GLOBAL ECONOMIC OVERVIEW
Due to several challenges faced in the past year on account of inflation, trade
conflicts, and geopolitical tensions, the global economy growth is expected to slow down
to 2.8% in 2023 before settling at 3% in 2024. Governments around the world have
contributed to building strength by implementing well-calibrated monetary policies,
resulting in tempering inflation from 8.7% in 2022 to 7% in 2023. The rapid economic
rebound worldwide has paved the way for a brighter future, fuelled by optimism about
moderating inflation.
Inflation has proven to be more persistent than what was predicted just a few months
ago, in January 2023. According to the International Monetary Funds World Economic
Outlook, published in April 2023, the global economy grew by 3.4% in CY 2022. Although the
global economy grew by 3.4% in CY 2022, a decline in global inflation was primarily due to
drops in energy and food prices. However, in many countries, core inflation (excluding
energy and food sectors) is yet to peak and is expected to decrease to 5.1% by the end
of the year, a significant upward adjustment of 0.6% points from the January report.
Despite this figure being above the target rate, some countries have successfully
contained inflation through incremental interest rates after inflationary pressures
hindered the swift resurgence of economic activities following the COVID-19 pandemic.
Advanced economies experienced a slowdown in economic growth due to inflationary
pressures. However, emerging markets are expected to register higher growth rates, with a
projected growth rate of 3.9% in CY 2023 and 4.2% in CY 2024. The global economys
resurgence is expected to be fuelled by robust labour markets, significant household
consumption, and business investment, with additional support provided by the expansion in
consumer demand. The outlook for CY 2023 is anticipated to be moderate, with a projected
global growth rate of 2.8% in CY 2023 and 3.0% in CY 2024. To promote economic stability
and facilitate sustained growth, contractionary monetary policies and fiscal policies are
being implemented in response to inflationary pressures.
INDIAN ECONOMIC OVERVIEW
Despite the global headwinds stifling global growth momentum, India emerged as one of
the fastest- growing major economies worldwide. This growth was primarily driven by
private sector spending and intensified Government efforts to improve the countrys
infrastructure. The National Statistical Organisation (NSO) projected Indias strong
economic performance, with a growth rate of 7.2% by the end of FY 2022-23, as per the
advanced estimates. During the first quarter of FY 2022-23, the Reserve Bank of India
(RBI) adjusted its monetary policies towards a tighter stance due to prolonged
inflationary pressure. The RBI raised its repo rate in six consecutive increments, with
the latest increase of 25 basis points to 6.50% in February 2023. As a result,
inflationary pressure decreased, and the third quarter of FY 2022-23 experienced a
moderated rate. This favourable economic transformation is improving the demand scenario
in the domestic market and allowing increased momentum in the countrys economic growth.
Indias strong underlying economic fundamentals are expected to keep the impact of
short-term turbulence on the long-term outlook marginal. Gradual implementation of
growth-enhancing policies and schemes such as the Production Linked Incentive, the
Governments focus on self-reliance, and increased infrastructure spending are resulting
in a stronger multiplier effect on jobs, income,
and productivity. This, while bringing in more efficiency, is leading to accelerated
economic growth. Furthermore, the emphasis on manufacturing in India, various Government
incentives, and rising services exports on the back of stronger digitisation and
technology transformation worldwide are expected to aid the economys growth. Several
spillover effects of geopolitical conflicts between Russia and Ukraine are likely to
enhance Indias status as a preferred alternate investment destination. Global in-house
centres and multinationals are preferring India over Eastern European markets,
particularly those bordering Ukraine, to shift their current operations or open new
facilities.
Despite the worldwide repercussions, agencies across the globe are still forecasting
India to be the fastest-growing major economy, with a projected growth rate pegged at
6.5-7.0% for FY 2022-23. This optimistic outlook is
partially attributed to the Indian economys resilience, as demonstrated by the smooth
transition of private consumption taking over as the primary driver of growth replacing
the export stimuli. Despite potential challenges from global spillovers, high inflation,
and aggressive monetary policies, the growth of the Indian economy in FY 2023-24 is
expected to be driven by domestic demand and increased capital investment. The financial
system is well-prepared to support the countrys economic progress, and the rebound in
private sector investment is anticipated to continue. Indias large foreign exchange
reserves further strengthen the economy. Although the growth rate may be slower than FY
2022-23, the fundamentals of the economy remain strong, and growth is anticipated to be
supported in a non-disruptive manner through a steady and measured withdrawal of
liquidity.
GLOBAL PHARMACEUTICAL INDUSTRY
The growth of the global pharmaceutical market is driven by various factors, such as
companies restructuring their operations and recovering from the impact of COVID-19
pandemic. This growth is reflected in the industrys valuation, which increased from US$
1,454.66 Billion in CY 2021 to US$ 1,587.05 Billion in CY 2022, indicating a CAGR of 9.1%.
The market is expected to continue to grow and reach a valuation of US$ 3,201.02 Billion
in CY 2026, representing a CAGR of 19.2%.
Global Animal Healthcare
The animal healthcare segment was a significant contributor to the global
pharmaceutical market. It held the largest revenue share of over 40% in CY 2022. The
global animal healthcare market size was valued at US$ 58.66 Billion in
(ouuiue. IVIUSrI, NSOJ
CY 2022, and is expected to register a CAGR of 8.8% from CY 2023 to CY 2030. Despite
the negative impacts of the COVID-19 pandemic, such as decreased sales, supply chain or
distribution disruptions, low demand and purchasing rates, and operational hurdles due to
changing regulations worldwide, the market remained resilient owing to a surge in pet
adoption, increasing pet humanisation, and growing concerns over zoonoses. In fact, the
trend for telemedicine witnessed significant growth during the COVID-19 pandemic. Online
channels, such as e-commerce, emerged as the most preferred distribution channels by pet
owners for purchasing vet products and pet food. Additionally, the market is also being
driven by technological advancements in veterinary healthcare, and it is anticipated to
offer future growth opportunities.
Global Veterinary API Manufacturing Market
The global veterinary active pharmaceutical ingredients manufacturing market size was
estimated at US$ 6.28 Billion in CY 2022, and is expected to witness a lucrative CAGR of
6.9% to reach US$ 10.64 Billion in CY 2030. The market is primarily driven by the growing
demand for veterinary drugs owing to the rising prevalence of zoonotic diseases, the
increasing number of veterinary pharmaceutical players, and the growing animal
population, pet ownership, pet humanisation & pet expenditure. Going ahead, a rise in
the number of pet owners is also expected to accelerate the overall market, led by pet
owners seeking treatment options for taking care of their pets.
The growing focus on innovation in animal healthcare has given rise to certain measures
that are strengthening market growth prospects. The increasing global animal population is
further driving the demand for manufacturing veterinary APIs used in the formulation of
efficient drugs. Herein, increased production of animal-based food products will
significantly reduce prices, facilitating easy access to pet food at affordable prices.
Technological advancements, such as the advent of efficient information management
systems, mobile technology placing animal owners at the centre of the developments, and
vaccine banks are also driving market growth.
Source:
https://www.thebusinessresearchcompany.com/report/
pharmaceuticals-global-market-report#:~:text=The%20
global%20pharmaceuticals%20market%20size.(CAGR)%20of%20
9.1%25.
https://www.grandviewresearch.com/industry-analysis/
animal-health-market#:~:text=How%20big%20is%20the%20
animal.USD%2062.40%20Bn%20in%202023.
https://www.grandviewresearch.com/industry-analysis/
veterinary-active-pharmaceutical-ingredients-manufacturing-
market
INDIAN PHARMACEUTICAL INDUSTRY
The Indian pharmaceutical industry expanded at a CAGR of 7.7% from about US$ 35.4
Billion in FY 2017-18 to around US$ 47.6 Billion in FY 2021-22. An increase in the size of
both the domestic and export markets primarily drove this growth. The domestic market
saw a CAGR of 6.2% from US$ 18.1 Billion in FY 2017-18 to US$ 23.0 Billion in FY 2021-22,
led by improving access to healthcare facilities and rising per capita income. Meanwhile,
pharma exports from India experienced a faster CAGR of 9.2%, growing from US$ 17.3 Billion
in FY 2017-18 to US$ 24.6 Billion in FY 2021-22. With demand from both domestic and
international markets, the outlook for the Indian pharma industry remains positive.
According to the Economic Survey 2022-23, Indias domestic pharmaceutical market is
anticipated to reach US$ 130 Billion by CY 2030, and the pharma sector has maintained its
growing pace following the COVID-19 pandemic. The Ayushman Bharat Digital Mission seeks to
provide the framework required to sustain the nations integrated digital health
infrastructure. The digitalisation, innovation, and R&D in the pharma sector will help
India maintain its leading role globally.
The animal healthcare industry in India has transformed itself in recent years from
disease control and treatment activities to a complete healthcare provider. The Indian
animal health market size reached Rs. 73.4 Billion in CY 2022. Looking forward,
IMARC Group expects the market to reach Rs. 120.3 Billion by CY 2028, exhibiting a
CAGR of 8.94% during CY 2023-2028. India is one of the fastest- growing animal healthcare
markets globally. Going ahead,
it is expected to grow at an annual rate of 10-11% against 2-3% global growth average.
The Indian veterinary healthcare market was valued at approximately US$ 1.17 Billion in
CY 2021, and it is expected to reach US$ 1.86 Billion by CY 2027. Thus, registering a CAGR
of more than 7.70% during CY 2022-2027. The growth in the Indian animal healthcare
industry is driven by several factors, including the rising prevalence of zoonotic
diseases and the Governments focus on improving
animal healthcare, given the animal dependency of the dairy industry. Additionally, the
expanding veterinary pharmaceutical sector and the integration of animal health monitoring
solutions with the Internet of Things (loT) contribute to the industrys growth. Other
factors, such as the increasing popularity of pets, and the use of mobile sensors &
wearables to track animal health & behaviour are also playing a vital role.
(Source: CareEdge Research, IMARC Group, Mordor Intelligence)
OPPORTUNITIES
Increase in Incidence of Zoonotic Diseases
The animal healthcare market in India is poised for growth, fuelled by the increasing
incidence of zoonotic diseases in the country. Demographic changes, land encroachment, and
agricultural practices are responsible for the rise in the prevalence of these diseases,
which also affect animal populations. Consequently, the Government is taking preventive
measures to control the spread of zoonotic diseases. Market stakeholders are also raising
awareness about these diseases and their prevention, contributing to the growth of the
animal healthcare market. With more people becoming aware of the need for precautionary
measures, the demand for animal healthcare services is expected to rise significantly. The
availability of various treatment options further supports the growth of the animal
healthcare market in India.
Rise in the Number of Online Veterinary Pharmacies in India
The expanding presence of retail and hospital pharmacies offering veterinary drugs,
nutritional supplements, and pet vaccines in India presents a major opportunity for
animal healthcare market players. Online pharmacies and e-commerce channels drive
demand for animal medicines and other healthcare products due to their discounted prices
and ease of transaction. This trend is fuelled by the increasing number of pet owners
purchasing routine vaccines, disease- preventive medicines, and pharmaceutical drugs for
their pets online. The resulting surge in demand for animal healthcare products from
online pharmacies further drives growth in the Indian animal healthcare market. As a
result, market players have a significant opportunity to capitalise on this trend and
expand their reach in the Indian market.
Increase in Government Support to Boost Indian Animal Healthcare Market
Indian Governments rising investment to improve animal healthcare services presents
significant growth opportunities for market stakeholders. Stringent laws and regulations
to promote awareness about animal health, coupled with the increasing incidence of
zoonotic and foodborne diseases in animals, are driving the market. The Governments
investment in R&D activities to develop efficient vaccines and financial grants to
veterinary research laboratories are further fuelling the market growth. Moreover, animal
treatment and vaccination facilities are being improved, and
animal welfare activists are advocating for animal rights, resulting in a growing
population of animal enthusiasts and increased government support for animal healthcare
products.
Need to Improve Health of Animals Drive Adoption of Telemedicine Tools
The Indian Governments growing focus on promoting telemedicine tools in the animal
healthcare industry is creating a valuable opportunity for market participants. The use of
digital products by pet owners to adopt telemedicine practices is driving the demand for
remote consultations and pet health monitoring. As a result, animal healthcare market
players are investing heavily in R&D activities, contributing to the growth of the
animal healthcare market in India. These advancements are ultimately boosting the
provision of veterinary healthcare services across the country.
THREATS Geopolitical Risk
The Russia-Ukraine war, foreign exchange shortages faced by various countries,
political uprisings, are affecting various parts of the world. Currency shortages are
especially affecting the ability of customers to import goods and more specifically APIs.
While pharmaceuticals are being placed in priorty lists for imports in such countries, the
overall currency shortages are affecting the market.
Dependency on Imports from China
Indias significant dependency on imports of API/bulk drugs/intermediates poses a
threat to the countrys pharma industry. With more than 60% of APIs sourced from other
countries and import dependence reaching 80%-90% for specific APIs, any disruption in the
supply chain could severely impact the manufacturing capabilities of the Indian API/bulk
drugs industry. The high import dependency on China, which accounts for 66% of the total
bulk drugs and intermediate drug imports by India, poses a significant risk as any
disruption in Chinas bulk drugs market directly influences the Indian pharma industry.
The COVID-19 pandemic-induced supply chain disruptions highlight the importance of
reducing the dependency on a single source to avoid further threats to the pharma
industry. Although the Government has announced schemes to encourage domestic
manufacturing of APIs/bulk drugs, the continued reliance on imports remains a significant
threat.
Regulatory Dependence
The Indian pharmaceutical industry faces a significant threat from the regulatory
barriers imposed by the US Food and Drug Administration (USFDA) in the past. The Indian
pharmaceutical industry relies heavily on the US market, and any increased scrutiny by the
USFDA for compliance with GMP regulations can lead to significant delays or even rejection
of product approvals. Additionally, the regulatory
clearance process in India is much slower than in other countries, taking 20-40% longer
on average, which can severely impact the launch of new products. Such regulatory
obstacles and delays pose a significant threat to the growth and success of the Indian
pharmaceutical industry.
Rapid Technological Obsolescence
Technological obsolescence in drug development processes, manufacturing automation,
precision medicines, and drug testing techniques pose a significant threat to business
models. This can disrupt operations, reduce the need for staff, and increase the risk of
cybersecurity threats. As technology rapidly evolves, companies that fail to keep up with
advancements, risk becoming outdated and unable to compete in the market. This could lead
to significant revenue and market share losses as competitors who have adapted to the
latest technologies take over the market. Additionally, businesses may face increased
cybersecurity risks as they adopt new technologies, potentially leading to data breaches
or other security incidents that could damage their reputation and financial stability.
COMPANY OVERVIEW
NGL Fine-Chem Limited (NGL or The Company) is a pharmaceutical and intermediates
manufacturer with a specialisation in producing APIs for both veterinary and human health.
The Companys veterinary pharmaceutical raw materials are primarily utilised in the animal
health business, while their APIs and intermediates cater to both veterinary and human
health sectors.
Established in 1981 by Mr Narayan Ganesh Lawande, NGL sells a wide range of products
that cater to farm animals, and today, the Companys market reach spans over 50 countries.
With a focus on providing exceptional quality and value-added goods, the Company has
established a strong presence in Latin America, Asia, and Europe.
Approximately 65% of the global animal APIs and intermediates market is aimed at the
livestock industry, which is also the primary target of NGLs product line. The Company
emphasises cost-effectiveness, while maintaining the highest level of product quality.
With solid client ties to over 400 customers in more than 45 countries, NGL has become a
well-known player in the industry.
Looking towards the future, NGLs long-term strategic goal is to become a global leader
in the animal health APIs market. To achieve this, the Company will continue to expand the
business product line and reach new markets across the globe.
PRODUCT-WISE PERFORMANCE
The veterinary API sector is a crucial contributor to NGLs revenue stream. With 26 APIs
in production, this division produces compounds utilised in various treatment categories,
including ecto and endo parasiticides, anthelmintics and growth nutrients.
Moreover, NGL is also actively involved in producing three APIs that are specifically
designed for human health. These APIs are utilised in the treatment of common ailments,
such as diarrhea, angina and malaria. The Company is dedicated to delivering high-quality
APIs that meet its customers needs, whether in the veterinary or human health sectors.
During FY 2022-23 NGL added four new products to the portfolio, while the fifth one is
still under development.
FINANCIAL PERFORMANCE
In FY 2022-23, the Companys total revenue decreased by 13.7% as compared to the
previous year. Total sales revenue in FY 2022-23 was Rs. 275.06 Crores as against Rs.
318.66 Crores in FY 2021-22, EBITDA stood at Rs. 35.70 Crore. PAT stood at Rs.
20.12 Crore for FY 2022-23 as compared to Rs. 78.21 Crore and Rs. 52.24
Crores for FY 2021-22. The R&D cost of the Company expanded in the current financial
year by Rs. 0.17 Crore, while the EPS decreased by 61.5%, reaching Rs. 32.56
per equity share.
(Rs. in Crores)
| Particulars |
FY 2022-23 |
FY 2021-22 |
| Revenue |
275.05 |
318.66 |
| R&D Expense |
2.61 |
2.44 |
| Earnings Before Interest, Tax and Depreciation & Amortisation |
35.70 |
78.20 |
| Profit Before Tax |
26.60 |
68.98 |
| Profit After Tax |
20.88 |
52.24 |
| Total Assets |
288.11 |
205.80 |
| EPS (In Rs.) |
32.56 |
89.79 |
| Name of Metric |
FY 2022-23 |
FY 2021-22 |
% Change Increase (Decrease) |
Explanation in Case Change is 25% or More, As Compared To The Previous Year |
| Inventory Turnover |
6.02 |
5.44 |
10.66% |
|
| Current Ratio |
2.81 |
2.69 |
4.46% |
|
| Debt Equity Ratio |
0.14 |
0.15 |
6.67% |
|
| Debtors Turnover |
4.15 |
6.13 |
32.3% |
Higher credit provided to debtors resulted in lower turn of receivables |
| Operating Profit Margin |
12.54% |
24.54% |
48.9% |
Due to higher operating costs, the margins for the year have decreased |
| Net Profit Margin |
7.31% |
16.39% |
55.4% |
Due to higher operating costs, the margins for the year have decreased |
| Return on Net Worth |
10.72% |
29.57% |
63.75% |
Due to higher operating costs, the margins for the year have decreased |
| Interest Coverage Ratio |
30.00 |
50.12 |
58.85% |
Due to higher operating costs, the margins for the year have decreased |
MANUFACTURING CAPACITY
NGL prides itself on having state-of-the-art facilities that enable it to offer a wide
variety of high-quality products. The Companys production facilities, located at Navi
Mumbai and Tarapur in Maharashtra, which have a total production capacity of 600 tonnes of
APIs. The Companys factories span 10,800 m2 and are equipped with 194 m3 stainless- steel
reactors, 12 m3 gas-induction reactors, and 102 m3 glass-lined reactors.
Throughout the year, leading up to 31st March, 2023, the Company maintained
an average capacity utilisation rate of 75-80%. As the Company continues to grow, it plans
to invest approximately Rs. 150 Crores in capital expenditures over the next three
years.
Greenfield:
• Undertook 50% capacity expansion with sufficient capacity to meet demand for new
products in the pipeline
• Estimated Capex of Rs. 140 Crores to be funded through debt and internal
accrual
• Civil construction is being implemented and the facility is expected to
commercialise in FY 2024-25
Brownfield:
• Completed Rs. 26 Crores expansion in subsidiary Macrotech
• Brought in additional capacities of intermediates
• Started commercial production
RISK MANAGEMENT
NGL has implemented an effective risk management system to identify, evaluate, and
manage risks that may
impact its business. The Companys internal control systems are also designed to help
identify and mitigate risks, thereby protecting NGLs assets and ensuring the businesss
financial records accuracy and completeness.
| Risk |
Impact |
Mitigation |
| Competition Risk |
A rise in competition poses a risk to NGLs market share, profit profile, and return on
capital employed. This risk could arise from the entry of new players in the market,
aggressive pricing strategies by competitors, or technological advancements that give
competitors a competitive edge. |
• The Company has established a strong brand image and has built long-standing
client connections. This has helped in retaining strong market share and building customer
loyalty. • The Company has gained market share over the past fiscal year due to
faster product delivery than competitors. This has been particularly important for
consumers who prioritised expediency.
• The Company continuously invests in R&D to develop new products, enhance
product quality, and improve production efficiency. |
| Environmental Regulations and Compliance Risk |
This risk arises from the possibility of noncompliance with environmental regulations,
which may result in fines, penalties, or plant shutdowns causing disruptions to
operations. |
• The Company takes several steps to mitigate this risk, including modernising
its facilities to comply with environmental regulations, implementing zero-discharge
facilities, and using environmental friendly fuels. • The Companys Tarapur plant,
which was temporarily shut down due to suspected violations, has now received conditional
restart orders from the Maharashtra Pollution Control Board. |
| Foreign Currency Exchange Rate Risk |
This risk arises from fluctuating foreign currency exchange rates, which may impact
the Companys revenue and profitability. |
• The Company has established a foreign- exchange-hedge system to minimise this
risk. It helps manage the impact of foreign currency exchange rate fluctuations on the
Companys revenue and profitability. |
| Customer Concentration Risk |
This risk arises from the potential loss of revenue and profitability due to a high
dependence on a small number of customers. |
• The Company has a diverse customer base of approximately 400 customers, with no
single customer accounting for more than 6% of revenue. Thereby, reducing the impact of
customer concentration risk. |
| Product Quality Risk |
This risk arises from the possibility of a decline in product quality, which could
lead to the loss of customer trust and revenue. |
• The Company has a strict quality control system to ensure its products high
quality. • The Company has never experienced a product fault in the last decade,
despite using contract manufacturers for 15% of its overall output. |
| Raw Material Supply Risk |
This risk arises from the dependence on a single or few suppliers for raw materials,
which may lead to supply disruptions and impact production. |
• The Company seeks to diversify its supply base by looking for additional
suppliers. China supplies approximately 22% of the Companys total raw materials. |
| Product Concentration Risk |
This risk arises from the dependence on a single or few products for a significant
portion of the Companys revenue. |
• The Company plans to introduce two to four new product lines per year in the
animal health area to diversify its product portfolio and reduce its dependence on
veterinary APIs, accounting for over 80% of the Companys total income currently. |
| Climate Risk |
This risk refers to the potential adverse impacts on the Companys business
activities, including its assets, operations, and financial condition due to climate
change-related events, such as natural disasters, changes in weather patterns, and
regulatory actions aimed at reducing greenhouse gas emissions. |
• The Company regularly conducts climate risk assessments to identify potential
risks and opportunities related to climate change and takes appropriate actions to
mitigate these risks. • The Company has set a target to reduce its carbon footprint
by 30% by 2030. NGL also has put in place measures to track and report on its progress
towards this goal. |
INTERNAL CONTROL SYSTEM
NGL places a high priority on adhering to local regulatory standards for the orderly
and efficient business conduct. The Company has established internal control systems.
These help track and report day-to-day activities, including asset protection, detection
and prevention of frauds and mistakes, accounting record sufficiency and completeness, and
timely preparation of trustworthy financial information.
Regulatory Compliance
NGL is committed to complying with numerous laws and regulations, and policy
requirements. By following these regulations, NGL ensures that the business operations
lie within the legal framework and maintains ethical business practices. The Companys
internal control systems are also used to monitor conformity to these requirements
efficiently.
Internal Auditing
NGLs internal auditors confirm the effectiveness of the Companys internal checks and
control systems. The internal audit team plays a vital role in monitoring and regulating
the Companys day-to-day activities to ensure compliance with regulatory standards. The
team also provides recommendations for improving and enhancing certain areas of the
Companys internal control systems.
HUMAN RESOURCE
At NGL, the Company emphasises on building a strong work culture, prioritising
performance, role clarity, cooperation and mutual respect. In line with this objective, it
invests in its people and procedures, making each employee feel valued.
Training and Development Programmes
To nurture a motivated and skilled workforce, NGL has been offering regular training
and development programmes. The
Company believes that investing in the development of its employees is crucial to
keeping up with industry trends and technological advancements. Therefore, it ensures that
its employees are well-equipped to tackle evolving business needs.
Recognition Programmes
NGL also recognises and rewards excellent performance to encourage and motivate
employees. It has a range of recognition programmes to acknowledge outstanding
contributions by its employees. These programmes help foster a culture of excellence and
drive performance, ultimately benefitting the Company and customers.
Health and Safety Measures
NGL prioritises the safety, security, and health of its employees. It has stringent
health and safety protocols in place to ensure a safe working environment for all
employees. Its operations lie within compliance with all applicable laws and regulations
related to occupational health and safety, while it also regularly reviews and updates
policies to ensure continuous improvement.
As of 31st March, 2023, NGLs employee strength stood at 343.
CAUTIONARY STATEMENT
Estimates and expectations stated in this Management Discussion and Analysis may be
forward-looking within the meaning of applicable securities, laws and regulations.
Actual results could differ materially from those expressed or implied. Important factors
that could make a difference to the Companys operations, include economic conditions in
the Government regulations, tax laws, other statutes and other incidental factors.
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