Sotac Pharmaceuticals Ltd Management Discussions

ECONOMIC OVERVIEW:

Global Economy:

Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russias invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic. Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 but to decline to 6.5 percent in 2023 and to 4.1 percent by 2024. Monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy. Structural reforms can further support the fight against inflation by improving productivity and easing supply constraints, while multilateral cooperation is necessary for fast-tracking the green energy transition and preventing fragmentation.

Indian Economy Outlook:

The Indian economy GDP growth for FY 2022-23 is 7.2% which is higher than the projected GDP by 7% for the year 2022-23. During the Q3 (ending Dec-2022) of FY 2022-23, DGP growth accelerated to 6.1%. The Indian economy is expected to remain robust growth in a range of 6.5 - 6.7 % in the FY 2023-24. The India is forecasted to be one of the fastest growing economy in FY 2023-24 by robust growth in private consumption and private investment. The Asian Development Bank projects Indias GDP to moderate to 6.4% in FY 2023 and rise to 6.7% in FY 2024, driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics, and the business ecosystem. RBI projects headline inflation at 6.8 per cent in FY23, which is outside its target range.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The pharmaceutical industry in India is expected to reach $65 Bn by 2024 and to $130 Bn by 2030. The Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. The sector contributed to around 1.32% of the Gross Value Added (at 2011-12 constant prices) of the Indian Economy in 2020-21. The total annual turnover of Pharmaceuticals in the fiscal year 2021-22 was $ 42.34 Bn. Major Segments of Indian Pharmaceutical Industry include generic drugs, OTC medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars and biologics. India is a global leader in the supply of DPT, BCG, and Measles vaccines.

India is one of the biggest suppliers of low-cost vaccines in the world. India accounts for 60 % of global vaccine production, contributing upto 70 % of the WHO demand for Diphtheria, Tetanus and Pertussis (DPT) and Bacillus Calmette-Guerin (BCG) vaccines, and 90% of the WHO demand for the measles vaccine.

The nation is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and is the leading vaccine manufacturer globally. India also has the highest number of US-FDA compliant Pharma plants outside of USA and is home to more than 3,000 pharma companies with a strong network of over 10,500 manufacturing facilities as well as a highly skilled resource pool.

There are 500 API manufacturers contributing about 8% in the global API Industry. India is the largest supplier of generic medicines. It manufactures about 60,000 different generic brands across 60 therapeutic categories and accounts for 20% of the global supply of generics. Access to affordable HIV treatment from India is one of the greatest success stories in

medicine. Because of the low price and high quality, Indian medicines are preferred worldwide, making it "pharmacy of the world".

The Average Index of Industrial Production of Manufacturing of pharmaceuticals, medicinal chemicals and botanical products in the FY 2021-22 is 221.6 and has grown by 1.3%

For the period 2021-22, export of drugs and pharma products stood at $24.6 Bn compared to $24.44 Bn as of 2020-21. The Indian pharma industry witnessed exponential growth of 103% during 2014-22 from $11.6 bn to $24.6 Bn.

Pharmaceutical sector has emerged as a favourite destination for the foreign investors and is one of the top ten attractive sectors for foreign investment in India.

The Pharmaceutical industry in Gujarat ranks number one in India with a 33% share in drug manufacturing and 28% share in drug exports. The state has 130 USFDA certified drug manufacturing facilities. Ahmedabad and Vadodara are considered as pharmaceutical hubs as there are many big and small pharma companies established in these cities.

Gujarat is one of the major states in India and has a significant presence in the pharmaceutical industry. The state has become a hub for the pharmaceutical industry, with several established companies such as Torrent Pharmaceuticals, Zydus Lifesciences, Cadila Pharmaceuticals, Alembic Pharmaceuticals, SunPharma, Intas Pharmaceuticals, and Dishman Pharmaceuticals having operations in the state. Gujarat currently has around 5000 drug manufacturing units and contributes 42 percent of Indias pharmaceutical turnover and 22 percent of its exports as of 2008. Over 52,000 individuals are employed in Gujarats pharmaceutical sector, which has experienced a Compound Annual Growth Rate (CAGR) of 54 percent in capital investments over the last three years.

Gujarats pharmaceutical industry holds a significant position in India, accounting for 40 percent of the countrys total pharmaceutical production and 17 percent of its exports. The industry is valued at US$ 5.5 Billion.

GOVERNMENT INITIATIVES:

The Indian Pharmaceuticals sector has seen some major developments, investments and support from the government in the recent past. The Government put in place an investor-friendly Foreign Direct Investment (FDI) policy to promote investment in the Sector. 100% foreign investment is allowed under automatic route in Medical Devices. In pharmaceuticals, up to 100% FDI in Greenfield projects and up to 74% FDI in brownfield projects is allowed under the automatic route. Foreign investment beyond 74% in brownfield projects requires Government approval. Recently Finance Minister, Mrs. Nirmala Sitharaman in the Union Budget 2023-24 in Parliament presented a new programme to promote research and innovation in pharmaceuticals which will be taken up through centers of excellence to encourage industry to invest in research and development in specific priority areas. She also introduced many multidisciplinary courses dedicated towards medical devices which are supported in the existing institutions inoreder to ensure availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research to highlight importance of futuristic medical technologies and high-end manufacturing in medical sector.

The Department of Pharmaceuticals has also taken various initiatives to strength the Pharmaceuticals industry in India through schemes such as "Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJK)" to provide quality generic medicines at affordable prices to the poor & underprivileged and Production Linked Incentive (PLI) scheme to strengthen Indias manufacturing capacity in the pharmaceutical sector by increasing investment and production. Apart from this, the department also laid special emphasis on promoting domestic manufacturing of medical equipment and strengthening the pharmaceutical industry.

On the occasion of 25^th Foundation day NPPA on 29 August 2022, an updated version of Integrated Pharmaceutical Database Management System 2.0 (IPDMS) was launched by the department which is an important step towards bringing in enhanced technology to facilitate the interface between Government and the stakeholders. On the same occasion, updated version of Pharma Sahi Dam Mobile App 2.0 was also launched, which empowers the consumers.

OUR BUSINESS:

Sotac Group is a leading pharmaceutical manufacturer in India. We specialize in manufacturing a wide range of pharmaceutical products having a therapeutic portfolio including anti-diabetic, anti-psychotic, vitamins, minerals, iron, anticold, anti-allergic, dermatological products, antacid, anti-ulcerants, PPI, anti-emetics, cardiac, anti-hypertensives, analgesic, anti-pyretic, anti-inflammatory, anti-bacterial, anti-viral, general antibiotics (IP-Lactams & Non-IP-Lactams), anti-fungal, and cephalosporin. We are committed to providing high-quality products at an affordable cost to healthcare professionals. We also aspire to be one of the leading contract manufacturing and development services providers in the country, both domestically and internationally.

We are well-managed pharmaceutical company having a strong track record and are committed to delivering innovative, high-quality pharmaceutical products that improve the lives of patients. We have a wide product portfolio with a focus on innovative products. Our products are supplied in 14 major states in India and we export our products to over 20 countries worldwide. Our companys offshore business revenue is primarily derived from the US market.

Our past and present clientele includes renowned pharma marketers and manufacturers such as Cadila Pharma, J. B. Chemical, Lincoln Pharma, Intas Pharma, Viatris (Mylan), Makers (Ipca), Corona Remedies, Eris Lifesciences, Stride Pharma, Stalion Pharma, Acme Pharma, Olecare Pharma, Treatwell Pharma, Ronak Healthcare, Curever Pharma, Kentoss Pharma, Sunrest Pharma, and Ishan Healthcare.

Sotac Group is committed to providing quality products and services to its customers. The company is constantly striving to expand its line of products and is always looking for complementary products that will add to its range of products.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

Following is an overview of our business verticals:

a) Manufacturing of Non Beta-Lactam Medicines and Formulations: Under this vertical, we manufacture Non Beta-Lactam (general) tablets, Non Beta-Lactam (general) capsules, oral liquid, dry syrup and external preparations such as Ointment, Lotion and cream manufacturing facility of SOTAC Pharmaceuticals Limited. We undertake manufacturing activities for pharmaceuticals marketers on contractmanufacturing and/or loan licence basis. As on the date of this Prospectus, we cater to 162 corporate clients on loan licence / contract manufacturing basis.

b) Manufacturing of Beta-Lactam Medicines and Formulations Under this vertical, we manufacture beta-lactam tablets, beta-lactam uncoated tablets, beta-lactam capsules and uncoated beta-lactam capsules, oral liquid and dry syrup at manufacturing facility of SOTAC Healthcare Private Limited. We undertake manufacturing activities for pharmaceuticals marketers on contract-manufacturing and/or loan licence basis. Our Beta-Lactam manufacturing at SOTAC Healthcare Private Limited is installed with capacity to manufacture 32.40 crores tables / year, 21.60 crore Capsules / year, and 2.16 crore Dry Syrup bottle / year. As on the date of this Prospectus, we cater to 162 Corporate Clients on loan licence / contract manufacturing basis.

c) Molecule Research & Development Under this vertical, we do research of pharmaceutical molecules used in developing new pharmaceutical formulations. As on the date of this Prospectus, we do research for own formulation development.

d) Manufacturing of Nutraceuticals medicinal products and food products We hold 51% of total paid-up capital of SOTAC Lifescience Private Limited. SOTAC Lifescience is a newly incorporated company engaged in the business of Manufacturing of Nutraceuticals products and food products on contract-manufacturing basis. SOTAC Lifescience is in process of setting-up its manufacturing plant and yet not commenced commercial production.

PRODUCT CATEGORY WISE REVENUE BIFURCATION:

The revenue bifurcation of the issuer company for the last three years are as follows:

Name of product category	For the year ended March 31, 2023		For the year ended March 31, 2022		For the year ended March 31, 2021
	Sales	%	Sales	%	Sales	%
Tablet	5202.91	89.73%	5,757.96	78.71%	3,171.15	73.00%
Capsules	549.01	9.47%	772.17	10.56%	675.15	15.54%
Ointment	12.70	0.22%	268.64	3.67%	219.96	5.06%
Liquid	33.66	0.58%	516.40	7.06%	277.56	6.39%
Total	5798.28	100.00%	7,315.17	100.00%	4,343.82	100.00%

OPPORTUNITIES AND THREATS:

The cost of manufacturing pharmaceutical goods in India is lower and more effective compared to other nations, including:

• A robust industrial sector: India has a strong manufacturing base, which provides the pharmaceutical industry with access to a wide range of raw materials and components at competitive prices.

• A highly-skilled workforce: India has a large pool of skilled workers who are trained in the pharmaceutical sciences. This helps to keep labor costs down and ensures that the pharmaceutical industry has access to the talent it needs to produce high-quality products.

• A developed marketing and distribution system: India has a well-developed marketing and distribution system that allows pharmaceutical companies to reach a wide range of customers at a relatively low cost.

• A diversified ecosystem: The Indian pharmaceutical industry is supported by a number of different organizations, including government agencies, academic institutions, and private companies. This helps to create a strong and vibrant ecosystem that drives innovation and growth.

• Investor-Friendly Foreign Direct Investment (FDI) Policy: The government has made it easier for foreign investors to invest in the pharmaceutical sector in India, allowing 100% foreign direct investment (FDI) under the automatic route.

However, there are also some challenges facing the Indian pharmaceutical industry, including:

• A lack of investment in research and development: The Indian pharmaceutical industry is not as heavily invested in research and development as some other countries. This could limit the industrys ability to innovate and develop new products.

• A lack of collaboration between industry and academia: The Indian pharmaceutical industry could benefit from more collaboration between industry and academia. This would help to ensure that the industry has access to the latest research and development findings.

• The manufacturing of low-cost, low-quality medications: There is a risk that some companies in the Indian pharmaceutical industry may focus on manufacturing low-cost, low-quality medications. This could damage the reputation of the Indian pharmaceutical industry and make it more difficult for companies to export their products.

The company has been consistently taking steps to enhance its research and development units. This includes investing in new technologies, hiring top talent, and creating a culture of innovation which is evident in its growing portfolio of products and its expanding presence in the market.

We are committed to providing high-quality pharmaceutical products to our clients. We have a rigorous quality control system in place, and we are constantly investing in new technologies to improve our manufacturing processes. We are also committed to providing our clients with excellent customer service.

OUR COMPETITIVE STRENGTH:

1. Experienced Promoters and Management Team Our promoters have combined experience of 59 years in pharmaceuticals manufacturing industry. Our Promoters lead the company with their vision. Majority of our core promoters have medical educational background and have vast experience in the business undertaken by the Company. Encashing the expertise, they look after the strategic as well as day to day business operations. The strength and entrepreneurial vision of our Promoters and management have been instrumental in driving steady growth of our company and implementing our strategies. We believe that a motivated and experienced employee base is essential for maintaining a competitive advantage. Our motivated team of management and key managerial personnel complements each other to enable us to deliver high levels of client satisfaction.

2. Wide range of Products We along with our subsidiary companies deal in Non Beta-Lactam (general) tablets, beta- lactam tablets, Non BetaLactam (general) capsules, beta-lactam capsules, oral liquid, dry syrup and external preparations such as nasal spray, relief spray and cream through SOTAC Pharmaceuticals Limited and SOTAC Healthcare Private Limited. Our groups therapeutical product portfolio consists of Anti-Diabetic, Anti-Psychotic, Vitamins, Minerals, Iron, AntiCold, Anti-Allergic, Derma Products, Antacid, Anti-Ulcerants, PPI, Anti-Emetics, Cardiac, Anti-Hypertensives, Analgesic, Anti-Pyretic, Anti-Inflammatory, Anti-Bacterial, Anti-Viral, General Antibiotics IP-Lactams & Non-IPLactams, Anti-Fungal, Cephalosporin. Our groups existing product portfolio consists of total 119 products, as on the date of Prospectus. Out of total products, 109 are Non Beta-lactam formulation and 43 are beta-lactam preparation. Besides, as on the date of this Prospectus, our company has manufacturing permission for 329 products under license number G/25/2169 and 45 products under license number G/28/1587 from Food & Drug department for SOTAC Pharmaceuticals Limited. Further, under the same licenses, we are permitted to sale 34 Products in our name in offshore market also. Our manufacturing units manufacture 56 under our own brands for Domestic market and 14 products are majorly sold in USA. As on the date of this Prospectus, our 71% subsidiary company has manufacturing permission for 335 products under license number G/28/1755 from Food & Drug department for SOTAC Healthcare Private Limited. Further, under the same licenses, we are permitted to sale 3 Products in our name in offshore market also.

3. Strategic Location of Manufacturing Facilities Our groups manufacturing facilities are WHO-GMP accredited. SOTAC Pharmaceuticals Limited is also registered in USA with DUNS number. Our manufacturing units are located at Sanand GIDC II located in the outskirts of Ahmedabad district in Gujarat. The Industrial estate is developed by GIDC and enjoys good infrastructure facilities like electricity, water, roads, easy procurement of labour, raw material suppliers and market for finished products. With this we are concentrating on expanding the production capacity and adding new products in our product portfolio. Further, state of Gujarat has highest number of contracts manufactures for Pharmaceutical products and Gujarat has good connectivity for inland and offshore transport, this gives us a locational advantage.

4. Scalable Business Model Our business model is customer centric, and order driven. It requires optimum utilisation of our existing resources, assuring quality supply and achieving consequent economies of scale. The business scale generation is basically due to development of new markets and products both domestic and international by exploring customer needs, marketing expertise and by maintaining the consistent quality output. As on the date of this Prospectus, our manufacturing facility at SOTAC Pharmaceuticals Limited is installed with capacity to manufacture 360 Crore tables / year, 32.40 Crore Capsules / year, 2160 Kilo Litter syrup / year and 324 Tons external preparation / year. Further our BetaLactam manufacturing at SOTAC Healthcare Private Limited is installed with capacity to manufacture 32.40 crores tables / year, 21.60 crore Capsules / year, and 2.16 crore Dry Syrup bottle / year. Considering our existing capacity utilisation, we believe that our business model is scalable.

5. Quality assurance we believe that quality is an ongoing process of building and sustaining relationships. Our manufacturing units ensures highest level of quality assurance. Our groups manufacturing facilities are WHO-GMP accredited. In past, the manufacturing facility was also accredited with Kenya PPB and Ivory Coast. SOTAC Pharmaceuticals Limited is also registered in USA with DUNS number.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The company has a comprehensive system of internal financial controls that is appropriate for its size and operations. This system ensures timely and accurate financial reporting, the safeguarding of assets, and compliance with all applicable laws and regulations. The companys internal auditors regularly review the internal financial control system to ensure its effectiveness, and any necessary changes or suggestions are incorporated into the system. The internal audit reports are also reviewed by the companys audit committee.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

The key strategy will be focused around:

1. Financial strength & liquidity

2. Professional Management

3. Timely completion of Orders

4. Customer care

5. Brand Equity

Financial Performance and Review of Operations:

(Rs. in Lakhs)

Particulars	Standalone-Year Ended		Consolidated-Year Ended
	31/03/2023	31/03/2022	31/03/2023	31/03/2022
Revenue From Operations	5798.28	7315.17	7,748.32	-
Other Income	24.31	20.76	34.96	-
Total Income	5822.59	7335.93	7783.28	-
Less: Total Expenses before Depreciation, Finar Cost and Tax	4977.48	6699.53	7023.3	-
Profit before Depreciation, Finance Cost and Tax	845.11	636.4	760	-
Less: Depreciation	162.53	112.64	227.78	-
Less: Finance Cost	86.13	55.00	197.55	-
Profit Before Tax	596.45	468.76	392.67	-
Less: Current Tax	168.39	142.50	168.39	-
Less: Deferred tax Liability (Asset)	(21.49)	3.29	(4.33)	-
Profit after Tax	449.55	329.55	228.61	-

OUTLOOK:

The company believes that it has a great deal of opportunities for future growth in the pharmaceutical industry. There is enormous untapped potential in its established brand equity, target geographies, and diversified product portfolio. To capitalize on these growth drivers, the company is taking several steps, including:

• Developing new products that meet the needs of patients and physicians.

• Improving the packaging of its products to make them more appealing to patients and to protect them from tampering.

• Investing in research and development to develop new products and to improve the efficacy and safety of its existing products.

• Expanding its retail presence to reach more clients.

• Improving its design abilities to create more appealing and effective packaging.

• Improving its inventory management to ensure that it has the right products in the right place at the right time.

These steps will help the company to reinforce its competitive advantages and to achieve its growth goals. We envision a future where Sotac Group is a leading domestic and internatinal provider of pharmaceutical products and services. We are committed to developing innovative new products, expanding our global footprint, and strengthening our brand. We believe that we have the potential to make a significant impact on the lives of patients around the world.

The domestic pharmaceutical industry is facing a number of challenges. One challenge is the product patent policy, which has made it more difficult for domestic companies to develop new drugs. Another challenge is the Drug Price Control Order, which has put downward pressure on drug prices. The new MRP-based excise duty structure has also put a greater burden on small pharmaceutical companies. Additionally, the pharmaceutical industry in India is highly fragmented, making it difficult for companies to achieve economies of scale. The industry is also facing rising competition from both domestic and international companies. Finally, the Indian business environment is becoming increasingly uncertain, making it difficult for pharmaceutical companies to plan for the future.

The company is also concerned about a number of factors. One factor is the prevailing exposure norms, which limit the amount of debt that the company can take on. Another factor is the companys financial position, which is not strong. The company is also concerned about the entry of new players in the market, as this will increase competition. Additionally, the company is concerned about the rising competition from banks and multilateral agencies, which are providing financing to pharmaceutical companies. Finally, the company is concerned about the uncertain business environment, as this makes it difficult to plan for the future.

The company is taking a number of steps to address these challenges. One step is to invest in R&D to develop new drugs. Another step is to improve the companys manufacturing processes to reduce costs and improve efficiency. The company is also expanding its distribution network to reach more customers. Finally, the company is building its brand image to attract new customers and to retain existing customers.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:

The companys relationship with its employees remained cordial and harmonious. The company considers its employees to be its most valuable asset, and they have been the driving force behind the companys growth and expansion. The company acknowledges that its employees are its principal assets, and it has continued to make efforts to build a diverse and inclusive workforce.

As of March 31, 2023, the company had a total of 53 employees on its rolls, including factory workers. The company will continue to create opportunities and ensure that it recruits diverse candidates without compromising on merit.

KEY FINANCIAL RATIOS:

Ratio	Figures As At 31.03.2023		Figures As At 31.03.2022		% Change From Last Year		Explanation for Change in Ratio (for more than 25% in comparison with last year)
Current Ratio		1.35		0.98		37.75%		Current ratio is increased due to money received against the share allotment are disclosed in the Cash and Cash Equivalents.
Debt-Equity Ratio		0.93		1.04		-11.09%		-
Debt Service Coverage Ratio		7.99		2.61		205.66%		In the FY 2022-23, Company earnings increased from previous year and also long term loans converted from one bank to other bank, on account of this debts service coverage ratios increased from 2.61 times to 7.99 times.
Return on Equity Ratio		48.29%		55.35%		-12.76%		-
Inventory turnover ratio		5.35		12.18		-56.06%		Average inventory increased from Rs. 459.66 lakhs to Rs. 748.79 lakhs on account of this inventory turnover ratios decreased from 12.18 times to 5.35 times.
Trade Receivables turnover ratio		4.82		7.78		-37.97%		Average receivables increased from Rs. 940.56 lakhs to Rs. 1201.88 lakhs on account of this trade receivables turnover ratios decreased from 7.78 times to 4.82 times.
Trade payables turnover ratio		2.33		3.80		-38.71%		During the year, Credit purchase decreased as compared to previous year and also average payables increased as compared to previous year,on account of this Trade payables ratios decreased from 3.80 times to 2.33 times.
Net capital turnover ratio		6.11		-131.19		104.66%		During the year, revenue from operation decreased as compared to previous year and also net working capital turn out to be positive due to net capital turnover ratios improved.
Net profit ratio		7.75%		4.51%		72.10%		During the year, profit increased as compared to previous year as company generated better profits on product on account of this net profit ratios improved.
Return on Capital employed		37.68%		64.91%		-41.94%		During the year, Company taken more term loans as compared to previous year on account of this return on capital employed ratios decreased from 64.91 % to 37.68%.
Return on investment		7.11%		6.45%		10.27%		-

CAUTIONARY STATEMENT:

Statement in this report describing the Companys objectives projections estimates and expectation may constitute "forward looking statement" within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumption and expectations of future events. These Statements are subject to certain risk and uncertainties. The Company cannot guarantee that these assumption and expectations are accurate or will be realized. The actual results may different from those expressed or implied since the Companys operations are affected by many external and internal factors which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward-looking statements that may be amended or modified in future on the basis of subsequent developments information or events.

Registered office:	For and	on behalf of Board of Directors
Plot No. PF-21, Nr. Acme Pharma,		Sotac Pharmaceuticals Limited
Opp. Teva Pharma Sanand GIDC-II,		CIN:L24230GJ2015PLC085451
Sanand, Ahmedabad-382110
	Sharadkumar Dashrathbhai Patel	Dineshkumar Babulal Gelot
Place: Ahmedabad	Chairman & Managing Director	Whole time Director
Date: August 11, 2023	DIN:07252252	DIN: 07252132