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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

484969

Report Date :

09.01.2018

 

IDENTIFICATION DETAILS

 

Name :

LUPIN LIMITED

 

 

Registered Office :

Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra

Tel. No.:

91-22-66402323

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

01.03.1983

 

 

Com. Reg. No.:

11-029442

 

 

Capital Investment / Paid-up Capital :

INR 903.200 Million

 

 

CIN No.:

[Company Identification No.]

L24100MH1983PLC029442

 

 

IEC No.:

0391156853

 

 

GSTIN :

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACL1069K

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

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]

 

 

No. of Employees :

16792 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A++

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Maximum Credit Limit :

USD 422300000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1983. Subject is engaged in producing, developing and marketing a wide range of branded and Generic Formulations and Active Pharmaceuticals Ingredients.

 

As per available financials for the year 2017, the revenue of the company has increased by 12.42% along with fair profit margin of 24.63%.

 

The rating takes into consideration the subjects favourable Earning per Share (EPS) of INR. 69.63 against the face value (FV) of 02.

 

The healthy financial profile of the company marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile.

 

The company has its share price trading at around INR. 899.15 against the face value (FV) of INR.2 on BSE as on 6th January, 2018.

 

Rating also derives strength from company’s established track record of business.

 

However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables.

 

Business is active. Payments are reported to be regular.

 

In view of the aforesaid, the company can be considered for business dealing with usual with usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(31.03.2017)

Current Rating

(30.06.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.01.2018.

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

LOCATIONS

 

Registered Office :

Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-66402323

Fax No.:

91-22-26528806 / 66408131  

E-Mail :

corporateoffice@lupin.com

corporatecommunications@lupin.com

info@lupin.com

rajvardhansatam@lupin.com

Website :

www.lupin.com

 

 

Head Office:

159, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

 

 

Corporate Office :

Laxmi Towers, ‘B’ Wing, 5th Floor, Bandra Kurla Complex, Bandra (West), Mumbai - 400051, Maharashtra, India

Tel. No.:

91-22-66402222

Fax No.:

91-22-66402130

Website :

www.lupinworld.com

 

 

Factory 1 :

T-142 MIDC Industrial Estate, Tarapur Industrial Area, Boisar, District Thane - 401506, Maharashtra, India

 

 

Factory 2 :

Plot No. 2 and M-1, Special Economic Zone, Phase - II, Misc. Zone, Apparel Park, Pithampur, District Dhar - 454775, Madhya Pradesh, India

 

 

Factory 3 :

Plot No. 124 and 2201/2202, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat, India

 

 

Factory 4 :

A-28/1, MIDC Area, Chikalthana, Aurangabad – 431001, Maharashtra, India

 

 

Factory 5 :

B-15, Phase I-A, Verna Industrial Area, Verma Salcette, Goa – 403722, India

 

 

Factory 6 :

Export Promotion Industrial Park, SIDCO Industrial Complex, Kartholi, Bari Brahmana, Jammu – 181133, Jammu Kashmir, India

 

 

Factory 7 :

Gate No. 1156, Village Ghotawade, Taluka Mulshi, District Pune-411042, Maharashtra, India

 

 

Factory 8 :

Block 21, Dabhasa Padra, Taluka Padra, Vadodara – 391440, Gujarat, India

 

 

Factory 9 :

198-202, Unit 1, New Industrial Area II, Mandideep, District Raisen - 462046, Madhya Pradesh, India

 

 

Factory 10 :

Kyowa Pharmaceutical Industry Company Limited, 11-1 Techno Park, Sanda, Hyogo 669-1339, Japan

 

 

Factory 11:

Plot 6A, Sector-17, Special Economic Zone, Mihan Notified Area, Nagpur  - 441108, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :          

Dr. Desh Bandhu Gupta

Designation :

Chairman

Address:

48/49 Hatkesh Housing Society Limited, N.S. Road No.7, JVPD, Juhu, Mumbai - 400049, Maharashtra, India

Date of Appointment:

01.03.1983

DIN No.:

00209378

 

 

Name :          

Dr. Kamal Kishore Sharma

Designation :

Vice Chairman

Address:

501 Plot No. 47, Raheja Orchid Residents Association JVPD 9th Road, Plot No. Near Punjab National Bank, Juhu, Mumbai - 400049, Maharashtra, India

Date of Appointment:

25.08.2003

DIN No.:

00209430

 

 

Name :          

Mr. Nilesh Deshbandhu Gupta

Designation :

Managing director

Address:

48/49, Hatkesh Society, North South Road No. 7, Juhu Scheme, Mumbai -  400049, Maharashtra, India

Date of Appointment:

01.09.2013

DIN No.:

01734642

 

 

Name :          

Mr. Rajendra Ambalal Shah

Designation :

Independent Director

Address:

Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Appointment:

25.07.2006

DIN No.:

00009851

 

 

Name :          

Dr. Vijay Laxman Kelkar

Designation :

Independent Director

Address:

A - 701, Blossom Boulevard, Plot No. 421/2, South Main Road, Koregaon Park, Pune - 411001, Maharashtra, India

Date of Appointment:

29.01.2010

DIN No.:

00011991

 

 

Name :          

Mr. Dileep Chinubhai Choksi

Designation :

Independent Director

Address:

E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Appointment:

23.10.2012

DIN No.:

00016322

 

 

Name :          

Mr. Richard W Zahn

Designation :

Independent Director

Address:

PO Box 2318, Long Beach TWP, New Jersey, 08008, United States of America

Date of Appointment:

29.01.2010

DIN No.:

02937226

 

 

Name :          

Mrs. Manju Deshbandhu Gupta

Designation :

Executive Director

Address:

48/49 Hatkesh Co-Operative Housing Society Limited, N.S. Road No.7, JVPD Scheme, Juhu Mumbai – 400049, Maharashtra, India

Date of Appointment:

01.04.2014

DIN No.:

00209461

 

 

Name :          

Mr. Jean-Luc Belingard

Designation :

Independent Director

Address:

42 Avenue des Sycomores Paris 75016 FR

Date of Appointment:

27.10.2015

DIN No.:

07325356

 

 

Name :

Dr. Kamalaksha Uggappa Mada

Designation :

Independent Director

Address:

24, New Silver Home, 15 Kantwadi Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Appointment:

27.06.2001

DIN No.:

00011395

 

 

Name :          

Mr. Ramesh Swaminathan

Designation :

Executive Director

Address:

701, Era III, Marathon Next Gen, Opposite Peninsula Corporate Park, G. K. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Appointment:

27.10.2015

DIN No.:

01833346

 

KEY EXECUTIVES

 

Name :          

Mr. Ramesh Swaminathan

Designation :

Chief Financial Officer

 

 

Name :

Mrs. Vinita Gupta

Designation :

Chief Executive Officer

Address:

100 Harbor View Drive, Apts. 2009, Baltimore, Maryland, 21230,  United States of America

Date of Appointment:

01.04.2014

PAN No.:

AAEPG1031H

 

 

Name :

Mr. Rajvardhan Vishnu Satam

Designation :

Company Secretary

Address:

B-1507, Shree Prabha Co-operative Housing Society  Limited, Sejal Park, New Link Road, Goregaon (West), Mumbai - 400104, Maharashtra, India

Date of Appointment:

01.05.2008

PAN No.:

AAMPS4559C

 

 

AUDIT COMMITTEE
  • Dr. K. U. Mada, Chairman
  • Dr. Kamal K. Sharma
  • Mr. Dileep C. Choksi

 

 

STAKEHOLDERS RELATIONSHIP COMMITTEE:
  • Dr. Vijay Kelkar, Chairman
  • Dr. K. U. Mada

 

 

NOMINATION AND REMUNERATION COMMITTEE:
  • Dr. K. U. Mada, Chairman
  • Mr. R. A. Shah
  • Mr. Richard Zahn

 

 

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
  • Dr. Desh Bandhu Gupta, Chairman
  • Dr. Kamal K. Sharma
  • Mr. Nilesh Gupta
  • Dr. Vijay Kelkar

 

 

RISK MANAGEMENT COMMITTEE:
  • Dr. Kamal K. Sharma, Chairman
  • Ms. Vinita Gupta
  • Mr. Nilesh Gupta
  • Mr. Ramesh Swaminathan
  • Mr. Sunil Makharia

 

 

SENIOR MANAGEMENT TEAM :

 

Name :

Dr. Desh Bandhu Gupta

Designation :

Chairman

 

 

Name :

Dr. Kamal K. Sharma

Designation :

Vice Chairman

 

 

Name :

Ms. Vinita Gupta

Designation :

Chief Executive Officer

 

 

Name :

Mr. Nilesh Gupta

Designation :

Managing Director

 

 

Name :

Mr. Ramesh Swaminathan

Designation :

Chief Financial Officer and Executive Director

 

 

Name :

Dr. Rajender Kamboj

Designation :

President - Novel Drug Discovery and Development

 

 

Name :

Mr. Naresh Gupta

Designation :

President - API and Global TB

 

 

Name :

Mr. Alok Ghosh

Designation :

President - Technical Operations

 

 

Name :

Dr. Cyrus Karkaria

Designation :

President – Biotechnology

 

 

Name :

Mr. Sunil Makharia

Designation :

President - Finance

 

 

Name :

Mr. Yugesh Goutam

Designation :

President - Global Human Resources

 

 

Name :

Mr. Debabrata Chakravorty

Designation :

President - Global Sourcing and Contract Manufacturing

 

 

Name :

Mr. Rajeev Sibal

Designation :

President - India Region Formulations

 

 

Name :

Mr. Paul McGarty

Designation :

President - Lupin Pharmaceuticals Inc., USA

 

 

Name :

Dr. Sofia Mumtaz

Designation :

Head - Pipeline Management and Legal

 

 

Name :

Mr. Mr. Martin Mercer

Designation :

President - Latin America

 

 

Name :

Dr. Thierry Volle

Designation :

President - Europe, Middle-East and Africa

 

 

Name :

Dr. Fabrice Egros

Designation :

President - Asia Pacific and Japan

 

 

Name :

Dr. Kurt Nielsen

Designation :

President - Somerset, USA

 

 

Name :

Mr. Noriaki Tsunoda

Designation :

President - Kyowa Pharmaceutical Industry Company Limited, Japan

 

 

STRATEGIC ADVISORY BOARD:
  • Mr. Jean-Luc Belingard
  • Mr. Franceso Granata
  • Ms. Yvonne Greenstreet
  • Mr. Paul Edick

 

 

SHAREHOLDING PATTERN

 

AS ON DECEMBER 2017

 

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

(A) Promoter & Promoter Group

212529730

47.02

(B) Public

239497812

52.98

Grand Total

452027542

100.00

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

A1) Indian

0.00

Individuals/Hindu undivided Family

5635201

1.25

Desh Bandhu Gupta

647580

0.14

Manju D Gupta

3871162

0.86

Nilesh Gupta

901064

0.20

Kavita Gupta

200170

0.04

Veda Nilesh Gupta

14675

0.00

Shefali Nath Gupta

550

0.00

Any Other (specify)

205608135

45.49

Lupin Investments Private Limited

205608135

45.49

Sub Total A1

211243336

46.73

A2) Foreign

0.00

Individuals (NonResident Individuals/ Foreign Individuals)

1286394

0.28

Anuja Gupta

725705

0.16

Vinita Gupta

327424

0.07

Richa Gupta

233265

0.05

Sub Total A2

1286394

0.28

A=A1+A2

212529730

47.02

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0.00

Mutual Funds/

28278281

6.26

ICICI Prudential Mutual Funds

6511430

1.44

Alternate Investment Funds

541330

0.12

Foreign Portfolio Investors

115498575

25.55

Government Pension Fund Global

5563857

1.23

Comgesh Growth PLC

4531613

1.00

Financial Institutions/ Banks

1965174

0.43

Insurance Companies

22946661

5.08

Life Insurance Corporation of India

12098102

2.68

Sub Total B1

169230021

37.44

B2) Central Government/ State Government(s)/ President of India

0.00

Central Government/ State Government(s)/ President of India

890149

0.20

Sub Total B2

890149

0.20

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 million

43127911

9.54

Individual share capital in excess of INR 0.200 million

12752881

2.82

Rakesh Jhunjhunwala

8698605

1.92

Any Other (specify)

13496850

2.99

Foreign Individuals or NRI

2616773

0.58

Overseas corporate bodies

5015

0.00

Bodies Corporate

7673847

1.70

Trusts

2508959

0.56

Clearing Members

692256

0.15

Sub Total B3

69377642

15.35

B=B1+B2+B3

239497812

52.98

 

 

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]

 

 

Products / Services :

Item Code No. (NIC Code)

Product Description

210

Pharmaceuticals

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

16792 (Approximately)

 

 

Bankers :

Bank Name

Not Available

Branch

--

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

SHORT TERM BORROWINGS

 

 

Loans from Banks

970.000

2205.700

Total

970.000

2205.700

 

Note :

 

SHORT TERM BORROWINGS

Secured loans comprise of Cash Credit, Current Loans, Packing Credit, Post Shipment Credit, Bills Discounted and Overseas Import Credit and are secured by hypothecation of inventories and trade receivables, and all other moveable assets, including current assets at godowns, depots, in course of transit or on high seas and a second charge on immovable properties and moveable assets of the Company both present and future. It includes foreign currency loans of INR 454.000 million (31.03.2016 INR 1855.100 million, 01.04.2015 INR nil)

 

 

 

Auditors :

 

Name :

B S R and Company LLP

Chartered Accountants

Address :

5th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxm, Mumbai-400011, Maharashtra, India

Tel. No.:

91-22-43455300

Fax No.:

91-22-43455399

 

 

Internal Auditor 1:

 

Name :

Ernst and Young LLP

Chartered Accountants

 

 

Internal Auditor 2:

 

Name :

Price Waterhouse and Company, Bangalore LLP

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries Companies:
  • Lupin Pharmaceuticals, Inc., USA
  • Kyowa Pharmaceutical Industry Co., Limited, Japan
  • Lupin Australia Pty Limited, Australia
  • Lupin Holdings B.V., Netherlands
  • Pharma Dynamics (Proprietary) Limited, South Africa
  • Hormosan Pharma GmbH, Germany
  • Multicare Pharmaceuticals Philippines Inc., Philippines
  • Lupin Atlantis Holdings SA, Switzerland
  • Lupin (Europe) Limited, UK
  • Lupin Pharma Canada Limited, Canada
  • Lupin Mexico S.A. de C.V., Mexico
  • Generic Health Pty Limited, Australia
  • Bellwether Pharma Pty Limited, Australia
  • Lupin Philippines Inc., Philippines
  • Lupin Healthcare Limited, India
  • Generic Health SDN. BHD., Malaysia
  • Kyowa CritiCare Company, Limited, Japan
  • Lupin Middle East FZ-LLC, UAE
  • Lupin GmbH, Switzerland
  • Lupin Inc., USA
  • Lupin Farmaceutica do Brasil LTDA, Brazil (upto December 31, 2015)
  • Medquimica Industria Farmaceutica LTDA, Brazil
  • Nanomi B.V., Netherlands
  • Laboratorios Grin S.A. de C.V., Mexico
  • Lupin Pharma LLC, Russia (from February 11, 2016)
  • VGS Holdings, Inc., USA (from March 8, 2016 and upto February 24, 2017)
  • Novel Laboratories, Inc., USA (from March 8, 2016)
  • Novel Clinical Research (India) Private Limited., India (from March 8, 2016)
  • Gavis Pharmaceuticals, LLC., USA (from March 8, 2016)
  • Edison Therapeutics, LLC, USA (from March 8, 2016 and upto February 24, 2017)
  • Lupin Research Inc., USA (from March 8, 2016)
  • Lupin Ukraine LLC, Ukraine (w.e.f. July 6, 2016)
  • Lupin Latam, Inc., USA (w.e.f. December 15, 2016)
  • Lupin Japan and Asia Pacific K.K., Japan (w.e.f. March 13, 2017)

 

 

Others (Relatives of KMP and Entities in which the KMP and Relatives of KMP have control or

significant influence) :
  • Lupin Human Welfare and Research Foundation
  • Lupin Foundation
  • Lupin International Private Limited (upto September 21, 2016)
  • Lupin Investments Private Limited
  • Lupin Holdings Private Limited
  • Matashree Gomati Devi Jana Seva Nidhi
  • Polynova Industries Limited
  • Rahas Investments Private Limited
  • Synchem Investments Private Limited (upto September 21, 2016)
  • Visiomed Investments Private Limited
  • Zyma Laboratories Limited
  • Concept Pharmaceuticals Limited
  • Shuban Prints
  • TeamLease Services Limited

 

 

Jointly Controlled Entity:

YL Biologics Limited, Japan

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000000

Equity Shares

INR 2/- each

INR  2000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

451576869

Equity Shares

INR 2/- each

INR 903.200 Million

 

 

 

 

 

 

a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

 

Particulars

As at 31.03.2017

 

No. of Shares

INR in Million

Equity Shares outstanding at the beginning of the year

450582969

901.200

Equity Shares issued during the year pursuant to exercise of ESOPs

993900

2.000

Equity Shares outstanding at the end of the year

451576869

903.200

 

 

b) Rights attached to Equity Shares

 

The Company has only one class of equity shares with voting rights having a par value of INR 2 per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.

 

During the year ended March 31, 2017, the amount of dividend per equity share distributed to equity shareholders is INR 7.5 (previous year ended March 31, 2016 - INR 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.

 

 

c) Details of shares held by each shareholder holding more than 5% equity shares

 

Name of Shareholder

As at 31.03.2017

 

No. of Shares

% of Holding

Zyma Laboratories Limited

55658383

12.33

Rahas Investments Private Limited

46083534

10.21

Visiomed Investments Private Limited

44102333

9.77

Lupin Holdings Private Limited

40828758

9.04

 

 

d) Shares reserved for issuance under Stock Option Plans of the Company

 

Particulars

As at 31.03.2017

 

No. of Shares

INR in Million

Lupin Employees Stock Option Plan 2003

203163

0.400

Lupin Employees Stock Option Plan 2005

67633

0.100

Lupin Employees Stock Option Plan 2011

1615790

3.200

Lupin Employees Stock Option Plan 2014

3209432

6.400

Lupin Subsidiary Companies Employees Stock Option Plan 2005

112613

0.200

Lupin Subsidiary Companies Employees Stock Option Plan 2011

722479

1.400

Lupin Subsidiary Companies Employees Stock Option Plan 2014

1125000

2.300

 

 

 

e) Aggregate number of shares issued during last five years pursuant to Stock Option Plans of the Company

              

Particulars

As at 31.03.2017

 

No. of Shares

 

 

Equity Shares Issued under various Stock Option Plans of the Company

4935188

 

 

f) 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 INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

903.200

901.200

899.000

(b) Reserves & Surplus

146899.200

118229.500

89378.400

(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

147802.400

119130.700

90277.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

88.900

138.600

191.400

(b) Deferred tax liabilities (Net)

2102.100

1269.700

1892.200

(c) Trade payable

45.400

57.000

0.000

(d) Other long term liabilities

1108.900

994.800

85.000

(e) long-term provisions

1678.600

1219.600

1031.200

Total Non-current Liabilities

5023.900

3679.700

3199.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5796.200

3729.600

209.500

(b) Trade payables

14784.900

11289.400

10420.400

(c) Other current liabilities

3670.300

3920.400

1014.800

(d) Short-term provisions

1404.700

611.600

4955.200

Total Current Liabilities

25656.100

19551.000

16599.900

 

 

 

 

TOTAL

178482.400

142361.400

110077.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

29929.800

23278.400

20206.700

(ii) Intangible Assets

195.400

170.900

149.300

(iii) Capital work-in-progress

4807.600

6242.500

4899.600

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

48019.200

37408.200

17902.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

535.200

390.100

2394.500

(e) Other Non-current assets

2475.100

2306.500

3.200

Total Non-Current Assets

85962.300

69796.600

45555.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

21120.000

0.000

16539.500

(b) Inventories

21256.600

19139.600

17395.100

(c) Trade receivables

39024.500

45451.500

25152.100

(d) Cash and cash equivalents

1740.800

349.600

593.000

(e) Short-term loans and advances

150.000

119.900

2925.000

(f) Other current assets

9228.200

7504.200

1916.500

Total Current Assets

92520.100

72564.800

64521.200

 

 

 

 

TOTAL

178482.400

142361.400

110077.100

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

127531.500

113437.700

97524.700

 

Other Income

884.700

1868.500

1806.300

 

TOTAL

128416.200

115306.200

99331.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

22068.200

23375.900

22393.200

 

Purchases of Stock-in-Trade

13202.100

11067.300

9425.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1852.600)

(1727.200)

(1708.000)

 

Employees benefits expense

14030.300

12180.900

10525.500

 

Other expenses

35222.300

28670.800

23156.500

 

TOTAL

82670.300

73567.700

63792.200

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

45745.900

41738.500

35538.800

 

 

 

 

 

Less

FINANCIAL EXPENSES

294.200

241.100

49.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

45451.700

41497.400

35489.800

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

3661.100

3056.100

3367.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

41790.600

38441.300

32121.900

 

 

 

 

 

Less

TAX

10377.300

10132.600

8148.400

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

31413.300

28308.700

23973.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

FOB value of exports

67243.900

58481.500

 

Sale-Research Services

 

2596.600

3766.100

 

Reimbursement of freight and insurance on Exports

 

291.500

281.700

 

Compensation & Settlement Income

 

1028.500

0.000

 

Dividend Income

 

10.000

37.100

 

Others

 

234.400

26.900

 

TOTAL EARNINGS

81884.600

71404.900

62593.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods

 NA

1082.500

852.400

 

Raw Materials

 NA

7364.700

8654.000

 

Packing Materials

 NA

423.500

545.200

 

Purchases of Stock-in-Trade

 NA

626.500

349.100

 

Consumable, Stores and Spares

 NA

702.100

656.600

 

TOTAL IMPORTS

 NA

10199.300

11057.300

 

 

 

 

 

 

Earnings Per Share (INR )

 

 

 

 

Basic

69.63

62.92

53.41

 

Diluted

69.35

62.55

53.07

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

 

 

 

- Deferred Sales Tax Loan from Government of Maharashtra

              8.400

               9.400

               9.900

- Term Loans from CSIR

30.900

30.900

30.900

- Term Loans from DST

10.400

10.400

10.400

Total

49.700

50.700

51.200

Cash generated from operations

53349.300

19314.700

36499.000

Net Cash Flow from Operating Activities

43533.300

9166.600

28515.200

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2017

1st Quarter

30.09.2017

2nd Quarter

Audited / Unaudited

 

 

 

 

 

 

 

Net Sales

 

24993.300

25800.000

Total Expenditure

 

19558.900

20384.900

PBIDT (Excl OI)

 

5434.400

5415.100

Other Income

 

278.900

743.300

Operating Profit

 

5713.300

6158.400

Interest

 

62.200

106.400

Exceptional Items

 

NA

NA

PBDT

 

5651.100

6052.000

Depreciation

 

950.900

953.800

Profit Before Tax

 

4700.200

5098.200

Tax

 

1159.000

1209.200

Provisions and contingencies

 

NA

NA

Profit After Tax

 

3541.200

3889.000

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

3541.200

3889.000

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

111.69

146.25

94.14

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.27

2.50

3.88

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

153.00

119.64

119.54

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.15

2.18

2.04

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.31

1.41

1.41

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.14

0.14

0.15

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.04

0.03

0.01

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.17

0.16

0.18

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.24

0.25

0.28

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

155.49

173.12

725.28

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin [(PAT / Sales) * 100]

%

24.63

24.96

24.58

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

17.60

19.89

21.78

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

21.25

23.76

26.56

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

3.61

3.71

3.89

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

2.78

2.73

2.84

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.83

0.84

0.82

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

6.57

4.35

0.50

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

3.61

3.71

3.89

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 899.15/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

899.000

901.200

903.200

Reserves & Surplus

89378.400

118229.500

146899.200

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

90277.400

119130.700

147802.400

 

 

 

 

long-term borrowings

191.400

138.600

88.900

Short term borrowings

209.500

3729.600

5796.200

Current Maturities of Long term debt

51.200

50.700

49.700

Total borrowings

452.100

3918.900

5934.800

Debt/Equity ratio

0.005

0.033

0.040

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

97524.700

113437.700

127531.500

 

 

16.317

12.424

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

97524.700

113437.700

127531.500

Profit

23973.500

28308.700

31413.300

 

24.58%

24.96%

24.63%

 

 

 

 

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

903.200

901.200

(b) Reserves & Surplus

 

134072.500

110732.500

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Non-Controlling Interest

 

345.200

320.800

Total Shareholders’ Funds

 

135320.900

111954.500

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

56477.800

53739.000

(b) Deferred tax liabilities (Net)

 

3948.500

3266.800

(c) Trade payable

 

59.000

127.600

(d) Other long term liabilities

 

5973.400

4649.000

(e) long-term provisions

 

3087.300

1900.000

Total Non-current Liabilities

 

69546.000

63682.400

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

 

23043.300

17454.100

(b) Trade payables

 

25889.000

19888.200

(c) Other current liabilities

 

7559.800

10921.000

(d) Short-term provisions

 

4713.800

2348.400

Total Current Liabilities

 

61205.900

50611.700

 

 

 

 

TOTAL

 

266072.800

226248.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

46362.900

33491.500

(ii) Intangible Assets

 

40866.300

31023.700

(iii) Capital work-in-progress

 

7149.800

9812.200

(iv) Intangible assets under development

 

37280.900

39866.200

(b) Non-current Investments

 

220.000

143.300

(c) Deferred tax assets (net)

 

5076.400

3358.500

(d)  Long-term Loan and Advances

 

765.200

518.400

(e) Other Non-current assets

 

8809.600

9160.800

Total Non-Current Assets

 

146531.100

127374.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

21141.300

20.200

(b) Inventories

 

36422.800

32736.500

(c) Trade receivables

 

43073.400

45487.600

(d) Cash and cash equivalents

 

6994.100

8217.500

(e) Short-term loans and advances

 

158.600

185.000

(f) Other current assets

 

11751.500

12227.200

Total Current Assets

 

119541.700

98874.000

 

 

 

 

TOTAL

 

266072.800

226248.600

 

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

174943.300

142555.400

 

Other Income

 

1065.100

1851.900

 

TOTAL

 

176008.400

144407.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

29486.600

27586.700

 

Purchases of Stock-in-Trade

 

23906.500

20198.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(3378.800)

(4459.200)

 

Employees benefits expense

 

28495.200

21416.200

 

Share of profit from jointly controlled entity (net of tax)

 

(82.500)

(49.000)

 

Other expenses

 

51502.400

40960.000

 

TOTAL

 

129929.400

105652.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

46079.000

38754.400

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1525.300

594.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

44553.700

38159.700

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

9122.300

4871.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

35431.400

33288.400

 

 

 

 

 

Less

TAX

 

9785.100

10593.400

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

25646.300

22695.000

 

 

 

 

 

Less

Share of profit attributable to Non-Controlling Interest

 

71.700

87.600

 

 

 

 

 

 

PROFIT FOR THE YEAR

 

25574.600

22607.400

 

 

 

 

 

 

Other Comprehensive Income / (Loss)

 

 

 

 

Items that will not be re-classified to profit or loss:

 

 

 

 

Remeasurements of Defined Benefit Plans

 

(417.200)

(69.600)

 

Income tax relating to items that will not be re-classified to profit or loss:

 

130.200

20.200

 

Items that will be re-classified to profit or loss:

 

 

 

 

The effective portion of gain and losses on hedging instruments in a cash flow hedge

 

275.300

(63.900)

 

Exchange differences in translating the financial statements of foreign operations

 

233.000

(535.600)

 

Income tax relating to items that will be re-classified to profit or loss:

 

(83.000)

(4.300)

 

Other Comprehensive Income / (Loss) for the year, net of tax

 

138.300

(653.200)

 

Share of Other Comprehensive Income / (Loss) attributable to Non-Controlling Interest

 

(20.000)

3.000

 

Other Comprehensive Income / (Loss) for the year attributable to Owners of the Company

 

158.300

(656.200)

 

Total Comprehensive Income attributable to:

 

 

 

 

Owners of the Company

 

25732.900

21951.200

 

Non-Controlling Interest

 

51.700

90.600

 

Total Comprehensive Income for the year

 

25784.600

22041.800

 

 

 

 

 

 

Earnings Per Share (INR )

 

 

 

 

Basic

 

56.69

50.25

 

Diluted

 

56.46

49.96

 

 

LEGAL CASE

 

 

Case Details

 

Bench:-Bombay

 

Presentation Date:- 25/07/2016

Stamp No.:-

WPST/20408/2016

Filing Date:-

25/07/2016

Reg. No.:-

WP/9529/2016

Reg. Date:-

11/08/2016

Petitioner:-

 

MAHARASHTRA STATE ELETRICITY DISTRIBUTION COMPANY LIMITED THROUGH SUPERINTENDING ENGINEER-

Respondent:-

M/S LUPIN LIMITED

Petn.Adv.:-

DSK LEGAL (I1590)

Resp. Adv.

ETERNITY LEGAL (I8207)

District

PUNE

Bench:

SINGLE

Status:-

Admitted (Unready)

Last Date:-

07/08/2017

Stage:-

FOR ORDERS

Last Coram:-

REGISTRAR (JUDICIAL)

Act :-

Electricity Supplies Act,1948

 

 

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

No

10

Date of Birth of Proprietor / Partners / Directors

No

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

No

21

Banking facility details

No

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

No

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

 

 

OVERVIEW:

 

The Company incorporated in 1983, is an innovation led Transnational Pharmaceutical Company producing, developing and marketing a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally. The Company has significant presence in the Cardiovascular, Diabetology, Asthama, Pediatrics, Central Nervous System, Gastro-Intestinal, Anti-Infectives and Nonsteroidal Anti Inflammatory Drug therapy segments and is a global leader in the Anti-TB and Cephalosporins segments. The Company along with its subsidiaries has manufacturing locations spread across India, Japan, USA, Mexico and Brazil with trading and other incidental and related activities extending to the global markets.

 

BUSINESS PERFORMANCE AND BALANCE SHEET HIGHLIGHTS

 

Lupin maintained its upward growth momentum amidst very challenging and dynamic global economic conditions in the year gone by. The Company ended the fiscal on a high note registering significant growth across our key markets. Lupin remains committed to delivering and enhancing shareholder value which is reflected in an increase in market capitalization by over thirteen times in the last decade.

 

  • The Company recorded consolidated sales of INR 171198.000 million in FY 2017, a growth of 24% over FY 2016
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 19% to INR 45997.000 million as compared to INR 38705.000 million in FY 2016
  • Profit before tax (PBT) increased by 6% to INR 35349.000 million as compared to INR 33239.000 million in FY 2016
  • Net profit increased by 13% to INR 25575.000 million as compared to INR 22607.000 million in FY 2016
  • Our Reserves and Surplus increased to INR 134976.000 million during FY 2017
  • Net Debt-Equity ratio for the Company stands at 0.38:1

 

 

RESEARCH AND DEVELOPMENT (R&D)

 

Lupin has been at the forefront of investing in R&D ahead of the curve to operationalize its vision to become an innovation driven pharmaceutical company. During FY 2017, the Company invested INR 23101.000 million, 13.5% of sales. The Company filed its first ever Inhalation product for the US market during the year. We also made significant progress on the biosimilar front. We are investing to create a differentiated pipeline of complex generics, biosimilars and NDDD.

 

 

 

 

UNSECURED LOANS:

 

Unsecured Loan

31.03.2017

INR In Million

31.03.2016

INR In Million

Long-term Borrowings

 

 

Term Loans - from other parties

 

 

Deferred Sales Tax Loan from Government of Maharashtra

16.700

25.100

Term Loans from Council for Scientific and Industrial Research (CSIR)

61.900

92.800

Term Loans from Department of Science and Technology (DST)

10.300

20.700

 

 

 

Short-term borrowings

 

 

Loans from Banks

4826.200

1523.900

Total

4915.100

1662.500

 

Note:

 

LONG-TERM BORROWINGS

 

a) Deferred Sales Tax Loan is interest free and payable in 5 equal annual instalments after expiry of initial 10 years moratorium period from each such year of deferral period from 1998-99 to 2009-10.

 

b) Term Loans from CSIR carry interest of 3% p.a. and is payable in 3 annual instalments of INR 30.900 million each along with interest.

 

c) Term Loans from DST carry interest of 3% p.a. and is payable in 2 annual instalments of INR 10.400 million each along with interest.

 

d) The Company has not defaulted on repayment of loans and interest during the year.

 

SHORT-TERM BORROWINGS

 

a) Unsecured loans comprise of Current Loans, Packing Credit, Post Shipment Credit, Bills Discounted and Overseas Import Credit. It includes Foreign Currency Loan of INR 3826.200 million (31.03.2016 INR 1523.900 million, 01.04.2015 INR nil)

 

b) Foreign Currency loans carry interest rate at LIBOR plus market driven margins and those in Indian Rupees carry interest rate in the range of 8.25% to 11.70% p.a.

 

c) The Company has not defaulted on repayment of loans and interest during the year.

 

INDEX OF CHARGE:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

B65839037

90226754

Central Bank of India

23/09/2002

10/01/2013

-

15000000000.0

Andheri (East) Branch, Vastu Darshan, 'B' Wing 1st Floor, Azad Road, Andheri (East), Mumbai-400069, Maharashtra, India

2

B15621741

90223644

CENTRAL BANK OF INDIA

15/09/1975

15/09/1975

24/06/2011

500000.0

Fort, Mumbai-400001, Maharashtra, India

3

B03971181

90220229

DEUTSCHE BANK

30/03/1996

-

20/01/2011

85500000.0

Hazarimal Somani Marg, Mumbai-400001, Maharashtra, India

4

B04134060

90225984

STATE BANK OF INDIA

24/11/1994

-

19/01/2011

270500000.0

Industrial Finance Branch, Killick House Charanjit Rai Marg, Fort, Mumbai-400001, Maharashtra, India

5

B03242849

90224268

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LT

05/07/1991

-

07/01/2011

40000000.0

163, Backbay Reclamation, Mumbai-400020, Maharashtra, India

6

B03242450

90221180

THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA LTD

17/03/1985

28/03/1994

07/01/2011

22300000.0

163, Backbay Reclamation, Mumbai-400020, Maharashtra, India

7

B03243177

90224970

INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD

11/12/1998

-

07/01/2011

50000000.0

163, Backbay Reclamation, Mumbai-400020, Maharashtra, India

8

B03242005

90222120

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LT

08/12/1992

04/06/1992

07/01/2011

20000000.0

163, Backbay Reclamation, Mumbai-400020, Maharashtra, India

9

B02671022

90221852

INDUSTRIAL DEVELOPMENT BANK OF INDIA

29/01/1991

02/07/1991

05/01/2011

40000000.0

IDBI Tower, Cuffe Parade, Mumbai-400005, Maharashtra, India

10

B02669992

90222158

INDUSTRIAL DEVELOPMENT BANK OF INDIA

04/03/1993

-

05/01/2011

100000000.0

IDBI Tower, Cuffe Parade, Mumbai-400005, Maharashtra, India

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Income tax demands / matters on account of deductions / disallowances for earlier years, pending in appeals [including INR 284.900 million (31.03.2016 - INR 44.300 million, 01.04.2015 - INR 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 “Current Tax Assets (Net)” INR 264.800 million (31.03.2016 - INR nil, 01.04.2015 - INR nil) and “Non-current Tax Assets (Net)” INR 146.900 million (31.03.2016 - INR 115.100 million, 01.04.2015 - INR 55.400 million).

1125.600

825.200

Customs duty, Excise duty, Service tax and Sales tax demands, for input tax credit disallowances and demand for Entry Tax are in appeals and pending decisions. Amount paid there against and included under note 12 “Current Loans” INR 23.600 million (31.03.2016 - INR 23.200 million, 01.04.2015 - INR 28.500 million) and under note 4 “Non-Current Loans” INR nil (31.03.2016 - INR nil, 01.04.2015 - INR 2.500 million).

155.600

292.500

Claims against the Company not acknowledged as debts (excluding interest where the amount is unascertainable) 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 under note 12 “Current Loans” INR 118.100 million (31.03.2016 - INR 12.300 million, 01.04.2015 - INR 12.300 million).

750.400

718.900

Letter of comfort issued by the Company towards the credit facilities sanctioned by the bankers of subsidiary companies aggregating INR 129.100 million (31.03.2016 - INR 143.300 million, 01.04.2015 - INR 139.500 million).

83.900

136.100

Outstanding credit facilities against corporate guarantees given in respect of credit facilities sanctioned by bankers of subsidiary companies for the purpose of acquisitions, working capital and other business requirements aggregating INR 69522.800 million (31.03.2016 - INR 125917.900 million, 01.04.2015 - INR 1849.900 million).

66303.400

61984.200

 

 

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2017

 (INR In Million)

Particulars

Three  months ended

Six months ended

 

30.09.2017

30.06.2017

30.09.2017

 

Unaudited

Unaudited

Unaudited

INCOME FROM OPERATIONS

 

 

 

Net Sales

25800.000

24993.300

50793.300

Other Income

743.300

278.900

917.400

Total Income from Operations

26543.300

25272.200

51710.700

 

 

 

 

EXPENSES

 

 

 

Cost of materials consumed

4949.600

5188.600

10138.200

Purchase of Stock in Trade

2806.900

2180.000

4986.900

Changes in inventories of finished goods and work-in-progress

1346.200

741.400

2087.600

Employee benefits expense

3717.300

3581.600

7298.900

Finance Costs

106.400

62.200

168.600

Depreciation and Amortization expenses

953.800

950.900

1904.700

Other Expenditure

7564.900

7867.300

15327.400

Total Expenses

21445.100

20572.000

41912.300

Profit / (Loss) before Tax

5098.200

4700.200

9798.400

Tax Expense

1209.200

1159.000

2368.200

Profit / (Loss) after Tax

3889.000

3541.200

7430.200

Other Comprehensive Income / (Loss)

 

 

 

Items that will not be reclassified subsequently to profit or loss

35.900

(15.900)

20.000

Income tax relating to items that will not be reclassified subsequently to profit or loss

(12.400)

5.500

(6.900)

Items that will be reclassified subsequently to profit or loss

(166.000)

(31.200)

(197.200)

Income tax relating to items that will be reclassified to profit and loss

54.000

12.000

66.000

Total Comprehensive Income / (Loss)

(88.500)

(29.600)

(118.100)

 

 

 

 

Total Comprehensive Income / (Loss), net of tax

3800.500

3511.600

7312.100

Paid-up Equity Share Capital (Ordinary shares INR 2/- per share)

903.700

903.400

903.700

Earnings per Share (EPS) - INR

 

 

 

- Basic

8.61

7.84

16.45

- Diluted

8.58

7.81

16.39

 

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 30, 2017. The Statutory Auditors of the Company have carried out limited review of the above Standalone Financial Results for the quarter and six months ended September 30, 2017 pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.


2. As approved by the Members of the Company at the 35th Annual General Meeting held on August 02, 2017, the Company has disbursed on August 05, 2017 a final dividend of INR 7.5 per equity share of the face value of INR 2/- each aggregating INR 3388.100 million. The corporate tax on such dividend aggregates INR 689.700 million.


3. During the quarter, 114209 (year-to-date 261257) equity shares of INR 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 INR 0.300 million (year-to-date INR 0.500 million) and securities premium account by INR 91.300 million (year-to-date INR 219.100 million).


4. Standalone balance sheet

BALANCE SHEET AS ON 30TH SEPTEMBER, 2017

 

SOURCES OF FUNDS

 

 

 

30.09.2017

(Unaudited)

Asset

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

 

 

29525.500

Capital work-in-progress

 

 

6901.300

Intangible assets

 

 

238.600

Intangible assets under development

 

 

2286.200

Financial assets

 

 

 

Non-Current Investment

 

 

 

- In subsidiaries

 

 

51247.400

- In others

 

 

55.300

Non-current loans

 

 

542.300

Non-current tax assets (Net)

 

 

313.700

Other non – current assets

 

 

2035.900

Total Non-current assets

 

 

93146.200

 

 

 

 

Current assets

 

 

 

Inventories

 

 

19251.300

Financial assets

 

 

 

Current Investment

 

 

13129.900

Trade receivables

 

 

44014.700

Cash and cash equivalent

 

 

795.600

Other bank balance

 

 

136.500

Current loans

 

 

185.200

Other current financial assets

 

 

870.900

Current tax assets (Net)

 

 

--

Other current Assets

 

 

9994.400

Total Current assets

 

 

88378.500

 

 

 

 

Total Asset

 

 

181524.700

 

 

 

 

B Equity and liabilities

 

 

 

Equity

 

 

 

Equity share capital

 

 

903.700

Other equity

 

 

150725.100

Total equity

 

 

151628.800

 

 

 

 

Non-current liabilities

 

 

 

Financial Liabilities

 

 

 

Non-current borrowings

 

 

71.800

Trade payables

 

 

23.300

Other non-current financial liabilities

 

 

59.900

Non-current provision

 

 

1892.000

Deferred tax liability (net)

 

 

2357.500

Other non – current liabilities

 

 

1049.300

Total non – current liabilities

 

 

5453.800

 

 

 

 

Current liabilities

 

 

 

Financial Liabilities

 

 

 

Current borrowings

 

 

3518.900

Trade payables

 

 

12984.300

Other current financial liabilities

 

 

4451.900

Other current liabilities

 

 

1256.900

Current Provisions

 

 

1396.500

Current tax liabilities (Net)

 

 

833.600

Total current liabilities

 

 

24442.100

 

 

 

 

Total equity and liabilities

 

 

181524.700

 

5. The Government of India has implemented Goods and Service Tax ('GST') with effect from July 01, 2017 which replaces excise duty and various other indirect taxes. As per Ind AS 18, the revenue for the quarter ended September 30, 2017 is reported net of GST. Sales of periods up to June 30, 2017 are reported inclusive of excise duty which now is subsumed in GST. The six months period up to September 30, 2017 includes excise duty up to June 30, 2017.


6. The aggregate amount of revenue expenditure incurred on Research and Development as reflected under the respective heads of account is as under:

 

Particular

3 months ended

Six months ended

 

30.09.2017

30.06.2017

30.09.2017

INR in Million

3673.100

3700.800

7373.900


7. The Company operates in one reportable business segment i.e. "Pharmaceuticals".


8. 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

·         Leasehold Improvements

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

 

Intangible Assets

·         Goodwill

·         Computer Software

·         Trademarks and Licenses

 

 

PRESS RELEASE

 

LUPIN NAMES JIM LOEROP AS CHIEF CORPORATE DEVELOPMENT OFFICER

 

Date: 18th September 2017

 

Jim Loerop will lead Lupin’s overall corporate development efforts and will be responsible for the company’s global M&A and business development functions

 

Mumbai: Domestic drug maker Lupin Ltd Monday named Jim Loerop as chief corporate development officer to handle its global mergers and acquisitions (M&A) function, apart from other responsibilities.

 

In a statement, the company said that Loerop will lead Lupin’s overall corporate development efforts and will be responsible for the company’s global M&A and business development functions. “He will integrate Lupin’s business development, licensing and M&A teams to drive the company’s global M&A and business development strategy,” the company said.

 

Loerop, an industry veteran with more than 27 years of experience, joins Lupin from Alexion Pharmaceuticals, Inc. where he was a senior vice-president of global business development. Earlier, he has held leadership positions at GlaxoSmithKline Stiefel, KV Pharmaceutical and Curatek Pharmaceuticals. Jim will be based at Naples, Florida in the US.

 

Loerop’s experience in branded and generic segments will help Lupin as it pursues new growth opportunities, chief executive officer Vinita Gupta said.

 

In a post earnings conference call on 3 August, Vinita Gupta had said the company’s M&A strategy for the US is primarily focused on the specialty brand side of the business. Earlier in February, Nilesh Gupta, managing director of Lupin had said in an interview with Mint in February that the company is looking for specialty assets in the US in the area of women’s health, pediatrics and neurology.

 

Pricing pressure due to increased competition has hurt the growth of Indian generic drug makers in the US, forcing them to shift focus to high-value specialty products. The quickest way to build this business is through acquisitions. In 2015, Sun Pharmaceutical Industries Ltd appointed Arvind Kumar, a former M&A executive at Reliance Industries Ltd and JSW Steel Ltd to head its acquisitions team. Several Indian pharma companies are looking at overseas acquisitions to boost their products portfolio.

 

Mint reported in August that Intas Pharmaceuticals Ltd and Aurobindo Pharma Ltd are bidding for European assets of global generics Israeli generic drugmaker Teva Pharmaceutical Industries Ltd, in a deal potentially valued over $1 billion.

 

First Published: Mon, Sep 18 2017. 09 24 PM IST

 

 

LUPIN HAS ROOM TO BORROW $1 BILLION FOR BUYOUTS IN WOMEN’S HEALTH, PAEDIATRICS

 

Date: 28th September 2017

 

Lupin Ltd. is looking for acquisitions in women's health and paediatrics categories as the generics maker seeks to cut dependence on two products for bulk of its sales in the U.S., its largest market.

 

The drugmaker has earlier “professed interest” in the two segments and there are quite a few companies in the market, Ramesh Swaminathan, chief financial officer and executive director, told BloombergQuint in an interaction. “Lupin’s balance sheet has the capacity to borrow $1 billion for acquisition of these assets.”

 

Lupin’s profit fell the most in the quarter ended June amid increased competition in the U.S. and disruption caused by the Goods and Services Tax. Pricing pressure in the U.S., which contributes 45 percent of its sales, meant the share of its two key drugs –Fortamet and Glumetza – declined. That prompted it to lower its operating margin forecast.

 

The U.S. business has reported a rather lacklustre performance, mainly because of price erosion, Swaminathan said.

 

“THIS FINANCIAL YEAR IS THE WORST.”

 

For the next financial year, the company has a “very rich pipeline” of products, he said. Normalcy will return only in the year to March 2021, he said. Drugs like Levothyroxinem and Ranex can come in next year and Lupin will also focus on complex generics, biosimilars and specialty businesses.

 

The generics maker received observations for its Goa and Indore plants over manufacturing practices. Swaminathan said the company has “answered all queries”.

 

Shares of Lupin are more than 32.6 percent down year to date, making it the worst performer in the Nifty Pharma Index that has declined 10.7 percent. Nearly half the analysts tracked by Bloomberg have a ‘Buy, rating on Lupin.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 records 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

INR

US Dollar

1

INR 63.35

UK Pound

1

INR 85.89

Euro

1

INR 76.15

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

BHG

 

 

SCORE FACTORS

 

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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.