MIRA INFORM REPORT
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Report No. : |
357346 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra |
|
Tel. No.: |
91-22-66402323 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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. 899.000 Million |
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CIN No.: [Company Identification
No.] |
L24100MH1983PLC029442 |
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IEC No.: |
0391156853 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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
: |
Subject is engaged into producing, developing and
marketing a wide range of branded and generic formulations and active
pharmaceutical ingredients (APIs). (Registered Activity) |
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No. of Employees
: |
14198 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1983 engaged in the manufacturing of pharmaceutical ingredients and herbal products. The firm offers products in various therapeutic areas such as anti-tuberculosis, cephalosporin’s, cardiovascular, anti-asthma, diabetes, pediatrics, gynecology and non-steroidal anti-inflammatory drugs. With respect to the operational performance of 2015, company possesses strong operational performance and achieved adequate profitability margins at 24.13% during the year under a review. Ratings continue to reflect company’s strong and well diversified business model supported by branded formulations business, generic business and backward integration through presence in APIs. Company’s financial profile is marked by steady margin expansions, strong cash flow generation and enhanced debt protection metrics. Trade relations are reported as decent. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be regarded as promising business partner for medium to long team business dealings. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term, Fund Based Facilities: AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
July, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term, Fund Based Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
July, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-22-66402323)
LOCATIONS
|
Registered Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra,
India |
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Tel. No.: |
91-22-66402323 |
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Fax No.: |
91-22-26528806 |
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E-Mail : |
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Website : |
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Corporate Office : |
B/4 |
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Tel. No.: |
91-22-66402222 |
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Fax No.: |
91-22-66402130 |
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Website : |
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Factory 1 : |
T-142 MIDC Industrial Estate, Tarapur Industrial Area, Boisar, District
Thane - 401506, Maharashtra, India |
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Factory 2 : |
Plot No. 2 and M-1, Special Economic Zone, Misc. Zone, Apparel Park,
Pithampur, District Dhar - 454775, Madhya Pradesh, India |
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Factory 3 : |
Plot No. 124 and 2201/2202, GIDC Industrial Estate, Ankleshwar –
393002, Gujarat, India |
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Factory 4 : |
A28/1, MIDC Area, Chikalthana, Aurangabad – 431001, Maharashtra, India |
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Factory 5 : |
B-15 Phase I-A Verna Industiral Area, Verma Salcette, Goa – 403722, |
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Factory 6 : |
Export promotion Industrial Park, SIDCO Industrial Complex, Kartholi,
Bari Brahmana, Jammu – 181133, Jammu Kashmir, India |
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Factory 7 : |
Gate No. 1156, Village Ghotawade, Taluka – Mulshi, District - Pune, |
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Factory 8 : |
Block 21, Dabhasa Padra, Taluka - Vadodara – 391440, Gujarat, India |
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Factory 9 : |
198-202, New Industrial Area II, Mandideep, District Raisen - 462046,
Madhya Pradesh |
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Factory 10 : |
Kyowa Pharmaceutical Industry Company Limited, 11-1 |
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Factory 11: |
Plot 6A, Sector-17, Special Economic Zone, Mihan Notified Area,
Nagpur - 441108, Maharashtra, India |
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Factory 12: |
I’rom Pharmaceutical Company Limited Post code 243-0014 4-18-29, Asahi-cho, Atsugi city, Kanagawa
prefecture Japan |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Nilesh Deshbandhu Gupta |
|
Designation : |
Managing director |
|
Address: |
48/49, Hatkesh Society, North South Road No. 7, Juhu Scheme, Mumbai - 400049, Maharashtra, India |
|
DIN No.: |
01734642 |
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Date of Appointment: |
08.10.2008 |
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Name : |
Mrs. Vinita Gupta |
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Designation : |
Whole-time director |
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Address: |
100 Harbor View Drive, Apartment 2009, Baltimore, Maryland, 21230, United States Of America |
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DIN No.: |
00058631 |
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Date of Appointment: |
17.08.2001 |
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Name : |
Dr. Desh Bandhu Gupta |
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Designation : |
Whole-time director |
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Address: |
48/49 Hatkesh Housing Society Limited, N.S. Road No.7, JVPD, Juhu, Mumbai - 400049, Maharashtra, India |
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DIN No.: |
00209378 |
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Date of Appointment: |
01.03.1983 |
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Name : |
Dr. Kamal Kishore Sharma |
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Designation : |
Whole-time director |
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Address: |
No. 10, Silver Sands, Dariyalal Co-cooperative Housing Society Limited, Juhu, Mumbai - 400049, Maharashtra, India |
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DIN No.: |
00209430 |
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Date of Appointment: |
25.08.2003 |
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Name : |
Mr. Rajendra Ambalal Shah |
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Designation : |
Director |
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Address: |
Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
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DIN No.: |
00009851 |
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Date of Appointment: |
19.10.2005 |
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Name : |
Dr. Kamalaksha Uggappa Mada |
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Designation : |
Director |
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Address: |
24, New Silver Home, 15 Kantwadi Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
DIN No.: |
00011395 |
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Date of Appointment: |
27.06.2001 |
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|
|
|
Name : |
Dr. Vijay Laxman Kelkar |
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Designation : |
Director |
|
Address: |
A - 701, Blossom Boulevard, Plot No. 421/2, South main Road, Koregaon Park, Pune - 411001, Maharashtra, India |
|
DIN No.: |
00011991 |
|
Date of Appointment: |
29.01.2010 |
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|
|
|
Name : |
Mr. Dileep Chinubhai Choksi |
|
Designation : |
Director |
|
Address: |
E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
DIN No.: |
00016322 |
|
Date of Appointment: |
23.10.2012 |
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|
|
|
Name : |
Mr. Richard W Zahn |
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Designation : |
Director |
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Address: |
PO Box 2318, Long Beach TWP, New Jersey, 08008, United States of America |
|
DIN No.: |
02937226 |
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Date of Appointment: |
29.01.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Rajvardhan Vishnu Satam |
|
Designation : |
Secretary |
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Address: |
B-1507, Shree Prabha Co-operative Housing Society Limited, Sejal Park, New Link Road, Goregaon (West), Mumbai - 400104, Maharashtra, India |
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PAN No.: |
AAMPS4559C |
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Date of
Appointment: |
01.05.2008 |
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|
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|
Name : |
Mrs. Vinita Gupta |
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Designation : |
Chief Executive Officer |
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Address: |
100 Harbor View Drive, Apts. 2009, Baltimore, Maryland, 21230, United States of America |
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PAN No.: |
AAEPG1031H |
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Date of
Appointment: |
01.04.2014 |
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AUDIT COMMITTEE |
· Dr. K. U. Mada, Chairman · Dr. Kamal K. Sharma · Mr. Dileep C. Choksi |
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STAKEHOLDERS
RELATIONSHIP COMMITTEE: |
· Dr. Vijay Kelkar, Chairman · Dr. K. U. Mada |
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NOMINATION AND
REMUNERATION COMMITTEE: |
· Dr. K. U. Mada (Chairman) · Mr. R. A. Shah · Mr. Richard Zahn |
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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 : |
Vice Chairman |
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Name : |
Ms. Vinita Gupta |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Nilesh Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. Shakti Chakraborty |
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Designation : |
Group President - India Region Formulations |
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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 : |
Chief Financial Officer |
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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 : |
Head - Pipeline Management and Legal |
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Name : |
Mr. Sunil Makharia |
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Designation : |
President - Finance |
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Name : |
Mr. Debabrata Chakravorty |
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Designation : |
President - Global Sourcing |
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Name : |
Dr. Maurice Chagnaud |
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Designation : |
President - Europe and Head of Inhalation Strategy |
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|
Name : |
Mr. Ray Tsunoda |
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Designation : |
President |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
6961995 |
1.55 |
|
|
201840570 |
44.84 |
|
|
208802565 |
46.38 |
|
|
|
|
|
|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
Total
shareholding of Promoter and Promoter Group (A) |
209606365 |
46.56 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
15799903 |
3.51 |
|
|
221182 |
0.05 |
|
|
13472008 |
2.99 |
|
|
166087318 |
36.89 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
195587490 |
43.45 |
|
|
|
|
|
|
4847989 |
1.08 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100
Million |
23290813 |
5.17 |
|
Individual shareholders holding nominal share capital in excess of
Rs.0.100 Million |
12773297 |
2.84 |
|
|
4078132 |
0.91 |
|
|
1199127 |
0.27 |
|
|
764668 |
0.17 |
|
|
2061684 |
0.46 |
|
|
52653 |
0.01 |
|
|
44990231 |
9.99 |
|
Total Public
shareholding (B) |
240577721 |
53.44 |
|
Total (A)+(B) |
450184086 |
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) |
450184086 |
0.00 |
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 |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Zyma Laboratories Limited |
54960490 |
12.21 |
|
2 |
Rahas Investments Private Limited |
45699510 |
10.15 |
|
3 |
Visiomed Investments Private Limited |
43514660 |
9.67 |
|
4 |
Lupin Holdings Private Limited |
40401000 |
8.97 |
|
5 |
Lupin Investments Private Limited |
15401910 |
3.42 |
|
6 |
Manju D Gupta |
3491820 |
0.78 |
|
7 |
D B Gupta |
2160330 |
0.48 |
|
8 |
Lupin International Private Limited |
1863000 |
0.41 |
|
9 |
Desh Bandhu Gupta |
647580 |
0.14 |
|
10 |
Nilesh D Gupta |
625240 |
0.14 |
|
11 |
Anuja D Gupta |
622320 |
0.14 |
|
12 |
Richa D Gupta |
129880 |
0.03 |
|
13 |
Vinita Gupta |
51600 |
0.01 |
|
14 |
Kavita Gupta |
27600 |
0.01 |
|
15 |
Veda Nilesh Gupta |
9175 |
0.00 |
|
16 |
Shefali Nath |
250 |
0.00 |
|
|
Total |
209606365 |
46.56 |
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 |
|
|
1 |
Genesis Indian Investment Co Limited |
10584513 |
2.35 |
|
|
2 |
National Westminster Bank Plc |
7188394 |
1.60 |
|
|
3 |
Jhunjhunwala Rakesh Radheshyam |
6612605 |
1.47 |
|
|
4 |
Government of Singapore |
6289756 |
1.40 |
|
|
|
Total |
30675268 |
6.81 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into producing, developing and
marketing a wide range of branded and generic formulations and active
pharmaceutical ingredients (APIs). (Registered Activity) |
|
|
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|
Products : |
Active Pharmaceutical Ingredients (APIs) |
|
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exporter : |
Not Divulged |
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Importer : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
14198 (Approximately) |
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Bankers : |
· Bank of Baroda · State Bank of India · Citibank N.A. · The Hong Kong and Shanghai · Banking Corporation Limited · Standard Chartered Bank · ICICI Bank Limited · Kotak Mahindra Bank Limited ·
JP Morgan Chase Bank, N.A. |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls Finance Centre Tower 3, 27th – 32nd Floor Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/4601 |
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Internal Auditors: |
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Subsidiaries: |
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|
Relatives of Key Management Personnel and Entities in which the Key
Management Personnel have control or significant influence |
|
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|
|
Jointly Controlled
Entity: |
· YL Biologics Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs. 1000.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449488335 |
Equity Shares |
Rs.2/- each |
Rs. 899.000
Million |
Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period
|
Particulars |
As at 31 March 2015 |
|
|
No. of Shares |
Amount (Rs in Million) |
|
|
Equity Shares outstanding at the beginning of the year |
448375804 |
896.800 |
|
Equity Shares issued during the year in the form of ESOPs |
1112531 |
2.200 |
|
Equity Shares outstanding at the end of the year |
449488335 |
899.000 |
Rights attached to Equity Share
The Company has only one class of equity shares with voting rights having a par value of Rs. 2 per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting, except in case of interim dividend.
During the year ended 31 March 2015, the amount of dividend per equity share recognised as distributions to equity shareholders is I 7.5
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 |
As at 31 March 2014 |
|
|
No. of Shares |
% of Holding |
|
|
Zyma Laboratories Limited |
54960490 |
12.23 |
|
Rahas Investments Private Limited |
45699510 |
10.17 |
|
Visiomed Investments Private Limited [formerly Visiomed (India) Private Limited] |
43514660 |
9.68 |
|
Lupin Holdings Pvt. Limited [formerly Lupin Marketing Private Limited] |
40401000 |
8.99 |
Shares reserved for
issuance under Stock Option Plans of the Company
|
Particulars |
As at 31 March 2015 |
|
No. of Shares |
|
|
Lupin Employees Stock Options Plan 2003 |
343000 |
|
Lupin Employees Stock Options Plan 2005 |
445304 |
|
Lupin Employees Stock Options Plan 2011 |
2758708 |
|
Lupin Employees Stock Option Plan 2014 |
3375000 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2005 |
233536 |
|
Lupin Subsidiary Companies Employees Stock Options Plan 2011 |
878097 |
|
Lupin Subsidiary Companies Employees Stock Option Plan 2014 |
1125000 |
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 |
4769170 |
No shares have been allotted without payment being received in cash or by way of bonus shares during the period of five years immediately preceding the Balance Sheet date
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
899.000 |
896.800 |
895.100 |
|
(b) Reserves & Surplus |
89378.400 |
68893.600 |
47572.000 |
|
(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) |
90277.400 |
69790.400 |
48467.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
191.400 |
242.400 |
292.000 |
|
(b) Deferred tax liabilities (Net) |
1892.200 |
2479.300 |
2329.200 |
|
(c) Other long term
liabilities |
85.000 |
95.100 |
114.000 |
|
(d) long-term
provisions |
1031.200 |
769.200 |
683.500 |
|
Total Non-current
Liabilities (3) |
3199.800 |
3586.000 |
3418.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
209.500 |
1151.600 |
5260.900 |
|
(b) Trade
payables |
10420.400 |
9838.500 |
8694.200 |
|
(c) Other
current liabilities |
1014.800 |
1265.100 |
2189.300 |
|
(d) Short-term
provisions |
4955.200 |
2358.000 |
2427.100 |
|
Total Current
Liabilities (4) |
16599.900 |
14613.200 |
18571.500 |
|
|
|
|
|
|
TOTAL |
110077.100 |
87989.600 |
70457.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
20206.700 |
21709.100 |
20006.300 |
|
(ii)
Intangible Assets |
149.300 |
85.500 |
130.200 |
|
(iii)
Capital work-in-progress |
4899.600 |
2670.500 |
2401.200 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
17902.600 |
9890.500 |
6880.400 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2394.500 |
3197.000 |
3620.300 |
|
(e) Other
Non-current assets |
3.200 |
|
0.000 |
|
Total Non-Current
Assets |
45555.900 |
37552.600 |
33038.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
16539.700 |
1746.100 |
0.000 |
|
(b)
Inventories |
17395.100 |
13722.400 |
13308.300 |
|
(c) Trade
receivables |
25152.100 |
28599.200 |
18742.700 |
|
(d) Cash
and cash equivalents |
593.000 |
1462.800 |
201.200 |
|
(e)
Short-term loans and advances |
2925.000 |
2594.400 |
2840.100 |
|
(f) Other
current assets |
1916.300 |
2312.100 |
2326.600 |
|
Total
Current Assets |
64521.200 |
50437.000 |
37418.900 |
|
|
|
|
|
|
TOTAL |
110077.100 |
87989.600 |
70457.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
97524.700 |
89393.800 |
71225.100 |
|
|
Other Income |
1806.300 |
4153.800 |
233.100 |
|
|
TOTAL |
99331.000 |
93547.600 |
71458.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Raw and Packing Materials Consumed |
22393.200 |
21320.000 |
19272.100 |
|
|
Purchases of
Stock-in-Trade |
9425.000 |
8291.900 |
7760.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1708.000) |
(762.100) |
(1824.400) |
|
|
Employees benefits
expense |
10525.500 |
8443.200 |
7264.400 |
|
|
Other expenses |
23156.500 |
22977.500 |
19913.500 |
|
|
TOTAL |
63792.200 |
60270.500 |
52385.900 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
35538.800 |
33277.100 |
19072.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
49.000 |
209.900 |
332.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
35489.800 |
33067.200 |
18739.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3367.900 |
1676.300 |
1501.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
32121.900 |
31390.900 |
17238.100 |
|
|
|
|
|
|
|
Less |
TAX |
8148.400 |
8148.700 |
4633.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
23973.500 |
23242.200 |
12604.300 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
46646.600 |
28539.200 |
19530.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
0.000 |
2500.000 |
1500.000 |
|
|
Proposed final dividend on Equity Shares |
3371.200 |
1345.100 |
1790.100 |
|
|
Interim Dividend on
Equity Shares |
0.000 |
1345.000 |
0.000 |
|
|
Dividend
on Equity Shares issued after the previous year end |
0.500 |
1.100 |
0.900 |
|
|
Reversal of Corporate Tax
on Final Dividend for previous years |
0.000 |
(304.200) |
0.000 |
|
|
Corporate
Tax on Dividend |
686.400 |
247.800 |
304.300 |
|
|
TOTAL |
4058.1 |
5134.8 |
3595.3 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
B/S |
65951.200 |
46646.600 |
28539.200 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB value of exports |
58481.500 |
57177.000 |
43156.500 |
|
|
Deemed exports |
0.000 |
0.000 |
0.000 |
|
|
Sale-Research Services |
3766.100 |
2302.800 |
1066.300 |
|
|
Reimbursement of freight and
insurance on Exports |
281.700 |
292.800 |
281.200 |
|
|
Compensation & Settlement
Income |
0.000 |
200.300 |
186.000 |
|
|
Dividend Income |
37.100 |
3020.200 |
0.000 |
|
|
Others |
26.900 |
83.000 |
59.200 |
|
|
TOTAL EARNINGS |
62593.300 |
63076.100 |
44749.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
8654.000 |
7206.300 |
6615.600 |
|
|
Packing
Materials |
545.200 |
405.200 |
284.700 |
|
|
Capital
Goods |
852.400 |
992.900 |
728.400 |
|
|
Purchase
of Traded Goods |
349.100 |
488.400 |
388.300 |
|
|
Consumable,
Stores and Spares |
656.600 |
560.700 |
374.000 |
|
|
TOTAL IMPORTS |
11057.300 |
9653.500 |
8391.000 |
|
|
|
|
|
|
|
Earnings
Per Share (Rs.) |
|
|||
|
Basic |
53.41 |
51.88 |
28.19 |
|
|
Diluted |
53.07 |
51.62 |
28.07 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
51.200 |
50.700 |
1133.900 |
|
Cash generated from operations |
36499.000 |
21483.000 |
14103.000 |
|
Net cash flow from operating activity |
28515.200 |
15281.300 |
10082.400 |
QUARTERLY
RESULTS
|
PARTICULARS (Unaudited) |
30.06.2015
1st
Quarter |
30.09.2015 2nd
Quarter |
|
Net Sales |
25950.100 |
25261.100 |
|
Total Expenditure |
16650.500 |
18548.000 |
|
PBIDT (Excl OI) |
9299.600 |
6713.100 |
|
Other Income |
797.500 |
558.000 |
|
Operating Profit |
10097.100 |
7271.100 |
|
Interest |
8.200 |
16.700 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
10088.900 |
7254.400 |
|
Depreciation |
750.400 |
750.200 |
|
Profit Before Tax |
9338.500 |
6504.200 |
|
Tax |
2339.300 |
1566.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
6999.200 |
4938.000 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
6999.200 |
4938.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
24.58 |
26.00 |
17.70 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
36.44 |
37.23 |
26.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.81 |
41.62 |
28.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.45 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.02 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.89 |
3.45 |
2.01 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.1827.70/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
895.100 |
896.800 |
899.000 |
|
Reserves & Surplus |
47572.000 |
68893.600 |
89378.400 |
|
Net
worth |
48467.100 |
69790.400 |
90277.400 |
|
|
|
|
|
|
long-term borrowings |
292.000 |
242.400 |
191.400 |
|
Short term borrowings |
5260.900 |
1151.600 |
209.500 |
|
Current maturities of
long-term debts |
1133.900 |
50.700 |
51.200 |
|
Total
borrowings |
6686.800 |
1444.700 |
452.100 |
|
Debt/Equity
ratio |
0.138 |
0.021 |
0.005 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
71225.100 |
89393.800 |
97524.700 |
|
|
|
25.509 |
9.096 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
71225.100 |
89393.800 |
97524.700 |
|
Profit |
12604.300 |
23242.200 |
23973.500 |
|
|
17.70% |
26.00% |
24.58% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
----------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
----------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
----------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
----------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
HIGH COURT OF BOMBAY
|
Bench:- Bombay |
||||
|
Presentation Date:- 30.07.2015 |
||||
|
Lodging No:- |
ITXAL/1038/2015 |
Filing Date:- |
30/07/2015 |
|
|
Petitioner:- |
COMMISIONER OF INCOME TAX-LTU |
Respondent:- |
LUPIN LIMITED |
|
|
Petn. Adv.: |
TEJVEER SINGH MASTAN SINGH (I3678) |
|
||
|
District:- |
MUMBAI |
|||
|
Bench:- |
SINGLE |
|||
|
Status:- |
PRE-ADMISSION |
Category:- |
TAX APPEALS |
|
|
Last Date:- |
17.12.2015 |
Stage:- |
FOR REJECTION (ORIGINAL SIDE MATTERS) |
|
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||
|
Act:- |
INCOME TAX ACT, 1961 |
Under section:- |
260 A |
|
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 - 400069, Maharashtra, India |
B65839037 |
* Date of charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans - from
other parties |
|
|
|
Deferred Sales Tax Loan from Government of Maharashtra |
36.500 |
46.200 |
|
Term Loans from Council for Scientific and Industrial Research (CSIR) |
123.800 |
154.700 |
|
Term Loans from Department of Science and Technology (DST) |
31.100 |
41.500 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Banks |
0.000 |
651.600 |
|
Total |
191.400 |
894.000 |
|
SHORT TERM
BORROWINGS
|
||
OVERVIEW
Subject incorporated in 1983, is an innovation led
Transnational Pharmaceutical Company producing, developing and marketing a wide
range of branded and generic formulations and active pharmaceutical ingredients
(APIs). The Company along with its subsidiaries has manufacturing locations
spread across India, Japan and Mexico with trading and other incidental and
related activities extending to the global markets.
SUBSIDIARY
COMPANIES/JOINT VENTURE
As on March 31, 2015, the Company had 23 subsidiaries and a joint venture.
On April 23, 2014, the Company through its wholly-owned subsidiary entered into a joint venture, YL Biologics Limited, Japan, with Yoshindo Inc., Japan, for clinical development of Biosimilars. Max Pharma Pty Limited, Australia, was liquidated on December 17, 2014.
PERFORMANCE REVIEW
The Company touched new heights in terms of sales and profits for the year ended March 31, 2015. Consolidated sales clocked Rs.126932.200 million as against Rs. 111671.200 million of the previous year, higher by 13.7%. International markets accounted for 73% of sales. Profit before interest, depreciation and tax increased by 23.7% at Rs. 38593.400 million as against Rs. 31192.700 million in the previous year. Profit before tax was Rs.34148.300 million, higher by 20.6% over the previous year. After providing for taxes and minority interest, net profit was Rs. 24032.400 million, higher by 30.9% over the previous year. Earnings per share was H 53.54.
CONTINGENT LIABILITIES:
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
a) Income tax demands / matters on account of deductions / disallowances in earlier years, pending in appeals [RS. 49.7 million (previous year 49.700 million) 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.26.300 million (previous year Rs. 23.500 million). |
826.400 |
173.200 |
|
b) Excise duty, Service tax and Sales tax demands for input tax credit disallowances and demand for additional Entry Tax arising from dispute on applicable rate are in appeals and pending decisions. Amount paid there against and included under note 19 “Short-Term Loans and Advances” Rs. 30.400 million (previous year Rs. 31.700 million). |
377.000 |
355.500 |
|
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, trademarks, pricing, indemnity and stamp duty. Amount paid there against without admitting liability and included “Short-Term Loans and Advances” Rs.12.600 million (previous year Rs.12.600 million). |
753.700 |
830.800 |
|
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 |
|
e) Letter of comfort issued by the Company towards the credit facilities sanctioned by the bankers of subsidiary companies aggregating Rs.133.500 million (previous year Rs. 133.000 million). |
-- |
26.700 |
|
f) Corporate guarantee given in respect of credit facility sanctioned by bankers of subsidiary companies aggregating Rs. 2264.200 million (previous year Rs. 2738.900 million). |
1666.900 |
2124.100 |
g) During the year, the Company received a notice from the European Commission for alleged breach of the EU Antitrust Rules, whereby it has sought to levy a fine of Euro 40.000 million (I 2687.600 million) on the Company in respect of an agreement entered into by the Company with Laboratories Servior, France, for sale of certain patent applications and IPs for the product Perindopril which the European Commission considered as anti-competitive. The Company, based on facts of the matter and legal advice received does not agree with the said notice / demand and is of the view that it has a strong case to defend itself. Accordingly, the Company has filed an appeal before the European General Court. A bank guarantee of Euro 40.0 million has been furnished to the European Commission.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
SIX MONTH ENDED 30.06.2015
(Rs. In Million)
|
Sr. No. |
Particular |
3 Months Ended 30.09.2015 |
3 Months Ended 30.06.2015 |
6 Months Ended 30.09.2015 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from Operation |
|
|
|
|
|
a. Net Sales/
Income from Operations |
23877.000 |
25401.400 |
49278.400 |
|
|
b. Other
Operating Income |
1384.100 |
548.700 |
1932.800 |
|
|
Total Income from Operations |
25261.100 |
25950.100 |
51211.200 |
|
2. |
Expenses |
|
|
|
|
|
Cost
of materials consumed |
6127.900 |
6031.400 |
12159.300 |
|
|
Purchase
of stock in trade |
2976.000 |
2742.00 |
5718.000 |
|
|
Change
in inventories of Finished Goods and stock in process |
(704.500) |
(695.00) |
(1399.500) |
|
|
Employee
benefits expenses |
3025.800 |
2834.600 |
5860.400 |
|
|
Depreciation
and amortization expenses |
750.200 |
750.400 |
1500.600 |
|
|
Other
expenses |
7122.800 |
5737.500 |
12855.700 |
|
|
Total Expenses |
19298.200 |
17400.900 |
36694.500 |
|
|
|
|
|
|
|
3. |
Profit from
Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
5962.900 |
8549.200 |
14516.700 |
|
4. |
Other Income (net) |
558.000 |
797.500 |
1350.900 |
|
5. |
Profit from ordinary
activities Before Finance Costs & Exceptional Items (3+4) |
6520.900 |
9346.700 |
15887.600 |
|
6. |
Finance Costs |
16.700 |
8.200 |
24.900 |
|
7. |
Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
6504.200 |
9338.500 |
15842.700 |
|
8. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit from ordinary activities before
Tax (7-8) |
6504.200 |
9338.500 |
15842.700 |
|
10. |
Tax Expense |
1566.200 |
2339.300 |
3905.500 |
|
11. |
Net Profit from ordinary
activities after tax (9-10) |
4938.000 |
6999.200 |
11937.200 |
|
12. |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13. |
Net Profit for the
period |
4938.000 |
6999.200 |
11937.200 |
|
14. |
Paid up Equity Share Capital (Face Value of Rs.2/- per share) |
900.400 |
899.800 |
900.400 |
|
15. |
Reserves excluding revaluation reserve as per balance sheet of the previous accounting year |
--- |
--- |
--- |
|
16. |
Earnings Per Share (of
Rs. 2/- each) (not annualized) |
|
|
|
|
|
a)
Basic |
10.97 |
15.56 |
26.54 |
|
|
b)
Diluted |
10.91 |
15.47 |
26.38 |
|
|
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
240577721 |
240279802 |
240577721 |
|
|
- Percentage
of Shareholding |
53.44 |
53.41 |
53.44 |
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
--- |
--- |
--- |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
--- |
--- |
--- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
--- |
--- |
--- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number
of Shares |
209606365 |
209602240 |
209606365 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
46.56 |
46.59 |
46.56 |
|
Particulars |
3 Months Ended 30.09.2015 |
|
B. INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
34 |
|
Disposed of during the quarter |
34 |
|
Remaining unresolved at the end of the
quarter |
-- |
Note:
1. 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 October 27, 2015. The Statutory Auditors of the Company have earned out limited review of the above standalone results pursuant to clause 41 of the Listing Agreements.
2. As approved by the Members of the Company at the 33rd Annual General Meeting
held on July 23, 2015, the Company has disbursed on July 27, 2015 a final
dividend of Rs 7.5 per equity share of the face value of Rs 2/- each
aggregating Rs 3374.200 Million. The corporate tax on such dividend aggregates
Rs 687.000 Million.
3. During the quarter 299,244 (year-to-date 695,751) 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 (ESOPs) resulting in an
increase in the paid-up share capital by 0.600 lakhs (year-to-date Rs 1.400
Million) and securities premium account by Rs 171.800 Million (year-to-date Rs
384.700 Million). Share application money pending allotment as of September 30,
2015 includes amount received towards 21,073 equity shares of Rs 2/- each,
fully paid-up, which were allotted subsequent to the quarter end, upon exercise
of the vested stock options pursuant to the ESOPs.
4. The Company operates in one reportable business segment i.e.
pharmaceuticals.
5. Figures for the previous periods have been regrouped, wherever necessary to
correspond with the figures of the current period.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
900.400 |
|
Reserves and Surplus |
101636.100 |
|
Sub-total
Shareholder’s Fund |
102536.500 |
|
Share Application Money Pending Allotment |
11.200 |
|
|
|
|
Non-Current Liabilities |
|
|
Long term borrowings |
171.600 |
|
Deferred tax liabilities |
2047.700 |
|
Other long term liabilities |
102.400 |
|
Long term provisions |
1229.800 |
|
Sub-total
Non-Current Liabilities |
3551.500 |
|
Current Liabilities |
|
|
Short term borrowings |
231.100 |
|
Trade Payables |
12401.600 |
|
Other Current Liabilities |
1550.100 |
|
Short term provisions |
1297.300 |
|
Sub-total
Current Liabilities |
15480.100 |
|
|
|
|
TOTAL – EQUITY
AND LIABILITIES |
121579.300 |
|
|
|
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed Assets |
27295.600 |
|
Non-Current Investments |
32544.400 |
|
Long term loans and advances |
2505.400 |
|
Other Non-Current Assets |
32.200 |
|
Sub-total
Non-Current Assets |
62377.600 |
|
Current Assets |
|
|
Current Investment |
12432.900 |
|
Inventories |
19058.400 |
|
Trade Receivables |
20599.600 |
|
Cash and Bank Balances |
543.200 |
|
Short term Loans and advances |
3287.200 |
|
Other Current Assets |
3280.400 |
|
Sub-total
Current Assets |
59201.700 |
|
|
|
|
TOTAL - ASSETS |
121579.300 |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Goodwill
· Computer Software
· Trademarks and Licenses
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.66.13 |
|
|
1 |
Rs. 98.69 |
|
Euro |
1 |
Rs. 72.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
|
86 |
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.