I would like to take this opportunity to reiterate some fundamental
values of your Company. For Cipla, ensuring access to medicines at
affordable prices is essential. Most leading countries have realised
that despite government support, medicines are becoming increasingly
more expensive and therefore difficult to buy. This present trend
offers an opportunity for a pharmaceutical company like Cipla. At the
same time it places a great responsibility on us to supply reliable,
good quality medicines on a long-term sustainable basis. We need to
demonstrate clearly our willingness to promote affordable medicines so
that no one should be denied medication. Companies like ours, must
promote efficient and well-run businesses but at the same time have a
humanitarian approach to healthcare. We are one of the few industries
directly involved in prolonging and saving lives.
We have always believed that free competition is the only way to ensure
fair prices and better availability of drugs. Over the years, Cipla has
overcome innumerable hurdles in many areas and we will continue to
navigate the path ahead as best possible. We strongly believe that
there should be no monopolies in healthcare; and in that context, India
should adopt a pragmatic Intellectual Property Rights (IPR) policy
including in-licensing within the present framework of our
Many countries such as Brazil,Thailand, Indonesia and Malaysia have
already introduced compulsory licensing provisions. The Republic of
South Africa is seriously reconsidering their position on IPR in order
to promote affordable healthcare. India must also examine the monopoly
position of drugs and build safeguards to ensure that this does not
happen. India has always stood for the promotion of knowledge and
consideration for the greater good. Both our nation and our Company
have deep-rooted foundations based on human values. We sincerely
believe that Cipla has the opportunity to show this to the world.
The Directors take pleasure in presenting the Seventy-Eighth Annual
Report of the Company along with the Audited Accounts for the financial
year ended 31st March 2014.
Rs. in crore
Year ended Year ended
31st March 2013 31st March 2014
Standalone Consolidated Standalone Consolidated
8524 8610 Gross total
revenue 9760 10483
2012 2095 Profit before tax 1818 1880
1507 1545 Profit for the year 1389 1389
3110 3154 Surplus brought
forward from last
balance sheet 4269 4351
4617 4699 Profit available
for appropriation 5658 5740
161 161 Dividend 161 161
27 27 Tax on dividend 27 27
160 160 Transfer to general
reserve 140 140
4269 4351 Surplus carried
forward 5330 5412
The Directors recommend a dividend of Rs.2 per share on 80,29,21,357
equity shares of Rs.2 each for the year 2013-14 amounting to
MANAGEMENT DISCUSSION AND ANALYSIS: 2013-14 Global Business Review
With a footprint across five continents, Cipla is moving fast towards
its goal of making affordable healthcare available to all.
The Company''s revenue from operations on a consolidated basis during
the financial year 2013-14 amounted to Rs.10,218 crore against Rs.8,388
crore in the previous year, recording a growth of 21.8%. The income
from operations for domestic business increased by 14.7%, from Rs.3,569
crore in the previous financial year to Rs.4,094 crore in the financial
year under review. Total exports increased by 25.0% during the year to
During the year under review, operating margin reduced by 5.4%. This
was primarily due to the change in product mix, higher investments in
R&D and talent acquisition. Asa result, profit for the year reduced by
10.1% toRs. 1,389 crore from Rs.1,545 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.
1. Robust revenue from operations growth (22% vs. previous year);
crossed Rs.10,000 crore mark
2. Strong operating cash flow of more than 60% of operating profit for
3. More than 1,000 global filings
4. Completed three acquisitions
5. New organisation structure in place
6. Increase in efficiency and productivity levels in R&D and
As India''s second largest pharmaceutical company, Cipla is in a strong
position to fulfil its commitment to provide modern medicine to
everyone in the country. This year, despite the challenges, Cipla''s
domestic branded generics business revenues grew 15.5% versus industry
growth of 9%. The generics business also performed well.
Over the last six months the market share for Cipla''s branded generics
grew 5.3%, rising steadily from the previously recorded 4.7%. Cipla
continues to maintain its leadership in respiratory, paediatric and
urology therapies. Legacy brands continue to perform well. The
progressive product portfolio grew 23%, while the share of new product
launches increased from 1.5% in Q1, 2012-13 to 3.5% in Q4, 2013-14.
India business contributed 39.4% to overall revenues.
Cipla successfully launched Etacept, the Company''s first biosimilar for
the treatment of rheumatoid arthritis. As part of an in-licensing
transaction, Cipla entered into a strategic alliance to market MSD''s
HIV drug, raltegravir, in India. Raltegravir is an important part of
the third-line salvage regimen for HIV patients. It should be available
to patients from mid-2015.
In the coming years, the domestic business will continue to focus on
- Growth ahead of market growth
- Strengthen our leadership in therapy and geography by empowering our
- Increase sales force productivity with the rollout of Customer
Relationship Management (CRM) and Sales Force Automation (SFA) systems.
The Company completed the acquisition of 100% of the share capital of
Cipla Medpro in South Africa at ZAR 10 per share amounting to a total
investment of Rs.2,757 crore. This investment is aimed at further
strengthening the Company''s commitment to the African continent, and is
aligned with the strategy of ascending the value chain by managing a
front- end sales force in a market outside India. The acquisition
enables Cipla to strengthen Medpro''s position in the South African
pharmaceutical market, support the optimisation of Medpro''s
manufacturing capability and drive Medpro''s expansion into other
As one of the largest pharmaceutical companies in South Africa, Cipla
Medpro has a market share of more than 5%. South Africa now
contributes 13.2% to overall Cipla revenues on a consolidated basis.
The Company has grown at 12% in the private market over the last three
years. The Cipla brand inspires trust and has become a household name
among consumers, pharmacies, prescribers and key opinion leaders.
The Company''s revolutionary three-in-one antiretroviral treatment has
helped Cipla entrench itself at the forefront of the fight against
HIV/AIDS in South Africa. Its manufacturing facility at Durban provides
the Company a competitive edge and is the first Pharmaceutical
Inspection Convention (PIC) compliant facility in the country.
Capitalising on its defined future portfolio, key development and
in-licensing projects, and streamlined global organisational structure,
Cipla will leverage synergies from its international family. Plans are
on track and the integration across manufacturing supply chain, finance
and human resources is complete. The Company has leveraged its skill
and scale to drive down costs in areas such as procurement.
Cipla is making innovative, affordable medication accessible in over 30
countries across Europe. The European business contributed 5.7% to the
overall revenues and recorded 40.9% growth for the year. As part of its
European growth strategy, Cipla acquired Celeris, a pharmaceutical
distribution company based in Croatia.
Cipla is focused on adding innovative elements to products, services
and information through research and partnerships.
In 2013-14 the Company''s active pipeline has expanded from 36 to more
than 50 products including several key respiratory products and other
complex generics. Cipla has 16 filings in North America this year and
received 13 approvals.
Cipla intends to bring its intellectual capacity and range of product
technologies directly to the US market both under the Cipla label and
those of its partner organisations. North America business contributed
6.8% to overall revenues and recorded 18.2% growth for the year,
excluding a one-off impact in FY 2012-13.
International (rest of the world)
With a diverse range of more than 1,000 products and 180 global
partners across 120 countries, Cipla has a presence in Africa, the
Middle East, Latin America, Asia Pacific, China, and Russia.
International contributes 24.5% of global organisation revenues and
grew 30.3% over last year. Cipla''s products are currently helping more
than 1.7 million HIV patients, 55 million malaria patients, and 0.3
million patients in the area of reproductive and women''s health.
This year saw us increase our shareholding in Quality Chemical
Industries Limited (QCIL), Uganda to 51%. The Company also strengthened
its pan-African network of partners.
Strategic Business Units Core Areas of Competence
Restructuring the Company''s core business areas into Strategic Business
Units presents an opportunity to streamline and innovate across Cipla''s
Active Pharmaceutical Ingredients (API)
As the company that showed the way in manufacturing active
pharmaceutical ingredients (APIs) in India, Cipla has expanded its
portfolio to more than 200 products. Cipla''s state-of-the-art API
plants meet stringent quality and current good manufacturing practices
(cGMP) requirements and environment and safety standards. All of them
are approved by various international regulatory agencies including US
Food and Drug Administration (USFDA).
With the capacity to manufacture nearly 1,000 metric tonnes of APIs
annually, the plants are geared to meet the diverse needs of both
Indian and international customers. _
A significant portion of the APIs manufactured by Cipla are consumed
internally. The third-party API business contributed 7.5% to the
overall revenue and recorded 29% growth for the year.
Cipla has key strategic alliances in place with big pharmaceutical
companies to support the development of new entities as an additional
focus area. It has a robust portfolio process to create a pipeline of
The gastroenterology and antiretroviral segments continue to be major
contributors to the business. By building deeper engagements, Cipla
will develop and strengthen its key relationship with existing and new
Cipla has delivered treatments for chronic obstructive airway diseases
through innovative delivery mechanisms for over 30 years. This has
resulted in the Company''s ability to meet diverse needs of various
patient types all over the world. Cipla has further strengthened its
capabilities in development and commercialisation and now has a
dedicated team of world- class specialists focused on driving
The Company offers more than 65 different inhaled products and has the
world''s largest range of inhaled medications and devices. Across
markets, Cipla offers a selection of metered dose inhalers (pMDIs) with
dose indicators, innovative dry powder inhalers, nasal sprays,
nebulisers, non-electrostatic spacers, and infant and baby masks.
Today, the Company is one of the largest producers of pMDIs in the
Ensuring access and affordability is key to our mission, and over the
years we have developed and implemented an operating model in several
markets. This focuses on patient awareness and education, physician
training, patient clinics, and counselling.
Since its inception, Cipla''s ethos has been firmly rooted in the None
shall be denied philosophy. The Company strongly believes that access
to high quality, affordable medicines is a basic human right, and not
just a privilege for a few.
Cipla Global Access (C-GA) concentrates on four key therapy areas: HIV/
AIDS, Malaria, Multi Drug-Resistant Tuberculosis, and Reproductive
Health. In FY 2013-14, Cipla''s medicines in these therapies touched
nearly 58 million lives. The Company aims to reach out to 80 million
patients in these four therapies by 2020. Cipla has developed and
fostered robust relationships with all the major global organisations
and funding agencies that work toward this common cause. Additionally,
Cipla has partnered with several global scientific research
organisations to develop innovative, effective and affordable
formulations for these four therapy areas.
Cipla is among the leading manufacturers of ARV drugs in the world. In
2001, we were the first pharmaceutical company to supply ARVs to
countries with a high HIV burden at less than a dollar a day. In
financial year 2013-14 alone, Cipla covered around 1.7 million HIV
patients in 32 countries across the globe. Currently, we have 22 ARVs
in our portfolio and about a dozen more in the development pipeline.
Cipla is one of the largest suppliers of antimalarial drugs in the
world. We supplied nearly 55 million malaria treatments across all
malaria endemic countries in FY 2013-14. Cipla has managed to quickly
identify, develop, manufacture and supply low cost and state-of-the-art
artemisinin-based combination therapy (ACTs) drugs in order to meet the
challenge of drug-resistant malaria. All the ACTs supplied by Cipla are
approved by WHO, and we are currently developing more antimalarials
coupled with novel drug delivery systems.
The Company also has a strong second line TB (SLTB) portfolio, and is
expanding its product portfolio for HIV/MDRTB co-infected patients. In
FY 2013-14, Cipla''s SLTB drugs catered to a moderate patient base
globally, and this base is likely to increase significantly with the
arrival of new diagnostic methods. Future development in the TB therapy
area will be focused on newer molecules which can significantly reduce
treatment timelines. Cipla''s initiative also provides medication to 0.3
million patients in the area of reproductive and women''s health. Cipla
has aligned its strategy with international development initiatives to
provide safe and effective contraceptive drugs for 120 million more
women by 2020. Cipla also makes medications for infections such as
hepatitis and schistosomiasis which pose major health threats in the
Least Developed Countries (LDC).
Cipla New Ventures (CNV) Incubators of Growth
This year Cipla launched its business-incubating unit, Cipla New
Ventures (CNV). The division is aimed at bringing to Cipla a long-term
direction for research and innovation in future therapies. Through
Cipla New Ventures, the Company has started to build more
innovation-led business streams with investments in biologicals,
regenerative medicine, and consumer health. As an example, the Company
recently invested in Chase Pharmaceuticals, an early stage drug
development company in the US, focused on creating novel approaches to
improve treatments for Alzheimer''s.
Integrated Product Development (IPD) Investing in Knowledge
Cipla''s IPD organisation includes formulations and API R&D, clinical,
analytical, and regulatory functions.
Cipla''s R&D expense increased from 5.1% of total revenue in FY2012-13
to 5.4%in FY2013-14.TheCompany has undertaken a major expansion of its
R&D Centre with new buildings and facilities at Vikhroli, Mumbai.
Overall Cipla made significant progress across these priority areas:
- Development and regulatory approval processes were on track.
Currently, there are over 200 development projects underway indicating
a robust pipeline. In FY 2013-14, we had over 90 filings for
formulations in Europe and North America and over 1,000 filings in
other international markets. We also received more than 50 approvals in
Europe and North America and more than 800 approvals in other
- Cipla has increased efficiency across all teams resulting in reduced
timelines, development costs and more timely regulatory approvals.
Process improvements in R&D, analytics, regulatory, procurement and the
new project management division have helped improve turnaround time and
- Cipla has filed several formulation patent applications and is
working on developing nanotechnology-based oral systems,
microsphere-based and suspension-based depot injections, and sprinkle
- To help identify and define our portfolio priorities a portfolio
screening process was established to evaluate high potential
opportunities, evaluate product rationalisation opportunities and
assess high return innovations, and in-licensing opportunities. Cipla''s
Innovation Board, which was established with the intent of evaluating
new and innovative opportunities has now completed a full year of
Taking it to the next level
Cipla''s productivity improved significantly in the past year. The
manufacturing division delivered 25% more by volume as compared to FY
2012-13, while keeping costs at levels similar to last year.
In order to build a strong foundation for growth, Cipla launched
Jaagruti, a programme for transformation across various functions. This
programme is aimed at reducing business complexity and strengthening
operations. Under this initiative the manufacturing division freed up
valuable resources using strategies of network optimisation, energy
efficiency, better management of human resources, and a review of
capital and operational expenses.
This also involved conducting sustainability reviews for Cipla''s Goa
and Kurkumbh operations with recommendations
being made in areas that could be improved. Jaagruti initiatives have
also been extended to Cipla''s subsidiary locations in Satara, Kundaim
Cipla''s operations in Cipla Medpro, South Africa and in Cipla QCIL,
Uganda were also aligned with practices in India for greater uniformity
across the Company''s global operations.
During the year under review, the Company has set up additional
capacity for Active Pharmaceutical Ingredients (APIs) at Patalganga and
Kurkumbh in Maharashtra. In particular, at Kurkumbh, Cipla has recently
increased API capacity for antiretrovirals (ARVs). Besides the new
facilities, all the existing facilities are upgraded regularly to meet
current cGMP, safety and environmental standards. The Company has also
scaled up its anti-cancer formulations facility at Goa.
Regulatory approvals: Several dosage forms and APIs manufactured at the
Company''s facilities continue to enjoy the approval of major
international regulatory agencies. These agencies include the US FDA,
MHRA (UK), PIC (Germany), MCC (South Africa), TGA (Australia), the
Department of Health (Canada), ANVISA (Brazil), SIDC (Slovak Republic),
the Ministry of Health (Kingdom of Saudi Arabia), the Danish Medical
Agency, and the WHO.
Threats, Risks, Concerns
The pharmaceutical industry is subject to constant scrutiny by
regulatory authorities, both Indian and international. The Company
continues to be vigilant in maintaining the highest quality standards.
The implementation of the new pricing regulations has impacted Cipla''s
domestic business and the Company continues to take all measures to
mitigate its effect.
With the recent change of the Central Government, the Indian
pharmaceutical industry is eagerly awaiting new forward- looking
policies which will encourage growth.
Cipla has some pending legal cases related to alleged overcharging in
respect of certain drugs under the Drugs (Prices Control) Order, 1995.
The aggregate amount of the demand notices received is about ^1,768.51
crore (inclusive of interest). The Company has been legally advised
that based on several High Court decisions and considering the totality
of facts and circumstances, these demand notices may not be
enforceable. However, any unfavourable outcome in these proceedings
could have an adverse impact on the Company.
Health, Safety & Environment (HSE)
HSE measures remain an utmost priority for Cipla. During the year under
review, no major hazardous accident at the workplace was recorded. HSE
benchmarking at Cipla is achieved by strict adherence to national and
Cipla''s manufacturing facilities including Goa, Bengaluru, Baddi,
Indore, Kurkumbh, Patalganga and Sikkim, are certified for ISO 14001
and OHSAS 18001 standards. The Company continues to upgrade HSE
standards at all locations. Specialised safety training programmes
such as process safety, road safety, and behavioural safety are
regularly imparted to increase safety awareness at all working levels.
Safety Week, Fire Service Day and Electrical Safety Day are celebrated
at the manufacturing units to create awareness among employees.
Learning visits across different industrial sectors are conducted with
a view to strengthen the HSE knowledge base and implement best HSE
Villagers and school children living around the Company''s units across
India also participate in such programmes. A well-equipped ambulance
service is also made available to nearby villages in emergency
situations. Medical camps covering various aspects like polio, asthma,
blood donation, and dental are conducted in the surrounding villages.
World Environment Day and Earth Day are celebrated by conducting a
green drive programme of mass tree-plantation. The Company continues to
maintain modern, well-equipped effluent treatment plant and effluent
testing systems at its manufacturing facilities. Treated water from
these zero-discharge facilities is recycled for utility purpose.
Internal Control Systems
The Company''s internal control procedures ensure compliance with
various policies, practices and statutes in keeping with the
organisation''s pace of growth and increasing complexity of operations.
Cipla''s internal audit team carries out extensive audits throughout the
year across all functional areas, and submits its reports to the Audit
Committee of the Board of Directors.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Cipla''s Corporate Responsibility policy is aligned to the nine
principles of the National Voluntary Guidelines on Social, Economic and
Environmental Responsibilities, a global ISO 26000 accredited standard,
endorsed by the Government of India.
The Company''s Corporate Responsibility policy seeks to ensure
compliance with ethical standards in business practices, research and
development, and marketing; addressing the challenges of improved
access to medicines and their affordability; minimising environmental
impacts and waste; and helping underprivileged communities to become
resilient and self-reliant.
Initiatives executed in 2013-14 were grouped into five central themes
of education, public health, occupational health and safety,
environmental compliance, and employee welfare. The Company has an
on-going drive to increase sustainability practices in energy, water
conservation and waste minimisation across all its ISO 14001 certified
plants. It supports health, welfare and educational activities in the
communities around its facilities.
In the reporting period, Cipla donated medicines as a part of the
relief work following the floods and landslides that hit Uttarakhand in
northern India in June 2013.
In the last one year, Cipla offered grants to 23 NGOs, mainly engaged
in education and health. The foundation helped with the construction of
an English-medium school to provide education to more than 400 children
of marginalised and vulnerable communities including those living with
HIV/AIDS. Cipla extended financial support to underprivileged patients
including children with thalassaemia needing bone marrow transplants.
Cipla employees are encouraged to contribute to society through a
volunteering programme. Last year employees helped to rebuild a school
and distribute solar lanterns to households in the village of Papra in
The Cipla Palliative Care and Training Centre in Pune has been offering
free palliative care since 1997 and has provided care to more than
Cipla was recognised at the Global CSR Excellence & Leadership Awards
2014 in the category of ''Organisations with Best Corporate Social
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 -
www.cipla.com. The BRR contains a detailed report on Business
Responsibilities vis-a-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.
Pursuant to section 217(2AA)of the Companies Act, 1956 it is confirmed
that the Directors have:
i. followed applicable accounting standards in the preparation of the
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 at the
end of the financial year ended 31st March 2014 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, 1956 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.
Particulars of employees
Particulars of employees required to be furnished under section 217(2A)
of the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended, form part of this report. Any
shareholder interested in obtaining a copy may write to the Company
Secretary at the Registered Office of the Company.
Change of Registered Office
The Registered Office of the Company was shifted from Mumbai Central,
Mumbai-400 008 to Cipla House, Peninsula Business Park, Ganpatrao Kadam
Marg, Lower Parel, Mumbai-400 013, effective 1n April 2014
The Company had 49 subsidiaries/step-down subsidiaries as on 31st March
2014. In accordance with the general circular issued by the Ministry of
Corporate Affairs, the Balance Sheets, including annexures and
attachments thereto of the Company''s subsidiaries, are not being
attached with the annual report of the Company. The annual accounts of
the subsidiary companies and the related detailed information will be
made available to any member of the Company seeking such information.
These documents will also be available for inspection by any member at
the Registered Office of the Company and that of the respective
subsidiary companies. The consolidated financial statements presented
in this annual report include financial results of the subsidiary
companies. A statement containing information on the Company''s
subsidiaries is included in this annual report.
The Company is committed to good corporate governance practices. The
report on corporate governance as stipulated under Clause 49 of the
Listing Agreement forms part of this report.
Energy Conservation; R&D and Technology Absorption, Adaptation &
Innovation; and Foreign Exchange Earnings & Outgo
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988, the relevant information and data
are annexed to this report.
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 Harrasment 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 work place towards any women employees. All women
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.
The following is a summary of sexual harassment issues raised, attended
and dispensed during the year 2013-14:
- No. of complaints received: 4
- No. of complaints disposed off: 4
- No. of cases pending for more than 90 days: Nil
- No. of workshops or awareness programme against sexual harassment
carried out: 4
- Nature of action taken by the employer or District Officer: Out of 4
cases, one respondent was suspended, second was warned, third has
resigned and the fourth was a contract employee who has also resigned.
Employee Stock Option Scheme
As required under the Securities and Exchange Board of India (Employee
Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
1999, the applicable disclosures as on 31st March 2014 are annexed to
In March 2014, Mr. M.K. Hamied decided to move from an Executive
position to the role of Non-Executive Vice-Chairman. He has
contributed immensely to the company over the last 30 years and he will
continue to contribute and support the Company.
Mr. Rajesh Garg was appointed as an Additional Director with effect
from 1st April 2014 and holds office up to the date of the ensuing
Annual General Meeting. He was appointed as Whole-time Director
designated as Executive Director and Global Chief Financial Officer
for a period of five years with effect from 1st April 2014 subject to
the approval of the shareholders at the ensuing Annual General Meeting.
Dr. Peter Mugyenyi and Mr. Adil Zainulbhai were appointed as Additional
Directors with effect from 12th February 2014 and 23rd July 2014
respectively. They hold office up to the date of the ensuing Annual
Dr. Ranjan Pai resigned from the Board of Directors effective 30th
August 2013, due to his increasing business commitments. Mr. M.R.
Raghavan resigned from the Board of Directors effective 23rd July 2014,
due to increase in workload owing to various initiatives on the social
front that he has been associated with. The Directors place on record
their appreciation of their contributions as members of the Board.
A brief resume of the Directors seeking appointment/re-appointment is
provided in the Notice.
Pursuant to the provisions of section 233B of the Companies Act, 1956
and with the prior approval of the Central Government, 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 2014. The due date for
filing the Cost Audit Report for the year ended 31st March 2014 is 27th
The due date for filing Cost Audit Report for the year ended 31st March
2013 was 27th September 2013 and the same was filed on 27th September
Messrs. V. Sankar Aiyar & Co. and Messrs. R.G.N. Price & Co., joint
statutory auditors of the company, retire at the conclusion of the
forthcoming Annual General Meeting and are eligible for re-appointment.
On behalf of the Board,
23rd July 2014 Chairman