MIRA INFORM REPORT
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Report No. : |
343583 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUPIN LIMITED |
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Registered
Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEL03519F MUML04496C |
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PAN No.: [Permanent Account No.] |
AAACL1069K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into producing, developing and marketing
a wide range of branded and generic formulations and active pharmaceutical
ingredients (APIs) |
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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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Maximum Credit Limit : |
USD 257935000 |
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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, cephalosporins, 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
159, C.S.T. Road, Kalina, Santacruz (East), Mumbai – 400098,
Maharashtra, India |
|
Tel. No.: |
91-22-66402323 |
|
Fax No.: |
91-22-26528806 |
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E-Mail : |
corporatecommunications@lupin.com info@lupin.com |
|
Website : |
www.lupin.com |
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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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|
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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 |
|
DIN No.: |
00058631 |
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Date of Appointment: |
17.08.2001 |
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|
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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 |
|
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 |
|
DIN No.: |
00209430 |
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Date of Appointment: |
25.08.2003 |
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|
|
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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 |
|
DIN No.: |
00009851 |
|
Date of Appointment: |
19.10.2005 |
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|
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Name : |
Dr. Kamalaksha Uggappa Mada |
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Designation : |
Director |
|
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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|
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Name : |
Dr. Vijay Laxman Kelkar |
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Designation : |
Director |
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Address: |
A - 701, Blossom Boulevard, Plot No. 421/2, South main Road, Koregaon Park, Pune - 411001, Maharashtra, India |
|
DIN No.: |
00011991 |
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Date of Appointment: |
29.01.2010 |
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Name : |
Mr. Dileep Chinubhai Choksi |
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Designation : |
Director |
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Address: |
E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
DIN No.: |
00016322 |
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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 |
|
PAN No.: |
AAMPS4559C |
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Date of
Appointment: |
01/05/2008 |
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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 |
|
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 |
|
Designation : |
President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % of (A+B) |
|
|
|
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|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
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|
6960670 |
1.55 |
|
|
201840570 |
44.86 |
|
|
208801240 |
46.41 |
|
|
|
|
|
|
803800 |
0.18 |
|
|
803800 |
0.18 |
|
Total shareholding of Promoter and Promoter Group (A) |
209605040 |
46.59 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
15029532 |
3.34 |
|
|
652695 |
0.15 |
|
|
14996994 |
3.33 |
|
|
165345970 |
36.75 |
|
|
7079 |
0.00 |
|
|
7079 |
0.00 |
|
|
196032270 |
43.57 |
|
|
|
|
|
|
4957689 |
1.10 |
|
|
|
|
|
|
23340053 |
5.19 |
|
|
12708301 |
2.82 |
|
|
3241489 |
0.72 |
|
|
455337 |
0.10 |
|
|
691505 |
0.15 |
|
|
2034444 |
0.45 |
|
|
60203 |
0.01 |
|
|
44247532 |
9.84 |
|
Total Public shareholding (B) |
240279802 |
53.41 |
|
Total (A)+(B) |
449884842 |
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) |
449884842 |
0.00 |
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) |
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|
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Products : |
Pharmaceutical Ingredients |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exporter : |
Not Available |
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Importer : |
Not Available |
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Terms : |
Not Available |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
14198 (Approximately) |
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Bankers : |
· Central Bank of India · Bank of Baroda · State Bank of India · Citibank N.A. · The Hong Kong and Shanghai · Banking Corporation Limited · Standard Chartered Bank · ICICI Bank Limited · Kotak Mahindra Bank Limited ·
JP Morgan Chase Bank, N.A. |
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Facilities : |
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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 |
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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 |
30.06.2015
1st
Quarter |
|
Unaudited |
|
|
Net Sales |
25950.100 |
|
Total Expenditure |
16650.500 |
|
PBIDT (Excl OI) |
9299.600 |
|
Other Income |
797.500 |
|
Operating Profit |
10097.100 |
|
Interest |
8.200 |
|
Exceptional Items |
NA |
|
PBDT |
10088.900 |
|
Depreciation |
750.400 |
|
Profit Before Tax |
9338.500 |
|
Tax |
2339.300 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
6999.200 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
6999.200 |
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.2108.85 |
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/1037/2015 |
Filing Date:- |
30/07/2015 |
|
|
Petitioner:- |
COMMISIONER OF INCOME TAX-LTU |
Respondent:- |
LUPIN LIMITED |
|
|
Petn. Adv.: |
TEJVEER SINGH MASTAN SINGH (I3678) |
|
||
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
Status:- |
PRE-ADMISSION |
Category:- |
TAX APPEALS |
|
|
Last Date:- |
06/08/2015 |
Stage:- |
|
|
|
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, Maharashtra - 400069, 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
|
||
ACQUISITIONS
In its strategy to pursue inorganic growth for further accelerating its progress and expanding its presence in select geographies, the following acquisitions were made:
Lupin acquired the entire shareholding of Laboratorios Grin, S.A. de C.V., Mexico, (‘Lab Grin’), a 60-year old company specializing in opthalmics. Lab Grin was ranked 4th in the opthalmics segment in the Mexican market, commanding 11% market share with a CAGR of 10%. It has superior brand recognition, an outstanding reputation with the medical community, a state-of-the-art manufacturing facility, highly regarded management team and attractive profit margins. The acquisition would add value in the ophthalmic pharmaceutical and opthalmic vision care segments
The Company held 60% stake in Pharma Dynamics (Proprietary) Limited., South Africa (Pharma Dynamics), a subsidiary of the Company. The balance 40% was held by the ‘Anley Group’ which had a ‘Put Option’ to sell its stake to the Company.
The minority shareholders exercised their ‘Put Option’ and accordingly, Pharma Dynamics has become a wholly-owned subsidiary of the Company as on March 31, 2015. Payment under ‘Put Option’ is based on the audited financials as on March 31, 2015, reconciliation of the EBIDTA and net cash as also subject to due diligence. This acquisition represents significant foreign investment into South Africa and is a major vote of confidence in the business. It would add additional global muscle to the operations of Pharma Dynamics and support the next phase of growth for the Company.
PERFORMANCE REVIEW
The Company touched new heights in terms of sales and profits for the year ended March 31, 2015. Consolidated sales clocked H 126932.200 million as against H 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 H 38593.400 million as against H 31192.700 million in the previous year. Profit before tax was H 34148.300 million, higher by 20.6% over the previous year. After providing for taxes and minority interest, net profit was H 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 49.7 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” H 26.3 million (previous year H 23.5 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” H 30.4 million (previous year H 31.7 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, trade marks, pricing, indemnity and stamp duty. Amount paid there against without admitting liability and included “Short-Term Loans and Advances” H 12.6 million (previous year H 12.6 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 H 133.5 million (previous year H 133.0 million). |
-- |
26.700 |
|
f) Corporate guarantee given in respect of credit facility sanctioned by bankers of subsidiary companies aggregating H 2264.2 million (previous year H 2738.9 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
NINE MONTH ENDED 30.06.2015
(Rs. In Million)
|
Sr. No. |
Particular |
30.06.2015 |
|
|
|
Unaudited |
|
1. |
Income from Operation |
|
|
|
a. Net Sales/
Income from Operations |
25401.400 |
|
|
b. Other
Operating Income |
548.700 |
|
|
Total Income from Operations |
25950.100 |
|
2. |
Expenses |
|
|
|
Cost
of materials consumed |
6031.400 |
|
|
Purchase
of stock in trade |
2742.00 |
|
|
Change
in inventories of Finished Goods and stock in process |
(695.00) |
|
|
Employee
benefits expenses |
2834.600 |
|
|
Depreciation
and amortization expenses |
750.400 |
|
|
Other
expenses |
5737.500 |
|
|
Total Expenses |
17400.900 |
|
|
|
|
|
3. |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
8549.200 |
|
4. |
Other Income (net) |
797.500 |
|
5. |
Profit from ordinary activities Before Finance Costs & Exceptional Items (3+4) |
9346.700 |
|
6. |
Finance Costs |
8.200 |
|
7. |
Profit from ordinary activities after finance costs but before exceptional items (5-6) |
9338.500 |
|
8. |
Exceptional Items |
-- |
|
9. |
Profit from ordinary activities before Tax (7-8) |
9338.500 |
|
10. |
Tax Expense |
2339.300 |
|
11. |
Net Profit from ordinary activities after tax (9-10) |
6999.200 |
|
12. |
Extraordinary Items (net of tax expense) |
-- |
|
13. |
Net Profit for the period |
6999.200 |
|
14. |
Paid up Equity Share Capital (Face Value of Rs.2/- per share) |
8998 |
|
15. |
Reserves excluding revaluation reserve as per balance sheet of the previous accounting year |
-- |
|
16. |
Earnings Per Share (of Rs. 2/- each) (not annualised) |
|
|
|
a)
Basic |
15.56 |
|
|
b)
Diluted |
15.47 |
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
-Number
of Shares |
240279802 |
|
|
-
Percentage of Shareholding |
53.41 |
|
|
|
|
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
--- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
--- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
--- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
209602240 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
46.59 |
|
Particulars |
3 Months Ended 31.12.2014 |
|
B. INVESTOR COMPLAINTS (Nos.) |
|
|
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:
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 July 23, 2015. The Statutory Auditors of the
Company have carried out limited review of the above standalone results
pursuant to clause 41 of the Listing Agreements.
2. During the quarter, 396,507 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. 0.800 MIllion and securities premium account by Rs. 212.900 Million
3. Pursuant to the approval by the Board of Directors, the Company has
transferred its 100% shareholding in Lupin (Europe) Ltd., United Kingdom (LEL)
subsequent to the quarter end, to its wholly owned subsidiary Lupin Atlantis
Holdings SA, Switzerland. Consequently, LEL has become a step-down subsidiary
of the Company.
4. During the quarter, the Board of Directors have resolved to seek approval of
the Members of the Company at the ensuing Annual General Meeting to raise
additional funds for an amount not exceeding Rs. 750,000 lakhs or an equivalent
amount in any foreign currency, subject to regulatory and other approvals, to
pursue growth opportunities, as also increasing the authorized capital of the
Company by Rs. 1000.000 Million.
5. The Company operates in one reportable business segment i.e.
"Pharmaceuticals".
6. The figures for the quarter ended March 31, 2015 are the balancing figures
between audited figures in respect of the full financial year ended March 31,
2015 and the unaudited published year-to-date figures up to the third quarter
ended December 31, 2014.
7. Figures for the previous periods have been regrouped, wherever necessary, to
correspond with the figures of the current period.
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 Licences
WHY LUPIN’S GAVIS ACQUISITION IS ABIG DEAL
FOR INDIA INC
PRESS RELEASES
On Thursday, Lupin Limited, India’s fourth largest pharmaceutical company, said it has agreed to buy US-based Gavis Pharmaceuticals LLC and its affiliate Novel Laboratories Inc for $800 million (over Rs 5,6000.000 MIllion). What does this deal mean for India Inc.
1. The deal is the biggest outbound acquisition in the Indian pharma space, overshadowing the $572 million buy of Betapharm by Dr Reddy’s Laboratories in 2006. In fact, there were fewer big outbound buys in the pharma space by Indian companies post the Betapharm deal, with the exception of Sun Pharma, which did two US buys (URL and Dusa), one in Israel (Taro) and one in Australia (GSK). The reason for this has been the bitter experience which Dr Reddy’s had to go through in Germany, following the Betapharm buy. Much to the disappointment of Dr Reddy’s, Germany changed its policy regarding procurement of drugs, and moved to tender-based system for several drugs, leading to a drop in prices of medicines which Dr Reddy’s planned to sell through Betapharm. Even as Betapharm’s contribution to Dr Reddy’s revenues fell, other big pharma companies stayed away from such large buys.
2. The Lupin-Gavis deal ends the drought of overall mergers and acquisitions (M&A) deals in India, across the corporate spectrum. The value of strategic M&A deal in the first half of 2015 dropped for the first time since 2012 to $15.8 billion (277 deals), from $17.1 billion (269 deals) in the first half of 2014, implying reduction in the ticket size of M&A deals. Outbound deals have not witnessed too many big ticket deals, as volumes have increased by 33 per cent while deal values have decreased by 16 per cent, tax and advisory firm Grant Thronton said in a recent report. The top three sectors for M&A deals this year were energy and natural resources, IT and ITeS and manufacturing. The Vedanta-Cairn merger and Reliance’s stake sale in Eagle Ford Shale drove M&A values in the energy sector.
3. The deal demonstrates the big strides taken by Lupin to transform itself from a maker of primarily TB drugs into one of India’s largest pharma companies. The company, under the leadership of former MD Kamal Sharma, and now Vinita Gupta and Nilesh Gupta, children of founder DB Gupta, has shown tremendous growth in the past eight years. Revenues, which were to the tune of just Rs 21950.000 Million in fiscal 2007, were around Rs 126000.000 MIllion in 2014-15. This was mostly achieved by a focus on the $35 billion (for generics) US market, where it derives nearly half its revenues, and on niche segments in dermatology and oral contraception. The idea was to launch a new therapy area every year in the US, where there would be limited competition.
4. Notwithstanding its successes to organically develop and market products, Lupin was shy of executing big acquisitions, which it has, now. It was an audacious deal, according to experts, and some say it may have been risky, too. Broking firm Nomura feels that the offer doesn’t bring much value for Lupin as it could have developed the products that Gavis has in its pipeline - derma, controlled substances and other high-value niche generics – on its own, at a much lower cost. But the strategy here seems to be to tap into Gavin’s 66 products that are awaiting imminent approval from the US FDA. With Indian companies finding it increasingly tough to get approvals in the US market – only 56 drug approvals were given by the USFDA in fiscal 2015 compared to 102 a year ago – it is imperative for companies to look at alternative ways of quickening the pace of approvals.
5. Last but not the least, the deal brings to the fore how entrepreneurship in life sciences can be as rewarding as in IT, telecom and e-commerce, that seem to be in vogue across the globe. Gavis founder Veerappan Subramanian, a person of Indian origin, who has over 30 years of experience in the pharmaceutical industry, first founded Kali Laboratories, Inc. in 1997, and grew it from a developmental company to a full-service pharmaceutical company, which he sold to Par Pharmaceutical, Inc. in 2004. He had worked at Johnson and Johnson as a Senior Scientist from 1978 to 1980 and as a Senior Scientist for Richard Vicks from 1981 to 1984, and in India with a division of Squibb from 1973 to 1975. Subramanian is a PhD in Pharmacy from Rutgers University in New Jersey. He must be a highly satisfied man with this transaction, after he sold his firm at nine times its sales to an Indian company.
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. 65.29 |
|
|
1 |
Rs. 99.31 |
|
Euro |
1 |
Rs. 73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
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.