MIRA
INFORM REPORT
|
Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.03.1983 |
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Com. Reg. No.: |
11-029442 |
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Capital
Investment / Paid-up Capital : |
Rs.893.300 Millions |
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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 : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturers of Bulk Drugs and
Formulations. |
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No. of Employees
: |
4000 (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 |
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Maximum Credit Limit : |
USD 140000000 |
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
ICRA |
AA |
Rating Explanations
|
AAA (Highest Safety) |
Instruments with this rating
are considered to have the highest degree of safety regarding timely
servicing of financial obligations. Such instruments carry lowest credit
risk. |
|
AA (High Safety) |
Instruments with this rating
are considered to have high degree of safety regarding timely servicing of
financial obligations. Such instruments carry very low credit risk. |
|
A (Adequate Safety) |
Instruments with this
rating are considered to have adequate degree of safety regarding timely
servicing of financial obligations. Such instruments carry low credit risk. |
|
BBB (Moderate Safety) |
Instruments with this
rating are considered to have moderate degree of safety regarding timely servicing
of financial obligations. Such instruments carry moderate credit risk. |
|
BB (Moderate Risk) |
Instruments with this
rating are considered to have moderate risk of default regarding timely
servicing of financial obligations. |
|
B (High Risk) |
Instruments with this
rating are considered to have high risk of default regarding timely servicing
of financial obligations. |
|
C (Very High Risk) |
Instruments with this
rating are considered to have very high risk of default regarding timely servicing
of financial obligations. |
|
D (Default) |
Instruments with this
rating are in default or are expected to be in default soon. |
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 - 401506, Maharashtra, India |
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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 : |
Gate No. 1156, Village Ghotawade, Taluka – Mulshi, District - Pune, |
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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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DIRECTORS
As on 31.03.2012
|
Name : |
Dr. Desh Bandhu Gupta |
|
Designation : |
Chairman |
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Date of Birth/Age : |
08.02.1938 |
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Qualification : |
M.Sc. |
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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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|
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|
Name : |
Mr. Nilesh Gupta |
|
Designation : |
Executive Director |
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|
Name : |
Ms. Vinita Gupta Sharma |
|
Designation : |
Director |
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|
Name : |
Dr. Vijay Kelkar |
|
Designation : |
Director |
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|
Name : |
Mr. Richard Zahn |
|
Designation : |
Director |
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|
Name : |
Mr. R A Shah |
|
Designation : |
Director |
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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 : |
Mr. D. K. Contractor |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R V Satam |
|
Designation : |
Company
Secretary and Compliance Officer |
|
|
|
|
Name : |
Dr. Desh Bandhu
Gupta |
|
Designation : |
Founder and Chairman |
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|
Name : |
Mr. Kamal K Sharma |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Vinit Gupta |
|
Designation: |
Group President and Chief Executive Officer |
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|
Name : |
Mr. Nilesh Gupta |
|
Designation: |
Group President and Executive Director |
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|
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|
Name : |
Shakti
Chakraborty |
|
Designation: |
Group President
India Region Formulations |
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|
Name : |
Mr. Vinod Dhawan |
|
Designation: |
AAMLA and President - Business Development |
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|
Name : |
Mr. Ramesh Swaminathan |
|
Designation: |
President – Finance and Planning |
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|
Name : |
Mr. Rajendra Kamboj |
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Designation: |
President – Novel Drug Discovery and Development |
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|
Name : |
Mr. Naresh Gupta |
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Designation: |
President – API and Global TB |
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Name : |
Mr. Divakar Kaza |
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Designation: |
President – Human Resources Development |
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Name : |
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Designation: |
President – Technical Operations |
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|
Name : |
Dr. Cyrus
Karkaria |
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Designation: |
President - Biotechnology |
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|
Name : |
Mr. Sunil Markaria |
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Designation: |
Executive Vice President – Finance |
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Name : |
Mr. Debabrata Chakravorty |
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Designation: |
Executive Vice President – Supply Planning and Strategic Sourcing |
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|
Name : |
Mr. Andrew Macaulay |
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Designation: |
Executive Vice President – Lupin (Europe) Limited |
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|
Name : |
Dr. Dhananjay Bakhle |
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Designation: |
Executive Vice President Medical Research |
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|
Name : |
Dr. Sofia Mumtaz |
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Designation: |
Executive Vice President - IPMG |
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Name : |
Mr. Rajendra Chunodkar |
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Designation: |
Executive Vice President - Technical |
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Name : |
Mr. R S Raghav |
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Designation: |
Executive Vice President - Marketing & Sales |
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AUDIT COMMITTEE: |
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|
Name : |
Dr K U Mada |
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Designation: |
Chairman |
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Name : |
Dr Kamal K Sharma |
|
Designation: |
Chairman |
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Name : |
Mr. D K
Contractor |
|
Designation: |
Chairman |
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INVESTORS GRIEVANCES COMMITTEE: |
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|
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|
Name : |
Mr. D K
Contractor |
|
Designation: |
Chairman |
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|
Name : |
Dr K U Mada |
|
Designation: |
Chairman |
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REMUNERATION COMMITTEE: |
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|
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|
Name : |
Dr K U Mada |
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Designation: |
Chairman |
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|
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|
Name : |
Mr. R A Shah |
|
Designation: |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6,957,570 |
1.56 |
|
|
201,840,570 |
45.17 |
|
|
208,798,140 |
46.73 |
|
|
|
|
|
|
803,800 |
0.18 |
|
|
803,800 |
0.18 |
|
Total shareholding of Promoter and Promoter Group (A) |
209,601,940 |
46.91 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
28,134,756 |
6.30 |
|
|
219,171 |
0.05 |
|
|
43,347,062 |
9.70 |
|
|
124,748,613 |
27.92 |
|
|
13,703 |
- |
|
|
13,703 |
- |
|
|
196,463,305 |
43.97 |
|
|
|
|
|
|
3,040,822 |
0.68 |
|
|
|
|
|
|
20,473,693 |
4.58 |
|
|
15,060,700 |
3.37 |
|
|
2,166,864 |
0.48 |
|
|
702,518 |
0.16 |
|
|
272,130 |
0.06 |
|
|
1,189,216 |
0.27 |
|
|
3,000 |
- |
|
|
40,742,079 |
9.12 |
|
Total Public shareholding (B) |
237,205,384 |
53.09 |
|
Total (A)+(B) |
446,807,324 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
446,807,324 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
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Products : |
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PRODUCTION STATUS (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets |
No. in Millions |
10580.0 |
10199.0 |
|
Liquids |
Kilo-Liters |
3995.0 |
1671.7 |
|
Capsules |
No in Millions |
2393.0 |
1148.3 |
|
Injections: |
|
|
|
|
- Liquids |
Kilo-Liters |
42.0 |
104.5 |
|
- Vials |
No in Millions |
12.0 |
30.0 |
|
Creams and Powder |
MT |
312.0 |
326.3 |
|
Inhalers |
No. In million |
4.3 |
2.6 |
|
Bulk drugs and Intermediates |
MT |
5459.0 |
2998.2 |
GENERAL INFORMATION
|
No. of Employees : |
4000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
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Solicitors: |
Crawford Bayley and Company |
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|
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|
Subsidiaries : |
·
Lupin Pharmaceuticals Inc., USA ·
Kyowa Pharmaceutical Industry Co.
Limited., Japan ·
Lupin Australia Pty Limited.,
Australia ·
Lupin Holdings B.V., Netherlands ·
Pharma Dynamics (Proprietary)
Limited., South Africa ·
Hormosan Pharma GmbH, Germany ·
Multicare Pharmaceuticals
Philippines Inc., Philippines ·
Lupin Atlantis Holdings SA,
Switzerland ·
Lupin (Europe) Limited., UK ·
Amel Touhoku, Japan ·
Lupin Pharma Canada Limited.,
Canada ·
Lupin Mexico SA de CV, Mexico (from
23rd August 2010) ·
Generic Health Pty Limited.,
Australia (from 27th September 2010) ·
Bellwether Pharma Pty Limited.,
Australia (from 27th September 2010) ·
Generic Health Inc., USA (from 27th
September 2010) (upto 4th October 2011) ·
Max Pharma Pty Limited., Australia
(from 27th September 2010) ·
Lupin Philippines Inc., Philippines
(from 20th December 2010) ·
Lupin Healthcare Limited., India (from
17th March 2011) ·
Generic Health SDN. BHD., Malaysia
(from 18th May 2011) ·
I’rom Pharmaceutical Company
Limited., Japan (from 30th November 2011) |
|
|
|
|
Relatives
of Key Management Personnel and Entities in which the Key Management Personnel have control or significant
influence): |
·
Bharat Steel Fabrication and
Engineering Works ·
Enzal Chemicals (India) Limited ·
Lupin Human Welfare and Research
Foundation ·
Lupin International Private Limited ·
Lupin Investments Private Limited ·
Lupin Marketing Private Limited ·
Novamed Pharmaceuticals Private
Limited ·
Polynova Industries Limited ·
Rahas Investments Private Limited ·
Synchem Chemicals (India) Private
Limited ·
Visiomed (India) Private Limited ·
Zyma Laboratories Limited |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
|
446641681 |
Equity Shares |
Rs.10/- each |
Rs.893.300
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
893.300 |
892.400 |
889.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36450.800 |
30634.200 |
24416.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37344.100 |
31526.600 |
25305.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8577.300 |
7574.900 |
7040.000 |
|
|
2] Unsecured Loans |
1349.200 |
2219.700 |
2028.100 |
|
|
TOTAL BORROWING |
9926.500 |
9794.600 |
9068.100 |
|
|
DEFERRED TAX LIABILITIES |
1905.000 |
1785.700 |
1582.500 |
|
|
|
|
|
|
|
|
TOTAL |
49175.600 |
43106.900 |
35956.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17074.800 |
13546.300 |
11913.900 |
|
|
Capital work-in-progress |
3573.300 |
4420.900 |
1408.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
6872.900 |
6808.800 |
7240.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11235.600
|
8411.100 |
7137.000
|
|
|
Sundry Debtors |
14908.000
|
12342.800 |
9165.900
|
|
|
Cash & Bank Balances |
192.000
|
374.600 |
374.200
|
|
|
Other Current Assets |
1210.500
|
1173.000 |
0.000
|
|
|
Loans & Advances |
6520.000
|
5040.200 |
6466.000
|
|
Total
Current Assets |
34066.100
|
27341.700 |
23143.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
4411.900
|
|
|
Other Current Liabilities |
10033.100
|
7017.200 |
1669.900
|
|
|
Provisions |
2378.400
|
1993.600 |
1668.100
|
|
Total
Current Liabilities |
12411.500
|
9010.800 |
7749.900
|
|
|
Net Current Assets |
21654.600
|
18330.900 |
15393.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
49175.600 |
43106.900 |
35956.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
53848.300 |
44948.800 |
36730.500 |
|
|
|
Other Income |
34.900 |
165.800 |
395.600 |
|
|
|
TOTAL (A) |
53883.200 |
45114.600 |
37126.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw and
Packing Materials Consumed |
15921.700 |
13824.200 |
|
|
|
|
Purchases of
Stock-in-Trade |
5992.700 |
3841.900 |
|
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Process and Stock-in-trade |
(1325.300) |
(5.100) |
|
|
|
|
Employee Benefits
Expense |
5812.200 |
4912.300 |
|
|
|
|
Other Expenses |
15828.400 |
12786.000 |
|
|
|
|
TOTAL (B) |
42229.700 |
35359.300 |
28940.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11653.500 |
9755.300 |
8186.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
286.800 |
275.700 |
283.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11366.700 |
9479.600 |
7902.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1319.600 |
1042.800 |
815.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10047.100 |
8436.800 |
7086.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2003.400 |
337.000 |
597.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
8043.700 |
8099.800 |
6489.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
6368.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
1500.000 |
|
|
|
Dividend |
NA |
NA |
1200.700 |
|
|
|
Dividend on Equity Shares issued after the
previous year end |
NA |
NA |
10.800 |
|
|
|
Corporate Tax on Dividend |
NA |
NA |
201.200 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
9945.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
30329.200 |
25230.400 |
20787.200 |
|
|
|
Deemed exports |
372.300 |
298.200 |
218.300 |
|
|
|
Reimbursement of freight and insurance on
exports |
1416.300 |
215.300 |
143.900 |
|
|
|
Income from Research Services |
0.000 |
0.000 |
251.000 |
|
|
|
Income from Product Registration Services
(Dossiers) |
237.400 |
579.500 |
78.600 |
|
|
|
Compensation received |
77.200 |
213.300 |
51.800 |
|
|
|
Others |
11.600 |
9.500 |
1.100 |
|
|
TOTAL EARNINGS |
32444.000 |
26546.200 |
26546.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5905.300 |
5873.900 |
4456.300 |
|
|
|
Packing Materials |
327.800 |
291.900 |
307.000 |
|
|
|
Capital Goods |
788.200 |
571.600 |
519.900 |
|
|
|
Purchase of Traded Goods |
280.200 |
186.900 |
164.300 |
|
|
|
Consumable, Stores and Spares |
306.800 |
239.500 |
199.400 |
|
|
TOTAL IMPORTS |
7608.300 |
7163.800 |
5646.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
18.02 |
18.18 |
15.08 |
|
|
|
Diluted |
17.94 |
18.07 |
14.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.93
|
17.95 |
17.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.66
|
18.77 |
19.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.49
|
30.86 |
30.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.27 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.60 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
3.03 |
2.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31) PAN of
Proprietor/Partner/Director, if available |
No |
|
32) Passport No of
Proprietor/Partner/Director, if available |
No |
|
33) Voter ID No of
Proprietor/Partner/Director, if available |
No |
PERFORMANCE
REVIEW
During
the year, the Company’s turnover crossed Rs.70000.000 Millions, with Consolidated
Gross Sales clocking Rs.70017.200 Millions as against Rs.57421.700 Millions of
the previous year, higher by 22%. International markets accounted for 69% of
sales. Profit before interest, depreciation and tax also increased by 22% at
Rs.14590.600 Millions as against 12000.300 Millions in the previous year. The
Company achieved PBT of Rs.11960.700 Millions, higher by 20%. After providing
for taxes and minority interest, the net profit was at Rs.8676.500 Millions.
Provision for tax was higher mainly on account of withdrawal of Income tax
benefits for EOU units, effective April 1, 2011. Earning per share was
Rs.19.430 Millions.
OVERVIEW
Lupin Limited
(‘the Company’) was incorporated in 1983 as Lupin Chemicals Private Limited.
Lupin Laboratories Limited which was incorporated in 1972 was amalgamated with
the Company w.e.f. 01.04.2000, pursuant to an Order passed by the Mumbai High
Court. The Company is an innovation led transnational pharmaceutical Company
producing a wide range of quality generic and branded formulations and bulk
drugs. The Company along with its subsidiaries has manufacturing locations
spread across India and Japan with trading and other incidental and related
activities extending to world markets.
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2011 |
|
a)
Income tax demands / matters in respect of earlier years, pending in appeals
[` 17.700 millions (previous year ` 152.400 millions)] consequent to
department preferring appeal against the order of the Appellate Authority
passed in favour of the Company. Amount paid there against and included under
note 19 “Short-Term Loans and Advances” ` 27.000 millions (previous year `
nil). |
44.700 |
|
b)
Excise duty, Service tax and Sales tax demands for input tax credit
disallowances and demand for additional Entry Tax arising from dispute on
applicable rate are in appeals and pending decisions. Amount paid there
against and included under note 19 “Short-Term Loans and Advances” ` 28.400
millions (previous year ` 29.000 millions). |
416.800 |
|
c)
Claims against the Company not acknowledged as debts [excluding interest
(amount unascertained) in respect of a claim] for transfer charges of land,
octroi duty, employee claims, power and stamp duty. Amount paid there against
without admitting liability and included under note 19 “Short-Term Loans and
Advances” ` 78.600 millions (previous year ` 76.800 millions). |
432.900 |
|
d)
Counter guarantee given to GIDC in connection with repayment of loan
sanctioned by a financial institution to a company, jointly promoted by an
Association of Industries (of which, the Company is a member) and GIDC. |
7.500 |
|
f)
Letter of comfort issued by the Company towards the credit facilities
sanctioned by the bankers of subsidiary companies aggregating ` 118.600
millions (previous year ` 102.900 millions). |
81.400 |
|
g)
Corporate guarantee given in respect of credit facility sanctioned by bankers
of subsidiary companies aggregating ` 3034.200 millions (previous year `
78.200 millions). |
2902.800 |
|
h)
Financial guarantee given to third party on behalf of subsidiary for
contractual obligations. |
152.600 |
|
i) Bank Guarantees given on behalf of the Company to
third party. |
15.900 |
Fixed Assets:
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
PRESS RELEASES
Lupin to sustain
'excellent' track record – Citi, July 16, 2012
Reuters Market Eye
- Citigroup raises its target price of drug maker Lupin to 640 rupees from 570
rupees, while maintaining its "buy" rating, after meeting with
management. Lupin shares last up 3.1 percent at 572.05 rupees
"Our meeting
with Lupin reinforces our confidence on the company's ability to sustain its
excellent track record on growth & capital efficiency," Citigroup says
in a note dated Monday.
Citi expects
"healthy" growth and "improved profitability" in each of
its key markets: India, the United States, and Japan.
However, Citi
lowers its fiscal 2013-14 EPS forecast for Lupin by around 5 percent due to
higher effective tax rate assumptions.
Ernst and Young
announces Lupin Pharmaceuticals, Inc., CEO Vinita Gupta is the Entrepreneur Of
The Year® 2012 Award winner in Maryland
Award recognizes
entrepreneurial excellence in Health Services and Technology category
BALTIMORE, July 6, 2012 /PRNewswire/ -- Ernst and Young LLP today announced that Ms. Vinita Gupta, CEO of Lupin Pharmaceuticals, Inc., received the Ernst and Young Entrepreneur Of The Year® 2012 Award in the Health Services and Technology category in Maryland. The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. Vinita was selected by an independent panel of judges, and the award was presented at a special gala on June 28, 2012 at the Baltimore Marriott Waterfront.
Commenting on the award, Vinita Gupta, CEO, LPI said, "I am honored to receive this recognition on behalf of our company. We have been very fortunate to have multiple opportunities to grow and differentiate our organization while bringing quality, affordable generics and valuable brands to the US market. The passion, dedication and entrepreneurial spirit of our team has set us apart from competition." Headquartered in Baltimore, Lupin Pharmaceuticals, Inc. (LPI) is a specialty pharmaceutical company delivering high quality branded and generic formulations in the United States.
Now in its 26th year, the Ernst and Young Entrepreneur Of The Year Program has honored the inspirational leadership of such entrepreneurs as Jeff Bezos of Amazon.com, Michael Dell of Dell Inc., Herb Kelleher of Southwest Airlines, Fred Smith of FedEx, Larry Page and Sergey Brin of Google, Richard Schulze of Best Buy, Andrew Mason of Groupon, Mindy Grossman of HSN, Inc., Reid Hoffman and Jeff Weiner of LinkedIn, and many more.
As a Maryland award winner, Vinita is now eligible for consideration for the National Entrepreneur Of The Year 2012 Award. Award winners in several national categories, as well as the National Entrepreneur Of The Year Overall Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 17, 2012. The awards are the culminating event of the Ernst and Young Strategic Growth Forum®, the nation's most prestigious gathering of high-growth, market-leading companies.
Sponsors
Founded and produced by Ernst and Young LLP, the Entrepreneur of the Year Awards are nationally sponsored in the United States by SAP America and the Ewing Marion Kauffman Foundation. In Maryland, sponsors include the Baltimore Business Journal, DLA Piper, PNC, SmartCEO, Cassidy Turley, ClearView Consulting, and The Mergis Group.
About Lupin Pharmaceuticals, Inc.
Headquartered in Baltimore, MD, Lupin Pharmaceuticals, Inc. is dedicated to delivering high-quality, branded and generic medications trusted by healthcare professionals and patients across US and Europe. With revenues exceeding USD 500 million, LPI is the 5th largest and amongst the fastest growing generic pharmaceutical players in the US (by prescriptions). For further information or queries, please contact –
Shamsher Gorawara
Head – Corporate Communications
Lupin Limited:
Ph: +91 98 20 338 555
Email: shamshergorawara@lupinpharma.com
About Ernst and Young Entrepreneur of the Year®
Ernst and Young Entrepreneur of The Year is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.
About Ernst and Young
Ernst and Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst and Young refers to the global organization of member firms of Ernst and Young Global Limited, each of which is a separate legal entity. Ernst and Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
This news release has been issued by Ernst and Young LLP, a US client-serving member firm of Ernst and Young Global Limited.
Lupin Receives FDA Approval for Generic LYRICA(R)
MUMBAI and BALTIMORE, July 5, 2012
Pharma major, Lupin Limited., announced today that its subsidiary, Lupin Pharmaceuticals Inc. (collectively, Lupin) has received final approval for its Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg and 300 mg from the United States Food and Drugs Administration (FDA) to market a generic version of C.P. Pharmaceuticals C.V., LYRICA® (Pregabalin) capsules.
Lupin's Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg and 300 mg are the AB-rated generic equivalent of LYRICA® capsules, which is indicated for neuropathic pain associated with diabetic peripheral neuropathy, post herpetic neuralgia, adjunctive therapy for adult patients with partial onset seizures and fibromyalgia.
LYRICA® Capsules had annual U.S sales of approximately $1.8 billion for the twelve months ending March 2012 (IMS Health Sales Data).
About Lupin Limited
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing a wide range of generic and branded formulations and APIs. The Company today has significant presence in the Cardiovascular, Diabetology, Asthma, Paediatrics, CNS, GI, Anti-Infective and NSAID space in addition to holding global leadership positions in the Anti-TB and Cephalosporin segments.
Lupin is the 5th largest and fastest growing generics player in the US (5.3% market share by prescriptions, IMS Health), the only Asian company to achieve that distinction. The company is also the fastest growing top 10 pharmaceutical player in India, Japan and South Africa (IMS).
For the financial year ended March 2012, Lupin's Consolidated Revenues and Profit after Tax were Rs.70829.000 Millions (USD 1.42 Billion) and Rs. 8676.000 Millions (USD 190 million) respectively.
Lupin Pharmaceuticals, Inc. is the wholly owned U.S. 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.55.76 |
|
|
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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.