MIRA INFORM REPORT
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Report Date : |
03.03.2007 |
IDENTIFICATION DETAILS
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Name : |
LUPIN LIMITED |
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Formerly known as : |
LUPIN LABOARATORIES LIMITED |
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Registered Office : |
159, C.S.T. Road, Kalina, Santacruz (East),
Mumbai - 400 098, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.03.1983 |
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Com. Reg. No.: |
11-29442 |
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CIN NO.: |
U24100MH1983PLC029442 |
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TAN No.: (Tax Deduction & Collection Account
No.) |
MUML04496C |
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PAN No.: (Permanent Account No.) |
AAACL1069K |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company
having satisfactory track. Available
information indicates high financial responsibility of the company. The
company’s financial position is satisfactory. Payments are correct and as per
commitments. The company is doing well. It can be
considered good for any normal business dealings. It can be regarded as a promising business
partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
159, C.S.T. Road, Kalina, Santacruz (East),
Mumbai - 400 098, Maharashtra, India |
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Tel. No.: |
91-22-26931001 / 26526391 /
26528311/56402222/ 66402323 |
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Fax No.: |
91-22-26540484 / 26114008/56402299/ 26528806 |
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E-Mail : |
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Website : |
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Plants : |
Located at: Ankleshwar, Aurangabad, Tarapur
and Mandideep. ·
T-142 MIDC Industrial Estate, Tarapur
Industrial Area, Boisar, District Thane, Maharashtra ·
198-202, New Industrial Area II, Mandideep,
District Raisen, Madhya Pradesh – 462 046 ·
211, New Industrial Area II, Mandideep,
District Raisen, Madhya Pradesh – 462 024 ·
124, GIDC Industrial Estate, Ankleshwar,
Gujarat – 393 002 ·
A28/1, MIDC Area, Chikalthana, Aurangabad,
Maharashtra – 431 001 ·
B-15 Phase I-A Verna Industiral Area, Verma
Salcette, Goa – 403 722 |
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Corporate Office : |
Laxmi Towers, “B” Wing, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India. |
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Tel. No.: |
91-22-66402222 |
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Fax No.: |
91-22-66402130 |
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R & D Park : |
Survey No. 46 A/47A, Nande Village, Mulshi
Taluka, District Pune - 411042, Maharashtra |
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Overseas Offices : |
Located at USA, UK, Russia and China. |
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Branches : |
Located at: Investor Services
Cell 159, C.S.T. Road, Kalina, Santacruz (East),
Mumbai - 400 098, Maharashtra, India Tel. No. 91-22-26931001 / 26526391 /
26528311 Fax. No. 91-22-26540484 / 26114008 Research Park's Survey No. 46/A and 47/A, Nande Village,
Mulshi Taluka, Dist. Pune, Maharashtra |
DIRECTORS
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Name : |
Mr. Dr. Desh Bandhu Gupta |
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Designation : |
Chairman |
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Date of Birth/Age : |
08.02.1938 |
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Qualification : |
M.Sc. |
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Experience : |
37 years |
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Date of Appointment : |
11.07.1972 |
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Name : |
Mr. Dr. Kamal K. Sharma |
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Designation : |
Managing Director |
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Name : |
Mrs. M. D. Gupta |
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Designation : |
Executive Director |
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Date of Birth/Age : |
22.09.1943 |
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Qualification : |
B.A. |
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Experience : |
31 years |
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Date of Appointment : |
11th July, 1972 |
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Name : |
Mrs. Vinita Gupta Sharma |
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Designation : |
Executive Director |
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Date of Birth/Age : |
05.03.1968 |
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Qualification : |
Pharmacy Graduate, MBA |
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Date of Appointment : |
17.08.2001 |
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Name : |
Mr. P. K. Kaul |
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Designation : |
Director |
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Date of Birth/Age : |
03.07.1929 |
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Qualification : |
B.Sc., M.A. (Eco.), MS – Public
Administration. |
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Date of Appointment : |
15.02.1992 |
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Name : |
Mr. K. U. Mada |
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Designation : |
Director |
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Date of Birth/Age : |
29-12-1933 |
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Qualification : |
M.A., Ph.D. (Eco.), Financial Management
Certificate from Jamnalal Bajaj Institute of Management Studies. |
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Date of Appointment : |
27-06-2001 |
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Name : |
Dr. D. P. Sinha |
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Designation : |
Director (up to 09.05.2006) |
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Name : |
Mr. D. K. Contractor |
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Designation : |
Director |
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Name : |
Mr. M. Parameswaran |
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Designation : |
Director (UTI Nominee) |
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Name : |
Mr. P. Ojha |
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Designation : |
Director (IDBI Nominee from 20.09.2001) |
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Name : |
Mr. Marc Desaedeleer |
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Designation : |
Director |
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Name : |
Mr. Vijay Kelkar |
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Designation : |
Additional Director |
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Name : |
Mr. Sunil Nair |
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Designation : |
Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Additional Director |
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MANAGEMENT COMMITTEE |
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Name : |
Mr. Satish Khanna |
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Designation : |
Group President - API |
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Name : |
Mr. Dr. Sudershan Arora |
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Designation : |
President - NCE Research |
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Name : |
Mr. Indrajit Banerjee |
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Designation : |
President • Finance & Planning |
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Name : |
Mr. Shakti Chakraborty |
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Designation : |
President - India Region Formulations |
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Name : |
Mr. Vinod Dhawan |
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Designation : |
President - Business Development |
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Name : |
Mr. Rajan Dutta |
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Designation : |
President - Human Resources Development |
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Name : |
Mr. Harish Narula |
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Designation : |
President - Corporate |
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Name : |
Mr. Dr. Himadri Sen |
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Designation : |
President - Pharma Research & Regulatory Affairs |
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Name : |
Mr. Nilesh Gupta |
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Designation : |
Executive Vice President - Advanced Markets |
KEY EXECUTIVES
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Name : |
Mr. Kiran N. Bade |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
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Category |
No. of Shares |
(%) of
Shares |
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Promoters |
21054479 |
52.45 |
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Mutual Funds |
2672802 |
6.66 |
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Financial Institutions/Banks/Insurance Cos. |
860443. |
2.14 |
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Foreign Institutional Investors |
5124365 |
I2.77 |
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Foreign Bodies (FIPB route) |
5037713 |
12.55 |
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Non Resident Indians |
85936 |
0.21 |
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Public |
5305396 |
13.22 |
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Total |
40141134 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
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Products : |
·
Rcinex ·
AKT 4 ·
Rcin ·
Ceff ·
Odoxil ·
Optineuron ·
Lipril ·
Cetil ·
Pyzina ·
Combutol ·
AKT 3 ·
Tonact ·
Ramistar ·
Ramiastar A ·
Doxcefr ·
Valent ·
Cef 4 ·
Ceff ER ·
Novapime ·
L Cin ·
Co-Q-Dent ·
Gatispanm ·
Abel ·
Valent ·
Starcet ·
Tegaspa ·
Cluconorm SR ·
Gluconorm G1 & G2 ·
Gluconorm P15 & P30 ·
Clopitab A ·
Cyclorin ·
Efficin ·
Praxis
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Imports from : |
China and Europe |
PRODUCTION STATUS
The company's production status as on 31st
March 2006 was as under:-
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Classification |
Unit |
Installed Capacity |
Actual Production |
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Tablets |
No. in Millions |
1570.00 |
1697.600 |
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Liquids |
Kilo-Litres |
3216.00 |
457.900 |
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Capsules |
No in Millions |
446.000 |
371.300 |
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Injections: |
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- Liquids |
Kilo-Litres |
42.00 |
102.200 |
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- Vials |
No in Millions |
12.000 |
62.500 |
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Creams & Powder |
MT |
403.000 |
325.20 |
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Inhalers |
No. In million |
-- |
1.000 |
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Bulkdrugs & Intermediates |
MT |
3785.700 |
3010.000 |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
4000 |
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Bankers : |
·
Central Bank of India Shiv Chhaya Co-operative Housing Society
Limited, M. V. Road, Andheri (East), Mumbai – 400 069, Maharashtra ·
State Bank of India, Mumbai, Maharashtra ·
Bank of Baroda Foreign
Exchange Bills Department, Nariman Point, Mumbai – 400 021 ·
Citibank N.A. 293, Dr. D. N.
Road, Mumbai – 400 001, Maharashtra ·
Syndicate Bank, Mumbai, Maharashtra. ·
Punjab National Bank, Mumbai, Maharashtra. ·
UTI Bank Limited, Mumbai, Maharashtra. ·
The Federal Bank Limited, Mumbai,
Maharashtra. ·
Dena Bank, Mumbai, Maharashtra. ·
ABN AMRO Bank N.V. ·
ICICI Bank Limited. ·
Standard Chartered Bank ·
The Hongkong and Shanghai Banking
Corporation Limited. |
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Facilities : |
(Rs. in millions)
Notes :
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Banking Relations : |
Good |
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Auditors : |
Deloitte Haskins & Sells Chartered Accountants |
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Associates : |
·
Badhira Leasing & Finance Private
Limited ·
Bharat Steel Fabrication & Engineering
Works ·
Croptech Chemicals (India) Private Limited ·
D. B. Estate ·
D. B. Promoters ·
Enzal Chemicals (India) Limited ·
Frigid Leasing & Finance Limited ·
Goodyear Investment Private Limited ·
Khandelwal Estates Private Limited ·
Lotus Corporation (taken over by Novamed
Pharmaceuticals Private Limited w.e.f. 1st October, 2003) ·
Lovin Care Products Private Limited ·
Lupin Human Welfare & Research
Foundation ·
Lupin International Private Limited ·
Lupin Investment Private Limited ·
Lupin Marketing Private Limited ·
Lupin Performance Chemicals Limited ·
Lupin Real Estates Limited ·
Lupin Securities Limited ·
Matashree Gomati Devi Jana Seva Nidhi ·
Novamed Pharmaceuticals Private Limtied ·
Pipleswar Holdings Private Limited ·
Polynova Industries Limited ·
Pranik Landmark Associates ·
Rahas Investments Private Limited ·
Samiksh Investment Private Limited ·
Santosh Leasing Private Limited ·
Synchem Chemicals (I) Private Limited ·
Timita Leasing & Finance Private
Limited ·
Varija Leasing & Finance Private
Limited ·
Vishtosh Investments & Finance Private
Limited ·
Visiomed (India) Private Limited ·
Yogini Leasing & Finance Private
Limited ·
Zuari Leathers Private Limited ·
Zyma Laboratories Private Limited ·
Alpha Corporation ·
Apposite Trading Company ·
Atlantic Trading Corporation ·
High Tech Commercial ·
Luxury International Private Limited ·
Wellworth Laboratories |
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Subsidiaries : |
·
Lupin Chemicals (Thailand) Limited ·
Lupin Laboratories South Africa (Pty.)
Limited ·
Lupin Pragati Limited, Russia ·
Lupin Pharmaceuticals Inc., USA ·
Lupin Hong Kong Limited ·
Lupin Holdings S.A., Luxembourg ·
Lupin Australia (Pty) Limited, (LAPL) Australia ·
Lupin Herbal Limited, (LHL) India |
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Membership : |
·
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 millions |
|
1,500,000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 150.000 millions |
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Total |
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Rs.
650.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,141,134 |
Equity Shares |
Rs. 10/- each |
Rs. 401.400 millions |
Note :
Out of the above Equity Shares, 37,311,048 Equity Shares were allotted
as fully paid-up without payment being received in cash, pursuant to the scheme
of Amalgamation with erstwhile Lupin Laboratories Limited.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
401.400 |
401.400 |
401.400 |
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2] Reserves & Surplus |
6038.100 |
4603.600 |
4078.900 |
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NETWORTH |
6439.500 |
5005.000 |
4480.300 |
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LOAN FUNDS |
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1] Secured Loans |
4286.500 |
3806.300 |
2865.500 |
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2] Unsecured Loans |
4839.500 |
600.100 |
905.600 |
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TOTAL BORROWING |
9126.000 |
4406.400 |
3771.1 |
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DEFERRED TAX LIABILITIES |
956.100 |
934.400 |
941.700 |
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TOTAL
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16521.600 |
10345.800 |
9193.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6424.000 |
5589.400 |
5172.100 |
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Capital work-in-progress |
252.100 |
698.100 |
171.700 |
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INVESTMENTS |
95.000 |
93.700 |
89.100 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3102.900 |
2480.800 |
2153.000 |
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Sundry Debtors |
3483.900 |
2353.900 |
2158.300 |
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Cash & Bank Balances |
4558.000 |
177.800 |
150.400 |
|
Loans & Advances |
2328.700 |
1726.200 |
1999.800 |
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Total Current Assets |
13473.500 |
6738.700 |
6461.500 |
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Less : |
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|
Current Liabilities |
2995.400 |
2374.300 |
2008.800 |
Provisions
|
727.600 |
399.800 |
692.500 |
Total Current Liabilities
|
3723.000 |
2774.100 |
2701.300 |
|
Net Current Assets |
9750.500 |
3964.600 |
3760.200 |
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TOTAL
|
16521.600 |
10345.800 |
9193.100 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
16786.100 |
11799.000 |
11950.500 |
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Profit/(Loss) Before Tax
|
2302.000 |
852.700 |
1996.200 |
Provision for Taxation
|
474.800 |
9.100 |
1045.300 |
Profit/(Loss) After Tax
|
1827.200 |
843.600 |
950.900 |
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Export Value
|
8093.600 |
5695.200 |
5764.300 |
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Import Value
|
3465.100 |
2729.400 |
2746.700 |
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Total Expenditure
|
14484.100 |
10946.300 |
9954.300 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Sales Turnover |
4688.600 |
4910.700 |
4929.400 |
|
Other Income |
263.000 |
210.200 |
182.600 |
|
Total Income |
4951.600 |
5120.900 |
5112.000 |
|
Total Expenditure |
4118.300 |
4123.000 |
4174.100 |
|
Operating Profit |
833.300 |
997.900 |
937.900 |
|
Interest |
91.000 |
93.100 |
88.700 |
|
Gross Profit |
742.300 |
904.800 |
849.200 |
|
Depreciation |
105.500 |
112.300 |
120.700 |
|
Tax |
107.500 |
225.900 |
112.300 |
|
Reported PAT |
506.500 |
583.000 |
560.300 |
200606 Quarter 1
Notes
Other income Includes Other income from Operation Rs 80.70 million Other
income Rs 182.30 million Expenditure Includes (Increase) /Decrease in Stock in
Trade Rs 28.70 million Consumption of Raw & Packing Materials Rs 1704.40
million Purchase of Traded Goods Rs 601.40 million Staff Cost Rs 432.90 million
Manufacturing & Other Expenses Rs 1350.90 million Tax Includes Provision
for Current Tax Rs 86.50 million Deferred Tax Rs 22.80 million Fringe Benefit
Tax Rs 21.00 million EPS is Basic Status of Investor Complaints for the quarter
ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 22 Complaints disposed off during the
quarter 22 Complaints unresolved at the end of the quarter Nil 1. The above
results for the quarter ended June 30, 2006 were reviewed by the Audit Committee
& thereafter were approved and taken on record by the Board of Directors in
their meeting held on July 25, 2006. The statutory auditors of the Company have
been carried out the limited review of the above results pursuant to clause 41
of the Listing Agreement. 2. The Company operates solely in the pharmaceuticals
business & hence has only one primary reportable segment. 3. The aggregate
amount of revenue expenditure incurred on Research and Development for the
quarter ended June 30, 2006 is Rs 319.80 million. 4. Lupin Chemicals (Thailand)
Limited. in which the Company held 60% stake ceased to be subsidiary effective
from May 31, 2006 on sale of the shares held in the said subsidiary to another
party at face value. 5. During the quarter, the Company granted stock options
to certain employees in respect of 223,350 equity shares at an exercise price
of Rs 859.75 per share pursuant to the 'Lupin Employees Stock Option Plan 2005.
6. Pursuant to the adoption of Accounting Standard (AS) 15 (Revised 2005) 'Employees
Benefits' issued by the Institute of Chartered Accountants of India (ICAI), the
Company has adjusted Rs. 83.10 million (net of deferred tax of Rs, 42.10
million) towards the additional liability up to March 31, 2006 against the
opening balance of revenue reserves and the quarterly financial results has a
charge of Rs.28.7 million on account of additional liability in accordance with
the said Accounting Standard. 7. Figures for the previous periods have been
regrouped, wherever necessary to correspond with the figures of the current
period.
200609 Quarter 2
Notes:
1. The above results for the quarter ended September 30, 2006 were
reviewed by the Audit committee and thereafter were approved and taken on record
by the Board of Directors in their meeting held on October 19, 2006. The
statutory auditors of the company have carried out the limited review of the
above results pursuant to clause 41 of the Listing Agreement. 2. The Company
operates solely in the pharmaceuticals business and hence only one primary
reportable segment. 3. The aggregate amount of revenue expenditure incurred on
Research and Development and shown in the respective heads of accounts is as
under: Qtr ended 30.09.2006 318.40 Million. Qtr ended 30.09.2005 230.80 Million
Half year ended 30.09.06 638.20 Million Half year ended 30.09.05 418.30 Million
Accounting year ended 31.03.06 1029.80 Million 4. There was no unresolved
investor complaint pending as on July 1, 2006. The company received 29
complaints during the quarter which were resolved. There was no unresolved
complaint pending as on September 30, 2006. 5. At the Annual General Meeting of
the company held on July 25, 2006 the shareholders approved 1:1 bonus issue
i.e. one additional equity share for every one existing share held by the
members. On August 17, 2006, the company allotted 40152494 equity shares of the
face value of Rs 10 each as fully paid-up by capitalizing part of the general
reserve. 6. During the quarter 13430 equity shares of Rs 10 each fully paid up
were allotted to the employees of the company on exercise of the vested stock
options in accordance with the the terms of exercise under the Lupin Employees
stock option plan 2003. 7. During the quarter , the company granted following
stock options to certain employees of the company and one its subsidiaries:
Stock Opt Date of Grant Options for number of shares Exercise price per share
Pre-bonus (Nos.) Post-bonus (Nos.) Pre-bonus (Rs.) Post=bonus (Rs.) Lupin
Employees Stock Option Plan July 25, 2006 4,050 8,100 867.95 433.975 Lupin
Employees Stock Option Plan 2005 September 13, 2006 22,000 469.90 Lupin
Subsidiary Companies Employee July 25, 2006 31,850 63,700 867.95 433.975 Stock
Option Plan 2005 8. Pursuant to the adoption of Accounting Standard (AS) IS
(Revised 2005) Employees benefits issued by the Institute of Chartered
Accountants of India (ICA[), the Company has adjusted Rs. 83.1 million (net of
deferred tax of Rs. 42.1 million) in the earlier quarter, towards the additional
liability up to March 31, 2006 against the opening balance of revenue reserve
and the six monthly financial results has a charge of Rs. 68.2 million on
account of additional liability in accordance with the said Accounting
Standard. 9. Earning per share for the previous periods have been adjusted for
the issue of bonus shares in the rata of 1:1 allotted on August 17, 2006 as per
Accounting Standard 20 (AS 20) on Eaming Per Share. 10.Figures for the previous
periods have been regrouped, wherever necessary, to correspond with the figures
of the current period.
200612 Quarter 3
Notes
Other income Includes Other income from Operations Rs 37.70 million
Other income Rs 144.90 million Expenditure Includes (Increase) /Decrease in
Stock in Trade Rs (153.20)million Consumption of Raw & Packing Materials Rs
1801.00 million Purchase of Traded Goods Rs 512.90 million Staff Costs Rs
494.60 million Manufacturing & Other Expenses Rs 1518.80 million Tax
Includes Provision for Current Tax Rs 89.10 million Deferred Tax Rs 55.90
million Fringe Benefit Tax Rs 23.20 million EPS is Basic Status of Investor
Complaints for the quarter ended December 31, 2006 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 30
Complaints disposed off during the quarter 30 Complaints unresolved at the end
of the quarter Nil 1. The above financial results for the quarter ended
December 31, 2006 were reviewed by the Audit Committee & thereafter were
approved and taken on record by the Board of Directors in their meeting held on
January 17, 2007. The statutory auditors of the Company have been carried out
the limited review of the above results pursuant to clause 41 of the Listing
Agreement. 2. The Company operates solely in the pharmaceuticals business &
hence has only one primary reportable segment. 3. The aggregate amount of
revenue expenditure incurred on Research and Development and shown in the
respective heads of account. for the quarter ended December 31, 2006 is Rs
315.80 million. 4. At the Annual General Meeting of the Company held on July
25, 2006, the shareholders approved 1:1 bonus issue i.e. one additional equity
share for every one existing share held by the members on August 17, 2006, in
the earlier quarter, the Company allotted 40,152,494 equity shares of the face
value of Rs 10/- each as fully paid up by the capitalizing part of the general
reserves. 5. During the quarter, the Company grated 42,700 stock options (each
option equal to one equity share) to certain employees at the exercise price of
Rs 507.60 per share pursuant to the Lupin Employees Stock Options Plan 2005.
Further, during the quarter, 20,565 equity shares of Rs 10/- each fully paid up
were allotted to the employees of the Company on exercise of the vested stock
options in accordance with the terms of exercise under the Lupin Employees
Stock Option Plan 2003. 6. Pursuant to the adoption of Accounting Standard (AS)
15 (Revised 2005) Employees Benefit issued by the Institute of Chartered
Accountants of India (ICAI), the Company has adjusted 83.10 million (net of
deferred tax of Rs 42.10 million) in the earlier quarter, towards the
additional liability up to March 31, 2006, against the opening balance of
revenue reserve. Consequently, the financial results for nine months have a charge
of Rs 102.30 million on account of additional liability. 7. Earning per share
for the previous periods has been adjusted for the issue of bonus shares in the
ratio of 1:1 allotted on August 17, 2006 as per Accounting Standard 20 (AS 20)
on Earning Per Share. 8. Figures for the previous periods have been regrouped,
wherever necessary, to correspond with the figures of the current period.
Consolidated
Unaudited Financial Results for the Quarter Ended 30.06.2006
|
PARTICULARS |
|
|
30.06.2006 (Unaudited) |
Sales Turnover [including other
income]
|
|
|
5043.800 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
667.200 |
Provision for Taxation
|
|
|
130.900 |
Profit/(Loss) After Tax
|
|
|
536.300 |
|
|
|
|
|
Total Expenditure
|
|
|
4395.300 |
|
|
|
|
|
Paid up Equity Share Capital
(Face Value Rs. 10/- each)
|
|
|
401.400 |
Earning Per Share
|
|
|
|
Basic
|
|
|
13.34 |
Diluted
|
|
|
13.33 |
NOTES :
The above results for the quarter ended June 30,2006 were reviewed by
the Audit Committee and thereafter were approved and taken on record by the
Board of Directors at their meeting held on July 25, 2006.
Consolidated Financial results include the financial results of the
subsidiaries namely Lupin Pharmaceuticals Inc. USA, Lupin Chemicals (Thailand)
Limited, Thailand (up to May 31, 2006), Lupin Hong Kong Limited, Hong Kong,
Lupin Australia Pty Limited., Australia and Lupin Herbal Limited, India.
The consolidated financial statements are prepared in accordance with
the Accounting Standard 21 "Consolidated Financial Statements" issued
by the Institute of Chartered Accountants of India.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
1.18 |
0.86 |
1.24 |
|
Long Term Debt Equity Ratio |
0.64 |
0.37 |
0.72 |
|
Current Ratio |
1.38 |
1.10 |
1.34 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.14 |
1.79 |
1.97 |
|
Inventory |
5.95 |
5.23 |
6.74 |
|
Debtors |
5.69 |
5.37 |
3.89 |
|
Interest Cover Ratio |
8.60 |
4.12 |
4.89 |
|
Operating Profit Margin (%) |
18.11 |
12.03 |
23.34 |
|
Profit Before Interest and Tax Margin (%) |
15.68 |
9.29 |
20.93 |
|
Cash Profit Margin (%) |
1.343 |
9.70 |
14.58 |
|
Adjusted Net Profit Margin (%) |
11.00 |
6.96 |
12.17 |
|
Return on Capital Employed (%) |
20.86 |
12.75 |
27.10 |
|
Return on Net Worth (%) |
31.93 |
17.79 |
35.27 |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs. 631.00/- |
|
Low |
Rs. 591.00/- |
LOCAL AGENCY FURTHER INFORMATION
History:
The company was incorporated on 11th
July 1972 at Mumbai in Maharashtra having Company Registration Number 15888.
The company was originally incorporated under
the name and style of Lupin Laboratories Limited and was changed to the present
due to amalgamation of Lupin Laboratories Limited and Lupin Chemicals Limited.
The Hon'ble High Court of Judicature at
Mumbai had, vide its order dated June 13, 2001, sanctioned the scheme of
amalgamation between Lupin Laboratories Limited and Lupin Chemicals Limited
w.e.f. April 1, 2000.
As part of the scheme of amalgamation, the
name of the company was changed to Lupin Limited and the Registered Office
shifted to 159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400 098.
Pursuant to the scheme of amalgamation, the
company's issued and subscribed capital of Rs. 335.508 millions consisting of
33550865 equity shares was re-structured to Rs. 33.550 millions by effecting a
reduction of Rs. 9/- in the paid up value of Rs. 10/- per share and
consolidating such shares into 3355086 equity shares of Rs. 10/- each. After cancellation of shares held by the
transferor company in the capital of the company, the issued and subscribed capital
of the company stands at Rs. 28.300 millions.
Pursuant to the scheme of amalgamation
37311048 equity shares of Rs. 10 each shall be allotted to the equity
shareholders of the transferor company, in the ratio of 12 shares for every 10
shares held by them in the transferor company.
Further, 1200000 Redeemable Cumulative Preference Shares of Rs. 100/-
each aggregating Rs. 120 millions shall be issued to the holders of various
series of preference shares in the transferor company.
Lupin Chemicals Limited was incorporated in
the year 1983, promoted by Lupin Laboratories Limited, with an aim to
manufacture rifampicin, an anti-TB drug at Tarapur. The company consolidated
its position in fermentation to produce rifampicin from the basic stage. The
highly complicated procedure of stabilising the bacteria, which normally takes
three to four years under local conditions was achieved in around one year with
the help of technological tie-up from Fermic, Mexico.
The company was bought as defunct firm in
1968. It had manufacturing facilities in Aurangabad, Ankleshwar and Mandideep
and a joint venture in Thailand. Its activities included pharmaceuticals, bulk
drugs and formulations, fermentation, biotechnology, natural products and
agro-chemicals. It was one of the largest producers of ethambutol, an anti-TB
drug. Its other main focus was refampicin a bulk drug, which was manufactured
form the fermentation stage. In was the first Indian company to undertake
commercial manufacture of Vitamin B6. In 1985, the company diversified into
agrochemicals and in 1995, it launched speciality and natural products. It had
technical tie-up with Gruppo Lepitit, Italy a subsidiary of Marrion Merril Dow
for fermentation.
On post merger basis, for the first quarter
ended June 2001, the market share in the anti-TB segment went up to 43.4% from
40.4%, while the company’s cardiovascular registered a growth of 68.2%. Exports
stood at Rs. 612.60 millions, driven largely by volume growth.
During the quarter ended June 2001, the
company launched Ramistar (ace 2 inhibitor) to add to the basket of its
cardiovascular product range. Ramistar-A (combination of Ramipril and
Amlodipine) was also launched during the quarter.
During the first quarter of 2001-02, the
company had also commissioned US FDA approvable facility at Mandideep (Madhya
Pradesh) for manufacture of Oral Cephalosporins in finished dosage form,
targeted at advanced markets of the USA and Europe.
Subject came into existence due to
amalgamation of Lupin laboratories with Lupin Chemicals. The scheme of
amalgamation was approved by the high court on 13 June 2001 and the same was
effective from April 2000.
The company also expects strong gains from
its entry into the US cefotaxime market, where it holds a near-exclusive
position. The company's cefotaxime dosages are selling consistently at present
in the UK and French markets. During the quarter, ceftriaxone dosage form has
also been launched successfully in France. The European market for this product
is estimated at $ 400 million.
Subject commissioned its state of art USFDA
approval oral Cephalosporin dosage manufacturing plant, for meeting the
requirements of the generics markets with some of the Cephalosporins going off
patent in the coming years. At present the facility is catering to the
requirements of exhibit batches needed by the R&D for the purpose of ANDA
filings planned during the year.
The company is also working on a strong NCE
research program. On the process
research and formulations development for the Generics markets the work is well
underway for filling 4-5 ANDA’s in the current year. During February 2002, Rabeprazole an anti-peptic in the
therapeutic segment was introduced by Lupin under the brand name of Rablet. The installed capacities of tablets, capsules,
bottles were increased to 10 million per month, 55 million capsules annually,
7.2 million bottles per annum, respectively. The company spent most of the
capital expenditure for expansion of its R& D facilities, Expansion &
Modernization of the anit-TB dosage facility, Commissioning of a new lisinopril
facility. The company is setting up a
USFDA approval plant at Tarapur, Maharashtra for manufacturing Lovastatin, a
cholestrol lowering API. This plant was
expected to be operational by the second quarter of the current financial year
2002-03.
Business:
Subject is engaged in the business as
Manufacturers of Bulk Drugs and Formulations.
Performance review
The performance of your Company for the year ended March 31, 2006 was very
encouraging. The Company registered an all-round growth in sales of Finished
Dosages as well as Active Pharmaceutical Ingredients (API). Sales at Rs.
16610.4 million grew by 37% as compared to those of the previous year. Domestic
revenues grew by 34% and exports by 40%. Profit after tax at Rs.1827.2 million
registered a growth of 117% over that of the previous year. The earning per
share increased from Rs.20.50 to Rs.44.59.
Foreign Currency Convertible Bonds (FCCB)
As approved by the shareholders at the twenty third Annual General
Meeting, the issue of FCCB aggregating US $ 100 million was completed. The
Bonds are convertible anytime prior to December 28, 2010 at a price of Rs.
1134.08 per equity share. The placement was made on December 6, 2005 and the
proceeds were received on January 6, 2006. The Company intends to use the
proceeds to finance acquisitions in India and overseas, joint ventures and/or
capital expenditure. Effective January 9, 2006, these Bonds are listed on the
Singapore Stock Exchange.
Issue of Bonus Shares
Considering the current performance of your Company and its future
outlook, the Board of Directors is pleased to recommend issue of bonus shares
in the ratio of one for one, subject to your approval.
AAMLA & CIS
The AAMLA division has piloted your Company's foray into the
geographies of Asia, Africa, Middle East and
Latin America. The highlight of this business is its success in forging
long-term strategic alliances and partnerships with key players in the
respective markets. The arrangements with GSK Philippines (Philippines), Aspen
Pharmacare Holdings Limited. (South Africa), Ranbaxy Laboratories Limited., and
Kyowa Pharmaceutical Industry Co. Limited. (Japan), among others, illustrate
the Company's endeavour to enhance global cooperation. These alliances would
help synergise the complementary competencies of the respective parties and
further facilitate your Company's accelerated entry and penetration into the
chosen geographies. Your Company is expecting high growth on the foundation
laid by this division and looks forward to a rewarding future ahead.
The emerging markets of CIS offer a wide spectrum of opportunities,
particularly in branded products and herbal and institutional segments. The CIS
division is well equipped to seize these opportunities. The division recorded a
growth of 17% over the previous year and looking ahead, the growth is going to
be still higher.
Subsidiary Companies
The Company has the following subsidiaries: -
a) Lupin Pharmaceuticals Inc., (LPI) U.S.A. LPI is engaged in trading,
marketing and development activities in the US. The company recorded a profit
of Rs.55 million during the year. With the internalisation of its field force
and launch of new products in the target markets, the company is expected to do
better.
b) Lupin Chemicals (Thailand) Limited., (LCTL) Thailand LCTL is a joint
venture company with G. Premjee Group (GPG) of Thailand wherein the Company
holds 60% stake. The company recorded a profit of Rs.9.6 million during the
year. In line with the Company's strategy to focus on the key markets and key
product groups, the Board of Directors decided to divest the Company's stake in
LCTL. The requisite exit formalities will soon be completed.
c) Lupin Hong Kong Limited., (LHKL) Hong Kong LHKLwas incorporated to
co-ordinate and support the Company's API business in China. The company
recorded a loss of Rs.2.9 million during the year.
d)
Lupin Australia (Pty) Limited., (LAPL)
Australia LAPL, a wholly owned subsidiary of the Company, was constituted primarily
to effect and hold product registrations in Australia. During the period under
review, the company recorded a loss of Rs.0.6 million. It has so far submitted
applications to Therapeutic Goods Administration (TGA), Australia, for
registration of four products.
e)
Lupin Herbal Limited., (LHL) India LHL
provides marketing and promotional services to the Company's herbal division.
It recorded a profit of Rs.43,0507- during the year. The company is expected to
perform better in the years to come.
Operational reviews
Finished Dosages-Semi regulated
markets
India Region
The finished dosages business in India exhibited encouraging performance: it
has grown by 15% as against industry growth rate of 6%. The Company achieved
significant increase in sales in the cardiology and diabetology segments. Your
Company offers a wide range of products covering therapeutic segments such as
gastro intestinal, pain management anti-histaminic, nutraceuticals.
cardiovascular, diabetes etc., besides maintaining its leadership position in
anti-Tuberculosis (TB) and anti-infectives. The performance of 1350-strong
field force achieved prescription growth of 6% as against the industry rate of
1%.
The Company successfully entered the highly competitive anti-asthma market.
Within a short span of eight months, it registered revenue of Rs.90
million.
The Company launched 18 new products in the market, which included unique
products, such as Rablet IV, an anti-peptic ulcerant, Nizonide, an
anti-parasitic and Tonact EZ for cholesterol control. Your Company also
introduced a life-saving antibiotic Novapime, a fourth generation injectible
cephalosporin, at an affordable price.
Six of the Company's products feature in the top 300 pharma brands.
The uncertainties brought about by the introduction of VAT in several states
led to significantly lower buying by the distributors. This occasioned much
lower sales during the last quarter of the year.
Over the years, the Company has consciously reduced its dependence on anti-TB business,
without diluting its undisputed market leadership. To accelerate growth, your
Company has strategically focused on high-growth, high-contribution area of
life-style segments like diabetology, cardiology, CNS and Asthma. The Company
now offers various innovative Novel Drug Delivery System (NDDS) dosages to
strengthen its doctor franchise, at the same time, increasing its reach to
far-flung rural areas through the Mass Marketing Division.
Other markets
The Company is entering value added generics through alliances in Australia and
Japan. It has also set its sight on other regulated markets like Brazil, Mexico
and New Zealand, besides semi-regulated South East Asia, Middle East; Africa
and Latin America. A separate division 'AAMLA' monitors these geographical
areas.
The Company is among the earliest Indian companies to operate in the erstwhile
Soviet Union. The Company continues to focus on the CIS countries. During the
year, Ribavin (anti-viral), One Be (herbal adaptogen revitalizer) and Softovac
(herbal bowel regulator) were introduced in that market The Company is geared
to consolidate its position in CIS through branded products and is planning to
achieve market penetration through expansion of field force.
Active Pharmaceutical Ingredients (API) - Semi regulated markets and
Intermediates
This business retained its dominant global position in anti-TB and
Cephalosporins.
The Company's statins facility at Tarapur received the USFDA approval and the
injectible cephalosporin facility at Mandideep received approval of TGA
Australia.
Certain segments of the Cephalosporin market (Pen G based products) came under
pricing pressure. Profitability from the sale of these products was lower in
the year consequent upon this. Prices of some other API products were also
under pressure.
With a view to insulate itself from volatility in sales and margins, the Company has entered into long-term
agreements with customers as well as suppliers of raw materials. The Company
also adopted a relationship-driven geographically diversified business model,
by establishing its presence in over 50 countries, by offering a wide product
range. It derives its strength from its capability in integrated world class
manufacturing facilities and economies of scale. A number of large global
pharma companies are on the list of the Company's customers.
The Company has also leveraged its strength in intermediates and has become a
prominent player in this segment in respect of its chosen products.
Regulated Markets
Finished Dosages
Generic
The Company has made significant progress in its plans on regulated market
formulations sale. The Company is pursuing a sufficiently large pipeline that, over
time, will provide a critical mass of generic products for sale in the
regulated markets of the US and Europe. In this effort, the Company filed 14
ANDAs during the year. The Company expects to get approval for these in time
for the products to be launched in the US.
Recently, your Company has entered into a Development and Licensing Agreement
with Cornerstone BioPharma Inc., US, for collaborating in the clinical
development of a NDDS for an anti-infective product This validates your
Company's strategy of applying Novel Drug Delivery platforms to create
value-added products in chosen therapeutic areas conforming to global
standards. This also signifies the Company's expertise in developing and
manufacturing products to be administered through patented delivery
systems.
Through an exclusive tie-up with Baxter, a market leader in hospital products
in the US, your Company is set to launch injectible Ceftriaxone, which will go
off patent in July 2005. Ceftriaxone is the largest selling Cephalosporin having
an estimated market size of US$ 800 million in the USA alone.
Specialty
The Company has set its vision on
consolidating the foundation it has laid in the US for the specialty portfolio.
Despite a slow start in April 2004, the level of prescriptions for the first
branded product Suprax(R) has risen sharply in the recent months, generating
over 85,000 prescriptions during the year. The
Company has also entered into an alliance with Cornerstone BioPharma Inc.,
US, for co-promotion of Suprax(R), which would enhance its reach beyond
paediatric market.
Active Pharmaceutical Ingredients
The Company's sales in the API segment of the regulated generics market
registered significant gains. The Company achieved leadership in cardiovascular
segment through Lisinopril and aims to achieve similar status in Statins. The
customer base for Lisinopril and some Cephalosporins was widened during the
year, which would ensure long-term steady growth in these products. The Company
also improved its capabilities of entering into new products through focus on
process/product development and investment in state-of-the-art manufacturing
facilities.
The Intellectual Property Management Group, based at Pune, leverages the
cross-functional competencies by playing a pivotal role in identification of
commercially viable products.
Recognition and
awards
·
FICCI Award by the Honourable Prime Minister
of India – In 1991
·
ICMA Award -
In 1993
·
Jamnalal Bajaj Award – In 1995
·
Bhamashah Award- In 1995
·
Merit Award – In 1998
·
State Awards under Child Welfare Program – In
2000, 2002, 2003.
The company has
joint venture with Lupin Chemicals (Thailand) Limited, Thailand and Lupin
Laboratories South Africa (Pty) Limited, South Africa.
The company is in trade terms with:
·
A. S. Enterprises
·
Aakar Arts
·
Adit Containers Private Limited
·
Adit Industries
·
Adit Phama
·
Agarwal Paper Products
·
Amar Equipments Private Limited
·
AMI Polymers Private Limited
·
Amijal Chemicals
·
Bhavna Chemicals
·
Bombay Ampules
·
Canton
·
Clean Air Engineers
·
Diva Envitech
·
Dorik Plastochem Limited
·
Gujarat Persalds
·
Enar Echemie Private Limited
·
Nikita Chemicals
·
Nishflex Packaging Private Limited
·
Aspage Integrated Systems Private Limited
·
Novex PolyFilms Private Limited
·
Multi-tech Engineers Private Limited
·
Jain Carton Industries Private Limited
·
Fluid Pack Machinery Company Private Limited
·
Yoyo Chemicals
·
Amsal Chem Private Limited
·
Kisalaya Herbals Limited
·
Pharmaceuticals Coatings
·
Western Drugs Private Limited
·
Award Packaging
·
Aadarsh Offset Private Limited
·
Hymech Engineers Private Limited
·
Printania Offset Private Limited
·
Ramesh Industries
·
Harelm Polycontainers Private Limited
·
Gujarat Chemicals Private Limited
·
Goyal MG Gases Limited
·
Niket Udyog Limited
·
S. D. Limited
·
Sales Worth India Private Limited
·
Jain Carton Private Limited
·
Kailash Corrugators Private Limited
·
Madhav Ratna Packaging Industries
·
Sanjivani Parenterals Limited
·
Vivid Systems
·
Webtech Systems
·
Zeolites & Allied Products
·
Universal Insulation Company
·
Vijay Pumps
·
Vikas Pharmaceutical Laboratories
·
Techno Cell
·
Truimph Pack Private Limited
·
System & Components India
·
Taran Industries
·
Tatva Chintan Pharma Chem Private Limited
·
Subhadra Packaging
·
Rotex Manufacurers
·
RDG Engineering Works
·
Regal Chemical & Mineral
·
Mayank Engineering Works
·
Gimar Corrugators Private Limited
·
Glamour Packaging
·
Godavri Plsto Containers Private Limited
·
Goel Process Systems Private Limited
·
J U Engineering
Fixed Assets
freehold land, leasehold land, buildings,
plant and machinery, furniture, fixtures and office equipments, vehicles, air conditioners
and technical know-how.
Press Release:
DSM
Anti-Infectives India And Lupin Enter Into A Strategic Cooperation For
Cephalosporins
September 02, 2005: DSM Anti-Infectives
India Limited and Lupin Limited have entered into a supply and marketing
agreement for a strategic cooperation in the cephalosporins
segment.
In recent years, both the companies have demonstrated their strength in
this key segment and this strategic cooperation will further enable to
strengthen their respective positions
in this segment through enhanced utilisation of existing resources,
with an enhanced
market access. Mr. N.V. Ramanan, Head of DSM Anti Infectives (Asia
Pacific, Middle east, Africa) and Country representative of Royal DSM NV said
“Cephalosporins is strategically an
important segment and with this cooperation we look forward to working
closely with
Lupin and further enhance our market reach and leadership.”
Commenting on the development Mr. Satish Khanna, Group President API,
Lupin Limited said “This development enhances our market reach and will enable
us to optimally utilise our resources. We look forward to increase this
cooperation over a wider product basket to bring synergetic advantages to both
Lupin and DSM Anti-Infectives.”
About DSM Anti-Infectives India
DSM Anti-Infectives India is a part of the business group DSM
Anti-Infectives (global turnover of Euro 500 Million, whereas DSM group annual
turnover is Euro 8 Billion), which holds a leadership position in the field of
Active Pharmaceutical Ingredients for the â-Lactam industry.
About Lupin
Headquartered in Mumbai, Lupin (http:/www.lupinworld.com) develops,
manufactures and markets generic intermediates, active pharmaceutical ingredients
and finished dosages. Its FY 2004-05 revenues were Rs.12 billion.11 of Lupin’s
plants have been approved by the USFDA and two facilities have been approved by
the UKMHRA
Dr. Vijay Kelkar and Mr. R A Shah join Lupin Board
BSE: 500257 NSE: LUPIN REUTERS: LUPN.BO BLOOMBERG: LPC IN
Mumbai, October 19, 2005: Lupin Limited
today announced that Dr. Vijay Kelkar and Mr. R A Shah have joined the
company’s Board as Independent Directors. An eminent economist Dr. Kelkar was
an advisor to the Minister of Finance, Government of India between August 2002
and September 2004. A Ph.D from the University of California, M.S. from the
University of Minnesota Dr. Kelkar has also served as an Executive Director of
the International Monetary Fund August 1999 – August 2002 and Finance Secretary
to the Government of India in 1998-99. He has held various other senior
positions in the Government of India and was Chairman/Member of several
high-powered committees set up by the government.
An eminent solicitor specialising in broad spectrum of Corporate Laws
Mr. R A Shah is
a senior partner of Crawford Bayley & Company, a leading solicitor
firm in Mumbai. Mr. Shah serves on the boards of various companies being on the
Managing Committee of the Bombay Chamber of Commerce and Indo German Chamber of
Commerce. He is also a Member of the Committee for Revision of SEBI Takeover
Code and President of Society of Indian Law Firms (Western Region). Welcoming
these two eminent personalities on the Board, Lupin Chairman Dr. Desh Bandhu
Gupta said, “I am delighted that Dr. Kelkar and Mr. Shah accepted our
invitation to join our Board. Their enormous experience and wisdom will
serve Lupin in good stead in the years to come”.
Lupin FY 2006-07 Q1 Sales up by 33 % at Rs. 4.9 bn
Driven by Formulation sales revenue, up by 49%
Domestic revenue growth of 39%
Exports up by 25%
Net Income up 17% at Rs. 507 Millions
Four ANDAs filed with the US FDA
BSE: 500257 NSE: LUPIN REUTERS: LUPN.BO BLOOMBERG: LPC IN
*Note – Figures in brackets indicate figures for the previous year
Mumbai, 25 July 2006: Lupin Limited reported
a 33% rise in sales (gross) for the quarter ended June 2006. Sales grew from
Rs.3.7 bn in Q1 2005-06 to Rs.4.9 bn in Q1 2006-07.
Export sales were Rs.1,982 Millions an increase of 25%. This includes
sales made to advanced markets of Rs.527 Millions. (Rs.280 Millions) which grew
by 88%. Sales from domestic markets were up Rs.2,869 Millions (Rs.2,069
Millions) a growth of 39%.
Earnings before Interest, Taxation, Depreciation and Amortization
(EBITDA) was Rs.833 Millions (Rs. 748 Millions) a rise of 11%. After Interest
and Finance charges Rs. 91 Millions (Rs.65 Millions), Depreciation Rs. 106
Millions (Rs.91 Millions) and Provision for taxation (including Fringe Benefit
Tax) Rs.130 Millions (Rs. 160 Millions), Net profit for the year increased by
17% to Rs. 507 Millions (Rs. 432 Millions).
During the quarter the Company incurred exceptional litigation expenses
of Rs. 82Millions pertaining to one particular patent challenge.
HIGHLIGHTS
Advanced markets
Total formulation sales from the advanced markets (North America and
Europe) were at Rs. 527 Millions (Rs. 280 Millions), an increase of 88%
Ceftriaxone saw a steady market share of 25% in the hospital market ANDA
approvals for Cefdinir capsules and suspension and Quinapril tablets received
US subsidiary’s sales during the quarter were US$ 14.4 Millions Suprax sales by
US subsidiary during the quarter were US$ 2.7 Millions
Developing Markets
v
API sales from the developing markets
(including India) were at Rs.1,649 Millions (Rs.1,166 Millions), a growth of
41%
v
Finished dosage sales from developing markets
(including India) grew by 42% to Rs.2,462 Millions (Rs.1,732 Millions)
v
Finished dosage from domestic market grew by
29% to Rs. 2,066 Millions (Rs. 1,601 Millions)
v
API sales from the domestic market grew by
75% at Rs. 776 Millions (Rs. 443 Millions)
v
MOU signed to acquire 51% stake in Dafra
v
Lupenox (Enoxaparin sodium) first in-licensed
product, introduced in domestic market
Research & Development
Four ANDAs, two DMFs, three EDMFs/COS, and one MAA (EU) filed
Research and Development expenditure during the quarter was at Rs.
320Millions, 6.8% of the Net Sales (5.3%)
Includes Litigation Expenses of Rs 82 Millions
For further information contact:
Raju Kane
The Source
Tel: +91 22 24901327/28/30
Fax: +91 22 24901325
Mobile: +91 98200 45656
E-mail: mail@sourcepr.com
Lupin gets US FDA approval for Meloxicam
|
BSE : 500257 |
NSE: Lupin |
REUTERS: LUPN.BO |
BLOOMBERG: LPC IN |
Mumbai, 20 July 2006:
Lupin Limited, announced today that the US
FDA has approved the Company’s Abbreviated New Drug Application (ANDA) for
Meloxicam Tablets, 7.5 mg and 15 mg, a widely used Non-Steroidal Anti-Inflammatory
Drug (NSAID). Meloxicam is indicated for the relief of the signs and symptoms
of osteoarthritis and rheumatoid arthritis.
Lupin’s Meloxicam Tablets are the AB-rated
generic equivalent of Boehringer Ingelheim’s Mobic® Tablets. U.S. sales for
Mobic® Tablets were approximately US$1.1 billion for the 12-month period ended
December 2005 according to IMS Health.
“The approval of our Meloxicam ANDA further
reinforces Lupin’s ability on submitting high quality dossiers and gaining
approval in time. In fact, the approval took just a little over 9 months. In
addition, our thorough execution has enabled us to launch the product
immediately,” said Dr. Kamal K. Sharma, Managing Director, Lupin Limited.
Lupin is among the first cluster of companies
to receive ANDA approval for Meloxicam. With this approval, Lupin now has 14
ANDAs approved by the US FDA.
About Lupin
Headquartered in Mumbai, Lupin Limited. is a leading pharmaceutical company with strong research focus. It has a programme for developing New Chemical Entities. The Company has state-of-the-art R&D center in Pune. The Company is a leading global player in Anti-TB, Cephalosporins (anti-infectives) and Cardiovascular drugs (prils and statins) and has a notable presence in the areas of diabetology, NSAIDS and Asthma.
For the financial year ended March 2006, the Company’s Revenues and Profit after Tax were Rs.16,610 million (US$ 375 million) and Rs.1,827 million (US$ 41 million) respectively.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.49 |
|
UK Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.58.53 |
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 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|