MIRA
INFORM REPORT
|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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. 896.800 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1983PLC029442 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEL03519F MUML04496C |
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PAN No.: [Permanent Account No.] |
AAACL1069K |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Bulk Drugs and
Formulations. |
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No. of Employees
: |
4484 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had arrested Pinckney and two
company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term Fund Facilities = AA+ |
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Rating Explanation |
High degree of safety and very low credit
risk |
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Date |
September, 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Non Fund Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
September, 2013 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. C.V. Venkatraman |
|
Designation : |
-- |
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Contact No.: |
91-22-66402323 |
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Date : |
01.12.2014 |
LOCATIONS
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Registered Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra, India |
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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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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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Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area, Boisar,
District Thane - 401506, Maharashtra, India |
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Factory 2 : |
Plot No. 2 and M-1, Special Economic Zone, Misc. Zone, Apparel Park, Pithampur,
District Dhar - 454 775, Madhya Pradesh, India |
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Factory 3 : |
Plot No. 124 and 2201/2202, GIDC Industrial Estate, Ankleshwar– 393
002, Gujarat, India |
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Factory 4 : |
A28/1, MIDC Area, Chikalthana, Aurangabad – 431 001, Maharashtra,
India |
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Factory 5 : |
B-15 Phase I-A Verna Industiral Area, Verma Salcette, Goa – 403 722, |
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Factory 6 : |
Export promotion Industrial Park, SIDCO Industrial Complex, Kartholi,
Bari Brahmana, Jammu – 181 133, Jammu Kashmir, India |
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Factory 7 : |
Gate No. 1156, Village Ghotawade, Taluka – Mulshi, District - Pune, |
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Factory 8 : |
Block 21, Dabhasa Padra, Taluka - Vadodara – 391 440, Gujarat, India |
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Factory 9 : |
198-202, New Industrial Area II, Mandideep, District Raisen - 462 046,
Madhya Pradesh |
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Factory 10 : |
Kyowa Pharmaceutical Industry Company Limited, 11-1 |
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Factory 11: |
Plot 6A, Sector-17, Special Economic Zone, Mihan Notified Area, Nagpur - 441 108, Maharashtra, India |
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Factory 12: |
Post code 243-0014 4-18-29, Asahi-cho, Atsugi city, Kanagawa prefecture Japan |
DIRECTORS
As on: 31.03.2014
|
Name : |
Dr. Desh Bandhu Gupta |
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Designation : |
Chairman |
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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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Name : |
Ms. Vinita Gupta |
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Designation : |
Director |
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Name : |
Mr. Nilesh Gupta |
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Designation : |
Executive Director |
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Name : |
Dr. Vijay Kelkar |
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Designation : |
Director |
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Name : |
Mr. Richard Zahn |
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Designation : |
Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Name : |
Dr. K. U. Mada |
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Designation : |
Director |
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Name : |
Mr. Dileep C. Choksi, |
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Designation : |
Additional Director (w.e.f. October 23, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. R. V. Satam |
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Designation : |
Company Secretary and Compliance Officer |
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AUDIT COMMITTEE |
· Dr. K. U. Mada, Chairman · Dr. Kamal K. Sharma · Mr. Dileep C. Choksi (w.e.f. October 23, 2012) |
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INVESTORS’
GRIEVANCES COMMITTEE |
· Dr. Vijay Kelkar, Chairman (w.e.f. October 23, 2012) · Dr. K. U. Mada |
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REMUNERATION
COMMITTEE |
· Dr. K. U. Mada, Chairman · Mr. R. A. Shah |
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SENIOR MANAGEMENT
TEAM |
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|
Name : |
Dr. Desh Bandhu Gupta |
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Designation : |
Chairman |
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Name : |
Dr. Kamal K. Sharma |
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Designation : |
Managing Director |
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Name : |
Ms. Vinita Gupta |
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Designation : |
Group President and CEO – Lupin Pharmaceuticals Inc., USA |
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Name : |
Mr. Nilesh Gupta |
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Designation : |
Group President and Executive Director |
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Name : |
Mr. Shakti Chakraborty |
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Designation : |
Group President - India Region Formulations and CIS |
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Name : |
Mr. Vinod Dhawan |
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Designation : |
Group President - AAMLA and Business Development |
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Name : |
Dr. Rajender Kamboj |
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Designation : |
President - Novel Drug Discovery and Development |
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Name : |
Mr. Ramesh Swaminathan |
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Designation : |
President - Finance and Planning |
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Name : |
Mr. 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 |
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Name : |
Mr. Alok Ghosh |
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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. Paul McGarty |
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Designation : |
President - Lupin Pharmaceuticals Inc., USA |
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Name : |
Dr. Sofia Mumtaz |
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Designation : |
President – IPMG |
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Name : |
Mr. Sunil Makharia |
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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 : |
Dr. Maurice Chagnaud |
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Designation : |
President - Europe and Head of Inhalation Strategy |
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Name : |
Ms. Theresa Stevens |
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Designation : |
Chief Corporate Development Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of
shareholders |
Number
of Shares |
Percentage
of Holding |
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(A) Shareholding of
Promoter and Promoter Group |
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|
|
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|
6957870 |
1.55 |
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|
201840570 |
45.00 |
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|
208798440 |
46.55 |
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|
|
|
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|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
Total shareholding
of Promoter and Promoter Group (A) |
209602240 |
46.69 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
23584114 |
5.25 |
|
|
560260 |
0.12 |
|
|
25090197 |
5.59 |
|
|
142515158 |
31.75 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
191756808 |
42.71 |
|
|
|
|
|
|
8785168 |
1.96 |
|
|
|
|
|
|
22730052 |
5.06 |
|
|
13747963 |
3.06 |
|
|
2304014 |
0.51 |
|
|
431285 |
0.10 |
|
|
667916 |
0.15 |
|
|
1165826 |
0.26 |
|
|
38987 |
0.01 |
|
|
47567197 |
10.60 |
|
Total Public
shareholding (B) |
239324005 |
53.31 |
|
Total (A)+(B) |
448926245 |
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) |
448926245 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
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Exporter : |
Not Available |
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Importer : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
|
No. of Employees : |
4484 (Approximately) |
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Bankers : |
· Central Bank of India · Bank of Baroda · State Bank of India · Citibank N.A. · The Hong Kong and Shanghai · Banking Corporation Limited · Standard Chartered Bank · ICICI Bank Limited · Kotak Mahindra Bank Limited ·
JP Morgan Chase Bank, N.A. |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Internal Auditors: |
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Ernst and Young LLP Chartered Accountants |
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Subsidiaries: |
·
Lupin Pharmaceuticals, Inc., USA ·
Kyowa Pharmaceutical Industry Company, 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 (up to 28th February 2013) ·
Lupin Pharma Canada Limited, Canada ·
Lupin Mexico SA de CV, Mexico ·
Generic Health Pty Limited, Australia ·
Bellwether Pharma Pty Limited, Australia ·
Generic Health Inc., USA (from 27th September
2010) (upto 4th October 2011) ·
Max Pharma Pty Limited, Australia ·
Lupin Philippines Inc., Philippines ·
Lupin Healthcare Limited, India ·
Generic Health SDN. BHD., Malaysia (from 18th May
2011) ·
I’rom Pharmaceutical Company, Limited, Japan
(from 30th November 2011) ·
Lupin Middle East FZ-LLC, UAE (from 13th June
2012) · Lupin GmbH, Switzerland (from 15 August 2013) · Lupin Inc., USA (from 27 June 2013) · Farma World Importacao e Exportacao De Medicamentos LTDA - EPP, Brazil (from 17 December 2013) ·
Nanomi B.V., Netherlands (from 30 January 2014) |
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Relatives of Key Management Personnel and Entities in which the Key Management
Personnel have control or significant influence |
·
Enzal Chemicals (India) Limited (upto 31st March
2012) ·
Lupin Human Welfare and Research Foundation ·
Lupin International Private Limited ·
Lupin Investments Private Limited ·
Lupin Marketing Private Limited ·
Matashree Gomati Devi Jana Seva Nidhi ·
Novamed Investments Private Limited (formerly
Novamed Pharmaceuticals Private Limited) ·
Polynova Industries Limited ·
Rahas Investments Private Limited ·
Synchem Investments Private Limited (formerly
Synchem Chemicals (I) Private Limited) ·
Visiomed (India) Private Limited ·
Zyma Laboratories Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs. 1000.000 Millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
448375804 |
Equity Shares |
Rs.2/- each |
Rs. 896.800
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 |
Amount (Rs in Millions) |
|
Equity Shares outstanding at the beginning of the year |
447529493 |
895.100 |
|
Equity Shares issued during the year in the form of ESOPs |
846311 |
1.700 |
|
Equity Shares outstanding at the end of the year |
448375804 |
896.800 |
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, except in case of interim dividend.
During the year ended 31 March 2014, the Company declared an interim dividend of Rs. 3 per equity share. A final dividend of Rs. 3 per equity share has been recommended by the Board of Directors at its meeting held on 7 May 2014. On approval by the shareholders of the final dividend of Rs. 3 per equity share, the total dividend for the year would be Rs. 6 (previous year Rs. 4) per equity share.
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 |
12.26 |
|
Rahas Investments Private Limited |
45699510 |
10.19 |
|
Visiomed (India) Private Limited |
43514660 |
9.70 |
|
Lupin Marketing Private Limited |
40401000 |
9.01 |
Shares reserved for
issuance under Stock Option Plans of the Company
|
Particulars |
No. of Shares |
|
Lupin Employees Stock Options Plan 2003 |
687134 |
|
Lupin Employees Stock Options Plan 2005 |
532479 |
|
Lupin Employees Stock Options Plan 2011 |
3297482 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2005 |
371103 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2011 |
895113 |
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 |
5194344 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
896.800 |
895.100 |
893.300 |
|
(b) Reserves & Surplus |
68893.600 |
47572.000 |
36450.800 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
69790.400 |
48467.100 |
37344.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
242.400 |
292.000 |
1349.200 |
|
(b) Deferred tax liabilities (Net) |
2479.300 |
2329.200 |
1905.000 |
|
(c) Other long
term liabilities |
95.100 |
114.000 |
376.100 |
|
(d) long-term
provisions |
769.200 |
683.500 |
346.100 |
|
Total Non-current
Liabilities (3) |
3586.000 |
3418.700 |
3976.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1151.600 |
5260.900 |
8577.300 |
|
(b)
Trade payables |
9838.500 |
8694.200 |
6984.200 |
|
(c)
Other current liabilities |
1265.100 |
2189.300 |
2502.800 |
|
(d) Short-term
provisions |
2358.000 |
2427.100 |
2202.300 |
|
Total Current
Liabilities (4) |
14613.200 |
18571.500 |
20266.600 |
|
|
|
|
|
|
TOTAL |
87989.600 |
70457.300 |
61587.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
21709.100 |
20006.300 |
16972.300 |
|
(ii)
Intangible Assets |
85.500 |
130.200 |
102.500 |
|
(iii)
Capital work-in-progress |
2670.500 |
2401.200 |
3573.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9890.500 |
6880.400 |
6872.900 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3197.000 |
3620.300 |
3835.600 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
37552.600 |
33038.400 |
31356.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1746.100 |
0.000 |
0.000 |
|
(b)
Inventories |
13722.400 |
13308.300 |
11235.600 |
|
(c) Trade
receivables |
28599.200 |
18742.700 |
14908.000 |
|
(d) Cash
and cash equivalents |
1462.800 |
201.200 |
192.000 |
|
(e)
Short-term loans and advances |
2594.400 |
2840.100 |
2684.400 |
|
(f)
Other current assets |
2312.100 |
2326.600 |
1210.500 |
|
Total
Current Assets |
50437.000 |
37418.900 |
30230.500 |
|
|
|
|
|
|
TOTAL |
87989.600 |
70457.300 |
61587.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
89393.800 |
71225.100 |
53848.300 |
|
|
Other Income |
4153.800 |
233.100 |
34.900 |
|
|
TOTAL (A) |
93547.600 |
71458.200 |
53883.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
21320.000 |
19272.100 |
15921.700 |
|
|
Purchases of
Stock-in-Trade |
8291.900 |
7760.300 |
5992.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(762.100) |
(1824.400) |
(1325.300) |
|
|
Employees benefits
expense |
8443.200 |
7264.400 |
5812.200 |
|
|
Other expenses |
22977.500 |
19913.500 |
15828.400 |
|
|
TOTAL (B) |
60270.500 |
52385.900 |
42229.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
33277.100 |
19072.300 |
11653.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
209.900 |
332.800 |
286.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33067.200 |
18739.500 |
11366.700 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1676.300 |
1501.400 |
1319.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
31390.900 |
17238.100 |
10047.100 |
|
|
|
|
|
|
|
Less |
TAX (I) |
8148.700 |
4633.800 |
2003.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
23242.200 |
12604.300 |
8043.700 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
28539.200 |
19530.200 |
14647.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
2500.000 |
1500.000 |
1500.000 |
|
|
Dividend |
1345.100 |
1790.100 |
1429.200 |
|
|
Interim Dividend on
Equity Shares |
1345.000 |
0.000 |
0.000 |
|
|
Dividend
on Equity Shares issued after the previous year end |
1.100 |
0.900 |
0.300 |
|
|
Reversal of Corporate Tax
on Final Dividend for previous years |
(304.200) |
0.000 |
0.000 |
|
|
Corporate
Tax on Dividend |
247.800 |
304.300 |
231.900 |
|
|
BALANCE CARRIED TO THE
B/S |
46646.600 |
28539.200 |
19530.200 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB value of exports |
57177.000 |
43156.500 |
30329.200 |
|
|
Deemed exports |
0.000 |
0.000 |
372.300 |
|
|
Sale-Research Services |
2302.800 |
1066.300 |
1416.300 |
|
|
Reimbursement of freight and
insurance on Exports |
292.800 |
281.200 |
237.400 |
|
|
Compensation & Settlement
Income |
200.300 |
186.000 |
77.200 |
|
|
Others |
83.000 |
59.200 |
11.600 |
|
|
Dividend Income |
3020.200 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
63076.100 |
44749.200 |
32444.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
992.900 |
6615.600 |
5905.300 |
|
|
Packing
Materials |
7206.300 |
284.700 |
327.800 |
|
|
Capital
Goods |
405.200 |
728.400 |
788.200 |
|
|
Purchase
of Traded Goods |
488.400 |
388.300 |
280.200 |
|
|
Consumable,
Stores and Spares |
560.700 |
374.000 |
306.800 |
|
|
TOTAL IMPORTS |
9653.500 |
8391.000 |
7608.300 |
|
|
|
|
|
|
|
|
Earnings
Per Share (Rs.) |
|
|
|
|
|
Basic |
51.88 |
28.19 |
18.02 |
|
|
Diluted |
51.62 |
28.07 |
17.94 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
26.00 |
17.70 |
14.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
37.23 |
26.78 |
21.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.62 |
28.18 |
19.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.36 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.11 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45 |
2.01 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
893.300 |
895.100 |
896.800 |
|
Reserves & Surplus |
36450.800 |
47572.000 |
68893.600 |
|
Net worth |
37344.100 |
48467.100 |
69790.400 |
|
|
|
|
|
|
long-term borrowings |
1349.200 |
292.000 |
242.400 |
|
Short term borrowings |
8577.300 |
5260.900 |
1151.600 |
|
Total borrowings |
9926.500 |
5552.900 |
1394.000 |
|
Debt/Equity ratio |
0.266 |
0.115 |
0.020 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
53848.300 |
71225.100 |
89393.800 |
|
|
|
32.270 |
25.509 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
53848.300 |
71225.100 |
89393.800 |
|
Profit |
8043.700 |
12604.300 |
23242.200 |
|
|
14.94% |
17.70% |
26.00% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 20/01/2014 |
||||||||
|
Lodging No:- |
ARBPL/175/2014 |
Filing Date:- |
20/01/2014 |
Reg. No.:- |
ARBP/1066/2014 |
Reg. Date:- |
11/08/2014 |
|
|
|
||||||||
|
Main Matter |
||||||||
|
Lodging No:- |
ARBPL/175/2014 |
|||||||
|
Petitioner:- |
ANKUR CONSTRUCTION COMPANY |
Respondent:- |
LUPIN LIMITED |
|||||
|
Petn. Adv.: |
VIJAY KUMAR AGARWAL (I1475) |
Resp. Adv:- |
PS LEGAL 9RESPONDENT) (I5209) |
|||||
|
District:- |
OUTSIDE MAHARASHTRA |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
ARBITRATION ACT. |
|||||
|
Last Date: |
25/08/2014 |
Stage: |
ARBP FOR ADMISSION U/S 34 FRESH |
|||||
|
Last Coram: |
PROVISIONAL BOARD |
|
|
|||||
|
|
||||||||
|
Act:- |
Arbitration and Conciliation Act 1996 |
Under section:- |
34 |
|||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Deferred Sales Tax Loan from Government of Maharashtra |
46.200 |
54.600 |
|
Term Loans from Council for Scientific and Industrial Research (CSIR) |
154.700 |
185.600 |
|
Term Loans from Department of Science and Technology (DST) |
41.500 |
51.800 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Loans from Banks |
651.600 |
1147.900 |
|
|
|
|
|
Total |
894.000 |
1439.900 |
|
Note:
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. Term Loans from CSIR carry interest of 3% p.a. and is payable in 6 annual installments of Rs. 30.900 million each along with interest. Term Loans from DST carry interest of 3% p.a. and is payable in 5 annual installments of Rs. 10.400 million each along with interest. The Company has not defaulted on repayment of loans and interest during the year. Unsecured loans comprise of Short-Term Loans, Packing Credit, Post Shipment Credit, Bills Discounted and Overseas Import Credit. It includes foreign currency loans of Rs. 608.100 million (previous year Rs. 1085.700 million). Foreign Currency loans carry interest rate in the range of 0.28% to 0.54% p.a. and those in Indian Rupees carries interest rate in the range of 10.00% to 12.75% p.a. The Company has not defaulted on repayment of loans and
interest during the year. |
||
PERFORMANCE REVIEW
During the year, the Company’s turnover crossed Rs. 111 billion, with Consolidated Gross Sales clocking Rs. 111671.200 million as against Rs. 95235.300 million of the previous year, higher by 17%. International markets accounted for 74% of sales. Profit before interest, depreciation and tax increased by 36% at Rs. 31192.700 million as against Rs. 22977.400 million in the previous year. Profit before tax was Rs. 28316.500 million, higher by 47% over the previous year. After providing for taxes and minority interest, net profit was Rs. 18363.700 million, higher by 40% over the previous year. Earnings per share was Rs. 40.99.
CONTINGENT LIABILITIES:
|
PARTICULAR |
31.03.2014 |
31.03.2013 |
|
|
Rs. In Millions |
|
|
a) Income tax demands / matters on account of deductions / disallowances in earlier years, pending in appeals [Rs. 49.700 Millions (previous year Rs.17.700 Millions) consequent to department preferring appeals against the orders of the Appellate Authorities passed in favour of the Company]. Amount paid there against and included under note 14 “Long-Term Loans and Advances” Rs.23.500 Millions (previous year Rs. 27.000 millions). |
173.200 |
82.300 |
|
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 18 “Short-Term Loans and Advances” Rs.31.700 Millions (previous year Rs.28.400 millions) |
355.500 |
424.400 |
|
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, local body tax, employee claims, power, trade marks and stamp duty. Amount paid there against without admitting liability and included under note 18 “Short-Term Loans and Advances” Rs.12.600 millions (previous year Rs.78.600 millions). |
830.800 |
419.900 |
|
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 |
7.500 |
|
e) Letter of comfort issued by the Company towards the credit facilities sanctioned by the bankers of subsidiary companies aggregating Rs.133.000 millions (previous year Rs.118.600 millions). |
26.700 |
39.900 |
|
f) Corporate guarantee given in respect of credit facility sanctioned by bankers of subsidiary companies aggregating Rs.2738.900 millions (previous year Rs.3034.200 millions). |
2124.100 |
2645.800 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90226754 |
10/01/2013 * |
15,000,000,000.00 |
Central Bank of India |
Andheri (East) Branch, Vastu Darshan, 'B' Wing, 1st Floor, Azad Road,
Andheri (East), Mumbai, Maharashtra - 400069, INDIA |
B65839037 |
* Date of charge modification
STANDALONE UNAUDITED FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 30thSEPTEMBER 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter
Ended on 30.09.2014 |
Quarter
Ended on 30.06.2014 |
|
1. |
Income from Operation |
|
|
|
|
Gross Sales |
22074.800 |
29558.400 |
|
|
Other Income |
498.100 |
463.800 |
|
|
Net Sales/Income from Operations |
22572.900 |
300020.200 |
|
2. |
Expenditure |
|
|
|
|
Change
in inventories of Finished Goods and stock in process |
(281.000) |
(319.000) |
|
|
Consumption
of raw materials |
5862.700 |
5474.900 |
|
|
Purchase
of stock in trade |
2536.700 |
2462.300 |
|
|
Employee
benefits expenses |
2715.600 |
2417.200 |
|
|
Depreciation
and amortization expenses |
858.100 |
871.500 |
|
|
Other
expenses |
5740.300 |
5419.100 |
|
|
Total Expenses |
17432.400 |
16326.000 |
|
|
|
|
|
|
3. |
Profit From Operations before
Other Income, Interest and Exceptional Items (1-2) |
5140.500 |
13694.200 |
|
4. |
Other
Income |
905.400 |
235.300 |
|
5. |
Profit Before Interest and
Exceptional Items (3+4) |
6045.900 |
13929.500 |
|
6. |
Financial
Costs |
10.200 |
12.200 |
|
7. |
Profit After Interest but
before Exceptional Items (5-6) |
6035.700 |
13917.300 |
|
8. |
Exceptional
Items |
--- |
--- |
|
9. |
Profit from Ordinary
Activities before Tax (7+8) |
6035.700 |
13917.300 |
|
10. |
Provision
for taxation |
1.439.500 |
3750.000 |
|
11. |
Net Profit from Ordinary
Activities after Tax (9-10) |
4.596.200 |
10167.300 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
897.900 |
897.100 |
|
13. |
Reserves
Excluding Revaluation Reserve |
--- |
--- |
|
|
|
|
|
|
14. |
Basic and Diluted Earning Per
Share (EPS) (Rs. 1)-Not Annualised |
|
|
|
|
a) Basic
and diluted EPS before extraordinary items |
10.25 |
22.67 |
|
|
b)
Basic and diluted EPS after extraordinary items |
10.19 |
22.57 |
|
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
|
-Number
of Shares |
239324005 |
238933285 |
|
|
- Percentage
of Shareholding |
53.31 |
53.27 |
|
|
|
|
|
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
-
Number of Shares |
|
|
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
--- |
--- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
--- |
--- |
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
-
Number of Shares |
209602240 |
209599940 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
46.69 |
46.73 |
|
Particulars |
3 Months Ended 31.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
15 |
|
Disposed of during the quarter |
15 |
|
Remaining unresolved at the end of the
quarter |
Nil |
|
SOURCES OF FUNDS |
31.03.2014 As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a)
Share Capital |
897.900 |
|
(b) Reserves & Surplus |
83596.200 |
|
|
84494.100 |
|
|
|
|
(2)
Minority Interest |
0.000 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
222.200 |
|
(b) Deferred tax liabilities (Net) |
2057.000 |
|
(c) Other long term liabilities |
98.700 |
|
(d) long-term provisions |
840.400 |
|
|
3218.300 |
|
(4) Current Liabilities |
|
|
(a) Short term
borrowings |
154.300 |
|
(b) Trade payables |
10439.200 |
|
(c) Other current
liabilities |
1399.200 |
|
(d) Short-term provisions |
2408.400 |
|
|
14401.100 |
|
|
|
|
TOTAL |
102113.500 |
|
|
|
|
II. ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
23833.600 |
|
(b) Non-current Investments |
15328.900 |
|
(c) Long-term Loan and Advances |
2965.600 |
|
(d) ) Other Non-current asset |
6.300 |
|
|
42134.400 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
8317.700 |
|
(b) Inventories |
15127.300 |
|
(c) Trade receivables |
31186.700 |
|
(d) Cash and cash
equivalents |
530.400 |
|
(e) Short-term loans
and advances |
3206.300 |
|
(f) Other current
assets |
1610.700 |
|
|
59979.100 |
|
|
|
|
TOTAL |
102113.500 |
FIXED ASSETS
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
·
Office Equipments
·
Vehicles
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. 61.88 |
|
|
1 |
Rs. 96.82 |
|
Euro |
1 |
Rs. 76.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.