Morepen Laboratories Ltd. — Interim / Quarterly Report 2019

May 4, 2019

Date: 04/05/2019

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) 26598 120 Symbol: MOREPENLAB

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 00 I Phones: 91-22-22721233/4 Fax: 91-22-2272 312 1 Scrip Code: 500288

Subject: Outcome of the meeting of the Board of Directors of the Company

Dear Sir/ Madam,

This is to inform you that the Board of Directors of the Company, in their meeting held on Saturday, 4111 May, 2019 (commenced at 12.00 Noon and concluded at 04.00 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 3ts¹ March, 2019, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15, as amended.

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.

You are requested to take the note of the same in your record.

Thanking you.

Yours faithfully,

For Morepen Laboratories Limited

(Vipul ~~ Kumar Srivastava) Company Secretary

Encl. : As above

Morepen Laboratories Limited

Corp. Off.: 4th Floor, Antriksh Bhawan, 22 K.G. Marg, New Delhi -110 001 , INDIA Tel.:+91-11-23324443, E-mail: corporate@morepen.com Website: www.morepen.com CIN NO. L24231HP1984PLC006028 Plant & Regd. Off.: Morepen Village, Malkumajra, Nalagarh Raod, Baddi, Distt Solan (H.P.) 173 205 Tel.: +91-1795-266401-03, 244590, Fax : +91-1795-244591, E-mail. plants@morepen.com

		Morepen Laboratories Limited
	Statement of Standalone Audited Financial Results	CIN- L24231HP1984PLC006028
		For the Quarter & Year Ended 31 st March, 2019			(Rs.in Lakhs except per share data
			Quarter Ended		Year Ended
		31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018
	Particulars	(Audited) Ref. Note 4	(Unaudited)	(Audited) Ref. Note4	(Audited)
	I. Revenue from operations
	Revenue from operations {Net)	20607.25	19832.41	15822.21	71724.29	56083.04
	Other Income	102.77	243.42	11.96	367.18	354.01
	Total Revenue	20710.02	20075.83	15834. 17	72091.47	56437.05
2.	Expenditure
	a) Cost of Material Consumed	9612.30	10939.92	4681.14	34308.09	22052.65
	b) Purchase of stock - in - trade	4026.42	3596.71	4 182.24	14274.29	11 782.66
	c) Changes in inventories of Finished goods, Work -in· progress and Stock-in-trade	(537.33)	(1073.32)	426.63	(1946.01)	424.49
	d) Employee Benefits Expenses	2472.44	2172.32	1962.86	8474.24	682 1.90
	e) Finance Cost	91.87	41.66	79.35	207.08	429.46
	f) Depreciation and Amortization	1094.99	904.53	976.97	3800.78	3339.95
	g) Power and Fuel	308.96	321.78	300.14	1318.15	1108.29
	h) Travelling Expenses	393.60	234.69	398.39	1092.84	971.56
	1) Selling and Distribution Expenses	888.23	896.91	807.48	3172.21	2912.86
	j) Other Expenses	1436.43	1066.82	1608.29	4528.44	3981.71
	Total Expenditure	19787.91	19102.02	15423.49	69230. 11	53825.53
3.	Profit before Exceptional Items & Tax (1-2)	922.11	973.81	410.68	2861.36	2611.52
4.	Exceptional Items - Income/ (Expense)	-	-
5.	Profit before Tax (3-4)	922.11	973.81	410.68	2861.36	2611.52
6.	Tax Expense	(212. 70)	-	-	(212. 70)
	Tax Credit Entitlements	212.70			212.70
7.	Net Profit for the period (5-6)	922.11	973.81	410.68	2861.36	2611.52
8.	Other Comprehensive Income (OCI)
	Items that will not be reclassified to Profit & Loss	(56. 18)	(170.05)	(3.36)	(171.82)	10.95
	Tax Expense	37.03		-	37.03
	Tax Credit Entitlements	(37.03'		-	(37.03'
	Total Other Comprehensive Income (Net of Tax)	(56.18)	(1 70.05)	(3.36)	(171.82)	10.95
9.	Total Comprehensive Income	865.93	803.76	407.32	2689.54	2622.47
	10. Paid-up Equity Share Capital of Face Value ofRs.2/- each	8995.86	8995.86	8995.86	8995.86	8995.86
	II. Reserves excluding Revaluation Reserve	-			18749.80	16060.26
	12. Earning Per Share (in Rs.)
	Basic & Diluted	0.21	0.22	0.09	0.64	0.58
	l. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 4,
	2019. The statutory Auditors have carried outthe Audit for the year ended March 31, 2019.
2.	The Company is engaged in the Pharmaceutical Business Segment.
3.	In the matter of Scheme of Arrangement and Compromise u/s 391 of Companies Act, 1956, the Hon'ble NCLT, Chandigarh vide its
	order dated March 12, 2018 set aside the scheme in respect ofFD holders who are still holding shares allotted earlier under the said
	scheme. The operation of aforesaid order was stayed by Hon'ble NCLAT vide its order dated April27, 2018. The Hon'ble NCLAT has
	concluded the hearing on appeal and has reserved the order for judgment.
4.	The figures for the quarter ended March 31, 2019 and March 31, 2018 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, 2018 and December 31,

201 7. 5. Sales Revenues for the quarter and year ended March 31, 2019 is net of Goods & Services Tax (GST). However, Sal.es revenues for the year ended March 31 , 2018 are inclusive of Excise Duty amounting toRs. 174.45 Lakhs. ^I

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6.	Statement of Assets and Liabilities -
	Particulars		(Audited)
			Year ended
			31.03.2019	31.03.2018
A	ASSETS
I	Non Current Assets
	(a) Property, Plant and Equipment		14542.65	17013.84
	(b) Goodwill		0.56 716.1 3	1.12 1195.24
	(c) Other Intangible Assets
	Financial Assets :		11769.48	11769.48
	(a) Investments		4.14	2.05
	(b) Loans Other Non·Current Assets		6573.16	6372.15
		Non- Current Assets	33606.12	36353.88
2	Current Assets
	Inventories		9084.16	7394.46
	Financial Assets :
	(a) Investments		2.25	21.78
	(b) Trade receivables		12196.49	11022.27
	(c) Cash and cash equivalents		935.82	546.69
	(d) Bank Balance other than Cash and Cash Equivalents		2261.71	23.38
	(e) Loans		34.71	44.66
	(f) Others		26.31 3791.32	10.10 3647.42
	Other Current Assets	Current Assets	28332.77	22710.76
	Total		61938.89	59064.64
B	EQUITY AND LIABITITIES
I	EQUITY
	(a) Equity Share Capital		8995.86	8995.86
	(b) Other Equity		18749.80	16060.26
		Equity & Liabilities	27745.66	25056. 12
2	Non - Current Liabilities
	Financial Liabilities :
	(a) Borrowings		179.15	269.69
	(b) Other Financial Liabilities		146.39	172.39
	Provisions		1785.48	1345.30
3		Non- Current Liabilties	2111.02	1787.38
	Current Liabilities
	Financial Liabilities :		898.97	-
	(a) Borrowings (b) Trade Payables		15707.84	16489.21
	(c) Other Financial Liabilities		14625.37	15238.75
	(d) Other current liablilities		735.98	366.74
	Provisions		114.05	126.44
		Current Liabilties	32082.21	32221.14
	Total		61938.89	59064.64
			For and on behalf of the Board ofDirectors	·

Place: ew Delhi Date: 4th May, 2019 Chairman & Managing Director

(Sushil Suri)

506, Ambadeep Bu1ldmg, 14. KG Marg New Delh•-110001 Ph · Oil- 49425734 ma1l satindergoyalandco@gmall com

Satinder Goyal & Co. Chartered Accountants

Independent Auditor·'s Report on Annual Standalone Financial Results of Morepen Laboratories Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of Morepen Laboratories Limited

We have audited the annual standalone financial results of Morepen Laboratories Limited (''the company") for the year ended March 31 , 2019 ("annual standalone financial results"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"). Attention is drawn to the fact that the figures for the quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these annual standalone financial results 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 of the relevant financial year.

These annual standa lone financial results have been prepared on the basis of the annual standalone 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 these annual standalone financial results based on our audit of such annual standalone financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India; and in compliance with requirement of Regulation 33 of the Listing Regulations.

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 financial results are free of material misstatement(s). 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.

Based on our audit conducted as above, in our opinion and to the best of our information and according to the explanations given to us, these annual standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, in this regard; and

(ii) give a true and fair view of the standalone net profit and other comprehensive income and other financial information for the year ended March 31, 2019.

Date : 4th May 20 19 Place : New Delhi

Morepen Laboratories Limited CIN- L24231HP1984PLC006028 Statement of Consolidated Audited Financial Results For the Qu arter & Year Ended 31st M arch, 2019

					(Rsoin Lakhs except per share data\
		Qu arter Ended Year Ended
		31.0302019	31.12o2018	31.03.2018	31.03o2019	31.03.2018
	Particulars	(Audited) Ref. Note 4	(Unaudited)	(Audited) Ref. Note4	(Audited)
I	Revenue from operations Revenue from operations (Net) Other Income	21871.70 102 077	2121505 1 243.42	17145077 30022	76853084 367018	6065009 1 372027
	Total Revenue	21974.47	21458.93	17175.99	77221.02	61023.18
20	Expenditure
	a) Cost of Material Consumed b) Purchase of stock· in- trade c) Changes in inventories of Finished goods,	9612030 4932072	10939092 4238069	4680080 5081.41	34308009 17329.47	22052065 14457040
	Work -in- progress and Stock-in-trade	(591.26)	(976024)	358030	( 19870 78)	347006
	d) Employee Benefits Expenses	2729098	2454005	2081020	9536.47	7653037
	e) Finance Cost	92o65	42o57	8Q.68	211.00	435073
	f) Depreciation and Amortization	1114071	980018	1039002	3990029	3432020
	g) Power and Fuel	308096	321.78	300014	1318015	1108029
	h) Travelling Expenses	5020 74	307.42	398039	1432073	1165o83
	i) Selling and Distribution Expenses	696065	1043.46	807.48	3273022	3044.46
	j) Other Expenses	1504083	1203030	1652087	4891.71	4349010
	Total Expenditure	20904.28	20555.13	16480.29	74303.35	58046.09
	3o Profit before Except ional Items & Tax (1 -2)	1070.19	903.80	695.70	2917.67	2977.09
4	Exceptional Items· 1ncome/(Expense)
	50 Profit before Tax (3-4)	1070. 19	903.80	695.70	2917.67	2977.09
6	Tax Expense	(2330 79)	(l2o54)	(3039)	(246033)
	Tax Credit Entitlements	212070			212070
70	Net Profit for t he period (5-6)	1049. 10	891.26	699.09	2884.04	2977.09
80	Share ofMinority Interest in Profit/(Loss)	(00191	(Oo66l	18007	(0089	17095
90	Net Profit after M inority Interest	1049.29	891.92	681.02	2884.93	2959. 14
	10. Other Comprehensive Income (OCI) Items that will not be reclassified to Profit & Loss Tax Expense	(55007) 36.33	(175.91)	2.77	(169011) 36033	8o87
	Tax Credit Entitlements	(37o03)			(37003)
	Total Other Comprehensive Income (Net of Tax)	_(55. 77)	(175.91)	2.77	(169.81)	8.87
	II Total Comprehensive Income	993.52	716 .01	683.79	2715. 12	2968.01
	120 Pa1d-up Equ1ty Share Capital of Face Value ofRso21· each	8995086	8995o86	8995086	8995o86	8995o86
	13. Reserves excluding Revaluation reserve				16313042	13598030
	140 Earning Per Share (in Rso) Basic & Diluted	0023	0020	0015	0064	0066

I The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 4, 20190 The statutory Auditors have carried out the Audit for the year ended March 31, 2019 0

2 The Company is engaged in the Pharmaceutical Business Segment.

3 In the matter of Scheme of Arrangement and Compromise u /s 391 of Companies Act, 1956, the Hon'ble NCL T, Chandigarh vide its order dated March 12, 2018 set aside the scheme in respect ofFD holders who are still holding shares allotted earlier under the said scheme. The operanon of aforesaid order was stayed by Hon'ble NCLAT vide its order dated April 27, 20180 The Hon'ble NCLAT has concluded the hearing on appeal and has reserved the order for judgment.

1. The figures for the quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between audited figures in respect of the full

financial year and the unaudited published year to date figures up to the third quarte r ended December 31, 20 18 and December 31, 2017 0 5 Sales Revenues for the quarter and year ended March 31, 20 19 is net of Goods & Services Tax (GST)o However, Sales revenues for tne..year ended March 31,2018 are inclusive ofExcise Duty amounting toRso 174 .45 Lakhso

~- ,)- )~~

	6. Statement of Assets and Liabilities -
	Particulars	(Audited)
		Year ended
		31.03.2019	31.03.2018
A ASSETS
I	Non Current Assets
		14736.71	17239.67
	(a) Property, Plant and Equipment
	(b) Goodwill	7447.98	7448.54
	(c) Other Intangible Assets	1436.25	1741.07
	Financial Assets : Loans	4.14	2.05
	Other Non-Current Assets	7945.82	7805.31
	Non- Current Assets	31570.90	34236.64
2	Current Assets
	Inventories	9420.16	7688.69
	Financial Assets :
	(a) Investments	2.25	21.78
	(b) Trade receivables (c) Cash and cash equivalents	13374.69 959.5 1	12185.05 571.61
	(d) Bank Balance other than Cash and Cash Equivalents	2261.71	23.38
	(e) Loans	39.11	46.31
	(f) Others	26.31	10.10
	Other Current Assets	3863.10	3797.08
	Current Assets	29946.84	24344.00
	TOTAL	61517.74	58580.64
B	EQUITY AND LIABILITIES
I	EQUITY
	(a) Equity Share Capital (b) Other Equity	8995.86 163 13.42	8995.86 13598.30
	Equity & Liabilities	25309.28	22594.16
2	MINORITY INTEREST	(46.31)	(45.42)
3	Non - Current Liabilities
	Financial Liabilities :
	(a) Borrowings	182.92	294.73
	(b) Other Financial Liabilities	253.65	282.66
	Provisions	1901.21	1442.37
4	Non- Current Llablltles Current Liabilities	2337.78	2019.76
	Financial Liabilities :
	(a) Borrowings	898.97
	(b) Trade Payables	16815.02	17488.44
	(c) Other Financial Liabilities	14875.81	15576.77
	(d) Other current liablilities	1188.59	8 13.60
	Provisions	138.60	133.33
	Current Liabilties	33916.99	34012.14
	TOTAL	61517.74 For and on bebalf.oftlte Board of Directors	58580.64
			'
	Place New Delhi		(Sushi! Suri)
	Date 4th May, 20 19	Chairman & Managing Director

506, Ambadeep Building, 14, KG Marg New Delhi-110001 Ph.: 011-49425734 mail : satindergoyalandco@gmail com

Satinder Goyal & Co.

Chartered Accountants

Independent Auditor's Report on Annual Consolidated Financial Results of Morepen Laboratories Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of Morepen Laboratories Limited

We have audited the annual consolidated financial results of Morepen Laboratories Limited (''the Company") and its subsidiaries (collectively referred to as ''the Group") for the year ended March 31, 2019 ("annual consolidated financial results") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India Listing Obligations and Disclostire Requirements) Regulations. 2015. Attention is drawn to the fact that the figures for the quarter ended 31 March 20 I 9 and the corresponding quarter ended in the previous year as reported in these annual consolidated financial results are the balancing figures between consolidated audited figures in respect of full financial year and the year to date consolidated fi gu res up to the end of the third quarter of the relevant financial year.

These annual consolidated financial results have been prepared on the basis of the annual consolidated financial statements and reviewed quarterly consolidated financial results up to the end of third quarter which are the responsibility of the Company's management. Our responsibil ity is to express an opinion on these annual consolidated financial results based on our audit of such annual consolidated financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015, as per section 133 of the Companies Act, 2013 and other accounting principles generally accepted in lndia; and in compliance with requirement of Regulation 33 of the Listing Regulations.

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 financial results are free of material misstatement(s). 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 signifi cant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

We did not audit the financia l statements of foreign subsidiary viz. Morepen Inc. included in consolidated financial results whose financial statements reflect total assets of Rs. 186.45 lakhs as at March 3 I, 2019, total revenue of Rs. 105.32 Iakhs, total profit after tax of Rs. 18.97 Iakhs and total comprehensive income of Rs. 18.97 lakhs for the year ended to us by the

management and our opinion 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.

Based on our audit conducted as above, in our opinion and to the best of our information and according to the explanations given to us, these annual consolidated financial results:

• (i) include the annual financial results of the following entities:
• a. Morepen Laboratories Limited
• b. Dr. Morepen Limited
• c. Total Care Limited
• d. Morepen Inc.
• (ii) have been presented in accordance with the requirement of Regulation 33 of the Listing Regulations, in this regard; and
• (iii) give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the group for the year ended March 31 , 2019.

Date: 04th May 2019 Place : New Delhi

Da te: 04/05/2019

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) 26598 120 Symbol: MOREPENLAB

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Phones: 91-22-22721233/4 Fax: 9 1-22-2272 3121 Scrip Code: 500288

Subject: Declaration under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Ref.: SEBI Circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016.

Dear Sir/ Madam,

In compl iance with the provisions of Regulation 33(3)(d) ofSEBI (Listing Obligations and Disclosure Requirements) Regulati ons, 2015, as amended, read alongwith SEBI Circular no. CIRICFD/CMD/56/2016 dated May 27, 20 16, we, Morepen Laboratories Limited ('the Company'), hereby declare that M/s. Satinder Goyal & Co., Chartered Accountants (FRN :027334N), Statutory Auditors of the Company have issued Audit Repo11s with unmodified opinion on Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Financial Year ended March 31,2019.

Kindly take note of the same.

Thanking you.

Yours faithfully,

Morepen Laboratories Limited

(Ajay Sharma) Chief Financia l Officer

Morepen Laboratories Limited

Corp. Off.: 4th Floor, Antriksh Bhawan, 22 K.G. Marg, New Delhi -110 001, INDIA Tel.:+91-11-23324443, E-mail: corporate@morepen.com Website: www.morepen.com CIN NO. L24231HP1984PLC006028 Plant & Regd. Off.: Morepen Village, Malkumajra, Nalagarh Raod, Baddi, Distt. Solan (H.P.) 173 205 Tel.: +91-1795-266401-03, 244590, Fax : +91-1795-244591, E-mail: plants@morepen.com