.. ~ Date: 16/05/2018 To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Tel No: (022) 26598100-8114 Fax No: (022) 26598120 Symbol: MOREPENLAB BSE Limited Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Phones: 91-22-22721233/4 Fax: 91-22-22723121 Scrip Code: 500288 Subject: OutcomefResults of the meeting of the Board of Directors of the Company held on 16 th May, 2018 Dear Sir, This is to inform you that the Board of Directors of the Company, in their meeting held on Wednesday, 16 th May, 2018 (Timings: Meeting commenced at 12.00 Noon and concluded at 2.10 p.m.), have inter-alia considered and approved the Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended 31 st March, 2018, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A copy of the 'Results' alongwith the Report of the Auditors of the Company, with unmodified opinion, thereon and a declaration to that effect is enclosed herewith. Kindly acknowledge the receipt and take it on your record. Encl.: As Above Morepen Laboratories Limited Corp. Off.: 4th Floor,Antnksh Bhawan, 22 K.G.Marg, New Delhi- 110001, INDIA Tel.:+91-11-23324443,23712025, E-mail: corporate@morepen.com.website:www.morepen.com CIN NO. L24231 HP1984PLC006028 Plant & Regd. Off.: Morepen Village, Malkumajra, Nalagarh Road, Baddi, Distt. Solan (HP.) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91-1795-244591, E-mail. plants@morepen.com
Morepen Laboratories Limited CIN L2423Ull'1984PLCOO6028 Statement of Standalone Audited Financial Results For the Ouarter and Year Ended March 31 2018 (Rs.in Lakhs Particulars ( uarter Ended Year Ended 31.03.18 31.12.17 31.03.17 31.03.2018 31.03.2017 I Revenue from operations (Unaudited) Ref Not 8 Ref Note 8 Revenue from operations (Net) 15822.21 14159.43 14487.10 56083.04 54750.95 Other Income 11.96 114.20 270.49 354.01 371.58 Total Revenue 15834.17 14273.63 14757.59 56437.05 55122.53 2 Expenses a) Cost of Material Consumed 4681.14 5814.43 5799.47 22052.65 22600.19 b) Purchase of stock- in. trade 4182.24 3115.85 2538.51 11782.66 12417.71 c) Changes in inventories of Finished goods, Work -in- progress and Stock-in-trade 426.63 21.38 412.70 424.49 0,44410) d) Employee Benefits Expenses 1962.86 1634.96 1682.39 6821.90 6079.40 e) Finance Cost 79.35 89.90 114.86 429.46 747.35 f) Depreciation and Amortisation 976.97 760.09 839.15 3339.95 3356.17 g) Power and Fuel 300.14 227.65 241.09 1108.29 983.53 h) Tra velling Expenses 398.39 200.67 337.38 971.56 968.93 i) Selling and Distribution Expenses 807.48 598.35 944.38 2912.86 2903.74 j) Other Expenses 1608.29 843.24 1132.45 3981.71 4192.86 Total Expenses 15423.49 13306.52 14042.38 53825.53 52805.78 3 Profit before Exceptional Items & Tax (1-2) 410.68 967.11 715.21 2611.52 2316.75 4 Exceptional Items - Income/ (Expense) - 5 Profit before Tax (3-4) 410.68 967.11 715.21 2611.52 2316.75 6 Income Tax 7 Net Profit for the period (5-6) 410.68 967.11 715.21 2611.52 2316.75 8 Other Comprehensive Income (3.36) 16.89 6.55 10.95 (61.68 9 Total Comprehensive Income 407.32 984.00 721.76 2622.47 2255.07 10 Paid-up Equity Share Capital of Face Value ofrs.2/- 8995.86 8995.86 8995.86 8995.86 8995.86 II Reserves excluding Revaluation reserve 16060.26 13437.79 12 a) Earning Per Share (in Rs.) Basic & Diluted 0.09 0.21 0.17 0.58 0.52 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 16,2018. The statutory Auditors have carried out the Audit for the year ended March 31, 2018. 2. The Company is engaged in the Pharmaceutical Business Segment. 3. The Company has adopted Indian Accounting Standard (Ind AS) prescribed under section 133 of the Companies act, 2013, read with the relevant rules issued thereunder, from April 01,2017, with transition date of April 01, 2016. The figures for the quarter and year ended 31.03.2018 are in Compliance with Ind AS. 4. In the matter of scheme of arrangement and compromise uls 391 of the Companies Act, 1956, the Hon'ble High Court at Shimla accorded its approval vide order dt.august 4,2009. On an appeal filed by the Union Government, the Division bench remanded the matter back to the single judge, so as to give a hearing to the Central Government and decide the matter afresh. Subsequently this matter was transferred to Hon'ble National Company Law Tribunal (NCLT), Chandigarh, which rejected the scheme. On an appeal filed by the Company before Hon'ble National Company Law Appellate Tribunal (NCLAT), the Hon'ble NCLAT while issuing notice has stayed the operation of the NCL T's order dated 12.03.2018. 5. Due to carried forward losses, no provision for taxes is required to be made during the year. 6. Current quarter expesnses ofrs. 374.85 Lakhs (YTD Rs. 1120.40 Lakhs) will be amortised in the future periods as benefits arising out of this spend are expected to accrue over more than one year. 7. The figures of the previous period have been re-grouped/re-classified to conform to the current period's classification. 8. The figures for the quarter ended March 31, 2018 and March 31, 2017 are the balancing figures between audited figures in respect of the full financial year and the unaudited published year to date figures upto the third quarter ended December 31,2017 and December 31,2016. 9. Reconciliation of the net profit for the quarter ended March 31, 2017 onder Indian GAAP (Previous GAAP) and Ind AS is as under: IRs./Lakhs) Particular Quarter YearEnded #1l Ended 31.03.17 31.03.17 Net Profit for the Quarter/period as per Previous GAAP 772.87 2304.18 - Add/(Less)-AdjustmentforGAAP Differences- ;-J» I~Goyalcf (Acturial gain)/loss on defined benefits plan reclassified to OCl (6.55) 61.68 -.;: 0 cjy~~ N' 0 ; 7334N ~
Impact of reclassification of Redeemable Preference Shares as Debt (48.75) (48.75) as uer Ind AS - Provision of cumulative dividend thereon Others (2.36) (0.36) Net Profitforthe quarter/year as per Ind AS 715.21 2,316.75 10. Reconciliation of Equity as previously reported on account of transition from previous Indian GAAP to Ind AS for the year ended March 31, 20I7 is as under: (Rs.z l.akhs) Particular Year Ended 31.03.17 Equity as on March 31, 2017 as per Previous GAAP 14228.57 Add/(Less)-AdjustmentforGAAP Differences Irnpact of reclassification of Redeemable Preference Shares as Debt (782.94) as per Ind AS -Provisionof cum mula live dividend thereon Others (7.84) Equityas on March31,2018asperindAS 13,437.79 II. Statement of Assets and Liabilities: Particulars Year ended 31.03,2018 31.03.2017 A ASSETS I Non Current Assets (a) Property, Plant and Equipment 17013.84 19084.73 (b) Goodwill 1.12 1.68 (c) Other Intangible Assets 1195.24 42.83 Financial Assets : (a) Investments 11769.48 11769.48 (b) Loans 2.05 28.04 (c) Other Non-Current Assets 6003.29 5997.96 Non- Current Assets 35985,02 36924.72 2 Current Assets (a) Inventories 7394.46 6249.69 Financial Assets : (a) Investments 21.78 (b) Trade receivables 11022.27 8309.97 (c) Cash and cash equivalents 546.69 615.89 (d) Bank Balance other than Cash and Cash Equivalents 23.38 58.64 (e) Loan 44.66 32.84 (f) Other Current Assets 4026.38 2589.03 Current Assets 23079.62 17856.06 Total 59064.64 54780.78 B EQUITY AND LIABILITIES I EQUITY (a) Equity Share Capital 8995.86 8995.86 (b) Other Equity 16060.26 13437.79 Equity & Liabilities 25056.12 22433.65 2 Non - Current Liabilities Financial Liabilities' (a) Borrowings 269.69 93.58 (b) Other Financial Liabilities 172.39 164.99 (c) Provisions 1345.30 1269.21 Non- Current Liabilties 1787.38 1527.78 3 Current Liabilities Financial Liabilities: (a) Trade Payables 16489.21 11620.35 (b) Other Financial Liabilities 15238.75 18801.35 (c) Other current liablilities 366.74 268.46 (d) Provisions 126.44 129.19 Current Liabilties 32221.14 30819.35 Total 59064.64 54780.78 For and on behalf of the Board of Directors of Morepe ~~Limited Place: New Delhi Date. May 16,2018!~'") - ~ GOYal ~~~"'~P C ha ir.,,&."""""';"~ ~~ I~ 0 CJj RN. l-q 02 N 0'-".:<1 Kv" - rf
506, Ambadeep Building, 14, K G Marg New Delhi-110001 Ph.: 01149425734 mail: satindergoyalandco@gmail.com Satinder Goyal & Co. Chartered Accountants Auditor's Report on Quarterly Financial Results and Year to date results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 To Board of Directors of Morepen Laboratories Limited We have audited the accompanying Standalone financial results ("the statement") of Morepen Laboratories Limited ("the Company") for the quarter and year ended March 31, 2018, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to the fact that the figures for the quarter ended 31 March 2018 and the corresponding quarter ended in the previous year as reported in the statement are the balancing figures between audited figures in respect of full financial year and the published year to date figures up to the end of the third quarter. The Statement has been prepared on the basis of the annual financial statements and reviewed quarterly financial results up to the end of third quarter which are the responsibility of the Company's management. Our responsibility is to express an opinion on the statement based on our audit of financial statements, which have been prepared in accordance with the recognition and measurement principles laid down under section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India; and in compliance with requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement is free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed in financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion. The comparative financial information of the company for the corresponding quarter and year ended March 31, 2017 included in these financial results, are based on the previously issued financial results prepared in accordance with the recognition and measurement principles specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and audited by the previous auditor whose report for the year ended March 31, 2017 dated April 29, 2017 expressed an unmodified opinion on those financial statements. ~'?,~GOYal cf. i~frn (.0* * N)(I) 9 c: Ol,?: ~ (9/"ed ACCo'S
In our opinion and to the best of our information and according to the explanations given to us, the accompanying statement: (i) is presented in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in this regard and; (ii) give a true and fair view of the net profit and other financial information for the quarter and year ended March 31, 2018. Date: 16th May 2018 Place: New Delhi
Morepen Laboratories Limited CIN- L24231HP1984PLC006028 Statement of Consolidated Audited Financial Results Forthe Year Ended March 31 2018 Year Ended ffi.s.in Lakhs Particulars 31.03_2018 31.03.2017 I Revenue from operations Revenue from operations (Net) 60650.91 59547.41 Other Income 372.27 371.58 Total Revenue 2 Expenditure 61023.18 59918.99 a) Cost of Material Consumed 22052.65 22600.19 b) Purchase of stock - in - trade 14457.40 15514.06 c) Changes in inventories of Finished goods, Work -in- progress and Stock-in-trade 347.06 (1528.64) d) Employee Benefits Expenses 7653.37 6969.26 e) Finance Cost 435.73 756.10 f) Depreciation and Amortisation 3432.20 3390.41 g) Power and Fuel 1108.29 983.53 h) Travelling Expenses 1165.83 1193.07 i) Selling and Distribution Expenses 3044.46 3613.02 j) Other Expenses 4349.10 4064.97 Total Expenditure 58046.09 57555.97 3 Profit before Exceptional Items & Tax (1-2) 2977.09 2363.02 4 Exceptional Items - Income/(Expense) 5 Profit before Tax (3-4) 2977.09 2363.02 6 Income Tax 7 Net Profit for the period (5-6) 2977.09 2363.02 8 Share of minority interest in Profit/ Loss 17.95 (0.45 9 Net Profit after minority interest 2959.14 2363.47 10 Other Comprehensive Income 8.87 (58.79 11 Total Comprehensive Income 2968.01 2304.68 12 Paid-up Equity Share Capital of Face Value ofrs.2/- each 8995.86 8995.86 13 Reserves excluding Revaluation reserve 13598.30 10630.30 14 a) Earning Per Share (in Rs.) Basic & Diluted 0.66 0.52 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 16, 2018. The statutory Auditors have carried out the Audit for the year ended March 31, 2018. 2. The Company is engaged in the Pharmaceutical Business Segment. 3. The Company has adopted Indian Accounting Standard (lnd AS) prescribed under section 133 of the Companies act, 2013, read with the relevant rules issued thereunder, from April 01, 2017, with transition date of April 01,2016. The figures for the quarter and year ended 31.03.2018 are in Compliance with Ind AS. 4. Reconciliation of the net profit for the quarter ended March 31,2017 under Indian GAAP (Previous GAAP) and Ind AS is as under: Rs.lLakhs\ Particular Year Ended 31.03.17 Net Profit for the quarter/period as per Previous GAAP 2353.32 Add/'(Less). Adjustment for GAAP Differences- (Acturial gain)/loss on defmed benefits plan reclassified to OCI 58.79 Impact of reclassification of Redeemable Preference Shares as Debt as per lnd AS (48.75) Provision of cumulative dividend thereon Others (0.34) Net Profit for the quarter/veer as per lnd AS 2.363,P2 ~
5. Reconciliation of Equity as previously reported on account of transition from previous Indian GAAP to Ind AS for the for the year ended March 31,2017 is as under: - (Rs.lLakhs) Particular Year Ended 31.03.17 Equity as on March 31, 2017 as per Previous GAAP 11421.08 Add/(Less)- Adjustment for GAAP Differences Impact of reclassification of Redeemable Preference Shares as Debt as per Ind AS (782.94) Provision of cummulative dividend thereon Others (7.84) Eauitv as on March 31, 2018 as oer Ind AS 10,630.30 6. The figures of the previous period have been re-grouped/re-classified to conform to the current period's classification. 7. Statement of Assets and Liabilities: Particulars Year ended 31.03.2018 31.03.2017 A ASSETS I Non Current Assets (a) Property, Plant and Equipment 17239.67 19341.42 (b) Goodwill 7448.54 7,796.08 (c) Other Intangible Assets 1,741.07 42.83 Financial Assets: (a) Loans 2.05 28.04 (b) Other Non-Current Assets 7436.45 7426.02 Non- Current Assets 33867,78 34634.39 2 Current Assets (a) Inventories 7688.69 6466.49 Financial Assets : I(a) Investments 21.78 (b) Trade receivables 12185.05 9295.12 (c) Cash and cash equivalents 571.61 700.47 (d) Bank Balance other than Cash and Cash Equivalents 23.38 58.64 (e) Loan 46.31 36.28 (I) Other Current Assets 4176.04 2637.55 Current Assets 24712.86 19194.56 TOTAL 58580.64 53828.94 B EQUITY AND LIABILITIES I EQUITY (a) Equity Share Capital 8995.86 8995.86 (b) Other Equity 13598.30 10630.30 Equity & Liabilities 22594.16 19626.16 2 MINORITY INTEREST (45.42) (63.37) 3 Non - Current Liabilities Financial Liabilities: (a) Borrowings 294.73 138.34 (b) Other Financial Liabilities 282.66 282.46 (c) Provisions 1442.37 1359.23 Non- Current Liabilties 2019.76 1780.03 Place: New Delhi 4 Current Liabilities Financial Liabilities: (a) Trade Payables 17488.44 12487.94 (b) Other Financial Liabilities 15576.77 19142.03 (c) Other current liablilities 813.60 723.30 (d) Provisions 133.33 132.85 Current Liabilties 34012.14 32486.12 (Sushi! Suri) TOTAL 58580.64.p~~ 53828.94 For and on behalf of the Board of Directors of More pen Laboratories Limited Date: Mav 16, 2018 Chairman & Manazina Direttorll - \... --===--/ -- --
506, Ambadeep Building. 14, K G Marg New Delhi-11000l Ph.: 01149425734 mail: satindergoyalandco@grnail.com Satinder Goyal & Co. Chartered Accountants Independent Auditor's Report To the Board of Directors of Morepen Laboratories Limited We have audited the accompanying statement of consolidated financial results of Morepen Laboratories Limited ("the Holding Company") and its subsidiaries (the holding company and its subsidiaries together referred to as "the Group") for the year ended March 31, 2018, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This statement, which is the responsibility of the Holding Company's management and approved by the board of directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the statement based on our audit of such consolidated financial statements. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the statement is free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the statements. The procedures selected depend on the auditor' judgement, including the assessment of the risk of material misstatement of the statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair representation of the statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. We did not audit the financial statement of subsidiary viz.: Morepen Inc. included in consolidated financial results whose financial statements reflect total assets of Rs. 158.72 lakhs as at March 31, 2018, total revenue of Rs. 87.25 lakhs, total profit after tax of Rs. 3 L69 lakhs and total comprehensive income of Rs. 31.69 lakhs for the year ended on that date, as considered in the consolidated financial results. These.financial statements have been audited by other auditors whose report has been furnishe ~tjj., e management and our opinion :. ' <? c3 ~N oj( * V N /", (1 ~~ 'I:- ted A~Co
on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the reports of the other auditors. The comparative financial information of the company for the year ended March 31, 2017 included in these financial results, are based on the previously issued financial results prepared in accordance with the recognition and measurement principles specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and audited by the previous auditor whose report for the year ended March 31, 2017 dated April 29, 2017 expressed an unmodified opinion on those financial statements. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the report of the other auditor referred to above, the statement: (i) in the case of the consolidated financial results of the group includes the results for the year ended March 31,2018 of the following entities: a. Morepen Laboratories Limited b. Dr. Morepen Limited c. Total Care Limited d. Morepen Inc. (ii) is presented in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in this regard, and; (iii) gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit, total comprehensive income and other financial information of the group for the year ended March 31, 2018. For Satinder Goyal & Co. Chartered Accountants Firm's Regn. No: 027334N Date: 16th May 2018 Place: New Delhi S.K Goyal (Partner) Membership No. : 084613
..."~ Date: 16/05/2018 To, National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Tel No: (022)26598100-8114 Fax No: (022)26598120 Symbol: MOREPENLAB BSE Limited Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Phones: 91-22-22721233/4 Fax: 91-22-22723121 Scrip Code: 500288 Subject: Declaration under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 DECLARATION In compliance with the provisions of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that M/ s. Satinder Goyal & Co., Chartered Accountants (FRN - 027334N), Statutory Auditors of the Company have issued an Audit Report with unmodified opinion on Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended 31 st March, 2018. Kindly take note of the same. Thanking you. Yours faithfully, For Morepen Laboratories Limited (Ajay Sharma) Chief Financial Officer Morepen Laboratories Limited Corp. Off.: 4th Floor,Antnksh Bhawan, 22 K.G.Marg. New Delhi- 110 001. INDIA Tel.:+91-11-23324443.23712025, E-mail: corporate@morepen com.vvebsite.www.morepen com CIN NO. L24231 HP1984PLC006028 Plant & Regd. Off.. Morepen Village. Malkumajra. Nalagarh Road. Baddi, Dislt. Solan (H.P.) -173205 Tel.: +91-1795-266401-03. 244590. Fax: +91-1795-244591. E-mail. plants@morepen.com