MIRA
INFORM REPORT
|
Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
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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 : |
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
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 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. Financial position of the company appears to be strong. Overall
fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of high
value spenders under the scanner of the income tax department. The income tax
department has information that they have made cash deposits announcing to Rs 1
mn or more in their savings bank accounts in the current financial year. It
plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term Fund Facilities = AA+ |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
September, 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Non Fund Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk |
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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 DENIED BY
|
Name : |
Mr. Manoj |
|
Designation : |
Accountant |
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Contact No.: |
91-22-66402323 |
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Date : |
11.03.2014 |
LOCATIONS
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Registered Office : |
159, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra,
India |
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Tel. No.: |
91-22-26931001 / 26526391 / 26528311 / 56402222
/ 66402323 |
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Fax No.: |
91-22-26540484 / 26114008 / 56402299 /
26528806 / 66402051 |
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E-Mail : |
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Website : |
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Corporate Office : |
B/4 |
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Tel. No.: |
91-22-66402222 |
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Fax No.: |
91-22-66402130 |
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Website : |
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Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area, Boisar, District
Thane - 401506, Maharashtra, India |
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Factory 2 : |
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
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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 : |
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
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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 |
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Name : |
Mr. Manoj |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
shareholders |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
6955320 |
1.55 |
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|
201840570 |
45.03 |
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|
208795890 |
46.58 |
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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) |
209599690 |
46.76 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
21263144 |
4.74 |
|
|
151928 |
0.03 |
|
|
29239366 |
6.52 |
|
|
143057004 |
31.92 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
193718521 |
43.22 |
|
|
|
|
|
|
6641241 |
1.48 |
|
|
|
|
|
|
22280211 |
4.97 |
|
|
14155836 |
3.16 |
|
|
1830595 |
0.41 |
|
|
238220 |
0.05 |
|
|
555956 |
0.12 |
|
|
997118 |
0.22 |
|
|
39301 |
0.01 |
|
|
44907883 |
10.02 |
|
Total Public shareholding (B) |
238626404 |
53.24 |
|
Total (A)+(B) |
448226094 |
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) |
448226094 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Foreign
Bodies/Bank
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) |
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Relatives of Key
Management Personnel and Entities in which the Key Management Personnel have
control or significant influence |
· Enzal Chemicals (India) Limited (upto 31st March 2012) · Lupin Human Welfare and Research Foundation · Lupin International Private Limited · Lupin Investments Private Limited · Lupin Marketing Private Limited · Matashree Gomati Devi Jana Seva Nidhi · Novamed Investments Private Limited (formerly Novamed Pharmaceuticals Private Limited) · Polynova Industries Limited · Rahas Investments Private Limited · Synchem Investments Private Limited (formerly Synchem Chemicals (I) Private Limited) · Visiomed (India) Private Limited ·
Zyma Laboratories Limited |
CAPITAL STRUCTURE
AS ON 07.08.2013
Authorised Capital : Rs. 1000.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 896.711
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 |
|
|
|
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|
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 |
|
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 |
31.03.2011 |
|
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
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 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 AND NINE MONTHS ENDED DECEMBER 31, 2013
(Rs in Millions)
|
Particulars |
3 Months Ended |
9 Months |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1) Income from
operations |
|
|
|
|
a) Net sales/income from operations (Net of excise duty) |
23915.000 |
21273.500 |
63557.200 |
|
b) Other operating income |
354.500 |
332.200 |
1153.500 |
|
Total Income from
operations (net) |
24269.500 |
21605.700 |
64710.700 |
|
|
|
|
|
|
2) Expenses |
|
|
|
|
a) Cost of material consumed |
5334.900 |
5572.500 |
15854.800 |
|
b) Purchases of stock-in-trade |
1872.500 |
1837.900 |
6098.400 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
689.800 |
(480.200) |
(735.700) |
|
d) Employee benefits expense |
2225.800 |
2090.500 |
6257.600 |
|
e)Depreciation and amortization expense |
407.500 |
388.500 |
1235.000 |
|
f) Other expenses |
6139.100 |
5713.500 |
16837.200 |
|
Total expenses |
16669.400 |
15120.700 |
45548.300 |
|
|
|
|
|
|
3) Profit from operations
before other income, finance costs and exceptional items (1-2) |
7600.100 |
6485.000 |
19162.400 |
|
4) Other income |
36.100 |
3809.100 |
4654.700 |
|
5) Profit from
ordinary activities before finance costs and exceptional items (3+4) |
7636.200 |
10294.100 |
23817.100 |
|
6) Finance costs |
26.000 |
35.900 |
101.200 |
|
7) Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
7610.200 |
10258.200 |
23715.900 |
|
8) Exceptional items |
-- |
-- |
-- |
|
9) Profit from
ordinary activities before tax (7-8) |
7610.200 |
10258.200 |
23715.900 |
|
10) Tax expense |
2276.400 |
2167.000 |
6185.400 |
|
11) Net Profit from
ordinary activities after tax (9-10) |
5333.800 |
8091.200 |
17530.500 |
|
12) Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|
13) Net Profit for the period (11-12) |
5333.800 |
8091.200 |
17530.500 |
|
14) Paid up equity share capital(Face value Rs. 2/- each) |
896.500 |
896.000 |
896.500 |
|
15) Earnings per share |
|
|
|
|
Basic |
11.90 |
18.07 |
39.14 |
|
Diluted |
11.85 |
17.98 |
38.92 |
|
|
|
|
|
|
A PARTICULARS OF SHAREHOLDINGS |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
No. of shares |
238626404 |
238421094 |
238626404 |
|
Percentage of shareholding |
53.24 |
53.22 |
53.24 |
|
|
|
|
|
|
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 |
209599690 |
209601940 |
209599690 |
|
-Percentage of Shares(as a % of total shareholding of promoter group) |
100.00 |
100.00 |
100.00 |
|
-Percentage of Shares(as a % of the total Share Capital of Company |
46.76 |
48.78 |
46.76 |
|
|
|
|
|
|
B. Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Received during the quarter |
13 |
|
|
|
Disposed of during the quarter |
13 |
|
|
|
Remaining unresolved at the end of the
quarter |
-- |
|
|
NOTE:
The above Standalone Financial Results were reviewed by the Audit
Committee and thereafter approved and taken on record by the Board of Directors
at their meeting held on February 03, 2014. The Statutory Auditors of the
Company have carried out limited review of the above standalone results
pursuant to clause 41 of the Listing Agreements.
Other income for the 3 months ended September 30, 2013 includes a sum of Rs.
30,203 lakhs received on account of dividend from Lupin Pharmaceuticals, Inc.,
USA, a wholly owned subsidiary of the Company.
The Board of Directors has, at its meeting held on February 03, 2014 declared
an interim dividend of Rs. 3/- per equity share of the face value of Rs. 2/-
each aggregating Rs. 13,45.000 millions.
During the quarter, 203,060 (year-to-date 696,601) equity shares of Rs. 2/-
each, fully paid-up, were allotted upon exercise of the vested stock options
pursuant to the Lupin Employees Stock Option Plans, resulting in an increase in
the paid-up share capital by Rs. 0.500 million (year-to-date Rs. 1.400
millions) and securities premium account by Rs. 70.000 millions (year-to-date
Rs. 2,07.400 millions).
The Company operates in one reportable business segment Le.
"Pharmaceuticals".
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
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.
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.61.01 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
DPH |
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.