100,000 100,000 100,000 200,000 Share Capital 201,404 201,811 218,546 437,286 Total Reserve 1,081,872 1,323,944 2,132,109 2,429,774 Capital & Reserve 1,283,276 1,525,755 2,350,655 2,867,060 Secured Loans 697,711 1,193,564 1,029,429 1,293,032 Unsecured Loans 73,385 53,864 119,314 3,080,580 Total Loans 771,096 1,247,428 1,148,743 4,373,612 Deferred Tax Liability 204,873 269,856 293,181 386,111 Total 2,259,245 3,043,039 3,792,579 7,626,783 Gross Block 1,416,755 1,246,518 1,723,534 2,586,231 Less: Depreciation 175,581 243,340 346,864 493,221 Net Block 1,241,174 1,003,178 1,376,670 2,093,010 Capital work-in-progress 61,784 232,471 244,966 129,050 Investments 26,158 161,126 299,647 264,564 Current Assets Inventories 322,280 444,371 821,601 1,110,593 Sundry Debtors 742,102 1,236,691 1,304,813 1,821,047 Cash & Bank 45,342 40,518 67,694 1,092,793 loans & Advances 246,545 502,704 392,263 1,871,872 Total Current Assets 1,356,269 2,224,284 2,586,371 5,896,305 Current Liabilities Sundry Creditors 191,620 325,585 371,758 485,817 provisions 64,872 11,717 39,772 2,420 Others 228,657 280,177 333,591 293,196 Total Current Liabilities 485,149 617,479 745,121 781,433 Net Current Assets (Working Capital) 871,120 1,606,805 1,841,250 5,114,872 Misc. Expenses 59,009 24,076 6,419 – Deferred Tax Assets – 15,383 23,627 25,287 Total 2,259,245 3,043,039 3,792,579 7,626,783 45
Page 1 and 2: Glenmark Pharmaceuticals Limited An
Page 3: Consolidated Financial Highlights Y
Page 6 and 7: Global. Research-focused. Integrate
Page 8 and 9: Global accounts for half the global
Page 10 and 11: Research-focused 6 In the post-GATT
Page 12 and 13: Integrated 8 Glenmark's business st
Page 14 and 15: Highlights, 2004-05 Consolidated re
Page 16 and 17: Interview with MD & CEO 12 Glenn Sa
Page 18 and 19: Our lead compound for Asthma and CO
Page 20 and 21: Business Divisional Analysis 16 Ind
Page 22 and 23: Domestic Formulations Performance H
Page 24 and 25: 20 accounted for almost 50 percent
Page 26 and 27: Active Pharmaceutical Ingredients 2
Page 28 and 29: Therapeutic segment contribution in
Page 30 and 31: International Formulations Performa
Page 32 and 33: 28 percent evinced a growth spurt i
Page 34 and 35: Research and Development 30 JANUARY
Page 36 and 37: 32 compounds are licensed to global
Page 38 and 39: Diabetes/Obesity Incidence Globally
Page 40 and 41: Global Management Team Name Glenn S
Page 42 and 43: 38 Revenues Glenmark's turnover for
Page 44 and 45: 40 Secured Loans Secured loans incr
Page 46 and 47: existing employees to keep them in
Page 50 and 51: Profit & loss Account (Rs. in ‘00
Page 52 and 53: PAT Margin Research and development
Page 54 and 55: Directors’ Report Your Directors
Page 56 and 57: 52 of the Company. On exercising th
Page 58 and 59: Annexure to the Directors’ Report
Page 60 and 61: v. The products launched and sold i
Page 62 and 63: Disclosure pursuant to the provisio
Page 64 and 65: Report on Corporate Governance Purs
Page 66 and 67: B. Given below are the details of r
Page 68 and 69: He is also a Director of following
Page 70 and 71: Further resolutions with requisite
Page 72 and 73: (All figures in Indian Rupees) Mont
Page 74 and 75: ) Risk as to fraudulent encashment
Page 76 and 77: ANNEXURE TO AUDITORS’ REPORT Refe
Page 78 and 79: Balance Sheet Rs. In (’000s) As a
Page 80 and 81: Cash Flow Statement Rs. In (’000s
Page 82 and 83: Schedules forming part of the Balan
Page 90 and 91: Schedules to the Profit & Loss Acco
Page 92 and 93: Schedules forming part of the Finan
Page 98 and 99:
Schedules forming part of the Finan
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Page 102 and 103:
Page 104 and 105:
100 SECTION 212 STATEMENT PURSUANT
Page 106 and 107:
Consolidated Balance Sheet Rs. In (
Page 108 and 109:
Consolidated Cash Flow Statement Rs
Page 110 and 111:
Schedules forming part of the Conso
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
114 Notes to the Consolidated Accou
Page 120 and 121:
Notes to the Consolidated Accounts
Page 122 and 123:
118 Notes to the Consolidated Accou
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14 13 12 43 19 71 49 10 5 20 62 3 3
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Annual Report - Glenmark

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