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Annual Report 2007 – 2008

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Annual Report 2007 – 2008 Chairman’s Letter Dear Shareholders, Warm greetings to you all! Our company has made significant progress during the year. Total consolidated revenue for the year grew by 11.1% to Rs.7,786.2 million. Profit Before Interest Depreciation and Taxes (PBIDT) grew by 71.3% to 1,240.0 million. Net loss for the year was lower by 39.3% to Rs.226.7 million. During the year we have continued to focus on turnaround of our US operations. Our increased business developments efforts, integration with Indian facilities and increased decoration revenues has resulted in significantly improved operations. Net Sale for our US operations was up by 5.8% to Rs.2,608.0 million, EBIDTA loss was down by 91.9% to Rs. 36.5 million and Net Loss was down by 56.8% to Rs. 317.4 million. Over the past year, we engaged with several hundreds of our stakeholders to understand the unarticulated principles of the Piramal group. Our deliberations have led us to adopt, our new corporate identity as Piramal Glass Limited, aligned to the new identity of the Piramal Group. The Piramal Group has derived insight and strength from Indian culture and philosophy. Our path is guided by our core values: Gyana Yoga (knowledge and learning), Karma Yoga (dynamic action and entrepreneurial spirit) and Bhakti Yoga (care and compassion), which are embodied in our new visual identity, our logo – the Gyan Mudra. We are confident that our new corporate identity and our values Knowledge, Action and Care, will spur us to empower the community and in return create value for our shareholders going forward. Cosmetic & Perfumery division: PGL’s Cosmetic & Perfumery business grew by 16.3% to Rs.3,529.8 million in FY2008 on back of robust growth in global sales which stood at Rs.3,305.2 million registering growth of 18.1 % over FY2007. Pharmaceutical division: PGL continued to consolidate its position in the domestic pharmaceutical glass packaging market. The focus during the year has been to rationalize customers and products in domestic market and increase sales outside India and thereby increase profitability. Total sales grew by 10.0% to Rs.3,006.9 million in FY 2008. Specialty Food and Beverages division: During the year we commenced a new 205 TPD furnace in Horana, Sri Lanka to replace the old 100 tonnes production facility in Ratmalana, Sri Lanka. This furnace can further be expanded to 250 TPD. Sales of Specialty Food and Beverages division were affected by this transition. As a result net sales of SF&B segment were stable at Rs. 1,249.2 million during FY 2008. During the year our company received the prestigious SA-8000 certification at our Kosamba facility. This certification will facilitate easier access to our US and European clients. I am sincerely thankful to all our customers, employees, suppliers, bankers and shareholders for their confidence and support. Warm regards, Ajay G. Piramal Chairman Date : 29th May, 2008 Piramal Glass Limited 1 MANAGEMENT DISCUSSION & ANALYSIS Management Discussion & Analysis Business Overview: Piramal Glass Limited (PGL) is a global manufacturer of Flaconnage i.e. medium to small size glass containers for Cosmetic & Perfumery (C&P), Pharmaceuticals and Speciality Food & Beverages. PGL manufactures a wide range of glass bottles and jars, in sizes ranging from 2 ml to 2.5 litres. Growth Drivers Cosmetic & Perfumery: The Cosmetic and Perfumery glass container division of PGL caters to international customers like Unilever, Revlon, L’Oreal, Avon, Expak, and Erkul Kozmetic. These customers use the glass bottles and jars for products like nail polish, make-up foundations, perfumes, and skin care creams. During the year, the Company has invested two new state of the art furnaces, one in Kosamaba and one in Jambusar to cater to the growing demand. Our Company has also invested in upgradation of technology and skills and hence in this segment, Piramal Glass is fast emerging as a global player Cosmetic and perfumery products are beauty products and increasing fashion-consciousness and awareness are the critical drivers for this industry. The growing young population, working women and their increasing disposable income will provide a major fillip to the industry. The entry/availability of major international brands and setting up of large retail stores across the country will also result in higher demand for these products. Pharma: The Pharmaceutical glass container division manufactures amber bottles, amber and flint vials for liquid oral formulations and injectibles. Products manufactured conform to USA, Indian and European pharmacoepia in Type I, Type II and Type III formulations. PGL is the leading supplier of glass containers to both multinational and Indian pharmaceutical companies like GlaxoSmithKline, Pfizer, Piramal Healthcare Limited, Cipla, Abbott, Alembic, and Ranbaxy. Demand for pharmaceutical formulations in India is on the rise. While the growth for tablets and capsules would be higher, the demand for medication in the form of liquid dosages, especially for pediatric formulations, for injectibles, etc would also increase. The generics market globally, which also has liquid formulations, is also growing. Some Indian pharmaceutical companies are scaling up their efforts in major way to become the preferred manufacturer for large global pharmaceutical companies. These factors are expected to result in increased demand for pharmaceutical glass containers. Market Overview: Market Size The market size is as follows • Pharma Global market size is estimated to be US$ 2.0 bn. • Cosmetic & Perfumery Global market size is estimated to be US$ 1.9 bn. Pharmaceuticals Business : It caters to the requirements of pharmaceutical industry in the product lines like moulded vials, injectables and bottles. In domestic market PGL enjoys about 40% market share. Major customers of containers for pharmaceutical industry are Glaxo Smithkline, Pfizer, E-Merck, Alembic, Aventis, Dabur (India), Ranbaxy, Cipla, Himalaya drugs, Dr. Reddy’s Laboratories, and Piramal Healthcare Limited. Cosmetics and Perfumery Business: The glass containers manufactured in Cosmetics and Perfumery are used to fill nail polish, perfumes, foundations, attars, etc. The main raw materials used are semi snow quartz, soda ash, lime stone powder. This market is classified into six segments: • Select • Mid-mass • MNC mass • Low mass • Cosmetics • Nail polish 2 Piramal Glass Limited MANAGEMENT DISCUSSION & ANALYSIS Major customers of containers for cosmetics and perfumery business are Dumak LLC, L’Oreal, Erkul Kozmetic, Compagnie De Diffussion, Niasi, Expak, Baralan International, S F Patel & Sons, Estico Ltd., Revolline Ltd. Scheme of Amalgamation: The Hon’ble High Court of Judicature at Bombay vide its Order dated 10th August, 2007 and the Hon’ble High Court of Gujarat at Ahmedabad vide its Order dated 27th August, 2007 have approved the Scheme of Arrangement and Amalgamation of Kojam Fininvest Limited; which earlier held 53.86% in Gujarat Glass Limited. In March 2007, the Company was converted into a Public Limited Company and consequently the name of the Company was changed from Gujarat Glass Private Limited to Gujarat Glass Limited. Further as a new corporate entity Gujarat Glass Limited has been changed to Piramal Glass Limited in 2008. Performance summary: Rs. in Million Particulars FY2008 FY2007 Sales and Profit: Net Sales 7,786.2 7,007.5 EBDITA 1,240.0 723.7 PBT (after exceptional items) (124.6) (248.7) PAT (after prior period items) (226.7) (373.6) Margins: EBDITA % 15.9% 10.3% PBT % (after exceptional items) (1.6%) (3.5%) PAT % (after prior period items) (2.9%) (5.3%) Growth: Net Sales 11.1% Global Sales* 13.1% Operating Profit 71.3% Net Profit 39.3% Notes: *Global Sales are Total Consolidated Sales outside India. Results review summary: Total sales for the year ended 31 Mar 2008 grew by 11.1% to Rs. 7,786.2 million compared to FY 2007 Net sales of Rs. 7,007.5 million. Earning Before Depreciation, Interest, Tax and Amortizations (EBDITA) for the year was at Rs.1,240.0 million, an increase of 71.3% over FY2007 EBDITA of Rs. 723.7 million. Operating Margins increased to 15.9% in FY2008, compared with 10.3% for FY2007. Net Interest increased by 93.2% to Rs. 671.5 million, as compared to Rs. 347.5 million in FY 2007. The total consolidated debt as on 31 March 2008 was Rs. 10,412.8 million, compared with Rs. 7,044.1 million for FY2007. Debt/Equity ratio was 5.3 in FY2008, compared to 3.8 in FY 2007. The Debt level and Interest costs for FY2008 were higher as we used internal funds and debt to finance capital expenditure of Rs. 3,446.4 million during the year. Depreciation for the year ended was Rs.693.1 million compared to Rs. 515.1 million in FY 2007. Income Tax (current plus deferred plus fringe benefit tax) was at Rs. 102.1 million, compared with Rs.126.9 million in FY 2007. As a result, there was a Net Loss of Rs.226.7 million in FY2008 as compared to a net loss of Rs. 373.6 million in FY2007. Earnings per share for FY2008 were Rs. (12.7) as compared to Rs. (22.4). Piramal Glass Limited 3 MANAGEMENT DISCUSSION & ANALYSIS Net sales analysis: Rs. in Million Consolidated Sales break-up % Salience FY2008 FY2007 % Growth India Sales Cosmetics & Perfumery 3.4% 224.6 238.4 (5.8%) Pharmaceuticals 22.2% 1,660.2 1,553.9 6.8% Sub-total – India 25.6% 1,884.8 1,792.3 5.2% Global Sales Cosmetics & Perfumery 39.9% 3,305.2 2,797.5 18.1% Pharmaceuticals 16.8% 1,346.7 1,179.3 14.2% Specialty Food and Beverages 17.7% 1,249.2 1,238.6 0.9% Sub-total – Outside India 74.4% 5,901.1 5,215.4 13.1% Consolidated Total Sales 100.0% 7,786.2 7,007.7 11.1% Notes: Global Sales are Total Consolidated sales outside India.
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