MIRA
INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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. 895.100 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1983PLC029442 |
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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
: |
12351 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 190000000 |
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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 and reputed company having fine track
record. The rating reflects Lupin’s strong and well diversified business model
supported by branded formulations business and backward integration through
presence in APIs. Further it also reflects the company robust financial
profile characterized by improving profitability and strong credit metrics. 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Facilities = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
September, 2013 |
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Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Facilities = A1+ |
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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
Suject’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 |
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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 : |
Special Economic Zone, Misc. Zone, Apparel Park,
Pithampur, District Dhar - 454 775, Madhya Pradesh, India |
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Factory 3 : |
124, 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 : |
Novodigm Limited, Block 21, Dabhasa Padra, Taluka - Vadodara – 391
440, Gujarat, India |
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Factory 9 : |
New Industrial Area II, Mandideep, District Raisen - 462
046, Madhya Pradesh |
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Factory 10 : |
Kyowa Pharmaceutical Industry Company Limited, 11-1 |
DIRECTORS
AS ON 31.03.2013
|
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) |
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Name : |
Mr. D. K. Contractor |
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Designation : |
Director (up to 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 |
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INVESTORS’
GRIEVANCES COMMITTEE |
· Dr. Vijay Kelkar, Chairman (w.e.f. October 23, 2012) · Dr. K. U. Mada · Mr. D. K. Contractor (up to October 23, 2012) |
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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. Dhananjay Bakhle |
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Designation : |
Executive Vice President - Medical Research |
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Name : |
Mr. Rajendra B. Chunodkar |
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Designation : |
Executive Vice President – Technical |
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Name : |
Mr. R. S. Raghav |
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Designation : |
Executive Vice President - Marketing and Sales |
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Name : |
Mr. Vilas S. Satpute |
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Designation : |
Executive Vice President - API Manufacturing |
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Name : |
Mr. Ganadish Kamath |
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Designation : |
Executive Vice President - Corporate Quality Assurance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Particular |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
6957570 |
1.55 |
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|
201840570 |
45.05 |
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|
208798140 |
46.60 |
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|
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|
803800 |
0.18 |
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|
803800 |
0.18 |
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Total shareholding of Promoter and Promoter Group (A) |
209601940 |
46.78 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
22332973 |
4.98 |
|
|
119104 |
0.03 |
|
|
31619472 |
7.06 |
|
|
140923030 |
31.45 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
195001658 |
43.52 |
|
|
|
|
|
|
4825955 |
1.08 |
|
|
|
|
|
|
18119490 |
4.04 |
|
|
18305160 |
4.09 |
|
|
2168831 |
0.48 |
|
|
684691 |
0.15 |
|
|
498586 |
0.11 |
|
|
953062 |
0.21 |
|
|
32492 |
0.01 |
|
|
43419436 |
9.69 |
|
Total Public shareholding (B) |
238421094 |
53.22 |
|
Total (A)+(B) |
448023034 |
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) |
448023034 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Bulk Drugs and
Formulations. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
12351 (Approximately) |
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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 ·
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 |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, WorIi,
Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100/ 61854501/ 4601 |
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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) |
|
|
|
|
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 07.08.2013
Authorised Capital : Rs.1000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.896.356 Millions
AS ON 31.03.2013
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 |
|
|
|
|
|
|
447529493 |
Equity Shares |
Rs.2/- each |
Rs.895.100 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 |
446,641,681 |
893.300 |
|
Equity Shares issued during the year in the form of ESOPs |
887,812 |
1.800 |
|
Equity Shares outstanding at the end of the year |
447,529,493 |
895.100 |
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 2013, the amount of per share dividend recognised as distributions to equity shareholders is Rs. 4.000 (31 March 2011: Rs. 3.200)
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 |
12.28 |
|
Rahas Investments Private Limited |
45699510 |
10.21 |
|
Visiomed (India) Private Limited |
43514660 |
9.72 |
|
Lupin Marketing Private Limited |
40401000 |
9.03 |
Shares reserved for
issuance under Stock Option Plans of the Company
|
Particulars |
No. of Shares |
|
Lupin Employees Stock Options Plan 2003 |
961,360 |
|
Lupin Employees Stock Options Plan 2005 |
784,995 |
|
Lupin Employees Stock Options Plan 2011 |
3,546,178 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2005 |
437,089 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2011 |
900,000 |
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 |
5,185,963 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
895.100 |
893.300 |
892.400 |
|
(b) Reserves & Surplus |
47572.000 |
36450.800 |
30634.200 |
|
(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) |
48467.100 |
37344.100 |
31526.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
292.000 |
1349.200 |
2219.700 |
|
(b) Deferred tax liabilities (Net) |
2329.200 |
1905.000 |
1785.700 |
|
(c) Other long term liabilities |
114.000 |
376.100 |
357.900 |
|
(d) long-term provisions |
683.500 |
346.100 |
279.300 |
|
Total Non-current Liabilities (3) |
3418.700 |
3976.400 |
4642.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5260.900 |
8577.300 |
7574.900 |
|
(b) Trade payables |
8694.200 |
6984.200 |
5876.200 |
|
(c) Other current
liabilities |
2189.300 |
2502.800 |
783.100 |
|
(d) Short-term provisions |
2427.100 |
2202.300 |
1714.300 |
|
Total Current Liabilities (4) |
18571.500 |
20266.600 |
15948.500 |
|
|
|
|
|
|
TOTAL |
70457.300 |
61587.100 |
52117.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20006.300 |
16972.300 |
13395.900 |
|
(ii) Intangible Assets |
130.200 |
102.500 |
150.400 |
|
(iii) Capital work-in-progress |
2401.200 |
3573.300 |
4420.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6880.400 |
6872.900 |
6808.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
3070.500 |
|
(d) Long-term Loan and Advances |
3620.300 |
3835.600 |
45.200 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
33038.400 |
31356.600 |
27891.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
13308.300 |
11235.600 |
8411.100 |
|
(c) Trade receivables |
18742.700 |
14908.000 |
12342.800 |
|
(d) Cash and cash
equivalents |
201.200 |
192.000 |
374.600 |
|
(e) Short-term loans and
advances |
2840.100 |
2684.400 |
1969.700 |
|
(f) Other current assets |
2326.600 |
1210.500 |
1127.800 |
|
Total Current Assets |
37418.900 |
30230.500 |
24226.000 |
|
|
|
|
|
|
TOTAL |
70457.300 |
61587.100 |
52117.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
71225.100 |
53848.300 |
44948.800 |
|
|
|
Other Income |
233.100 |
34.900 |
165.800 |
|
|
|
TOTAL (A) |
71458.200 |
53883.200 |
45114.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw and Packing Materials Consumed |
19272.100 |
15921.700 |
13824.200 |
|
|
|
Purchases of Stock-in-Trade |
7760.300 |
5992.700 |
3841.900 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and Stock-in-trade |
(1824.400) |
(1325.300) |
-5.100 |
|
|
|
Employee Benefits Expense |
7130.800 |
5812.200 |
4912.300 |
|
|
|
Other Expenses |
20047.100 |
15828.400 |
12786.000 |
|
|
|
TOTAL (B) |
52385.900 |
42229.700 |
35359.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19072.300 |
11653.500 |
9755.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
332.800 |
286.800 |
275.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18739.500 |
11366.700 |
9479.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1501.400 |
1319.600 |
1042.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17238.100 |
10047.100 |
8436.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4633.800 |
2003.400 |
337.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12604.300 |
8043.700 |
8099.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19530.200 |
14647.900 |
9945.100 |
|
|
|
|
|
|
|
|
|
Add |
Adjustment on
account of Amalgamation of Subsidiaries |
0.000 |
0.000 |
(338.9) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1500.000 |
1500.000 |
|
|
|
Dividend |
1790.100 |
1429.200 |
1338.600 |
|
|
|
Dividend on Equity Shares issued after the
previous year end |
0.900 |
0.300 |
2.000 |
|
|
|
Corporate Tax on Dividend |
304.300 |
231.900 |
217.500 |
|
|
BALANCE CARRIED
TO THE B/S |
28539.200 |
19530.200 |
14647.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
43156.500 |
30329.200 |
25230.400 |
|
|
|
Deemed exports |
0.000 |
372.300 |
298.200 |
|
|
|
Sale-Research Services |
1066.300 |
1416.300 |
579.500 |
|
|
|
Reimbursement of freight and insurance on Exports |
281.200 |
237.400 |
215.300 |
|
|
|
Compensation & Settlement Income |
186.000 |
77.200 |
213.300 |
|
|
|
Others |
59.200 |
11.600 |
9.500 |
|
|
TOTAL EARNINGS |
44749.200 |
32444.000 |
26546.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6615.600 |
5905.300 |
5873.900 |
|
|
|
Packing Materials |
284.700 |
327.800 |
291.900 |
|
|
|
Capital Goods |
728.400 |
788.200 |
571.600 |
|
|
|
Purchase of Traded Goods |
388.300 |
280.20 |
186.900 |
|
|
|
Consumable, Stores and Spares |
374.00 |
306.800 |
239.500 |
|
|
TOTAL IMPORTS |
8391.000 |
7608.300 |
7163.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
28.19 |
18.02 |
18.18 |
|
|
|
Diluted |
28.07 |
17.94 |
18.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
18835.500 |
21605.700 |
|
Total Expenditure |
|
13504.400 |
14734.200 |
|
PBIDT (Excl
OI) |
|
5331.100 |
6871.500 |
|
Other Income |
|
997.700 |
3809.100 |
|
Operating
Profit |
|
6328.800 |
10680.600 |
|
Interest |
|
39.300 |
35.900 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
6289.500 |
10644.700 |
|
Depreciation |
|
442.000 |
386.500 |
|
Profit
Before Tax |
|
5847.500 |
10258.200 |
|
Tax |
|
1742.000 |
2167.000 |
|
Reported PAT |
|
4105.500 |
8091.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
4105.500 |
8091.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2010 |
|
PAT / Total Income |
(%) |
17.64
|
14.93 |
17.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.20
|
18.66 |
18.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.18
|
19.65 |
22.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.27 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11
|
0.27 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.49 |
1.52 |
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 |
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 |
No |
|
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Stamp No:- |
ITXAL/446/2013 |
Failing Date:- |
15/03/2013 |
Reg. No.:- |
ITXA/898/2013 |
Reg. Date:- |
22/04/2013 |
|
|
|||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S/ LUPIN LIMITED |
||||
|
Pent. Adv: |
PADMA DIVAKAR |
Resp. Adv.: |
VASANTI B. PATEL |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
Tax Appeals |
||||
|
Status:- |
Admission (Unready) |
Stage:- |
FOR DIRECTION |
||||
|
Last Date:- |
01/04/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
||||||
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Foreign Currency Term Loans from Banks |
0.000 |
1017.500 |
|
Deferred Sales Tax Loan from Government of Maharashtra |
54.600 |
53.000 |
|
Term Loans from Council for Scientific and Industrial Research (CSIR) |
185.600 |
216.500 |
|
Term Loans from Department of Science and Technology (DST) |
51.800 |
62.200 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working Capital Loans from Banks |
1147.900 |
2769.100 |
|
Total |
1439.900 |
4118.300 |
|
Notes : a) 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. b) Term Loans from CSIR carry interest of 3% p.a. and is payable in 7 annual installments of Rs.30.900 millions each along with interest. c) Term Loans from DST carry interest of 3% p.a. and is payable in 6 annual installments of Rs.10.400 millions each along with interest. d) The Company has not defaulted on repayment of loans and interest during the year. e) Unsecured Working Capital Loans from Banks comprise of Short-Term Loans, Packing Credit, Postshipment Credit, Bills Discounted and Overseas Import Credit. f) Unsecured Working Capital Loans from Banks include foreign currency loans of Rs.1085.700 millions (previous year Rs.2716.900 millions). g) Working Capital Loans from Banks in foreign currency carries interest rate in the range of 1.0% to 2.3% p.a. and those in Indian Rupees carries interest rate in the range of 10.0% to 12.3% p.a. h) The Company has not defaulted on repayment of loans and interest during the year. |
||
PERFORMANCE REVIEW
The Company scaled newer heights and benchmarks in terms of sales and profits for the year ended March 31, 2013. Consolidated sales at Rs.95235.300 Millions grew by 36% over Rs.70017.200 Millions of the previous year. International markets accounted for 72% of sales. Profit before interest, depreciation and tax increased by 57% at Rs.22978.100 Millions as against Rs.14590.600 Millions in the previous year. Profit before tax was Rs.19246.000 Millions, higher by 61% over the previous year. After providing for taxes and minority interest, net profit was Rs.13141.600 Millions, higher by 51% over the previous year. Earning per share was Rs.29.39.
OVERVIEW:
Subject 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.
OUTLOOK
The Japanese pharmaceutical market is the second largest pharmaceutical market in the world and is valued at over USD 110 billion. The Japanese generics pharmaceutical industry has witnessed a lot of changes over the last 7 years; developments like incentives announced by government to promote generics, increased competition from international generics players and entry of innovator pharma companies into the Japanese generics space, which led to not only enhawnced opportunities but also heightened activity and competition.
At the end of March 2013, Japanese generics market penetration was at 26.5%, lower than the Japanese government’s stated target of achieving a 30% generics penetration by FY 2012. In March, the Japanese government set a new target of 34.3% generics market penetration by the year 2017, which translates into an additional 30-35% volumes getting genericised over the next 4-5 years. In addition, patents for molecules worth USD 14-16 billion are likely to expire by 2017. Both these opportunities translate into significant market opportunities for Lupin.
The Company expects to address these opportunities by investing in creating a robust pipeline of niche products and back-ending manufacturing of a few key products to its plants in India. Lupin expects to file 15 new products in Japan over the next two years. During the year, Lupin received three product approvals of its Goa plant from the Japanese Health Ministry and the commercialisation of these products has already commenced. Lupin also commercialised two APIs in Japan during the year and expects to file close to ten DMFs for the market in the next two years.
AWARDS
· The National Stock Exchange included Lupin in the Standard and Poors CNX NIFTY Index
· The Economic Times 500 – India’s 10 Most Resilient Companies 2012
· Great Place to Work – Best Companies to Work for, 2012, India
· Forbes India, Business Leadership Awards, Top 5 CEOs – Private Sector, 2012, Dr. Kamal K. Sharma
· The Inaugural Ernst and Young Family Business Award 2012, US, Ms. Vinita Gupta
· Ernst and Young Entrepreneur of the Year® 2012 Award winner in Maryland, Ms. Vinita Gupta
· CNBC TV 18 Best Performing CFO in the Pharma and Health Care sector, Mr. Ramesh Swaminathan
CONTINGENT
LIABILITIES:
Rs. In Millions
|
PARTICULAR |
31.03.2013 |
31.03.2012 |
|
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). |
82.300 |
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 18 “Short-Term Loans and Advances” Rs.31.700 Millions (previous year Rs.28.400 millions) |
424.400 |
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, 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). |
419.900 |
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 |
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). |
39.900 |
81.400 |
|
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). |
2645.800 |
2902.800 |
|
g) Financial guarantee given to third party on behalf of subsidiary for contractual obligations. |
0.000 |
152.600 |
|
h) Bank Guarantees given on behalf of the Company to third party. |
0.000 |
15.900 |
Future cash outflows in respect of the above, if any, is determinable only on receipt of judgement / decisions pending with the relevant authorities. The Company does not expect the outcome of the matters stated above to have a material adverse impact on the Company’s financial condition, results of operations or cash flows.
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 |
|
2 |
90222097 |
06/10/1992 |
500,000,000.00 |
UNIT TRUST OF INDIA |
NO 13 SIR VETTALDAR, THACKERSEY MARG; NEW MARINE LINES, BOMBAY, MAHARASHTRA, INDIA |
- |
|
3 |
90222021 |
04/02/1992 |
12,500,000.00 |
UNIT TRUST OF INDIA |
13; SIR VITHALDAS THACKERSEY MARG, NEW MARINE LINES, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
4 |
90224216 |
01/01/1991 |
19,500,000.00 |
UNIT TRUST OF INDIA |
13; SIR VITHALDAS THACKERSEY MARG, NEW MARINE LINES, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
5 |
90221359 |
18/07/1990 * |
9,000,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
6 |
90221264 |
18/07/1990 * |
9,000,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
7 |
90221092 |
24/02/1984 |
360,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
8 |
90220879 |
13/08/1987 * |
5,200,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORAITON LIMITED |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED
RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs in Millions)
|
Particulars |
3 Months Ended |
|
|
30.06.2013 (Unaudited) |
|
1) Income from
operations |
|
|
a) Net sales/income from operations (Net of excise duty) |
18368.700 |
|
b) Other operating income |
466.800 |
|
Total Income from operations (net) |
18835.500 |
|
2) Expenses |
|
|
a) Cost of material consumed |
4947.400 |
|
b) Purchases of stock-in-trade |
2388.000 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(945.300) |
|
d) Employee benefits expense |
1941.500 |
|
e)Depreciation and amortization expense |
442.000 |
|
f) Other expenses |
5172.800 |
|
Total expenses |
13946.400 |
|
3) Profit from
operations before other income, finance costs and exceptional items (1-2) |
4889.100 |
|
4) Other income |
997.700 |
|
5) Profit from
ordinary activities before finance costs and exceptional items (3+4) |
5886.800 |
|
6) Finance costs |
39.300 |
|
7) Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
5847.500 |
|
8) Exceptional items |
-- |
|
9) Profit from
ordinary activities before tax (7-8) |
5847.500 |
|
10) Tax expense |
1742.000 |
|
11) Net Profit from
ordinary activities after tax (9-10) |
4105.500 |
|
12) Extraordinary items (net of tax expense) |
-- |
|
13) Net Profit for the period (11-12) |
4105.500 |
|
14) Paid up equity share capital(Face value Rs. 2/- each) |
895.500 |
|
15) Earnings per share |
|
|
Basic |
9.17 |
|
Diluted |
9.13 |
|
A PARTICULARS OF SHAREHOLDINGS |
|
|
1. Public
Shareholding |
|
|
No. of shares |
238.140,647 |
|
Percentage of shareholding |
53.19 |
|
|
|
|
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 |
209,601,940 |
|
-Percentage of Shares(as a % of total shareholding of promoter group) |
100.00 |
|
-Percentage of Shares(as a % of the total Share Capital of Company |
46.81 |
|
|
|
|
B. Investor Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
10 |
|
Disposed of during the quarter |
10 |
|
Remaining unresolved at the end of the
quarter |
-- |
NOTE:
1. The above Standalone Financial Results were reviewed by the Audit Committee and thereafter and taken on record by the board of director at their meeting held on August 7, 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, 213,094 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. 0.400 Million and securities premium account by Rs. 42.200 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 30.06.2013 |
|
1801.200 |
4. The company operates in one reportable business segment i.e Pharmaceuticals
5. The figures for the quarter ended March 31, 2013 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2013 and the unaudited published year-to-date figures up to December 31,2012 being the date of the end of the third quarter of the financial year ended March 31, 2013.
6. Figures for the previous periods have been regrouped, wherever necessary to correspond with the figures of the current period
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.61.93 |
|
|
1 |
Rs.102.38 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
70 |
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.