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Cipla

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Download Annual Report PDF Format 2015 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '16    « Mar 15
The Directors take pleasure in presenting the Eightieth Annual Report
 of the Company along with the audited financial statements for the
 financial year ended 31st March 2016.
 
 Financial Summary                                          Rs. in core
 
 Year ended                                                   Year ended
 31st March 2015                                         31st March 2016
 
 Stand
 alone      Consoli 
            dated                                     Stand
                                                      alone     Consoli
                                                                dated
  
   10373     11620     Gross total revenue            12445       14067
 
    1540      1654     Profit before tax               1740        2007
 
    1181      1181     Profit for the year             1398        1506
 
    5330      5412     Surplus brought forward 
                       from last balance sheet         6277        6358
 
       -         -     Adjustment of tax on
                       dividend of previous year         13          13
 
    6511      6593     Profit available for
                       appropriation                   7688        7877
 
                       Appropriations:
 
     161       161     Dividend                         161         161
 
      33        33     Tax on dividend                   33          33
 
       -         -     Transfer to general reserve        -           -
 
      40        41     Adjustment of depreciation         -           -
 
    6277      6358     Surplus carried forward         7494        7683
 
 Dividend
 
 The Directors recommend a dividend of Rs.2 per equity share (100%) for
 the year 2015-16. The dividend, if sanctioned at the Annual General
 Meeting, will be paid to those members whose names appear in the
 Company''s Register of Members on Wednesday, 14th September 2016. In
 respect of shares held in dematerialised form, the dividend will be
 payable on the basis of beneficial ownership as per details furnished
 by National Securities Depository Limited and Central Depository
 Services (India) Limited.
 
 
 
 
 MANAGEMENT DISCUSSION AND ANALYSIS: 2015-16
 
 Global Business Review
 
 With a vibrant presence globally, Cipla is well-poised for growth that
 advances its goal of ensuring affordable access to healthcare for all.
 
 To build a concrete foundation for sustainable long-term growth, the
 Company is investing heavily in its pipeline, making choices with
 respect to its operating model in certain markets and exploring
 initiatives to simplify the business.  The financial year under review
 has been important for the Company to drive execution of these choices
 and enhance the resilience of its business model.
 
 The Company''s revenue from operations on a consolidated basis during
 the financial year 2015-16 amounted to Rs.13,678 crore against
 Rs.11,345 crore in the previous year, recording a growth of 20.6%. The
 income from operations for the Company''s domestic business increased by
 5.9%, from Rs.4,825 crore in the previous financial year to Rs.5,111
 crore in the financial year under review. Total exports increased by
 36.4% during the year to Rs.8,261 crore. During the year under review,
 EBIDTA margin reduced by 0.8 percentage points. This was primarily due
 to the change in product mix, higher investments in research and
 development, and ongoing complexity reduction initiatives.  Profit for
 the year increased by 27.5% to Rs.1,506 crore from Rs.1,181 crore in
 the previous financial year.
 
 India Ratings and Research Private Limited, a Fitch Group Company,
 assigned a Long-Term Issuer Rating of IND AAA with a stable outlook to
 the Company. The rating is the highest assigned in Fitch''s rating scale
 and indicates the highest degree of safety regarding timely servicing
 of financial obligations and lowest credit risk.
 
 No material changes and commitments have occurred after the close of
 the year till the date of this Report, which affect the financial
 position of the Company.
 
 India
 
 As one of India''s leading pharmaceutical companies, Cipla is in a
 strong position to fulfill its commitment to provide modern and
 affordable medicines to patients. This year, despite pricing challenges
 and the impact of a weak monsoon, Cipla''s domestic revenues for its
 prescription business grew by 16% compared to the industry growth of
 14%, as per IMS Health data.
 
 The India business contributed ~40% to overall Company revenues, with
 new products contributing 4.5% of total India business revenues.  The
 prescription business accounted for 81% of India business revenues and
 market share for this segment currently stands at 5.3%. The Company
 grew faster than the market in Anti- infectives, Gastrointestinal and
 Urology. The respiratory business saw strong uptake with over 20%
 growth in the COPD portfolio.
 
 Cipla continues to focus on high-value opportunities to build out its
 specialty portfolio, through a mix of in-licensing and in-house
 innovation and development. In-licensing gained momentum in FY 2015-16
 with 6 deals executed in oncology, respiratory and dermatology
 segments. The Company also initiated several high value innovation
 projects, of which a few are likely to be commercialized in FY 2016-17.
 
 With the successful launch of Sofosbuvir in India for the treatment of
 Hepatitis-C, Cipla has expanded access to the drug with nearly 10,000
 patients being treated under the brand name HepCvir in its first 12
 months.  Cipla continues to build out its Hepatitis franchise in order
 to improve access to breakthrough therapies for patients with HepCvir  
 Ledipasvir / Daclatasvir combinations.
 
 Cipla also entered new areas through a partnership model - Cutisera in
 cosmetology, Nasovac S in vaccines and Reteplase in the
 Anti-Thrombolytic segment.
 
 In the coming years, the domestic business will continue to focus on
 enhancing depth of portfolio in priority therapy areas, and increasing
 sales force productivity with the rollout of Customer Relationship
 Management (CRM) and Sales Force Automation (SFA) systems.
 
 Through this, Cipla aims to grow above market rate of growth and
 strengthen leadership position in priority therapy areas in the Indian
 market.
 
 South Africa
 
 Cipla is one of the largest pharmaceutical companies in South Africa,
 with a private market share of more than 5%.  South Africa contributed
 11.5% to the overall revenues on a consolidated basis. The business
 however was impacted due to the depreciation of the South African Rand
 in FY 2015-16. In local currency terms, South Africa business revenue
 has grown at ~25% in FY 2015-16 against the previous year. Cipla''s
 private market business has grown at 14% for the same period, with
 market leadership in the Respiratory, CNS and Oncology segments, and
 contributes over 60% of South Africa business revenue. The sales and
 distribution arrangement with Teva Pharmaceuticals (Pty) Ltd, an
 affiliate of Teva Pharmaceutical Industries Ltd., has gained traction
 through FY 2015-16 with strong performance on products such as
 Copaxone, further cementing the Company''s status as a preferred
 Partner of Choice. Cipla has also introduced low cost vaccines in the
 South African market through an exclusive agreement with the Serum
 Institute of India. This is in line with the Company''s goal to advance
 healthcare for all in South Africa.
 
 Cipla also won Government tenders in antiretrovirals (ARV), respiratory
 and newer areas such as mental health, cardiovascular and women''s
 health categories, achieving significant growth in the tender business
 over the previous year. The newly set up state-of-the-art distribution
 centre facility has doubled the Company''s existing capacity and
 conferred competitive advantage by helping to improve customer service
 levels, enhance compliance, and reduce the cost of distribution.
 
 Capitalizing on its defined future portfolio, key development and
 in-licensing projects, and streamlined global organizational structure,
 Cipla South Africa will continue to leverage synergies from its
 international family. The Cipla brand inspires trust and has become a
 household name among consumers, pharmacies, prescribers and key opinion
 leaders. Going forward, several Sub-Saharan markets will also be
 covered by the South African organization.
 
 North America
 
 In the last quarter of financial year 2015-16, Cipla successfully
 completed the acquisition of two US-based entities, InvaGen
 Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc. in a transaction
 valued at US$ 550 mn.  InvaGen Pharmaceuticals is a high volume
 generics business platform that provides Cipla with a strong US-based
 manufacturing setup and access to large wholesalers/ retailers in the
 US. The platform includes 42 approved ANDAs and ~30 pipeline products
 that are expected to be approved over the next 4 years. It also has
 filed 5 potential first-to-file products which is expected to bring
 tremendous value in the coming 5-6 years. There are no material
 overlaps in the business, and the current portfolio and the pipeline is
 largely complementary to Cipla''s products. InvaGen Pharmaceuticals''
 manufacturing footprint spans ~350,000 sq.ft. of GMP area with 3 units
 located in Long Island, New York, and a total production capacity of 12
 billion tablets.
 
 Exelan Pharmaceuticals is a sales and marketing company with a focus on
 generic pharmaceuticals for the government and institutional market.
 Both companies together had annual revenues of over US$ 230 mn as of
 December 2015.
 
 This acquisition is aligned with Cipla''s global growth strategy to grow
 its presence in the US pharmaceutical market and increase its position
 amongst key pharmaceutical wholesalers and retailers. Having its own
 manufacturing base and supply chain will further strengthen Cipla''s
 presence in the US and its commitment to make high quality medication
 accessible to patients in the country. Cipla''s strategy in the US is to
 deliver its complex generics and respiratory portfolio of products.
 
 The North American business contributed 15% to overall revenues
 (including the impact of acquisitions) and recorded 117% growth for the
 year. Growth was driven primarily by the Company''s partnership with
 Teva Pharmaceutical Industries Ltd. for Esomeprazole and the successful
 launch of its own label products in the US market.
 
 Cipla currently has over 165 ANDAs filed in the US. Of these, the
 Company has approval for over 85.
 
 As Cipla scales its US business next year it will target launch of five
 to seven products from the InvaGen pipeline and eight to ten products
 from Cipla''s pipeline, including some in limited competition areas.  In
 parallel, the Company will continue to build on its successful
 partnerships for launch of first-to- market and differentiated generics
 such as Nexium and Pulmicort.
 
 Cipla has already established a strong US team which has been deeply
 involved in Cipla''s launch of its own label products in the US as well
 as in the evaluation of inorganic growth opportunities such as InvaGen.
 This team shall drive the transition and integration work streams along
 with key InvaGen personnel.  Cipla has a full integration plan in place
 that draws on its experience of a number of successful recent
 integrations such as in South Africa.
 
 Europe
 
 The European business contributed 4% to the overall revenues, recording
 a growth of 30% in revenues for the year on the back of its performance
 in both front-end and B2B markets.
 
 Cipla is focused on adding innovative elements to products, services
 and information through research and partnerships. The Company''s
 flagship product, the salmeterol-fluticasone MDI, is now in the market
 in Sweden, Romania, Netherlands, Germany, Croatia, Czech Republic,
 Slovakia, Belgium and Hungary. The Company has further strengthened its
 respiratory platform with the launch of Mometasone, Fluticasone,
 Ipratropium Salbutamol respules and Ipratropium MDI across multiple
 European markets in FY 2015-16.
 
 The Company continues to evolve its business model in Europe with the
 intention of balancing its portfolio with the best commercial options.
 
 International - Rest of the World
 
 International is defined as all export markets for Cipla excluding
 North America, Europe and South Africa. With a diverse range of more
 than 1,000 products and over 150 global partners across 100  countries,
 Cipla has a presence in Africa, the Middle East, Latin America, Asia
 Pacific, China, and Russia. International contributes 25% of Company
 revenues and grew by 14% over the last year.
 
 In recent years, Cipla has implemented a business model change in 15
 countries including Morocco, Algeria, Yemen, Sri Lanka and Uganda,
 adopting the direct-to-market (DTM) approach.  DTM markets had robust
 growth of ~25% in FY 2015-16, over the previous year. This growth rate
 has been achieved despite continuing challenges related to the
 situation in Yemen and currency devaluation in several emerging
 markets.  The Company now holds a leadership position in several
 markets such as Uganda, Sri Lanka, Yemen and North Africa.
 
 Cipla''s business in partnership-led markets (B2B) saw a growth of 8% in
 FY 2015-16 over the previous year. The Company is proactively
 simplifying its businesses, rationalising markets where necessary, and
 focusing only on high-growth markets where it holds a leadership
 position.
 
 The Cipla Global Access business recorded growth of 12% over the
 previous year and reflects Cipla''s continued commitment to the cause of
 ensuring access to life-saving medicines for patients worldwide.
 
 STRATEGIC BUSINESS UNITS
 
 Core areas of competence
 
 Active Pharmaceutical Ingredients (APIs)
 
 Cipla''s API legacy spans over five decades of having serviced the
 world''s largest pharmaceutical companies with more than 200 generic and
 complex APIs.  Cipla takes pride in its state-of- the-art API plants
 which meet stringent quality and current good manufacturing practices
 (cGMP) requirements, all approved by the US FDA and other major
 international regulatory agencies.
 
 With a total API manufacturing capacity of 1000 MT, the Company
 continues to be one of the significant API players in the industry,
 supporting internally as well as global customers. A substantial
 portion of the APIs manufactured by Cipla are consumed internally with
 a significant increase in consumption due to the new launches and front
 ending in several markets globally.
 
 Revenue from external customers registered a year-on-year growth of 7%.
 More than 70% of the total sales were from regulated markets and over
 one-third of our API sales in FY 2015-16 were to the top generics
 players in the world. The gastroenterology and antiretroviral segments
 continue to be major contributors to the business.
 
 Cipla continues to build its future pipeline of complex products with
 its established robust portfolio selection process, providing early
 launch capabilities along with Intellectual Property (IP) advantages.
 Deep vertical integration, scale and more importantly its investments
 in manufacturing and quality have helped the Company build a quality
 product pipeline.
 
 Cipla APIs cover a broad spectrum of therapeutic categories with 23
 Drug Master Files (DMF) filed in FY 2015-16 in various countries.
 Cipla is also ramping up its filings for regulated markets with a
 robust pipeline of over 40 APIs at various stages of development
 anticipated to be commercialised starting 2018. The Company is expected
 to continue the strong pipeline building momentum in the coming years
 as well.
 
 Respiratory
 
 Cipla Respiratory continues to bring effective and affordable therapy
 to patients suffering from diseases such as Asthma, COPD, PAH and
 Allergic Rhinitis. This year, Cipla Respiratory provided patients in
 100  countries, the world''s largest portfolio of inhalation products
 with 28 drug formulations across a range of devices, to suit individual
 patient needs. In Europe, we launched several inhalation products,
 including the ICS-LABA, Salmeterol Fluticasone in a pMDI (metered dose
 inhaler). Cipla''s Respiratory Center of Excellence also made
 significant progress on the development of critical new products for
 the US and other priority markets.
 
 Over the last 40 years, Cipla has invested significantly in creating
 three dedicated manufacturing sites for Respiratory. The Company
 manufactures four major dosage forms i.e. metered dose inhalers
 (pMDIs), dry powder inhalers (DPIs), nasal sprays and nebulisers in
 addition to a range of inhalation devices. This year, the Company was
 amongst the largest manufacturers of pMDIs with capacity to produce
 over 100 million inhalers. In addition, the Company has built a team of
 world-class specialists across Manufacturing, Quality Control, Quality
 Assurance, Supply-Chain who continue to collaborate seamlessly across
 functions.
 
 Cipla Respiratory has unique end- to-end capability covering the value
 chain from API, formulation, device development and manufacturing to
 doctor and patient initiatives.  The Company has played a leading role
 across countries in patient awareness, acceptance, compliance and
 usage, physician training, medical camps and counselling. In India,
 Cipla Respiratory has played a pioneering role in driving the
 conversion of patients from oral to inhaled therapy for the treatment
 of Respiratory disease. This year, the Company further strengthened and
 adapted where necessary its pioneering BreatheFree patient awareness
 and education programs across key markets outside India such as South
 Africa and Sri Lanka.
 
 Cipla Respiratory has grown to almost ~US$ 400 mn, accounting for ~25%
 of the company''s revenues. Despite aggressive competition, the Company
 remains focused to retain leadership in serving patients suffering from
 Respiratory diseases across the world.
 
 Cipla Global Access
 
 Since its inception, Cipla''s ethos has been firmly rooted in the vision
 None shall be denied. The Company strongly believes that access to
 high quality, affordable medicines is a basic human right.
 
 Cipla Global Access (CGA) is an international tender based
 institutional business that concentrates on four key therapy areas:
 HIV/AIDS, Malaria, Multi drug-resistant tuberculosis, and Reproductive
 health.
 
 Cipla is among the leading manufacturers of Anti-retroviral drugs in
 the world. In 2001, Cipla was the first pharmaceutical company to
 supply ARVs to countries with a high HIV burden at less than a dollar a
 day. Today Cipla has the highest number of Anti-retroviral products
 approved for the treatment of both children and adults. Recently a new
 manufacturing facility has been set up to meet the growing demand for
 ARV products and expect the plant to start commercial production by
 June 2016.
 
 Cipla has developed the taste- masked Lopinavir/Ritonavir pellets (FDA
 approved in June 2015) and is going to be available shortly in 20
 countries in the first year of launch in 2016. In parallel with this
 development, Cipla, in collaboration with DNDi (Drugs for Neglected
 Diseases initiative) and with funding support of UNITAID, is working to
 develop 4-in-1 taste- masked sprinkles formulations of the combination
 LPV/r (Lopinavir/ Ritonavir), 3TC (Lamivudine) and ABC (Abacavir) or
 AZT (Zidovudine). The clinical trials of the 4-in-1 formulation are run
 in Uganda and Kenya (Chapas study) to assess the clinical efficacy of
 the product and combination and the results will be made available in
 the coming years. However, to respond to the needs of the paediatric
 population and ensure that LPV/r-based products are on the market
 before 4-in-1 products become available, the LPV/r pellets are an
 alternative and a currently available option.
 
 Cipla is also one of the largest suppliers of antimalarial drugs in the
 world. This portfolio covered treatment for over 80 million malaria
 patients across all the affected countries. The coverage is increasing
 every year and thus saving millions of lives. Cipla anti- malarial
 treatment costs less than a dollar for the entire course. Cipla has
 always been at the forefront in initiatives to identify, develop,
 manufacture and supply low cost treatment with artemisinin-based
 combination therapies (ACTs).  Cipla is endeavouring to expand its
 portfolio to include more potent and safer anti-malarials, using novel
 drug delivery systems, such as Rectal Artesunate for which Cipla is
 submitting dossiers in several emerging markets. Rectal Artesunate is
 indicated in cases of severe malaria in children between 6 months to 6
 years of age. It is a life-saving drug in cases where there are no
 health facilities offering parenteral treatment.
 
 Reproductive health and family planning is an emerging segment.  Cipla
 has aligned its strategy with international development initiatives to
 provide safe and effective contraceptive drugs to enable reach to over
 120 million women.
 
 Cipla has a strong second line TB drug portfolio for treating
 multidrug-resistant TB (MDR TB).
 
 It is also aggressively expanding its MDR TB portfolio to meet the
 challenges of resistance fast developing among TB patients due to the
 high rate of dropouts.  Till now, Cipla''s SLTB (Second Line
 Tuberculosis) drugs catered to a moderate patient base globally, but
 this is likely to increase significantly with the use of new diagnostic
 methods of detection of drug-resistant TB.  Future development in the
 MDR TB therapy area will be focused on newer molecules which can
 significantly reduce treatment timelines. Currently, Cipla services
 around 70 countries in this area.
 
 Cipla Global Access also caters to the developing world requirement for
 essential medications for infections caused by helminths,
 schistosomiasis and kala azar, which pose major health threats in low
 and middle income countries (LMIC).
 
 In FY 2015-16, Cipla, as part of its access initiatives signed various
 non-exclusive, royalty based/ free licensing agreements with innovator
 companies such as Gilead, ViiV, BMS and Janssen.  It allows for the
 manufacturing of generic active pharmaceutical ingredient and finished
 formulations of Anti-retroviral and drugs for treatment of Hepatitis C,
 a silent killer which till the introduction of the current treatment
 was difficult and expensive to treat.
 
 Cipla has developed and fostered robust relationships with all the
 major global organizations, regulatory bodies, public institutions and
 funding agencies that work towards this common cause. Additionally,
 Cipla has partnered with several global scientific research
 organizations to develop innovative, effective and affordable
 formulations for these four therapeutic areas.
 
 CIPLA NEW VENTURES
 
 CNV continues to nurture exciting businesses with a high innovation
 quotient, preparing Cipla for a future beyond generics. It had notable
 achievements during the year, across its portfolio - a testimony to the
 care and attention that the company is devoting to its medium to
 long-term sustainability. In Cipla health, it has sowed the seeds of a
 FMCG enterprise focused on Good Science, Good Medicine. Cipla BioTec
 has a disruptive Biosimilar story.
 
 Cipla BioTec
 
 Less than 8% of patients eligible for biopharmaceutical treatment
 worldwide receive therapy. Access is not just a developing world issue;
 in the US and Europe less than 30% receive treatment.  In many cases,
 patients are not treated due to the cost of biopharmaceuticals which
 can approach US$ 75,000 per year for treating cancer and autoimmune
 diseases. Biosimilars are now approved in all major world markets,
 however high prices still limit access.
 
 Cipla BioTec (CBT) is building on Cipla''s heritage of affordability and
 access by developing biosimilars which will be approved in global
 markets and usher in a new wave of affordable products. CBT goal is to
 treat a million patients. The first product CBT124 is starting human
 clinical trials. CBT''s second product CBT127 is in development.  CBT
 leverages the latest biopharmaceutical production technology to make
 its products affordable. This approach allows CBT to enable local
 production to make these life changing products.  CBT is constructing
 commercial manufacturing capacity in two countries to implement its
 World Class Products at Affordable Prices and Be Local philosophy.
 
 In line with this strategy, the Company in July 2016 announced the
 signing of a memorandum of understanding (MOU) between Cipla BioTec Pvt
 Ltd and Dube Tradeport Corporation for setting up South Africa''s first
 state-of- the-art biotech manufacturing facility, for the production of
 biosimilars, at a cost of a R1.3 bn.  The factory, which will be
 located in the Department of Trade and Industries Special Economic Zone
 of Dube Tradeport in Durban, will manufacture biosimilar drugs made
 from living organisms and used in the treatment of cancer and other
 diseases. Construction is scheduled to start in early 2017, with full
 operations expected to commence in the third quarter of 2018.
 
 Stempeutics
 
 Regenerative Medicine is one of the new frontiers of treatment.  Cipla
 through its strategic investment in Stempeutics, is making Regenerative
 Medicine a reality. Stempeutics received Limited Marketing Approval in
 India for Stempeucel® Stem Cell therapy to treat Buerger''s Disease.
 This is only the 5th Stem Cell Product approved worldwide and the first
 novel biologic product ever to be completely developed in India.
 Stempeucel® is covered by an extensive patent estate with issued
 patents in the US, EU, ANZ, Japan and India among other territories.
 Cipla in collaboration with Stempeutics has also launched Cutisera™, a
 novel skin care product using growth factors to help reduce wrinkles
 and dark spots.
 
 CipTec
 
 CipTec has initiated efforts to build a specialty pharmaceutical
 business in the US for Cipla.  The CipTec team has evaluated several
 broad therapy areas such as oncology, neurology, dermatology,
 ophthalmology and gastrointestinal disorders before picking neurology
 as the therapy area of choice for further exploration.
 
 Another key focus area for CipTec in 2015 was to support and build out
 Cipla''s first US venture investment - Chase Pharmaceuticals. Chase''s
 focus for 2015 was clinical validation of its lead asset CPC-201 for
 Alzheimer''s disease. CPC-201 was in a Phase 2a clinical trial
 throughout 2015.
 
 This trial will complete in April 2016. The preliminary data shows that
 the drug has demonstrated vastly better tolerability and dose, and has
 also demonstrated promising signs regarding cognitive improvement and
 functional improvement in Alzheimer''s patients. CipTec participated in
 two additional rounds of funding for Chase to support clinical programs
 as well as key management hires.
 
 Cipla Health - A Cipla initiative towards improving lives of Indian
 Consumers
 
 The consumer healthcare business was spun-out into a separate company,
 Cipla Health Ltd (CHL), effective March 2016. CHL also attracted
 investment from a leading private equity fund, Fidelity (FIL Capital
 Investments) in April 2016.
 
 Cipla incubated its consumer healthcare business two years ago with a
 vision to improve the lives of Indian consumers and leverage the trends
 of shifting focus in health from illness to wellness.  A dedicated team
 was formed with professionals from diverse background of healthcare and
 FMCG, to lead this business. The first consumer brand Nicotex, a
 smoking cessation product, was first piloted in South India in January
 2015 and was launched nationally in October 2015. The launch has been a
 great success, with Nicotex helping thousands of consumers towards
 quitting smoking.
 
 Currently CHL is on a good momentum on business, with the Nicotex
 marketing campaign winning prestigious awards such as Effie Gold, Goa
 Fest - a big win for such a young brand. CHL aims to foray into other
 categories in the consumer healthcare space and offer a series of
 wellness products to Indian consumers in the coming years.
 
 INTEGRATED PRODUCT DEVELOPMENT (IPD)
 
 Investing for Future
 
 Cipla''s Integrated Product Development (IPD) majorly includes
 development of APIs, formulations development, Analytical, Clinical,
 Regulatory, Device, Quality by Design and Pharmacovigilance functions.
 
 Cipla''s R&D expense increased from 5.6% of total revenue in FY 2014-15
 to 6.3% in FY 2015-16.  As we invest for the future, our total project
 R&D spend has been rising steadily.
 
 On the Development portfolio front, we have over 200 formulations
 development projects underway of which the top 50 projects address a
 market size of US$ 30 bn based on innovator sales. Of these top 50
 projects, most projects account for the US and also include inhalation
 and injectable delivery forms including complex & first-to-file
 opportunities. Our new filings in formulation segment in FY 2015-16
 stand at 7 ANDAs for North America, 19 filings (187 MAs) for Europe and
 over 700 filings for International markets in addition to 1000 
 renewals. We expect to file 20 to 25 ANDAs in FY 2016-17 including some
 respiratory and oncology filings with some potential first to file
 opportunities.
 
 This year, Cipla has also received approvals of 4 ANDAs including
 Celecoxib. More than 100 MAs approval in Europe includes key approval
 of Fluticasone  Salmeterol-MDI, Fluticasone MDI, Ipra Sal (Ipratropium
 Bromide Salbutamol Sulphate) Respules, Ipratropium in key EU Markets
 and more than 200 approvals in International (rest of the world)
 markets.
 
 The Company has enhanced the depth of its respiratory offering this
 year with new product launches for Fluticasone Salmeterol, Mometasone,
 Fluticasone, Ipratropium Salbutamol Respules and Ipratropium MDI across
 multiple markets in Europe.
 
 Cipla has completed expansion of its R&D Centre with new buildings and
 major laboratory facilities at Vikhroli, Mumbai. IPD has also expanded
 R&D applications across multiple technology platforms.  These includes
 Implants, Ready to Dilute (RTD) injections, Depot injections,
 nanotechnology, unit dose nasal sprays, and spray patches. The Company
 is also investing in various API technologies like Green chemistry,
 Flow chemistry & Peptide synthesis.
 
 Cipla has consistently enhanced efficiency across all IPD Functions
 through Jagruti transformation programmes, resulting in reduced
 timelines, development costs and more timely regulatory approvals.
 
 MANUFACTURING
 
 Cipla expanded its manufacturing footprint through the acquisition of
 InvaGen''s facility in the US, adding capacity of 12 billion units of
 oral solids.
 
 In India, Cipla continued its focus on domestic and international
 markets through increased capacity of 3.2 billion units, out of which a
 state- of-the-art modern technology plant with a capacity of 1.2
 billion units is dedicated for ARVs (Anti-retroviral) in sync with the
 organization''s vision of None shall be denied.  All manufacturing
 sites continued to focus on project improvement across asset and
 material productivity, energy efficiency and manpower utilization.
 
 Serviceability of formulation products was significantly improved
 through releasing capacities by network balancing within units. The
 organization continued its focus on reducing process and product
 complexities by applying lean tools for business process
 simplification. Cipla''s Uganda plant increased portfolio capability to
 reduce the turn- around time for the African market.
 
 Cipla commissioned additional API manufacturing capacity of 50 Metric
 Tonne/year specifically for Hydrogenation Process. The company
 scaled-up 15 key APIs, with continued focus on yield improvement, cycle
 time reduction and cost improvement projects.  Cipla is continuously
 working on reduction of Volatile Organic Compounds by reducing solvent
 losses across Cipla sites.
 
 The Company continues to upgrade its manufacturing facilities in terms
 of technology, automation, safety, environment and systems as well as
 procedures for energy and water conservation.
 
 Quality
 
 Cipla Quality as a centre of excellence assures a culture of compliance
 and follows systematic interventions to consistently meet or exceed
 quality standards.
 
 Cipla''s focus during the year has been to enhance its Quality
 Management Systems to meet and/or exceed the current expectations of
 Regulatory Bodies such as US FDA, MHRA, TGA, MCC, APVMA, WHO, etc.
 
 Cipla has all state-of-the-art manufacturing facilities that are cGMP
 compliant in conformity with national and international standards.
 Several dosage forms and APIs manufactured at the Company''s facilities
 continue to be approved by major international regulatory agencies.
 
 These agencies include the US FDA, MHRA (UK), TGA (Australia), PIC
 (Germany), MCC (South Africa), APVMA (Australia), the Department of
 Health (Canada), ANVISA (Brazil), the Danish Medical Agency, and the
 WHO.
 
 In addition, during the year, the first phase of Laboratory Information
 Management System (LIMS) has been completed across all Cipla
 Laboratories which significantly improves compliance in our
 laboratories.
 
 Threats, Risks, Concerns
 
 The pharmaceutical industry has always been under intense scrutiny by
 various regulatory authorities, both Indian and international. This
 trend continues resulting in regulatory standards being upgraded all
 the time.
 
 The Company continues to track all these changes, increase vigilance,
 and strives to maintain the highest quality standards.  Recent changes
 by the price regulator in India have resulted in significant challenges
 for the pharma industry. There is a lot of confusion in the
 interpretation of provisions of the Drugs (Prices Control) Order, 2013
 and its implementation and this has affected the availability of some
 drugs. The Company is very concerned about these developments and is
 taking steps to resolve the issues through various forums.
 
 Cipla has some pending legal cases related to alleged overcharging in
 respect of certain drugs under the Drugs (Prices Control) Order, 1995.
 The status of these cases as of the date of approval of financial
 statements have been summarised in the Notes to the accounts.
 
 Further, vide Order dated 20th July 2016, the Hon''ble Supreme Court
 have transferred back the writ petitions to Hon''ble Bombay High Court
 along with directions that 50% of the alleged overcharged amount
 mentioned in its earlier Order dated 1st August 2003 should be
 deposited by the Petitioners in the Bombay Petitions, within 6 weeks.
 Accordingly, the Company will be depositing a sum of Rs.175.07 crore on
 or before 31st August 2016. The Company has been legally advised that
 on the merits of the cases that there is very little likelihood of
 these demands crystallising. Hence no provision is considered necessary
 in respect of notices of demand received by the Company up to date
 aggregating to Rs.1768.51 crore. However, any unfavourable outcome in
 these proceedings could have an adverse impact on the Company.
 
 The Industry is concerned about the recent actions by the Ministry of
 Health in banning a large number of Fixed Dose Combinations, and this
 led to various litigations being filed by the industry associations and
 several companies in the court.  A final judgment is still awaited.
 
 Cipla operates in a number of markets where geo-political risks exist.
 
 No significant or material orders have been passed by the Regulators or
 Courts or Tribunals which may impact the going concern status of the
 Company and its future operations.
 
 Health Safety & Environment (HSE)
 
 HSE measures remain a priority for Cipla. The company continues to
 upgrade HSE standard at all locations. ISO 50001 is implemented at
 Patalganga, Kurkumbh, Bengaluru, Goa and Indore locations, to benchmark
 energy conservation threshold levels for a greener environment.
 
 Cipla''s manufacturing facilities at Goa, Bengaluru, Baddi, Indore,
 Kurkumbh, Patalganga and Sikkim are certified for ISO 14001 and OHSAS
 18001 standards.
 
 Hazards and risk associated with site activities are identified across
 all manufacturing locations and risk control and mitigation measures
 are continuously implemented. Our facilities have been regularly
 audited and HAZOP studies of new products have been done as part of
 continuous improvement in HSE systems. Online systems are in place to
 monitor applicable legal compliances. The Company organised specialised
 safety training such as process safety, road safety and behavioural
 safety to increase safety awareness at all working levels.
 
 Safety week and electrical safety day were celebrated and fire service
 day was observed at the manufacturing units to create awareness among
 the employees.  Fire safety and road safety training is conducted in
 schools nearby to our manufacturing facilities.
 
 World Environment Earth Day were celebrated by conducting green drive
 programme of mass tree plantation. The Company continues to maintain
 modern, well-equipped effluent treatment plants and effluent testing
 system at its manufacturing facilities.  Treated water from this
 facilities is recycled and used for utility or gardening.
 
 The Company''s various locations have received HSE awards including best
 environment, health and safety practices, National award for Excellence
 in Energy Management and Greenco (Silver rating) award for Kurkumbh
 facility.
 
 Internal Control Systems and their adequacy
 
 The Company''s internal control procedures are adequate to ensure
 compliance with various policies, practices and statutes in keeping
 with the organization''s pace of growth and increasing complexity of
 operations.
 
 The Company maintains a system of internal controls designed to provide
 reasonable assurance regarding the following:
 
 - Effectiveness and efficiency of operations
 
 - Adequacy of safeguards for assets
 
 - Prevention and detection of frauds and errors
 
 - Accuracy and completeness of the accounting records
 
 - Timely preparation of reliable financial information
 
 Key controls have been tested during the year and corrective and
 preventive actions are taken for any weakness.
 
 The internal controls and governance process are duly reviewed for
 their adequacy, effectiveness through periodic audits by Cipla''s
 independent internal audit function supported by various internal
 auditors and are found to be adequate.  Risk based internal audit plan
 is approved by the Audit Committee which also reviews adequacy and
 effectiveness of the Company''s internal financial controls. The Audit
 Committee is periodically briefed on the corrective and preventive
 action taken to mitigate identified risks.  During the year under
 review, no fraud was reported by the auditors to the Audit Committee /
 Board of Directors.
 
 Corporate Social Responsibility (CSR)
 
 The CSR policy is available on the Company''s website at
 http://www.cipla.com/templates/ home_tpl/images/Corporate_Social_
 Responsibility_Policy.pdf.
 
 The Annual Report on CSR initiatives as required under section 135 of
 the Companies Act, 2013 and the Companies (Corporate Social
 Responsibility Policy) Rules, 2014 as amended from time to time forms
 part of this Report as Annexure I.
 
 Business Responsibility Report
 
 As mandated by the Securities and Exchange Board of India (SEBI), a
 standalone Business Responsibility Report (BRR) forms part of the
 Annual Report and is available on the Company''s website at
 www.cipla.com. The BRR contains a detailed report on Business
 Responsibilities vis-ŕ-vis the nine principles of the National
 Voluntary Guidelines on Social, Environmental and Economic
 Responsibilities of Business framed by the Union Ministry of Corporate
 Affairs. Any shareholder interested in obtaining a copy may write to
 the Company Secretary at the Registered Office of the Company.
 
 CORPORATE MATTERS
 
 Directors'' Responsibility Statement
 
 Pursuant to section 134(3)(c) of the Companies Act, 2013 it is
 confirmed that the Directors have:
 
 i.  followed applicable accounting standards in the preparation of the
 annual accounts and there are no material departures for the same;
 
 ii.  selected such accounting policies and applied them consistently
 and made judgements and estimates that are reasonable and prudent so as
 to give a true and fair view of the state of affairs of the Company as
 at 31st March 2016 and of the profit of the Company for that period;
 
 iii.  taken proper and sufficient care for maintenance of adequate
 accounting records in accordance with the provisions of the Companies
 Act, 2013 for safeguarding the assets of the Company and for preventing
 and detecting fraud and other irregularities;
 
 iv.  prepared the annual accounts on a going concern basis;
 
 v.  laid down internal financial controls to be followed by the Company
 and that such internal financial controls are adequate and were
 operating effectively; and
 
 vi.  devised proper systems to ensure compliance with the provisions of
 all applicable laws and that such systems were adequate and operating
 effectively.
 
 Corporate Governance
 
 A report on Corporate Governance along with a certificate from Dr. K.
 R. Chandratre, Practising Company Secretary, regarding compliance with
 Clause 49 of the erstwhile Listing Agreement and SEBI (Listing
 Obligations and Disclosure Requirements) Regulations, 2015 (SEBI
 Listing Regulations) forms part of this report.
 
 Conservation of Energy, Technology Absorption, Foreign Exchange
 Earnings and Outgo
 
 As required under Section 134(3)(m) of the Companies Act, 2013 read
 with Rule 8(3) of the Companies (Accounts) Rules, 2014, the relevant
 information and data are annexed to this report as Annexure II.
 
 Disclosure under The Sexual Harassment of Women at Workplace
 (Prevention, Prohibition and Redressal) Act, 2013
 
 The Company has in place a Policy on Prevention, Prohibition and
 Redressal of Sexual Harassment at workplace in line with the
 requirements of The Sexual Harassment of Women at Workplace
 (Prevention, Prohibition and Redressal) Act, 2013. An Internal
 Complaints Committee (ICC) has been set up to redress complaints
 received regarding sexual harassment.
 
 The policy has set guidelines on the redressal and enquiry process that
 is to be followed by complainants and the ICC, whilst dealing with
 issues related to sexual harassment at the workplace towards any
 employee.  All employees (permanent, temporary, contractual and
 trainees) are covered under this policy. All employees are treated with
 dignity with a view to maintain a work environment free of sexual
 harassment whether physical, verbal or psychological.
 
 A total of 14 cases were reported under the Prevention of Sexual
 Harassment Policy during the financial year 2015-16, out of which 2
 cases were under investigation at the end of financial year.
 Subsequently, all the cases were satisfactorily addressed and
 appropriate action was taken.
 
 Employee Stock Option Scheme
 
 As required under the Securities and Exchange Board of India (Share
 Based Employee Benefits) Regulations, 2014, the applicable disclosures
 as on 31st March 2016 are available on the Company''s website at
 http://www.cipla.com/en/ investor-information/shareholder-
 information.html.
 
 There is no material change in the Employee Stock Option Schemes during
 the financial year under review and the Employee Stock Option Schemes
 are in compliance with the Securities and Exchange Board of India
 (Share Based Employee Benefits) Regulations, 2014.
 
 Human Resources
 
 The Human Resources function contributes to Cipla''s growth story by
 working as a strategic partner to the business. The technical and
 quality demands of pharma combined with our own vision to grow
 significantly over the next few years are driving the need for us to
 build an agile, engaged, and energized work force.  While doing this,
 your Company continues to retain focus on Cipla values and its core
 philosophy of placing people before profits. Our core objective has
 been to build organizational capability through skill enhancement
 across levels, sales force training and enhancing competencies in line
 with changing business needs.
 
 There has also been a focus on strengthening existing, middle and
 senior leadership.
 
 The Company has institutionalized a robust performance management
 process; individual goals and key performance indicators have been
 aligned to organizational goals and imperatives.
 
 In making Caring for Life translate to Caring for employees,
 various employee centric interventions like people friendly policies
 and work- life balance have been launched.  While serving global
 customers, employing people across the globe is an equally important
 aspect of our vision thereby building a truly global company. Employees
 are motivated through various skill-development, engagement and
 voluntary programs. We also ensure that employees are aligned with our
 organizational culture and values whilst never losing sight of our
 business objectives.
 
 Details of remuneration as required under section 197(12) of the
 Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment
 and Remuneration of Managerial Personnel) Rules, 2014 is annexed as
 Annexure III.
 
 Particulars of employee remuneration as required under section 197(12)
 of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies
 (Appointment and Remuneration of Managerial Personnel) Rules, 2014
 forms part of this Report. Having regard to the provisions of the first
 proviso to section 136(1) of the Companies Act, 2013, the Annual Report
 excluding the said information is being sent to the members of the
 Company. The said information is available for inspection at the
 registered office of the Company during working hours and any member
 interested in obtaining such information may write to the Company
 Secretary at the Registered Office of the Company. The said information
 is also available on the Company''s website www.cipla.com.
 
 Particulars of loans, guarantees or investments
 
 Particulars of loans, guarantees and investments under section 186 of
 the Companies Act, 2013 are provided in Notes 13 and 40 to the
 financial statements.
 
 Extract of Annual Return
 
 As required under section 92(3) of the Companies Act, 2013, the extract
 of Annual Return in Form No. MGT-9 forms part of this Report as
 Annexure IV.
 
 Secretarial Audit Report
 
 The Board had appointed M/s. BNP & Associates as the secretarial
 auditor for the financial year 2015-16. The secretarial audit report
 for the financial year ended 31st March 2016 is annexed to this report
 as Annexure V. The report does not contain any qualification,
 reservation or adverse remark.
 
 Vigil Mechanism
 
 The Company believes in upholding professional integrity and ethical
 behavior in the conduct of its business. To uphold and promote these
 standards, the Company has formulated a Vigil Policy which serves as a
 mechanism for its directors and employees to report genuine concerns
 about unethical behavior, actual or suspected fraud or violation of the
 Code of Conduct without fear of reprisal. The details of Vigil Policy
 is available on the Company''s website at http://www.
 cipla.com/templates/home_tpl/ images/Vigil_Policy.pdf.
 
 Contract and Arrangements with Related Parties
 
 All contracts / arrangements / transactions entered by the Company with
 related parties during the financial year 2015-16 were in the ordinary
 course of business and on an arm''s length basis. During the year, no
 material related party transactions were entered into by the Company,
 the details of which are required to be provided under section
 134(3)(h) of the Companies Act, 2013.
 
 The policy on materiality of and dealing with related party
 transactions is available on the Company''s website at
 http://www.cipla.com/uploads/ investor/1443000127_Policy-on-
 Related-Party-Transactions.pdf.
 
 Internal Financial Controls
 
 The Board has adopted policies and procedures for ensuring orderly and
 efficient conduct of its business, including adherence to the Company''s
 policies, the safeguarding of its assets, the prevention and detection
 of frauds and errors, the accuracy and completeness of the accounting
 records and timely preparation of reliable financial disclosures.
 
 Cipla has aligned its current systems of internal financial control
 with the requirement of Companies Act, 2013, on lines of globally
 accepted risk based framework as issued by the Committee of Sponsoring
 Organisations (COSO) of the treadway commission. The Internal Control -
 Integrated Framework (the 2013 framework) is intended to increase
 transparency and accountability in an organisation''s process of
 designing and implementing a system of internal control. The framework
 requires a company to identify and analyse risks and manage appropriate
 responses. The Company has successfully laid down the framework and
 ensured its effectiveness, some of which are outlined below:
 
 Cipla has a well-defined delegation of power with authority limits for
 approving revenue as well as expenditure. Processes for formulating and
 reviewing annual and long term business plans have been laid down.
 
 The Company has adopted accounting policies which are in line with the
 Accounting Standards prescribed in the Companies (Accounting Standards)
 Rules, 2006 that continue to apply under section 133 and other
 applicable provisions, if any, of the Companies Act, 2013 read with
 Rule 7 of the Companies (Accounts) Rules, 2014 and relevant provisions
 of the Companies Act, 1956, to the extent applicable. These are in
 accordance with generally accepted accounting principles in India.
 Changes in policies, if any, are approved by the Audit Committee in
 consultation with the Statutory Auditors.
 
 Cipla uses a SAP ® (ERP) system to record data for accounting and
 management information purposes. The ERP system is configured to ensure
 all transactions are integrated seamlessly with the underlying books of
 account. It has continued its efforts to align all its processes and
 controls with global best practices.
 
 The Management periodically reviews the financial performance of the
 Company against the approved plans across various parameters and takes
 action, wherever necessary.
 
 Risk Management
 
 The Company has constituted a Risk Management Committee under the
 Chairmanship of Mr. Subhanu Saxena, Managing Director and Global Chief
 Executive Officer. There are no risks which in the opinion of the Board
 threaten the existence of the Company. However, some of the risks which
 may pose challenges are set out in the Management Discussion and
 Analysis which forms part of this Report.
 
 Deposits
 
 During the financial year 2015-16, your Company has not accepted any
 deposit within the meaning of sections 73 and 74 of the Companies Act,
 2013 read together with the Companies (Acceptance of Deposits) Rules,
 2014.
 
 Board Evaluation
 
 Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing
 Regulations, the Board has carried out an annual performance evaluation
 of its own performance, the directors individually and that of its
 Committees. The manner in which the evaluation has been carried out is
 stated in the Corporate Governance Report.
 
 Subsidiaries, Associates and Joint Ventures
 
 The Company had 55 subsidiaries/ step-down subsidiaries and Associates
 as on 31st March 2016. The consolidated financial statements presented
 in this annual report include financial results of the subsidiary
 companies. The names of companies which have become or ceased to be
 Company''s subsidiaries or associates or joint ventures during the year
 under review is attached as Annexure VI.
 
 The policy for determining material subsidiaries is put up on the
 website at http://www.cipla.com/uploads/
 investor/1443000071_Policy-for- determining-Material-Subsidiaries.pdf.
 
 A report on the performance and financial position of each of the
 subsidiaries, associates and joint venture forms part of Consolidated
 Financial Statement.
 
 The financial statement of the Company including consolidated financial
 statements, financial statements of subsidiary companies are available
 on Company''s website www.cipla.  com. These documents will also be
 available for inspection by any member at the Registered Office of the
 Company during business hours. The copy of the said financial
 statements will be made available to any member of the Company seeking
 such information.
 
 Directors and Key Managerial Personnel
 
 During the year under review, the members approved the appointment of
 Ms. Samina Vaziralli as a Whole-time Director designated as Executive
 Director for a period of five years with effect from 10th July 2015.
 
 Dr. Nachiket Mor resigned from the Board of Directors effective 7th
 August 2015 due to his other commitments. The Directors place on record
 their appreciation of the contributions made by him as a member of the
 Board.
 
 Ms. Naina Lal Kidwai has been appointed as an Additional Director with
 effect from 6th November 2015 and holds office up to the date of the
 ensuing Annual General Meeting.
 
 Mr. S. Radhakrishnan has been re-appointed by the Board of Directors as
 a Whole-time Director for a period of two years with effect from 12th
 November 2015, subject to the approval of members at the ensuing Annual
 General Meeting.
 
 Mr. M. K. Hamied retires by rotation and, being eligible, offers
 himself for re-appointment.
 
 Mr. Subhanu Saxena is stepping down as the Director, Managing Director
 and Global Chief Executive Officer of the Company with effect from
 close of business hours on 31st August 2016.
 
 At the meeting of the Board of the Directors held on 12th August 2016,
 Mr. Umang Vohra has been appointed as an Additional Director and
 Managing Director and Global Chief Executive Officer for a period of
 five years with effect from 1st September 2016, subject to the approval
 of members at the ensuing Annual General Meeting.
 
 A brief resume of the Directors seeking appointment/ re-appointment is
 provided in the Notice.
 
 Pursuant to the provisions of section 203(1) of the Companies Act,
 2013, the Key Managerial Personnel of the Company during the year were
 as follows:-
 
 - Mr. Subhanu Saxena - Managing Director and Global Chief Executive
 Officer
 
 - Mr. Rajesh Garg - Director, Whole-time Director and Chief Financial
 Officer (Demitted office w.e.f. close of business hours on 12th June
 2015.
 
 Mr. Umang Vohra - Global Chief Operating Officer and Global Chief
 Financial Officer (Appointed w.e.f.  1st October 2015)
 
 - Mr. Mital Sanghvi - Company Secretary
 
 All Independent Directors of the Company have given declarations that
 they meet the criteria of independence as prescribed under section
 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI
 Listing Regulations.
 
 The criteria for determining qualifications, positive attributes and
 independence of a director are attached as Annexure VII.
 
 The salient aspects of Remuneration Policy have been outlined in the
 Report on Corporate Governance.
 
 Neither the Managing Director nor the Whole-time Directors received any
 remuneration or commission from any of the Company''s subsidiaries.
 
 Number of meetings of the Board
 
 During the year under review, 8 Board Meetings were held.  The details
 of the Board Meetings are stated in the Report on Corporate Governance.
 
 Composition of Audit Committee
 
 The details pertaining to composition of Audit Committee are included
 in the Report on Corporate Governance.
 
 Cost Auditor
 
 Pursuant to the provisions of section 148 of the Companies Act, 2013,
 Mr. D. H. Zaveri, a practising Cost Accountant (Fellow Membership No.
 8971) has been appointed to conduct the audit of cost records of
 pharmaceutical products for the financial year ended 31st March 2016.
 Pursuant to section 148(6) of the Companies Act, 2013 and Rule 6(6) of
 the Companies (Cost Records and Audit) Rules, 2014, the Cost Audit
 Report, in Form CRA-4 (in XBRL mode), for the year ended 31st March
 2015, under the head ''Drugs and Pharmaceuticals Industry'' was filed
 with the Central Government within the prescribed time.
 
 Auditors
 
 M/s. V Sankar Aiyar & Co. and M/s. R.G.N. Price & Co., joint statutory
 auditors of the Company, retire at the conclusion of the ensuing Annual
 General Meeting (AGM). In accordance with the provisions of section 139
 of the Companies Act, 2013 and the mandatory rotation of auditor
 requirement, it is proposed to appoint Walker Chandiok & Co LLP,
 Chartered Accountants, as statutory auditors of the Company to hold
 office from the conclusion of ensuing 80th AGM till the conclusion of
 85th AGM.
 
 The Auditors'' Report for the financial year 2015-16 does not contain
 any qualification, reservation or adverse remark.
 
                                            On behalf of the Board
 
                                                      Y. K. Hamied 
 
                                                          Chairman
 
 12th August 2016
Source : Dion Global Solutions Limited
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