CIPLA LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Congratulations to all Cipla shareholders on the occasion of the Diamond
Jubilee of your Company. Thanks to your continuing support, the strong
backing of the medical community and the untiring efforts of the entire
team of employees and associates, Cipla has completed a remarkable 75
years.
When the first Cipla products were ready for the market in September 1937,
The Sunday Standard predicted that 'with intelligent direction and skillful
production, (Cipla) bids fair to establish a great reputation in the East'.
Indeed, the Company's reputation has gone beyond the East. From a quiet
beginning,today Cipla is well known internationally by doctors and patients
alike, in most countries across the globe.
The Directors take pleasure in presenting the Seventy-Fourth Annual Report
of the Company and Audited Accounts for the year ended 31St March 2010.
Financial Summary Rupees in crore
Year ended Year ended Increase over
31st March 31st March previous year
2009 2010 (%)
5,377 Sales and other income 5,765 7
901 Profit before tax 1,325 47
777 Profit after tax 1,081 39
Surplus brought forward
510 from last balance sheet 955
Profit available for
1,287 appropriation 2,036
Appropriations:
156 Dividend 160
26 Tax on dividend 27
150 Transfer to general
reserve 150
955 Surplus carried
forward 1,699
SHARE CAPITAL
Following the approval accorded by the members at the Annual General
Meeting held on 26th August 2009, the Company has, in September 2009,
raised Rs.675.99 crore through an issue of 2,56,30,000 equity shares of
Rs.2 each issued ata price of Rs.263.75 (including premium of Rs.261.75)
under Qualified Institutions Placement (QIP). These shares have been listed
on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India
Limited (NSE).Consequently the paid-up equity share capital of the Company
stands increased to Rs.160.58 crore.
DIVIDEND
The Directors recommend a dividend of Rs.2 per share on 80,29,21,357 equity
shares of Rs.2 each for the year 2009-10 amounting to Rs.160.58 crore.
MANAGEMENT REVIEW: 2009-10
Industry Structure and Development
During the year, positive signs had begun to emerge in many countries,
signifying recovery from the general recession and economic crisis.
However, there is high uncertainty, with one crisis or the other,
particularly in Europe, affecting overall sentiments. The developed nations
will need to take the initiative to pull the rest of the world back to
normalcy.
The recovery of the Indian economy seems to be on track with GDP predicted
tog row to higher levels. Industrial recovery has also gathered momentum in
recent months.The government is expected to adopt a gradual approach while
withdrawing policy stimulus measures so that the recovery is not hampered.
The Indian pharmaceutical industry maintained its momentum and registered a
growth of about 18 per cent, according to ORG-IMS statistics.
The dynamics of the Indian pharmaceutical industry is undergoing
significant changes.Multinational corporations are working to entrench
themselves as evidenced by the recent buyouts of the domestic business of
major Indian pharmaceutical organisations. In the coming years, the
industry may witness a significant shift and a consolidation phase. All the
major players are trying to reach out to emerging rural markets in order to
expand their reach.
According to a recent report,the Indian healthcare services industry which
primarily includes hospitals, is growing at an unprecedented rate of 16 per
cent and is already one of the largest service sectors in the country. The
Indian pharmaceutical industry will need to realign its strategies to cater
to this segment.
Performance Review
The Company achieved an overall growth of about 8 per cent in turnover
during the year. Domestic growth was steady at 10 per cent. According to
ORG-IMS, Cipla remained the leader in the domestic market, as on 311 March
2010 with a market share of 5.38 percent. However, growth in formulation
exports was affected due to various factors including non-availabilityof
important raw materials, lowertender business in anti-retrovirals and
unfavourable movements in foreign exchange rate.
Products
The Company introduced many new drugs and formulations during the year.
Some of the significant introductions were:
* Advent Forte (amoxycillin and clavulanic acid syrup) - combination
antibiotic for difficult infections
* Antiflu (oseltamivir capsules and syrup) - first oral drug for bird flu
* Bosentas (bosentan tablets) - first specific therapy for pulmonary
arterial hyperte nsion
* Cinmove (cinitapride tablets) - new anti - motility drug for
gastrointestinal disorders
* Clearnoz NS (sodium chloride nasal spray) - saline sprayfordry nose
* Creslip (telmisartan and atorvastatin tablets) - novel combination
therapy for hypertension with coexisting lipid disorders
* Daruvir (darunavir ethanolate tablets) - new PI boosterdrug for HIV/AIDS
* Foratec (arformoterol tartrate respules)-first long-acting nebulized
bronchodilator
* Furamist (fluticasone furoate nasal spray) new once-daily preventer
therapy for allergic rhinitis
* Furamist AZ (fluticasone furoate and azelastine nasal spray) - novel once-
daily combination nasal spray forallergic rhinitis
* IF2 (olopatadine tablets) - new drug for allergies
* Infunor (noradrenaline injection)- life-saving therapy for septic shock
and severe hypotension
* Junior Lanzol (lansoprazole suspension)-new acid controller liquid for
children
* Lenmid (lenalidomide capsules) - new drug for transfusion - dependent
anaemia and multiple myeloma
* Nestacort (deflazacort tablets) - new steroid for organ transplant therapy
* Nicotex (nicotine polacrilex sugarfree gum) - smoking cessation aid
* Nova Plus (pregabalin, mecobalamin and alpha lipoic acid capsules) -
triple combination drug therapy for neuropathic pain
* Nova SR (pregabalin sustained release tablets)-once-daily treatment for
neuropathic pain
* Nutrimune (antioxidant tablets) - supportive therapy for HIV/AIDS
* Pazflo (pazufloxacin injection)-third generation quinolone antibacterial
* Prandial (voglibose mouth dissolving tablets) - novel drug for diabetes
* Pulmopres (tadalafil tablets)-for pulmonary hypertension
* Rixmin (rifaximin tablets) - new antibiotic for gastrointestinal
infections
* Rosulip (rosuvastatin tablets)- new drug for cholesterol and lipid
disorders
* Starpill (atorvastatin, atenolol, aspirin and losartan tablets)-polypill
therapy for cardiovascular disease
* Ston 1B(6) (potassium citrate, magnesium citrate and vitamin B(6) oral
solution) - for prevention of recurrence of urinary stones
* Triexer (glimepiride, pioglitazone and metformin extended release
tablets)-triple combination therapy for diabetes
* Tripill (metformin extended release, glimepiride and atorvastatin
tablets) - triple combination therapy for diabetes with coexisting
dyslipidemia
* Tugain(minoxidilfoam)-for hair loss and baldness treatment
* Vesigard(darifenacin tablets)-new therapy for over active urinary bladder
* Xgain (volumizing shampoo)-pH balanced volumizing shampoo
* Zolmist (zolmitriptan nasal spray)-new migraine therapy
Among other developments, during the year, Cipla sold its intellectual
property rights and technical know-how of 'i-pill;' an emergency
contraceptive brand, to Piramal Healthcare Limited, for the territory of
India, atan aggregate consideration of Rs.95 crore.
Cipla has entered into a strategic alliance with Stempeutics Research Pvt.
Ltd., promoted by the Manipal Group,for the marketing rights of stem-cell-
based products being developed by Stempeutics. Cipla is sponsoring up to
Rs.50 crore, in the initial phase, for research and development of these
products.
Manufacturing Facilities
In April 2010, the Company commenced commercial production of
pharmaceutical formulations at its Special Economic Zone (SEZ) project, at
Indore, Madhya Pradesh. This project includes facilities for the
manufacture of aerosols, respules, liquid orals, pre-filled syringes (PFS),
nasal sprays, large volume parenterals (LVP), eye drops, tablets and ca
psules. The total investment for this project is about Rs.900 crore.
The Company is investing about Rs.250 crore in a new R&D and administration
facility atVikhroli, Mumbai.
Cipla is setting up API facilities at Bengaluru for anti-cancer
products. The Company is upgrading its API facilities at Patalganga to
scale-up production. The total investment for these two projects is
estimated to be about Rs.200 crore.
In May 2010, Cipla acquired an undertaking for Rs.30.64 crore, by way of a
slump sale arrangement. The undertaking has a manufacturing facility,
approved by US FDA and WHO, for APlsand intermediates. It is located at
Kurkumbh (Pune district).
The Company proposes to subscribe to the share capital of two biotechnology
companies, located in India and Hong Kong, to obtain a 40 per cent and a 25
per cent share, respectively. The total investment will be about USD 65
million, in a phased manner, for setting up state-of-the-art facilities for
biosimilar products in Goa and China.
Work at the Company's SEZ project at Kerim,Goa continues to be suspended
due to the stop-work order issued by the State Government. The Company had
received a communication dated 11 t'July 2008 fro m the State Government
revoking its stop-work order, consequent to the filing of a petition by the
developer of the SEZ against the order. The petition is currently pending
before the Goa Bench of Bombay High Court.
Regulatory Approvals
Several dosage forms and APIs manufactured in the Company's plants 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), Department of Health (Canada), ANVISA (Brazil),
SIDC (Slovak Republic), Ministry of Health (Kingdom of Saudi Arabia), the
Danish Medical Agency and the WHO.
Opportunities
Domestic Markets
Every year,Cipla continues to introduce new products and dosage forms that
offer significant growth opportunities. Cipla has chalked out key marketing
strategies to tap the potential offered by the Indian economy and the
booming healthcare services industry. Given the Company's vast experience
spanning a number of therapeutic categories and the wide range of its
products in multiple dosage forms, Cipla is confident of also doing well in
these market segments.
The Company will continue to leverage its brand value to capitalise on
existing opportunities available through trade channels, including
stockists, hospitals and other institutions.
International Markets
The Company has long-standing key alliances for product development and
supply with large generic companies in the developed markets and has over
6,000 product registrations in more than 170 countries. Cipla exports to
more than 170 countries worldwide and operates through low-risk, low-cost
partnership arrangements. The large number of products in the registration
pipeline will aid in increasing the Company's market share.
Cipla continues its focus on existing and new off-patent generic products
in the developed markets. The Company identifies potential opportunities
and works with its strategic partners to market generics when these
products go off-patent. During the year, Cipla maintained its strategy of
becoming the identified source of supply for third party generics
companies, thus exploiting new opportunities for export of generics.
Income from technological consultancy services for the year was about
Rs.154 crore. Technology transfer will continue to be a focus area for the
Company.
Threats, Risks, Concerns
Patents
As expected, the Patent Bill 2005, which introduced product patents
retrospectively from 1995, has given rise to a series of litigations
between Cipla and many pharmaceutical companies, essentially
multinationals. Cipla continues to challenge many pre-grant applications
and post-grant patents, which should not have been granted. India is under
pressureto change its current patent laws to suitonly multinational
companies. Cipla and other like-minded organisations are fighting this as
best as possible.
Apart from the above, the question of data exclusivity has as yet not been
resolved. The definition of the term, 'counterfeit' has also not been
explained under the law. The word counterfeit should largelyapplyto sub-
standard and spurious drugs. Many companies apply for frivolous patents and
also multiple patenting of the same product. Certain export consignments of
Indian pharmaceutical companies including Cipla, legally sent to Latin
America and other countries, were stopped in transitat European airports on
the ground that they did notfulfil European Intellectual Property Laws.
The Indian government should safeguard Indian consumers from a monopoly in
healthcare. Time and again,Cipla has called for a pragmatic compulsory
licensing system. ln keeping with the guidelines of TRIPS, a country like
India with its wide range of diseases and large population simply cannot
afford monopoly. India's millions need access to all medicines at
affordable prices.
In the light of these threats, Cipla is continuously fighting to safeguard
the interest not only of the Company, but also of the country.
Drug Pricing
It is now well over 5 years since the government announced thedrug pricing
policy.This matter has to be approached with seriousness by the concerned
authorities. At sometime a policy should be announced, which is open and
transparent. Cipla reiterates that open competition is the only way to
control and reduce prices. Monopolies must be discouraged.
Two approaches have been suggested by Cipla. First, all imported patented
drug formulations, where there is a monopoly should be under price control.
All drugs sold in India by more than five companies should be outside the
purview of price control.
On several occasions, Cipla has approached the Indian government, offering
to give technology freeofchargeto the public sector pharmaceutical
undertakings, so that they can manufacture and market important life-saving
drugs at economical prices. With both public and private sectors operating
in the same segment,this would benefit the patients and the country. The
government has now responded to our offer and has agreed to consider our
proposal.
Cipla has some pending legal cases on account of alleged overcharging in
respect of certain drugs under the Drug Price Control Order. The aggregate
amount of the demand notices received is Rs.1157.12 crore (inclusive of
interest).The Company has been legally advised that based on the directions
given by the Supreme Court,there is no probability of the demand becoming
payable by the Company. Hence,no provision is considered necessary in
respect of the aforesaid amount. However, any unfavourable outcome in these
proceedings could have an adverse impact on the Company.
Regulatory Approvals
Our manufacturing facilities are monitored and approved by various
regulatory authorities across the globe. These authorities have become more
vigilant and strict with respect to compliance. Periodically, the US FDA
conducts routine audits of all approved facilities and accordingly several
of our plants including Goa, Patalganga, Kurkumbh and Bengaluru were
inspected by the US FDA. Currently all facilities continue to be approved
by the US FDA.
Exchange Rate Movements
More than 50 percent of the Company's turnover is contributed by overseas
business. During the year, the Indian rupee appreciated by more than 10 per
cent vis-a-vis the US Dollar. Further, the Euro depreciated by about 10
percent vis-a-vis the US Dollar during the last 2 months. Such severe
fluctuations in foreign currency exchange rates can have a significant
impact on the Company's operations and financial results.
Safety Measures
As always, the Company kept up high standards of occupational health and
safety practices at all its manufacturing units. During the year the
Company reviewed the safety measures at its premises all over India.
Various health and safety programmes were organised for villagers and
schoolchildren living around the Company's units at Baddi (Himachal
Pradesh), Patalganga (Maharashtra), Kurkumbh (Maharashtra), Verna (Goa),
Bengaluru (Karnataka) and Kumrek (Sikkim).
Internal Control Systems
As always, the Company's internal control procedures are tuned to keep up
with the organisation's pace of growth and increasing complexity of
operations. These ensure compliance with various regulations. The 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.
Human Resources
The leadership position attained by the Company
over the years is largely due to the dedication and commitment of its
people. The Company strives not only to impart adequate training but also
to provide the right environment to maximise team effort while enhancing
individual growth potential The Directors record their appreciation of the
support and contribution of all employees towards the growth of the
Company.
Particulars of employees required to be furnished under section 217(2A) of
the Companies Act, 1956form part of this report. Any shareholder interested
in obtaining a copy may write to the Company Secretary at the Registered
Office of the Company.
CORPORATE SOCIAL REPSONSIBILITY
Cipla Palliative Care and Training Centre in Pune continues to provide care
to cancer patients. As of date,the Centre has provided comfort and solace
to more than 6,600 patients. The focus is on reaching out to more and more
cancer patients who need palliative care and on integrating palliative
medicine with curative therapy.
In addition, the Company continued to support the promotion of education
and community welfare, both directly and through its charitabletrusts.
As regards environment care, the Company continued to maintain modern,
well-designed effluent treatment plants at its factories. Treated water
from these 'zero discharge' facilities is used for maintaining a green belt
at all the locations. The Company regularly undertakes various innovative
measures to conserve energy, reduce wastage and optimize consumption.
CORPORATE MATTERS
Responsibility Statement
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
annual accounts;
ii. Selected such accounting policies and applied them consistently and
madejudgements 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 31 1 March 2010 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; and
iv. Prepared the annual accounts on a going concern basis.
Subsidiary Companies
As per the exemption order no. 47/307/2010-CL-III dated 22nd April 2010,
passed by the Ministry of Corporate Affairs, Government of India under
section 212(8) of the Companies Act, 1956, the audited financial statements
of the subsidiary company viz. Cipla FZE have not been attached. The
consolidated financial statements presented in this Annual Report include
financial information of the subsidiary company. A statement under section
212(3), which contains information in terms of the exemption order, is also
attached.
In terms of the aforesaid approval, the annual accounts of the subsidiary
company and the related detailed information will be made available upon
request. These documents will also be available for inspection by any
member at the registered office of the Company.
In May 2010, the Company has set up a wholly-owned subsidiary 'Cipla
Singapore Pte. Ltd.'; in Singapore to aid logistics and distribution of the
Company's export business.
In May 2010, Cipla acquired 100 per cent shareholding of a company for
Rs.51.38 crore. This company has a state-of-the-art formulations
manufacturing facility at Sikkim with capabilities to manufacture tablets,
capsules, oral liquids, injections,dry syrup and ointments/creams. This,
along with the acquisition of the undertaking of the API facility in
Kurkumbh under the slump sale arrangement mentioned earlier, was done with
an objective to exercise control over operations of these facilities.
Entities controlled by relatives of the promoters were major shareholders
in the two units.
Corporate Governance
Your 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.
By and large,your Company is already complying with the recommendations of
Corporate Governance Voluntary Guidelines 2009 issued by the Ministry of
Corporate Affairs.
Group
Pursuant to intimation from Promoters, persons constituting group coming
within the definition of 'group' for the purpose of Regulation 3(1)(e)(i)
of the Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997, include Yusuf Hamied Trust and
Farida Hamied Trust.
Disclosure of Particulars
As required by the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, the relevant information and data
areannexed to this report.
Directors
Dr.H.R. Manchanda and Mr.Ramesh Shroff retire by rotation and, being
eligible,offer themselves for re-appointment. A brief resume of the said
directors is provided in the Notice.
Auditors
Messrs.V. Sankar Aiyar & Co.and Messrs. R.G.N. Price & Co.,joint auditors
of the Company, retire at the conclusion of the forthcoming Annual General
Meeting and are eligiblefor re-appointment.
On behalf of the Board,
Y. K. Hamied
Chairman & Managing Director
Mumbai, 15th June 2010
ANNEXURE TO THE DIRECTORS' REPORT
Information under section 217(1)(e) of the Companies Act, 1956, read with
the Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988.
I. CONSERVATION OF ENERGY
a. The Company is striving continuously to conserve energy by adopting
innovative measures to reduce wastage and optimize consumption. Some of the
specific measures undertaken are:
i. Implemented chiller water close loop system at various factories.
ii. Diesel generator sets have been replaced with government power supply
in Baddi factory during peak period resulting in cost reduction.
iii. Automated machines have been installed for changeover of nitrogen gas
cylinders resulting in reduction of nitrogen wastage in Goa factory.
iv. Added new contact type stainless steel water level sensors in Indian
duo rapid plant tank and electrically operated control valves installed to
avoid overflow of water in Goa and Patalganga factories.
v. Lighting energy savers have been installed at various units which have
led to significant savings in power usage.
vi. Motion sensors have been installed in Patalganga and Kurkumbh factories
to reduce wastage of power.
vii. It is proposed to provide variable-frequency drive to reduce number of
air changes per hour up to 6 (as defined in guidelines, minimum 6 air
changes per hour for IS08) in night shift as well as on holidays in
Kurkumbh factory.
viii. Reduction in power bill achieved by maintaining power factor at
acceptable levels at Patalganga factory.
ix. Air Handling Unit cum dehumidifier with direct expansion unit replaced
by Air Handling Unit cum dehumidifier with chilled water coil in Patalganga
factory, which has led to substantial saving in power consumption.
x. Energy efficient motors are installed at various factories.
xi. Energy saving through timer and temperature based operations of
ventilation and Air Handling Units in Kurkumbh factory.
xii. Rain water harvesting at new store and shipper store terrace to reduce
water consumption at Patalganga factory.
b. Impact of the above measures for reduction of energy consumption and
consequent impact on the cost of production of goods:
The adoption of the above energy conservation measures have helped to
curtail the proportionate increase in total energy usage consequent to
overall increase in production. This has made it possible to maintain cost
of production at optimum levels.
c. Total energy consumption and energy consumption per unit of production
as per Form A:
Considering that the Company has a multi-product, multi-facility production
system, it is not possible to determine product-wise energy con
sumption. Therefore,the consumption is categorised under different classes
of goods as shown below. The figures for the year are not exactly
comparable with the previous year's figures because of changes in the
product mix.
2010 2009
A. Power and Fuel Consumption
1. Electricity
a. Purchased
Units kwh 91567258 112381314
Total amount Rs. in crore 47.74 76.51
Rate/Unit Rs. 5.21 6.81
b. Own generation
i. Through diesel generator
Units kwh 57331785 21368800
Units per litre of diesel oil kwh 4.16 3.35
Cost/Unit Rs. 9.65 10.05
ii. Through steam
turbine/generator - -
2. Others/Internal generation
Light diesel oil/diesel
oil/furnace oil
Quantity kl 21467 13479
Total cost Rs. in crore 76.12 40.51
Average rate Rs./kl 35459 30054
B. Consumption per Unit
of Production
1. Electricity
Bulkdrugs (kwh/mt) 60374 73554
2. Light diesel oil/diesel
oil/furnace oil
Bulkdrugs (kl/mt) 4.76 4.53
It is notfeasible to classify energy consumption data of formulations on
the basis of product categories, since the Company manufactures a large
range of formulations with different energy requirements.
II. RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION
A. Research & Development
1. Specific areas in which R&D work is carried out:
The focus of the Company's R&D efforts was on the following areas:
i. Development of new drug formulations for existing and newer active drug
substances.
ii. Development of agrotechnology, genetics and biotechnology for
cultivation of medicinal plants and isolation of active ingredients from
plant materials.
iii. Development of new drug delivery systems for existing and newer active
drug substances as also newer medical devices.
iv. Patenting of newer processes/newer products/newer drug delivery
systems/newer medical devices/newer usage of drugs for both local and
international markets.
v. Development of new innovative technology for the manufacture of existing
APIs and their intermediates.
vi. Development of new products, both in the area of APls as well as
formulations, specifically for export.
vii. Development of methods to improve safety procedures, effluent control,
pollution control, etc.
viii. Projects to develop APIs and formulations jointly with overseas
companies. ix. Development of products related to the indigenous system of
medicines.
2. Some of the major benefits derived as a result of R&D include: i.
Successful commercial scale-up of several new APIs and formulations. ii.
Development of new drug delivery systems and devices. iii. Improved
processes and enhanced productivity in both APIs and formulations.
3. Future plan of action:
The Company will continue its R&D efforts in the various areas indicated in
(1) above. The major thrust would be on developing new products and drug
delivery systems.
4. Expenditure on R&D:
Rs. in crore
a. Capital 11.99
b. Recurring 250.69
Total 262.68
The total R&D expenditure as a percentage of total turnover is around 5 per
cent.
B. Technology Absorption, Adaptation and Innovation
1. Efforts, inbrief, made to wards technology absorption, adaptation and
innovation:
i. Development and patenting of new molecular forms and methods of
synthesis.
ii. Development of new drug delivery systems.
2. Benefits derived as a result of the above efforts:
i. Improvement in operational efficiency through reduction in batch hours,
increase in batch sizes, better solvent recovery and simplification of
processes.
ii. Meeting norms of external regulatory agencies to facilitate more
exports.
iii. Improvements in effluent treatment, pollution control and all-round
safety standards.
iv. Maximum utilisation of indigenous raw materials.
v. Development of products for import substitution.
III. FOREIGN EXCHANGE EARNINGS AND OUTGO
1. Activities relating to exports, initiatives taken to increase exports,
development of new export markets for products and services and export
plans:
Export sales were Rs.2901 crore for the financial year 2009-10. Exports
constituted more than 50 per cent of total turnover. In addition, the
Company earned Rs.154 crore towards technical know- how/fees. The Company
continues to leverage on its strategic marketing alliances and partnerships
in more than 170 countries.
2. Total foreign exchange used and earned:
During the year, the foreign exchange outgo was Rs.1202 crore and the
earnings in foreign exchange was Rs.3058 crore. Details of the same have
been given in Notes 15 to 17 in Schedule S to the Accounts.
On behalf of the Board,
Y.K. Hamied
Chairman & Managing Director
Mumbai, 15th June 2010
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