Meetings of the Board of Directors [Section 134(3)(b)]

During the year under review, the Board of Directors met six times on April 07, 2025; May 20, 2025; July 03, 2025; August 05, 2025; November 03, 2025 and January 28, 2026. The maximum interval between any two meetings of the Board of Directors did not exceed 120 days, as prescribed by the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015.

Directors' Responsibility Statement [Section 134(3)(c) and 134(5)]

In terms of Section 134(3)(c) and 134(5) of the Companies

Act, 2013; your Directors state that:

a) i n preparation of the annual accounts for the year ended 31^st March, 2026; the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

b) they 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, 2026 and of the profit of the Company for the year ended on that date;

c) t hey 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) they have prepared the annual accounts on a going concern basis;

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

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

Declaration by Independent Directors [Section 134(3)(d)]

All the Independent Directors of the Company have given declarations confirming that they continue to meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and are in compliance with Rule 6(3) of the Companies (Appointment and Qualifications of Directors) Rules, 2014 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, they have affirmed compliance with the Code of conduct laid down under Schedule IV of the Companies Act, 2013.

Opinion of the Board [Rule 8(5)(iiia) of Companies (Accounts) Rules, 2014]

The Board opines that all the Independent Directors of the Company strictly adhere to corporate integrity, possess the requisite expertise, experience and qualifications to discharge the responsibilities as an Independent Director as mandated by the Companies Act, 2013 and the Rules made thereunder and by the SEBI Regulations.

All the independent Directors of your Company have been registered and are members of the Independent Directors Databank maintained by the Indian Institute of Corporate Affairs (IICA) and were granted exemption from appearing for the Online Proficiency Self-Assessment test conducted by IICA.

Company's policy on Directors' appointment and remuneration and Criteria for determining qualifications, Positive Attributes and Independence of a Director [Section 134(3)(e)]

The Company has constituted a Nomination and Remuneration Committee which has been entrusted the responsibility of selecting and recommending the appointment and remuneration of Directors. The Committee while making appointments and fixing the remuneration of Directors will take into consideration the following:

a) their qualification

b) past record, especially their credentials and achievements, experience, past remuneration

c) job profile and suitability

d) comparative remuneration with the industry in line with the size and profits of the Company

e) their pecuniary relationship with the promoters.

Further, the Nomination and Remuneration Committee also, while recommending and appointing independent Directors will evaluate the following:

a) their qualification

b) credentials, past experience in the fields of finance, management, technology, taxation and other related fields

c) expertise in similar industry

d) confirmation from the Internal Auditors that there is no pecuniary relationship with the Company or other parties in terms of Section 149(6) of the Companies Act, 2013.

Audit Reports [Section 134(3)(f)]

The Independent Auditor's Report on Standalone Financial Statements and Consolidated Financial Statements given by M/s. Deloitte Haskins & Sells, Statutory Auditors of the Company does not contain any qualifications, reservations or adverse remarks.

The Secretarial Audit Report issued by M/s. RVR & Associates, Company Secretaries does not contain any qualifications, reservations or adverse remarks.

The Secretarial Auditors' Certificate on the implementation of share-based schemes in accordance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 will be made available at the Annual General Meeting, electronically.

A certificate issued by M/s. RVR & Associates, Company Secretaries confirming the compliance with conditions of corporate governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for FY 2025-26 is enclosed as Annexure-C to the 'Report on Corporate Governance', which forms part of this Annual Report.

Frauds reported by Auditors [Section 134(3)(ca)]

The Auditors did not report any frauds during the financial year under review, under Section 143(12).

Particulars of Loans, Guarantees and Investments [Section 134(3)(g)]

During the year under review, the Company did not extend any Loans or Guarantees or made any investments as covered under the provisions of Section 186 of the Companies Act, 2013. However, your Company has made the following investment in its Wholly owned subsidiary during the year under review.

Particulars of contracts with Related Parties [Section 134(3)(h)]

The Company's transactions with Related Parties are at arm's length and were in the ordinary course of business and approved by the Audit Committee. Majority of the transactions are repetitive in nature and the same were approved by the Audit Committee through omnibus approval. There were no material transactions [as defined by the Companies Act, 2013 and the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015] made by the Company with any of its Related parties during the year under review. The Company does not have any related party transactions, which may have potential conflict with the interests of the Company.

During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees, commission and reimbursement of expenses, as applicable.

All Related Party transactions have been reported in Notes to Accounts and do not cover under the provisions of Section 188(1) of the Companies Act, 2013 read with Rules made thereunder.

Members may refer to Note 38 to the Standalone Financial Statement which sets out related party disclosures pursuant to Ind AS.

Research and Development

R&D is another focus area for Gland. Led by Mr. RVR Prabhakara Sastry in association with Dr. Jitendra Gangwal (w.e.f. February 18, 2026), Gland has a team of over 250 scientists working in the areas of:

• Formulation Development

• Analytical Method Development

• API Process Development

• Stability Studies, etc.

Performance and Operations Review

During the year under review, the total income of the Company was Rs. 48,559.89 Mn as against Rs. 43,312.24 Mn during the previous year.

Exports

Exports contribution to the revenue of the Company is approximately 88.44%. Your Company exports to almost 65 countries across 6 continents. During the year, the Company has achieved an export turnover of Rs. 40,011.32 Mn.

Domestic Operations

The Domestic sales during the year 2025-26 amounts to Rs. 5,232.12 Mn. Domestic sales include Co-Marketing, a major revenue source for your Company in the Domestic segment.

Taxation

The Company has made an Income Tax provision of Rs. 4,525.19 Mn for the period under review as against Rs. 3,654.80 Mn for the previous year.

Borrowings

The Company has no outstanding borrowings as on date of this Report.

Capital Expenditure

During the year under review, the Company has incurred capital expenditure of Rs. 2,179.33 Mn at its manufacturing facilities at Dundigal, Pashamylaram, Shamirpet, VSEZ and Pharmacity.

Share Capital

The issued, subscribed and paid-up share capital of the Company is Rs. 164,756,423/- (divided into 164,756,423 equity shares of Rs. 1/- each) as on March 31, 2026.

General Reserve [Section 134(3)(j)]:

During the financial year under review, no amount was proposed to be transferred to the General Reserve on declaration of dividend.

Dividends [Section 134(3)(k)]

The Board of Directors has recommended a final dividend of 2000% i.e., Rs. 20/- per Equity share of Rs. 1/- for the financial year under review. The final dividend is payable

subject to the approval of the shareholders in the ensuing Annual General Meeting. The 'Record date' for the purpose of determining the entitlement of Members to receive the dividend is August 11, 2026.

The dividend income is taxable in the hands of the Members of the Company and the Company is required to deduct tax at source from dividend paid to the Members at prescribed rates as per the Income Tax Act, 1961. The remittance of dividend outside India is also subject to withholding tax at applicable rates.

The Company is in compliance with its Dividend Distribution policy as approved by the Board. In compliance with the requirements under Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; the policy is annexed as Annexure A to this Report.

Material Changes and Commitments [Section 134(3)(l)]

During the year under review, Gland Pharma International Pte. Ltd (Wholly owned subsidiary of the Company) on December 22, 2025 has approved the merger of Manxen SAS, Manxen 2 SAS and Manxen 3 SAS (wholly-owned subsidiaries) into Phixen SAS, effective January 01, 2025.

Further, based on the audited financial statements for the financial year 2025-26, Gland Pharma International Pte. Ltd and Phixen SAS continue to qualify as the Material Subsidiaries as per Regulation 16(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Satyanarayana Murthy Chavali and Mr. Udo J Vetter, Independent Directors of the Company continue to serve as a Director and a Member on the Boards of Gland Pharma International Pte. Ltd and Phixen SAS and its subsidiaries (Cenexi group) respectively.

No material changes were occurred or commitments made by the management from the end of the financial year till the date of this report, which may affect the financial position of the Company.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Out go [Section 134(3)(m)]

Particulars as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are provided as Annexure G to this Report.

Employee Stock Options

The Company has two Employee Stock Option Schemes, namely 'Gland Pharma Employee Stock Option Scheme, 2019' (ESOP Scheme, 2019) and 'Gland Pharma Employee Stock Option Scheme, 2025' (ESOP Scheme, 2025) which helps the Company to retain and attract the right talent. The ESOP Compensation Committee administers both the ESOP Schemes. There were no changes to the ESOP Schemes during the year under review. The ESOP Scheme 2019 and the ESOP Scheme 2025 are in compliance with

The details of stock options are as mentioned in Annexure H and forms part of this Report. Further, the details of the stock options as stated in the notes to accounts of the financial statements also forms part of this annual report.

Risk Management [Section 134(3)(n)]

The Board of Directors of the Company has constituted a Risk Management Committee, which oversees the Enterprise Risk Management process. The Committee shall meet as and when required and at least twice in a year. The Audit Committee has additional oversight in the area of financial risks and controls.

The Company has formulated a Risk Management policy. Risks are classified in different categories such as Financial, Operational, Legal and Strategic risks. These risks are reviewed from time to time and controls are put in place with a specific responsibility of the concerned Officer of the Company. However, the Board could not identify any major risks, which may threaten the immediate existence of the Company.

Corporate Social Responsibility [Section 134(3)(o)]

The Company had constituted a 'Corporate Social Responsibility Committee' to decide upon and implement the Corporate Social Responsibility Policy (CSR policy) of the Company.

The brief outline of the Corporate Social Responsibility (CSR) policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure- E to this Report in the format prescribed in the Companies (CSR policy) Rules, 2014.

Board Evaluation [Section 134(3)(p)]

The evaluation of all the Directors including the Executive Chairman, CEO and the Board as a whole, was carried out based on the criteria and framework approved by the Nomination and Remuneration Committee. A detailed disclosure on the parameters and the process of Board evaluation as well as the outcome has been provided in the Report on Corporate Governance.

Nature of business [Rule 8(5)(ii) of Companies (Accounts) Rules, 2014]

Gland Pharma is engaged in the development, manufacture, sale and distribution of Pharmaceuticals. There was no change in the nature of the business of the Company during the financial year under review.

Directors

During the year under review, Mr. Essaji Goolam Vahanvati (DIN: 00157299), Independent Director of the Company has been reappointed for a second term of five years with effect from September 30, 2025, by the shareholders of the

Company in their Annual General Meeting held on August 28, 2025.

Except for above, there were no changes among the Board of Directors during the year. However, immediately upon completion of the financial year, Ms. Naina Lal Kidwai (DIN: 00017806), Independent Director of the Company, has been reappointed for a second term of five years with effect from May 17, 2026, by the shareholders of the Company through postal ballot on May 13, 2026.

Further, as per the provisions of Section 152 of the Companies Act, 2013 read with the Articles of Association of the Company; Mr. Wenjie Zhang and Ms. Wei Huang, shall retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Brief profile, expertise in specific functional areas, names of the listed companies in which the above-named directors hold directorships, committee memberships/ chairmanships, disclosure of relationship between the directors inter-se, shareholding in the Company, etc., are furnished in the Annexure to the Notice of the 48^th Annual General Meeting.

Key Managerial Personnel

There were no changes among the Key Managerial Personnel during the year under review. However, Mr. Shyamakant Giri, Chief Executive Officer of the Company has tendered resignation to his office in the Company and consequently ceased to be the KMP with effect from April 30, 2026.

Senior Management Personnel

The following changes occurred among the Senior Management Personnel during the year under review.

Further, Mr. Prasadha Rao Lysetti, has been appointed as the Sr. Vice-President (Head - Operations) and consequently designated as SMP with effect from April 06, 2026.

Subsidiaries and Associates [Rule 8(5)(iv) of Companies (Accounts) Rules, 2014]

As on 31^st March 2026; the Company has following Subsidiaries:

1. Gland Pharma International Pte. Ltd., a Wholly owned Subsidiary incorporated in Singapore

2. Gland Pharma USA Inc., a Wholly owned Step-Down Subsidiary (Wholly-owned Subsidiary of Gland Pharma International Pte. Ltd.), incorporated in USA

3. Phixen SAS and its subsidiaries (Cenexi group)#, a Wholly owned Step-Down Subsidiary* (Wholly-owned Subsidiary of Gland Pharma International Pte. Ltd.), incorporated in France.

Deposits [Rule 8(5)(v) of Companies (Accounts) Rules, 2014]

The Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014. There are no unpaid or unclaimed deposits as the Company had never accepted deposits within the meaning of the Act and the rules made thereunder.

Significant and Material Orders [Rule 8(5)(vii) of Companies (Accounts) Rules, 2014]

No significant or material orders were passed by the regulators or courts or tribunals which could impact the 'going concern' status and the future operations of the Company.

Internal Financial Controls [Rule 8(5)(viii) of Companies (Accounts) Rules, 2014]

The Company has appointed M/s. Grant Thornton Bharat LLP as Internal Auditor of the Company for the financial year 2025-26. The Company has laid down an adequate system of internal controls, policies and procedures for ensuring orderly and efficient conduct of the business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.

The current system of internal financial controls is aligned with the statutory requirements. Effectiveness of internal financial controls is ensured through management reviews, controlled self-assessment and independent testing by the Internal Audit team.

Maintenance of Cost Records [Rule 8(5)(ix) of Companies (Accounts) Rules, 2014]

The Company has been maintaining Cost records as required under the provisions of the Companies Act, 2013.

Disclosure under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [Rule 8(5)(x) of Companies (Accounts) Rules, 2014]

The Company has zero tolerance for sexual harassment and has adopted 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. All women employees (permanent, temporary, contractual and trainees) are covered under this policy.

The Company periodically conducts sessions for all employees across the organisation to create awareness about the policy. The provisions of the policy have also been displayed at various places to create awareness among the employees.

The Company has received 2 (Two) complaints during the year and appropriate action was taken against the accused. There are no pending complaints as at the end of the financial year.

Proceedings pending under the Insolvency and Bankruptcy Code, 2016 [Rule 8(5)(xi) of Companies (Accounts) Rules, 2014]

No application has been made or any proceeding is pending under the Insolvency and Bankruptcy Code, 2016.

Difference in Valuation [Rule 8(5)(xii) of Companies (Accounts) Rules, 2014]

The Company has never made any One Time Settlement against the Loans obtained from Banks and Financial institutions and hence this clause is not applicable.

Statement of deviations or variations [Regulation 32(4) of SEBI LODR]

The proceeds from the Initial Public Offer of the Company have been completely utilized for the purposes for which the proceeds were raised and there were no deviations or variations thereunder.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the year under review, as required under Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate section in this Report.

Business Responsibility and Sustainability Report

Pursuant to Regulation 34(2)(f) of The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; the Business Responsibility and Sustainability Report (BRSR) is presented in a separate section forming part of this Annual Report.

Vigil Mechanism [Section 177(9) and 177(10)]

The Company, as required under Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, has established a Vigil Mechanism for its Directors, employees and other stakeholders to report their genuine concerns or grievances or instances of unethical behaviour, actual or suspected fraud or violation of the Company's code of conduct, either in writing or by email to the Chairman of the Audit Committee.

The Audit Committee of the Company shall oversee the vigil mechanism, which provides for adequate safeguards against victimisation of employees and Directors who avail of the vigil mechanism. All the employees and Directors of

the Company are provided direct access to the Chairman of the Audit Committee.

Secretarial Standards

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, relating to Meetings of the Board of Directors and General Meetings.

Auditors Statutory Auditors

Pursuant to Section 139 (2) of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014; the Company at its 45^th Annual General Meeting (AGM) held on August 31, 2023 appointed M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm's Registration No. 008072S) as the Statutory Auditors of the Company to hold office from the conclusion of the 45^th AGM until the conclusion of the 50^th AGM.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Rules made thereunder and in compliance of the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third

Amendment) Regulations, 2024; the Company at its 47^th Annual General Meeting (AGM) held on August 28, 2025 appointed M/s. RVR & Associates, Company Secretaries as the Secretarial Auditors of the Company to hold office from the conclusion of 47^th AGM until the conclusion of the 52^nd AGM.

The Secretarial Audit Report for the financial year 2025-26 issued by M/s. RVR & Associates, Company Secretaries is annexed as Annexure-F to this Report.

a) Audit Committee [Section 177]

The primary objective of the Audit Committee of the Company is to monitor and provide effective supervision of the management's financial reporting process with a view to ensure accurate, timely and proper disclosures and the transparency, integrity and quality of financial reporting.

The Audit Committee will review periodically the internal control systems, scope of audit including the observations of auditors, if any and review the Quarterly financial statements before submission to the Board and also ensures compliance with internal control system.

The terms of reference of the Committee are wide enough to cover matters specified for Audit Committees under Section 177 of the Companies Act, 2013.

During the year under review, the Audit Committee met four times on May 20, 2025; August 05, 2025; November 03, 2025 and January 28, 2026.

Composition and attendance of Audit Committee

Mr. Srinivas Sadu, Executive Chairman, Mr. Ravi Shekhar Mitra, CFO and Mr. Wu Rong, Financial Controller of the Company are the Special invitees to every Audit Committee Meeting.

b) Nomination and Remuneration Committee [Section 178]

The purpose of the Remuneration Committee of the Company shall be to discharge the Board's responsibilities relating to remuneration of the Company's Directors and the Key Managerial Personnel. The Committee has overall responsibility for formulating the criteria for determining qualifications and independence of a Director and recommends to the Board a policy relating to the remuneration for the Directors, Key Managerial Personnel and other senior employees.

During the year under review, the Nomination and Remuneration Committee met four times on April 07, 2025; May 20, 2025; July 03, 2025 and March 03, 2026 .

Composition and attendance of Nomination and Remuneration Committee

c) Corporate Social Responsibility (CSR) Committee [Section 135]

The Company has constituted the 'Corporate Social Responsibility Committee' for formulating and recommending to the Board of Directors a Corporate Social Responsibility Policy for the Company, which shall indicate the activities to be undertaken by the Company as specified in the Companies Act, 2013 and the rules made thereunder.

The Corporate Social Responsibility Committee recommends the amount of expenditure to be incurred by the Company on CSR activities and monitor the Corporate Social Responsibility Policy of the Company from time to time.

During the year under review, the Corporate Social Responsibility Committee met once on May 20, 2025.

Composition and attendance of Corporate Social Responsibility Committee

d) Stakeholders' Relationship Committee and Share Transfer Committee

The Company has constituted the 'Stakeholders' Relationship Committee and Share Transfer Committee' for resolving the grievances of the security holders of the Company including complaints related to transfer / transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, notice for general meetings, etc. and for review of measures taken for effective exercise of voting rights by shareholders.

During the year under review, the Stakeholders' Relationship Committee and Share Transfer Committee met thrice on May 20, 2025; August 05, 2025 and January 28, 2026.

Composition and attendance of Stakeholders' Relationship Committee and Share Transfer Committee

e) Risk Management Committee

The Company has constituted the 'Risk Management Committee' for fulfilling the Board of Directors' corporate governance oversight responsibilities with regard to the identification, evaluation and mitigation of strategic, operational, and external environment risks. The Committee shall undertake an overall responsibility for monitoring and approving the enterprise risk management framework and associated practices of the Company.

During the year under review, the Risk Management Committee met twice on October 16, 2025 and January 28, 2026.

Composition and attendance of Risk Management Committee

f) ESOP Compensation Committee:

The Company has constituted the 'ESOP Compensation Committee' for fulfilling the Board of Directors' corporate governance oversight responsibilities with regard to the consideration, evaluation and confirmation of the exercise requests received from the ESOP Grantees and to approve allotment of shares upon receipt of the exercise amount within the stipulated timelines as prescribed under the Companies Act, 2013 and relevant Rules made thereunder from time to time.

The Committee shall undertake an overall responsibility for monitoring, scrutinizing and approving the allotment of shares to the employees with respect to ESOPs.

During the year under review, the ESOP Compensation Committee met thrice on May 22, 2025, July 03, 2025 and March 03, 2026.

Composition and attendance of ESOP Compensation Committee

Details of remuneration to Executive Directors and KMPs

*** includes (i)Performance Linked Variable pay of Rs. 1.23 Mn (ii) ESOP Rs. 10.71 Mn.

Non-Executive Directors

The Company does not pay any remuneration to Non-Executive Directors.

Independent Directors

The Independent Directors of the Company would be paid Commission on the profits of the Company, apart from Sitting fee for attending the Board and Committee Meetings. The details of the remuneration paid to the Independent Directors are as follows:

*In addition, Mr. Satyanarayana Murthy Chavali receives a remuneration of USD 20,000 per annum for his services as a Director on the Board of Gland Pharma International Pte. Ltd and Mr. Udo Johannes Vetter receives a remuneration of EURO 25,000 per annum for his services as a Member of the Supervisory Board of Phixen SAS. Both the aforementioned Companies are the wholly owned material subsidiaries of Gland Pharma Limited, and the remuneration would be paid to the Directors by the respective companies directly.

Corporate Governance

In compliance with Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; a report on Corporate Governance for the year under review is included as a separate section of this Report.

A certificate from M/s. RVR & Associates, practicing Company Secretaries confirming compliance with the conditions of corporate governance, as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the Report on Corporate Governance.

Human Resources

The Company continues to have cordial and harmonious relationship with its employees. Information 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 provided in Annexure.I.1 to this report.

Acknowledgements

Your Directors gratefully acknowledge the continued support, co-operation extended by our customers, vendors, the Government Authorities, Banks and Financial Institutions.

Your Directors place on record their sincere appreciation for the significant contribution made by the employees through their dedication, hard work and commitment.

Your Directors sincerely acknowledge the confidence and faith reposed in the Company by the Shareholders, Medical Profession & trade and other stakeholders.