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Granules India Directors Report, Granules India Reports by Directors

Granules India

BSE: 532482|NSE: GRANULES|ISIN: INE101D01020|SECTOR: Pharmaceuticals
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Directors Report Year End : Mar '18    Mar 17

Dear Members,

The Board of Directors are pleased to present the Company’s 27th Annual Report and the Company’s audited financial statements (standalone and consolidated) for the financial year ended March 31, 2018.

Financial Results:

The Company’s financial performance for the year ended March 31, 2018 is summarised below:

(Rs. in lakhs)




Year ended March 31, 2018

Year ended March 31, 2017

Year ended March 31, 2018

Year ended March 31, 2017

Revenue from Operations





Other Income





Total Income










Less: Finance Costs





Less: Depreciation





Profit Before Tax, share of profit of joint venture and associate





Share of profit in joint venture and associate, net of tax





Profit Before Tax





Less: Tax Expenses





Profit for the year





Add: Surplus Brought Forward from Previous Year





Surplus Available Appropriations made to Surplus:





Dividends including dividend tax





Transfer to General Reserve





Balance carried to Balance Sheet





Basic Earnings per share





Diluted Earnings per share





Note: The above figures are extracted from the standalone and consolidated financial statements

Overview of Financial and Business Operations:

The Company’s Standalone revenues from operations was RS.1,65,386.92 lakhs for the FY 2017-18 as compared to RS.1,37,416.90 lakhs for the previous year registering growth of 20.35%. The Company has made Net Profit of RS.13,916.19 lakhs on standalone basis for the year under review as compared to RS.14,282.67 lakhs for the previous year, a decrease of 2.57%.

The primary growth driver in FY 2017-18 was led by change in product mix. On a standalone basis, the Finished Dosages (FD) business contributed the largest share of revenue of the Company at 39% while Pharmaceutical Finished Intermediates (PFI) and Active Pharmaceutical Ingredients (API) contributed 24% and 37% respectively while it was 39%, 24% and 37% for API, PFI and FD respectively for the FY 2016-17.

During the year under review, US FDA has completed site inspection for the Company’s facilities located at Gagillapur and Jeedimetla. US FDA had issued Establishment Inspection Report for both the facilities. In the FY 2017-18, we have filed ten ANDAs in total and out of this three are filed from Hyderabad facility in India. We have also filed four US DMFs, one CEP (Certificate of Suitability) with EDQM and two EDMFs from Hyderabad and Visakhapatnam facilities in India which will be used for building future revenue from API business. The management believes that it will continue to strengthen its position through dedicated research and introduction of new products.

Vertical integration has always been the strength and focus area of the Company. It will continue its focus on its core business and strengthen it by enhancing its capacities, improving operational efficiencies, adding new products, moving up in the value chain and most importantly offering better services to the customers. The Company will continue to solidify its business model and build systems that are sustainable as it continue to scale-up.

Expansion Programs and Projects:

The Company has initiated commercial production of enhanced capacity of Metformin and Paracetamol API at Bonthapally facility. The Company has further commercialised the 6,000 MTA new PFI block at Gagillapur facility during the year. This should remove the API and PFI level bottleneck and translate into increased revenues from our core business activity.


The Board of Directors has recommended a final dividend of 25 paisa per equity share (Face value RS.1/- per equity share) for the FY 2017-18, amounting to RS.635.23/- Lakhs. This is in addition to the interim dividend of 75 paisa per equity share paid during the year. The total dividend for the FY 2017-18 aggregates to RS.1/- per equity share amounting to RS.2,476.33 lakhs as compared to 90 paisa per equity share paid in the previous year.

The dividend payout is in accordance with the Company’s Dividend Distribution Policy. The Dividend Distribution Policy of the Company may be accessed on the Company’s website at:

Material Changes Affecting The Company:

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.

Share Capital:

The Authorised Share Capital of the Company is 505,000,000 equity shares of RS.1/- each. The Company has allotted 24,754,792 equity shares of RS.1/- each through Qualified Institutions Placements (QIP) pursuant to the approval of the members obtained during the financial year 2017-18. The Company has further allotted 380,000 equity shares of RS.1/- each in trenches upon exercise of an equal number of stock options by the employees pursuant to the Employee Stock Option Scheme of the company.

In view of the above allotments, the outstanding shares of the company increased from 228,702,770 equity shares of RS.1/- each to 253,837,562 equity shares of RS.1/- each during the financial year 2017-18.

Transfer to The Investor Education & Protection Fund (IEPF):

In terms of Section 124(5) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, unclaimed dividend amounting to RS.108,868 (one lakh eight thousand eight hundred and sixty eight only) for the financial year 2009-10, was transferred to the Investor Education and Protection Fund established by the Central Government during the year under review.

Management’s Discussion and Analysis Report:

Management’s Discussion and Analysis Report for the year under review, as stipulated under regulation 34(2) of the Listing Regulations, is presented in a separate section, forming part of the Annual Report.

Subsidiaries, Joint Venture and Associate Companies:

Subsidiary Companies, their Performance and Developments

- Granules USA, Inc.

Granules USA, Inc., a wholly-owned foreign subsidiary of the Company, caters to the requirements of customers in the U.S market. The Share Capital of the Company as on March 31, 2018 is RS.116.31 lakhs. During the FY 2017-18, the Company achieved a turnover of RS.40,216.67 lakhs against the turnover of RS.39,558.16 lakhs for FY 2016-17 and the profit after tax is RS.305.93 lakhs against RS.346.21 lakhs for FY 2016-17.

- Granules Pharmaceuticals, Inc.

Granules Pharmaceuticals. Inc. (GP Inc.), a wholly-owned foreign subsidiary of the Company located in Virginia, USA focuses in formulation R&D. The Share Capital of the Company as on March 31, 2018 is RS.1,225.00 lakhs. Seven (7) ANDAs were filed from this facility in the FY 2017-18. These are first set product filling from this facility towards building a niche portfolio for the US market. During the year under review, US FDA has completed site inspection for the facility located at Verginia and issued Establishment Inspection Report

- Granules Europe Limited

Granules Europe Limited is a wholly owned foreign subsidiary set up in UK for focusing on marketing to European customers.

The Policy for determining material subsidiaries as approved by the Board may be accessed on the Company’s website at:

Joint Venture /Associate Companies

The developments in business operations / performance of Joint Venture /Associate Companies consolidated with the Company are stated below:

- Granules-Biocause Pharmaceutical Co. Limited

The Share Capital of the Company as on March 31, 2018 is RS.3,638.06 lakhs. The Company achieved a turnover of RS.28,022.19 lakhs during the year under review as against turnover of RS.21,999.84 lakhs in the previous year. Profit after tax for the year under review is RS.2,835.05 as against RS.2,458.56 lakhs during the previous year of which Granules India Limited reports 50% share in profit from Joint Ventures/Associates.

- Granules OmniChem Private Limited

The Share Capital of the Company as on 31st March 2018 is RS.8,576.19 lakhs. The Company achieved a turnover of RS.14,697.97 lakhs during the FY 2017-18 as against RS.20,031.91 lakhs during the FY 2016-17. Profit after tax for the year under review is RS.362.57 lakhs as against RS.2,487.03 lakhs in the previous year of which Granules India Limited reports 50% share in profit from Joint Ventures/Associates. The Company had received Establishment Inspection Report from US FDA during the year.

During the year under review, no Company has become or ceased to be Company’s subsidiaries, joint ventures or associate companies.

As per the provisions of section 129 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the financial statements of the subsidiary Companies, Joint Ventures and Associates is prepared in Form AOC-1 and it forms part of the consolidated financial statements.

Consolidated Financial Statements:

The consolidated financial statements, in terms of Section 129(3) of the Companies Act, 2013 and regulation 34 of the Listing Regulations and prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended thereof forms a part of this annual report. The consolidated financial statements have been prepared on the basis of audited financial statements of the Company, its subsidiaries, joint venture and associate companies, as approved by their respective Boards. As per the provisions of Section 136 of the Companies Act, 2013, the Company has placed separate audited accounts of its Subsidiaries on its website and copy of separate audited accounts of its Subsidiaries will be provided to the members at their request.

Secretarial Standards:

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors’ and ‘General Meetings’, respectively, have been duly followed by the Company.

Director’s Responsibility Statement:

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013, with respect to the Director’s Responsibility Statement, the Board of Directors of the Company hereby confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgments 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 March 31, 2018 and of the profit of the Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a ‘going concern’ basis for the financial year ended March 31, 2018;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Corporate Governance:

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by Securities and Exchange Board of India (SEBI). The report on Corporate Governance as stipulated under the Listing Regulations forms an integral part of this Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of corporate governance is attached to the report on Corporate Governance.

Business Responsibility Report:

Business Responsibility Report for the year under review, as stipulated under regulation 34(2) of the Listing Regulations, is presented in a separate section, forming part of the Annual Report.

Contracts and arrangements with Related Parties:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and are on an arm’s length basis. During the year, except with the wholly owned subsidiary, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company’s website at:

The particulars of contracts or arrangements with related parties referred to in section 188(1) are prepared in Form No. AOC-2 pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 and the same is enclosed as Annexure IV to the Board’s report

Corporate Social Responsibility (CSR):

The Composition of the CSR Committee is provided below.

Name Category

Mrs. Uma Devi Chigurupati,

Non-Independent, Executive


Mr. Krishna Prasad

Non-Independent, Executive


Mr. A. Arun Rao

Independent, Non-Executive

The CSR Policy may be accessed on the Company’s website at:

The Company is undertaking CSR initiatives in compliance with Schedule VII to the Act. During the year under review, the Company has spent RS.176.09 lakhs on CSR activities. The annual report on CSR activities is annexed herewith marked as Annexure I to the Board’s report.

Nomination and Remuneration Committee:

The Company’s Nomination and Remuneration committee consists of majority of Independent Directors which ensures transparency in determining the remuneration of Directors, KMPs and other employees of the Company. The Chairman of the committee is an Independent Director, thereby resulting in independent and unbiased decisions.

During the financial year 2017-18, the composition of Nomination and Remuneration Committee is provided below.



Mr. C. Parthasarathy, Chairman

Independent, Non-Executive

Mr. L. S. Sarma

Independent, Non-Executive

Mr. A. Arun Rao

Independent, Non-Executive

Mr. K.B. Sankar Rao

Non-Independent, NonExecutive

Mr. Krishna Prasad Chigurupati

Non-Independent, Executive

The Performance Evaluation and Remuneration Policy framed by the Committee and approved by the Board is directed towards rewarding performance of Executive and Non-Executive Directors, Key Managerial Personnel and Senior Management Personnel of the Company based on review of achievements periodically.

Risk Management:

Risk Management Committee has been entrusted with the responsibility to assist the Board in (a) overseeing and approving the Company’s enterprise wide risk management framework; and (b) overseeing that all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. The Company has proper process for Risk Management.

Internal Financial Controls:

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitised and embedded in the business processes. Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the internal auditors during the course of their audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

Internal Audit & Controls:

The Company continues to engage M/s Dhanunjaya & Haranath, Chartered Accountants as its Internal Auditors. During the year, the Company continued to implement their suggestions and recommendations to improve the internal controls. Their scope of work includes review of operational efficiency, effectiveness of systems & processes, compliances and assessing the internal control strengths in all areas. Internal Auditors findings are discussed and suitable corrective actions are taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.

The Company’s internal control systems are well established and commensurate with the nature of its business and the size and complexity of its operations. The Audit Committee reviews adequacy and effectiveness of the Company’s internal control environment and monitors the implementation of audit recommendations. The recommendations/suggestions of the internal auditors are discussed in the Audit Committee meetings.

Directors and Key Managerial Personnel:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Harsha Chigurupati, Non- Executive Director of the Company, retires by rotation at the 27th Annual General Meeting and being eligible offers himself for re-appointment.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under the Companies Act and the Listing Regulations.

The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors which include criteria for performance evaluation of the Non-Executive Directors and Executive Directors. Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued there under and the Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in force), the process for evaluation of the annual performance of the Directors/ Board/ Committees was carried out in accordance with the policies in force.

The Board of Directors has complete access to the information within the Company. Independent Directors have the freedom to interact with the Company’s management. Interactions happen during Board / Committee meetings, when executives of the Company are asked to make presentations about performance of the Company. Apart from this, they also have independent interactions with the Statutory Auditors, the Internal Auditors and external advisors appointed from time to time. Further, they meet without the presence of any management personnel and their meetings are conducted informally to enable the Independent Directors to discuss matters pertaining to the Company’s affairs and put forth their combined views to the Board of Directors of the Company.

Mr. Krishna Prasad Chigurupati, Chairman and Managing Director, Mrs. Uma Devi Chigurupati, Executive Director, Dr. V.V.N.K.V. Prasada Raju, Executive Director, Mr. K. Ganesh, Chief Financial Officer and Ms. Chaitanya Tummala, Company Secretary are Key Managerial Personnel of the Company during the year under review.

Employee Stock Option Scheme:

The Company’s Employee Stock Option Scheme viz. ESOS-2009 has been in place since year 2009-10 and the Company has made grants under ESOS-2009 to the eligible employees of the Company and its subsidiaries. The Nomination and Remuneration Committee of the Board of Directors of the Company, inter alia, administers and monitors the Employees’ Stock Option Scheme of the Company. The Company, during the year obtained approval of the members for a new scheme viz. Employee Stock Option Scheme 2017 (ESOS-2017). The Company did not make any grant under ESOS- 2017 during the FY 2017-18. There has not been any material change in the Employee Stock Option Schemes during the current financial year. The Schemes are in line with the SEBI (Share Based Employee Benefits) Regulations, 2014 (“SBEB Regulations”).

The applicable disclosures as stipulated under the SEBI Guidelines as on March 31, 2018 (cumulative position) with regard to the Employee’s Stock Option Scheme are herein under provided. The issue of equity shares pursuant to exercise of options does not affect the Statement of Profit and Loss of the Company, as the exercise is made at the market price prevailing as on the date of the grant plus taxes as applicable.

Pursuant to regulation 13 of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. certificate from M/s. B S R & Associates, LLP, Statutory Auditors is given as Annexure II to the Board’s report. Voting rights on the shares issued to employees under the Employee Stock Option Scheme are either exercised by them directly or through their appointed proxy.

The details of the stock options granted / vested / exercised under the Granules India Limited - Employee Stock Option Scheme 2009 approved by the members in 18th Annual General Meeting, are given below:

Sl. no.




Options granted till date under the scheme

12,688,000 options


Pricing formula

Closing market price as on the date prior to the grant date on National Stock Exchange (where there was highest trading volume).


Options vested during the year



Options exercised during the year



Total number of shares arising as a result of exercise of options



Options lapsed during the year



Options lapsed till date under the scheme



Variation in terms of options



Money realized by exercise of options during the year



Total number of options in force



Employee wise details of options granted during the year to be exercised at RS.142/- to :


Senior managerial personnel



No. of Options

Dr. V.V.N.K.V. Prasada Raju

Executive Director


K. Ganesh

Chief Financial Officer


M. Sreekanth

Chief Operating Officer



Any other employee who receives a grant in any one year of options amounting to 5% or more of options granted during the year.



Identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant.

Not Applicable


Diluted Earnings per share (EPS) pursuant to issue of shares on exercise of options calculated in accordance with Accounting Standard (AS) 20 -Earning per share.

RS.5.74 per share


Where the company has calculated the employee compensation cost using the intrinsic value of the stock options, the difference between the employee compensation cost that shall have been recognized if it had used the fair value of the options.

Not Applicable


Weighted-average exercise price, whose exercise price either equals or exceeds or is less than the market price of the stock

RS.22.71/- per share


Description of the method and significant assumptions used during the year to estimate the fair values of options.

The assumptions and model used for estimating fair value are disclosed in Note 27 of Standalone financial statements.

Auditors & Their Report:

Statutory Auditors

M/s. B.S.R. & Associates LLP, Firm of Chartered Accountants, Hyderabad was appointed as Auditors of the Company, for a term of 5 (five) consecutive years, at the 26th Annual General Meeting held on September 28, 2017. They have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Notes on financial statement referred to in the Auditors’ Report are self-explanatory and do not call for any further comments. The Auditors’ Report does not contain any qualification, reservation or adverse remark.

Secretarial Auditor

The Board has appointed M/s. Saurabh Poddar & Associates, Company Secretaries, to conduct Secretarial Audit for the financial year 2017-18. The Secretarial Audit Report for the financial year ended March 31, 2018 is annexed herewith marked as Annexure III to the Board’s Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.


Meetings of the Board

Seven meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report, which forms part of this Report.

Audit Committee

The Audit Committee comprises majority Independent Directors namely Mr. C. Parthasarathy (Chairman), Mr. L.S. Sarma, Mr. A.P. Kurian, Mr. A. Arun Rao and Mr. Krishna Prasad Chigurupati as other members. During the year all the recommendations made by the Audit Committee were accepted by the Board.

Vigil Mechanism

The Company has a Vigil mechanism and a Whistle - blower policy in accordance with provisions of the Act and Listing Regulations, under which the employees are free to report violations of applicable laws and regulations and the Code of Conduct. Protected disclosures can be made by a whistle blower through a dedicated e-mail, or a letter to the Chairman of the Audit Committee.

The Policy on vigil mechanism and whistle blower policy may be accessed on the Company’s website at:

Code of Conduct

A declaration regarding compliance with the code of conduct signed by the Company’s Chairman and Managing Director is published in the Corporate Governance Report which forms part of the annual report.

Particulars of Loans given, Investments made, Guarantees given and Securities provided

Particulars of loans given, investments made, guarantees given and securities provided are provided in the standalone financial statement (Please refer to Note No.4A, 4B and 26(b) to the standalone financial statement).

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure V to the Board’s Report.

Extract of Annual Return

Extract of Annual Return of the Company is annexed herewith as Annexure VI to this Report.

Particulars of Employees and related disclosures

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended thereof, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules forms part of this Report.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 also forms part of this Report.

However, having regard to the provisions of the first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection on all working days, during business hours, at the registered office of the Company. Any member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request. This information may be accessed on the Company’s website at:

The Directors further state that, the remuneration paid to the Key managerial Personnel and others is as per the Remuneration Policy of the Company.

Remuneration from Subsidiaries

During the year under review, Mr. Krishna Prasad Chigurupati, Chairman and Managing Director of the Company has received remuneration of $ 200,000 from Granules Pharmaceuticals Inc., wholly owned subsidiary of the Company.

Policy on Sexual Harassment

The Company has a Policy on “Prevention of Sexual Harassment of Women at Workplace” for the matters connected therewith or incidental thereto covering all the aspects as contained under the “The Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013”.

During the year under review, the Company has not received any complaints pertaining to Sexual Harassment.


The Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

- Details relating to deposits covered under Chapter V of the Act.

- Issue of equity shares with differential rights as to dividend, voting or otherwise.

- Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except Employee Stock Option Scheme referred to in this Report.

- The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.

- Cost Audit is not applicable for the financial year 201718.

- No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.

- No fraud has been reported by the Auditors to the Audit Committee or the Board.

Appreciations and Acknowledgements:

The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. The Board of Directors wishes hereby to place on record their appreciation for the committed services by the Company’s executives, staff and workers.

On behalf of the Board of Directors

Krishna Prasad Chigurupati

Chairman and Managing Director

Hyderabad, July 23, 2018 DIN: 00020180

Source : Dion Global Solutions Limited
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