MIRA
INFORM REPORT
|
Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
|
|
|
|
Registered
Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.03.1983 |
|
|
|
|
Com. Reg. No.: |
11-029442 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 893.300 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
: |
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 |
|
Maximum Credit Limit : |
USD 140000000 |
|
|
|
|
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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA+: Non – Convertible Debenture |
|
Rating Explanation |
Having High degree of Safety regarding timely servicing of financial obligations. It carry very low credit risk. |
|
Date |
May 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
159, |
|
Tel. No.: |
91-22-26931001 / 26526391 / 26528311 /
56402222 / 66402323 |
|
Fax No.: |
91-22-26540484 / 26114008 / 56402299 /
26528806 / 66402051 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area, Boisar,
District Thane - 401506, Maharashtra, India |
|
|
|
|
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 |
|
|
|
|
Factory 8 : |
Gate No. 1156, Village Ghotawade, Taluka – Mulshi, District - Pune, |
|
|
|
|
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 |
|
|
|
|
Corporate Office : |
B/4 |
|
Tel. No.: |
91-22-66402222 |
|
Fax No.: |
91-22-66402130 |
|
Website : |
|
|
|
|
|
R and D Park : |
Lupin Bioresearch Centre
Kyowa Pharmaceutical Industry Company Limited
|
DIRECTORS
As on 31.03.2012
|
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. |
|
Date of Appointment : |
11.07.1972 |
|
|
|
|
Name : |
Mr. Nilesh Gupta |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ms. Vinita Gupta Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Vijay Kelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Richard Zahn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R A Shah |
|
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 |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. Kamal K Sharma |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Vinit Gupta |
|
Designation: |
Group President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Nilesh Gupta |
|
Designation: |
Group President and Executive Director |
|
|
|
|
Name : |
Shakti
Chakraborty |
|
Designation: |
Group President
India Region Formulations |
|
|
|
|
Name : |
Mr. Vinod Dhawan |
|
Designation: |
AAMLA and President - Business Development |
|
|
|
|
Name : |
Mr. Ramesh Swaminathan |
|
Designation: |
President – Finance and Planning |
|
|
|
|
Name : |
Mr. Rajendra Kamboj |
|
Designation: |
President – Novel Drug Discovery and Development |
|
|
|
|
Name : |
Mr. Naresh Gupta |
|
Designation: |
President – API and Global TB |
|
|
|
|
Name : |
Mr. Divakar Kaza |
|
Designation: |
President – Human Resources Development |
|
|
|
|
Name : |
|
|
Designation: |
President – Technical Operations |
|
|
|
|
Name : |
Dr. Cyrus
Karkaria |
|
Designation: |
President - Biotechnology |
|
|
|
|
Name : |
Mr. Sunil Markaria |
|
Designation: |
Executive Vice President – Finance |
|
|
|
|
Name : |
Mr. Debabrata Chakravorty |
|
Designation: |
Executive Vice President – Supply Planning and Strategic Sourcing |
|
|
|
|
Name : |
Mr. Andrew Macaulay |
|
Designation: |
Executive Vice President – Lupin (Europe) Limited |
|
|
|
|
Name : |
Dr. Dhananjay Bakhle |
|
Designation: |
Executive Vice President Medical Research |
|
|
|
|
Name : |
Dr. Sofia Mumtaz |
|
Designation: |
Executive Vice President - IPMG |
|
|
|
|
Name : |
Mr. Rajendra Chunodkar |
|
Designation: |
Executive Vice President - Technical |
|
|
|
|
Name : |
Mr. R S Raghav |
|
Designation: |
Executive Vice President - Marketing & Sales |
|
|
|
|
AUDIT COMMITTEE: |
|
|
|
|
|
Name : |
Dr K U Mada |
|
Designation: |
Chairman |
|
|
|
|
Name : |
Dr Kamal K
Sharma |
|
Designation: |
Chairman |
|
|
|
|
Name : |
Mr. D K
Contractor |
|
Designation: |
Chairman |
|
|
|
|
INVESTORS GRIEVANCES COMMITTEE: |
|
|
|
|
|
Name : |
Mr. D K
Contractor |
|
Designation: |
Chairman |
|
|
|
|
Name : |
Dr K U Mada |
|
Designation: |
Chairman |
|
|
|
|
REMUNERATION COMMITTEE: |
|
|
|
|
|
Name : |
Dr K U Mada |
|
Designation: |
Chairman |
|
|
|
|
Name : |
Mr. R A Shah |
|
Designation: |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Particular |
Number of Shares |
Percentage of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6957570 |
1.56 |
|
|
201840570 |
45.15 |
|
|
208798140 |
46.71 |
|
|
|
|
|
|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
Total shareholding
of Promoter and Promoter Group (A) |
209601940 |
46.89 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
24666010 |
5.52 |
|
|
124510 |
0.03 |
|
|
43930530 |
9.83 |
|
|
125138627 |
27.99 |
|
|
2079 |
0.00 |
|
|
2079 |
0.00 |
|
|
193861756 |
43.37 |
|
|
|
|
|
|
3529751 |
0.79 |
|
|
|
|
|
|
21195693 |
4.74 |
|
|
15077380 |
3.37 |
|
|
3762642 |
0.84 |
|
|
2145818 |
0.48 |
|
|
315929 |
0.07 |
|
|
1295885 |
0.29 |
|
|
5010 |
0.00 |
|
|
43565466 |
9.75 |
|
Total Public
shareholding (B) |
237427222 |
53.11 |
|
Total (A)+(B) |
447029162 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
447029162 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
||||||||
|
|
|
||||||||
|
Products : |
|
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) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. in Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address: |
12, Dr. Annie Besant Road,
Opposite Shiv Sagar Estate, WorIi, Mumbai
– 400018, Maharashtra, India |
|
Tel No. |
91-22-66679000 |
|
Fax No. |
91-22-66679100 |
|
|
|
|
Solicitors: |
Crawford Bayley and Company |
|
|
|
|
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.2/- 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 |
5808.200 |
6374.600 |
7040.000 |
|
|
2] Unsecured Loans |
4118.300 |
3420.000 |
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
|
Sr. No. |
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 |
No |
|
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 involved in |
-- |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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:
(Rs in Millions)
|
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
STATEMENT OF STANDALONE UNAUDITED
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2012
(Rs in Millions)
|
Particulars |
3 Months Ended 30/09/2012 (Unaudited) |
3 Months Ended 30/06/2012 (Unaudited) |
6 Months Ended 30/09/2012 (Unaudited) |
|
1) Income from operations |
|
|
|
|
a) Net sales/income from operations (Net of excise duty) |
17088.200 |
17636.400 |
34724.600 |
|
b) Other operating income |
456.600 |
166.500 |
623.100 |
|
Total Income from operations (net) |
17544.8 |
17802.900 |
35347.700 |
|
2) Expenses |
|
|
|
|
a) Cost of material consumed |
4736.700 |
4882.800 |
9619.500 |
|
b) Purchases of stock-in-trade |
2035.200 |
2057.100 |
4092.300 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(654.200) |
(485.600) |
(1139.800) |
|
d) Employee benefits expense |
1662.300 |
1660.900 |
3323.200 |
|
e)Depreciation and amortization expense |
378.000 |
366.900 |
744.900 |
|
f) Other expenses |
4983.000 |
4920.300 |
9737.400 |
|
Total expenses |
13141.000 |
13402.400 |
26377.500 |
|
3) Profit from operations before other income, finance costs and exceptional items (1-2) |
4403.800 |
4400.500 |
8970.200 |
|
4) Other income |
22.200 |
230.800 |
87.100 |
|
5) Profit from ordinary activities before finance costs and exceptional items (3+4) |
4426.00 |
4631.300 |
9057.300 |
|
6) Finance costs |
70.800 |
76.700 |
147.500 |
|
7) Profit from ordinary activities after finance costs but before exceptional items (5-6) |
4355.200 |
4554.600 |
8909.800 |
|
8) Exceptional items |
0.000 |
0.000 |
0.000 |
|
9) Profit from ordinary activities before tax (7-8) |
4355.200 |
4554.600 |
8909.800 |
|
10) Tax expense |
1135.800 |
982.300 |
2118.100 |
|
11) Net Profit from ordinary activities after tax (9-10) |
3219.400 |
3572.300 |
6791.700 |
|
12) Extraordinary items (net of tax expense) |
- |
- |
- |
|
13) Net Profit for the period (11-12) |
3219.400 |
3572.300 |
6791.700 |
|
14) Paid up equity share capital(Face value Rs. 2/- each) |
8941 |
8936 |
8941 |
|
15) Earnings per share Basic Diluted |
7.20 7.17 |
8.00 7.96 |
15.20 15.13 |
|
Particulars A PARTICULARS OF
SHAREHOLDINGS |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
1. Public
Shareholding |
|
|
|
|
|
No. of shares |
237427222 |
237205384 |
237427222 |
|
|
Percentage of shareholding |
53.11 |
53.09 |
53.11 |
|
|
2. Promoter and
Promoter group Shareholding |
|
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
- |
- |
- |
|
|
Percentage of Shares(as a % of total |
- |
- |
- |
|
|
shareholding of promoter group) |
|
|
|
|
|
-Percentage of Shares(as a % of the total |
- |
- |
- |
|
|
Share Capital of Company) |
|
|
|
|
|
b Non-Encumbered |
|
|
|
|
|
-Number of Shares |
209601940 |
209601940 |
209601940 |
|
|
-Percentage of Shares(as a % of total |
100.00 |
100.00 |
100.00 |
|
|
shareholding of promoter group) |
|
|
|
|
|
-Percentage of Shares(as a % of the total |
46.89 |
46.91 |
46.89 |
|
|
Share Capital of Company |
|
|
|
|
Particular |
3 Months ended (30.09.2012) |
|
Investor Complaints |
|
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the
quarter |
- |
1. The above Standalone Unaudited Results were reviewed by the Audit Committee and thereafter and taken on record by the board of director at their meeting held on October 23, 2012. 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 30th Annual General Meeting held on July 24, 2012, the company has disbursed on July 25, 2012 a Dividend of Rs. 3.2 Per Equity share (of face value of Rs. 2/- each) for the year ended March 31, 2012 amounting to Rs. 1662.100 Milions
3. During the quarter, 221838 (year to date 387481) Equity shares of Rs. 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans, resulting in an increase in the paid up share capital by Rs. 0.500 Million (year-to date 0.800 Million) and securities premium account by Rs. 33.400 Millions (year-to-date Rs. 61.300 Millions)
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
|
Particulars |
30.09.2012 |
|
|
|
|
A EQUITY AND
LIABILITIES |
|
|
1. Shareholders'funds |
|
|
(a) Share Capital |
894.100 |
|
(b) Reserves & surplus |
43557.700 |
|
Sub-total |
44451.800 |
|
2. Non-current
liabilities |
|
|
(a) Long-term borrowings |
322.900 |
|
(b) Deferred tax liabilities (net) |
2264.600 |
|
(c) Other long-term liabilities |
252.900 |
|
(d) Long-term provisions |
280.900 |
|
Sub-total |
3121.300 |
|
3. Current
liabilities |
|
|
(a) Short-term borrowings |
8842.200 |
|
(b) Trade payables |
8595.500 |
|
(c) Other current liabilities |
3561.800 |
|
(d) Short-term provisions |
675.100 |
|
Sub-total |
21674.600 |
|
Total |
69247.700 |
|
B ASSETS |
|
|
1. Non-current
assets |
|
|
(a) Fixed assets |
21498.600 |
|
(b) Non-current investments |
6873.700 |
|
(c) Long-term loans and advances |
4068.700 |
|
(d) Other non-current assets |
57.200 |
|
Sub-total |
32498.200 |
|
2. Current assets |
|
|
(a) Inventories |
12186.900 |
|
(b) Trade receivables |
19001.300 |
|
(c) Cash and cash equivalents |
1046.600 |
|
(d) Short-term loans and advances |
3112.300 |
|
(e) Other current assets |
1402.400 |
|
Sub-total |
36749.500 |
|
Total |
69247.700 |
The aggregate amount of revenue expenditure incurred on Research and
Development as reflected under the respective heads of account is as under.
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
3 months ended |
6 months ended |
|
|
Rs in millions |
704.400 |
1627.900 |
2332.300 |
The company operates in one reportable business segment i.e. “Pharmaceuticals”.
Figures for the previous periods have regrouped, wherever necessary, to correspond with the figures of the current period.
PRESS RELEASES
Record Sales and
Profits Quarter II Results, FY 2012‐13
Net Sales up 29%, EBITDA up 28%, PBT up 27%, PAT up 9%
Mumbai, October 23, 2012: Pharma Major, Lupin Ltd. reported its performance for the second quarter ended
30th September, 2012. These unaudited results were taken on record by the Board of Directors at a meeting in
Mumbai today
Key financial and
performance highlights
Net sales grew by
29% to Rs. 22,393.000 Millions
during Q2 FY 2012‐13, up from Rs. 17,417.000 Millions (Q2 FY 2011‐12)
· H1 FY 2012‐13: YoY growth of 36% to Rs. 44,584.000 Millions from Rs. 32,848.000 Millions
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew by 28% to Rs. 5,203.000 Millions during Q2 FY 2012‐13, up from Rs. 4,057.000 Millions (Q2 FY 2011‐12)
· H1 FY 2012‐13: YoY growth of 43% to Rs. 10,014.000 Millions. from Rs. 7,013.000 Millions.
Profit before tax (PBT) grew by 27% to Rs. 4,412.000 Millions during Q2 FY 2012‐13, up from Rs. 3,468.000 Millions (Q2 FY
2011‐12)
· H1 FY 2012‐13: YoY growth of 44% to Rs. 8,470.000 Millions from Rs. 5,895.000 Millions
Net profits grew by 9% to Rs. 2,905.000 Millions during Q2 FY 2012‐13, up from Rs. 2,669 m. (Q2 FY 2011‐12)
· H1 FY 2012‐13: YoY growth of 20% to Rs. 5,709.000 Millions from Rs. 4,770.00 Millions.
Financial Performance normalized for Medicis IP income of Rs. 881.000 Millions in previous year
|
Particulars |
Q2 FY13 |
Q2 FY12 |
Growth % |
|
Adjusted EBITDA |
5203.000 |
3176.000 |
63.8 |
|
Adjusted PBT |
4412.000 |
2587.000 |
70.5 |
|
Adjusted PAT |
2905.000 |
2074.000 |
40.1 |
|
Particulars |
Q2 2012‐13 |
% of net sales Q2 |
Q2 2011‐12 |
% of net sales |
YoY growth % |
|
Net sales |
22393.000 |
100 |
17417.000 |
100.0 |
28.6 |
|
Other operating income |
614.000 |
2.7 |
296.000 |
1.7 |
107.5 |
|
Total revenue |
23007.000 |
102.7 |
17713.000 |
101.7 |
29.9 |
|
Raw material consumed |
8898.000 |
39.7 |
5977.000 |
34.3 |
48.9 |
|
Gross margin (excl. other operating income) |
13495.000 |
60.3 |
11440.000 |
65.7 |
18.0 |
|
Employees cost |
3000.000 |
13.4 |
2270.000 |
13.0 |
32.2 |
|
Manufacturing & other expenses |
5949.000 |
26.6 |
5436.000 |
31.2 |
9.4 |
|
Operating margin |
5160.000 |
23.0 |
4030.000 |
23.1 |
28.0 |
|
Other income |
43.000 |
0.2 |
28.000 |
0.2 |
57.5 |
|
EBITDA |
5203.000 |
23.2 |
4058.000 |
23.3 |
18.2 |
|
Depreciation |
690.000 |
3.1 |
522.000 |
3.0 |
32.27 |
|
EBIT |
4513.000 |
20.2 |
3536.000 |
20.3 |
27.7 |
|
Interest & finance charges |
101.000 |
0.4 |
67.000 |
0.4 |
49.9 |
|
PBT |
4412.000 |
19.7 |
3469.000 |
19.9 |
27.2 |
|
Tax |
1438.000 |
6.4 |
751.000 |
4.3 |
91.6 |
|
PAT |
2974.000 |
13.3 |
2718.000 |
15.6 |
9.4 |
|
Minority interest & share of loss in associates |
69.000 |
0.3 |
49.000 |
0.3 |
41.4 |
|
Net profit |
2905.000 |
13.0 |
2669.000 |
15.3 |
8.9 |
Profit and loss
highlights
· Material cost increased by 5.4% to 39.7% of net sales, at Rs. 8898.000 Millions during Q2 FY 2012‐13 as compared to Rs. 5977.000 Millions during Q2 FY 2011‐12. However manufacturing and other expenses decreased by 4.6% to 26.6% of net sales at Rs. 5949.000 Millions during Q2 FY 2012‐13 as compared to Rs. 5436 Millions during Q2 FY 2011‐12.
· Personnel cost increased by 0.4% to 13.4% of net sales, at Rs. 3000.000 Millions during Q2 FY 2012‐13, as against Rs. 2,270 Millions (Q2 FY 2011‐12).
· Revenue expenditure on R and D stood at 4.2% of net sales at Rs. 935 m., as compared to Rs. 1,380 Millions during Q2 FY 2011‐12.
Balance sheet
highlights
· Operating working capital increased to Rs. 21322.000 Millions as on 30th September, 2012 as against Rs. 19256
· Millions as on 30th June, 2012. The working capital number of days stood at 87 days as on 30th September, 2012 as against 78 days on 30th June, 2012.
· Capital Expenditure stood at Rs. 1,277 m. during the quarter.
· Debt Equity Ratio stood unchanged from 30th June, 2012, at 0.26
Operational
highlights
US & Europe
US & Europe formulation sales contributed 38% to the Company’s overall consolidated revenues for Q2 FY 2012‐13. Formulation Sales for US & Europe grew by 40% to Rs. 8,355 Millions during Q2 FY 2012‐13, as against Rs. 5,981 Millions Q2 FY 2011‐12.
· US formulation sales including IP income grew by 21% to Rs. 7,818 Millions during Q2 FY 2012‐13 as compared to Rs. 6,486 Millions in Q2 FY 2011‐12. The growth adjusted for Medicis IP income is Rs. 2,213 Millions reflecting a 40% growth over the previous year.
· US Revenues increased to USD 144 Millions from USD 122 Millions, recording a growth of 18%.
· Lupin remains the 5th largest Generic player in the US (by prescriptions‐ IMS Health). Lupin is now the market leader in 19 products out of the 42 products marketed in the US generics market. The Company is amongst the Top 3 by market share in 37 of these products (June, 2012, IMS Health).
·
The
Company received approval for 3 products from the US FDA during the quarter.
· The European business grew 36% during Q2 FY 2012‐13.
India formulations
The Indian market contributed 27% of the Company’s overall revenues
for the quarter. The Company’s India formulations business grew by 18%
recording revenues of Rs. 6,064 m. during Q2 FY 2012‐13, as compared to Rs. 5,120.000
Millions in Q2 FY 2011‐12.
Japan
Lupin’s Japan Sales (Kyowa + I’rom) grew by 85% clocking net sales of Rs. 3,018 Millions during the quarter, as compared to Rs. 1,780 Millions in Q2 FY 2011‐12. Japan now contributes 15% to Lupin’s consolidated revenues. Total revenues increased to JPY 4,692 m. from JPY 3,301 m., a growth of 55% in JPY terms.
Kyowa revenues (excluding I’rom) grew by 31% clocking net sales of Rs. 2,327 Millions during Q2 FY 2012‐13, as compared to Rs. 1,780 Millions (Q2 FY 2011‐12). In JPY terms, Kyowa revenues (excluding I’rom) increased to JPY 3,310 m from JPY 3,018 Millions in the previous year, reflecting a growth of 10%.
South Africa
Lupin’s South African Business, Pharma Dynamics clocked in revenues of Rs. 810 Millions during Q2 FY 2012‐13, representing a growth of 19%.
API
API net sales were Rs. 2,392 Millions in the quarter as compared to Rs. 1,976 Millions during Q2 FY 2011‐12 and contributed 11% to Lupin’s consolidated revenues.
R and D
Revenue expenditure on R and D for Q2 FY 2012‐13 amounted to Rs. 935 Millions 4.2% to net sales as against Rs. 1,380 Millions, 7.9% to net sales in Q2 FY 2011‐12. This is on account of lower expenditure towards legal and professional charges incurred during the quarter.
Revenue expenditure on R and D for H1 FY 2012‐13 amounted to Rs. 2,717 Millions (6.1%) as against 2,454 Millions (7.5%) for H1 FY2011‐12
Lupin filed 2 ANDAs during the quarter. Cumulative ANDA filings with the US FDA now stand at 178 with the company having received 65 approvals to date. The Company filed 2 MAAs with European regulatory authorities during the quarter.
About Lupin Limited
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs. The Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti‐Infective and NSAID space and holds global leadership positions in the Anti‐TB and Cephalosporin segment.
Lupin is the 5th largest and fastest growing generics player in the US (5.1% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The Company is also the fastest growing top 10 generic pharmaceutical players in Japan and South Africa (IMS).
For the financial year ended March 2012, Lupin's Consolidated Total Income and Profit after Tax were Rs. 70,972 Million (USD 1.49 billion) and Rs.8,676 Million (USD 182 million) respectively.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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. 54.96 |
|
|
1 |
Rs. 88.23 |
|
Euro |
1 |
Rs. 71.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
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 |
NO |
|
--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.