MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	LUPIN LIMITED
Registered Office :	159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Country :	India
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 record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating: AA+
Rating Explanation	High degree of safety and very low credit risk
Date	August, 2012

Rating Agency Name	ICRA
Rating	Short Term Rating: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August, 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, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India
Tel. No.:	91-22-26931001 / 26526391 / 26528311 / 56402222 / 66402323
Fax No.:	91-22-26540484 / 26114008 / 56402299 / 26528806 / 66402051
E-Mail :	rajvardhansatam@lupinpharma.com lupincorporate@lupinindia.com holegal@lupinpharma.com corporateoffice@lupinworld.com
Website :	http://www.lupingroup.com http://www.lupinindia.com http://www.lupinworld.com
Corporate Office :	B/4 Laxmi Towers, Bandra Kurla Complex, Bandra (West), Mumbai 400 051, India
Tel. No.:	91-22-66402222
Fax No.:	91-22-66402130
Website :	www.lupinworld.com
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, India
Factory 3 :	211, New Industrial Area II, Mandideep, District Raisen, Madhya Pradesh – 462 024, India
Factory 4 :	124, GIDC Industrial Estate, Ankleshwar, Gujarat – 393 002, India
Factory 5 :	A28/1, MIDC Area, Chikalthana, Aurangabad, Maharashtra – 431 001, India
Factory 6:	B-15 Phase I-A Verna Industiral Area, Verma Salcette, Goa – 403 722, India
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, Maharashtra, India
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 Techno Park, Sanda, Hyogo 669-1339, Japan
R and D Park :	Lupin Research Park Survey No. 46A / 47A, Nande Village, Mulshi Taluka, District Pune - 411042, Maharashtra, India Lupin Bioresearch Centre S No. 1462 / 2 / 1b, Sai Trinity Complex, Wing A, Above Cosmos Bank, Pashan Sus Road, Pashan, Pune, Maharashtra – 411 021, India Kyowa Pharmaceutical Industry Company Limited 6-7-2 Yurinokidai, Sanda, Hyogo 669-1324, Japan

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 :	Mr. 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 :	Mr. Alok Ghosh
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 31.12.2012

Particular	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6957570	1.55
Bodies Corporate	201840570	45.10
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	803800	0.18
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	23085600	5.16
Financial Institutions / Banks	56022	0.01
Insurance Companies	40980910	9.16
Foreign Institutional Investors	128874302	28.80
Any Others (Specify)
Foreign Bodies/Bank	2079	0.00
(2) Non-Institutions
Bodies Corporate	4502156	1.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	21643922	4.84
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	16218680	3.62
Any Others (Specify)
Clearing Members	407219	0.09
Trusts	542131	0.12
Non Resident Indians	1593039	0.36
Foreign Nationals	21493	0.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Total	447529493	0.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Bulk Drugs and Formulations.

Products :

Product Description	Item Code No.
Cefixime	30049099
Cefactor	29419090
Lisinopril	30049071

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 :

• Central Bank of India
• Bank of Baroda
• State Bank of India
• Citibank N.A.
• The Hongkong and Shanghai
• Banking Corporation Limited
• Standard Chartered Bank
• ICICI Bank Limited
• Kotak Mahindra Bank Limited
• J P Morgan Chase Bank N.A.

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
From Banks
Secured
Working Capital Loans from Consortium of Banks	5808.200	6374.600
Total	5808.200	6374.600
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Foreign Currency Term Loans from Banks	1017.500	1783.800
Deferred Sales Tax Loan from Government of Maharashtra	53.000	57.800
Term Loans from Council for Scientific and Industrial Research (CSIR)	216.500	284.800
Term Loans from Department of Science and Technology (DST)	62.200	93.300
Working Capital Loans	2769.100	1,200.300
Total	4118.300	3420.000
Note: a) Working Capital Loans from Consortium of Banks comprise of Cash Credit, Short-Term Loans, Packing Credit, Post Shipment Credit, Bills Discounted and Overseas Import Credit and are secured by hypothecation of inventories and trade receivables, and all other moveable assets, including current assets at godowns, depots, in course of transit or on high seas and a second charge on immovable properties and moveable assets of the Company both present and future. b) Secured Working Capital Loans from Banks include foreign currency loans of Rs. 5536.300 millions (previous year Rs. 6039.200 millions). c) Unsecured Working Capital Loans from Banks comprise of Cash Credit and Short-Term Loans. d) Unsecured Working Capital Loans from Banks include foreign currency loans of Rs 2716.900 millions (previous year Rs. 1161.800 millions). e) Working Capital Loans from Banks in foreign currency carries interest rate in the range of 1.5% to 3% p.a. and those in Indian Rupees carries interest rate in the range of 11% to 13% p.a. f) The Company has not defaulted on repayment of loans and interest during the year. g) Foreign Currency Term Loans from Banks consist of two loans of USD 20 million (Rs. 1017.500 millions) each. One of the loans carries interest @ LIBOR plus 1.55% and is repayable after 3 years in installments of USD 10 million (Rs. 508.8 millions) each from the date of their origination on 10th December 2012 and 7th January 2013. Second loan bears interest @ LIBOR plus 1.05% and is repayable after 3 years in installments of USD 10.000 millions (Rs. 508.800 millions) each from the date of their origination on 3rd June 2013 and 29th July 2013. h) Deferred Sales Tax Loan is interest free and payable in 5 equal annual installments after expiry of initial 10 years moratorium period from each such year of deferral period from 1998-99 to 2009-10. i) Term Loans from CSIR carry interest of 3% p.a. and is payable in 8 annual installments of Rs. 30.900 Millions each along with interest. j) Term Loans from DST carry interest of 3% p.a. and is payable in 7 annual installments of Rs. 10.400 millions each alongwith interest. k) The Company has not defaulted on repayment of loans and interest during the year.

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/ 61854501/ 4601
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

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period

Particulars	No. of Shares	Rs in Millions
Equity Shares outstanding at the beginning of the year	446,201,189	892.400
Equity Shares issued during the year in the form of ESOPs	440,492	0.900
Equity Shares outstanding at the end of the year	446,641,681	893.300

Rights attached to Equity Share

The Company has only one class of equity shares with voting rights having a par value of Rs. 2 per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.

During the year ended 31 March 2012, the amount of per share dividend recognised as distributions to equity shareholders is Rs. 3.200 (31 March 2011: Rs. 3.000)

In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shares held by each shareholder holding more than 5% equity shares

Name of Shareholder	No. of Shares	% of Holding
Zyma Laboratories Limited	54960490	12.31
Rahas Investments Private Limited	45699510	10.23
Visiomed (India) Private Limited	43514660	9.74
Lupin Marketing Private Limited	40401000	9.05

Shares reserved for issuance under Stock Option Plans of the Company

Particulars	No. of Shares
Lupin Employees Stock Options Plan 2003	1210403
Lupin Employees Stock Options Plan 2005	1306290
Lupin Employees Stock Options Plan 2011	3600000
Lupin Subsidiary Companies Employees Stock Options Plan 2005	500741
Lupin Subsidiary Companies Employees Stock Options Plan 2011	900000

Aggregate number of shares allotted as fully paid up during last five years immediately preceding balance sheet date pursuant to contracts without payment received in cash and by way of fully paid up bonus shares

Particulars	Aggregate No. of Shares
Equity Shares:
Fully paid up by way of bonus shares (issued during 2006-07)	-

Aggregate number of shares issued during last five years pursuant to Stock Option Plans of the Company

Particulars	Aggregate No. of Shares
Equity Shares:
Issued under various Stock Option Plans of the Company	4953986

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
	SALES
		Income	53848.300
		Other Income	34.900
		TOTAL (A)	53883.200
Less	EXPENSES
		Cost of Raw and Packing Materials Consumed	15921.700
		Purchases of Stock-in-Trade	5992.700
		Changes in Inventories of Finished Goods, Work-in-Process and Stock-in-trade	(1325.300)
		Employee Benefits Expense	5812.200
		Other Expenses	15828.400
		TOTAL (B)	42229.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11653.500
Less	FINANCIAL EXPENSES (D)		286.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11366.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1319.600
	PROFIT BEFORE TAX (E-F) (G)		10047.100
Less	TAX (I)		2003.400
	PROFIT AFTER TAX (G-I) (J)		8043.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA
Less	APPROPRIATIONS
		Transfer to General Reserve	NA
		Dividend	NA
		Dividend on Equity Shares issued after the previous year end	NA
		Corporate Tax on Dividend	NA
	BALANCE CARRIED TO THE B/S		NA
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	30329.200
		Deemed exports	372.300
		Reimbursement of freight and insurance on exports	1416.300
		Income from Research Services	0.000
		Income from Product Registration Services (Dossiers)	237.400
		Compensation received	77.200
		Others	11.600
	TOTAL EARNINGS		32444.000
	IMPORTS
		Raw Materials	5905.300
		Packing Materials	327.800
		Capital Goods	788.200
		Purchase of Traded Goods	280.200
		Consumable, Stores and Spares	306.800
	TOTAL IMPORTS		7608.300
	Earnings Per Share (Rs.)
	Basic		18.02
	Diluted		17.94

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	44262.500	36730.500
		Other Income	852.100	395.600
		TOTAL (A)	45114.600	37126.100
Less	EXPENSES
		Cost of Materials / Goods	17661.000	14927.700
		Personnel Expenses	4912.300	3765.500
		Manufacturing and Other Expenses	12785.300	10246.800
		TOTAL (B)	35358.600	28940.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9756.000	8186.100
Less	FINANCIAL EXPENSES (D)		256.900	283.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9499.100	7902.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1042.800	815.700
	PROFIT BEFORE TAX (E-F) (G)		8456.300	7086.600
Less	TAX (H)		356.500	597.300
	PROFIT AFTER TAX (G-H) (I)		8099.800	6489.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9945.100	6368.500
Add	Adjustment on account of Amalgamation of Subsidiaries		(338.9)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1500.000	1500.000
		Dividend	1338.600	1200.700
		Dividend on Equity Shares issued after the previous year end	2.000	10.800
		Corporate Tax on Dividend	217.500	201.200
	BALANCE CARRIED TO THE B/S		14647.900	9945.100
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	25230.400	20787.200
		Deemed exports	298.200	218.300
		Reimbursement of freight and insurance on exports	215.300	143.900
		Income from Research Services		251.000
		Income from Product Registration Services (Dossiers)	579.500	78.600
		Interest on Bank Fixed Deposits	0.000	0.000
		Compensation received	213.300	51.800
		Others	9.500	1.100
	TOTAL EARNINGS		26546.200	21531.900
	IMPORTS
		Raw Materials	5873.900	4456.300
		Packing Materials	291.900	307.000
		Capital Goods	571.600	519.900
		Purchase of Traded Goods	186.900	164.300
		Consumable, Stores and Spares	239.500	199.400
	TOTAL IMPORTS		7163.800	5646.900
	Earnings Per Share (Rs.)		18.18	15.08

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	17802.900	17544.800	19764.200	16113.200
Total Expenditure	13035.500	12763.000	13280.800	13616.700
PBIDT (Excl OI)	4767.400	4784.800	6483.400	2496.500
Other Income	230.800	22.200	263.500	26.700
Operating Profit	4998.200	4804.000	6746.900	2523.200
Interest	76.700	70.800	61.200	124.100
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	4921.500	4733.200	6685.700	2399.100
Depreciation	366.900	378.000	380.900	375.600
Profit Before Tax	4554.600	4355.200	6304.800	2023.500
Tax	982.300	1135.800	1821.800	693.900
Reported PAT	3572.300	3219.400	4483.000	1329.600
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	3572.300	3219.400	4483.000	1329.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.93	18.74	17.48
Net Profit Margin (PBT/Sales)	(%)	18.66	19.10	19.47
Return on Total Assets (PBT/Total Assets}	(%)	29.49	20.89	20.21
Return on Investment (ROI) (PBT/Networth)		0.27	26.82	66.46
Debt Equity Ratio (Total Liability/Networth)		00 61854501/ 4601 70,972 million figures of the current period r ective heads of accounts is as under:	0.65	0.66
Current Ratio (Current Asset/Current Liability)		2.74	3.00	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

Subject (‘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 [Rs. 17.700 millions (previous year Rs. 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” Rs. 27.000 millions (previous year Rs. 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” Rs. 28.400 millions (previous year Rs. 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” Rs. 78.600 millions (previous year Rs. 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 Rs. 118.600 millions (previous year Rs. 102.900 millions).	81.400
g) Corporate guarantee given in respect of credit facility sanctioned by bankers of subsidiary companies aggregating Rs. 3034.200 millions (previous year Rs. 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:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2012

(Rs in Millions)

Particulars	3 Months Ended		9 Months Ended
	31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1) Income from operations
a) Net sales/income from operations (Net of excise duty)	19586.600	17088.200	54311.200
b) Other operating income	177.600	456.600	800.700
Total Income from operations (net)	19764.200	17544.800	55111.900
2) Expenses
a) Cost of material consumed	5377.700	4736.700	14997.200
b) Purchases of stock-in-trade	1758.200	2035.200	5850.500
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(673.100)	(654.200)	(1812.900)
d) Employee benefits expense	1858.900	1662.300	5182.100
e)Depreciation and amortization expense	380.900	378.000	1125.800
f) Other expenses	4959.100	4983.000	14696.500
Total expenses	43661.700	13141.000	40039.200
3) Profit from operations before other income, finance costs and exceptional items (1-2)	6102.500	4403.800	15072.700
4) Other income	263.500	22.200	350.600
5) Profit from ordinary activities before finance costs and exceptional items (3+4)	6366.000	4426.00	15423.300
6) Finance costs	61.200	70.800	208.700
7) Profit from ordinary activities after finance costs but before exceptional items (5-6)	6304.800	4355.200	15214.600
8) Exceptional items	0.000	0.000	0.000
9) Profit from ordinary activities before tax (7-8)	6304.800	4355.200	15214.600
10) Tax expense	1821.800	1135.800	3939.900
11) Net Profit from ordinary activities after tax (9-10)	4483.000	3219.400	11274.700
12) Extraordinary items (net of tax expense)	0.000	-	0.000
13) Net Profit for the period (11-12)	4483.000	3219.400	11274.700
14) Paid up equity share capital(Face value Rs. 2/- each)	894.800	894.100	894.800
15) Earnings per share Basic Diluted	10.02 9.98	7.20 7.17	25.22 25.11

Particulars A PARTICULARS OF SHAREHOLDINGS		31.12.2012	30.09.2012	30.09.2012
	1. Public Shareholding
	No. of shares	237812260	237427222	237427222
	Percentage of shareholding	5315	53.11	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	46.85	46.89	46.89
	Share Capital of Company

Particular	3 Months ended (31.12.2012)
Investor Complaints
Pending at the beginning of the quarter	-
Received during the quarter	8
Disposed of during the quarter	8
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 January 31,2013. 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. During the quarter, 385038 (year to date 772519) 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. 0.700 Million (year-to date 1.500 Millions) and securities premium account by Rs. 42.400 Millions (year-to-date Rs. 103.700 Millions)

3. The aggregate amount of revenue expenditure incurred on research and development as reflected under the respective heads of accounts is as under:

3 months ended 31.12.2012	3 months ended 30.09.2012	3 months ended 31.12.2011	9 months ended 31.12.2012	9 months ended 31.12.2011	Accounting Year ended 31.03.2012
2288.200	704.400	1229.200	4620.500	3458.000	4630.400

4. The company operates in one reportable business segment i.e Pharmaceuticals

5. Figures for the previous periods have been regrouped, wherever necessary to correspond with the figures of the current period

PRESS RELEASE:

Lupin LaunchesGenericDiovanHCT® Tablets

Mumbai, Baltimore, March 22, 2013: Pharma major, Lupin Limited., announced today that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Valsartan and Hydrochlorothiazide Tablets USP, 80 mg/12.5 mg, 160 mg/12.5 mg, 160 mg/25 mg, 320 mg/12.5 mg and 320 mg/25 mg from the United States Food and Drugs Administration (US FDA) to market a generic version of Novartis Pharmaceuticals Corp.’s(Novartis)Diovan HCT® Tablets, 80 mg/12.5 mg, 160 mg/12.5 mg, 160 mg/25 mg, 320 mg/12.5 mg and 320 mg/25 mg, respectively. Lupin has already commenced shipping the product.

Lupin’s Valsartan and Hydrochlorothiazide Tablets USP is indicated for the treatment of hypertension, to lower blood pressure in patients not adequately controlled with monotherapy or as initial therapy in patients who are likely to need multiple drugsto achieve their blood pressure goals.

Valsartan and Hydrochlorothiazide Tablets USP, 80/12.5 mg, 160/12.5 mg, 160/25 mg, 320/12.5 mg and 320/25 mg had annualU.S sales of approximatelyUSD1.7 billion (IMS MAT Sept 2012 sales).

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 positionsin the Anti‐TB and Cephalosporin segment.

Lupin isthe 5th largest and fastest growing generics player in the US (5.1% marketshare by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. The Company is also the fastest growing top 10 generic pharmaceutical playersin 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. 8676.000 millions (USD 182.00millions) respectively. Please visit

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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. 56.87
UK Pound	1	Rs. 87.65
Euro	1	Rs. 74.51

INFORMATION DETAILS

Report Prepared by :

SDA

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.