MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYLAN LABORATORIES LIMITED |
|
|
|
|
Formerly Known
As : |
MATRIX LABORATORIES LIMITTED (w.e.f
21.03.2001) |
|
|
|
|
Registered
Office : |
Plot No.564/A/22 Road No.92, Jubilee Hills |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.11.1984 |
|
|
|
|
Com. Reg. No.: |
01-005146 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.312.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231AP1984PLC005146 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM02247A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM3491M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (API) |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A(58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 65330000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. The company
is doing well. Financial position of the company appears to be sound. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Long Term Bank Loan Facility) |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
19.12.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Cash Credit) |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
19.12.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Debt Programme) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
19.12.2011 |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No.564/A/22 Road No.92, Jubilee Hills |
|
Tel. No.: |
91-40-277003636/30496666/ 23550543 |
|
Fax No.: |
91-40-27700343/30866699 |
|
E-Mail : |
nagaraj.bodige@matrixlabsindia.com nagarajgoud.bodige@matrixlabsindia.com apisales@maylan.in (APIs) fdfsales@mylan.in (Formulations) careers@mylan.in (Careers) |
|
Factory 1: |
Survey No. 10, |
|
|
|
|
Factory 2: |
Plot Nos 38, 39, 40, 49, 50 &
51 Phase - IV, IDA Jeedimetla Hyderabad - 500 055 |
|
|
|
|
Factory 3: |
Plot No.36, Phase IV IDA Jeedimetla Quthbullapur
Mandal R.R.Dist, |
|
|
|
|
Factory 4: |
Plot No. 16/B/1 S.V. Co-operative Indistrial Estate,
Jeedimetla Quthbullapur Mandal R.R. Dist - 500 055 |
|
|
|
|
Factory 5: |
Survey No: 10/A, Model Industrial Estate
Gaddapotharam, Jinnaram Mandal Medak District - 502 319 |
|
|
|
|
Factory 6: |
Plot Nos. 14, 99 and 100, Chemical Zone, Pashamylaram,
Patancheru Mandal Medak District - 502 319 |
|
|
|
|
Factory 7: |
G. Chodavaram Village Poosapatirega mandal
Vizianagaram District - 535 204 |
|
|
|
|
Factory 8: |
Plot No. 5 Road No. 12, Visakhapatnam District Andhra Pradesh - 531 021 |
|
|
|
|
Factory 9: |
Plot No. 1A/2, MIDC, Taloja Dist. Raigad, |
|
|
|
|
Formulations Plant: |
Plot No: F-4 & F-12, MIDC |
|
R and D Centers 1: |
Plot No. 34/A, Anrich Industrial Estate Bollarum,
Medak District |
|
|
|
|
R and D Centers 2: |
Plot Nos.38,39,40,49,50&51 Phase IV, IDA
Jeedimetla Hyderabad, Andhra Pradesh |
|
|
|
|
R and D Centers 3: |
Survey No. 10 & 42, Gaddapotharam, Kazipally
Industrial Area, Jinnaram Mandal, Medak District, Andhra Pradesh. |
|
|
|
|
R and D Centers 4: |
Clinical Research Centre, Saradhi Chambers A-4, Rukminipuri,
Beside Poulomi Hospital Dr. A.S. Rao Nagar, Hyderabad - 500 062 Andhra
Pradesh. |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Rajiv Malik |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B- 6B, Gangotri Alaaknanda, |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.03.1961 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.07.2005 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
00120557 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Dr. B Hari Babu |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Chief Operating Officer Whole Time Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
11, Sai Ansh Arcade, Duragavihar Nagar Coly, Trimulghery, Secunderabad
– 500015, |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.07.1964 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.01.2009 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
01119687 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sanjeev Sethi |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Plot No. 24, Quitelands, Gatchibowli, Hayderabad – 500008, |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.07.1967 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.10.2009 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
012168682 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. B Nagaraj Goud |
|
Designation : |
Secretary |
|
Address : |
H.No. 5-14-88, Indiranagar Colony II APHB Colony, Movalai, |
|
Date of Birth/Age : |
02.12.1977 |
|
Date of Appointment : |
07.10.2009 |
|
Pan No.: |
AGYPB3840P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
SHARE HOLDING DETAILS FILE ATTACHED
As on 24.09.2010
EQUITY SHARES BREAK – UP
|
Category |
|
Percentage |
|
Nationalized other Bank |
|
0.01 |
|
Mutual Funds |
|
0.03 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.40 |
|
Bodies corporate |
|
1.61 |
|
Other top fifty shareholders |
|
0.20 |
|
Others |
|
97.75 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (API) |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
The Hongkong and |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Foot Notes: A)Short term loan from Bank - 2072.05 Loan from Holding Company -
2373.450 B)Short term loan from Bank - 250 Loan from Holding Company - 1336.620 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Hasking and Sells Chartered Accounts |
|
Address : |
Gowra Grand, III Floor, 1-8-1-384- and 385, |
|
Pan No. : |
AACFD3771D |
|
|
|
|
Holding Company: |
MP Laboratories Limited,( |
|
|
|
|
Ultimate Holding Company: |
Mylan Inc. |
|
|
|
|
Associates/Subsidiaries : |
· Astrix Laboratories Limited ·
Matrix Laboratories ( ·
Matrix ·
Subsidiaries of Matrix · Matrix Laboratories Inc ·
Matrix Laboratories ( · Matrix Laboratories BVBA ·
Subsidiaries of Matrix Laboratories ( ·
Matrix Pharma Group ( · Matrix Laboratories Inc ·
Subsidiaries of Matrix Pharma Group ( · Jiangsu Matrix Pharmaceutical Chemical Company Limited · Mchem Research and Development Company Limited · Shanghai Fine Source Company Limited. ·
Matrix Laboratories( ·
Subsidiaries of Matrix Laboratories ( · Xiamen Beacon Pharmaceutical Manufacturing Company, Limited ·
Subsidiaries of Matrix Laboratories BVBA - ·
·
Subsidiaries of ·
·
·
Docpharma · Servipharma SA ·
·
· DAA Pharma SA · Farma 1 SARL · DCI Pharma SA · Hospithera SA ·
|
|
Fellow
Subsidiaries: |
· Mylan Pharmaceuticals Inc. · Mylan Pharmaceuticals ULC · 3 Mylan Seiyaku Limited · Gerard Laboratories Limited · Alphapharm Pty. Limited. · Mylan India Private Limited ·
Mylan ( · Mylan Technologies Inc. · Mylan SAS · Mylan Newzealand Limited · Docpharma BVBA · Mylan GMBH ·
Mylan Pharmaceuticals S.L. ·
· Xixia Pharma Private Limited |
CAPITAL STRUCTURE
As .on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156340000 |
Equity Shares |
Rs.2/- each |
Rs.312.680Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
312.680 |
312.680 |
309.227 |
|
|
2] Share Application Money |
0.000 |
0.000 |
82.729 |
|
|
3] Reserves & Surplus |
16020.810 |
11209.180 |
8384.030 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16333.490 |
11521.860 |
8775.986 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3883.690 |
4502.920 |
4488.466 |
|
|
2] Unsecured Loans |
4472.690 |
1616.130 |
1989.623 |
|
|
TOTAL BORROWING |
8356.380 |
6119.050 |
6478.089 |
|
|
DEFERRED TAX LIABILITIES |
1154.600 |
947.100 |
757.046 |
|
|
|
|
|
|
|
|
TOTAL |
25844.470 |
18588.010 |
16011.121 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11534.430 |
8583.060 |
6131.951 |
|
|
Capital work-in-progress |
1187.650 |
1334.140 |
1475.072 |
|
|
|
|
|
|
|
|
INVESTMENT |
2617.950 |
1766.570 |
2318.980 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9827.240
|
6335.130 |
3763.870 |
|
|
Sundry Debtors |
5772.680
|
4843.890 |
4914.107 |
|
|
Cash & Bank Balances |
146.120
|
86.010 |
19.998 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2465.910
|
1657.380 |
1052.080 |
|
Total
Current Assets |
18211.950
|
12922.410 |
9750.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5288.710
|
3710.560 |
|
|
|
Other Current Liabilities |
2261.330
|
2107.690 |
3332.041 |
|
|
Provisions |
157.470
|
199.920 |
332.896 |
|
Total
Current Liabilities |
7707.510
|
6018.170 |
3664.937 |
|
|
Net Current Assets |
10504.440
|
6904.240 |
6085.118 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25844.470 |
18588.010 |
16011.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28444.150 |
18680.260 |
14886.750 |
|
|
|
Other Income |
1352.500 |
830.010 |
353.097 |
|
|
|
TOTAL (A) |
29796.650 |
19510.270 |
15239.847 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material Changes in Inventories |
14194.860 |
9162.290 |
|
|
|
|
Manufacturing service Expenses |
2156.480 |
1451.240 |
|
|
|
|
Employee related expenses |
1928.320 |
1344.250 |
|
|
|
|
Administrative selling other Expenses |
1774.670 |
1256.030 |
|
|
|
|
Research development expenditure |
2533.600 |
2329.440 |
|
|
|
|
TOTAL (B) |
22587.930 |
15543.250 |
11144.297 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7208.720 |
3967.020 |
4095.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
432.660 |
509.810 |
509.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6776.060 |
3457.210 |
3385.743 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
601.880 |
464.440 |
335.819 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6174.180 |
2992.770 |
3249.924 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1516.980 |
854.430 |
680.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4657.200 |
2138.340 |
2569.714 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5002.550 |
2864.210 |
294.496 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9659.750 |
5002.550 |
2864.210 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.79 |
13.71 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.63
|
10.97 |
16.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.71
|
16.02 |
21.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.76
|
13.92 |
20.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.26 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
1.05 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.15 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes
|
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
Yes
|
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L24231AP1984PLC005146 |
|
Name of the
company |
MATRIX LABORATORIES LIMITTED |
|
Address of the
registered office or of the principal place of business in |
Plot No.564/A/22 Road No.92, Jubilee Hills |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10198643 |
|
Type of charge |
·
Any Interest in Immovable property ·
Book debts ·
Movable property ( not being pledge) ·
Others |
|
Particular of
charge holder |
The Hongkong and |
|
Nature of
description of the instrument creating or modifying the charge |
First
supplemental Deed of Hypothecation dated 28th September for first
pari passu chargee over all the current assets of the company and second pari
pass charge over all he fixed assets of the company |
|
Date of
instrument Creating the charge |
2909.2011 |
|
Amount secured by
the charge |
Rs.1800.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest
shall be payable by the company on the facilities as per banks tariff,
Subject however that the bank shall have the right to change the rate of
interest after giving notice of the company. Terms of repayment: In
consideration of banking
facilities sanctioned/to be sanctioned by the banks to the company, the
company has charged to the banks all current assets and fixed assets the
company to secure the repayments of the advances by way of credit facilities
together with interest cost and all other charges. Margin: The
company shall maintain such margin as may be specified by the bank from time
to time Extent and other operation of the
charge: In
case the company fails to fulfill obligation under the agreement, the bank
shall be entitled to take possession of the charged assets of the com[any and
sell them by public auction or private contract and utilize the proceeds in
full or part settlement of its claims Others: Not
Applicable |
|
Short particulars
of the property charged (Including location of the property) |
First
pari passu charge on entire current assets and second paari passu charge o
fixed assets more fully described in
the attached Deed of Hypothecation. |
|
Particulars of
the present modification |
Enhancement
of credit facilities from INR Rs.400.0000 Millions to INR Rs.1800.000
Millions |
AS PER WEB SITE DETAILS
PROFILE:
Subject is a
subsidiary of U.S.-based Mylan Inc. (Nasdaq: MYL), is one of the world’s largest
manufacturers and suppliers of active pharmaceutical ingredients (APIs). Based
in
Mylan Labs
maintains an impressive portfolio of finished dosage forms (FDF) of generic
antiretrovirals (ARVs), used to treat adults and children living with HIV/AIDS
in more than 100 countries. Mylan’s product offerings also include complex
solid dosage forms for markets across the world.
Mylan Labs operates
multiple state-of-the-art API and FDF facilities located in
Overall, Mylan Labs
has a workforce of more than 9,000 in
Their parent
company, U.S.-based Mylan Inc., and its affiliates, rank among the world’s
leading generics and specialty pharmaceutical companies and provide products to
customers in more than 150 countries and territories. Mylan maintains one of
the industry's broadest and highest quality product portfolios supported by a
robust product pipeline. With its global workforce of more than 18,000, Mylan
works around the clock and around the globe to help provide the world’s 7
billion people access to high quality medicine. Their global network of
employees is obsessed with quality and dedicated to Innovation, Integrity,
Reliability, Service and Teamwork.
PRESS RELEASE
Mylan Reports a 51% Increase in Third Quarter 2012
Adjusted Diluted EPS to $0.83
Raises 2012 adjusted diluted EPS guidance range to
$2.50 - $2.60
Expects full year adjusted operating cash flow to hit record of approximately
$1 billion
Financial Highlights
·
Adjusted diluted EPS of $0.83 for the three months ended September 30, 2012
compared to $0.55 for the same prior year period,
an increase of 51%
·
Total revenues of $1.81 billion for the three months ended September 30,
2012 compared to $1.58 billion for the same prior
year period, an increase of 15%
·
On a GAAP basis, diluted EPS
of $0.51 for the three months ended
September 30, 2012 compared to $0.36 for the
same prior year period, an increase of 42%
·
Adjusted diluted EPS of $1.94 for the nine months ended September 30, 2012
compared to $1.51 for the same prior year period,
an increase of 28%
·
Total revenues of $5.09 billion for the nine months ended
September 30, 2012 compared to $4.60 billion
for the same prior year period, an increase of 11%
·
On a GAAP basis, diluted EPS
of $1.13 for the nine months ended
September 30, 2012 compared to $0.92 for the
same prior year period, an increase of 23%
·
Adjusted operating cash flow
of $818 million for the nine months ended
September 30, 2012, an increase of 30%. On a GAAP basis, cash flow from
operating activities of $652 million for the nine
months ended September 30, 2012
Mylan Chief Executive Officer, Heather Bresch
commented: "Mylan delivered another outstanding quarter of top- and
bottom-line growth, with strong double-digit growth in our Specialty,
"As a result of this strong operational performance, we again are
raising our earnings guidance for 2012 and now expect adjusted diluted EPS of $2.50 to $2.60. Looking to next year, we continue to
remain confident in our 2013 adjusted diluted EPS target of $2.75, as well as our longer term target of $6.00 in adjusted diluted EPS in 2018. We look forward to
providing detailed guidance for 2013 in conjunction with the announcement of
our full year 2012 results. Our continued expected growth will come from a
combination of continuing to maximize our existing global platform, executing
against our strategic growth drivers, and leveraging our significant financial
flexibility to enhance shareholder value."
John Sheehan, Mylan's Chief
Financial Officer, added: "The third quarter was the best in Mylan's
history in terms of operating cash flow and we continue to invest this cash in
the future growth drivers of our business by fueling R&D and investing in
capital expenditures. As a result of our strong performance so far this year,
we now anticipate 2012 adjusted operating cash flow of approximately $1 billion, which is at the very upper end of our
previous expectations, and now expect 2012 adjusted free cash flow of
approximately $700 million."
Financial Results Summary
For the three months ended September 30, 2012, Mylan reported total
revenues of $1.81 billion compared to $1.58 billion in the comparable prior year period, an
increase of $234.0 million or 14.8%. The effect of
foreign currency translation had an unfavorable impact of approximately 5% on
total revenues primarily reflecting a stronger U.S. Dollar in comparison to the
currencies of the other major markets in which Mylan operates. Translating
total revenues for the current quarter at prior year comparative period
exchange rates would have resulted in year-over-year growth of approximately $308 million, or 20%.
A tabular summary of Mylan's revenues for the three and nine months ended
September 30, 2012 and 2011 is included at the end of this release. Also
included at the end of this release are the reconciliations of adjusted
financial results to the most closely applicable GAAP financial result.
Third party net revenues from Mylan's Generics segment, which are derived
from sales in North America, Europe, the Middle East
and Africa (collectively, EMEA) and Australia, India, Japan and New Zealand (collectively,
Asia Pacific) were $1.50
billion in the quarter ended September 30, 2012, compared to $1.36 billion in the comparable prior year period,
representing an increase of $137.4 million, or
10.1%, or an increase of approximately 16% when excluding the unfavorable
effect of foreign currency translation.
Third party net revenues from
Third party net revenues from EMEA were $325.6 million
for the current quarter, compared to $350.9 million
for the comparable prior year period, representing a decrease of $25.3 million, or 7.2%. Foreign currency translation had
a negative impact on sales for the current quarter, principally reflecting the
strengthening of the U.S. Dollar versus the Euro. Translating current
quarter third party net revenues from EMEA at prior year comparative period
exchange rates would have resulted in an increase in third party net revenues
of approximately $12 million, or 3%. This increase
was principally the result of an increase in revenues in
Third party net revenues from Asia Pacific
were $339.2 million for the current quarter,
compared to $310.6 million for the comparable prior
year period, an increase of $28.6 million, or 9.2%.
However, foreign currency translation had a negative impact on sales for the
current quarter, principally reflecting the significant strengthening of the
U.S. Dollar versus the Indian Rupee. Excluding the effect of foreign currency,
calculated as described above, third party net revenues would have increased by
approximately $64 million, or 21%. This increase is
primarily driven by higher revenues at Mylan Laboratories Limited (formerly
Matrix Laboratories Limited), Mylan's subsidiary in
For the current quarter, Mylan's Specialty segment reported third party net
sales of $294.1 million, an increase of $80.1 million, or 37.4%, from the comparable prior year
period of $213.9 million. The most significant
contributor to Specialty segment revenues continues to be the EPIPEN®
auto-injector, sales of which increased as a result of favorable pricing and
volume, including growth in the overall market. The EPIPEN® auto-injector is
the number one epinephrine auto-injector for the treatment of severe allergic
reactions.
Gross profit for the three months ended September 30, 2012, was $788.5 million and gross margins were 43.6%. For the
three months ended September 30, 2011, gross profit was $658.4 million, and gross margins were 41.8%. Adjusted
gross profit, as further defined below, for the three months ended
September 30, 2012 was $940.6 million and
adjusted gross margins were 52% as compared to adjusted gross profit of $763.9 million and adjusted gross margins of 48% in the
comparable prior year period. The increase in adjusted gross margins was
primarily the result of new product introductions in
Earnings from operations were $329.9 million
for the three months ended September 30, 2012, compared to $265.9 million for the comparable prior year period.
Adjusted earnings from operations for the three months ended September 30,
2012 was $512.7 million as compared to adjusted
earnings from operations of $387.6 million in the
comparable prior year period. This increase was driven by higher gross profit
in the current year, as discussed above, partially offset by increases in
research and development costs ("R&D") and selling, general and
administrative costs ("SG&A"). R&D increased due primarily to
the expenses related to the development of the respiratory and biologics
programs as well as the timing of internal and external product development
projects. SG&A increased as a result of increased marketing costs in our
Specialty segment, and higher employee benefit costs.
Interest expense for the three months ended September 30, 2012,
totaled $76.1 million, compared to $85.8 million for the comparable prior year period.
Adjusted interest expense for the three months ended September 30, 2012
was $61.2 million as compared to adjusted interest
expense of $73.2 million in the comparable prior
year period. The decrease was the result of lower interest expense on variable
rate debt instruments primarily due to the refinancing of our credit agreement
in November 2011.
Other income, net, was $10.9 million in the
current quarter compared to $12.1 million in the
comparable prior year period. Generally included in other income, net, are
foreign exchange gains and losses and interest and dividend income.
Net earnings attributable to Mylan Inc. increased $54.6
million, or 34.8%, to $211.3 million for the
three months ended September 30, 2012 as compared to $156.7
million for the prior year comparable period. Adjusted earnings
increased $103.5 million or 43.5% to $341.3 million for the three months ended
September 30, 2012 as compared to adjusted earnings of $237.8 million for the prior year comparable period.
EBITDA, which is defined as net income (excluding the non-controlling
interest and income from equity method investees) plus income taxes, interest
expense, depreciation and amortization, was $514.1 million
for the quarter ended September 30, 2012, and $419.6
million for the comparable prior year period. After adjusting for
certain items as further detailed below, adjusted EBITDA was $567.0 million for the current three-month period and $446.8 million for the comparable prior year
period.
For the nine months ended September 30, 2012, Mylan reported total
revenues of $5.09 billion compared to $4.60 billion in the comparable prior year period. Third party
net revenues for the nine months ended September 30, 2012 were $5.04 billion compared to $4.58
billion for the comparable prior year period, representing an increase
of $461.7 million, or 10.1%. Revenues were
unfavorably impacted by the effect of foreign currency translation, generally
reflecting a stronger U.S. dollar as compared to the currencies in other major
markets in which Mylan operates. Translating third party net revenues at prior
year exchange rates would have resulted in year-over-year growth in third party
net revenues, excluding foreign currency, of $633 million,
or approximately 14%.
Generics third party net revenues were $4.39 billion
for the nine months ended September 30, 2012, compared to $4.14 billion in the comparable prior year period,
representing an increase of $249.5 million, or
6.0%, or an increase of approximately 10% when excluding the unfavorable effect
of foreign currency translation.
Third party net revenues from
Third party net revenues from EMEA were $987.9 million
for the nine months ended September 30, 2012, compared to $1.12 billion for the comparable prior year period, a
decrease of $130.8 million, or 11.7%. Excluding the
unfavorable effect of foreign currency, calculated as described above, the
decrease was approximately $41 million, or 4%. This
decrease was the result of unfavorable pricing, due to government imposed
reductions and competitive market conditions in a number of European markets in
which Mylan operates, partially offset by new product introductions throughout Europe and favorable volume in
In Asia Pacific, third party net revenues
were $945.4 million for the nine months ended
September 30, 2012, compared to $897.6 million
for the comparable prior year period, an increase of $47.8
million, or 5.3%. Excluding the unfavorable effect of foreign currency,
calculated as described above, the increase was approximately $125 million, or 14%.This increase is primarily driven by
higher third party sales at Mylan Laboratories Limited.
Specialty reported third party net revenues of $654.8
million for the nine months ended September 30, 2012, an increase
of $212.2 million, or 47.9% over the comparable
prior year period amount of $442.7 million.
This increase was the result of higher sales of the EPIPEN® auto-injector.
Gross profit for the nine months ended September 30, 2012 was $2.15 billion and gross margins were 42.3%. For the
comparable prior year period, gross profit was $1.92
billion and gross margins were 41.7%. Adjusted gross profit for the nine
months ended September 30, 2012 was $2.52 billion
and adjusted gross margins were 50% as compared to adjusted gross profit of $2.20 billion and adjusted gross margins of 48% in the
comparable prior year period.
Earnings from operations were $834.1 million
for the nine months ended September 30, 2012, compared to $758.1 million for the comparable prior year
period. Adjusted earnings from operations for the nine months ended
September 30, 2012 were $1.28 billion as
compared to adjusted earnings from operations of $1.11
billion in the comparable prior year period. This increase was driven by
higher gross profit in the current year, as discussed above, partially offset
by increases in R&D and SG&A. R&D increased due primarily to the
expenses related to the development of the respiratory and biologics programs as
well as the timing of internal and external product development projects.
SG&A increased as a result of increased marketing and employee benefit
costs, including increased costs for retirement and post-employment programs.
Interest expense for the nine months ended September 30, 2012, totaled
$234.1 million, compared to $254.8
million for the comparable prior year period. Adjusted interest expense
for the nine months ended September 30, 2012 was $182.9
million as compared to adjusted interest expense of $218.0 million in the comparable prior year period.
Other income, net, for the current nine-month period was $13.1 million compared to $22.5
million in the comparable prior year period.
Net earnings attributable to Mylan Inc. increased $71.6
million, or 17.6%, to $478.9 million for the
nine months ended September 30, 2012 as compared to $407.3
million for the prior year comparable period. Adjusted earnings
increased $153.1 million, or 23.0%, to $819.8 million for the nine months ended
September 30, 2012 as compared to adjusted earnings of $666.7 million for the prior year comparable period.
EBITDA was $1.27 billion for the nine months
ended September 30, 2012, and $1.17 billion
for the comparable prior year period. After adjusting for certain items
as further discussed below, adjusted EBITDA was $1.43
billion for the current nine month period and $1.27
billion for the comparable prior year period.
Cash Flow
Adjusted cash provided by operating activities was $818
million for the nine months ended September 30, 2012, compared to $627 million for the comparable prior year period. The
increase in adjusted cash provided by operating activities was principally the
result of an increase in profitability. On a GAAP basis, cash provided by
operating activities was $652 million for the nine
months ended September 30, 2012, compared to $426
million for the comparable prior year period. Capital expenditures were
approximately $160 million in the current year as
compared to approximately $168 million in the same
prior year period.
Non-GAAP Financial Measures
Mylan is disclosing non-GAAP financial measures when providing financial
results. Primarily due to acquisitions, Mylan believes that an evaluation of
its ongoing operations (and comparisons of its current operations with historical
and future operations) would be difficult if the disclosure of its financial
results were limited to financial measures prepared only in accordance with
accounting principles generally accepted in the U.S. (GAAP). In addition to
disclosing its financial results determined in accordance with GAAP, Mylan is
disclosing certain non-GAAP results that exclude items such as amortization
expense and other costs directly associated with the acquisitions as well as
certain other expense, revenue and operating cash flow items in order to
supplement investors' and other readers' understanding and assessment of the
company's financial performance, because the company's management uses these
measures internally for forecasting, budgeting and measuring its operating
performance. In addition, the company believes that including EBITDA and
supplemental adjustments applied in presenting adjusted EBITDA pursuant to our
credit agreement is appropriate to provide additional information to investors
to demonstrate the company's ability to comply with financial debt covenants
(which are calculated using a measure similar to adjusted EBITDA) and assess
the company's ability to incur additional indebtedness. Whenever Mylan uses
such a non-GAAP measure, it will provide a reconciliation of non-GAAP financial
measures to the most closely applicable GAAP financial measure. Investors and
other readers are encouraged to review the related GAAP financial measures and
the reconciliation of non-GAAP measures to their most closely applicable GAAP
measure set forth below and should consider non-GAAP measures only as a
supplement to, not as a substitute for or as a superior measure to, measures of
financial performance prepared in accordance with GAAP.
Below is a reconciliation of GAAP net earnings attributable to Mylan Inc.
and diluted GAAP EPS to adjusted net earnings attributable to Mylan Inc. and
adjusted diluted EPS for the three and nine months ended September 30,
2012 and 2011 (in millions, except per share amounts):
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
||||||||||||||||||
|
GAAP net earnings attributable to Mylan
Inc. and diluted GAAP EPS |
$ |
211.3 |
|
$ |
0.51 |
|
$ |
156.7 |
|
$ |
0.36 |
|
$ |
478.9 |
|
$ |
1.13 |
|
$ |
407.3 |
|
$ |
0.92 |
||
|
Purchase accounting related amortization
(included in cost of sales) (a) |
130.6 |
|
|
|
104.1 |
|
|
|
308.9 |
|
|
|
278.1 |
|
|
||||||||||
|
Litigation settlements, net |
8.0 |
|
|
|
2.2 |
|
|
|
(2.0) |
|
|
|
28.5 |
|
|
||||||||||
|
Interest expense, primarily amortization
of convertible debt discount |
6.6 |
|
|
|
12.6 |
|
|
|
27.2 |
|
|
|
36.8 |
|
|
||||||||||
|
Non-cash accretion and fair value
adjustments of contingent consideration liability |
8.0 |
|
|
|
— |
|
|
|
32.0 |
|
|
|
— |
|
|
||||||||||
|
Clean energy investment subsidiary revenue
(b) |
(8.0) |
|
|
|
— |
|
|
|
(20.4) |
|
|
|
— |
|
|
||||||||||
|
Restructuring & other special
items included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cost of sales |
29.4 |
|
|
|
1.4 |
|
|
|
77.3 |
|
|
|
7.6 |
|
|
||||||||||
|
Research and development expense |
4.2 |
|
|
|
2.2 |
|
|
|
7.0 |
|
|
|
3.0 |
|
|
||||||||||
|
Selling, general and administrative
expense |
18.8 |
|
|
|
11.8 |
|
|
|
66.2 |
|
|
|
36.8 |
|
|
||||||||||
|
Other income, net |
(0.1) |
|
|
|
— |
|
|
|
1.0 |
|
|
|
(1.2) |
|
|
||||||||||
|
Tax effect of the above items and other
income tax related items |
(67.5) |
|
|
|
(53.2) |
|
|
|
(156.3) |
|
|
|
(130.2) |
|
|
||||||||||
|
Adjusted net earnings attributable to
Mylan Inc. and adjusted diluted EPS |
$ |
341.3 |
|
$ |
0.83 |
|
$ |
237.8 |
|
$ |
0.55 |
|
$ |
819.8 |
|
$ |
1.94 |
|
$ |
666.7 |
|
$ |
1.51 |
||
|
Weighted average diluted common shares
outstanding |
411.6 |
|
|
|
431.6 |
|
|
|
422.8 |
|
|
|
441.8 |
|
|
||||||||||
|
|
|||||||||||||||||||||||||
(a) Purchase accounting related amortization
expense for the three and nine months ended September 30, 2012 and 2011 includes
in-process research and development asset impairment charges of $41.6 million
and $16.2 million, respectively.
(b) Adjustment represents exclusion of revenue
related to Mylan's ownership of a clean energy investment subsidiary, the
activities of which qualify for tax credits under section 45 of the Internal
Revenue Code. Amount is included in other revenue.
Below is a reconciliation of GAAP net earnings
attributable to Mylan Inc. to adjusted EBITDA for the three and nine months
ended September 30, 2012, and 2011 (in millions):
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
||||||||
|
GAAP net earnings attributable to Mylan
Inc. |
|
$ |
211.3 |
|
|
$ |
156.7 |
|
|
$ |
478.9 |
|
|
$ |
407.3 |
|
|
Add adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Net contribution attributable to the noncontrolling
interest and equity method investees |
|
0.8 |
|
|
0.7 |
|
|
1.7 |
|
|
1.6 |
|
||||
|
Income taxes |
|
52.8 |
|
|
34.8 |
|
|
132.4 |
|
|
116.9 |
|
||||
|
Interest expense |
|
76.1 |
|
|
85.8 |
|
|
234.1 |
|
|
254.8 |
|
||||
|
Depreciation and amortization (a) |
|
173.1 |
|
|
141.6 |
|
|
424.1 |
|
|
386.5 |
|
||||
|
EBITDA |
|
$ |
514.1 |
|
|
$ |
419.6 |
|
|
$ |
1,271.2 |
|
|
$ |
1,167.1 |
|
|
Add adjustments: |
|
|
|
|
|
|
|
|
||||||||
|
Stock-based compensation expense |
|
9.7 |
|
|
11.6 |
|
|
32.1 |
|
|
32.8 |
|
||||
|
Litigation settlements, net |
|
8.0 |
|
|
2.2 |
|
|
(2.1) |
|
|
28.5 |
|
||||
|
Restructuring & other special
items |
|
35.2 |
|
|
13.4 |
|
|
124.4 |
|
|
42.1 |
|
||||
|
Adjusted EBITDA |
|
$ |
567.0 |
|
|
$ |
446.8 |
|
|
$ |
1,425.6 |
|
|
$ |
1,270.5 |
|
|
|
||||||||||||||||
|
|
||||||||||||||||
For the three and nine months ended September 30,
2012 and 2011 depreciation and amortization expense includes in-process
research and development asset impairment charges of $41.6 million and $16.2
million, respectively.
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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.