MIRA
INFORM REPORT
|
Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
RANBAXY LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali
– 160071, Punjab |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
16.06.1961 |
|
|
|
|
Com. Reg. No.: |
16-003747 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2110.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231PB1961PLC003747 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLR10986D PTLR11862E |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Pharmaceuticals and Active Pharmaceuticals
Ingredients. |
|
|
|
|
No. of Employees
: |
Approximately
14,042 (Including its subsidiaries) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 77000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a leading global generic drug manufacturing company and
India’s largest pharmaceutical company in term of sales. It is a well established and reputed company having track. It has
diversified product offerings, dominant position in the domestic
pharmaceutical market and its established presence in the global market. It has achieved better growth in its sales during 2011 but it incurred
heavy loss from its operations. However, trade relations are reported as decent. Business is active.
Payments are reported to be regular and as per commitments, The company can be considered good for 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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (Long Term Proposed NCD) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
30.08.2012 |
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 : |
A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali
– 160 071, |
|
Tel. No.: |
91-172-2271450/ 5013655/ 6678666 |
|
Fax No.: |
91-172-2226925/ 5013376 |
|
E-Mail : |
corporate.communications@ranbaxy.com
|
|
Website : |
|
|
|
|
|
Head Office : |
12th Floor, |
|
Tel. No.: |
91-11-26452666/ 26237508 |
|
Fax No.: |
91-11-26225987 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Plot No.90, Sector 32, Gurgaon - 122 001, |
|
Tel. No.: |
91-124-4135000 |
|
Fax No.: |
91-124-4135001/ 4106490 |
|
E-Mail : |
|
|
|
|
|
Regional Head Quarters: |
Located at: v
Gurgaon [ v
Johannesburg [South Africa] v
Sao Paulo [Brazil] v
London [UK] v
Princeton [USA], v
Kuala Lumpur [Malaysia] |
|
|
|
|
Marketing Offices |
Located at: v v v v v v v v Yangon [ v v Almaty [ v v v v |
|
|
|
|
Research and |
Plot No.20, Sector - 18, Udyog Vihar Industrial Area, Gurgaon – 122
001, |
|
Tel. No.: |
91-124 2342001-10 |
|
Fax No.: |
91-124-2343545 |
|
E-Mail : |
|
|
|
|
|
Plant 1: |
Village Toansa,
P.O. Railmajra, District Nawansahar – 144533, Punjab, India |
|
|
|
|
Plant 2: |
A-41, Industrial
Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali – 160071, Punjab, India |
|
|
|
|
Plant 3: |
Industrial Area
3, A.B. Road, Dewas - 450001, Madhya Pradesh, India |
|
|
|
|
Plant 4: |
Village and PO Ganguwala,
Tehsil Paonta Sahib, District Sirmour - 173025, Himachal Pradesh, India |
|
|
|
|
Plant 5: |
Village
Batamandi, Tehsil Paonta Sahib, District Sirmour - 173025, Himachal Pradesh,
India |
|
|
|
|
Plant 6: |
E-47/9, Okhla Industrial
Area, Phase-II, Okhla, New Delhi - 110020, India |
|
|
|
|
Plant 7: |
Plot No. B-2,
Madkaim Industrial Estate, Ponda, |
|
|
|
|
Plant 8 : |
K-5, 6,7,
Ghirongi, Malanpur, District Bhind - 477116, Madhya Pradesh, India |
|
|
|
|
Plant 9 : |
Plot No. 1341
and 1342, EPIP-1, Hill Top Industrial Area, Village-Bhatolikalan
(Barotiwala), Baddi – 174103, Himachal Pradesh, India |
DIRECTORS
AS ON 31.12.2011
|
Name : |
Dr. Tsutomu Une |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Takashi Shoda |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Anthony H. Wild |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Akihiro Watanabe |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Percy K. Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh V. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Sawhney |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Patawari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Mr. Arun Sawhney |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2012)
|
Category
of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
-- |
-- |
|
|
|
|
|
|
268711323 |
64.95 |
|
|
268711323 |
64.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
268711323 |
64.95 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10711474 |
2.59 |
|
Financial Institutions
/ Banks |
596780 |
0.14 |
|
Insurance Companies |
33576972 |
8.12 |
|
Foreign Institutional Investors |
44626291 |
10.79 |
|
|
89511517 |
21.63 |
|
|
|
|
|
|
|
|
|
|
12063767 |
2.92 |
|
|
|
|
|
|
|
|
|
|
37569158 |
9.08 |
|
|
3704347 |
0.90 |
|
|
|
|
|
|
|
|
|
|
64944 |
0.02 |
|
|
2116745 |
0.51 |
|
|
55518961 |
13.42 |
|
|
|
|
|
Total Public shareholding (B) |
145030478 |
35.05 |
|
|
|
|
|
Total (A)+(B) |
413741801 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
0.00 |
|
|
8523148 |
0.00 |
|
|
8523148 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
422264949 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pharmaceuticals and Active Pharmaceuticals
Ingredients. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Dosage forms |
|
|
|
|
Tablets |
Nos. in million |
11992.70 |
4592.10 |
|
Capsules |
Nos. in million |
3698.00 |
1625.66 |
|
Dry syrups/Powders |
Bottles in
million |
78.00 |
26.97 |
|
Ampoules |
Nos. in million |
48.00 |
93.23 |
|
Vials |
Nos. in million |
35.00 |
44.76 |
|
Liquids $ |
Kilolitres |
-- |
762.16 |
|
Drops $ |
Kilolitres |
-- |
32.66 |
|
Active pharmaceuticals ingredients and drugs intermediates |
Tonnes |
1376.73 |
885.20# |
|
Ointments (including sprays) |
Tonnes |
* |
532.56 |
* In different denominations than actual production.
# Inclusive of production used for captive consumption.
$ Installed capacity is not given as the same
is manufactured by loan licensees.
NOTES:
1 In terms of
press Note no. 4 (1994 series) dated 25 October 1994 issued by the department
of Industrial Development, Ministry of Industry, Government of India and
Notification no. S.O. 137 (E) dated 01 March 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India,
Industrial licensing has been abolished in respect of bulk drugs and
formulations. Hence, there are no registered/ Licenced capacities for these
bulk drugs and formulations.
2 Installed
capacity being effective operational capacity has been calculated on a double shift
basis for dosage forms facilities except in respect of certain plants for which
installed capacity for production of Tablets has been calculated on a single
shift/triple shift and on a continuous basis for active pharmaceuticals
ingredients and drug intermediates, it may vary according to the production
mix. In addition, installed capacities does not include the installed capacity
in relation to goods produced at loan licensees and contract manufacturers.
3 Actual productions includes production at loan licensee and contract
manufacturers locations.
GENERAL INFORMATION
|
No. of Employees : |
Approximately
14,042 (Including its subsidiaries) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Credit Agricole CIB · Royal Bank of Scotland NV · Citibank NA · Deutsche Bank AG · Hong Kong and Shanghai Banking Corporation · Punjab National Bank · Standard Chartered Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower-B, DLF Cyber City, Phase – II, Gurgaon – 122002,
Haryana, India |
|
|
|
|
Holding company (also being the ultimate holding company) : |
Daiichi Sankyo Company Limited, |
|
|
|
|
Fellow Subsidiary : |
· Daiichi Sankyo India Pharma Private Limited, India (DSIN)Daiichi Sankyo · Development Limited, United Kingdom (‘U.K.’) · Daiichi Sankyo, Inc., USA |
|
|
|
|
Subsidiaries including step down subsidiaries/ partnership firms
(domestic) : |
v
Ranbaxy Drugs and Chemicals Company v
Solus Pharmaceuticals Limited v
Ranbaxy SEZ Limited v
Rexcel Pharmaceuticals Limited v
Gufic Pharma Limited v
Ranbaxy Life Sciences Research Limited v
Ranbaxy Drugs Limited v
Vidyut Investments Limited v
Solrex Pharmaceuticals Company (a Partnership
firm) |
|
|
|
|
Subsidiaries including step down subsidiaries (overseas) : |
v
Ranbaxy ( v
Ranbaxy (Hong Kong) Limited, v
Ranbaxy Inc., v
Ranbaxy v
Ranbaxy ( v
Ranbaxy v
Ranbaxy Signature, LLC. v
Ranbaxy PRP( v
Ranbaxy Australia Pty Limited, v
Lapharma v
Ranbaxy Unichem Company Limited, v
Ranbaxy USA, Inc., v
Ranbaxy v
Ranbaxy ( v
Be-Tabs Investments (Proprietary) Limited, v
Ranbaxy v
Ranbaxy NANV, The Netherlands (upto 17 November
2010) v
Ranbaxy ( v
Ranbaxy ( v
Ranbaxy Europe Limited, v
Ranbaxy ( v
Basics v
ZAO v
Terapia v
Ranbaxy Pharmaceuticals, Inc., v
Ranbaxy Laboratories Inc., v
Ohm Laboratories, Inc., v
Ranbaxy Hungary Kft, v
Terapia Distributie S.R.L., v
Ranbaxy v
Office Pharmaceutique Industriel et Hospitalier
SARL, France v
Ranbaxy Ireland Limited, v
Ranbaxy ( v
Ranbaxy Holdings ( v
Ranbaxy Do v
Laboratorios Ranbaxy, S.L., v
Ranbaxy Vietnam Company Limited, v
Ranbaxy Pharmacie Generiques SAS, France v
Ranbaxy Pharmaceuticals Canada Inc., v
Sonke Pharmaceuticals (Pty) Limited, v
Ranbaxy v
Ranbaxy v
Ranbaxy Portugal - Com E Desenvolv De Prod
Farmaceuticos Unipessoal Lda, Portugal v
Ranbaxy Beligium N.V., v
Be-Tabs Pharmaceuticals (Proprietary) Limited v
Rexcel v
Ranbaxy Morocco LLC, Morocco |
|
|
|
|
Joint Venture (Overseas) : |
v Nihon Pharmaceuticals Industry Company Limited, Japan (Investment made by Ranbaxy (Netherlands) BV, The Netherlands) (upto 8 December 2009) |
|
|
|
|
Associates (Domestic) : |
v
Zenotech Laboratories Limited v
Shimal Research Laboratories Limited (upto 30
June 2011) |
CAPITAL STRUCTURE
(AS ON 08.05.2012)
Authorised Capital : Rs.3000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.2111.325
Millions
(AS ON 31.12.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
598000000 |
Equity Shares |
Rs.5/- each |
Rs.2990.000 millions |
|
100000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.3000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
421999724 |
Equity Shares |
Rs.5/- each |
Rs.2110.000
millions |
|
|
|
|
|
NOTES:
1. Issued, subscribed
and paid up capital includes:
[i] 293,698,988
equity shares of Rs.5 each allotted as fully paid bonus shares by
capitalisation out of share premium and reserves.
[ii] 6,562,308
equity shares of Rs.5 each allotted as fully paid up pursuant to a contract
without payment being received in cash.
[iii] 7460842
Global Depository Shares (GDSs) representing 6,332,219 equity shares of Rs. 5
each constituting 1.77% of the issued subscribed and paid-up share capital of
the Company.
2. 268,711,323
equity shares of Rs.5 each are held by Daiichi Sankyo Company Limited,
3. 325,000 Equity
shares of Rs.5 each issued for cash at par to Ranbaxy ESOP Trust (Trust), set
up to administer Employees Stock Option Plan (ESOP - 2011). The Trust would
allocate the shares to the employees upon exercise of stock options from time
to time under ESOP-2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2110.000 |
2105.200 |
2102.090 |
|
|
2] Equity share warrants |
0.000 |
0.000 |
1756.590 |
|
|
3] Share application money pending allotment |
6.660 |
65.960 |
1.950 |
|
|
4] Reserves & Surplus |
35301.670 |
49152.760 |
37485.42 |
|
|
5] (Accumulated Losses) |
(18170.030) |
0.000 |
0.000 |
|
|
NETWORTH |
19248.300 |
51323.920 |
41346.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2295.890 |
1953.850 |
1758.270 |
|
|
2] Unsecured Loans |
41039.430 |
40653.300 |
31725.530 |
|
|
TOTAL BORROWING |
43335.320 |
42607.150 |
33483.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62583.620 |
93931.070 |
74829.850 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18720.010 |
17121.180 |
15934.050 |
|
|
Capital work-in-progress |
2226.210 |
3301.820 |
4149.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
34107.930 |
38044.370 |
38336.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
4199.080 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16552.310
|
14899.060
|
12304.820 |
|
|
Sundry Debtors |
36899.460
|
12926.320
|
15346.480 |
|
|
Cash & Bank Balances |
19380.390
|
27122.820
|
7541.240 |
|
|
Other Current Assets |
12677.120
|
3205.970
|
1558.740 |
|
|
Loans & Advances |
2704.530
|
11498.550
|
9648.160 |
|
Total
Current Assets |
88213.810
|
69652.720
|
46399.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
27850.800
|
12447.760
|
9075.100 |
|
|
Other Current Liabilities |
23725.990
|
12463.060
|
17483.340 |
|
|
Provisions |
29107.550
|
9278.200
|
7630.340 |
|
Total
Current Liabilities |
80684.340
|
34189.020
|
34188.780 |
|
|
Net Current Assets |
7529.470
|
35463.700
|
12210.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62583.620 |
93931.070 |
74829.850 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
76901.210 |
56721.020 |
47827.600 |
|
|
|
Other Income |
3462.610 |
10017.820 |
6047.400 |
|
|
|
TOTAL (A) |
80363.820 |
66738.840 |
53875.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
23861.060 |
21709.340 |
20480.280 |
|
|
|
Personnel expenses |
8647.870 |
7761.380 |
7284.040 |
|
|
|
Operating and other expenses |
31842.330 |
14712.200 |
13614.820 |
|
|
|
Profit before Exceptional Items and Tax Exceptional Items |
37722.850 |
4078.000 |
0.000 |
|
|
|
TOTAL (B) |
102074.110 |
48260.920 |
41379.140 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(21710.290) |
18477.920 |
12495.860 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6035.580 |
541.940 |
394.660 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(27745.870) |
17935.980 |
12101.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2740.830 |
2283.530 |
1482.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(30486.700) |
15652.450 |
10619.170 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.790 |
4165.190 |
4899.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(30520.490) |
11487.260 |
5719.840 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6828.680) |
(2532.230) |
(8265.830) |
|
|
|
|
|
|
|
|
|
|
Transfer from foreign projects reserve |
0.000 |
4.590 |
13.760 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
0.650 |
842.080 |
-- |
|
|
|
Tax on proposed dividend |
(3.150) |
139.860 |
-- |
|
|
|
Transfer to general reserve |
0.000 |
1149.000 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
(23689.310) |
6828.680 |
(2532.230) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports (excluding Nepal) |
54114.790 |
33603.180 |
27728.900 |
|
|
|
Royalty/ Technical know-how and product development |
613.160 |
790.140 |
265.900 |
|
|
|
Dividend |
11.830 |
13.060 |
9.540 |
|
|
|
Others (Freight, Insurance,
Settlement Income, Provision Written Back etc.) |
1075.380 |
3460.050 |
3360.170 |
|
|
TOTAL EARNINGS |
55815.160 |
37866.430 |
31364.510 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7592.690 |
6426.470 |
6076.740 |
|
|
|
Components and spares |
134.290 |
101.290 |
151.530 |
|
|
|
Capital Goods |
560.780 |
166.750 |
312.750 |
|
|
TOTAL IMPORTS |
8287.760 |
6694.510 |
6541.020 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(72.42) |
27.30 |
13.61 |
|
|
|
- Diluted |
(72.42) |
23.75 |
10.74 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2012 |
30.06.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
19205.220 |
15258.980 |
|
Total Expenditure |
|
15038.760 |
17015.430 |
|
PBIDT (Excl OI) |
|
4166.460 |
(1756.450) |
|
Other Income |
|
1295.920 |
610.880 |
|
Operating Profit |
|
5462.380 |
(1145.570) |
|
Interest |
|
168.500 |
1632.230 |
|
Exceptional Items |
|
3447.160 |
(5993.520) |
|
PBDT |
|
8741.040 |
(8771.320) |
|
Depreciation |
|
468.730 |
485.340 |
|
Profit Before Tax |
|
8272.310 |
(9256.660) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
8272.310 |
(9256.660) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
8272.310 |
(9256.660) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(37.98)
|
17.21
|
10.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(39.64)
|
27.60
|
22.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.51)
|
18.04
|
17.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.58)
|
0.30
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.44
|
1.50
|
1.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
2.04
|
1.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes /
No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PUNJAB AND HARYANA
HIGH COURT CASE STATUS INFORMATION SYSTEMS
CASE STATUS:
PENDING
|
Status of company Petition 30 of 2011 |
|
|
SUPRIYA PHARMACEUTICALS LIMITED VS. RANBAXY LABORATORIES LIMITED |
|
|
Pet’s Adv.: Aashish Chopra, Deepak
Su Next Date of Hearing: 8.11.2012 Next Date of Hearing: Thursday, November 08,
2012 Last Listed on: Friday, August 24, 2012 Last Type: L FIR No.: No FIR details available/ Not a criminal
case Category: Company Petitions Bench for next hearing Dt: Mr. Justice
Surya Kant, Bench SI No.6 Bench for Last Hearing Dt: Mr. Justice Surya Kant, Bench Sl No.8 |
|
|
Connected
Application (S) |
Connected Matter
(S) |
|
No Connected Application |
CA 116 of 2011 |
|
|
CA 117 of 2011 |
|
|
|
|
Case Updated on:
Friday, August 24, 2012 |
|
------------------------------------------------------------------------------------------------------------------------------
BACKGROUND
The Company together
with its subsidiaries and associate operates as an integrated international
pharmaceutical organisation with businesses encompassing the entire value chain
in the marketing, production and distribution of pharmaceutical products.
The Company’s shares
are listed for trading on the National Stock Exchange and the Bombay Stock
Exchange in
India. Its Global
Depository Shares (representing equity shares of the Company) are listed on the
Luxembourg Stock Exchange.
COMMITMENTS, CONTINGENT LIABILITIES AND PROVISIONS:
|
Particulars |
31.12.2011 (Rs. in
millions) |
31.12.2010 (Rs. in
millions) |
|
i) Claims against the Company not acknowledged as debts, under
dispute: |
|
|
|
(a) Letter of comfort on behalf of subsidiaries, to the extent of
limits |
3,681.020 |
2450.840 |
|
(b) DPCO * |
2,114.940 |
1952.900 |
|
(c) Octroi tax matters ** |
171.000 |
171.000 |
|
(d) Other matters *** |
198.530 |
187.300 |
* The Company has received
demands for payment to the credit of the Drug Prices Equalisation Account under
Drugs (Price Control) Order, 1995 (‘DPCO’) which is being contested by the
Company in respect of its various products. Further, the Company has deposited
Rs. 325.59 under protest.
** The Company has
been contesting a case with the Municipal Corporation of Mohali (MCM) under
which MCM is contesting that Octroi has to be paid by the Company at 1% as
against 0.5% being paid by the Company. The amount above represents the difference
payable.
*** These
represent cases pending at various forums on account of employee / worker
related cases, State electricity board, Punjab Land Preservation Act, etc.
ii) In respect of
matters in (b) to (d) above, the amount represents the demands received under
the respective demand/ show cause notices/ legal claims, wherever applicable.
iii) The Company
has received a draft assessment order for the Assessment Year 2008-09 from the
Income Tax authorities proposing some additions/ disallowances to its taxable
income. The Company has not accepted the same and has filed its objections
before the Dispute Resolution Panel. Pending disposal of these objections, the
amount of tax liability is not ascertainable.
iv) The Company,
directly or indirectly through its subsidiaries, severally or jointly is also
involved in certain patents and product liability disputes as at the year end.
Due to the nature of these disputes and also in view of significant uncertainty
of outcome, the Company believes that the amount of exposure cannot be
currently determinable.
v) Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances)
FIXED ASSETS:
Tangible assets
· Land
– Freehold
– Leasehold
· Buildings
· Plant and machinery
· Furniture and fixtures
· Vehicles
Intangible assets
· Product development
· Patent rights, trade marks, designs and Licenses
· Computer software
· Non-compete fee
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject
is an integrated international pharmaceuticals company. The Company is engaged
in the marketing, production and distribution of pharmaceuticals products. It
operates in two segments: pharmaceuticals and other business. Pharmaceuticals
segment comprises manufacture and trading of formulations, active
pharmaceuticals ingredients (API) and intermediate, generics, drug discovery
and consumer health care products. Other business comprises rendering of
financial services. The Company has manufacturing facilities in eight
countries, namely
Manufacture and distribution of branded generic pharmaceuticals, including antibiotics, medicines and cosmetics; active pharmaceutical ingredients (APIs).
Subject,
pharmaceutical company, is an integrated, research based, international
pharmaceutical company, producing a wide range of quality, affordable generic
medicines, trusted by healthcare professionals and patients across geographies.
Ranbaxy today has a presence in 23 of the top 25 pharmaceutical markets of the world.
The company has a global footprint in 46 countries, world-class manufacturing
facilities in seven countries and serves customers in over 125 countries. In
June 2008, Ranbaxy entered into an alliance with one of the largest Japanese
innovator companies, Daiichi Sankyo Company Limited, to create an innovator and
generic pharmaceutical powerhouse. The combined entity now ranks among the top
20 pharmaceutical companies, globally. The transformational deal places Ranbaxy in a
higher growth trajectory and it will emerge stronger in terms of its global
reach and in its capabilities in drug development and manufacturing.
BOARD OF DIRECTORS
Tsutomu Une
Chairman
Dr. Tsutomu Une
has been appointed as Non-Executive Chairman of the Board of subject, with effect
from May 24, 2009.
Rajesh V. Shah
Non-Executive Independent Director
Shri. Rajesh V.
Shah was appointed as Non-Executive Independent Director of subject on December
19, 2008. He obtained his Master of Arts degree from the University of
Cambridge, UK and Master in Business Administration degree from the
Takashi Shoda
Non-Executive Non-Independent Director
Mr. Takashi Shoda
was appointed as Non-Executive Non-Independent Director of subject, on December
19, 2008. He is a graduate from Faculty of Pharmacy,
Percy K. Shroff
Non-Executive Independent Director
Mr. Percy K.
Shroff has been appointed as Non-Executive Independent Director of subject,
with effect from 27 March 2009.
Akihiro Watanabe
Non-Executive Independent Director
Mr. Akihiro
Watanabe is Non-Executive Independent Director of subject, since December 19,
2008.
Anthony H. Wild
Non-Executive Independent Director
Dr. Anthony H.
Wild is Non-Executive Independent Director of subject, since December 19, 2008.
NEWS
RANBAXY LAUNCHES AUTHORIZED
GENERIC OF EVOXAC IN THE U.S. HEALTHCARE MARKET
Gurgaon, India,
Princeton, New Jersey - October 09, 2012
Ranbaxy Pharmaceuticals Inc. (RPI), a wholly owned subsidiary of Ranbaxy Laboratories Limited (Ranbaxy), has launched the authorized generic cevimeline hydrochloride 30 mg. capsules in the U.S. market, under an agreement with Daiichi Sankyo, Inc.
Cevimeline hydrochloride is indicated for the treatment of symptoms of dry mouth associated with Sjogren’s syndrome, an autoimmune disorder affecting the moisture-producing glands, and is presently distributed by Daiichi Sankyo, Inc. under the brand name Evoxac. Evoxac generated total annualized sales of $62.4 million in the U.S. (IMS – MAT June 2012).
Bill Winter, Vice President, Trade Sales and Distribution, North America, Ranbaxy said, “Ranbaxy is pleased to announce the launch of cevimeline hydrochloride in 30 mg. capsules, as the authorized generic of Evoxac in the U.S. This launch further underscores Ranbaxy’s resolve to bring high quality, affordable generic medicines to the U.S. healthcare system to meet the growing needs of patients and prescribers.”
Regarding the launch, Arun Sawhney, CEO and Managing Director of Ranbaxy, added, “We welcome the opportunity to launch cevimeline hydrochloride in the U.S. market. This authorized generic form of Evoxac is an excellent example of optimizing operational synergies that exists between Ranbaxy and Daiichi Sankyo, while accelerating our global business efforts. We see a continuing opportunity to leverage our combined strengths of innovation and the manufacture and marketing of affordable, high quality, generic medicines through this collaboration.”
Commenting on the launch of an authorized generic of Evoxac, Dr. Tsutomu Une, Chairman of Ranbaxy, said, “We refer to the strategy of optimizing the diverse assets of both companies as our Hybrid Business Model, that will allow both organizations to effectively seize opportunities across the full pharmaceutical value chain and product life-cycle, by leveraging the R&D and manufacturing of both Daiichi Sankyo and Ranbaxy. As such, we will continue to reinforce our respective business platforms over the longer term through this hybrid strategy.”
Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited, India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R&D has resulted in several approvals, in developed and emerging markets many of which incorporate proprietary Novel Drug Delivery Systems (NDDS) and technologies, developed at its own labs. The company has further strengthened its focus on generics research and is increasingly working on more complex and specialty areas. Ranbaxy serves its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group. Through strategic in-licensing opportunities and its hybrid business model with Daiichi Sankyo, a leading global pharma innovator headquartered in Tokyo, Japan, Ranbaxy is introducing many innovator products in markets around the world, where it has a strong presence. This is in line with the company's commitment to increase penetration and improve access to medicines, across the globe.
RANBAXY GETS APPROVAL
TO SET UP GREENFIELD MANUFACTURING FACILITY IN MALAYSIA
Kuala Lumpur,
Malaysia; Gurgaon, India, September 13, 2012
Ranbaxy Malaysia Sdn Bhd, a wholly owned subsidiary of Ranbaxy Laboratories Limited today announced that the Government of Malaysia has given approval to the company for setting up a Greenfield manufacturing facility in Malaysia as an EPP (Entry Point Project). The announcement was made by the Prime Minister of Malaysia, The Honourable Dato' Sri Mohd Najib bin Tun Abdul Razak at a ceremony held in Putrajaya, Malaysia today.
Ranbaxy will be investing around RM 125 Million (USD 40 Million) in this
project that will provide employment to over 200 people. It will be Ranbaxy's
second manufacturing facility in Malaysia.
On the approval of the new manufacturing facility, Arun Sawhney, CEO and
Managing Director, Ranbaxy said, "Ranbaxy has been providing high quality,
affordable generic pharmaceuticals to the healthcare system of Malaysia for the
last 30 years thereby helping the Government to bring down healthcare costs.
The setting up of a new manufacturing facility reinforces our commitment to the
Malaysian market. In addition to serving the local market the facility will
also export products to markets like ASEAN, Middle East, Europe, Sri Lanka,
China and other select countries".
The new facility would manufacture dosage forms including tablets and capsules
primarily in the Cardiovascular, Anti Diabetic, Anti-infective and
Gastrointestinal segments. Ranbaxy's total output in Malaysia will be increased
from 1 Billion doses/annum to 3 Billion doses/annum when the new facility is
fully operational.
Commenting on the occasion, Jeyabalan Thangarajah, Managing Director, Ranbaxy
Malaysia Sdn. Bhd. said, "We are pleased that the Government of Malaysia
has approved Ranbaxy's investment in a new manufacturing facility and the
project has been accorded Entry Point Project (EPP) status under the Government
Economic Transformational Programme (ETP)."
Ranbaxy Malaysia Sdn Bhd recently celebrated 30 years of successful operations
in Malaysia. Earlier in the year the company was awarded the 2012 Frost and
Sullivan Malaysia Excellence Award for being adjudged the Malaysian
Pharmaceutical Company of the Year in the Generics Drug Category.
Ranbaxy Malaysia Sdn Bhd (RMSB) is a joint venture company of Ranbaxy
Laboratories Limited, India and Malaysian shareholders. Established in 1982,
RMSB is today one of the major generic companies in this market providing
medicines in the Cardiovascular, CNS, Anti-infective, Gastroenterology and
Anti-viral therapeutic segments. RMSB manufacturing facility in Sungai Petani,
Kedah, Malaysia, was commissioned in 1987. RMSB employs over 300 employees in
Malaysia.
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an
integrated, research based, international pharmaceutical company producing a
wide range of quality, affordable generic medicines, trusted by healthcare
professionals and patients across geographies. Ranbaxy's continued focus on
R&D has resulted in several approvals, in developed and emerging markets
many of which incorporate proprietary Novel Drug Delivery Systems (NDDS) and
technologies, developed at its own labs. The company has further strengthened
its focus on generics research and is increasingly working on more complex and
specialty areas. Ranbaxy serves its customers in over 125 countries and has an
expanding international portfolio of affiliates, joint ventures and alliances,
ground operations in 43 countries and manufacturing operations in 8 countries.
Ranbaxy is a member of the Daiichi Sankyo Group. Through strategic in-licensing
opportunities and its hybrid business model with Daiichi Sankyo, a leading
global pharma innovator headquartered in Tokyo, Japan, Ranbaxy is introducing
many innovator products in markets around the world, where it has a strong
presence. This is in line with the company's commitment to increase penetration
and improve access to medicines, across the globe.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.52.70 |
|
|
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.