MIRA
INFORM REPORT
|
Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LUPIN LIMITED |
|
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Registered Office : |
159, CST Road, Kalina, Santacruz (E), Mumbai-400093, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.03.1983 |
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Com. Reg. No.: |
11-29442 |
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CIN No.: [Company
Identification No.] |
L24100MH1983PLC029442 |
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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
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 65852500 |
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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
|
Registered Office : |
159, CST Road, Kalina, Santacruz (E), Mumbai-400093, Maharashtra,
India |
|
Tel. No.: |
91-22-26931001 / 26526391 / 26528311 /
56402222 / 66402323 |
|
Fax No.: |
91-22-26540484 / 26114008 / 56402299 /
26528806 |
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E-Mail : |
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Website : |
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Plant: |
Located at: Ankleshwar, Aurangabad, Tarapur
and Mandideep. ·
T-142 MIDC Industrial Estate, Tarapur
Industrial Area, Boisar, District Thane, Maharashtra, India ·
198-202, New Industrial Area II, Mandideep,
District Raisen, Madhya Pradesh – 462 046, India ·
211, New Industrial Area II, Mandideep,
District Raisen, Madhya Pradesh – 462 024, India ·
124, GIDC Industrial Estate, Ankleshwar,
Gujarat – 393 002, India ·
A28/1, MIDC Area, Chikalthana, Aurangabad,
Maharashtra – 431 001, India ·
B-15 Phase I-A Verna Industiral Area, Verma
Salcette, Goa – 403 722, India |
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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, India |
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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, India |
DIRECTORS
|
Name : |
Dr. Desh Bandhu Gupta |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
08.02.1938 |
|
Qualification : |
M.Sc. |
|
Experience : |
37 years |
|
Date of Appointment : |
11.07.1972 |
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|
Name : |
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 |
|
Date of Appointment : |
11.07.1972 |
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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 |
|
Date of Appointment : |
17.08.2001 |
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|
Name : |
Mr. P. K. Kaul |
|
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. |
|
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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Name : |
Mr. Edward R Roberts |
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Designation : |
Director |
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|
Name : |
D.K Contractor |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kiran N. Bade |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Satish Khanna |
|
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 |
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|
Name : |
Mr. R.V Satam |
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Designation : |
Company Secretary |
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Name : |
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Designation: |
President - Pharma Research & Development |
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Name : |
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Designation: |
Executive Vice President - Global Dosage
Form Manufacturing & Quality Assurance |
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Name : |
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Designation: |
Executive Vice President - Finance |
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Name : |
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Designation: |
Executive Vice President - Supply
Planning & Strategic Sourcing |
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Name : |
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Designation: |
Executive Vice President - Business Development |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Category |
No. of Shares |
(%) of
Shares |
|
(As on 31.03.2008) |
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|
Shareholding of Promoter & Promoter Group |
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|
Indian |
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|
|
Individuals / HUF |
1580284 |
1.93% |
|
Bodies Corporate |
40373154 |
49.20% |
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Foreign |
|
|
|
NRI / Foreign Individuals |
10320 |
0.01% |
|
Public shareholding |
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Institutions |
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|
Mutual Funds / UTI |
8208484 |
10.00% |
|
Financial Institutions / Banks |
103000 |
0.13% |
|
Insurance Companies |
6769605 |
8.25% |
|
Foreign Institutional Investors |
7851450 |
9.57% |
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Non-Institutions |
|
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Bodies Corporate |
1608655 |
1.96% |
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Individuals - |
|
|
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i. Individual shareholders holding nominal share
capital upto Rs. 0.100 Million |
4859390 |
5.92% |
|
ii. Individual shareholders holding nominal share
capital in excess of Rs. 0.100 Million |
3757963 |
4.58% |
|
Any other (specify) |
|
|
|
Foreign Bodies (FIPB Route) |
6609525 |
8.05% |
|
Foreign Bodies (other) |
254751 |
0.31% |
|
Clearing Member |
75155 |
0.09% |
|
Clearing House |
2688 |
0.00 |
|
Trusts |
16471 |
0.02% |
|
Total |
82080895 |
100.00 |
BUSINESS DETAILS
|
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 : |
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Countries : |
China and Europe |
PRODUCTION STATUS
The company’s production status as on 31st
March 2006 was as under:-
|
Classification |
Unit |
Installed Capacity |
Actual Production |
|
Tablets |
No. in Millions |
1570.000 |
1697.600 |
|
Liquids |
Kilo-Litres |
3216.000 |
457.900 |
|
Capsules |
No in Millions |
446.000 |
371.300 |
|
Injections: |
|
|
|
|
- Liquids |
Kilo-Litres |
42.000 |
102.200 |
|
- Vials |
No in Millions |
12.000 |
62.500 |
|
Creams & Powder |
MT |
403.000 |
325.200 |
|
Inhalers |
No. In million |
-- |
1.000 |
|
Bulk drugs & Intermediates |
MT |
3785.700 |
3010.000 |
GENERAL
INFORMATION
|
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. ·
Axis 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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|
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Banking
Relations : |
Good |
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Auditors : |
|
|
Name : |
Deloitte Haskins & Sells Chartered Accountants |
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Memberships : |
Confederation of Indian Industry |
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Associates: |
·
Badhira Leasing and Finance Private Limited ·
Bharat Steel Fabrication and Engineering
Works ·
Croptech Chemicals (India) Private Limited ·
D. B. Estate ·
D. B. Promoters ·
Enzal Chemicals (India) Limited ·
Frigid Leasing and 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 and 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 and Finance Private Limited ·
Varija Leasing and Finance Private Limited ·
Vishtosh Investments and Finance Private
Limited ·
Visiomed (India) Private Limited ·
Yogini Leasing and 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 |
|
|
|
|
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 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000
millions |
|
1500000 |
Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 150.000
millions |
|
|
Total |
|
Rs. 650.000millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80340000 |
Equity Shares |
Rs. 10/- each |
Rs. 803.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
820.800 |
803.400 |
401.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12349.700 |
8080.700 |
6038.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13170.500 |
8884.100 |
6439.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5608.800 |
3909.100 |
4286.500 |
|
|
2] Unsecured Loans |
4046.700 |
4736.400 |
4839.500 |
|
|
TOTAL BORROWING |
9655.500 |
8645.500 |
9126.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
956.100 |
|
|
|
|
|
|
|
TOTAL
|
22826.000 |
17529.600 |
16521.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8630.700 |
7138.100 |
6424.000 |
|
|
Capital work-in-progress |
689.500 |
825.500 |
252.100 |
|
|
|
|
|
|
|
|
INVESTMENTS |
2924.900 |
58.600 |
95.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6258.500 |
4020.700 |
3102.900 |
|
|
Sundry Debtors |
6322.600 |
4793.000 |
3483.900 |
|
|
Cash & Bank
Balances |
2150.800 |
3527.800 |
4558.000 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans &
Advances |
2604.600 |
2479.500 |
2328.700 |
|
Total Current Assets |
17336.500 |
14821.000 |
13473.500 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5672.800 |
4649.600 |
2995.400 |
|
|
Provisions
|
1082.800 |
664.000 |
727.600 |
Total Current Liabilities
|
6755.600 |
5313.600 |
3723.000 |
|
|
Net Current Assets |
10580.900 |
9507.400 |
9750.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
22826.000 |
17529.600 |
16521.600 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales
Turnover |
26098.600 |
19709.300 |
16610.400
|
|
|
Other
Income |
1974.200 |
1866.500 |
725.100
|
|
|
Total Income |
28072.800 |
21575.800 |
17636.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5576.400 |
3967.500
|
2302.000
|
|
|
Provision for Taxation |
1142.600 |
946.900
|
474.800
|
|
|
Profit/(Loss) After Tax |
4433.800 |
3020.600
|
1827.200
|
|
|
|
|
|
|
|
|
Export Value |
NA |
NA |
8093.600 |
|
|
|
|
|
|
|
|
Import Value |
NA |
NA |
3465.100 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw
Materials |
12803.900 |
7297.000 |
7868.200
|
|
|
Increase/(Decrease) in Finished Goods |
(1841.700) |
[425.900
] |
[300.500
] |
|
|
Purchases of traded goods |
0.000 |
2256.600 |
0.000 |
|
|
Manufacturing and Other Expenses |
1654.600 |
5771.000 |
0.000 |
|
|
Excise
Duty |
862.300 |
0.000 |
645.000
|
|
|
Power
& Fuel Cost |
1092.600 |
0.000 |
732.500
|
|
|
Other
Manufacturing Expenses |
1654.600 |
0.000
|
1005.200
|
|
|
Employee
Cost |
2314.800 |
1875.000 |
1490.900
|
|
|
Selling
and Administration Expenses |
3867.100 |
0.000
|
2345.900
|
|
|
Miscellaneous
Expenses |
837.800 |
0.000
|
539.800
|
|
|
Interest
& Financial Charges |
343.900 |
0.000
|
303.000
|
|
|
Depreciation
|
561.100 |
463.700
|
403.500
|
|
Total Expenditure |
22496.400 |
17237.400 |
15334.000 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
31.03.2008 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
6017.500 |
7143.200 |
6080.500 |
61985.700 |
|
Other Income |
151.400 |
176.100 |
1390.000 |
256.700 |
|
Total Income |
6168.900 |
7319.300 |
7470.500 |
6452.400 |
|
Total Expenditure |
4976.700 |
5591.300 |
5092.300 |
5269.400 |
|
Operating Profit |
1192.200 |
1728.000 |
2378.200 |
1183.000 |
|
Interest |
89.000 |
80.000 |
89.800 |
85.100 |
|
Gross Profit |
1103.200 |
1648.000 |
2288.400 |
1097.900 |
|
Depreciation |
126.900 |
138.900 |
141.900 |
153.400 |
|
Tax |
192.500 |
328.300 |
443.700 |
165.900 |
|
Reported PAT |
783.800 |
1180.800 |
1702.800 |
766.400 |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
Debt Equity ratio |
0.83 |
1.16 |
1.18 |
|
Long Term Debt Equity Ratio |
0.42 |
0.71 |
0.63 |
|
Current ratio |
1.53 |
1.68 |
1.38 |
|
Turnover Ratio |
|
|
|
|
Fixed Assets |
2.48 |
2.27 |
2.14 |
|
Inventory |
5.08 |
5.70 |
5.95 |
|
Debtors |
4.70 |
4.90 |
5.69 |
|
Interest cover Ratio |
13.99 |
8.65 |
8.60 |
|
Operating profit margin (%) |
20.59 |
18.10 |
18.11 |
|
Profit Before Interest and Tax Margin (%) |
18.44 |
15.81 |
15.68 |
|
Cash profit Margin (%) |
15.68 |
12.82 |
13.43 |
|
Adjusted Net Profit margin (%) |
13.53 |
10.53 |
11.00 |
|
Return on Capital Employed (%) |
23.85 |
19.39 |
20.86 |
|
Return on Net worth (%) |
32.02 |
27.89 |
31.93 |
LOCAL AGENCY
FURTHER INFORMATION
History:
The company was incorporated on 11th
July 1972 at Mumbai in Maharashtra having Company Registration Number 15888.
Lupin, came into existence due to amalgamation of
Subjectlaboratories with SubjectChemcials. The scheme of amalgamation has been
approved by the high court on 13 June 2001 and the same is effective from April
2000.
Subject Chemicals was incorporated in the year 1983, promoted by Laboratories,
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 a technological tie-up from Fermic,
Mexico.
SubjectLaboratories 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, bio-technology, natural products and agro- chemicals. It was one
of the largest producer of ethambutol, an anti-TB drug. Its other main focus
was Rifampicin, a bulk drug, which was manufactured from the fermentation
stage. It was the first Indian company to undertake commercial manufacture of
Vitamin B6. In 1985, the company diversified into agrochemicals and in 1995, it
launched specialty and natural products. It had technical tie-up with Gruppo
Lepitit, Italy, a subsidiary of Marrion Merril Dow for fermentation.
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.
Subjectcommissioned 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 and
D for the purpose of ANDA filings planned during the year.
During February 2002, Rabeprazole an anti-peptic in the therapeutic segment was
introduced by Subjectunder the brand name of Rablet. The company spent most of
the capital expenditure for expansion of its R and D facilities, Expansion and
Modernization of the anit-TB dosage facility, Commisioning 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
has become operational.
During 2003-04 the company commissioned a new facility at Verna, Goa for
non-cephalosporin oral finished dosage and this facility has started its
commercial production.
The company's subjectdivision is offering solutions in the respiratory segment
with a range covering anti-TB, anti-Asthma (Inhalation segment),
anti-Infectives, anti-Allergics and supportive therapy products. During 2004-05
the company has entered into the anti-Asthma inhalation product range.
The Company has launched its Herbal division during 2004 and the company has
promotes a range of efficacious herbal products in therapeutic areas including
Diabetes, common Pediatric problems, GI disorders, pain management and
Gynaecological problems.
In 2006, the company has increased its installed capacity of Bulkdrugs and
Intermediates and Tablets by 221.80 MT and 40 Million Nos respectively and with
this expansion the total installed capacity of Bulkdrugs and Intermediates has
increased to 3785.70 MT and 1570 Million Nos respectively. The company has
issue of bonus shares in the ratio of one for one. The company has issued FCCB
aggregating US $100 million. These Bonds are listed on the Singapore Stock
Exchange.
Business:
Subject is engaged in the business as
Manufacturers of Bulk Drugs and Formulations.
Highlights of the operations, during the
year ended March 31, 2007, are given below:-
1) Finished Dosages
a. India Region Formulations
(IRF)
The
IRF yet again outperformed the Indian finished dosages market by attaining a
growth of 30%. The Indian Pharmaceutical market grew by 14% as per ORG MAR MAT
07. The Company enjoys a market share of 2.4% and its ranking has improved from
9th to 7th in the Indian Pharmaceutical Market. It also has the distinction of
recording the highest value growth among the top 10 Indian pharma
companies.
While maintaining its undisputed leadership in the Anti-TB segment with a
market share of 46%, the Company has also sustained the number two position in Anti-Asthma
segment. In Cardiovasculars, the Company recorded the fastest growth rate (41%)
among the top 10 companies and exceeded the market growth rate by over three
times. The Diabetes business, which was launched three years ago, registered a
growth of 54% during the year as against industry growth of 17%. In the
Anti-infective segment, the Company ranks amongst the top ten players.
It is gratifying that through its Lupinova Division engaged in providing
essential medicines to the rural masses at an affordable price, the Company's
endeavour is to discharge its social obligations, apart from attaining deeper
and wider market reach.
Launch of innovative combinations and introducing in-licensed products,
attainment of critical mass through depth and width of market penetration,
focus on rural marketing, new introductions, rising market share in chronic
segments, coupled with higher volumes of existing products and motivated and
passionate sales team have been some of the critical growth drivers.
b. Advanced Markets
The
Company operates in the advanced market of the US through its wholly owned
subsidiary, namely, SubjectPharmaceuticals Inc. (LPI), U.S.A. The Company
showed encouraging performance in the US market, which is the largest and one
of the most competitive markets of the world. Total formulation revenues from
the advanced markets (North American and Europe) registered a growth of 48%.
The driving factor was the growth in the finished dosages, particularly
generics. The Company has been delivering value to the customers by offering
quality products in the generic space at affordable prices.
The noteworthy feature has been that the Company has attained significant
market share and rankings for its product portfolio. The launch of Lisinopril
tablets last year was listed by IMS Health as one of the top 10 launches in the
US generics. Cefprozil tablets captured 25% share and rank 20d in the market.
Cefprozil suspension also commands 25% market share and ranks 3rd. The Company
has adopted a prudent strategy of graduating to a blend of patent challenges
and plain filings.
On the branded side, Suprax., a product promoted by internalised sales team,
performed very well during the year. Prescriptions increased from 5,000 per
week last year, to 8,500 in the high season. A novel formulation of Cefixime,
which is a line extension of Suprax., would further strengthen the Company's
position in the Cephalosporins oral suspension paediatric market.
The Company's strength in API has been effectively leveraged to attain critical
position in formulation space. This in turn injects greater sustainability to
the business model in the advanced markets.
A significant feature of the play in this market has been the transformation
and maturing of LPI into a Direct To Market' (DTM) entity, which has been
recognised by customers and channels of trade. The company selectively follows
marketing alliance route.
For the European markets, the Company has accelerated its filings to create a
pipeline of lucrative products. The Company was the first to receive marketing
approval for generic Cefpodoxime Proxetil 100mg tablets in France. The French
market is the biggest European market for this product.
c. Rest of the world
The
AAMLA division, which covers the regions of Asia, Africa, Middle East, Latin
America and Japan performed well during the year. The Company has adopted a
strategy of entering into alliances with local partners in difficult markets
like Japan. The Company has a licensing agreement for its Anti-TB range for the
severely affected West and North African regions. The Company has secured the
approval from the Gulf Co-operative Council, for the Company's facilities at
Mandideep and Goa, which would provide the gateway for registration of products
in the Gulf region. The introduction of Multi Drug Resistant Anti-TB products
would further strengthen the Company's Anti-TB portfolio in the Latin American
region. The Company's efforts would be to launch value added generic and
paediatric products in the strategically important AAMLA region.
The CIS business recorded steady progress and offers good growth prospects. The
Company has established its reputation and eminence in Anti-TB segment and is
consolidating its presence in herbal segment and Anti-Infectives, including
Cephalosporins. CIS shows strong brand preference. Through its motivated,
trained and focused sales team of over 85 representatives, the Company is set
to further strengthen its branded business for long-term gains.
The Company is one of the few that were pre-qualified as a preferred supplier
of Anti-TB products to the Global Drug Facility (GDF). The Anti-TB formulations
manufactured by the Company are supplied through GDF to more than 50 countries,
which are identified as High TB Burden Countries by the WHO.
2) API and Intermediates
The
Company adopts the strategy of becoming global leader in chosen products, which
insulates the API business from being thinly spread. The leadership stems from
its capabilities in the areas of knowledge of complex chemistry, project
implementation, research and regulatory understanding.
This business continued to perform exceedingly well, taking support of the
solid foundation in terms of its skills, scales and reach. The performance was
mainly on account of larger volumes and cost efficiency. The Company has
further strengthened its leadership position in segments, such as Anti-TB,
Cephalosporins and Prils.
The Company has established business blocks, tailor made for some of the large
multi-national companies, which would provide an opportunity of inter-linking
the Company's competencies with theirs. The Company is also exploring the
possibilities of entering new therapies and of inorganic growth.
Overall, this makes the Company the most profitable API business in the
country.
3) Research and Development
The
progress in the field of research has been steady and remarkable. The
SubjectResearch Park plays a pivotal role in managing cutting edge pharmaceutical
science. Its endeavour is to create efficacious and differentiated products for
the market place.
In a landmark development, the Company entered into an agreement with
Laboratoires Servier of France for the sale of certain patent applications and
related Intellectual Property (IP) for Perindopril, for a consideration of Euro
20 Mn. This agreement testifies and demonstrates the Company's research and IP
capabilities.
The Company has made significant strides in the NCE space. It has received
approvals from Drugs Controller General of India (DCGI) for conducting
Phase-III clinical trials for its Anti-Migraine compound LLL 2011 (Amigra) and
Phase-II clinical trials for its Psoriasis compound LL-4218 (Desoside-P). Two
other molecules for Anti-TB and Psoriasis (herbal compound) are in various
phases of clinical trials.
While R and D provided the requisite lever to maintain the pace of regulatory
filings, its focus during the year was oriented towards increasing the
complexity of the pipeline through controlled release and differentiated
products that would offer niche opportunities. In line with this orientation,
the Company has established an innovation Celt for creating higher innovations.
Rural Development Programme
The
Company is committed to fulfilling its social responsibilities through its NGO
arm, namely, SubjectHuman Welfare and Research Foundation (LHWRF). It has set
in motion a silent revolution in the upliftment of rural underprivileged and
vulnerable sections of the society including women and children. It operates in
the states of Rajasthan, Maharashtra, Madhya Pradesh and Uttarakhand. It adopts
a simple and innovative model to achieve its objectives. It creates a local
body at village Level, with direct participation of villagers, women, scheduled
castes and tribes as mandatory participants. While the local body decides the
priority activities, LHWRF imparts requisite expertise and part-finance for
successful implementation of the said activities. The activities range from water
projects, constructing school buildings, toilets, low cost rural houses,
internal roads, to conducting training programmes in agriculture, animal
husbandry and rural industrial vocations.
LHWRF was conferred the prestigious FICCI Ladies Organisation Award for its
outstanding contribution in women's welfare. LHWRF was also conferred the
'Stree Shakti' Award, instituted by the Government of Rajasthan.
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. 90.9 Mn. 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 Chernicats (Thailand) Limited (LCTL), Thailand
LCTL ceased to be a subsidiary of the Company with effect from June 1,
2006.
c) Lupin Hong Kong Limited (LHKL), Hong Kong
LHKL was incorporated to co-ordinate and support the Company's API business in
China. As it did not fit into the overall business plan, it was decided to
wind-up its operations.
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. The company recorded a
profit of Rs.1.5 Mn. It has, so far, submitted applications to Therapeutic
Goods Administration (TGA), Australia, for the registration of twelve
products.
e) Max
Pharma Pty Limited (MPPL), Australia
MPPL is a joint venture subsidiary company and its
commercial operations are yet to commence. MPPL would target niche products in
hospitals and non-prescription category in the territories of Australia and New
Zealand.
f) Lupin Holdings B.V. (LHBV), Netherlands
LHBV
is a wholly owned subsidiary of the Company, which would be used as a special
purpose vehicle for overseas investments.
g) Lupin Herbal Limited (LHL), India
HL
provides marketing and promotional services to the Company's herbal division.
It recorded a profit of Rs. 49,327/-, during the year.
h) Lupin Pharmacare Limited (LPL), India
LPL
plans to set up a plant for the manufacture of finished dosages at a suitable
Special Economic Zone, details of which are being worked out.
A statement containing particulars pursuant to the provisions of Section
212(1)(e) of the Companies Act, 1956 in respect of the above subsidiaries forms
part of this Annual Report. In compliance with Clause 32 of the Listing
Agreement, audited consolidated financial statements also form part of this
Annual Report.
MANAGEMENT DISCUSSION AND
ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
The Global Pharmaceutical Market*
According
to IMS Health, the world pharmaceutical market grew from US$ 334 Bn. in 1999,
to US$ 643 Bn. in 2006. North America alone accounts for 48% of global sales,
registering a growth of 8%. Europe and Japan, the other major markets,
accounted for 30% and 9% of global sales, respectively. Asia, Africa and
Australia grew at around 10% and account for 9% of global sales. The ten major
markets account for 80% of the total market, in terms of revenue.
The economic, structural, political and health dynamics that impact growth, are
rebalancing the worldwide pharmaceutical market, driving global growth to 5-6%
for 2007 and it is expected to see global pharmaceutical sales to reach US$
665-685 Bn. in 2007. The expanding availability of healthcare and an increasing
need for treatment associated with chronic disease, more typically found in
developed countries, is driving higher growth rates in the developing
countries. It is estimated that emerging markets, currently representing around
17% of the global market, are expected to contribute 30% of growth next
year.
The top five markets of Europe (France, Germany, U.K., Italy and Spain)
combined are expected to grow by 3-4%. These countries are witnessing increased
demand from an ageing population; cost-containment measures; and an increasing
use of incentives, for encouraging the usage of generics. While the Japanese
market is forecast to grow 5-6% in 2007, emerging markets, including China and
India that had grown more than 10% in 2006, are estimated to maintain their
growth momentum due to their expanding economies and broader access to
medications.
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 and Allied Products
·
Universal Insulation Company
·
Vijay Pumps
·
Vikas Pharmaceutical Laboratories
·
Techno Cell
·
Truimph Pack Private Limited
·
System and Components India
·
Taran Industries
·
Tatva Chintan Pharma Chem Private Limited
·
Subhadra Packaging
·
Rotex Manufacurers
·
RDG Engineering Works
·
Regal Chemical and 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
· Office Equipments,
· Vehicles,
· Air Conditioners
· Technical Know-How.
PRESS RELEASE:
Lupin Q3 FY0708 Consolidated Net Profit up 192% to Rs. 1809 Mn
Key Highlights
• Gross Sales up 43% to Rs. 7381 Mn
• EBITDA margin 36% at Rs. 2604 Mn
• Business Mix Contribution to sales:
· Formulations: 75%
· APIs: 25%
• Key growth drivers: Advanced Markets & Domestic Formulations
• Therapy Focus: Life Style Disease segment including CVS, CNS,
Diabetology and
Respiratory:-
|
BSE: 500257 |
NSE: LUPIN |
REUTERS: LUPN.BO |
BLOOMBERG: LPC IN |
*Note – Figures in
brackets indicate figures for the previous year
Mumbai, January 22, 2008: Subject declared its unaudited third quarter (Q3) and nine months ended Dec 31, 2007 results today.
Consolidated Financial
Performance
Quarter ended
December 31, 2007 (Q3)
For Q3, Lupin achieved Sales of Rs. 7381 Mn (Rs. 5156 Mn). Earnings before Interest, Tax, Depreciation and Amortization was at Rs. 2604 Mn (Rs. 999 Mn), reflecting an EBITDA margin of 36% to sales. Profit before tax stood at Rs. 2329 Mn (Rs. 789 Mn), an increase of 195%. Profit after tax was at Rs. 1809 Mn (Rs. 620 Mn,), recording an increase of 192%. Earnings per share on a fully diluted basis were Rs. 21.8 (Rs. 7.7).
Nine months ended
December 31, 2007 (YTD Dec)
For YTD Dec 2007, Lupin recorded Sales of Rs. 20050 Mn (Rs. 15276 Mn), registering a growth of 31%. Earnings before Interest, Tax, Depreciation and Amortization was at Rs. 4898 Mn (Rs. 2799 Mn), reflecting an EBITDA margin of 25% to sales.
Profit before tax stood at Rs. 4186 Mn (Rs. 2185 Mn), an increase of 92%. Profit after tax was at Rs. 3123 Mn (Rs. 1675 Mn), an increase of 86%.
Earnings per share on a fully diluted basis were Rs. 37.9 (Rs. 20.8).
Commenting on the Company’s business results, Dr. Kamal Sharma, Managing Director
Operational Summary
M&A
The most significant highlight of the Company’s performance during the quarter was the acquisition of Kyowa Pharmaceutical Industry Co. Ltd in Japan.
Kyowa, with sales of ¥7.4 Billion for the year ended March 2007, develops, manufactures and markets a range of generics in Japan. Kyowa has major strengths in product development, manufacturing and marketing of quality products. Through this acquisition, Lupin has also obtained Kyowa’s state of the art manufacturing facilities and a Research Centre.
Post acquisition in October, the integration process is on track. Expressing his delight over this move Dr. Desh Bandhu Gupta, Chairman, Lupin, said, “This is a major step forward in the world’s second largest pharma market and will propel Lupin’s overall growth. Kyowa ranks amongst the top eight generic Companies in Japan with a prominent presence in CNS and CVS therapy segments. Our investment in the Japanese market is a reflection of our longterm commitment to this most stringent and at the same time promising
healthcare market.”
Earlier during the year, Rubamin Laboratories Limited has been acquired. This acquisition provides stronger focus to its CRAMS business of the company.
Advanced markets
The Company’s Advance markets formulations business comprising US & EU, clocked in Rs. 2296 Mn reporting an overall growth of 144%.
Supported by a sound brand extensions strategy, Suprax continues to record promising YTD growth of 79%.
During Q3, the Company’s generic business grew by 165% with Lisinopril maintaining its market leadership and most of the other products featuring amongst the top three in their respective segments.
Domestic Market
The Domestic formulation business reflected a healthy growth of 26% with sales of Rs. 2381 Mn for the quarter.
The Company retained its leadership position in the anti-TB segment and strengthened its domestic business profile further. The life-style disease management segments like cardio-vasculars, anti-asthama, anti-diabetes, etc. reflected a growth of over 35%.
Company’s top ten brands continued to do well during the quarter. Tonact, its top brand grew by around 40%, propelling the growth of the CVS segment.
API sales for the quarter stood at Rs. 1856 Mn.
Other World Markets
Lupin has been successful in leveraging its understanding of the generics business in complex markets and has initiated its business in Australia through its subsidiary, Max Pharma Pty Ltd, which commenced commercial operations during the quarter.
In CIS, the Company continues to market its product portfolio spanning across multiple therapies.
Research &
Development
During Q3, Lupin received an income of Euros 20 Mn, from Laboratoires Servier of France, on account of sale of Intellectual Property related to Perindopril patents. This makes Lupin one of the largest R & D income generators of the Indian Pharma industry.
Progress on Filings
In line with the Company’s strategy of focusing on select complex/ niche value building products in advanced markets the Company filed 4 ANDAs and 3 MAA’s during the quarter. The Company now has over 30 ANDAs awaiting approval from the USFDA.
About Lupin
Lupin Limited, headquartered in Mumbai in India, is an innovation led transnational pharmaceutical company producing a wide range of quality, affordable generic and branded generic formulations and APIs for the developed and the developing markets of the world. The Company has secured global leadership position in Anti-TB and Cephalosporins and has a significant presence in the areas of Cardiovasculars ( prils and statins), Diabetology, Asthama and NSAIDs.
The Company’s R & D endeavors have resulted in significant progress in its NCE program. The Company’s foray into Drug Delivery Systems has resulted in the development of platform technologies that are being used to develop value added generic pharmaceuticals. Currently positioned amongst the top six pharmaceutical companies of India, the Company is committed to achieve sustainable earnings and growth for all its stakeholders.
Subject,
announced today that Dr. Raj Kamboj has
joined the company asPresident – New
Chemical Entity Research. This reflects the Company’s commitment to
continually strengthen its team by attracting the best talent
Globally.Raj is an eminent scientist from the world of
drug discovery. He is aPhD from University of Adelaide,
Australia & joins Lupin from Xenon
PharmaceuticalsInc., Vancouver, where he had been working for the past 5 years.
He has returned to India after 26 years and brings with him a wide range
ofexperience in the field of Drug Discovery & Clinical development. Prior
toXenon, he was working with Allelix, Canada. In both companies Raj
wasinstrumental in taking the companies from the inception of the drug
discoverygroup all the way to multiple licensing transactions and
collaborations.
“We are very excited to have Raj join us as the
Chief of our drug discovery
program”, Dr. D B Gupta, Chairman, Subject. said.
“He brings with him a
vast pool of knowledge and experience which will be
a great value add for
Lupin’s NCE research.”
Lupin
is committed to developing new and innovative healthcare products focusing on
unmet needs. It has a pipeline of four Investigational New Drugsthat focus on
three different disease areas namely Migraine, Psoriasis and Tuberculosis. The
Company also has pre-clinical programs in Diabetes and Rheumatoid
Arthritis.Headquartered in Mumbai, India, subject is an innovation led
transnational pharmaceutical company producing a wide range of
quality,affordable generic and branded formulations and APIs for the developed
and developing markets of the world.The Company has secured global leadership
position in Anti-TB andCephalosporins and has a significant presence in the
areas of Cardio-vasculars(prils and statins), Diabetology, Asthma and NSAIDs.
The Company’s R&Dendeavors have resulted in significant progress in its NCE
program. TheCompany’s foray into Advanced Drug Delivery Systems has resulted in
the development of platform technologies that are being used to develop value
added generic pharmaceuticals. Currently positioned amongst the top six
pharmaceutical companies of India, theCompany is committed to achieve
sustainableearnings and growth for all its stake holders.For the financial year
ended March 2008, the Lupin's Revenues and Profit after-Tax were Rs.27, 730
million (US$ 694 million) and Rs.4,083 million (US$ 102million) respectively.
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
Lupin Receives “Best New Manufacturer of the Year” Award
from AmerisourceBergen
BSE : 500257
|
NSE: Lupin
|
REUTERS: LUPN.BO |
BLOOMBERG: LPC IN |
Mumbai, 31 July 2007: subject announced today that it has received the
award for “Best New Manufacturer of the Year, Generics Rx” from
AmerisourceBergen, a leader in healthcare distribution in the US. The award is
in recognition of Lupin’s contribution and commitment toward excellence as a
Generic drug supplier in the US.
“We are very pleased with the recognition that
Lupin has received from AmerisourceBergen. Lupin launched its Generics Rx
division in December 2005 and this award is a reflection of our continued and
unwavering commitment to our customers in identifying, filing, launching and
supplying important generic products,” said Dr. Kamal Sharma, Managing
Director, Lupin.
About Lupin
Headquartered in Mumbai, subject 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 quarter ended June 2007, subject Revenues and Profit
after Tax were Rs. 6173 million (US$ 152 million) and Rs. 784 million (US$ 19
million) respectively.
BSE:
500257 NSE: LUPIN REUTERS: LUPN.BO BLOOMBERG: LPC IN
Lupin Enters Into Marketing Alliance with ASCEND
Therapeutics
for SUPRAX® 400 mg Tablets in the U.S.
Mumbai, June 23, 2008
Lupin
Ltd. (Lupin) announced today that the Company has entered into a promotion
agreement for Suprax® 400 mg Tablets with ASCEND Therapeutics, Inc.Under the
terms of the alliance, ASCEND Therapeutics will initiate promotion of
theproduct in the U.S.in the month of June 2008. ASCEND has a 50-person
Women’sHealth sales force which will detail the product primarily to
Obstetricians and Gynecologists (OB/GYNs). Lupin will continue to promote the
product to Pediatricians and Family Practitioners.The antibiotic market for
treatment of Urinary Tract Infections (UTIs) is USD 450 million, and the OB/GYN
area is among the top three physician specialties prescribing antibiotics for
treatment of UTIs.
Dr.
Kamal Sharma, Managing Director, Lupin, said “We are pleased to enter into this
strategic alliance with ASCEND. We believe ASCEND’s existing equity with the
OB/GYN specialty will help Lupin to fully explore and leverage an additional
opportunity for promoting Suprax® 400 mg Tablets. This alliance reflects our
commitment to extend Suprax® franchise and enhance the value of brand business
in the U.S.”
There
are over 8 million patients who suffer from UTIs each year, with the vast
majority of women. Suprax® 400 mg Tablets is an established antibiotic with a
favorable safety profile and proven track record in effectively treating UTIs
and other bacterial infections.
Mumbai, May 14, 2008
- Consolidated
sales up 34% to Rs. 27730 million
- Domestic
formulation business records a growth of 26% at Rs. 9496 million, growing
a head of the market
- A basket of
15 products in the US with 4 market leaders
- 11 ANDAs, 14
DMFs, 5 EDMFs/COS , 7 MAA and 2 dosseiers(TGA) filed during the year
- Income of
Euro 20 mn (Rs. 1127 mn) for the sale of IP on Perindpril
- Two major
acquisitions, Kyowa and Novodigm during the year position the company in
the second largest pharma market, Japan and the CRAMS business in India ,
respectively.
About Lupin
Headquartered in Mumbai, India, subject is an innovation led
transnational pharmaceutical company producing a wide range of quality,
affordable generic and branded formulations and APIs for the developed and
developing markets of the world.
The Company has secured global leadership position in
Anti-TB and Cephalosporins and has a significant presence in the areas of Cardiovasculars
(prils and statins), Diabetology,Asthma and NSAIDs. The Company’s R&D
endeavors have resulted in significant progress in its NCE program.
The Company’s foray
into New Drug Delivery Systems has resulted in the development of platform
technologies that are being used to developvalue-added generic pharmaceuticals.
For the financial year ended March 2008, the Lupin's
Revenues and Profit after Tax were Rs.27,730 million (US$ 694 million) and
Rs.4,083 million (US$ 102 million)respectively.
Please visit http://www.lupinworld.com for
more information about Subject.
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.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
75 |
|
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. |
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 |
|