20151028 Lupin-Case Exhibits for Distribution
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Transcript of 20151028 Lupin-Case Exhibits for Distribution
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Date Target Country Acquirers name
Jul-07 Nikho Brazil Cadilla Healthcare
Jul-07 Vit. D business of Solva Netherlands Dish!an "har!a
#a-07 $aro %ahra!ceuticals &srael Sun "har!a
#a-07 Ne'!a (abs )rance *ockhardt (td.
+%r-07 Hollister-Steir ,S+ Jubiliant r'anoss
Source /N+# esearch
Exhibit 1: Recent International Acquisitions by Indian Companies
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Value ! mn"# $ales ! mn"#
12 12
32.4 11.2
545 16
124 340
331.4 44
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$ummarised Income $tatement
)8 1004
$otal inco!e 319:30.5
#anifacturin' e;%enses 4927:.7
/!%loee cost 39142.Sellin' < distribution e;%enses 39072.1
"BD&$+ 395:2.7
"BD$+ 3932:.2
"B$ :1.0
"+$ 11.6
$ummarised balance sheet:
%iabilites and &et'orth: )8 1004
Net =orth 49004.0
$otal borro=in's 59502.5ther liabilities 6:5.5
Total %iabilities 1()*+,"-
Assets:
>ross fi;ed assets 7952.2
Net fi;ed assets 2917.4
&nvest!ents 6:.7
Current assets9 loans < advances 297:.7
(ess Current liabilites and %rovisions 19775.3
Total assets 1()*+,"-
Source Data %rovided b (u%in (td.
Exhibit .: $ummari/ed 0inancial in0ormation %upin all figures in rupees million
? &t had 0.:54 !illion e@uit shares outstandin' as of #arch 1007 and its avera'e#arch 1007 =as s. 57.04 billion. (u%in =as listed in the leadin' national st
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)8 1002 )8 1007
379::4.4 119344.1
4927:.7 4927:.7
39142. 39142.39216.4 39632.6
1962.7 59723.:
19224.7 59:60.5
19125. :9612.7
39760.0 19676.
)8 1002 )8 1007
295:6.4 95.3
6931:.4 9254.4642.3 39017.1
12),13"1 1-),,2"-
9201.7 309:51.2
29272.3 7962:.2
64.0 4.2
3:9353.7 359744.:
:9:63.1 59110.7
12),.1"2 1-),,2"-
#
arket ca%italization durin' theck e;chan'es in &ndia
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Sales Avalue Sales Avolu!e
, 15.00 20.60
,S 31.0 2.20
>er!an 13.0 2:.70
)rance 34.60 :6.0
Ja%an 2.10 37.10
Source "rovided b the co!%an and credited to the Ja%an >eneric #edicines +ssociation *ebsite
Data concernin' the ,S9 , >er!an and )rance are of 100. Ja%an data are of 1007
Sales Avalue Sales Avolu!e
1003 5.70 30.0
1001 5.0 31.10100: 4.10 32.50
1005 4.10 32.0
1004 4.30 37.30
1002 4.70 32.60
1007 2.10 37.10
Source "rovided b the co!%an and credited to the Ja%an >eneric #edicines +ssociation *ebsite
Exhibit *: $hare o0 4eneric Drugs in 5a6or 5ar7ets 8#
Exhibit +: $hare o0 9apanese 4eneric Drugs 8#
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UK US Germany France Japan
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
2001 2002 2003 2004 2005 2006 2007
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%16.00%
18.00%
20.00%
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Sales (value
Sales
(v!lume
Sales
(value
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asin' their shares in the !arket
((2 ;.((< ;.((-E
8 o0 Total $ales 8 o0 Total $ales 8 o0 Total
.6 :792:3 6.: 5597: 30.00
7.: :391 7.6 5:9000 6.20
7.2 :39564 7. :49020 7.
2.7 179515 2. :39000 2.6
5.2 39400 5.2 369500 5.:
:.5 3:9400 :.: 359100 :.1
1.6 3:9140 :.: 3:951 :.3
1.1 309051 1.4 339521 1.2
1.: 6920 1.5 339511 1.4
3.6 7927: 3.6 69301 1.0
3.4 79400 3.6 69000 1.0
3.3 59400 3.3 49300 3.3
3.1 59745 3.1 5967: 3.33.1 59500 3.3 59733 3.0
3.0 59:10 3.3 59267 3.0
3.3 59:0 3.3 59260 3.0
3.0 59070 3.0 59:32 3.0
3.0 59000 3.0 59:00 3.0
0. :97: 0.6 59310 0.6
0. :95:0 0. :9470 0.
53.4 347977 :6.3 3229356 :7.0
1((8 +(*)3(. 1((8 ++-)-3< 1((8
:0.5 31:7 :3. 34:5: :5.:
e!ber 1591006
nerics &8+,H&N N S&G,, B,NS/& CH,S+F
E&ERIC$ $A%E$ 9; I& 5I%%I@&$#1#
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)8 1002 )8 1004
ankin' ankin'
3 350
1 :
: 1
5 30
4 4
2 5
7 2
7
6
30 6
33 33
31 35
3: 13
35 36
34 10
32 3737 16
3 32
36 3
10 15
? Not availableSource "rovided b (u%in (td.
Top 1( suppliers inancial year .((2#
Ran7ing $upplier
3 oa ShoEi
1 ,Ei "har!a.
: Nihon Bulk "har!a.
5 Daito
4 #iat
2 #> "hara!a.
7 aken "har!a.
Valent %har!a.
6 Su!ito!o Che!ical
30 arinco s.%.a$otal
Top 1( contract manu0acturers
Ran7ing 5anu0acturer
3 orin i!edo
1 Daito
: $atsu!i ka'aku
Exhibit 2: 5a6or roducts o0 =yo'a
Exhibit
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5 "har!a "ack
4 $oo Ca%sule
2 Seiko /io 8akuhin
7 #aruko "har!a.
$aio 8akuhin
6 #e'uro ako
30 anae
Total
Source "rovided b (u%in (td.
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Brand Na!eSales AJ"8 !n.
)8-1004 )8-1002
)lutcasone nasal solution na? 546.:
!e%erazole :37.1 5:1.21
"ravastatin Na :6:.04 :7.3:
)lunitreza%e! 32.33 136.1:
(una%ron 10:.73 132.:7
ashilon 1:6.41 133.60
(ansa%razole 362.27 105.6:
Sul%ride 372.56 105.00
Calfina 374.63 365.43
#estinon 370.37 360.35
Si!vastatin 353.30 341.7
+kriden 311.07 3:7.66
+!el 30.:0 3:2.40
#aEo%rin 330.4: 316.03
Carba!aze%ine 30.6 317.4:
Neuo!il 33:.05 313.:/%arose 1.33 336.3
Nifeslo= 332.04 332.77
$a!sulosin 55.40 302.14
#il!a' 67.72 305.35
$otal :956.1: :9671.1
Category
+"&)inished %roducts 412.5
)inished %roducts 522.6
+"&"har!aceutical vehicle 5:0.0
+"&&nteri! %roduct :3:.:
+"& 103.:
)inished %roducts 310.:
+"& :.1
+"&"re%aration 0.4
+"& 72.5
+"& 72.1.)*
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hinoEet :7.4
/%arose 14.6
(ucus tablet9 +lfos%an tablet 30.:
Dro;i%oda ca%sule 2.1
Nito%ress tablet 4.6
$occata tablet9 #aEo%rin tablet 4.7
+s%izone 3.
22*"*
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;.((*
Assets
Depreciation
roperty) plant and equipment
"lants and buildin's 7:4)acilit fi;tures and structures :35
#achines and %rovision 12
$ools9 e@ui%!ent9 structures and deliver e@ui%. 301
(and 39:5:
.)ood=ill 143
$ele%hone )acilities ri'hts 6
Soft=are 14
.-,
InBestment etc"&nvest!ent securities 32
>uarant !one and lon' ter! %re%aid e;%. 61
.2(
or7ing Capital
Current asstes:
Cash and cash de%osits 39030
Notes receivable 39:75
+ccounts receivable 39265
(ess +llo=ance for bad debt -:5
&nventor 19017
ther Current +ssets 242)1*2
Current liabilities:
Notes %aable 64
$rade account %aables :74
ther account %aables 135
,n%aid inco!e ta; :5
De%osit sus%ense recei%t 13
,n%aid consu!%tion ta; 0
1),*3
&et or7ing Capital *)-.,
Deferred assets 30
Total Assets
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>uarantee !one received 567
Debentures 39330
etire!ent %ention reserve 17
,)2*3
Total %iabilities and Capital
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;.((+ ;.((, ;.((2 ;.((< ;.((- ;.((3
:2 :63 :21
515 45: 546
720 73 2716 10 :01
54 446 444
311 63 64
39:5: 39:5: 39:5:
*)((- .)331 .)3
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403 566 406 406 406 406
622 394: 39535 39535 39535 39535
33 5 5 5 5
2)1.+ 2)
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;.(1( ;.(11 ;.(1. ;.(1* ;.(1+ ;.(1,
:9120 :9120 :9120 :9120 :9120 :9120
3:3 3:3 3:3 3:3 3:3 3:3
1: 1: 1: 1: 1: 1:
2)*(1
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406 406 406 406 406 406
39535 39535 39535 39535 39535 39535
5 5 5 5 5 5
2)+,< 2)+,< 2)+,< 2)+,< 2)+,< 2)+,
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)uEi "har!a.
339153
15.76
314.65
340.7:
74.7
A.3
A5.34
326.44
61
7.43
55.0
70.00
33.50
3.20
n.a
:3.14
2.2
n#
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*orkin' Ca%ital &te! No. of das of sales
Notes receivable 27
+ccounts receivable 302
&nventor 4
Notes %aable -52
$rade +ccounts %aable -34
Net =orkin' ca%ital 105
+ll other current assets and current liabilities !a be assu!ed to be e@ual to )81007 a
Source "rovided b (u%in (td.
Exhibit 11: =ey Income Related ro6ections
a $he %roEection assu!es +%ril 1002 as the date of decision.
b Sales are e;%ected to 'ro= at 2.529 34.0: and 31.76 for )810079 100 and 1006 res%
c Cost of >oods Sold as a %ercenta'e of sales is e;%ected to re!ain at 21.0 and 21.40 du
d )orecast about different co!%onents of S>
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ount. +ssu!in' ear has :24 das. (u%in is o%ti!istic about reducin' das inventor to 62 in )8103:
ctivel. $hereafter9 it can be assu!ed that o=a sales =ill 'ro= at the sa!e rate as that of >enerics #
rin' )81007 and )8100 res%ectivel.
.10
e. 30.7:
=th fro! )81007 on=ards.
n K durin' )81007 and )8 100 and 33 !illion K thereafter. Non-o%eratin' revenues Aincludin' intere
t si; ear startin' )8100.
515 !n A:2 !n for )810079 45: !n A:63!n for )8100 and 546 !n A:21 !n for )81006 res%ecti
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and thereafter.
arket AScenario &&
st and dividend received =as e;%ected to re!ain at 40 !illion K durin' )81007 - )81006. $hese ca
el. $hereafter9 a reasonable assu!%tion to !ake is that the invest!ents in fi;ed assets =ould be e@u
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h flo=s !a be i'nored =hile co!%utin'
l to the e;tent of that de%reciation char'ed.
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;ear
$cenario I $cen
1002 30.5 .5 4.
1007 3.3 6.4 33.:
100 35.7 30. 6.
1006 37.: 31.0 3:.2
1030 .0 3:.: 4.5
1033 3:.7 35.4 30.2
1031 4.: 34.5 5.1
103: 30.3 32.4 6.0
1035 7.7 37.2 2.2
1034 7.7 3.7 2.2
1032 7.7 10.0 2.2
1037 7.7 13.: 2.2
103 7.7 11.7 2.2
1036 7.7 15.: 2.2
1010 7.7 14.6 2.2
1013 3.0 14.6 2.2
1011 3.0 14.6 2.2
101: 3.0 14.6 2.2
1015 3.0 14.6 2.2
1014 3.0 14.6 2.2
1012 3.0 14.6 2.2
1017 3.0 14.6 2.2
101 3.0 14.6 3.0
1016 3.0 14.6 3.0
10:0 3.0 14.6 3.0
Source 8ano esearch &nstitute9 %rovided b (u%in (td.
Exhibit 1.: 4eneric Drugs: 4ro'th Rate and $hare in Total harmaceutica
4eneric: 4ro'th
rate
4eneric: $hare in
total harma"
mar7et
4eneric: 4ro'th
rate
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
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1 2 3 4 5 6 7 8 " 1011121314151617181"2021222320.0%
2.0%
4.0%
6.0%
8.0%
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rio II
#arket Sales - o=o C>S
7.4 ;.((2 3.07/I02 79464 0.73 5.6/I0:
.3 ;.((< 3.3/I02 902 0.26 4.0/I0:
.7 ;.((- 3.:6/I02 69:03 0.27 4.3/I0:
6.4 ;.((3 3.20/I02 309560 0.22 2.40/I0:
30.1 ;.(1( 3.7/I02 339::0 0.20 7.01/I0:
30. ;.(11 1.01/I02 3191 0.25 7.66/I0:
33.5 ;.(1. 1.:0/I02 3:9424 0.46 .53/I0:
31.0 ;.(1* 1.51/I02 3596:4 0.21 6.12/I0:
31.7 ;.(1+ 1.27/I02 32904 0.20 6.67/I0:
3:.5 ;.(1, 1.7/I02 379:1: 0.20 3.07/I05
35.3 ;.(12 :.06/I02 39247 0.20 3.32/I05
35.6 ;.(1< :.::/I02 109065 0.20 3.14/I05
34.7 ;.(1- :.46/I02 139253 0.20 3.:5/I05
32.2 ;.(13 :.2/I02 1:9:07 0.20 3.54/I05
37.4 ;.(.( 5.32/I02 149301 0.20 3.42/I05
3.4 ;.(.1 5.5/I02 149:4: 0.47 3.47/I05
36.4 ;.(.. 5.4:/I02 149202 0.47 3.46/I05
10.2 ;.(.* 5.47/I02 14921 0.47 3.20/I05
13.7 ;.(.+ 5.21/I02 129313 0.47 3.21/I05
11.6 ;.(., 5.22/I02 129:1 0.47 3.25/I05
15.1 ;.(.2 5.73/I02 129252 0.47 3.24/I05
14.4 ;.(.< 5.72/I02 12963: 0.47 3.27/I05
14.4 ;.(.- 5.0/I02 17931 0.47 3.26/I05
14.4 ;.(.3 5.4/I02 179545 0.47 3.70/I05
14.4 ;.(*( 5.60/I02 17971 0.47 3.71/I05
;.(*1 5.64/I02 17971 0.42 3.71/I05
5ar7et
4eneric: $hare in
total harma"
mar7et
#!lu
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425
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Savin's-"roc Savin's-Site C>S - savin's >ross %rofit S>
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Sales Cost
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&nterest and dividenNon-o%eratin' e;%ense &nterest %aid? rdinar inco!e /;traordinar
506 60
463
77 10
39007 10
3931 10
39:42 10
3954: 10
3924: 10
3913 10
19003 10
19362 10
19507 10
192:5 10
197 10
:935: 10
:9375 10
:9102 10
:91: 10
:9170 10
:9:0: 10
:9::2 10
:9:26 10
:950: 10
:95:7 10
:9573 10
:9525 10
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Net inco!e b &nco!e ta;?? &et income a0ter tax
:36 3:5 34
463 15 :5:
727 :11 554
67 534 471
3930 524 25:
39::2 423 774
395:: 201 :3
392:: 22 657
3903 742 39055
3963 :1 39356
19372 635 39121
19:7 39001 39:5
19235 3906 39432
194 39103 3924
:931: 39:33 3933
:9345 39:14 3916
:932 39:: 395
:913 39:43 3922
:9140 39:24 394
:91: 39:76 39605
:9:32 39:6: 3961:
:9:56 39507 3965:
:9:: 39513 39621
:9537 395:4 3961
:9543 39540 19001
:9555 39557 3966
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hase 5olecules ty =g# $aBingsF=g
"hase 3
341 33000 3.27
140 1000 0.4
20 6000 0.45
3:0 3740 0.1:
30 1400 0.54
20 30000 0.2
"hase 3
0.331 :000000 0.:5
70 100 0.32
20 :400 0.133 :00000 0.:
0 1000 0.32
$a; benefits
&t is also e;%ected that (u%in =ill save M0.55 !n on bulk %rocure!ent of +"& in )8 1
$he %otential ta; savin's due to relocation of certain !anufacturin' activities to &ndia
)or esti!atin' ter!inal value9 one !a assu!e that (u%in =ill be able to save a!ount
Source "rovided b (u%in (td.
5
.((31(
anel A: $aBings 0rom site Bariation to India !("((
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Source "rovided b (u%in (td.
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.((31(
0 0.5 3.27 3.70
0 0.14 0.40 0.43
0 0.17 0.45 0.44
0 0.31 0.1: 0.1:
0 0.1: 0.54 0.52
0 0.:0 0.20 0.23
0 0 0.37 0.:5
0 0 0.0 0.32
0 0 0.33 0.130 0 0.34 0.:0
0 0 0.0 0.32
0.11 0.12 0.55 0.41
30
=as e;%ected to be ,SD 0.11 !n9 0.12!n9 0.55 !n and 0.41 !n res%ectivel for )81030 to )8103:
s si!ilar to )8103: durin' future ears
4 2 7
.(1(11 .(111. .(1.1*
es o0 !("((.1Ftablet# usd to E%
300 140 400 -
0.74 3.74 :.74 2.:
:00 400 740 -
0.54 0.74 3.314 1.5
:.544 7.25 30.2:5 r
:.544 7.25 340.716:4:6 '
1.52 4.0 6:.4: 11)1+
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330
7.02
0
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Item
Ja%anese 30 r >ovt Bond A2 !onths avera'e to )ebruar 19 1007
isk %re!iu! in the Ja%anese !arket?
Size "re!iu! in Ja%an
Cost of Debt for si!ilar co!%anies
+fter-ta; Cost of Debt
/;chan'e rate AJ"8,SD
/;chan'e rate AJ"8&N
?+vailable fro! &bbotson +ssociates Ja%anese /@uit isk "re!ia e%ort 1002
Source "rovided b (u%in (td.
*+CC
rccf
/
D/
rf
!r%
$
beta u
beta l
re
Exhibit 1,: =ey $toc7 5ar7et and Exchange Rate In0ormation
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Rate
3.26
4.0
:.64
1.5:
3.53 3.53
330
1.7:
7.02
7.52
0.2 DV 0.50 /V 0.2
3.26
4.0
51
0.4:4
0.61
30.1
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0.2222222227
0.:437:077
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&nfor!ation $o=a "har!a. )uEi "har!a.
/VSales 1.26 3.6 3.62 3.1/V/B&$ 37.01 34.5 34.5 6
/V/B&$D+ 31.1 31.63 33.:3 2.45
"/ atio 16.07 15 12.77 37.1
"rice to book value 16.62 13.55 46.63 36.6:
Beta 0.4: 0.53 0.26 0.2: 0.424
,nlevered beta 0.5 0.:4 0.2 0.2: 0.4:4
Source "rovided b (u%in (td.
Exhibit 12: 5ar7et 5ultiples o0 5a6or Comparables
Sa=ai"har!a.
Nichi-lko"har!a.
Note $he O"rice to BookL ratio based on 1002 infor!ation9 re!ainin' are based on infor!ation in #arch
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1007