MIRA
INFORM REPORT
|
Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOREPEN LABORATORIES LIMITED |
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Registered
Office : |
Village |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
|
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Date of
Incorporation : |
01.12.1984 |
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|
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Com. Reg. No.: |
06-006028 |
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CIN No.: [Company Identification
No.] |
L24231HP1984PLC006028 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PTLM11889D |
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|
|
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PAN No.: [Permanent Account No.] |
AABCM1083B |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer
of Generic drugs and Pharmaceutical formulations |
RATING & COMMENTS
|
MIRA’s Rating : |
B (24) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 17000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Village |
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E-Mail : |
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Website : |
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Location : |
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Corporate Office : |
409, 4th Floor, Antriksh Bhawan, 22, Kasturba Gandhi Marg, |
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Tel. No.: |
91-11-23324443,23712025 |
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E-Mail : |
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Plants : |
Located at : Masulkhanna Plant - Tel. Nos.- 91- 1792 – 233284 Baddi Plant - Tel. Nos.- 91- 1795 - 246408/03 |
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Overseas Office : |
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Tel. No.: |
609 716 6300 |
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Fax No.: |
609 716 6301 |
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E-Mail : |
fixeddeposit@morepen.com [Fixed Deposit] humanresource@morepen.com
[Career] corporatefinance@morepen.com
[Finance] sales@morepen.com [API’s] medicuspmt@morepen.com [Formulations] mktg@morepen.com [OTC / Dr Morepen] Devices.customercare@morepen.com
[Diagnostics Devices] |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Sushil Suri |
|
Designation : |
Chairman and
Managing Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
B. Sc. FCA |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.02.1992 |
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Last Employment : |
Own Business |
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|
|
|
Name : |
Dr. Arun Kumar
Sinha |
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Designation : |
Director |
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|
Name : |
Mr. Manoj Joshi |
|
Designation : |
Director |
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|
|
Name : |
Mr. Bhupender Raj
Wadhwa |
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Designation : |
Director |
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|
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|
Name : |
Mr. Sukhcharan
Singh |
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Designation : |
Director |
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Name : |
Dr. P. S. Pritam |
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Designation : |
Director (Corporate Affairs) |
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Date of Birth/Age : |
68 Years |
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Qualification : |
M.A., L.L.B., PHD FIII |
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Experience : |
48 Years |
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Date of Appointment : |
23.04.2004 |
|
Last Employment : |
Head Sales and Marketing – Allianz Bajaj |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
41,241,750 |
9.17 |
|
|
114,129,838 |
25.37 |
|
|
155,371,588 |
34.54 |
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|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
155,371,588 |
34.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6,797,190 |
1.51 |
|
|
22,484,570 |
5.00 |
|
|
1,577,691 |
0.35 |
|
|
30,859,451 |
6.86 |
|
|
|
|
|
|
23,977,395 |
5.33 |
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|
|
|
|
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162,027,956 |
36.02 |
|
|
12,780,946 |
2.84 |
|
|
64,808,867 |
14.41 |
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|
3,812,301 |
0.85 |
|
|
2,195,436 |
0.49 |
|
|
271,130 |
0.06 |
|
|
58,530,000 |
13.01 |
|
|
263,595,164 |
58.60 |
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Total Public shareholding (B) |
294,454,615 |
65.46 |
|
Total (A)+(B) |
449,826,203 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
Total (A)+(B)+(C) |
449,826,203 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Generic drugs and Pharmaceutical formulations |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
|
|
As
on 31.03.2010 |
|
Installed
Capacity |
|
|
|
|
|
Drugs and Drug
Intermediates |
MT |
|
|
884.000 |
|
Formulations |
|
|
|
|
|
Tablets/Capsules |
Nos / Lacs |
|
|
37100.000 |
|
Oral Liquids |
MT |
|
|
375.000 |
|
Powders |
MT |
|
|
500.000 |
|
|
|
|
|
|
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Actual Production |
|
|
|
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Drugs and Drug
Intermediates |
MT |
|
|
158.037 |
|
Formulations |
Nos / Lacs |
|
|
4997.74 |
GENERAL INFORMATION
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No. of Employees : |
1221 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Kamal Mahajan and Company Chartered Accountants |
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Address : |
S.C.O. 61, Madhya Marg, Sector 26, |
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Subsidiaries : |
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Associates: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,00,00,000 |
Equity Share |
Rs.2/- each |
Rs. 900.000 Millions |
|
1,20,00,000 |
Preference Shares |
Rs. 100/- each |
Rs. 1200.000 Millions |
|
|
Total |
|
Rs. 2100.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
- 44,98,26,203 |
Equity Share |
Rs.2/- each |
Rs. 899.653
Millions |
|
- 97,35,201 |
0.01 % Optionally Convertible Preference Share |
Rs. 100/- each |
Rs. 973.520
Millions |
|
- 15,30,000 |
0.01% Redemable Preference Shares |
Rs. 100/-
each |
Rs. 153.000
Millions |
|
- 2,00,000 |
0.01 % Redemable Preference Shares |
Rs. 100/-
each |
Rs. 20.000
Millions |
|
- 5,00,000 |
9.75% Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 50.000
Millions |
|
|
|
|
Rs. 2096.173 Millions |
|
|
Less : Calls in arrears |
|
Rs. 0.066
millions |
|
|
|
|
Rs. 2096.107 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2096.107 |
1938.166 |
1938.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2427.549 |
1574.240 |
1603.100 |
|
|
4] (Accumulated Losses) |
(321.264) |
(339.601) |
0.000 |
|
|
NETWORTH |
4202.392 |
3172.805 |
3541.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1284.517 |
1368.759 |
1442.000 |
|
|
2] Unsecured Loans |
112.878 |
1435.780 |
1475.700 |
|
|
TOTAL BORROWING |
1397.395 |
2804.539 |
2917.700 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
5599.787 |
5977.344 |
6458.900 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4583.887 |
4992.989 |
5430.600 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1219.092 |
1219.092 |
1219.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
304.657
|
213.628 |
182.100 |
|
|
Sundry Debtors |
205.679
|
185.246 |
110.200 |
|
|
Cash & Bank Balances |
8.239
|
42.991 |
15.200 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
126.142
|
142.949 |
115.900 |
|
Total
Current Assets |
644.717
|
584.814 |
423.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
716.011
|
673.007 |
|
|
|
Other Current Liabilities |
115.502
|
132.178 |
608.700 |
|
|
Provisions |
30.634
|
28.304 |
22.900 |
|
Total
Current Liabilities |
862.147
|
833.489 |
631.600 |
|
|
Net Current Assets |
(217.430)
|
(248.675) |
(208.200) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
14.238 |
13.938 |
17.400 |
|
|
|
|
|
|
|
|
TOTAL |
5599.787 |
5977.344 |
6458.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1919.265 |
1611.028 |
1233.200 |
|
|
|
Other Income |
42.351 |
41.472 |
161.800 |
|
|
|
TOTAL (A) |
1961.616 |
1652.500 |
1395.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1335.019 |
1173.466 |
|
|
|
|
Personnel |
216.243 |
185.800 |
|
|
|
|
Manufacturing and Others |
324.875 |
282.937 |
|
|
|
|
Accretion / (Decretion) to Stocks |
(50.484) |
(18.898) |
|
|
|
|
Extraordinary Items |
(338.577) |
(80.434) |
|
|
|
|
TOTAL (B) |
1487.076 |
1542.871 |
1317.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
474.540 |
109.629 |
77.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.659 |
20.112 |
95.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
438.881 |
89.517 |
(18.700) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
456.286 |
455.143 |
466.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(17.405) |
(365.626) |
(485.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
2.806 |
2.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(17.405) |
(368.432) |
(487.600) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(339.601) |
(4421.025) |
(3933.400) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Capital Reserve |
-- |
0.429 |
-- |
|
|
|
Securities Premium Account |
-- |
4421.025 |
-- |
|
|
|
Debenture Redemption Reserve Account |
35.742 |
28.402 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
(321.264) |
(339.601) |
(4421.000) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
409.330 |
275.866 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
224.020 |
74.771 |
NA |
|
|
|
Finished Goods |
96.842 |
120.499 |
NA |
|
|
|
Capital Goods |
3.211 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
324.073 |
195.270 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.04) |
(1.03) |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
483.950 |
574.610 |
|
Total Expenditure |
|
456.660 |
555.040 |
|
PBIDT (Excl
OI) |
|
27.290 |
19.770 |
|
Other Income |
|
0.00 |
0.00 |
|
Operating
Profit |
|
27.290 |
19.770 |
|
Interest |
|
13.950 |
17.510 |
|
Exceptional
Items |
|
0.00 |
0.00 |
|
PBDT |
|
13.340 |
2.260 |
|
Depreciation |
|
114.780 |
114.670 |
|
Profit
Before Tax |
|
(101.440) |
(112.410) |
|
Tax |
|
0.00 |
0.00 |
|
Reported PAT |
|
(101.440) |
(112.410) |
|
Extraordinary Items |
|
0.00 |
0.00 |
|
Prior Period Expenses |
|
0.00 |
0.00 |
|
Other Adjustments |
|
0.00 |
0.00 |
|
Net Profit |
|
(101.440) |
(112.410) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.89)
|
(22.30) |
(34.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.91)
|
(22.70) |
(39.37) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.33)
|
(6.56) |
(8.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
(0.12) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
1.15 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75
|
0.70 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is an India-based pharmaceutical company. Its
products include Loratadine, Montelukast Sodium, Atorvastatin Calcium and
Sultamicillin. The company markets formulation products in various therapeutic
categories, such as antibiotics, gastrointestinal, respiratory, analgesic,
antiallergic and neuropsychiatry with brands, such as Saltum, Saltumax,
Cefpopen, Cefpen-S, Dom-DT, Acifix, Rabipen- DSR and Montelast. It has new
products added to the therapeutic categories, including Kilbac, Ducal D, Aclomore
and Montelast-L. The company has three state-of-the-art manufacturing plants in
the northern state of Himachal Pradesh (HP) in
MANAGEMENT OVERVIEW
The company has recorded sales revenue and other income of
Rs. 1961.600 Millions against Rs. 1652.500 Millions in the previous year. It
represents a growth of 18.70% over preceding year. The company is steadily
moving on high growth trajectory and shall continue its journey of profitable
growth. The Company continues to focus on cost optimization and efficient
working capital management. The continuous growth momentum carried forward
during the current year has helped the company in significantly improving its
operational performance. The growth in company's operations has helped the
company to generate operational surplus of Rs. 136 Millions in the current year
against Rs. 29.200 Millions in the previous year i.e. a growth over 365%. After
servicing an interest burden of Rs. 35.700 Millions, the company has been able
to earn cash surplus of Rs. 100.300 Millions against Rs. 9.100 Millions earned
in the last financial year. Cash generated from operations, after payment to
Fixed Depositors has been ploughed back into operations so as to make the
company more self reliant in the absence of any institutional support for
working capital facilities.
The management's aggressive strategy of focusing on
improving business and operational performance has borne fruits. The operations
of the company are steadily improving and company is looking forward to healthy
revenue and profit numbers in the coming years. To fund the expansion plans,
the company shall continue its endeavor for tying up finances, both for working
capital as well as for capacity addition and optimization.
During the year, the scheme of arrangement and compromise
with the fixed deposit holders filed by the company under section 391 of
Companies Act, 1956, was approved by the Hon'ble High Court of Himachal Pradesh
at Shimla. Pursuant to the approved scheme, the company has allotted
9,24,90,413 Equity Shares of Rs. 21- each, at a price of Rs. 11.32 per
share, determined under SEBI (DIP) Guidelines, to the fixed deposit holders
equivalent to 75% of the principal amount due. The balance 25% of the principal
amounting to Rs. 338.577 Millions, as per the approved scheme, has been waived
off and is shown under the head extraordinary items in the profit and loss
account for the current year. As per the approved scheme, the interest on fixed
deposits has been waived off.
With the resolution of the issues relating to fixed deposit
holders, the management can now focus its energies for all round improvement in
business performance and also for exploring new business avenues. The
management is confident that with fixed depositors becoming partners now, they
shall be able to share and enjoy the fruits of profitable growth of company in
the coming years.
OPERATIONS
The Company has recorded commendable performance with larger
volume and higher sales and operating revenues despite tight liquidity position
of the company. The consistent increase in sales revenue year after year speaks
a lot about the focused approach being adopted for all round growth of
business. Current year income of Rs.1961.600 Millions is up by Rs. 309.100
Millions over the last year income of Rs. 1652.500 Millions. The improvement in
top line coupled with increased efficiencies in operations has enabled the
company to generate an operating surplus of Rs. 136 Millions against Rs. 29.200
Millions, recorded in last year.
API business, with over 60% revenue share has recorded steep
growth of 28% in its annual sales revenues. It's main product, Loratadine has
shown a revenue growth of 14%. Revenue growth of other two products namely
Montelukast and Sultamicillin has also shown a healthy upside during the
current year. Stronger US Dollar continues to help the company to derive better
price realization in terms of Indian Rupees.
Formulation business, with10% business share has recorded
handsome growth of 21 %. During the current year, the company focused on
deriving more sales revenue from existing product portfolios.
Medipath business, on account of lower revenues in its
diagnostics segment has recorded a fall of 5% in its current year revenues.
Pharmaceutical Contract Manufacturing (PCM) has shown a growth
of 10% in its annual revenues for the current year.
Extraordinary items of Rs. 338.577 Millions represent
liability waived off in respect of fixed deposit holders pursuant to approved
scheme of compromise and arrangement with fixed deposit holders.
The company continues to service its outstanding debt, as
per CDR (Corporate Debt Restructuring) scheme and also as per terms of
individual settlement with banks and financial institutions.
REPORT ON BUSINESS PERFORMANCE
- ACTIVE
PHARMACEUTICAL INGREDIENT (API)
Loratadine
During the year, the company sold 'Loratadine' API to the
tune of Rs. 590 Millions against Rs. 519.200 Millions sold in the last year.
'Loratadine' exports to the
The company is consistently maintaining its supply lines to
the likes of supplying Loratadine API to some of the big names in pharma
industry like Novartis/Sandoz, Perrigo, Chemoand Apotexand others.
The company has done PCT filing of one patent application on
the improved process for Loratadine.
Montelukast Sodium
Montelukast sodium, an anti-asthmatic drug, is continuing
its remarkable performance in the current year.
In the current year, 'Montelukast' intermediates and API
sales at Rs. 243.700 Millions, have shown a growth of 44% over the previous
year of Rs. 169.500 Millions. Intermediates Sales has gone up to Rs. 175.300
Millions against Rs. 150.100 Millions of previous year, whereas 'Montelukast'
API sales have improved to Rs. 68.400 Millions against Rs. 19.400 Millions of
previous year. The company intends to further expand the capacities for
Montelukast Sodium and its various intermediates.
During the year, a new economical process has also been
developed for side chain of Montelukast sodium followed by its scale up. Its
commercialization is planned for the coming year.
PCTfilingof one patent application has been done during the
year for non-infringing process of Montelukast Sodium.
Atorvastatin Calcium
During the year, cost effective process for normal grade crystalline
Atorvastatin calcium and its intermediates was developed and the product was
commercialized to capture domestic market. The company experienced good market
traction for the process, during the year.
They have got patent for their process of preparation of
‘Atorvastatin' calcium amorphous in
PCT of another process patent application, on new amine
salts of Atorvastatin, has also been filed and has been published.
Sultamicillin
The current year's revenue of Sultamicillin Tosylate and
Sultamicillin Base at Rs. 175.600 Millions shown a growth of 88% over last year
sales revenue of Rs. 93.500 Millions.
Fexofenadine
Fexofenadine is an antihistamine drug used in the treatment
of hay fever and similar allergy symptoms. Morepen has developed a novel
process for the preparation / purification of 'Fexofenadine' API as well as
intermediate which have yielded highly pure 'Fexofenadine' API and its key
intermediates.
As a step forward to capture new markets especially Japan
and to expand the product portfolio, the quality of intermediates was improved
considerably by process improvement, to meet customer's expectations. Besides
this, process of Fexofenadine API was modified/improved to capture the domestic
market and shall be commercialized soon.
Linezolid
Linezolid (INN) is a synthetic antibiotic used for the
treatment of serious infections caused by Cram-positive bacteria that are
resistant to several other antibiotics. A non-infringing process for
'Linezolid' (API) was developed to produce highly pure form of 'Linezolid' API.
The product has been commercialized successfully during the year and has been
sold to various markets.
Carvedilol
Carvedilol is a non-selective beta blocker/alpha-1 blocker
indicated in the treatment of mild to moderate congestive heart failure (CHF).
A process for the key intermediate has been developed and have been produced on
commercial scale. During the year good quantities of 'Carvedilol' intermediates
were sold.
Lamotrigine
Process for Lamotrigine Schiffs base intermediate was scaled
up and material was supplied to the customers. They expect bigger quantities
for supply in the coming years. Small quantity of Lamotrigine (API) was also produced
for free market.
New products
During the year, process for Telmisartan (API) was developed
in the laboratory and samples were sent for market development. Besides this
development work for other new complex molecules (API) like Aliskiren Hemifumarate,
Eletriptan, Rosuvastatin calcium, Quetiapine and Risperidone was done and
samples of target intermediates were produced for market development.
Non-infringing process for Fexofenadine intermediates was also developed.
Further development work is going on for synthesis of these APIs as well as for
further process improvement.
- MEDIPATH
Current year annual revenue at Rs. 236.800 Millions has
recorded an erosion of 5% over the last year revenue of Rs. 248.700 Millions.
The fall in current year sales revenue was caused by 20% revenue drop in
'Diagnostics' products. Lower sales of Aids and Hepatitis products because of
regulatory issues and 'Homecue' blood banking products, because of franchise
discontinuance are two primary reasons for lower sales revenue of these
products. Tight cash flow situation affecting timely material availability also
hampered the growth of business. 'Point of Care' (Home- Health) segment, with
annual revenue of Rs.160.500 Millions, has shown a growth of 5% during the year
on the support of higher sales of Thermometers, BP monitors, weighing scales
and other equipments. High Dollar value against Indian Rupee and old
discontinued products inventory write off has adversely affected the
profitabiIity of Diagnostics business.
A no. of new products like 'Pulse Oxymeter', 'Fetal
Doppler', 'Commercial Nebuliser' and many new variants of existing product
ranges like 'Blood Pressure Monitor', 'Clucometer', 'Weighing Scales' and
others are also introduced during the year, which have filled in the gap on
account of discontinued /disturbed products. Better payment terms with vendors
and availability of credit facilities will help the company in timely receipt
of materials.
- BRANDED
PRESCRIPTION DRUGS
The domestic formulation business is showing consistent
growth year after year. The growth has been recorded in most of the therapeutic
categories. In some of the therapeutic categories like Anti-allergic and
Antibiotics the growth is as high as 59% and 37% respectively. The largest
therapeutic contributor i.e. 'Gastrointestinal' has maintained the sales
revenue at the last year's level. Most of the sales territories have recorded a
growth in revenue as compared to last year. Out of top five formulations'
products, four has recorded growth ranging from 18% -41 % whereas one of the
product has recorded a fall in its annual sales. They continue to focus on high
margin formulations. However the company will also expand its horizons in
institutional business, to increase its sales revenues.
- PHARMACEUTICAL
CONTRACT MANUFACTURING (PCM)
The company is continuing with its existing activities in
the field of third party manufacturing for formulations and API intermediates.
As the company consistently provides Good Manufacturing Practices (GMP) compliant
manufacturing facilities and highly trained workforce, therefore it is
confident of delivering quality products on consistent basis. The third party
formulation manufacturing business has recorded an increase of 29% over the
last year.
SUBSIDIARIES
Performance of subsidiaries-
The Company has reviewed the affairs of all its subsidiaries
for the year and the performance of each
of its subsidiaries is given here-in-below:
Dr. Morepen Limited
During the current year sales revenue of the company at Rs.
201.812 Millions is up by 1 % against last year's revenue of Rs. 200.035
Millions. The company is seeking to promote new products and expand customer
base. It has spent extensively on marketing and sales promotion, which has
resulted in, the company reporting a cash deficit of Rs. 19.262 Millions for
the current year against surplus of Rs. 12.965 Millions generated in the
previous year.
During the year a number of new products were test marketed across
various categories. Special emphasis is being put on marketing activities, with
a view to develop and promote the new products in the market. During the year,
in order to support company's marketing campaign it has appointed famous
Bollywood actress Ms. Sonali Bendre as its Brand Ambassador for a period of 3
years. The company expects to reap good benefits of marketing campaign with Ms.
Sonali Bendre in the coming years.
Continuing the trend of introduction of new products, the
company has introduced Fever X (Fever Tablet), Head X (Head Ache tablet),
Option 72 (Emergency Contraceptive pill), Fibre X (Flavored Laxative) and Pain
X (Pain Relief ointment). These products represent categories which are having
large market share. It has resulted in large product basket catering to diverse
consumer needs round the year and thereby even out the seasonal fluctuations in
OTC business.
New product additions shall make more products available in
the customer's hand which will build up the revenue stream as also the improved
profit margins, resulting into better returns on the capital employed.
The company will continue to expand marketing and media
activity, keeping in view the potential of its OTC business. It will be more
organized and focused in planning and orgainsingthe media so that company can
derive full advantage of its media spent and financial performance of the
company improves year over year.
Total Care Limited
The directors hereby report that business of the company has
recorded income of Rs. 15.891 Millions against Rs. 22.195 Millions in the last
year, recording a drop of 28%> from last year's revenue. In a step towards
generating cash surplus, the company has been able to bring down the cash
losses to Rs. 1.901 Millions against Rs. 4.184 Millions in the previous year.
Efforts are on to make the operations viable and management is hopeful of
turnaround of the business.
Morepen Inc.
This company is their marketing and distribution interface
in
Morepen Max Inc.
This company is lying dormant in the absence of any business
opportunity and Board of Directors considers it proper to dispose off the
investment in the company at an appropriate time.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GLOBAL
PHARMACEUTICAL SCENARIO:
The size of the global pharmaceuticals market, $727 billion
in 2009, is expected to grow at compound annual growth rate of 5-8% over the
next five years. It may grow nearly $300
billion over the next five years to reach reaching $1.1 trillion in 2014. The
growth during these
coming years reflects the
impact of leading products losing
patent protection in developed
markets however strong overall
growth in the world's emerging countries.
The growth over the next five years is expected to be strong
even as the industry faces the peak years of patent expiries for innovative drugs
and subsequent entry of lower-cost generic alternatives. Over the next five
years, products with sales of more than $142 billion are expected to face
generic competition in major developed markets.
The demand for pharmaceuticals will remain robust, despite
the ongoing economic downturn
being felt in
many parts of
the world. Global pharmaceutical
sales is expected to grow at 4 - 6 percent in the year 2010, as against around
5.7% growth rate in 2009 and 4.8 percent in 2008. In publicly funded healthcare plans in
developed markets, pressure by payers
to curb drug and spending will further
intensify. However it shall be more than offset by the ongoing and rapid
expansion of demand in the emerging pharmaceutical markets of
Geographic balance of
the pharmaceutical market continues to shift
toward emerging pharma markets.
These emerging markets are expected to grow at
a 14 -17 percent till 2014, where as major developed markets will grow 3
- 6 percent. As a
result, the aggregate growth till 2014 from
these markets will be similar to
the growth experienced in developed markets in the range of $120 - $140
billion. In the past five years emerging pharma markets have shown an aggregate growth of $69 billion against
aggregate growth of $126 billion by the
developed markets.
The expansion of therapy areas shall be driven by innovation
cycle and areas of
un-covered need. As the pharmaceutical industry's research
and development programs adjust
to the broad availability of low-cost
generic options in many chronic
therapy areas, higher growth will occur
in those therapy areas
where there is significant unmet clinical need,
high-cost burden of disease, and innovative science that can bring
new treatment options to patients
The
pharmaceutical industry, especially
the generics market,
is increasingly becoming highly competitive. This, coupled with the
drying up of pipelines
of innovator companies is leading to
consolidation in the generics
and innovator industry. It has a resulted into
a new hybrid business model between innovator and
generic companies.
MOREPEN'S
STRATEGY:
The delivery of high quality drugs, formulations and diagnostic
products at low and competitive
prices has helped the
company in recording
the profitable growth in business during the year.
All the business
streams have shown great potential, with API taking lead and
maintaining its leadership position in the company. The company's API business continues to file new DMFs (Drug
Master Files) to make the product portfolio
broad based and grab any opportunity up coming on its way.
New API products introduced in the recent past have shown good results.
The company is
cementing its knowledge, in
technical and regulatory matters, for availing of business opportunities both
for supply of API's and the intermediates to multinational
as well local generic companies.
OPPORTUNITIES
AHEAD
GLOBAL
MARKETS
ACTIVE
PHARMA INGRIENDS (API):
Outlook for the
global generics industry continued to be positive. It is
expected to witness significant growth on account of opportunities arising from
the USD 80 billions drugs going
off patent in the next two
years, increasing
healthcare burden in
developed economies and
increasing healthcare costs in developing economies, where generic
pharmaceuticals generally
have an edge over the innovator
companies, due to lower price structure and better reach.
In recent times, pharmaceuticals industry has shown a
great interest in India,
due to its sustained economic growth, health
care reforms and patent-
related legislation.
Regulatory steps taken by developed countries towards
curtailing growing health care budgets are expected to boost the demand for the
generics. Further acceptance of generics with outsourcing of manufacturing by
global pharmaceutical companies to low cost locations will benefit the export
oriented Indian pharmaceutical companies.
Steady demand growth will
continue to give advantage to the domestic pharmaceutical companies of
PATENTS
FILING:
The company remains committed in building its IPR
(Intellectual Proprietary Rights)
portfolios to stay competitive in
the market place. During this year
the company has filed 2 new
patents which have taken the tally
of patents filed by the company to 49. The company has been granted
patents of 'Amorphous Atorvastatin' in US and
DOMESTIC
MARKETS
FORMULATIONS
Rx
MARKETING:
The company continues to expand its formulations business by
adding new formulations and new therapeutic categories. It has also expanded
its sales and marketing teams to service larger territories.
PRODUCT
CONTRACT MANUFACTURING (PCM):
The Company has done more business during the year in the
field of third party manufacturing and marketing of pharmaceutical products under
its own brand name. As the business model involves no additional outlay of
working capital facilities, therefore the company is able to optimally utilise
its production facilities and also earn good revenues. The company
is successful in leveraging its brand name for outsourced products and
servicing wide range of therapeutic areas.
OUTLOOK
ON THREATS, RISKS AND CONCERNS:
The performance contribution of pharmaceutical drugs is
almost the lowest in the past five years. On account tighter norms for drug
approval for new products and rigidity in quality controls, the current drugs
are still the main contributor to the performance of large pharmaceutical
companies. However over reliance of large pharmaceutical companies on
blockbuster drugs have brought great troubles and setbacks.
Large scale efforts on the cost-cutting front have already
been started and should these efforts shall continue throughout the year.
Pricing pressures because of greater-than-expected increase in competition
could moderate the anticipated profitability improvements. This would remain a
key risk factor for future margins.
CONTINGENT LIABILITIES
Rs. In Millions
|
Particulars |
As at 31st March 2010 |
|
Bank Guarantees |
2.852 |
|
Pending settlement
with banks/institutions/Fixed Deposits- Interest not provided |
0.000 |
|
Accumulated
dividend on preference shares |
0.326 |
|
Claim against
the Company not acknowledged as debt |
33.851 |
|
Liability, if any,
arising out of legal cases filed against the company by parties. |
Amount
not ascertainable |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER, 2010
Rs in Millions
|
Sr. No. |
Particulars |
Quarter ended |
Quarter
ended |
Half Year
ended |
|
|
|
30.06.2010 |
30.09.2010 |
30.09.2010 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1(a) |
Net Sales/Income from Operations |
483.950 |
574.465 |
1058.415 |
|
(b) |
Other Operating Income |
0.000 |
0.347 |
0.347 |
|
|
Total Net Operating Income (1a+1b) |
483.950 |
574.812
|
1058.762
|
|
2 |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock-in-Trade and
Work in Progress |
(52.587) |
12.249
|
(40.338) |
|
|
b) Consumption of Raw Materials |
365.178 |
381.444
|
746.622
|
|
|
c) Employee Cost |
62.776 |
68.449
|
131.225
|
|
|
d) Depreciation and Amortisation |
14.780 |
114.673
|
229.453
|
|
|
e) Other Expenditure |
61.295 |
92.891
|
174.186
|
|
|
Total Expenditure |
571.442 |
669.706
|
1241.148
|
|
3 |
Profit/(Loss) from Operations before other Income,
Interest and Exceptional Items (1-2) |
(87.492) |
(94.894) |
(182.386) |
|
4 |
Other Income |
- |
- |
- |
|
5 |
Profit / (Loss) before Interest and Exceptional Items
(3+4) |
(87.492) |
(94.894) |
(182.386) |
|
6 |
Interest |
13.948 |
17.513
|
31.461
|
|
7 |
Profit / (Loss) after Interest but before Exceptional
Items (5-6) |
(101.440) |
(112.407) |
(213.847) |
|
8 |
Exceptional Items - Income/(Expense) |
- |
- |
- |
|
9 |
Profit / (Loss) from Ordinary Activities before Tax
(7-8) |
(1010.440) |
(112.407) |
(213.847) |
|
10 |
Tax Expense |
|
- |
- |
|
11 |
Profit / (Loss) from Ordinary Activities after Tax
(9-10) |
(1010.440) |
(112.407) |
(213.847) |
|
12 |
Extraordinary Items-Income/(Expense) |
- |
- |
- |
|
13 |
Net Profit /(Loss) for the period |
(1010.440) |
(112.407) |
(213.847) |
|
14 |
Paid-up Equity Share Capital of Face Value of Rs.2/-
each |
899.586 |
899.586
|
899.586
|
|
15 |
Reserves excluding Revaluation reserves |
- |
- |
- |
|
16 |
a) Earning Per Share before Extraordinary Items (in Rs.)
- |
|
|
|
|
|
- Basic and Diluted |
(0.23) |
(0.25) |
(0.48) |
|
|
b) Earning Per Share after Extraordinary Items (in Rs.)
- |
|
|
|
|
|
- Basic and Diluted |
(0.23) |
(0.25) |
(0.48) |
|
17 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
294454615 |
294454615 |
294454615 |
|
|
- Percentage of shareholding |
65.46 |
65.46 |
65.46 |
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
610000 |
610000 |
610000 |
|
|
- Percentage of shares (as a % of the total shareholding
of promoters and promoter group) |
0.39 |
0.39 |
0.39 |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
0.14 |
0.14 |
0.14 |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
15476588 |
154761588 |
154761588 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoters and promoter group) |
99.61 |
99.61 |
99.61 |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
34.40 |
34.40 |
34.40 |
Notes:
- The above results were reviewed by the audit committee and have
been approved by the Board of Directors in its meeting held on 30th
October, 2010. A limited review of the same has been carried out by the
statutory auditors.
- The Company is exclusively engaged in the Pharmaceutical Business
segment. Capital Employed as on September 30, 2010 is Rs.5487.413
Millions.
- Consolidated Income from Operations, Loss after tax and EPS for the
quarter ended September 30th, 2010 stands at Rs. 490.639 Millions,
Rs.115.638 Millions and Rs.(0.26) respectively.
- There were no investor complaints pending at the beginning and of
the quarter. During the quarter, 18 shareholder's complaints were received
and resolved.
Rs in Millions
|
Particulars |
Half Year
ended |
|
|
30.09.2010 |
|
SHAREHOLER'S FUNDS |
(Unaudited) |
|
- Share Capital |
2096.107 |
|
- Reserves and Surplus |
2427.549 |
|
LOAN FUNDS |
1406.547 |
|
TOTAL |
5930.203 |
|
FIXED ASSETS |
4371.948 |
|
INVESTMENTS |
1219.092 |
|
CURRENT ASSETS, LOANS AND ADVANCES |
|
|
- Inventories |
306.822 |
|
- Sundry Debtors |
319.991 |
|
- Cash and Bank Balances |
31.781 |
|
- Loans and Advances |
129.327 |
|
Less : CURRENT LIABILITIES and PROVISIONS |
787.921 |
|
- Current Liabilities |
965.413 |
|
- Provisions |
31.923 |
|
NET CURRENT ASSETS |
(209.415) |
|
MISCELLANEOUS EXPENDITURE |
13.467 |
|
(To the extent not written off /adjusted) |
|
|
PROFIT and LOSS ACCOUNT (DEBIT
BALANCE) |
535.111 |
|
TOTAL |
5930.203 |
FIXED ASSETS
- Free hold Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
AS PER WEBSITE DETAILS
PROFILE
Established in the year 1984, Morepen Laboratories is a fast
growing Pharmaceutical company listed in all major stock exchanges in
Today Morepen has steadily grown from a Single product
company to a Multi activity company with a global vision and satisfied
customers in over 50 countries. It has resources of international standing;
USFDA approved manufacturing facility for API at Masulkhana (Himachal Pradesh),
adhering to the most stringent standards of quality excellence. In addition to
this state-of-the-art finished dosage and API plants at Parwanoo and Baddi (Himachal
Pradesh) have the latest cGMP guidelines, and their Quality Systems, Technical
Product Information and Documentation processes etc., are in perfect line to
meet the regulatory requirements for Exports to various countries.
Morepen has a progressive lineage of manufacturing high
quality Generic drugs and Pharmaceutical formulations backed by a strong
R&D, Regulatory and global marketing team. The big thrust of Morepen’s
strategy is, focused on creating a new category in the Indian International pharmaceutical
market vis a vis, Pharma Contract Manufacturing. Morepen aims to provide
sufficient visibility to its products and direct its business portfolio to the
high value DMFs and ANDA driven International Export Business. Apart from
leveraging its traditional strength in APIs, the Company is now concentrating
on finished formulations in both regulated and non-regulated markets.
Morepen today is the largest producer of Loratadine in the
World and presently has, over 90% market share of generic Loratadine in the
Morepen is all set to seize the Generic revolution in pharma
industry, by filing multiple DMFs for new APIs and respective ANDAs for
finished dosages. Morepen plans to fill the niche as a global pharma contract
manufacturing source by offering select finished dosage forms with its ANDAs
via contract manufacturing to major global players in regulated markets. This
is a highly focused and dynamic business model that allows Morepen to optimize
its core competencies and also allows focus on products that have synergies
with respect to the Company’s current chemistry skills. The R&D center at
Masulkhana, Parwanoo and Baddi is well equipped and hi-technology based with
over 40 scientists working on various projects primarily for new innovative
non-infringing processes and development of cost effective proprietary
technologies. The company has filed 14 patents in last three years including 6
international PCT applications. Morepen has recently filed an international
patent on a new amorphous form of the cholesterol-reducing drug Lipitor (Atorvastatin) that is the largest
selling drug in the world.
Morepen has also tied up with DrugMax Inc of
At its new finished formulations and API facility at Baddi
(HP) preparations are underway for seeking USFDA approval. The company is planning
to manufacture three anti-hypertensive drugs at this facility. These drugs,
Benazepril, Lisinopril and Ramipril are collectively valued at $2.83 billion.
Capitalizing on the recently, USFDA approved infrastructure at Masulkhana;
Morepen has added two more products to the same facility. These two molecules
Citalopram and Sertraline are anti-depressant drugs that command a combined
market size of $4.25 billion. Their Drug Master Files (DMFs) are expected to be
filed in the next 6 months.
The strategy is to focus on a few lifestyles therapeutic
segments such as Cardiovascular, Diabetes, Neuropsychiatry, Asthma and
Allergies and a few other select categories. All these categories are large and
growing and they represent lifestyle chronic diseases that have long-term
treatment therapies. A number of molecules are going off patent in the next few
years in these segments.
On the domestic side, Morepen has a large distribution base
all over
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 records 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.