Company Profile Ipca Laboratories Limited (Ipca) was incorporated in 19th October of the year 1949 under the

name of 'The Indian Pharmaceutical Combine Association Limited.' Ipca is a fully integrated, rapidly growing Indian pharmaceutical company with a strong thrust on exports. Ipca's APIs and Formulations produced at world class manufacturing facilities are approved by leading drug regulatory authorities with operations in over 100 countries. Ipca is one of the biggest manufacturers in the world of APIs right from the basic stage. The name of the company was changed to Ipca Laboratories Limited' in 6th August of the year 1964 and again name was changed to Ipca Laboratories Private Limited' in 13th January of the year 1966. In the year 1976, started domestic marketing operations, the first company to offer sugarcoated Chloroquine tablets. Launched formulations of Metoclopramide under brand name 'Perinorm' for the first time in India during the year 1978. After two years, in 1980, the company had launched formulations of Bromhexine for the first time in India. Ipca's first APIs plant was commissioned at Ratlam in the year 1984 and also in the same period the second formulations plant was commissioned at Ratlam itself. Ipca's status was converted to a Public Limited Company in 24th March of the year 1993 and also in the same year, the company had acquired Hoechst India's formulations unit at Kandla. During the year 1994, Ipca had acquired API Plant from BDH Pharmaceuticals at Indore. After a year, in 1996, the company had commissioned new API R&D Centre at Mumbai. In 2000, received ISO 9001 certification for Athal Plant. The Company had incorporated two subsidiaries in Mauritius in the year of 2001 under the name of Solway Investments Ltd and 'Sundridge Management Ltd. during the year 2002, launched new domestic marketing division, Intima to promote established brands with a focus on microinterior marketing and also in the same year incorporated wholly owned subsidiary in Brazil under the name of Laboratories Ipca Do Brasil Ltd. Launched new domestic marketing division in the year 2003 as Activa, dedicated to Rheumatology Care. Forbes, a leading US business magazine, selected among its top 200 successful, rising companies outside USA in the same year 2003. Commissioned new formulation plant at Silvassa in the year 2004. Forbes selected Ipca, for the second consecutive year as one among the first 200 'Best under a Billion Company' in Asia. Innotech Pharma Limited was merged with Ipca in August of the year 2005. During the same year, Ipca entered in to Joint Venture with Holley Group of China for marketing Artemisinin based API and Formulation. Joint Venture setup in SAIF Zone, Sharjah, U.A.E. and named as ACTIVA Pharmaceuticals FZC. Also acquired Cardiac brand ISORDIL from Wyeth Limited. Ipca had entered into strategic alliance with Ranbaxy Pharmaceuticals Inc. for the U.S market in the year 2006. The Company's new plant at Dehradun was commenced operation from 5th May of the year 2006. As of January 2007, Ipca and Ranbaxy alliance had received U.S. FDA marketing approval for Atenolol Tablets. Ipca's New Biotech Research & Development Unit was inaugurated at Mumbai in March of the same year 2007. Ipca had awarded by Forbes Inc., as one of the 'Best under a Billion' Forbes Global's 200 Best Small Companies, 2007. Ipca had

received final approval from the US FDA, for Metoclopramide tablets in June 2008. The Company had signed a partnership agreement with Clinton Foundation in July of the same year 2008. The Company plans to develop various APIs/intermediates having good potential for exports and local market. It plans additional investment in manpower, latest instrumentation to upgrade and strengthen R&D facilities. Also, the company aims at developing newer drug delivery systems along with developing formulations for developed market and bio-equivalence History

Khwaja Abdul Hamied, the founder of Cipla, was born on October 31, 1898. Th fire of nationalism was kindled in him when he was 15 as he witnessed a wanto act of colonial highhandedness. The fire was to blaze within him right throug his life.

In college, he found Chemistry fascinating. He set sail for Europe in 1924 and g admission in Berlin University as a research student of "The Technology Barium Compounds". He earned his doctorate three years later.

In October 1927, during the long voyage from Europe to India, he drew up gre plans for the future. He wrote: "No modern industry could have been possib without the help of such centres of research work where men are engaged compelling nature to yield her secrets to the ruthless search of an investigatin chemist." His plan found many supporters but no financier s. However, D Hamied was determined to being "a small wheel, no matter how small, than be cog in a big wheel."

Cipla is born

In 1935, he set up The Chemical, Industrial & Pharmaceutical Laboratories, whic came to be popularly known as Cipla. He gave the company all his patent an proprietary formulas for several drugs and medicines, without charging an royalty. On August 17, 1935, Cipla was registered as a public limited compan with an authorised capital of Rs 6 lakhs.

The search for suitable premises ended at 289, Bellasis Road (the prese corporate office) where a small bungalow with a few rooms was taken on lea for 20 years for Rs 350 a month.

Mahatma Gandhi visits Cipla

Mahatma Gandhi visits Cipla (July 4th 1939)

July 4, 1939 was a red-letter day for Cipla, when the Father of the Natio Mahatma Gandhi, honoured the factory with a visit. He was "delighted to vis this Indian enterprise", he noted later. From the time Cipla came to the aid the nation gasping for essential medicines during the Second World War, th company has been among the leaders in the pharmaceutical industry in India.

On October 31, 1939, the books showed an alltime high loss of Rs 67,935. Th was the last time the company ever recorded a deficit.

In 1942, Dr Hamied's blueprint for a technical industrial research institute w accepted by the government and led to the birth of the Council of Scientific an Industrial Research (CSIR), which is today the apex research body in the country In 1944, the company bought the premises at Bombay Central and decided

put up a "first class modern pharmaceutical works and laboratory." It was als decided to acquire land and buildings at Vikhroli. With severe import restrictio hampering production, the company decided to commence manufacturing th basic chemicals required for pharmaceuticals.

In 1946, Cipla's product for hypertension, Serpinoid , was exported to th American Roland Corporation, to the tune of Rs 8 lakhs. Five years later, th company entered into an agreement with a Swiss firm for manufacturin foromycene.

Dr Yusuf Hamied, the founder's son, returned with a doctorate in chemistry fro Cambridge and joined Cipla as an officer in charge of research and developme in 1960.

In 1961, the Vikhroli factory started manufacturing diosgenin. This heralded th manufacture of several steroids and hormones derived from diosgenin.

The founder passes away

The whole of Cipla was plunged into gloom on June 23, 1972 when Dr K Hamied passed away. The Free Press Journal mourned the death of a "tru nationalist, scientist and great soul. The best homage we can pay to him is contribute our best in the cause of self-reliance and the prosperity of o country in our fields of endeavour."

Milestones 1935 Dr K A Hamied sets up "The Chemical, Industrial and Pharmaceutical Laboratories Ltd." in a rented bungalow, at Bombay Central. 1941 As the Second World War cuts off drug supplies, the company starts producing fine chemicals, dedicating all its facilities for the war effort. 1952 Sets up first research division for attaining self-sufficiency in technological development. 1960 Starts operations at second plant at Vikhroli, Mumbai, producing fine chemicals with special emphasis on natural products. 1968 Cipla manufactures ampicillin for the first time in the country. 1972 Starts Agricultural Research Division at scientific cultivation of medicinal plants. 1976 Cipla launches medicinal aerosols for asthma. 1980 Wins Chemexcil Award for Excellence for exports. 1982 Fourth factory begins operations at Patalganga, Maharashtra. Bangalore, for

1984 Develops anti-cancer drugs, vinblastine and vincristine in collaboration with the National Chemical Laboratory, Pune. Wins Sir P C Ray Award for developing inhouse technology for indigenous manufacture of a number of basic drugs. 1985 US FDA approves Cipla's bulk drug manufacturing facilities. 1988 Cipla wins National Award for Successful Commercialisation of Publicly Funded R&D. 1991 Lauches etoposide, a breakthrough in cancer chemotherapy, in association with Indian Institute of Chemical Technology. The company pioneers the manufacture of the antiretroviral drug, zidovudine, in technological collaboration with Indian Institute of Chemical Technology, Hyderabad. 1994 Cipla's fifth factory begins Kurkumbh, Maharashtra. 1997 Launches transparent Rotahaler, the world's first such dry powder inhaler device now patented by Cipla in India and abroad. The palliative cancer care centre set up by the Cipla Foundation, begins offering free services at Warje, near Pune. 1998 Launches lamivudine, becoming one of the few companies in the world to offer all three component drugs of retroviral combination therapy (zidovudine and stavudine already launched). commercial production at

1999 Launches Nevirapine, antiretroviral drug, used to prevent the transmission of AIDS from mother to child. 2000 Cipla became the first company, outside the USA and Europe to launch CFC-free inhalers ten years before the deadline to phase out use of CFC in medicinal products. 2002 Four state-of-the-art manufacturing facilities set up in Goa in a record time of less than twelve months. 2003 Launches TIOVA (Tiotropium bromide), a novel inhaled, longacting anticholinergic bronchodilator that is employed as a once-daily maintenance treatment for patients with chronic obstructive pulmonary disease (COPD). Commissioned second phase of manufacturing operations at Goa. 2005 Set-up state-of-the-art facility for formulations at Baddi, Himachal Pradesh. 2007 Set-up state-of-the-art formulations at Sikkim. 2010 Set up state-of-the-art formulations at Indore. facility for manufacture of facility for manufacture of manufacture of

Code of Conduct As required under revised Clause 49 of the Listing Agreement the following code of conduct has been approved by the Board of Directors and is applicable to the Directors and Senior Management of the Company. 1. Ethical conduct All directors and senior management employees shall deal on behalf of the Company with professionalism, honesty, integrity as well as high moral and ethical standards. Such conduct shall be fair and transparent and be perceived to be as such by third parties. 2. Conflict of interest Any director or senior management employee of the Company shall not engage in any business, relationship or activity, which might detrimentally conflict with the interest of the Company. 3. Transparency All directors and senior management employees of the Company shall ensure that their actions in the conduct of business are totally transparent except where the needs of business security dictate otherwise. Such transparency shall be brought about through appropriate policies, systems and processes. 4. Legal compliance All directors and senior management employees of the Company shall at all times ensure compliance with all the relevant laws and regulations affecting operations of the Company. They shall abreast of the affairs of the Company and be kept informed of the Company's compliance with relevant laws, rules and regulations. In the event that the implication of law is not clear, the course of action chosen must be supported by eminent legal counsel whose opinion should be documented. 5. Rightful use of companys assets All the assets of the Company both tangible and intangible shall be employed for the purpose of conducting the business for

which they are duly authorized. None of the assets of the Company should be misused or diverted for personal purpose. 6. Cost consciousness All the directors and senior management employees of the Company should strive for optimum utilization of available resources. They shall exercise care to ensure that costs are reasonable and there is no wastage. It shall be their duty to avoid ostentation in Company expenditure. 7. Confidential information All directors and senior management employees shall ensure that any confidential information gained in their official capacity is not utilized for personal profit or for the advantage of any other person. They shall not provide any information either formally or informally to the press or to any other publicity media unless specifically authorized to do so. They shall adhere to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 1992. 8. Relationships with Suppliers and Customers The Directors and senior management employees of the Company during the course of interaction with suppliers and customers, shall neither receive nor offer or make, directly and indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended or perceived to obtain business or uncompetitive favours for the conduct of its business. However this is not intended to include gifts of customary nature. 9. Interaction with Media The Directors and senior management employees other than the designated spokespersons shall not engage with any member of press and media in matters concerning the Company. In such cases, they should direct the request to the designated spokespersons. 10. Safety and Environment The Directors and senior management employee shall follow all prescribed safety and environment-related norms.

Profile For more than 60 years, Ipca has been partnering healthcare globally in over 110 countries and in markets as diverse as Africa, Asia, Australia, Europe and the US. Ipca is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments. We are one of the world's largest manufacturers and suppliers of over a dozen APIs. These are produced right from the basic stage at manufacturing facilities endorsed by the world's most discerning drug regulatory authorities like US-FDA, UK-MHRA, EDQM-Europe, WHO-Geneva and many more.

Ipca is a therapy leader in India for anti-malarials with a market-share of over 34% with a fast expanding presence in the international market as well. We also lead in DMARDs (Disease Modifying Anti-Rheumatic Drugs) treatment for rheumatoid arthritis. We have leading brands in 5 therapeutic areas, with 4 of our branded formulations being ranked among the Top-300 Indian brands by ORG-IMS. Our international client roster includes global pharmaceutical giants like AstraZeneca, GlaxoSmithKline, Merck, Roche and Sanofi Aventis; most of whom we have been partnering over the years. At Ipca, quality assurance is an attitude of seeking sustainable betterment in every aspect of our work. The results show in our financials as well as work ethic. Net income for the financial year ended 31st March 2012 was Rs. 2,342.29 Crores (US$ 486 Mn). Net profit was Rs. 280.17 Crores (US$ 58 Mn). What's more, Ipca was awarded as 'Among the 100 Best Companies to Work in India 2010' in a study conducted by Great Place to Work - India in joint collaboration with The Economic Times.

Milestones 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999

1997 1996 1995 1994 1993 1986 1985 1984 1982 1981 1980 1978 1976

January Launched, Laxtaz the new age laxative that combines Ispaghula with Lactitol. The combination effectively relieves constipation by restoring colonic Mass, Motion and Microflora. Hence Laxtaz is positioned as the '3 M Laxative'.

Launched CTD (Chlorthalidone), a novel antihypertensive which has the longest half life and is more effective than Amlodipine and Lisinopril. February -

SEZ Pithampur (Indore) formulations manufacturing unit has been certified for Good Manufacturing Practices (GMP) by UK-MHRA (Medicines and Healthcare Products Regulatory Agency, U.K). This is the first regulatory approval for Pithampur unit. And this is the fourth manufacturing unit of the Company to have received such approval from UK-MHRA.

Ipca's formulation manufacturing unit at Pithampur (SEZ) was approved by WHO (World Health Organization)-Geneva. March -

Launched new division Ipca-Dynamix, which will cater to cardiovascular, gastrointestinal, antibacterial, respiratory segments.

Clinical study entitled "Efficacy and Safety of Aceclofenac-CR and Aceclofenac in the treatment of knee osteoarthritis: A six week, comparative, randomized, multicentric, double-blind study has been published in The Journal of Pain - Official Journal of the American Pain Society (5-year impact factor 4.2).

Clinical study entitled "Evaluation of Efficacy and Tolerability of Glimepiride andMetformin Combination: A Multicentric Study in Patients with Type-2 Diabetes Mellitus, Uncontrolled on Monotherapy with Sulfonylurea or Metformin" is published in American Journal of Therapeutics.

Pre-clinical study entitled "Evaluation of anti-Inflammatory activity ofHydroxychloroquine and Simvastatin combination in experimental animals" is published in Research Journal of Pharmaceutical, Biological and Chemical Sciences (RJPBCS).

Launched new division, IPM, carved out from Activa division, which will manage pain segments April -

Pre-clinical study entitled "Evaluation of anti-inflammatory activity of Etodolac andColchicine combination in experimental animals" is published in International Journal of Pharmacology and Therapeutics.

Clinical study entitled "Zaltoprofen, a non-inferior alternative to diclofenac for the treatment of primary knee osteoarthritis -- a comparative evaluation of efficacy and safety in a 4-week, multicentric, randomized, double-blind, double-dummy trial" is published in Expert Opinion on Pharmacotherapy (Impact Factor 2.1).

July -

Launched Rapiclav1g in West African countries of Ivory Coast, Mali, Senegal, Burkina Faso, Benin & Nigeria. August -

Mr. Prashant Godha appointed as Executive Director

Ipca Laboratories Ltd. acquires 100% share capital of Onyx Research Chemicals Ltd. holding Company of Onyx Scientific Ltd. through its wholly owned subsidiary Ipca Laboratories U.K. Ltd. The acquisition brings together two Contract Manufacturing Organisations (CMOs) to better serve their customers on a global basis. Onyx Scientific has been a chemistry solutions provider for over a decade and will continue to operate out of the Silverbriar (Sunderland, UK) facility under the Onyx Scientific trade name. Onyx's capabilities in chemistry services for Medicinal, Preclinical and Phase-I/II programs will dovetail effectively with Ipca's capabilities in supporting Phase II to Commercial scale programmes. September -

Lumerax, the segment leader in Artemether-Lumefantrine combination, has entered the prestigious league of top 300 brands of Indian Pharma market as per ORG-IMS Data. Lumerax has a proud history of being the first brand of 'Artemisinin based Combination Therapy (ACT)' launched in accordance with the erstwhile WHO guidelines.

An Advance Hypertension Summit Chlorthalidone in Renaissance was organized. The highlight of this summit was the speaker's credentials. The eminent speaker for the symposia was Dr. Aram Chobanian, who is the Chairperson for JNC VII committee. Dr Chobanian was also on the panel of almost all JNCs and was the Chairperson for ALLHAT committee.

Clinical study entitled "Comparative evaluation of efficacy and safety of etodolac anddiclofenac sodium injection in patients with postoperative orthopedic pain" conducted by Clinical Research and Development Department is published in Vol. 27, Issue 11 of an international peer reviewed journal Current Medical Research & Opinion (CMRO, Impact

Factor

2.7).

This is the first study in the world to provide comparative clinical evidence of efficacy and safety of etodolac injection with respect to diclofenac injection in patients with post operative pain. October -

New Corporate Logo launched in CPhI, Frankfurt which also synchronize well with the auspicious Indian festival, Diwali. December -

Zerodol P has been awarded "Special Life Time Award" by IPHMR & CMARC (Institute of Pharmaceutical & Healthcare Management And Research in association with C MARC). The current areas of interest chosen were: a) Successful Premium Brands, b) Best New Launch Brand & c) Best Brand Extension

Board of Directors

Premchand Chairman & Managing Director

Godha

Ajit Joint Managing Director

Kumar

Jain

Pranay Executive Director

Godha

Prashant Executive Director

Godha

Madhukar Director

R.

Chandurkar

Ramappa Director

S.

Hugar

Babulal Director

Jain

Dr. Director

V.

V.

Subba

Rao

Anand Director

T.

Kusre

Dev Director

Parkash

Yadava

Environment, Health & Safety

Incinerator for chemical waste at Ratlam Site

the

disposal

of

At Ipca, we believe in inculcating and working responsibly so that our employees, the community at large, and the environment including natural resources, are protected, leaving minimal environmental footprints. Our commitment to ensure that the facilities have as low as possible, an impact on local people, the environment and we continue to work in close partnership with community groups and other stakeholders to ensure that we are a responsible neighbour. Excellence in safety, health and environmental performance is on top priority and we are open and honest about such performance. EHS Management system : Doing business responsibly Environment, Health, Safety (EHS) program is managed according to the framework that sets out consistent standards of employee health and safety, environmental protection and sustainability. This framework acts as an internal regulatory system that reflects our understanding of risks to ensure our operations comply with laws and regulations. Our integrated EHS management system is further evaluated on a regular basis to identify areas for continual improvement. By thoroughly tracking our performance, we are able to spotlight our successes in eliminating or reducing our EHS impacts, quickly and responsibly handle any EHS issues, and identify key areas where we need to focus on improving our performance. During the past few years, Ipca has improved energy efficiency and reduced the emissions in various operations. Our strategy is to focus on continuous improvement by striving to learn from our experience and those of others, and to apply scientific, economic and technical analysis to adopt best practices.

EHS culture As an industry leader, we are committed to promote economic growth in a safe, secure and environmentally responsible manner. We, promote a positive and open environment across our businesses, supported by effective communication between management, employees and contractors and an ongoing program of investment in safety. Our management team and employees know that the sustainable long-term future of our businesses rests on our track record on Environment, Health and Safety. Employees and contractors throughout the Company participate in EHS programs, contribute to investigations and incident learning, and suggest ongoing improvements in EHS standards and procedures. EHS Policy Environmental, Health and Safety Policy We are committed to manufacture and supply the bulk drugs, drugs intermediates and pharmaceutical formulations with due respect to environment, health and safety aspects legal requirements associated with our operations and personnel. We shall demonstrate the effective implementation and continual improvement of environmental, occupational health and safety management system through awareness, sharing information, training, provision of resources, periodic reviews, monitoring and measurement, Prevention of incidents, conservation and promotion of environment through tree plantation, waste reduction, recovery of solvents chemicals. Sd/Premchand Godha Managing Director At Ipca, we are committed to integrating design for the environment and safety principles into our operations, management processes and products, and achieving an incident-free and injury-free environment for our employees and contractors in following ways:

Rain Water Harvesting Environment We aim to use natural resources efficiently and by constant monitoring and preventive actions, minimize the environmental impacts of our activities and products during their life cycles. We ensure this through well designed systematic storage and use of chemicals, safe disposal of effluent material, control of gas emission and by adopting methods of resource conservation such as, recycling of water at our plants through reverse osmosis process. Health We protect the interests of employees by providing them with appropriate and up-to-date training and access to development programs. Health monitoring of employees include regular health check-ups, special health checks for employees working in hazardous areas, eye, audiometry and Lung Function tests, first aid training, and other training workshops. We also have an in-house dispensary equipped with first aid Centre and 24x7 ambulance facility. Safety At Ipca, process safety program applies management systems to the identification, understanding, and control of process hazards to prevent process related incidents that could affect our employees or neighbours.

Firefighting Training

Process Class conducted by CIBA

Safety

Training

Certifications Various international accreditations stand testimony to Ipca's commitment to EHS. We have invested a large amount of resources to reduce workplace accidents and ensure a safe working environment. Ipca major site at Ratlam and Aurangabad obtained ISO 14001 (for environment) and OSHA's 18001 certification (for health and safety) during the year 2006 and 2010 respectively.