MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra |
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Country : |
India |
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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 : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 193868000 |
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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 healthy financial risk profile marked by adequate
liquidity position and decent profitability 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 |
|
Rating Agency Name |
ICRA |
|
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
Suject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No. 91-22-66402323
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 |
|
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 |
|
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 |
· Dr. K. U. Mada, Chairman · Dr. Kamal K. Sharma · Mr. Dileep C. Choksi (w.e.f. October 23, 2012) · Mr. D. K. Contractor (up to October 23, 2012) |
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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 |
|
Designation : |
Chairman |
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|
|
|
Name : |
Dr. Kamal K. Sharma |
|
Designation : |
Managing Director |
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|
Name : |
Ms. Vinita Gupta |
|
Designation : |
Group President and CEO – Lupin Pharmaceuticals Inc., USA |
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|
Name : |
Mr. Nilesh Gupta |
|
Designation : |
Group President and Executive Director |
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|
Name : |
Mr. Shakti Chakraborty |
|
Designation : |
Group President - India Region Formulations and CIS |
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|
Name : |
Mr. Vinod Dhawan |
|
Designation : |
Group President - AAMLA and Business Development |
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|
Name : |
Dr. Rajender Kamboj |
|
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 |
|
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 |
|
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 |
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Name : |
Mr. Manoj |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2014)
|
Category of
shareholders |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6955570 |
1.55 |
|
|
201840570 |
45.02 |
|
|
208796140 |
46.57 |
|
|
|
|
|
|
|
|
|
|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
209599940 |
46.75 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
22401111 |
5.00 |
|
|
295378 |
0.07 |
|
|
28029594 |
6.25 |
|
|
142832871 |
31.86 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
193566033 |
43.17 |
|
|
|
|
|
|
|
|
|
|
6304131 |
1.41 |
|
|
|
|
|
|
|
|
|
|
22112163 |
4.93 |
|
|
14199858 |
3.17 |
|
|
2593679 |
0.58 |
|
|
926304 |
0.21 |
|
|
595420 |
0.13 |
|
|
1022501 |
0.23 |
|
|
49454 |
0.01 |
|
|
45209831 |
10.08 |
|
|
|
|
|
Total Public
shareholding (B) |
238775864 |
53.25 |
|
|
|
|
|
Total (A)+(B) |
448375804 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
448375804 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Zyma Laboratories Limited |
5,49,60,490 |
12.26 |
12.26 |
|
2 |
Rahas Investments Private Limited |
4,56,99,510 |
10.19 |
10.19 |
|
3 |
Visiomed Investments Private Limited |
4,35,14,660 |
9.70 |
9.70 |
|
4 |
Lupin Holdings Private Limited |
4,04,01,000 |
9.01 |
9.01 |
|
5 |
Lupin Investments Private Limited |
1,54,01,910 |
3.44 |
3.44 |
|
6 |
Manju D Gupta |
34,91,820 |
0.78 |
0.78 |
|
7 |
D B Gupta |
21,60,330 |
0.48 |
0.48 |
|
8 |
Lupin International Private Limited |
18,63,000 |
0.42 |
0.42 |
|
9 |
Desh Bandhu Gupta |
6,47,580 |
0.14 |
0.14 |
|
10 |
Nilesh D Gupta |
6,25,240 |
0.14 |
0.14 |
|
11 |
Anuja D Gupta |
6,22,320 |
0.14 |
0.14 |
|
12 |
Richa D Gupta |
1,29,880 |
0.03 |
0.03 |
|
13 |
Vinita Gupta |
51,600 |
0.01 |
0.01 |
|
14 |
Kavita Gupta |
27,600 |
0.01 |
0.01 |
|
15 |
Veda Nilesh Gupta |
2,750 |
0.00 |
0.00 |
|
16 |
Shefali Nath |
250 |
0.00 |
0.00 |
|
|
Total |
20,95,99,940 |
46.75 |
46.75 |
(*)
The term encumbrance has the same meaning as assigned to it in regulation 28(3)
of the SAST Regulations, 2011.
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Genesis Indian Investment Company Limited |
15603832 |
3.48 |
3.48 |
|
|
2 |
ICICI Prudential Life Insurance Company
Limited |
9664778 |
2.16 |
2.16 |
|
|
3 |
Jhunjhunwala Rakesh Radheshyam |
7390605 |
1.65 |
1.65 |
|
|
4 |
National Westminister bank Plc |
5284229 |
1.18 |
1.18 |
|
|
5 |
Aberdeen Golbal Indian Equity (Mauritius)
Limited |
4680000 |
1.04 |
1.04 |
|
|
|
Total |
42623444 |
9.51 |
9.51 |
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 : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv
Sagar Estate, WorIi, Mumbai – 400018, Maharashtra,
India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100/ 61854501/ 4601 |
|
|
|
|
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. 896.868
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs.1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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 |
Amount (Rs in Millions) |
|
Equity Shares outstanding at the beginning of the year |
446641681 |
893.300 |
|
Equity Shares issued during the year in the form of ESOPs |
887812 |
1.800 |
|
Equity Shares outstanding at the end of the year |
447529493 |
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 31st March 2013, the amount of per share dividend recognised as distributions to equity shareholders is Rs..
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 |
31.03.2011 |
|
|
|
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 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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 |
FINANCIAL ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
892.400 |
893.300 |
895.100 |
|
Reserves & Surplus |
30,634.200 |
36,450.800 |
47,572.000 |
|
Net
worth |
31,526.600 |
37,344.100 |
48,467.100 |
|
|
|
|
|
|
long-term borrowings |
2,219.700 |
1,349.200 |
292.000 |
|
Short term borrowings |
7,574.900 |
8,577.300 |
5,260.900 |
|
Total
borrowings |
9,794.600 |
9,926.500 |
5,552.900 |
|
Debt/Equity
ratio |
0.311 |
0.266 |
0.115 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
44,948.800 |
53,848.300 |
71,225.100 |
|
|
|
19.799 |
32.270 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
44,948.800 |
53,848.300 |
71,225.100 |
|
Profit |
8,099.800 |
8,043.700 |
12,604.300 |
|
|
18.02% |
14.94% |
17.70% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Borrowings |
|
|
|
|
- Foreign Currency Term Loans from Banks |
1085.700 |
1017.500 |
0.000 |
|
- Deferred Sales Tax Loan from Government of Maharashtra |
6.900 |
4.900 |
3.200 |
|
- Term Loans from CSIR |
30.900 |
30.900 |
24.700 |
|
- Term Loans from DST |
10.400 |
10.400 |
10.400 |
|
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 |
|||||||
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Stamp No:- |
ARBPL/175/2014 |
Failing Date:- |
20/01/2014 |
||||
|
Petitioner:- |
M/S. ANKUR CONSTRUCTION COMPANY AND |
Respondent:- |
LUPIN LIMITED, A PUBLIC LIMITED COMPANY |
||||
|
Pent. Adv: |
VIJAY KUMAR AGGARWAL (I1475) |
|
|
||||
|
District:- |
OUTSIDE MAHARASHTRA |
||||||
|
Bench:- |
SINGLE |
|
|
||||
|
Status:- |
Pre-Admission |
Category:- |
ARBITRATION ACT. |
||||
|
|
|
||||||
|
Act:- |
Arbitration and Conciliation Act 1996 |
Under Section: |
34 |
||||
------------------------------------------------------------------------------------------------------------------------------
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 commercialization of these products has already commenced. Lupin also commercialized 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:
|
PARTICULAR |
31.03.2013 |
31.03.2012 |
|
|
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). |
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
FIXED ASSETS
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
·
Office Equipments
·
Vehicles
PRESS RELEASE
Lupin Receives FDA Approval for Generic
Monodox® Capsules and Cipro® for Oral Suspension
Mumbai, Baltimore, March 06, 2014: Pharma Major Lupin Limited (Lupin) announced today that it has received final approval for its Doxycycline Capsules USP, 50 mg, 75 mg, and 100 mg from the United State food and Drugs Administrative (FDA) to market a grneric version of Aqua pharmaceuticals Monodox® Capsules 50 mg, 75 mg, and 100 mg.
Lupin's Doxycycline Capsules 50mg, 75mg and 100mg are the AB‐rated generic equivalents of Aqua Pharmaceuticals, LLC's Monodox®
Capsules 50mg, 75mg and 100mg and are
indicated in the treatment of infections
caused by various microorganisms and as an adjunctive therapy in severe acne.
The Company also received final approval from the FDA for its Ciprofloxacin for Oral Suspension, 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) to market a generic version of Bayer HealthCare Pharmaceuticals, Inc.’s (Bayer) Cipro® for Oral Suspension 5 g/100 mL and 10 g/100 mL.
Lupin’s Ciprofloxacin Oral Suspension, 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) is the generic equivalent of Bayer’s Cipro® Oral Suspension 5 g/100 mL (250 mg/5 mL) and 10 g/100 mL (500 mg/5 mL) and indicated for the treatment of infections caused by susceptible isolates of the designated microorganisms in various conditions and patient populations.
Lupin is the first applicant to file an ANDA for Cipro® Oral Suspension 250 mg/ml & 500 mg/ml and as such is entitled to 180 days of marketing exclusivity. Lupin Pharmaceuticals Inc. (LPI), the company’s US subsidiary would commence marketing the products shortly.
Monodox® Capsules had annual U.S sales of US$ 180.6 million (IMS MAT Dec, 2013) whereas Cipro® Oral Suspension had annual U.S sales of US$ 8.6 million (IMS MAT Dec, 2013).
Strong Growth, Record Profits Quarter III Results, FY 2013‐14 Net Sales up 21%: EBITDA
up 28%: Net
profit up 42% Declares Interim Dividend of 150 %
Mumbai, February 03, 2014: Lupin Limited reported its performance for the third quarter ended 31st December, 2013. These unaudited results were taken on record by the Board of Directors at a meeting in Mumbai today.
Key financial and performance highlights
Net sales grew by 21% to Rs. 29,830 m. during Q3, FY 2013‐14, up from Rs. 24,659 m. (Q3, FY 2012‐13)
9M, FY 2013‐14: YoY growth of 16% to Rs. 80,351 m. from Rs. 69,243 m.
- Profit before tax grew by 33% to Rs. 7,379 m. during Q3, FY 2013‐14, up from Rs. 5,550 m. (Q3, FY 2012‐13)
- 9M, FY 2013‐14: YoY growth of 45% to Rs. 20,360 m. from Rs. 14,020 m.
- Net profit grew by 42% to Rs. 4,761 m. during Q3, FY 2013‐14, up from Rs. 3,352 m. (Q3, FY 2012‐13)
- 9M, FY 2013‐14: YoY growth of 42% to Rs. 12,834 m. from Rs. 9,061 m.
- Board of Directors approve Interim Dividend of 150 %
Profit and loss highlights
- Material cost decreased by 0.3% to 37.6% of net sales at Rs. 11,210 m. during Q3, FY 2013‐14 as compared to Rs. 9,357 m. for Q3, FY 2012‐13.
- Manufacturing and other expenses decreased by 0.9% to 25.1% of net sales at Rs. 7,490 m. during Q3, FY
- 2013‐14 as compared to Rs. 6,406 m. for Q3, FY 2012‐13.
- Personnel cost decreased by 0.3% to 12.7% of net sales, at Rs. 3,787 m. during Q3, FY 2013‐14, as against Rs. 3,198 m. (Q3, FY 2012‐13).
- Revenue expenditure on R&D stood at 9.1% of net sales at Rs. 2,710 m., as compared to Rs. 2,382 m. for Q3, FY 2012‐13.
The overall impact of foreign exchange on net profit was a loss of Rs. 688 m., of which Rs. 255 m. forex gain is reflected in other income, while the corresponding forex loss is captured across various other P&L lines.
Balance sheet highlights
- Operating working capital increased to Rs. 27,695 m. as on 31st December, 2013 as against Rs. 26,743 m. as on 30th September, 2013. The working capital number of days stood at 94 days as on 31st December, 2013 as against 96 days on 30th September, 2013.
- Capital Expenditure was Rs. 1,041 m. in the quarter.
- The Company now is debt free at the net debt level.
Operational highlights
US and Europe
US formulation sales (including IP) grew by 31% to Rs. 13,567 m. during Q3, FY 2013‐14, as against Rs. 10,390 m. for Q3, FY 2012‐13, contributing 45% of overall sales. US brands business stood at 11% of total US sales, whereas the generics business contributed 89% in Q3, FY 2013‐14.
In dollar terms, US formulations revenues increased by 12% to USD 215 m. for Q3, FY 2013‐14.
The Company launched 5 products in the US during the quarter and now has 62 products in the market
Lupin is the market leader in 26 products in the US generic market and is amongst the Top 3 by market share in 44 products (IMS Health, September 2013).
India formulations
The Indian formulations business contributed 22% of the Company’s overall revenues for the quarter. The Company’s India formulation business grew by 14%, recording revenues of Rs. 6,504 m. during Q3, FY 2013‐14, as compared to Rs. 5,708 m. for Q3, FY 2012‐13.
Japan
Lupin’s Japan Sales (Kyowa + I’rom) clocked in at Rs. 3,720 m. during the quarter. Japan now contributes 12% to Lupin’s consolidated revenues. Total revenues increased to JPY 6,046 m. from JPY 5,497 m., a growth of 10% in JPY terms.
Kyowa revenues (excluding I’rom) stand at Rs. 2,787 m. for Q3, FY 2013‐14. In JPY terms, Kyowa revenues(excluding I’rom) increased to JPY 4,530 m from JPY 3,910 m. in the previous year, a growth of 16%.
South Africa
Lupin’s South African Business, Pharma Dynamics clocked in revenues of Rs. 983 m. during Q3, FY 2013‐14, representing a growth of 18%. Total revenues increased to ZAR 161 m. from ZAR 131 m., a growth of 23% in local currency terms.
API
API net sales grew by 26% to Rs. 2,973 m. during the quarter as compared to Rs. 2,353 m. for Q3, FY 2012‐13 and contributed 10% to Lupin’s consolidated revenues.
LUPIN ACQUIRES LABORATORIOS GRIN S.A. DE C.V., MEXICO
SPECIALTY OPHTHALMIC COMPANY IN MEXICO; ENTERS THE LATIN AMERICAN MARKET
MUMBAI, India and BALTIMORE, March 27, 2014 /PRNewswire/ Pharma Major Lupin Limited announced today the acquisition
of 100% equity stake in Laboratorios Grin, S.A. De C.V. (Grin), Mexico, subject to certain closing conditions. The
acquisition marks Lupin's foray into the high growth Mexican and the larger
Latin American pharmaceuticals market. Mexico is
one of the fastest growing pharmaceutical markets in the world valued at over USD 13.5 billion and growing at 9-10% annually.
Incorporated in 1955, Grin is a specialty pharmaceutical company engaged
in the development, manufacturing and commercialization of branded Ophthalmic
products. Grin is a leading Ophthalmic player and a trusted brand in Mexico.
Laboratorios Grin recorded revenues of approximately $28 Million in calendar year 2013 and has over 275
employees.
Commenting on the acquisition, Ms. Vinita Gupta, Chief Executive Officer, Lupin Limited
said, "We are very pleased with our entry into the Mexican market through
Laboratorios Grin. This acquisition is a reflection of Lupin's commitment to
expand into the Latin American market and build its global specialty business.
We see a lot of synergies in this acquisition and plan to bring our Ophthalmic
pipeline to build the Grin business as well as leverage their commercial
presence to enter other promising therapy segments."
Mr. Victor
Fregoso, President of Grin commented, "I am delighted with Grin's
association with Lupin. Having nurtured and built Grin for so long, I firmly
believe that the future and growth of Grin would be best handled by the
management and technology expertise that Lupin brings to table.
About Lupin Limited
Headquartered in Mumbai, Lupin is an innovation led transnational
pharmaceutical company producing and developing a wide range of branded and
generic formulations and APIs. The Company is a significant player in the
Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective and
NSAID space and holds global leadership positions in the Anti-TB and
Cephalosporin segment.
Lupin is the 5th largest
and fastest growing generics player in the US (5.3% market share by
prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company
by sales. The Company is also the fastest growing top 10 generic pharmaceutical
players in Japan and South Africa (IMS).
For the financial year ended March 2013, Lupin's Consolidated Total Income and Profit
after Tax were Rs.94,616 million (USD 1.74 billion)
and Rs.13,142 million (USD 242 million)
respectively.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.