MIRA
INFORM REPORT
|
Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered Office : |
159, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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.] |
PNEL03519F |
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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 (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 |
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Maximum Credit Limit : |
USD 100000 |
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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 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
159, |
|
Tel. No.: |
91-22-26931001 / 26526391 / 26528311 /
56402222 / 66402323 |
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Fax No.: |
91-22-26540484 / 26114008 / 56402299 /
26528806 / 66402051 |
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E-Mail : |
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Website : |
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Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area,
Boisar, District Thane, |
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Factory 2 : |
198-202, New Industrial Area II, Mandideep, District
Raisen, Madhya Pradesh – 462 046, |
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Factory 3 : |
211, New Industrial Area II, Mandideep, District Raisen,
Madhya Pradesh – 462 024, |
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Factory 4 : |
124, GIDC Industrial Estate, Ankleshwar, Gujarat – 393
002, |
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Factory 5 : |
A28/1, MIDC Area, Chikalthana, |
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Factory 6: |
B-15 Phase I-A Verna Industiral Area, Verma Salcette, Goa
– 403 722, |
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Factory 7 : |
Export promotion Industrial Park, SIDCO Industrial
Complex, Kartholi, Bari Brahmana, Jammu – 181 133 |
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Factory 8 : |
Export promotion Industrial Park, SIDCO Industrial
Complex, Kartholi, Bari Brahmana, Jammu – 181 133 |
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Factory 9 : |
Novodigm Limited, Block 21, Dabhasa Padra, Taluka, Vadodara – 391 440 |
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Factory 10 : |
Lupin Pharmacare Limited, Plot No.2, Phase – II, Special
Economic Zone, Pithampur, Dist Dhar, Madhya Pradesh – 454 775, India |
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Factory 11 : |
Kyowa Pharmaceutical Industry Company Limited, 11-1 |
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Corporate Office : |
B/4 |
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Tel. No.: |
91-22-66402222 |
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Fax No.: |
91-22-66402130 |
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Website : |
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R and D Park : |
Lupin Bioresearch Centre
Kyowa Pharmaceutical Industry Company Limited
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Branches : |
Located at: v
Rajasthan v
Mumbai v
Vadodara |
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Overseas Office : |
Located at: v
v
v
v
v
v
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DIRECTORS
As on 31.03.2010
|
Name : |
Dr. Desh Bandhu Gupta |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
08.02.1938 |
|
Qualification : |
M.Sc. |
|
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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Date of Appointment : |
11.07.1972 |
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Name : |
Mr. Nilesh Gupta |
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Designation : |
Executive Director and Group president |
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|
Name : |
Mrs. Vinita Gupta Sharma |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
05.03.1968 |
|
Qualification : |
Pharmacy Graduate, MBA |
|
Date of Appointment : |
17.08.2001 |
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|
Name : |
Mr. K. U. Mada |
|
Designation : |
Director |
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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 |
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Name : |
Mr. D. K. Contractor |
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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 |
KEY EXECUTIVES
|
Name : |
Mr. R.V. Satam |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Satish Khanna |
|
Designation : |
Group President – API |
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|
Name : |
Mr. Vinod Dhawan |
|
Designation : |
President - Business Development |
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|
Name : |
Mr. Harish Narula |
|
Designation : |
President – Corporate Development and CIS |
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Name : |
Mr. Naresh Gupta |
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Designation: |
President – API and Global TB |
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Name : |
Mr. Rajendra Kamboj |
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Designation: |
President – Novel Drug Discovery and Development |
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Name : |
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Designation: |
President - Pharma Research and Development |
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|
Name : |
Mr. Ramesh Swaminathan |
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Designation: |
President – Finance and Planning |
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Name : |
Mr. Divakar Kaza |
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Designation: |
President – Human Resources Development |
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Name : |
Dr. Dhananjay Bakhle |
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Designation: |
Executive Vice President – Medical Research |
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Name : |
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Designation: |
Executive Vice President - Supply Planning and Strategic Sourcing |
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Name : |
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Designation: |
Executive Vice President – Global Dosage Form Manufacturing and 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 - Business Development |
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|
Name : |
Dr. Sofia Mumtaz |
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Designation: |
Executive Vice President – IPMG |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,710,170 |
1.73 |
|
|
201,865,770 |
45.27 |
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|
209,575,940 |
47.00 |
|
|
|
|
|
|
51,600 |
0.01 |
|
|
51,600 |
0.01 |
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Total shareholding of Promoter and Promoter Group (A) |
209,627,540 |
47.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
37,272,367 |
8.36 |
|
|
64,630 |
0.01 |
|
|
46,180,913 |
10.36 |
|
|
103,472,874 |
23.21 |
|
|
449,177 |
0.10 |
|
|
449,177 |
0.10 |
|
|
187,439,961 |
42.04 |
|
|
|
|
|
|
6,105,839 |
1.37 |
|
|
|
|
|
|
23,005,705 |
5.16 |
|
|
18,240,730 |
4.09 |
|
|
1,482,275 |
0.33 |
|
|
470,025 |
0.11 |
|
|
123,819 |
0.03 |
|
|
814,431 |
0.18 |
|
|
74,000 |
0.02 |
|
|
48,834,549 |
10.95 |
|
Total Public shareholding (B) |
236,274,510 |
52.99 |
|
Total (A)+(B) |
445,902,050 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
445,902,050 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Foreign
Bodies/BankBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and Formulations. |
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Products : |
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Imports : |
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Countries : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets |
No. in Millions |
9646.00 |
7783.6 |
|
Liquids |
Kilo-Liters |
3840.0 |
2078.1 |
|
Capsules |
No in Millions |
2033.0 |
1013.2 |
|
Injections: |
|
|
|
|
- Liquids |
Kilo-Liters |
42.00 |
88.2 |
|
- Vials |
No in Millions |
12.0 |
28.0 |
|
Creams and Powder |
MT |
312.0 |
406.8 |
|
Inhalers |
No. In million |
4.3 |
2.5 |
|
Bulk drugs and Intermediates |
MT |
4856.700 |
2605.4 |
GENERAL INFORMATION
|
Suppliers : |
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No. of Employees : |
4000 |
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Bankers : |
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Facilities : |
1. Working capital
loans from banks comprises of cash, credit, packing credit, post shipment
credit, bills discounted and overseas import credit and are secured by hypothecation
of inventories and book debts and a second charge on immovable properties and
moveable assets of the company both present and future situated at (a)
Aurangabad, Pune and Tarapur in Maharashtra, (b) Ankleshwar in Gujarat, (c)
Mandideep in Madhya Pradesh, (d) Verna in Goa and (e) Bari Brahmana in Jammu
and Kashmir 2. Working capital loans from banks include Foreign Currency Loans of Rs.5212.300 millions (previous year Rs. 2928.4 millions)
Notes:
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Banking
Relations : |
- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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|
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Audit Committee: |
·
Dr. K U Mada , Chairman ·
Mr. D. K. Contractors ·
Dr. Kamal Sharma
|
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|
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Memberships : |
Confederation of Indian Industry |
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|
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Associates: |
·
·
Generic Health Private Limited, |
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Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88943833 |
Equity Shares |
Rs.10/- each |
Rs.889.400
Millions |
Notes:
Of the above Equity Shares:
i) 37,311,048 (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
ii) 40,152,494 (previous year 40,152,494)
Equity shares of Rs.10/- each have been allotted as fully paid-up bonus shares
by way of capitalisation of General Reserves
iii) 606,294 (previous year 298,753) Equity
shares of Rs.10/- each, fully paid-up have been allotted pursuant to Lupin
Employees Stock Option Plans
iv) 8,043,911 (previous year 2,227,169) 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.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
889.400 |
828.200 |
820.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24416.100 |
12924.800 |
12349.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25305.500 |
13753.000 |
13170.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7040.000 |
5651.200 |
5608.800 |
|
|
2] Unsecured Loans |
2028.100 |
3797.900 |
4046.700 |
|
|
TOTAL BORROWING |
9068.100 |
9449.100 |
9655.500 |
|
|
DEFERRED TAX LIABILITIES |
1582.500 |
1347.300 |
1232.100 |
|
|
|
|
|
|
|
|
TOTAL |
35956.100 |
24549.400 |
24058.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11913.900 |
9756.200 |
8630.700 |
|
|
Capital work-in-progress |
1408.300 |
1163.100 |
689.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
7240.700 |
4738.700 |
2924.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7137.000
|
7158.800 |
6258.500 |
|
|
Sundry Debtors |
9165.900
|
7090.600 |
6322.600 |
|
|
Cash & Bank Balances |
374.200
|
121.300 |
2150.800 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6466.000
|
3666.400 |
2547.600 |
|
Total
Current Assets |
23143.100
|
18037.100 |
17279.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4411.900
|
4189.800 |
|
|
|
Other Current Liabilities |
1669.900
|
3532.000 |
4383.700 |
|
|
Provisions |
1668.100
|
1423.900 |
1082.800 |
|
Total
Current Liabilities |
7749.900
|
9145.700 |
5466.500 |
|
|
Net Current Assets |
15393.200
|
8891.400 |
11813.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35956.100 |
24549.400 |
24058.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
36400.900 |
28985.600 |
25436.900 |
|
|
|
Other Income |
725.200 |
724.000 |
1974.200 |
|
|
|
TOTAL (A) |
37126.100 |
29709.600 |
27411.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
14927.700 |
12418.500 |
10962.200 |
|
|
|
Personnel Expenses |
3765.500 |
3344.700 |
2418.200 |
|
|
|
Manufacturing and other expenses |
10246.800 |
8153.900 |
7549.300 |
|
|
|
TOTAL (B) |
28940.000 |
23917.100 |
20929.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8186.100 |
5792.500 |
6481.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
283.800 |
415.200 |
343.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7902.300 |
5377.300 |
6137.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
815.700 |
663.500 |
561.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7086.600 |
4713.800 |
5576.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
597.300 |
544.100 |
1142.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6489.300 |
4169.700 |
4433.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6368.500 |
4910.100 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1500.000 |
NA |
|
|
|
Proposed Dividend on Equity Shares |
1200.700 |
1035.300 |
NA |
|
|
|
Dividend on Equity Shares for previous
year |
10.800 |
0.100 |
NA |
|
|
|
Corporate Tax on Dividend |
201.200 |
175.900 |
NA |
|
|
BALANCE CARRIED TO
THE B/S |
9945.100 |
6368.500 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
20787.200 |
15821.200 |
13555.300 |
|
|
|
Deemed exports |
218.300 |
327.500 |
219.600 |
|
|
|
Reimbursement of freight and insurance on
exports |
143.90 |
129.800 |
117.200 |
|
|
|
Income from Research Services |
251.000 |
94.000 |
62.600 |
|
|
|
Income from Product Registration Services
(Dossiers) |
78.600 |
79.300 |
87.500 |
|
|
|
Income from sale of Patent Applications |
0.000 |
0.000 |
1127.200 |
|
|
|
Interest on Bank Fixed Deposits |
0.000 |
26.400 |
129.000 |
|
|
|
Compensation received |
51.800 |
0.00 |
5.500 |
|
|
|
Others |
1.100 |
1.000 |
0.800 |
|
|
TOTAL EARNINGS |
21531.900 |
16479.200 |
15304.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4456.300 |
4557.300 |
5411.400 |
|
|
|
Packing Materials |
307.000 |
205.600 |
260.800 |
|
|
|
Capital Goods |
519.900 |
504.300 |
287.100 |
|
|
|
Purchase of Traded Goods |
164.300 |
126.400 |
112.500 |
|
|
|
Consumable, Stores and Spares |
199.400 |
142.600 |
73.800 |
|
|
TOTAL IMPORTS |
5646.900 |
5536.200 |
6145.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
75.38 |
50.58 |
54.31 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
|
Net Sales |
|
10093.600 |
10730.900 |
|
Total Expenditure |
|
8060.300 |
8649.200 |
|
PBIDT (Excl OI) |
|
2033.300 |
2081.700 |
|
Other Income |
|
3.300 |
8.000 |
|
Operating Profit |
|
2036.600 |
2089.700 |
|
Interest |
|
66.600 |
66.000 |
|
PBDT |
|
1970.000 |
2023.700 |
|
Depreciation |
|
268.300 |
281.400 |
|
Profit Before Tax |
|
1701.700 |
1742.300 |
|
Tax |
|
127.500 |
118.400 |
|
Profit After Tax |
|
1574.200 |
1623.900 |
|
Net Profit |
|
1574.200 |
1623.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.48
|
14.03 |
16.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.47
|
16.26 |
21.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.21
|
16.96 |
21.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
66.46
|
0.34 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.66
|
0.66 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.99
|
1.97 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
Company History:
Amalgamation of Lupin laboratories with Lupin Chemicals was reason
to the birth of subject; the company was incorporated in 31st March of the year
1983 as a Private Limited company. subject successfully positioned itself as a
transnational pharmaceutical Company with a wide global footprint. It is
engaged in developing and marketing a wide range of quality, affordable generic
and branded formulations and APIs for the developed and developing markets of
the world. Its activities include pharmaceuticals, bulk drugs and formulations,
fermentation, biotechnology, natural products and agro chemicals. Its subject
division offers solutions in the respiratory segment that covers anti-TB,
anti-asthma (inhalation segment), anti-infectives, anti-allergies and
supportive therapy products. The top six products in the API basket viz.,
cephalexin and cefaclor (anti-lnfectives), 7ADCA and 7ACCA (cephalosporin
intermediates), ethambutol and rifampicin (anti-TB) cover nearly 80% of API
sales to the semi regulated markets. Lisinopril (cardiovascular) forms the core
API sales to the regulated markets. Cephalexin and 7 ADCA plants of the company
was started its functioning in the year 1987. The Company made a JV in
Performance Review:
PERFORMANCE REVIEW:
The Company scaled newer heights and benchmarks in terms of sales and profits for the year ended March 31, 2010. Consolidated sales at Rs.47678.4 millions, grew by 25% over Rs.38237.8 millions of the previous year. International markets accounted for 67% of the revenues. Net Profit at Rs.6816.3 millions as against Rs.5015.4 millions, registered a growth of 36%. Earning per share was higher at Rs.79.18 as compared with Rs.60.84 for the previous year.
Subsidiary Companies:
As on March 31, 2010, the Company had 14 subsidiaries.
During the year, Lupin (Europe) Limited,
Amalgamation:
With a view to achieving synergies of operations, optimum utilisation of resources and control costs, the Board of Directors decided to amalgamate Novodigm Limited , Lupin Pharmacare Limited and Lupin Herbal Limited (wholly owned subsidiaries of the Company) with Lupin Limited w.e.f. April 1, 2009 i.e.' the Appointed Date'.
The Hon'ble High Court of Judicature at
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 (Unaudited) |
Half year ended 30.09.2010 (Unaudited) |
|
a) Sales / Gross |
10578.500 |
20618.900 |
|
Less: Excise Duty |
91.600 |
161.300 |
|
Sales (Net) |
10486.900 |
20457.600 |
|
b) Other Operating Income |
244.000 |
348.200 |
|
Total |
10730.900 |
20805.800 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(423.100) |
(246.800) |
|
(b) Consumption of Raw and packing materials |
3569.000 |
6335.700 |
|
(c) Purchase of traded goods |
1029.800 |
2146.300 |
|
(d) Employees Cost |
1229.200 |
2379.200 |
|
(e) Depreciation and amortization |
281.400 |
549.700 |
|
(f) Manufacturing and Other Expenditure |
3244.300 |
6076.400 |
|
Total |
8930.600 |
17240.500 |
|
Profit From Operations before other Income Interest & Exceptional Items |
18000.300 |
3565.300 |
|
Other Income |
8.000 |
11.300 |
|
Profit before Interest and Exceptional items |
1808.300 |
3576.600 |
|
Interest and finance charges |
66.000 |
132.600 |
|
Profit after interest before Exceptional items |
1742.300 |
3444.000 |
|
Exceptional Items |
- |
- |
|
Profit From Ordinary
activities before Tax |
1742.300 |
3444.000 |
|
Tax Expenses (current and deferred) |
118.400 |
245.900 |
|
Net Profit From Ordinary activities after Tax |
1623.900 |
3198.100 |
|
Extraordinary Items |
- |
- |
|
Net Profit |
1623.900 |
3198.100 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each ) |
891.400 |
891.400 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Earning per Share
(EPS) [not annulised] |
|
|
|
-Basic |
3.65 |
7.18 |
|
-Diluted |
3.63 |
7.14 |
|
Public Share Holding |
|
|
|
- Number of Shares |
235017660 |
236017660 |
|
- Percentage of shareholding |
52.96 |
52.96 |
|
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 |
209657540 |
209657540 |
|
- 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) |
40.04 |
40.04 |
Statements of
Assets and Liabilities as at 30.09.2010
Rs. In Millions
|
Particulars |
30.09.2010
(Unaudited) |
|
Shareholders Funds |
|
|
a) Share Capital |
891.400 |
|
b) Reserves and
Surplus |
27162.400 |
|
Loan Funds |
10427.700 |
|
Deferred Tax
Liabilities (Net) |
1688.600 |
|
Total |
40170.100 |
|
Fixed Assets |
16937.900 |
|
Investments |
6768.200 |
|
Current Assets,
Loans and Advances |
|
|
a) Inventories |
8478.400 |
|
b) Sundry Debtors |
10083.400 |
|
c) Cash and Bank
Balances |
249.700 |
|
d) Loans and
Advances |
4915.700 |
|
Less: Current
Liabilities and Provisions |
|
|
a) Liabilities |
6890.500 |
|
b) Provisions |
372.700 |
|
Total |
40170.100 |
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
Website Details:
Corporate Overview
Headquartered in
subject first gained recognition when it became one of the world’s largest manufacturers of Tuberculosis drugs. Over the years, the Company has moved up the value chain and has not only mastered the business of intermediates and APIs, but has also leveraged its strengths to build a formidable formulations business globally.
The year 2008-09 was yet another year with impressive growth of 32% in revenue and 50% (excluding IP income) in profits. Over the last 5 years, the Company has recorded a CAGR of 31% and 53% in sales and net profits respectively.
The Company today has significant market share in key markets in the Cardiovascular (prils and statins), Diabetology, Asthma, Pediatrics, CNS, GI, Anti-Infectives and NSAIDs therapy segments, not to mention global leadership positions in the Anti-TB and Cephalosporins segments. The Company’s RandD endeavours have resulted in significant progress in its NCE program. The Company’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.
Their Drugs and products reach over 70 countries in the
world. Today, Lupin has the unique distinction of being the fastest growing top
10 Generics players in the two largest pharmaceutical markets of the world –
The U.S (ranked 9th by prescriptions and growing at 92 %) and
They closed FY 2008-09 with revenues of Rs. 39,145 Mn (Rs. 29,583 Mn FY 2007-08). Their consolidated net profit for the year increased by 23% to Rs. 5,015 Mn (Rs. 4,082 Mn FY 2007-08). They are happy to inform you that their consolidated topline recorded a growth of 38%, while their bottom line also grew sharply by 50% (excluding IP income).
The Company's Formulations business today accounts for over 81% of their portfolio, up from 42% four years ago.
Subject world class manufacturing facilities, spread across
Going forward, their research backbone, best-in-class class manufacturing capabilities, marketing and servicing depth globally will stand them in good stead. The company will continue to focus on identifying and developing niche segments, a differentiated product portfolio in all its chosen markets backed up by strategic partnerships and in-licensing, and investment in new areas such as biosimilars - well on-course to becoming a top 10 global generics powerhouse.
History
and Milestones:
2009: Lupin acquired majority stake in Multicare Pharmaceuticals Philippines Inc.
2008: Lupin
expanded its product basket in Japan-Kyowa and received ten products approval
from Ministry of Health and Labour Welfare,
Lupin acquired Hormosan Pharma
GmbH, a Generic Company in
Lupin acquired stake in Generic
Health Pty Limited, in
Lupin acquired Pharma Dynamics in
2007: Lupin acquired Vadodara based Rubamin Laboratories Limited (rechristened to Novodigm Limited).
Lupin acquired Kyowa Pharmaceutical
Industry Company Limited, a leading Generic Company in
Commercial production was started
at the New finished dosage facility at
Lupin received “Best new manufacturer of the year” award from Amerisource Bergen.
2006: A new facility was set up at
Maiden Bonus share were issued in the ratio of 1:1.
Maiden issue of Foreign Currency Convertible Bonds (FCCB) aggregating US $100 Million, which are listed on Singapore Stock Exchange.
2005: Maiden Employees Stock Option Plan was implemented.
New Lovastatin plant at Tarapur was approved by the US FDA.
2004: WHO approval was received for State of the
art formulation Plants at Goa and
2003: Lupin had successfully implemented SAP ERP across the Company to unify all business functions and processes.
Introduced collaborative messaging and workflow solution on the intranet.
Oral Cefaclor injectible Plant at Mandideep was approved by US FDA.
Lupin Pharmaceuticals Inc.
2002: Exports to the Advanced Markets crossed Rs.1000 Million.
Rising trend of exports as a % of total revenue – up 33% year-over-year.
Patent filings crossed 100.
Five ANDAs were filed.
New Anti-TB facility was
commissioned at
Rablet was rated by ORG-Marg as the second best launch of FY 2002-03.
2001: Lupin became the only Asian Pharmaceutical company to receive US FDA approvals for its sterile cephalosporin facility.
A state of the art US FDA approvable oral cephalosporin bulk active plant was commissioned.
State of the art R and D Centre at Pune was commissioned.
Lupin commenced supply of
Cephalosporin bulk actives to its alliance partners in the
Lupin Laboratories Limited was amalgamated with Lupin Chemicals Limited , whose name was changed to Lupin Limited.
2000: The Cefotaxime facility was approved by the US FDA.
The Company’s restructuring operations yielded encouraging results.
Work commenced on the R and D Centre at Pune.
1999: Lupin’s injectable cephalosporin bulk active plant at Mandideep was approved by UK MCA.
1997: Lupin’s injectable Cephalosporins dosages plant at Mandideep obtained UK MCA approval.
Lupin’s formulations facility at
Three plants of Lupin, manufacturing Cefaclor at Mandideep, 7 ACCA at Ankleshwar and Rifampicin at Tarapur, got THEM FDA approvals.
ICMA Technology award was given for injectable Cephalosporins.
1996: Government of
Company received the ICMA Technology award for injectable Cephalosporins.
1992: Fermentation Plant of Lupin Chemicals
Limited was established at Tarapur,
Sterile Plant for injectable Cephalosporins (bulk) was commissioned at Mandideep.
Lupin Laboratories Limited and Lupin Chemicals Limited raised money through IPOs in 1993-94.
Won FICCI’s award for contribution towards rural development.
1991: Injectable cephalosporin (bulk and dosages) production was initiated at Mandideep.
Lupin won the ICMA technology award for successfully manufacturing Vitamin B6.
1989: Joint venture in
Two Plants Ankleshwar and Mandideep received US FDA approvals for maintaining stringent quality standards.
1988: The Lupin Human Welfare and Research Foundation (LHWRF) was founded by Dr Desh Bandhu Gupta to provide an alternative, sustainable and replicable model of rural development.
1987: Cephalexin Plant at Mandideep and 7 ADCA plant at Ankleshwar went on stream.
1981: Ethambutol production was started
1980: Lupin commissioned a formulations plant and
an R and D center at
1972: Lupin Laboratories Private Limited was incorporated.
1968: Lupin commenced business.
LUPIN NET PROFIT UP
BY 40 % IN Q1, FY 2010-11 CONSISTENT GROWTH, STRONG PROFITS
Mumbai, July 28, 2010
Lupin reported strong performance for the first quarter, Q1, FY 2010-11 with topline growth of 21% and net profit growth of 40%. These results were taken on record by the Board of Directors at a meeting held in Mumbai today.
Key Financial and
Performance Highlights
· Net sales grew by 21% to Rs. 13,121 million during Q1, FY 2010-11, up from Rs. 10,856 million (Q1 FY 09-10)
· Net profits grew by 40% to Rs. 1,963 million during Q1, FY 2010-11, as compared to Rs 1,401 Millions (Q1 FY 09-10)
· Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew by 33% to Rs. 2,852 Millions during Q1, FY 2010-11, from Rs. 2,152 Millions (Q1 FY 09-10).
Commenting on the performance, Dr. Kamal K Sharma, Managing
Director, Lupin Limited, said, “In keeping with the growth momentum generated
over the last 17 quarters, we continue to perform strongly across their
business segments and their markets. The success of recent launches and more
importantly, growth in market shares across their marketed products resulted in
strong business performance. It gives me immense pleasure to announce that
Lupin has emerged as the 5th largest and the fastest growing Top 10 Generic
company in the
Balance Sheet
Highlights
· Net Operating Working capital increased by 12% to Rs. 13,260 Millions as on 30th June, 2010 as against Rs. 11,869 Millions as on 31st March, 2010, despite a 21% increase in net sales and the same is an indicator of optimization on the working capital front.
· Capital Expenditure during the Quarter stands at Rs. 1,076 Millions
· Debt Equity Ratio improved to 0.35 as on 30th June, 2010 from 0.37 as on 31st March, 2010.
Profit and Loss
Highlights
· Material cost declined by 5% to 38% of Net Sales, at Rs. 5,036 Millions during Q1, FY 2010-11, as against Rs. 4,676 Millions (Q1, FY 2009-10).
· Personnel cost increased by 1.5% to 14% of Net Sales, at Rs. 1,781 Millions during Q1, FY 2010-11, as against Rs. 1,315 Millions (Q1, FY 2009-10).
· Selling, General and Administrative costs increased by 1% to 28% of Net Sales at Rs. 3,683 Millions during the quarter as against 27% of Net Sales at Rs. 2,923 Mn during Q1, FY 2009-10.
· Revenue Expenditure on RandD increased by 1.6% to Rs. 1038 Millions, amounting to 7.9% of Net Sales during Q1, FY 2010-11, as against Rs. 685 Millions, 6.3% of Net Sales (Q1, FY 2009-10)
Operational
Highlights
· Advanced markets Formulation sales (including US, Europe and Japan) increased by 29 % to Rs. 6,265 Millions during Q1, FY 2010-11, up from Rs. 4,858 Millions (Q1, FY 2009-10). It contributed 48 % of the Net Sales for the Quarter.
· Formulation Sales in US and EU grew by 40% to Rs 4,966 million during Q1, FY 2010-11, up from Rs. 3,551 Millions, (Q1, FY 2009-10).
·
Lupin ranked the 5th largest Generic player in
the
·
Lupin emerged as the market leader (No. 1) in 13
out of 26 generic products in the
· Lupin’s Japanese subsidiary, Kyowa contributed 10 % of the overall revenues during the quarter.
· Net Sales of India Region Formulations grew by 23% to Rs. 4,242 million during Q1, FY 2010-11 as compared to Rs. 3,444 million (Q1, FY 2009-10).
· Sales for Lupin’s South African subsidiary, Pharma Dynamics grew by 33% to Rs. 399 Millions during Q1, FY 2010-11 as against Rs. 301 Mn (Q1, FY 2009-10.)
Operational Summary
US and
The Brands Business grew by 51% and Generics business grew by 45%during Q1, FY
2010-11 as compared to Q1, FY 2009-10.
Lupin also emerged as the 5th largest Generic player in the
U.S (by prescriptions). Lupin remains the fastest growing Top 10 generic player
in the
USFDA
Approvals
During the quarter the company filed 3 ANDA’s bringing the Cumulative filings
as of Q1, FY 2010-11, to 130 ANDA filings, of which 45 have been approved by
the US FDA.
Lupin’s subsidiary, Kyowa Pharmaceuticals continued to post strong growth in
the Japanese Market clocking Net Sales of Rs. 1299 Mn and contributed 10% to
Lupin’s consolidated revenues.
Lupin’s South African Business – Pharma Dynamics clocked in revenues of 399
Millions during Q1, FY 2010-11, representing a growth of 33%.
API
API (Net) sales grew by 7% to Rs 1,876 Millions during Q1, FY 2010-11, as against
Rs. 1,752 Millions (Q1 FY 2009-10).
R and D
Revenue Expenditure on R and D amounts to Rs. 1038 Millions, 7.9% to Net sales
as against Rs. 685 Millions, 6.3% to net sales in Q1 FY 09-10. Lupin’s
cumulative ANDA filings with the USFDA rose to 130 with the company having
received 45 approvals to date. Cumulative Filings with the European regulatory
authorities stands at 65 with the company having received 33 approvals to date.
About Lupin Limited
Headquartered in Mumbai, India, Lupin Limited 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 today has significant presence in Cardiovasculars (prils and statins), Diabetology, Asthma, Pediatrics, CNS, GI, Anti-Infectives and NSAIDs not to mention global leadership positions in the Anti-TB and Cephalosporins. The Company’s RandD endeavors have resulted in significant progress in its NCE program. The Company’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.
Today, Lupin has emerged as the 5th largest and the fastest
growing Top 5 company in the U.S (by prescriptions), the only Asian company to
achieve that distinction. The company is also the fastest growing, top 5
pharmaceutical players in
For the financial year ended March 2010, Lupin's Consolidated Sales and Profit after Tax were Rs.47,678 million and Rs. 6816 million respectively.
LUPIN signs strategic agreement with
FARMANGUINHOS,
Mumbai,
05.01.2011
Pharma
Major, Lupin Limited announced today that it has entered into an agreement with
With
this agreement between Lupin Limited and Farmanguinhos in place, Farmanguinhos
has entered into a commitment to Produce and supply the 4 in 1 combination drug
to the Department of Health (
The 4 in
1 combination reduces the pill burden on the patient drastically, particular as
the treatment lasts for at least 6 months. As per WHO, the treatment
abandonment rate has fallen from 8% to only 5% due to this reduced pill burden
provided by the combination drug. WHO estimates indicate that globally there
are 9.2 million new cases each year resulting in 1.7 million deaths. In
Dr.
Hayne Felipe, Director – Institute of technology (Farmanguinhos) described the
event as “a big example of partnership for productive development. This
agreement is special because it provides a solution for an illness of
epidemiological proportion and importance”. The Agreement was signed in the
presence of
Commenting
on the agreement, Mr. Vinod Dhawan, President – AAMLA & Business
Development, Lupin, said "We believe that this agreement is a very
important proactive step in providing comprehensive therapeutic care in the
areas of conventional TB and MDR-TB, which are pandemic in nature. Lupin is a
global leader for Anti TB drugs and has long been committed to developing and
providing solutions to tackle and stem the growth of the disease globally. We
feel that Lupin and Farmanguinhos together as partners are best suited to
address this disease area in
About Lupin Limited
Headquartered in Mumbai, India, Lupin Limited 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 today has significant market share
in key markets in the Cardiovascular (prils and statins), Diabetology, Asthma,
Pediatrics, CNS, GI, Anti-Infectives and NSAIDs therapy segments, not to
mention global leadership positions in the Anti-TB and Cephalosporins. The
Company’s R&D endeavors have resulted in significant progress in its NCE
program. The Company’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.
Our
Drugs and products reach over 70 countries in the world. Today, Lupin has the unique
distinction of being the fastest growing top 10 Generics players in the two
largest pharmaceutical markets of the world – The U.S (ranked 5th by
prescriptions & growing at 51 %) and
For the
Financial Year 2009-10, Lupin's Consolidated Revenues and Profit after Tax were
Rs. 47678.000 million (USD 1.1 Billion) and Rs. 6816.000 million (USD 152
million) respectively. Please visit http://www.lupinworld.com for
more information about Lupin Limited
Lupin
Pharmaceuticals, Inc. is the U.S. wholly owned subsidiary of Lupin Limited
Headquartered in Baltimore, Maryland, Lupin Pharmaceuticals, Inc. is dedicated
to delivering high-quality, affordable generic medicines and branded
formulations trusted by healthcare professionals and patients across
geographies.
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 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.45.16 |
|
|
1 |
Rs.70.64 |
|
Euro |
1 |
Rs.58.68 |
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.