MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DIVI’S LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
7-1-77/E/1/303, Dharam Karan Road, Amarpret, Hyderabad-500016, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.10.1990 |
|
|
|
|
Com. Reg. No.: |
01-011854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.265.469 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110AP1990PLC011854 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDD00549D |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
The company is engaged in manufacturing and sale of active
pharma ingredients and intermediates. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 102000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established and a reputed company having fine track
record. Financial position of the company seems to be sound. Fundamentals are
strong and healthy. Directors are reported to be an experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA+ |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
07.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
07.10.2013 |
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.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-40-23731318)
LOCATIONS
|
Registered Office : |
7-1-77/E/1/303, Dharam Karan Road, Amarpret, Hyderabad – 500016,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-23731318/ 23731760 / 61 / 23786300 |
|
Fax No.: |
91-40-23733242 / 23786460 |
|
E-Mail : |
marketing@divislaboratories.com chemicals@divislaboratories.com |
|
Website : |
|
|
|
|
|
Factory 1 : |
Choutuppal Unit Lingojigudem Village, Choutuppal Mandal, Nalgonda – 508252, Andhra
Pradesh, India |
|
Tel. No.: |
91-8694-272092, 272260 |
|
Fax No.: |
91-8694-272685 |
|
|
|
|
Factory 2 : |
100% Export
Oriented Unit – Chippada / Divi’s Pharma SEZ / DSN SEZ Unit Chippada Village, Bheemunipatnam Mandal, Visakhapatnam-531162, Andhra
Pradesh, India |
|
Tel. No.: |
91-8922-245166 |
|
Fax No.: |
91-8922-245165 |
|
|
|
|
R and
D Centers: |
Located At: ·
B-34, Industrial Estate, Sanathnagar, Hyderabad -
500 018, Andhra Pradesh, India ·
Lingojigudem Village, Choutuppal Mandal, Nalgonda
- 508 252, Andhra Pradesh, India ·
Chippada Village, Bheemunipatnam Mandal,
Visakhapatnam-531 162, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Murali K Divi |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth / Age : |
62 Years |
|
Qualification : |
M. Pharm. Ph.D. |
|
|
|
|
Name : |
Mr. N V Ramana |
|
Designation : |
Executive Director |
|
Date of Birth / Age : |
55 Years |
|
Qualification : |
B.Sc. (Chem) |
|
|
|
|
Name : |
Mr. Madhusudana Rao Divi |
|
Designation : |
Director (Projects) |
|
Date of Birth / Age : |
14.01.1944 |
|
Qualification : |
Post-graduate degree in Structural Engineering from Mysore
University, Karnataka |
|
Date of Appointment : |
14.10.1994 |
|
|
|
|
Name : |
Mr. Kiran S. Divi |
|
Designation : |
President Director |
|
Date of Birth / Age : |
37 Years |
|
Qualification : |
B. Pharm. |
|
|
|
|
Name : |
Dr. K. Satyanarayana |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Vasudev |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Venkat Rao* |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. C. Ayyanna |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. G. Suresh Kumar |
|
Designation : |
Director |
|
Date of Birth / Age : |
22.01.1951 |
|
Qualification : |
·
MBBS from Gandhi
Medical College, Hyderabad. ·
M.S. (General Surgery)
from Gulbarga University, Karnataka. |
|
Date of Appointment : |
10.03.2001 |
|
|
|
|
Name : |
Mr. R. Ranga Rao** |
|
Designation : |
Director |
|
Date of Birth / Age : |
10.07.1951 |
|
Qualification : |
Post-graduate degree in Pharmacy from College of Pharmacy,
Manipal, Karnataka. |
|
Date of Appointment : |
03.11.2012 |
*Ceased to be a Director w.e.f.
03.11.2012
**Appointed as an additional Director w.e.f. 03.11.2012
KEY EXECUTIVES
|
Name : |
Mr. P.V. Lakshmi Rajani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. L. Kishore Babu |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
65080616 |
49.03 |
|
|
4000000 |
3.01 |
|
|
69080616 |
52.04 |
|
|
|
|
|
|
50000 |
0.04 |
|
|
50000 |
0.04 |
|
Total
shareholding of Promoter and Promoter Group (A) |
69130616 |
52.08 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
15862213 |
11.95 |
|
|
172522 |
0.13 |
|
|
24163231 |
18.20 |
|
|
40197966 |
30.28 |
|
|
|
|
|
|
12234045 |
9.22 |
|
|
|
|
|
|
8192076 |
6.17 |
|
|
945607 |
0.71 |
|
|
2033980 |
1.53 |
|
|
903780 |
0.68 |
|
|
666470 |
0.50 |
|
|
143753 |
0.11 |
|
|
319977 |
0.24 |
|
|
23405708 |
17.63 |
|
Total
Public shareholding (B) |
63603674 |
47.92 |
|
Total
(A)+(B) |
132734290 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
132734290 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and sale of active
pharma ingredients and intermediates. |
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|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Active Pharma Ingredients and Intermediates |
MTs |
4500 |
2595.39 |
Note:
Net of captive consumption of 6421.08 MTs
(Previous year 3525.88 MTs)
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
·
State Bank of Hyderabad ·
State Bank of India ·
The Lakshmi Vilas Bank Limited ·
Bank of Nova Scotia |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
Long Term
Borrowings Nature of Security : 1. Secured by equitable mortgage of specified immovable properties of the Company and further secured by first charge of all the movables (Save and except Book-debts) including movable machinery, machinery spares, tools and accessories present and future, subject to prior charge created and / or to be created in favour of the bankers on the stocks for working Capital Requirements. 2. The above Term Loans and interest due thereon have been paid upto date and there are no continuing defaults. Short Term
Borrowings Working Capital Loans from banks (Secured) : 1.
Nature of Security : Secured by hypothecation of
stocks, book debts and receivables and further secured by second charge on
fixed assets of the company) 2.
There are no defaults in repayment of loans and
interest 3.
The above loans carry interest @ 11% to 12.50%
p.a. Overdraft against Fixed Deposits from banks
(Secured) : 1.
Nature of Security : Secured by hypothecation of
Fixed Deposits of the company 2.
There are no defaults in repayment of loans and
interest 3.
The above loans carry interest @ 9.50% to 9.75%
p.a. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.V.R.K. Nageswara Rao and Company Chartered Accountants |
|
Address : |
109, Metro Residency, 6-3-1247, Rajbhavan Road, Hyderabad – 500 082,
Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
EVS and
Associates Cost Accountants |
|
Address : |
206, Raghava
Ratna Towers, Chirag Ali Lane, Hyderabad – 500 001, Andhra Pradesh, India |
|
|
|
|
Wholly Owned
Subsidiary |
·
Divis Laboratories (USA) Inc ·
Divi’s Laboratories EUROPE AG |
|
|
|
|
Company In Which
Key Management Personnel have Significant Influence : |
·
Divi’s Biotech Private Limited ·
Divis Pharmaceuticals Private Limited ·
Divi’s Resorts Private Limited ·
Touchstone Equities Limited ·
Divi’s Properties Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.2/- each |
Rs.300.000 Millions |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
132734290 |
Equity Shares |
Rs.2/- each |
Rs.265.469 Millions |
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
132734290 |
|
Shares issued during the year |
- |
|
Shares
outstanding at the end of the year |
132734290 |
Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Promoters Group : |
|
|
|
Dr.Murali
Krishna Prasad Divi |
7783500 |
5.86% |
|
Satchandra Kiran
Divi |
23000000 |
17.33% |
|
Swarnalatha Divi |
7000000 |
2.27% |
|
Nilima Motaparti |
27000000 |
20.34% |
|
Other Than Promoters Group : |
|
|
|
Reliance Capital
Trustee Company Limited |
10073608 |
7.59% |
Aggregate number of bonus shares issued during the period
of five years immediately preceding the reporting date
On 2nd August
2009, the company issued 64847975 equity shares of Rs.2/- each as fully paid
bonus shares by capitalization of general reserve and other free reserves.
Terms/rights attached to equity shares:
The company has
only one class of equity shares having a par value of Rs.2/- per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividend in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended 31st March 2013, the amount of per share dividend recognised as
distribution to equity shareholders was Rs.15/-
In the event of liquidation
of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
265.469 |
265.469 |
265.190 |
|
(b) Reserves & Surplus |
25267.312 |
21482.487 |
18015.265 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
25532.781 |
21747.956 |
18280.455 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.004 |
25.569 |
49.212 |
|
(b) Deferred tax liabilities (Net) |
865.521 |
672.872 |
549.119 |
|
(c) Other long term liabilities |
0.000 |
62.549 |
96.155 |
|
(d) long-term provisions |
23.909 |
16.462 |
28.178 |
|
Total Non-current Liabilities (3) |
910.434 |
777.452 |
722.664 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
305.145 |
502.037 |
136.244 |
|
(b) Trade payables |
1583.073 |
1573.114 |
1212.354 |
|
(c) Other current
liabilities |
1293.535 |
1346.951 |
1050.359 |
|
(d) Short-term provisions |
2334.164 |
2082.140 |
1679.249 |
|
Total Current Liabilities (4) |
5515.917 |
5504.242 |
4078.206 |
|
|
|
|
|
|
TOTAL |
31959.132 |
28029.650 |
23081.325 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9084.990 |
7381.949 |
5897.286 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
3034.144 |
1815.778 |
1037.158 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b)
Expenditure during construction period pending capitalization |
0.000 |
4.106 |
6.199 |
|
(c) Non-current Investments |
28.161 |
28.161 |
28.161 |
|
(d) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(e) Long-term Loan and Advances |
1072.705 |
1246.908 |
737.219 |
|
(f) Other Non-current assets |
0.000 |
39.276 |
36.862 |
|
Total Non-Current Assets |
13220.000 |
10516.178 |
7742.885 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4078.136 |
4770.390 |
5256.382 |
|
(b) Inventories |
8059.484 |
6509.685 |
5430.655 |
|
(c) Trade receivables |
5589.006 |
5339.672 |
3927.801 |
|
(d) Cash and cash
equivalents |
346.828 |
218.224 |
127.998 |
|
(e) Short-term loans and
advances |
598.911 |
640.303 |
581.223 |
|
(f) Other current assets |
66.767 |
35.198 |
14.381 |
|
Total Current Assets |
18739.132 |
17513.472 |
15338.440 |
|
|
|
|
|
|
TOTAL |
31959.132 |
28029.650 |
23081.325 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21288.899 |
18449.281 |
13148.695 |
|
|
|
Other Income |
485.125 |
657.607 |
292.253 |
|
|
|
TOTAL (A) |
21774.024 |
19106.888 |
13440.948 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw
materials consumed |
8978.981 |
7717.730 |
4866.797 |
|
|
|
Purchases of
Stock-in-trade |
0.943 |
1.006 |
0.000 |
|
|
|
Changes in
inventories of finished goods, work-in progress and Stock-in-trade |
(1003.310) |
(106.566) |
345.229 |
|
|
|
Employee
benefits expense |
1912.018 |
1451.562 |
1120.556 |
|
|
|
Research and
development expenses |
239.987 |
188.593 |
159.809 |
|
|
|
Other expenses |
2942.835 |
2248.269 |
1609.380 |
|
|
|
TOTAL (B) |
13071.454 |
11500.594 |
8101.771 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8702.570 |
7606.294 |
5339.177 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.765 |
37.432 |
15.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8684.805 |
7568.862 |
5324.012 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
768.956 |
620.311 |
533.515 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7915.849 |
6948.551 |
4790.497 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1801.637 |
1488.858 |
434.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6114.212 |
5459.693 |
4355.661 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16414.995 |
14211.413 |
12146.806 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
1991.014 |
1725.546 |
1325.951 |
|
|
|
Provision for Corporate Dividend Tax |
338.373 |
279.927 |
215.103 |
|
|
|
Dividend of earlier year |
0.000 |
0.549 |
0.000 |
|
|
|
Corporate Dividend Tax of earlier year |
0.000 |
0.089 |
0.000 |
|
|
|
Amount transferred to General Reserve |
1500.000 |
1250.000 |
750.000 |
|
|
BALANCE CARRIED TO
THE B/S |
18699.820 |
16414.995 |
14211.413 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
18601.633 |
16068.838 |
11811.894 |
|
|
|
Contract Research Fee |
22.439 |
58.958 |
23.840 |
|
|
|
Job work charges |
165.304 |
23.093 |
0.000 |
|
|
TOTAL EARNINGS |
18789.376 |
16150.889 |
11835.734 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4479.898 |
3486.414 |
2369.903 |
|
|
|
Packing Material |
11.166 |
17.218 |
6.724 |
|
|
|
Lab Chemicals |
20.301 |
11.819 |
6.123 |
|
|
|
Components and Spare parts |
7.575 |
7.450 |
17.929 |
|
|
|
Capital goods |
162.425 |
115.536 |
122.366 |
|
|
TOTAL IMPORTS |
4681.365 |
3638.437 |
2523.045 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.06 |
41.15 |
32.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
28.08 |
28.57 |
32.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.18 |
37.66 |
36.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
86.50 |
93.68 |
81.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.32 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.40 |
3.18 |
3.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
265.190 |
265.469 |
265.469 |
|
Reserves & Surplus |
18015.265 |
21482.487 |
25267.312 |
|
Net
worth |
18280.455 |
21747.956 |
25532.781 |
|
|
|
|
|
|
long-term borrowings |
49.212 |
25.569 |
21.004 |
|
Short term borrowings |
136.244 |
502.037 |
305.145 |
|
Total
borrowings |
185.456 |
527.606 |
326.149 |
|
Debt/Equity
ratio |
0.010 |
0.024 |
0.013 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
13,148.695 |
18,449.281 |
21,288.899 |
|
|
|
40.313 |
15.391 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
13,148.695 |
18,449.281 |
21,288.899 |
|
Profit |
4,355.661 |
5,459.693 |
6,114.212 |
|
|
33.13% |
29.59% |
28.72% |
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 |
Yes |
|
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 |
---------- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Deferred Payment
Liabilities |
|
|
|
Deferred Sales Tax Credit |
25.569 |
27.424 |
|
Less: Current maturities of long-term debt |
(4.565) |
(1.855) |
|
Total |
21.004 |
25.569 |
Notes:
Term of Repayment:
Period: 14 Years
Number of Installments due: 5
Rate of Interest: Interest free
The above liability due thereon has been paid upto date and there are no
continuing defaults.
INDUSTRY OUTLOOK
Pharmaceutical
market research firm, IMS Health forecast that the global spending on medicines
annually will grow from about $956 bn in 2011 to nearly $1.2 trillion by the
year 2016, as the pharmerging markets, biologics and generics contribute a
greater shape of spending. Developed markets will decline to 57% of global
spending due to patent expiries, slower brand spending growth and increased
cost containment actions by payers. In next five years, pharmerging markets
share of spending will increase by 10% points to 30% of global spending.
IMS Health
predicts that North and South America, Europe and Japan will continue to
account for a full 85% of the Global pharma market well into the 21st century.
The generic drug
market is gaining increasing ground over branded pharmaceuticals, with the FDA
reporting that generics account for more than 70% of prescription drugs in the
US, according to BCC Research report. The global generic drug market should
grow at a CAGR of 15% over 5 years. While US market for generic drugs is
forecast to show more than 10% CAGR, reaching $54, Japan is likely to see over
12% growth to exceed $9.5 billion in 2014.
With strong
presence both within the patented and generic active ingredient segments, your
company will continue to support its customers by offering cost competitive and
faster delivery structure.
FINANCIAL RESULTS
The company has
achieved a sales growth of 15% for the year on the back of a decent growth of
41% achieved during the last year.
They made a
provision of Rs.1609.000 Millions towards Income tax this year (including MAT
credit utilization of Rs.79.000 Millions). Provision for last year amounted to
Rs.1365.100 Millions including a MAT credit utilization of Rs.3.68 Millions. An
amount of Rs.192.600 Millions has been provided towards Deferred Tax Liability
during the year as against Rs.123.800 Millions during the previous year.
PAT amounted to
Rs.6114.200 Millions for the year, reflecting a growth of 12%. Earnings Per
Share of Rs.2/- each works out to Rs.460.600 for the year as against Rs.411.500
last year.
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED
31.03.2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
audited
|
unaudited
|
audited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
7380.100 |
6874.100 |
25071.800 |
|
|
Other Operating
Income |
25.900 |
18.600 |
67.900 |
|
|
Total Income From Operations (Net) |
7406.000 |
6892.700 |
25139.700 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
2217.800 |
2447.300 |
10318.900 |
|
|
Purchase
of stock in trade |
0.000 |
0.000 |
0.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
824.700 |
115.100 |
(1137.500) |
|
|
Employee
benefits expenses |
591.500 |
571.000 |
2254.300 |
|
|
Depreciation
and amortization expenses |
253.900 |
232.700 |
920.600 |
|
|
Other
expenses |
1153.800 |
881.400 |
3515.400 |
|
|
Total Expenses |
5041.700 |
4247.500 |
15871.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
2364.300 |
2645.200 |
9268.000 |
|
|
|
|
|
|
|
4. |
Other
Income |
93.800 |
79.100 |
839.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
2458.100 |
2724.300 |
10107.000 |
|
|
|
|
|
|
|
6. |
Finance
Cost |
9.100 |
3.500 |
20.600 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
2449.000 |
2720.800 |
10086.400 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
2449.000 |
2720.800 |
10086.400 |
|
|
|
|
|
|
|
10. |
Tax Expense |
518.400 |
530.600 |
2169.200 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
1930.600 |
2190.200 |
7917.200 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
1930.600 |
2190.200 |
7917.200 |
|
|
|
|
|
|
|
14. |
Share
of profit/(loss) of Associates |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
15. |
Minority
interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
16. |
Net
Profit / (Loss) After tax |
1930.600 |
2190.200 |
7917.200 |
|
|
|
|
|
|
|
|
Paid-up
Equity Share Capital |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Reserve
Excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
17. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
14.54 |
16.50 |
59.65 |
|
|
b)
Basic and diluted EPS after extraordinary items |
14.54 |
16.50 |
59.65 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
63603674 |
63556194 |
63603674 |
|
|
-
Percentage of Shareholding |
47.92% |
47.88% |
47.92% |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
69130616 |
69178096 |
69130616 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
52.08% |
52.12% |
52.08% |
|
Investor
complaints |
Quarter Ended 31.03.2014 |
|
pending at the beginning of the quarter |
Nil |
|
received during the quarter |
28 |
|
disposed of during the quarter |
28 |
|
unresolved at the end of the quarter |
Nil |
STATEMENTS ASSETS
AND LIABILITIES
|
PARTICULARS |
31.03.2014 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
funds |
|
|
Share Capital |
265.500 |
|
Reserves & Surplus |
30078.700 |
|
Sub total-
Shareholders' funds |
30344.200 |
|
Non-current
liabilities |
|
|
Long-term borrowings |
15.500 |
|
Deferred tax liabilities (Net) |
1216.700 |
|
Other long term liabilities |
0.000 |
|
Long-term provisions |
31.800 |
|
Sub total-Non-Current Liabilities |
1264.000 |
|
Current liabilities |
|
|
Short term borrowings |
163.200 |
|
Trade payables |
1486.900 |
|
Other current
liabilities |
1465.500 |
|
Short-term provisions |
3115.800 |
|
Sub total-Current Liabilities |
6231.400 |
|
TOTAL EQUITY AND LIABILITIES |
37839.600 |
|
|
|
|
ASSETS |
|
|
Non-current assets |
|
|
Fixed assets |
|
|
Fixed Assets |
13660.900 |
|
Goodwill
on consolidation |
0.000 |
|
Non-current Investments |
28.200 |
|
Deferred tax assets (net) |
0.000 |
|
Long-term Loan and Advances |
1190.200 |
|
Other Non-current assets |
0.000 |
|
Sub total-Non-Current Assets |
14879.300 |
|
Current assets |
|
|
Investment |
5018.800 |
|
Inventories |
8932.700 |
|
Trade receivables |
7916.300 |
|
Cash and cash
equivalents |
357.700 |
|
Short-term loans and
advances |
673.700 |
|
Other current assets |
61.100 |
|
Sub
total-Current Assets |
22960.300 |
|
TOTAL-
ASSETS |
37839.600 |
Note :
1. Ther above audited results for the quarter and year ended 31.03.2014 as reviewed by the Audit Committee, were considered and approved by the Board of Director as its Meeting held on 24.05.2014.
2. The company is primarily engaged in the manufacture of Active Pharmaceutical Ingredients and Intermediates. Accordingly there are no reportable segment as per the Accounting Standard 17 noticed under the companies act, 1956.
3. While there was a forex gain for the year
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
Audited |
Unaudited |
Audited |
|
Forex Gain / (Loss) |
(180.023) |
(53.404) |
504.179 |
Forex gain has been included in Other Income and forex loss has been included in Other Expenses.
4.
Figures for the previous year/periods have
also been regrouped or recasted, wherever necessary to confirm to current
year’s classification.
5.
Figures for the last quarter an=re balancing
figure between audited figure inrespect of the full financial year up to
31.03.2014 and the unaudited published year to date figures up to 31.12.2013,
being the date of the third quarter of the financial year which was subject to
limit review.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10024113 |
28/10/2006 |
209,000,000.00 |
The
Bank Of Nova Scotia |
6-3-346/1,
Road # 1, Banjara Hills, Hyderabad, Andhra Pradesh - 500034, India |
A06138333 |
|
2 |
90138352 |
17/06/2002 |
150,000,000.00 |
UTI
Bank Limited |
6-3-346/1,
Road # 1, Banjara Hills, Hyderabad, Andhra Pradesh - 500034, India |
- |
|
3 |
90138306 |
12/07/2002 * |
100,000,000.00 |
UTI
Bank Limited |
6-3-346/1,
Road # 1, Banjara Hills, Hyderabad, Andhra Pradesh - 500034, India |
- |
|
4 |
90138250 |
24/05/2001 * |
50,000,000.00 |
Industrial
Development Bank Of India (IDBI) |
IDBI
Tower; Wtc Complex, Cuffe Purade, Mumbai, Maharashtra - 400005, India |
- |
|
5 |
90138195 |
06/12/2000 * |
50,000,000.00 |
Industrial
Development Bank Of India |
IDBI
Tower; Wtc Complex, Cuffe Purade, Mumbai, Maharashtra - 400005, India |
- |
|
6 |
90138180 |
06/02/2000 |
50,000,000.00 |
Industrial
Development Bank Of India |
IDBI
Tower; Wtc Complex, Cuffe Purade, Mumbai, Maharashtra - 400005, India |
- |
|
7 |
90138171 |
16/12/2000 * |
40,000,000.00 |
IDBI
BANK LIMITED |
Mahavir
House, Basheer Bagh Square, Hyderabad, Andhra Pradesh - 500029, India |
- |
|
8 |
90138083 |
06/10/1999 * |
630,000,000.00 |
State
Bank of Hyderabad |
IFB;
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
9 |
90137956 |
08/12/1998 * |
672,200,000.00 |
State
Bank of Hyderabad |
IFB;
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
10 |
90136781 |
17/10/1996 * |
552,400,000.00 |
State
Bank of Hyderabad |
IFB;
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
11 |
90137918 |
19/11/2003 * |
552,400,000.00 |
State
Bank of Hyderabad |
IFB;
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
12 |
90137910 |
03/10/1996 * |
102,600,000.00 |
The
Lakshmi Vilas Bank Limited |
Kukatpally
Branch, Hyderabad, Andhra Pradesh, India |
- |
|
13 |
90137909 |
01/10/1996 * |
341,800,000.00 |
State
Bank of Hyderabad |
Industrial
Finance Branch, Panjagutta, Hyderabad, |
- |
|
14 |
90137905 |
17/10/1996 * |
70,000,000.00 |
Industrial
Development Bank Of India |
IDBI
Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
15 |
90137843 |
24/03/1997 * |
425,000,000.00 |
State
Bank of Hyderabad |
IFB;
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
16 |
90137810 |
20/04/2006 * |
37,500,000.00 |
The
Lakshmi Vilas Bank Limited |
Kukatpally,
Hyderabad, Andhra Pradesh - 500872, India |
- |
|
17 |
90137808 |
13/11/2006 * |
886,000,000.00 |
STATE
BANK OF INDIA |
Overseas
Branch, 5-9-300, Abids, Hyderabad, Andhra Pradesh - 500001, India |
- |
|
18 |
90137793 |
05/01/1996 * |
50,000,000.00 |
Industrial
Reconstruction Bank Of India |
19; Netaji
Subhas Road, Culcutta, West Bengal - 700001, India |
- |
|
19 |
90137772 |
20/08/2001 * |
220,000,000.00 |
State
Bank of Hyderabad |
IFB
Panjagutta, Hyderabad, Andhra Pradesh - 500082, India |
- |
|
20 |
90137762 |
24/11/2006 * |
1,095,000,000.00 |
State
Bank Of Hyderabad |
Industrial
Finance Branch, "Topaz" Building, Amru Tha Hills, Punjagutta,
Hyderabad, Andhra Pradesh- 500082, India |
- |
|
21 |
90137748 |
20/04/2006 * |
132,000,000.00 |
State
Bank of Hyderabad |
Industrial
Finance Branch, "Topaz" Building, Amru Tha Hills, Punjagutta,
Hyderabad, Andhra Pradesh- 500082, India |
- |
|
22 |
90137718 |
14/11/1995 * |
219,500,000.00 |
Industrial
Development Bank Of India |
Idbi
Tower, Cuffe Purade, Mumbai, Maharashtra - 400005, India |
- |
|
23 |
90137702 |
31/03/2005 * |
37,500,000.00 |
The
Lakshmi Vilas Bank Limited |
Kutapally,
Hyderabad, Andhra Pradesh - 500872, India |
- |
FIXED ASSETS:
·
Land and Development
·
Buildings
·
Plant and Machinery
·
Laboratory Equipment
·
Furniture and Fixtures
·
Data Processing Equipment
·
Vehicles
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 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.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done
by : |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
72 |
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.