Four s fortnightly pharma health track 9th july - 21st july 2012

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Four s fortnightly pharma health track 9th july - 21st july 2012

  1. 1. 9 J U L Y ’ 1 2 – 2 1 J U L Y ’ 1 2 PharmaHealth TrackResearch4India Fortnightly update on the Indian Healthcare Industry In The Spotlight ContentsUnfair practices: Pharma cos GlaxoSmithkline,Pfizer, Johnson & Johnson and others fined $13bn in 4 years News of the fortnight 1In the past four years, leading members ofBig Pharma like GlaxoSmithkline, Pfizer, Johnson &Johnson, AstraZeneca, Merck, Abbot, Eli Lilly and Investment Activity 2Allergen have paid about $13 billion in fines to settlecharges of misleading marketing, promisingwhat drugsdont do, bribing doctors to get their drugs News Update 4prescribed, causing sometimes fatal side-effects, andother crimes. The patients targeted by them rangedfrom children to dementia afflicted senior citizens. Stock Market Updates 8An analysis of their total revenues and the income fromthe drugs they are charged with shows that while huge, Peer Benchmarking 9the fines are at best slaps on the wrist - their jaw-dropping revenues far outweigh the penalties. About Four-S Services 11GlaxoSmithKline was fined $3 billion by the US justicedepartment for marketing drugs for unapproved uses,paying kickbacks to doctors and Medicare system,downplaying known risks of certain drugs. About Research4IndiaPfizer, the worlds biggest pharma company with annual Research4India is the researchrevenue of over $67 billion last year, paid up $2.3 services arm of Four-S Services Pvtbillion in 2009 to settle a similar investigation. Ltd. Here we provide regular research reports on key sectors of the IndianFour of Pfizers controversial drugs had topped $1 economy, and large unlistedbillion in sales before coming under a cloud. Johnson & companies in these sectors. TheseJohnson has appealed against an Arkansas judgesruling to cough up $1.2 billion for off-label marketing of reports will be available on ourRisperdal, Medicaid fraud and paying kickbacks to upcoming sitenursing care provider Omnicare. www.research4india.com, as well as from leading international researchAbbott Laboratories aggressively pushed the anti- sellers like Thomson Reuters,epilepsy blockbuster drug Depakote on elderly Bloomberg, Research and Markets,dementia patients saying that it helped control their CapitalIQ etc.agitation. There was no evidence that it did so. Thisyear, Abbott agreed to settle all claims for $1.6 billion. Research4India is the research services arm of Four-S Services Pvt Ltd, a leading provider of high-end research, financial consulting and Investment banking services. For subscription / custom queries, please contact Seema Shukla at seema@four-s.com
  2. 2. PharmaHealth TrackInvestment ActivityPE Deals in M&E in 2012 Date Investor Target Stake Amount Strategy (%) ($mn) India Innovation Fund, Shantani Proteome 17-Jul Blume Ventures Analytics Pvt Ltd NA NA Early Evolvence India Life Dr. Agarwals 13-Jul Sciences Fund Healthcare NA 12.5 Growth 6-Jul Nirvana Holdings Asvas NA NA Early Rajasthan Venture International Oncology 4-Jul Capital Fund Services Pvt Ltd NA 3.7 Early Super Religare13-Jun NYLIM Jacob Ballas, IFC Laboratories NA 66.0 Late16-May Tano Capital Shilpa Medicare NA 1.8 PIPE 3-May Rajasthan Venture Capital Fund Frontier Lifeline Pvt Ltd 11 NA Growth27-Apr Accel Partners and IDG Ventures India Forus Health NA 5 Early 2-Apr Advent International Care Hospitals NA 105 Late15-Mar Vasan Healthcare GIC 100 NA Late28-Feb Accentia Technologies Berggruen Holdings, Ltd Cycladic Capital NA NA PIPE20-Feb Sahyadri Hospital IDFC Project Equity NA 38 Late25-Jan Kerala Institute of OrbiMed, Ascent Capital Medical Science NA 33.3 Late20-Jan Songs Investments Be Well Hospitals NA NA Growth18-Jan Olympus Capital DM Healthcare NA 100 Growth11-Jan Sequoia Capital, Omidyar Network Healthkart.Com NA 5.1 Early12-Jan NEA, DaVita Inc NephroLife Care NA 25 GrowthThe space saw 17 deals till date.Research4India 2
  3. 3. PharmaHealth TrackMergers & Acquisitions in M&E in 2012 Date Acquirer Target Stake Amount Type of (%) ($mn) deal Cosme Farma Adcock Ingram Laboratories - some Healthcare 10-Jul Healthcare assets NA 12.68 Services The Serum Netherlands Vaccine Institute of India Institute - production 3-Jul Limited biz NA 40 Pharma28-Jun Bliss GVS Pharma Kremoint Pharma 70 NA Pharma New Vision Laser29-May Centre For Sight Centre NA 10 Hospitals Healthcare21-May HealthKart.com MadeinHealth.com 100 NA Services Decision Resources Healthcare16-May Piramal Healthcare Group 100 635 Services Star Drugs26-Apr Strides Arcolab Ltd Formulations Plant 100 23.8 Pharma Ahlcon Parenterals22-Mar B Braun (India) Ltd 26 17 Pharma29-Feb Rapid Nutrition Cheminnova Remedies 74 NA Pharma Guru 6-Feb Radiant Life Care Harkishan Hospital NA 77 Hospitals Nova Medical 6-Feb Centers Helios Hospitals 100 NA Hospitals 1-Feb Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Hospitals Aanjaneya Apex Drugs and 2-Feb Lifecare Intermediaries Ltd 100 50 Pharma 1-Feb Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Diagnostic Watson Ascent Pharma Health 24-Jan Pharmaceuticals Ltd. NA 393 Pharma 17-Jan Dishman Pharma Creapharm Parenterals 100 NA PharmaThe space saw 16 deals till date.Research4India 3
  4. 4. PharmaHealth Track Corporate News UpdateWockhardt completes restructuring; to exit 13, Company expect CRAMS to generate aroundCDR cell this quarter `. 100 millions additional revenues.Debt-ridden drug maker Wockhardt seems to be Venus Remedies introduces “Ready-to-out of the woods. As per reports, the company Use” Single Vial Taxedol in Indiahas successfully completed its corporate debtrestructuring (CDR) exercise and it will be Venus Remedies Limited, (BSE Code 526953) a leading research based global pharmaceuticalexiting the CDR cell this quarter. As per the company has introduced for the first time aterms and conditions of the CDR exercise, nanotechnology based “Ready-to-Use” SingleWockhardt was supposed to pay banks a Vial Docetaxel in the domestic market underrecompense amount of ` 2.20bn. Of this, the the brand name “TAXEDOL”.company has already paid back ` 1 bn and theremaining amount of ` 1.2 bn will be paid by “TAXEDOL is ready to use single vialthe end of this month. formulation available in three strengths 20mg/0.5 ml, 80mg/2 ml and 120mg/3ml. ThisWockhardt restructured its ` 30bn debt in 2009, is having the advantage of requiring a singlewhen it came upon hard times following the dilution step in suitable infusion solutions priorglobal economic downturn. It subsequently to administration. Thus, offering cost-effectivedefaulted on foreign currency convertible bonds solution to patients.” Moreover research at( FCCBs) to the tune of $110 million. Venus Medicine Research Center has established that this novel technology is uniqueSince then, the company has sold a number of and will offer significant therapeutic advantagenone core assets including its nutritional brands over all available similar and competingbusiness to Danone. According to sources, products.Wockhardt is using proceeds from the Danonedeal to pay the debt. TAXEDOL (Docetaxel) is a single unit stable, pharmaceutical formulation which has lesserInd Swift Labs wins first order for contract impurities in comparison to innovator product.research This one vial formulation of Docetaxel will notTowards its goal to achieve the revenues from only make the administration of the drug easierContract Research and Manufacturing Services by introducing the premix solution but at the(CRAMS), Ind-Swift Labs has bagged its first same time will provide enhanced safety tocontract research order from a patients and para-medical staff. Furthermore, the nano-scale size of the formulation results inLeading European Pharmaceutical Company The improved penetration, higher efficacy, improvedcontract is the first order bagged by the CRAMS safety and lesser side effects. The formulationteam headed by Dr Rajesh Naik, Head of comprises of Docetaxel in nano particle formCRAMS and R&D. which gives 11% higher cancer cell killing potential as compared to existing Docetaxel.Strategically Company has decided to focus on “We have received very positive response fromCRAMS as it has state of the art Research and the medical fraternity especially for the 120mgDevelopment centre equipped with latest strength as it is convenient not only for theequipments and top class scientific talent, to medical staff but also for the patienthandle such contracts and generate additionalrevenues and better profitability. For FY 2012- Research4India 4
  5. 5. PharmaHealth TrackGileads Truvada gets FDA approval for approximately US$3.6 billion on an equityHIV-1 risk basis, or approximately US$3 billion net of cash and debt, and represents a premium of 99% toFood and Drug Administration gives approval the HGS closing price of US$7.17 per share onfor one of its drugs to include reducing the risk 18 April 2012, the last day of trading beforeof acquiring HIV-1, the virus that causes AIDS HGS publicly disclosed GSK’s initial privateto Gilead Sciences Inc. offer. The Boards of Directors of both companies have approved the transaction.Gileads Truvada received FDA approval as apreventative medication for individuals at high The transaction is well aligned with GSK’s long-risk of acquiring HIV, the first drug to get such term strategy of delivering sustainable growth,an approval. simplifying GSK’s business model, enhancing R&D returns and deploying capital withAnushakti Chemicals to merge with Aarti discipline.Industries Settlement of Somaxon PharmaceuticalsChemicals and pharma manufacturer Aarti Ind. patent suit in US soon: ZydusBoard has given an in-principle approval for themerger of the manufacturing division Ahmedabad-based Zydus Cadila has agreed toof Anushakti Chemicals and Drugs with it. settle a patent litigation suit with US-based Somaxon Pharmaceuticals for insomnia drug -Anushakti Chemicals is an associate company of Silenor. The proposed settlement came twoAarti with 49.67 per cent stake, and is into days after the US Company settled similarmanufacturing of various speciality chemicals litigation with Mylan Pharmaceuticals and Parwith applications into end-user segments of Pharmaceuticals. Mylan Pharma gets exclusiveperformance chemicals, agrochemicals and rights to launch generic version of Silenor inpharmaceuticals. 2020.The company has its manufacturing units at Last June, Somaxon Pharmaceuticals Inc andBhachau in Gujarat, Tarapur and Dombivali ProCom One Inc filed a lawsuit against Zydusnear Mumbai. In FY2011-12, Anushakti Cadila challenging its application to make aposted profit-before tax of ` 392mn on a copycat version of Somaxons insomnia drug -turnover of ` 3395mn out of which exports Silenor. In the suit, company alleged that Zydusstood at ` 992mn. For the same period, Aarti infringed two patents by filing an applicationreported a revenue of ` 1.65bn and exports of ` seeking approval from the US Food and Drug963mn. Administration to market generic version ofGSK to acquire Human Genome for US$3bn Silenor 3mg and 6mg tablets. Silenor is prescribed for the treatment of insomnia orGSK is set to acquire full ownership of sleep disorder.BENLYSTA, albiglutide and darapladib.Acquisition will be accretive to GSK core Dr. Reddys launches Atorvastatin Calciumearnings in 2013. Tender offer amended to TabletsUS$14.25 per share and extended until 27 July Dr. Reddys Laboratories has launched2012. Atorvastatin Calcium Tablets 10 mg, 20 mg, 40GlaxoSmithKline plc and Human Genome mg and 80 mg, a bioequivalent generic versionSciences announced that the companies have of Lipitor (atorvastatin calcium) tablets in theentered into a definitive agreement under which US market on July 17, 2012 following theGSK will acquire HGS for US$14.25 per share in approval by the United States Food & Drugcash. The transaction values HGS at Administration (USFDA) of Dr.Reddys AnndaResearch4India 5
  6. 6. PharmaHealth Trackfor atorvastatin calcium tablets. The Lipitor through a state government. Natco hasbrand had U.S. sales of approximately $8.07 obtained the licence under the Drugs andbillion for the most recent twelve months Cosmetics Act, which allows a generic companyending March 2012 according to IMS Health. to apply for a licence of a patented productLast year DRL entered into a settlement after four years of its launch. Natco and Heteroagreement with Pfizer to resolve litigation over Pharmaare locked in a patent infringementcholesterol lowering Lipitor tablets. New York- battle with BMS over the same drug at the Delhibased Pfizer had sued Dr Reddys in 2009. High Court since 2009. Natco officials have confirmed that they started selling the drugBiocon seeks marketing alliances in from June this year and the company has pricedseveral emerging markets Dasatinib at 9,000 for a month, as compared to 1 lakh charged by BMS.Bangalore-based Biocon is planning to forgepartnerships as well as leverage existing Cadila Pharmaceuticals and Novavax toalliances to augment the access and penetration develop malaria vaccine using virus likeof its biosimilar molecules. The company has as particle technologyof now regional partners in 32 geographiesincluding Brazil, Mexico, China and Japan. The Cadila Pharmaceuticals will develop acompanys new insulin facility in Malaysia new malaria vaccine using virus like particlestarted last September and will help to take its (VLP) technology. Ranbaxybiosimilar insulin and analogs to the global Laboratories and Cipla have launched anmarkets. The company is also looking at indigenously developed malaria drug in the lastoptimising its regional partnership approach to six months to tap the huge market for a diseasecarve out a large slice of the global insulin that afflicts 210 million people globally. Somemarket. In the Novels portfolio, the company 650,000 people die because of the diseasehad received positive outcomes from phase III every year and 40 per cent of the worldstrial in Psoriasis for Itolizumab, the anti-CD6 population lives in malaria-prone regions ofmolecule targeted at autoimmune disorders like Africa, Asia, and Central & South America.plaque psoriasis and rheumatoid arthritis. Cadila will develop the drug along with its US partner Novavax Inc in a project funded by theNatco Pharma begins sales of Bristol Indian government. CPL Biologicals, a jointMyers cancer drug Dasatinib venture of Novavax and Cadila, will be engagedHyderabad-based generic drugmaker Natco in development of vaccine.Pharma has started selling copies of global USFDA revokes warning to Cadilapharma major Bristol Myers Squibbs cancer Healthcaredrug Dasatinib, sold under the brand nameof Sprycel, in the Indian market, after it got a The US drug regulator has revoked its earliermarketing licence from the Uttarakhand warning letter to Ahmedabad-based Cadilagovernment to sell a generic version of the Healthcare Ltd conveying that the facilities atdrug. The move is sure to kick off a fresh Moraiya are acceptable.controversy in the regulatory framework overpatent issues. The FDA had issued a warning letter in June last year for not meeting US drug manufacturingIn the past, drug companies have approached norms. It said, there was a significant violationtheDrug Controller General of India (DCGI) to of Current Good Manufacturing Practice (CGMP)obtain manufacturing licences for selling drugs regulations for finished pharmaceuticals atin the country. However, this is one of the Cadilas Moriya plant.rarest of rare case, where a drugmaker hasapplied for a licence of a patented productResearch4India 6
  7. 7. PharmaHealth TrackStrides Arcolabs Canadian arm forms JVwith Jamp Pharma Criti Tech of US, Finoso Pharma form jointAgila Specialties Pharma Corporation, Canada, venturewhich is part of the injectable drug division ofStrides Arcolab, a globally renowned generic US-based drug development company Critidrug manufacturer, has formed a joint venture Tech has formed a joint venture with thewith Jamp Pharma, a Canadian generic drug Hyderabad-based formulations developmentcompany, to introduce a variety of quality services firm Finoso Pharma. Both theinjectable generic drugs in Canada. This sales companies will invest ` 50mn in the jointand marketing joint venture will operate under venture - Finotech Pharma - with an equalthe name Agila-Jamp Canada Inc in which partnership and use super critical technology toAgila will hold 70% stake and the remaining improve efficacy of active pharmaceutical30% by Jamp Pharma. The JV will ingredients, or APIs, used in various drugs.be headquartered in Boucherville, Quebec. Close to 30 scientists of Finoso will work for theAgila-Jamp will be launching around 40 joint venture using the patented technology ofproducts in the next 2 years. Many of these Criti Tech. Both the partners are currentlyproducts have already been approved by Health talking to three Indian pharmaceuticalCanada and will be immediately launched companies to deploy theirthrough local hospitals and pharmacists. The technology. Finotechs revenues will come fromexisting sales force at Jamp Pharma will be three sources- a processing fee for developingresponsible to introduce the entire Agila-Jamp the API jointly with the client, a fee for aproduct portfolio. feasibility study and a royalty on the final product if the developer is able to patent it.South Africa-based Adcock Ingram buysCosme Farma for ` 4.8bn Govt limits MNCs supply of essential drugs on local buySouth Africa-based drug maker AdcockIngram has acquired privately-held Cosme Foreign drug makers buying stake inIndianFarma for ` 4.8bn, a 13 times premium over pharmaceutical companies will now be requiredCosmes revenues. It is the first multinational to manufacture and supply essential medicinesacquisition of this year, which needs an FIPB to the local market only for five years.approval from the Indian government. With a An inter-ministerial panel, which is settingrevenue of ` 27 bn, Adcock is the second conditions for stake purchases in Indianlargest pharma company in South Africa pharmaceuticals companies, has decided toafterAspen Pharma. In India, it has a presence restrict the period as it is of the view thatthrough a JV with Bangalore-based Medreich essentiality of a drug as well as its demandPharma, which supplies Codeine formulations to changes over time. The condition for localAdcock. Codeine is a form of morphine used in manufacture and supply was imposed topain killers. Cosmes 900-plus medical address concerns of the health ministry, whichrepresentatives and a pan-India distribution argued that increasing acquisitions of Indianchannel helped it command such a premium drug companies could result in shortage ofvaluation, and its presence in pain management essential drugs in the country. Now this mayand dermatology segment was another discourage MNCs from buying local firms toattractive factor. divert production to international market.Research4India 7
  8. 8. PharmaHealth Track Stock Market UpdateShare Price PerformanceAs on 20 Jul Market2012 Cap Price Percentage Change (%) In ` Mn In ` 1W 1M 3M 6M 1 YearSun Pharmaceutical 647291 625 1.34 3.36 6.15 18.44 24.64Dr Reddys Lab 273595 1611 -2.14 1.37 -10.34 -2.05 2.82Cipla 262154 327 -0.73 5.80 1.68 -2.64 2.96Lupin 254160 569 2.57 8.21 3.48 29.19 23.22Ranbaxy Lab 203616 482 -1.55 -0.67 -6.69 3.02 -10.27Cadila Healthcare 180701 883 13.31 18.67 21.69 35.64 0.10Glaxosmithkline 176140 2080 2.14 2.59 -7.21 5.98 -9.66DiviS Lab 143638 1082 3.45 12.77 29.65 39.37 31.54Glenmark Pharma 103646 383 0.41 4.15 20.21 20.76 22.62Piramal Healthcare 87679 508 0.58 -1.59 14.19 22.39 26.60Apollo Hospitals 84613 623 -1.66 -0.47 3.85 2.98 25.97Ipca Laboratories 49571 393 4.77 13.70 10.78 41.07 17.26Biocon 49030 245 0.08 12.71 1.22 -9.61 -33.89Opto Circuits 39013 161 1.71 9.71 -10.70 -10.90 -24.44Aurobindo Pharma 31528 108 -3.52 1.69 -18.66 8.19 -37.22Jubilant Life Scie 27086 170 1.07 -5.00 -7.83 -4.41 -22.07Orchid Chemicals 8969 127 4.95 12.61 -32.31 -21.85 -46.96BSE HEALTHCARE 6,989 0.8 4.5 2.5 13.3 9.3BSE SENSEX 17,158 -0.3 1.6 -1.2 2.5 -7.3NSE NIFTY 5,205 -0.4 1.7 -1.6 3.1 -6.5Research4India 8
  9. 9. PharmaHealth Track Quarter ending 31st March, 2012 Companies Revenue EBITDA PAT Margins JAS’ JFM JFM YoY JFM JFM YoY JFM JFM YoY EBITDA% NPM % FY10 FY11 FY10 FY11 FY10 FY11 FY’11 FY’11 Ranbaxy Lab 36954 21415 73% 10152 4261 138% 12468 3044 310% 27% 34% Dr Reddys Lab 26585 20173 32% 5379 4388 23% 3427 3345 2% 20% 13% Sun Pharmaceutical 23299 14633 59% 9627 4454 116% 8202 4428 85% 41% 35% Lupin 18832 15115 25% 3728 2977 25% 1556 2272 -31% 20% 8% Cipla * 18141 16084 13% 3988 2903 37% 2917 2140 36% 22% 16% Cadila Healthcare 13793 11844 16% 2828 1966 44% 1709 1790 -5% 21% 12% Jubilant Life Sciences 11711 8910 31% 2355 1319 79% -635 617 -203% 20% -5% Aurobindo Pharma 11708 11421 3% 1404 2179 -36% 1080 1250 -14% 12% 9% Glenmark Pharma 10659 7951 34% 2218 893 148% 1504 1134 33% 21% 14% Apollo Hospitals* 7446 6214 20% 1200 954 26% 593 471 26% 16% 8% DiviS Lab* 7180 4791 50% 2903 1929 51% 2169 1752 24% 40% 30% Opto Circuits 6627 5445 22% 1644 1390 18% 2093 1111 89% 25% 32% Glaxosmithkline * 6228 6029 3% 2028 2179 -7% 1229 5 26615% 33% 20% Piramal Healthcare 6194 5413 14% 391 451 -13% -387 2019 -119% 6% -6% Biocon 5892 4665 26% 1546 1308 18% 978 1008 -3% 26% 17% Ipca Laboratories* 5581 4767 17% 1117 977 14% 766 586 31% 20% 14% Orchid Chemicals 4519 4957 -9% 895 1049 -15% 206 613 -66% 20% 5% * Standalone results Figures in ` mn FY12 Results Revenue EBITDA PAT (After EI) Margins TTM TTM TTM TTM TTM TTM TTM EBITDA NPMCompanies Mar 10 Mar 11 YoY Mar 10 Mar 11 YoY Mar 10 Mar 11 YoY % %Ranbaxy Lab 82084 115260 29% 12228 17195 29% 9181 -19288 148% 15% -17%Dr Reddys Lab 74589 96737 23% 14869 22701 34% 9989 14208 30% 23% 15%Sun Pharma 58066 80057 27% 19686 32648 40% 19074 29727 36% 41% 37%Lupin 58674 69597 16% 11911 14447 18% 8794 8875 1% 21% 13%Cipla* 61798 68477 10% 11434 16589 31% 9673 11413 15% 24% 17%Cadila Healthcare 46866 51807 10% 10262 10839 5% 7361 6812 -8% 21% 13%Aurobindo Pharma 44810 45506 2% 9598 6101 -57% 5734 -1241 562% 13% -3%Jubilant Life Sci 35102 42540 17% 5324 8734 39% 2272 457 -397% 21% 1%Glenmark Pharma 29491 40206 27% 5923 8471 30% 4578 4643 1% 21% 12%Apollo Hospitals* 26054 31475 17% 4183 5131 18% 1740 2110 18% 16% 7%Glaxosmithkline* 22059 24001 8% 7825 7673 -2% 4030 5530 27% 32% 23%Opto Circuits 15856 23569 33% 4449 6293 29% 3685 5734 36% 27% 24%Ipca Lab* 19539 23332 16% 3389 4608 26% 2623 2762 5% 20% 12%Piramal Health 25374 20838 -22% 826 -269 408% 128837 1153 -11078% -1% 6%Biocon 28705 20490 -40% 5597 5174 -8% 3750 3384 -11% 25% 17%Divis Lab* 13212 18586 29% 4915 6904 29% 4293 5333 20% 37% 29%Orchid Chemicals 17993 18390 2% 4097 3853 -6% 1562 975 -60% 21% 5% * Standalone results Figures in Rs.`mn Research4India 9
  10. 10. PharmaHealth TrackFour-S Services Pvt LtdFounded in 2002, Four-S has a strong & successful track record of genuine, accurate andobjective advice to top Indian & global companies & PE Firms. Four-S has already provensuccess in corporate finance, strategy consulting, fund-raising, investment banking andinvestor relations mandates with 100+ corporates and large PE funds.Four-S, trusted advisor to top Indian & Global CosOffering comprehensive bouquet of services to SMEs, Corporates and PE FundsResearch4India 10
  11. 11. PharmaHealth TrackDisclaimerThe information contained herein has been obtained from sources believed to be reliable but isnot necessarily complete and its accuracy cannot be guaranteed. No representation, warranty,guarantee or undertaking, express or implied, is made as to the fairness, accuracy orcompleteness of any information, projections or opinions contained in this document or uponwhich any such projections or opinions have been based. Four-S Services Pvt. Ltd. will not acceptany liability whatsoever, with respect to the use of this document or its contents. This documenthas been distributed for information purposes only and does not constitute or form part of anyoffer or solicitation of any offer to buy or sell any securities. This document shall not form thebasis of and should not be relied upon in connection with any contract or commitmentwhatsoever. This document is not to be reported or copied or made available to others.The company may from time to time solicit from, or perform consulting or other services for, anycompany mentioned in this document.For further details/clarifications please contact:Seema Shukla Ajay JindalSeema@four-s.com Ajay.jindal@four-s.comGurgaon Office: Mumbai Office:214, Udyog Vihar, Phase I, 101,Nirman Kendra, Opposite Star TV,Gurgaon – 122016 Off Dr E Moses Road, Mahalaxmi,Tel: +91-124-4251442 Mumbai – 400001 Tel: +91-22-42153659Research4India 11

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