MIRA
INFORM REPORT
|
Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED NOVODIGM LIMITED AMALGAMATED
WITH LUPIN LIMITED |
|
|
|
|
Registered
Office : |
159, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.03.1983 |
|
|
|
|
Com. Reg. No.: |
11-029442 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 883.173 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1983PLC029442 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEL03519F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1069K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers of Bulk Drugs and
Formulations. |
|
|
|
|
No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
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 126100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company
having good track. Financial position of the company appears to be sound.
Directors are reported to be experienced and respectable businessmen. Trade relations
are fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for
normal business dealings at usual trade terms and conditions. It can be regarded as promising business
partner in medium to long run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date
INFORMATION DECLINED BY
Management Non co operative
LOCATIONS
|
Registered Office/ Investors Services Departments : |
159, |
|
Tel. No.: |
91-22-26931001 / 26526391 / 26528311 /
56402222 / 66402323 |
|
Fax No.: |
91-22-26540484 / 26114008 / 56402299 /
26528806 / 66402051 |
|
E-Mail : |
rajvardhansatam@lupinpharma.com
corporateoffice@lupinworld.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
B/4 |
|
Tel. No.: |
91-22-66402222 |
|
Fax No.: |
91-22-66402130 |
|
Website : |
|
|
|
|
|
Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area,
Boisar, District Thane - 401506, |
|
|
|
|
Factory 2 : |
198-202, New Industrial Area II, Mandideep, District
Raisen, Madhya Pradesh – 462 046, |
|
|
|
|
Factory 3 : |
211, New Industrial Area II, Mandideep, District Raisen,
Madhya Pradesh – 462 024, |
|
|
|
|
Factory 4 : |
124, GIDC Industrial Estate, Ankleshwar, Gujarat – 393
002, |
|
|
|
|
Factory 5 : |
A28/1, MIDC Area, Chikalthana, |
|
|
|
|
Factory 6: |
B-15 Phase I-A Verna Industiral Area, Verma Salcette, Goa
– 403 722, |
|
|
|
|
Factory 7 : |
Export promotion Industrial Park, SIDCO Industrial
Complex, Kartholi, Bari Brahmana, Jammu – 181 133, Jammu Kashmir, India |
|
|
|
|
Factory 8 : |
Gate No. 1156, Village Ghotawade, Taluka Mulshi, District
– Pune - 411042, |
|
|
|
|
Factory 9 : |
Novodigm Limited, Block 21, Dabhasa Padra, Taluka, Vadodara – 391 440 |
|
|
|
|
Factory 10 : |
Lupin Pharmacare Limited, Plot No.2, Phase – II, Special Economic
Zone, Pithampur, Dist Dhar, Madhya Pradesh – 454 775, India |
|
|
|
|
Factory 11 : |
Kyowa Pharmaceutical Industry Company Limited, 11-1 |
|
|
|
|
R and D Park : |
Lupin Bioresearch Centre
Kyowa Pharmaceutical Industry Company Limited
Pharma R and d
|
|
|
|
|
Branches : |
Located at: v
Rajasthan v
Mumbai v
Synergy House, Subhanpura, Vadodara – 390023, |
|
|
|
|
Overseas Office : |
Located at: v
v
v
v
v
v
|
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. Desh Bandhu Gupta |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
08.02.1938 |
|
Qualification : |
M.Sc. |
|
Date of Appointment : |
11.07.1972 |
|
|
|
|
Name : |
Dr. Kamal K. Sharma |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mrs. M. D. Gupta |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
22.09.1943 |
|
Qualification : |
B.A. |
|
|
|
|
Name : |
Mrs. Vinita Gupta Sharma |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.03.1968 |
|
Qualification : |
Pharmacy Graduate, MBA |
|
Date of Appointment : |
17.08.2001 |
|
|
|
|
Name : |
Mr. Nilesh Gupta |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
K V Kamath |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Vijay Kelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Richard Zahn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R A Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr D K Contractor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. U. Mada |
|
Designation : |
Director |
|
Date of Birth/Age : |
29-12-1933 |
|
Qualification : |
M.A., Ph.D. (Eco.), Financial Management
Certificate from Jamnalal Bajaj Institute of Management Studies. |
|
Date of Appointment : |
27-06-2001 |
KEY EXECUTIVES
|
Name : |
Mr. R.V. Satam |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
|
|
Designation : |
Executive Vice President – Finance |
|
|
|
|
Name : |
Mr. Rajvardhan V. Satam |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Pradeep Bhagwat |
|
Designation : |
Investor Related Matter |
|
|
|
|
Name : |
Ms. Vinita Gupta |
|
Designation : |
Group President |
|
|
|
|
Name : |
Mr. Shakti Chakraborty |
|
Designation : |
Group President - |
|
|
|
|
Name : |
Mr. Satish Khanna |
|
Designation : |
Group President - API |
|
|
|
|
Name : |
Mr. Ramesh Swaminathan |
|
Designation : |
President - Finance & Planning |
|
|
|
|
Name : |
Mr. Vinod Dhawan |
|
Designation : |
President - AAMLA |
|
|
|
|
Name : |
Dr. Rajender Kamboj |
|
Designation : |
President - Novel Drug Discovery & Development |
|
|
|
|
Name : |
Dr. Ninad Deshpanday |
|
Designation : |
President - Pharma Research & Development |
|
|
|
|
Name : |
Mr. Naresh Gupta |
|
Designation : |
President - API & Global TB |
|
|
|
|
Name : |
Mr. Divakar Kaza |
|
Designation : |
President - Human Resources |
|
|
|
|
Name : |
Mr. Alok Ghosh |
|
Designation : |
President - Technical Operations |
|
|
|
|
Name : |
Dr. Cyrus Karkaria |
|
Designation : |
President - Biotechnology |
|
|
|
|
Name : |
Mr. Sunil Makharia |
|
Designation : |
Executive Vice President - Finance |
|
|
|
|
Name : |
Mr. Debabrata Chakravorty |
|
Designation : |
Executive Vice President - Supply Planning and Strategic Sourcing |
|
|
|
|
Name : |
Dr. Dhananjay Bakhle |
|
Designation : |
Executive Vice President - Medical Research |
|
|
|
|
Name : |
Dr. Sofia Mumtaz |
|
Designation : |
Executive Vice President - IPMG |
|
|
|
|
Name : |
Mr. Andrew Macaulay |
|
Designation : |
Executive Vice President - Lupin ( |
|
|
|
|
Audit Committee : |
Dr. K. U. Mada, Chairman Mr. D. K. Contractor Dr. Kamal K. Sharma |
|
|
|
|
INVESTORS’
GRIEVANCES COMMITTEE |
Mr. D. K. Contractor, Chairman Dr. K. U. Mada |
|
|
|
|
REMUNERATION COMMITTEE |
Dr. K. U. Mada, Chairman Mr. R. A. Shah |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6957970 |
1.56 |
|
|
201840570 |
45.20 |
|
|
208798540 |
46.76 |
|
|
|
|
|
|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
Total shareholding of Promoter and Promoter Group (A) |
209602340 |
46.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
33706028 |
7.55 |
|
|
33088 |
0.01 |
|
|
42973986 |
9.62 |
|
|
116696157 |
26.14 |
|
|
|
|
|
|
76052 |
0.02 |
|
|
193485311 |
43.33 |
|
|
|
|
|
|
3118445 |
0.70 |
|
|
|
|
|
|
21952281 |
4.92 |
|
|
16915250 |
3.79 |
|
|
|
|
|
|
419771 |
0.09 |
|
|
269383 |
0.06 |
|
|
718486 |
0.16 |
|
|
26100 |
0.01 |
|
|
43419716 |
9.72 |
|
Total Public shareholding (B) |
236905027 |
53.06 |
|
Total (A)+(B) |
446507367 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
446507367 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Bodies/Bank"Promoter and Promoter Group"
|
Sl. |
Name of the
Shareholders |
Number |
As a % of |
|
1 |
Zyma Laboratories Limited |
54,960,490 |
12.31 |
|
2 |
Rahas Investments Private Limited |
45,699,510 |
10.23 |
|
3 |
Visiomed India Private Limited |
43,514,660 |
9.75 |
|
4 |
Lupin Marketing Private Limited |
40,401,000 |
9.05 |
|
5 |
Lupin Investments Private Limited |
15,401,910 |
3.45 |
|
6 |
Manju D Gupta |
3,491,820 |
0.78 |
|
7 |
D B Gupta |
2,165,730 |
0.49 |
|
8 |
Lupin International Private Limited |
1,863,000 |
0.42 |
|
9 |
Desh Bandhu Gupta |
647,580 |
0.15 |
|
10 |
Nilesh D Gupta |
625,240 |
0.14 |
|
11 |
Anuja D Gupta |
622,320 |
0.14 |
|
12 |
Richa D Gupta |
129,880 |
0.03 |
|
13 |
Vinita Gupta |
51,600 |
0.01 |
|
14 |
Kavita Gupta |
27,600 |
0.01 |
|
|
Total |
209,602,340 |
46.94 |
"Public" and holding more than 1% of the Total
No. of Shares
|
Sl. |
Name of the
Shareholders |
Number |
As a % of |
|
1 |
Life Insurance Corporation of |
19,015,022 |
4.26 |
|
2 |
Genesis Indian Investment Company
Limited |
17,003,434 |
3.81 |
|
3 |
ICICI Prudential Life Insurance
Company Limited |
12,436,662 |
2.79 |
|
4 |
HDFC Trustee Company Limited |
8,365,619 |
1.87 |
|
5 |
Jhunjhunwala Rakesh Radheshyam |
9,025,405 |
2.02 |
|
6 |
Reliance Capital Trustee Company
Limited |
5,907,171 |
1.32 |
|
7 |
Government Pension Fund Global |
8,076,374 |
1.81 |
|
|
Total |
79,829,687 |
17.88 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets |
No. in Millions |
10580.000 |
10199.000 |
|
Liquids |
Kilo-Liters |
3995.000 |
1671.700 |
|
Capsules |
No in Millions |
2393.000 |
1148.300 |
|
Injections: |
|
|
|
|
- Liquids |
Kilo-Liters |
42.000 |
104.500 |
|
- Vials |
No in Millions |
12.000 |
30.000 |
|
Creams and Powder |
MT |
312.000 |
326.300 |
|
Inhalers |
No. In million |
4.300 |
2.600 |
|
Bulk drugs and Intermediates |
MT |
5459.000 |
2998.200 |
GENERAL INFORMATION
|
No. of Employees : |
6000 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitor : |
Crawford Bayley and Company |
|
|
|
|
Associates : |
|
|
|
|
|
Others
(Relatives of Key Management Personnel and Entities in which the Key Management
Personnel have control or significant influence) : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 27.07.2011
Authorised Capital of Rs. 1000.000 Millions
Issued, Subscribed and Paid Up Capital of Rs. 893.173 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
446201189* |
Equity Shares |
Rs.2/- each |
Rs. 892.400
Millions |
|
|
|
|
|
Notes:
Of the above Equity Shares-
1. 186,555,240* Equity Shares of ` 2/- each (previous year 37,311,048 Equity Shares of Rs. 10/- each) were allotted as fully paid-up without payment being received in cash, pursuant to the Scheme of Amalgamation with erstwhile Lupin Laboratories Limited.
2. 200,762,470* Equity Shares of Rs. 2/- each (previous year 40,152,494 Equity shares of Rs. 10/- each) have been allotted as fully paid-up bonus shares by way of capitalization of General Reserve.
3. 40,219,555* Equity Shares of Rs. 2/- each (previous year 8,043,911 Equity Shares of Rs. 10/- each) fully paid-up have been allotted on conversion of Foreign Currency Convertible Bonds in accordance with the terms of the issue.
4. 4,513,494* Equity Shares of Rs. 2/- each (previous year 606,294 Equity Shares of ` 10 each) fully paid-up have been allotted pursuant to Lupin Employees Stock Option Plans. Particulars of options on un issued share capital.
* Number of Equity Shares are adjusted consequent to sub division of One Equity Share of face value Rs. 10/- each into Five Equity Shares of Rs. 2/- each as approved by the Shareholders on July 28, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
892.400 |
889.400 |
828.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30634.200 |
24416.100 |
12924.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31526.600 |
25305.500 |
13753.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6374.600 |
7040.000 |
5651.200 |
|
|
2] Unsecured Loans |
3458.300 |
2028.100 |
3797.900 |
|
|
TOTAL BORROWING |
9832.900 |
9068.100 |
9449.100 |
|
|
DEFERRED TAX LIABILITIES |
1785.700 |
1582.500 |
1347.300 |
|
|
|
|
|
|
|
|
TOTAL |
43145.200 |
35956.100 |
24549.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13546.300 |
11913.900 |
9756.200 |
|
|
Capital work-in-progress |
4829.000 |
1408.300 |
1163.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
6808.800 |
7240.700 |
4738.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8411.100
|
7137.000
|
7158.800 |
|
|
Sundry Debtors |
12347.500
|
9165.900
|
7090.600 |
|
|
Cash & Bank Balances |
374.600
|
374.200
|
121.300 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
5800.400
|
6466.000
|
3666.400 |
|
Total
Current Assets |
26933.600
|
23143.100 |
18037.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5590.500
|
4411.900
|
4189.800 |
|
|
Other Current Liabilities |
1393.000
|
1669.900
|
3532.000 |
|
|
Provisions |
1989.000
|
1668.100
|
1423.900 |
|
Total
Current Liabilities |
8972.500
|
7749.900 |
9145.700 |
|
|
Net Current Assets |
17961.100
|
15393.200
|
8891.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
43145.200 |
35956.100 |
24549.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44262.500 |
36730.500 |
28985.600 |
|
|
|
Other Income |
852.100 |
395.6 |
724.000 |
|
|
|
TOTAL (A) |
45114.600 |
37126.100 |
29709.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
17661.000 |
14927.700 |
12418.500 |
|
|
|
Personnel Expenses |
4912.300 |
3765.500 |
3344.700 |
|
|
|
Manufacturing and other expenses |
12785.300 |
10246.800 |
8153.900 |
|
|
|
TOTAL (B) |
35358.600 |
28940.000 |
23917.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9756.000 |
8186.100 |
5792.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
256.900 |
283.800 |
415.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9499.100 |
7902.300 |
5377.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1042.800 |
815.700 |
663.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8456.300 |
7086.600 |
4713.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
356.500 |
597.300 |
544.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8099.800 |
6489.300 |
4169.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9945.100 |
6368.500 |
4910.100 |
|
|
|
|
|
|
|
|
|
Add |
Adjustment on account of Amalgamation of Subsidiaries |
(338.900) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1500.000 |
1500.000 |
|
|
|
Proposed Dividend on Equity Shares |
1338.600 |
1200.700 |
1035.300 |
|
|
|
Dividend on Equity Shares for previous
year |
2.000 |
10.800 |
0.100 |
|
|
|
Corporate Tax on Dividend |
217.500 |
201.200 |
175.900 |
|
|
BALANCE CARRIED
TO THE B/S |
17706.000 |
9945.100 |
6368.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
25230.400 |
20787.200 |
15821.200 |
|
|
|
Deemed exports |
298.200 |
218.300 |
327.500 |
|
|
|
Reimbursement of freight and insurance on
exports |
215.300 |
143.90 |
129.800 |
|
|
|
Income from Research Services |
0.000 |
0.000 |
94.000 |
|
|
|
Income from Product Registration Services
(Dossiers) |
0.000 |
0.000 |
79.300 |
|
|
|
Interest on Bank Fixed Deposits |
0.000 |
0.000 |
26.400 |
|
|
|
Compensation received |
213.300 |
51.800 |
0.00 |
|
|
|
Others |
9.500 |
1.100 |
1.000 |
|
|
|
|
579.500 |
329.600 |
0.000 |
|
|
TOTAL EARNINGS |
26546.200 |
21531.900 |
16479.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5873.900 |
4456.300 |
4557.300 |
|
|
|
Packing Materials |
291.900 |
307.000 |
205.600 |
|
|
|
Capital Goods |
571.600 |
519.900 |
504.300 |
|
|
|
Purchase of Traded Goods |
186.900 |
164.300 |
126.400 |
|
|
|
Consumable, Stores and Spares |
239.500 |
199.400 |
142.600 |
|
|
TOTAL IMPORTS |
7163.800 |
5646.900 |
5536.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
18.18 |
15.08 |
NA |
|
|
|
Diluted |
18.07 |
14.82 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
11057.800 |
14074.800 |
|
Total Expenditure |
|
9920.900 |
10585.000 |
|
PBIDT (Excl OI) |
|
1136.900 |
3489.800 |
|
Other Income |
|
2.200 |
2.500 |
|
Operating Profit |
|
1139.100 |
3492.300 |
|
Interest |
|
44.800 |
52.700 |
|
PBDT |
|
1094.300 |
3439.600 |
|
Depreciation |
|
288.900 |
317.400 |
|
Profit Before Tax |
|
805.400 |
3122.200 |
|
Tax |
|
77.900 |
441.000 |
|
Profit After Tax |
|
727.500 |
2681.200 |
|
Net Profit |
|
727.500 |
2681.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
18.30
|
17.48
|
14.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.10
|
19.47
|
16.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.89
|
20.21
|
16.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
66.46
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.66
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
2.99
|
1.97 |
|
|
|
|
|
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
Rs. in Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Total Outstanding dues to Micro Enterprise and Small Enterprise |
187.200 |
88.300 |
64.100 |
|
Total outstanding dues to Creditors other than Micro Enterprise and Small
Enterprise (Includes Rs. 512.700 millions (Previous year Rs. 551.800 Millions
) due to subsidiary companies |
5403.300 |
4323.600 |
4125.700 |
|
TOTAL |
5590.500 |
4411.900 |
4189.800 |
PERFORMANCE REVIEW
The Company recorded an impressive growth by scaling newer heights and benchmarks in terms of sales and profits for the year ended March 31, 2011. Consolidated sales at Rs. 57421.700 million, were higher by 20% over Rs. 48009.500 million of the previous year. International markets accounted for 68% of the overall revenues. Net Profit at Rs. 8625.500 million as against Rs. 6816.300 million registered a growth of 27%. Earnings per share was higher at Rs.19.36 as compared with Rs.15.84 for the previous year
SHARE CAPITAL
During the year, the paid-up
equity share capital of your Company rose by ` 3.0 million consequent to:
a) Allotment of 170691 equity shares of Rs. 10/- each to eligible employees
under the Subject Employees Stock Option Plan 2003’, Subject Employees Stock
Option Plan 2005’ and Subject Subsidiary Employees Stock Option Plan 2005’
prior to sub-division
b) Allotment of 628569 equity shares of Rs. 2/- each to eligible employees
under the Subject Employees Stock Option Plan 2003’, Subject Employees Stock
Option Plan 2005’ and Subject Subsidiary Employees Stock Option Plan 2005’
after sub-division.
CREDIT RATING
ICRA Limited reaffirmed its “A1+” (pronounced “A
one plus”) rating for the Company’s short-term debt (including Commercial
Paper) programme of ` 1000 million. This rating is the highest-credit quality rating
assigned by ICRA for such borrowings.
ICRA Limited reaffirmed its “A1+”
(pronounced “A one plus”) rating for the
Company’s Line of Credit of ` 11000 million by banks for Working Capital. This rating is the
highest-credit-quality rating assigned by ICRA for such borrowings.
ICRA Limited assigned “LAA+”
(pronounced “L Double A Plus”) rating for
the Company’s Non-Convertible Debenture programme of ` 1000 million. This rating is
the high-credit-quality rating assigned by ICRA for long-term debt instruments.
The long-term rating has also been assigned a “stable” outlook.
MANAGEMENT DISCUSSION AND ANALYSIS
SUBSIDIARY COMPANIES
As on March 31, 2011, the
Company had 18 subsidiaries.
Lupin Mexico SA de CV,
Information relating to performance/financials of the subsidiary
companies is disclosed in the Consolidated Financial Statements. Statement
pursuant to Section 212(1)(e) of the Companies Act, 1956.
AMALGAMATION
With a view to achieving synergies of operations, optimum
utilisation of resources and control costs, the Board of Directors had decided
to amalgamate Novodigm Limited, Lupin Pharmacare Limited and Lupin Herbal
Limited (wholly owned subsidiaries of the Company) with the Company w.e.f.
April 1, 2009 i.e. ‘the Appointed Date’.
The Hon’ble High Court of Judicature at
AUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011
|
Particulars |
Quarter ended 30.09.2011 (Unaudited) |
Half Year ended 30.09.2011
(Unaudited) |
|
a) Sales / Gross |
13974.000 |
25027.200 |
|
Less: Excise Duty |
104.900 |
215.700 |
|
Sales (Net) |
13869.100 |
24811.500 |
|
b) Other Operating Income |
205.700 |
321.100 |
|
Total |
14074.800 |
25132.600 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(395.500) |
(702.000) |
|
(b) Consumption of Raw and packing materials |
3369.100 |
7309.800 |
|
(c) Purchase of traded goods |
1855.400 |
3352.300 |
|
(d) Employees Cost |
1424.300 |
2791.100 |
|
(e) Depreciation and amortization |
317.400 |
606.300 |
|
(f) Manufacturing and Other Expenditure |
4331.700 |
7754.700 |
|
Total |
10902.400 |
21112.200 |
|
Profit From Operations before other Income Interest & Exceptional Items |
3172.400 |
4020.400 |
|
Other Income |
2.500 |
4.700 |
|
Profit before Interest and Exceptional items |
3174.900 |
4025.100 |
|
Interest and finance charges |
52.700 |
97.500 |
|
Profit after interest before Exceptional items |
3122.200 |
3927.600 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit From Ordinary
activities before Tax |
3122.200 |
3927.600 |
|
Tax Expenses (current and deferred) |
441.000 |
518.900 |
|
Net Profit From Ordinary activities after Tax |
2681.200 |
34087.000 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit |
2681.200 |
3408.700 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each ) |
893.000 |
893.000 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
Earning per Share
(EPS) [not annulised] |
|
|
|
-Basic |
6.01 |
7.64 |
|
-Diluted |
5.98 |
7.61 |
|
Public Share Holding |
|
|
|
- Number of Shares |
236905027 |
236905207 |
|
- Percentage of shareholding |
53.06% |
53.06% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
209602340 |
209602340 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
46.94 |
46.94 |
Notes:
1. The above Standalone Financial Results were
reviewed by the Audit Committee and thereafter approved and taken on record by
the Board of Directors at their meeting held on November 9, 2011. The Statutory
Auditors of the Company have carried out limited review of the above standalone
results pursuant to clause 41 of the Listing Agreement.
2. As approved by the Members of the Company
at the 29th Annual General Meeting held on July 27, 2011, the Company has
disbursed on July 28, 2011 a dividend of ‘ 31- per equity share (of face value
of 2!- each) for the year ended March 31, 2011, amounting to Rs. 1556.100
millions (inclusive of tax).
3. During the quarter 209,768 (year to date
306,178) equity shares of Rs. 2 each, fully paid-up, were allotted upon exercise
of the vested stock options pursuant to the Subject Employees Stock Option
Plans, resulting in an increase in the paid-up share capital by Rs. 0.400
millions (year to date Rs. 0.600 Millions) and securities premium account by
Rs. 23.900 millions (year to date Rs. 33.200 Millions). Further, subsequent to
the quarter end 32,636 equity shares of 21- each, fully paid-up, were allotted
upon exercise of the vested stock options pursuant to the Lupin Employees Stock
Optkn Plans.
4. Statements of Assets and Liabilities as at
31.03.2011
Rs. In Millions
|
Particulars |
30.09.2011
(Unaudited) |
|
Shareholders Funds |
|
|
a) Share Capital |
893.000 |
|
b) Reserves and
Surplus |
33587.300 |
|
Loan Funds |
11268.400 |
|
Deferred Tax
Liabilities (Net) |
1858.600 |
|
Total |
47607.300 |
|
Fixed Assets |
19784.100 |
|
Investments |
6870.500 |
|
Current Assets,
Loans and Advances |
|
|
a) Inventories |
10420.400 |
|
b) Sundry Debtors |
13363.400 |
|
c) Cash and Bank
Balances |
293.300 |
|
d) Loans and
Advances |
6496.500 |
|
Less: Current
Liabilities and Provisions |
|
|
a) Liabilities |
9056.700 |
|
b) Provisions |
564.200 |
|
Total |
47607.300 |
5. The aggregate amount of revenue incurred on
Research arid Development as reflected under the respective heads of account is
as under:
|
Particulars |
Quarter ended 30.09.2011 (Unaudited) |
Half Year ended 30.09.2011
(Unaudited) |
|
Rs in millions |
1301.200 |
2228.800 |
|
|
|
|
6. The Company operates in one reportable
business segment i.e. “Pharmaceuticals”.
7. There was no unresolved investor complaint
pending as on July 01, 2011. The Company received 5 complaints during the
quarter vihich were resolved. There was no unresolved complaint pending as on
September 30, 2011.
8. Figures for the previous periods have been
regrouped, wherever necessary, to correspond with the figures of the current
period.
BUSINESS DESCRIPTION
Subject is an India-based pharmaceutical company. The company
produces a range of generic and branded formulations and Active Pharmaceutical
Ingredients (APIs). The Company’s product basket consists of formulations from
Cephalosporins, CVS, CNS, Anti-Asthma, Anti-TB, Diabetology, Dermatology, GI,
and other therapy segments. The Company’s drug delivery platforms include
Bioadhesive/Gastroretentive Extended Release, Laser-Drilled Extended Release,
Matrix/Coated Extended Release, Taste Masking Technologies and Improved
Bioavailability through Solubilizationand Nano-particle technology. Its APIs
products include antibiotics, Antibiotics, ANTI-TB, Cardiovasculars, Central
Nervous System, Analegesics and ANTI-GOUT. As on March 31, 2011, the Company
had 18 subsidiaries. During the fiscal year ended March 31, 2011, the Company
merged Novodigm with its API business. For the nine months ended 31 December
2010, Subject revenues increased 21% to RS42.84B. Net income increased 38% to
RS6.35B. Revenues reflect increased revenue from Within India segment and
higher revenue from Outside India geographical segment. Net income also
reflects a gain on stock in trade vs. an expenses, lower interest & finance
charges and increased gross profit margin. Lupin Limited operates exclusively
in the pharmaceuticals business.
FIXED ASSETS
v
v
v Buildings
v Plant and Machinery
v Furniture
v Fixtures
v Office Equipments
v Vehicles
v Air Conditioners
v Technical Know-How
Board of Director
Desh Bandhu Gupta -
Executive Chairman of the Board
Dr. Desh Bandhu Gupta serves as Executive Chairman of the
Board of Subject. He is an honorary doctor of philosophy with a master's degree
in chemistry Dr. Gupta started his career teaching chemistry at Birla Institute
of Science and Technology, Pilani, Rajashthan. Since 1968, when he founded the
company, Dr. Gupta has steered Lupin towards the forefront of
D. K. Contractor
Non-Executive Independent Director
Mr. D. K. Contractor serves as Non-Executive Independent
Director of Subject. He is a commerce graduate and a certified associate and a
fellow of the Indian Institute of Bankers. He served the Central Bank of
Vinita Gupta –
Director
Ms. Vinita Gupta serves as Group President and Chief
Executive Officer of Lupin Pharmaceuticals Inc.,
M. C. Gupta Executive
Director
Ms. M. D. Gupta serves as Executive Director of Subject. She
is qualified in Bachelor of Arts. Her other Directorships include: Lupin
Investments Private Limited., Rahas Investments Private Limited., Lupin
InternationaL Private Limited, Zyma Laboratories Limited, Lupin Marketing
Private Limited, Visiomed (
Nilesh Gupta - Group President, Executive Director
Mr. Nilesh Gupta is Group President, Executive Director of
Subject. He is a chemical engineer from UDCT, Mumbai and a graduate with
honours from the Wharton School, U.S.A. specialising in healthcare, strategic
management and finance. His diverse portfolio includes Intellectual Property,
Strategy and Management, Research and Development, Projects, Manufacturing, QA
and Supply Chain Management. He demonstrated exemplary performance in
integrating this diversified portfolio and ably contributing to the growth and
profitability of the Advanced markets (US and EU) in particular and the Company
in general. Mr. Nilesh directed the IP strategy of the Company towards
achieving niche position for the chosen products. This approach enabled the
Company in achieving sustainable revenue/profit. Under his leadership, the team
ensured flawless and immaculately timed launches of several products in the
international market. He is a sound business leader and team builder. His other
directorships are Lupin International Private Limited., Director Lupin
Performance Chemical Limited., Director Rahas Investments Private Limited,
Director Zyma Laboratories Limited, Director Kyowa Pharmaceutical Industry
Company Limited.,
Vijay Laxman Kelkar - Non-Executive Independent Director
Dr. Vijay Laxman Kelkar has been appointed as Non-Executive
Independent Director of Subject. Dr. Vijay Kelkar holds an MS. from the
K. U. Mada
Non-Executive Independent Director
Dr. K. U. Mada serves as Non-Executive Independent Director
of Subject. He is an eminent economist and development banker. He holds a Ph.D.
degree in Economics from the
R. A. Shah Non-Executive Independent Director
Mr. R. A. Shah serves as Non-Executive Independent Director of Subject. He is a senior partner of Crawford BayLey and Company, a firm of Solicitors and Advocates in Mumbai. He is on the boards of several reputed companies. Mr. Shah is a member of the Managing Committee of 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).
Kamal K. Sharma Managing Director, Executive Director
Dr. Kamal K. Sharma serves as Managing Director, Executive
Director of Subject. He is a chemical engineer from the Indian Institute of
Technology (UT),
Richard Zahn
Non-Executive Independent Director
Mr. Richard Zahn has been appointed as Non-Executive
Independent Director of Subject. Mr. Richard is a B. S. (Business
Administration) with Honors,
Kamal K. Sharma
Managing Director, Executive Director
Dr. Kamal K. Sharma serves as Managing Director, Executive
Director of Subject. He is a chemical engineer from the Indian Institute of
Technology (UT),
PRESS RELEASE
Lupin Limited's Subsidiary
to Fully Acquire I'rom Holdings Company Limited subsidiary and Forms
Partnership Alliance with I'rom Holdings Company Limited Subsidiary
Nov 17, 2011
I'rom Holdings company limited announced that it will sell 31,599,909 shares (100% voting rights)of a subsidiary, I'rom Pharmaceutical company limited to Lupin Limited's wholly owned subsidiary, Kyowa Pharmaceutical Industry, effective November 30, 2011. As a result, I'rom Holdings will hold no stakes in I'rom Pharmaceutical, down from 95.9% voting rights (30,299,909 shares). I'rom Holdings' another subsidiary, I'rom company limited formed a partnership alliance with Kyowa Pharmaceutical Industry, on November 17, 2011. Through the alliance, the two companies will work together on the clinical development businesses.
Lupin Limited's Gets
Tentative
Oct 31, 2011
Reuters reported that Lupin Limited said that unit has received U.S. Food and Drugs Administration's tentative approval for lamivudine and zidovudine tablets. The tablets, used to treat HIV infection, are generic version of ViiV Healthcare's Combivir tablets.
Lupin Limited's
Subsidiary Receives Tentative FDA Approval For Generic Combivir Tablets
Oct 31, 2011
Lupin Limited announced that its
Lupin Limited
Announces Receiving Final FDA Approval For Generic Loseasonique Tablets
Oct 28, 2011
Lupin Limited announced that its subsidiary, Lupin Pharmaceuticals Inc.
(LPI) has received final approval for Levonorgestrel and Ethinyl Estradiol
Tablets 0.1 mg /0.02 mg and Ethinyl Estradiol Tablets 0.01 mg from the U.S.
Food and Drug Administration (FDA) for the Company's Abbreviated New Drug
Application (ANDA) to market a generic version of Teva Women's Health, Inc's.
LoSeasonique Tablets.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
77 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.