HISTORY AND BUSINESS OF THE COMPANY Granules India Ltd (GIL) was incorporated as a Private Limited Company on March 16, 1991 and was later converted into a Public Limited Company on February 8, 1993. GIL commenced its operations in April 1991 as a merchant exporter of bulk drugs like Paracetamol, Guaifenesin and Chloro Pheniramine Maleste. It has been exportingmainly to the developed markets such as U.S.A., Europe, Mexico and Hongkong. Since 1992, GIL concentrated on export of Paracetamol powder, which was procured from a Group Company, M/s.Triton Laboratories Pvt Ltd (TLPL), a small scale unit. In 1993-94, the international prices of bulk drugs like Paracetamol were under pressure and GIL decided to enter into value added areas. In April 1993, GIL also joined as a partner of M/s.Triton Laboratories (TL), a partnership firm promoted by the promoters in 1985. After GIL became a partner. TL crested facilities for manufacture of DC blends of Paracetamol and directly entered into its export market. Later, TL decided to diversify into manufacturing of bulk drugs and started implementing a project for the same. In August 1994, as part of consolidation and restructuring the Group's operations. TL was dissolved and its assets and liabilities were taken over by GIL at book value. The assets were independently valued by Shri S.Deshpande, Chartered Engineer and approved valuer. (Rs.lakhs) Description Book Transfer Chartered value value Engineer's valuation Assets Land & Development *35.54 35.54 39.58 Building 22.42 22.42 # 102.57 Plant & Machinery 13.36 13.36) # 125.10 Others 17.76 17.76) Capital work-in-progress 174.17 174.17 263.25 267.25 Investment 5.00 5.00 Total (A) 268.25 Liabilities Net current liabilities 63.27 63.27 Long term liabilities 0.92 0.92 Total liabilities (B) 64.19 Purchase consideration (A) - (B) 204.06 * The value of land, purchased in 1985 for Rs.88,994 was revalued at Rs.28,26,980/ - on March 30, 1993 at Government fixed rate of Rs.500/- per sq. yard and as valued by M/s. M. Raja Rao & Co., Chartered Engineers. Registered valuers & Insurance surveyors. Development cost includes land leveling. # Includes Capital work-in-progress Out of the purchase consideration of Rs.204.06 lakhs, the shares of the partners were as follows: - GIL - Rs.131.13 lakhs Sri Krishna Prasad - Rs. 37.47 lakhs Smt C. Uma Devi - Rs. 35.45 lakhs Sri Krishna Prasad and Smt C. Uma Devi were allotted 3,74,700 and 3,54,500 equity shares respectively of GIL of Rs. 10/- each at par in settlement of their share of partnership as detailed above. In addition to the above GIL allotted (I) 6,500 equity shares of Rs. 10/- each at par to Smt. C. Uma Devi in settlement-of rental dues for the years 1992-93 and 1993-94 and (ii) 2,600 equity shares to Dr. C. Hariprasad, 1,500 equity shares to Dr. C. Nageswara Rao and 5,000 equity shares to Smt R. Santisree, all these of Rs. 10/- each and issued at par towards the long term liabilities taken over from the partnership firm as detailed above. GIL has also purchased the assets of a sick unit from the Andhra Pradesh State Financial Corporation (APSFC) on March 30, 1994. This unit was manufacturing bulk drugs. The assets comprising of land, buildings and plant and machinery were purchased for Rs.35 lakhs, by availing term loan from APSFC (Rs.22.75 lakhs) and own funds (Rs.12.25 lakhs). These assets are not presently used and are earmarked for future expansion needs of the company GIL is now implementing the ongoing project taken over from TL and is exporting DC blends of Paracetamol of international pharmacopial standards from September 1, 1994. Trial production of Folic Acid commenced in November, 1994 and commercial production in August 1995. The list of GIL's clients include M/s.Roussel Corporation, Helm New York Chemical Corporation and Granutec all of U.S.A, Welding GMBH & Co of Germany and Flavine Espana S.A. of Spain. 2003 -Granules MD Mr C. Krishna Prasad bags Udyog Rattan and Excellence Award 2004 -Granules India Ltd (GIL), has announced that its new plant at Gagillapur has successfully gone through first International Regulatory audit by the German Health Authority. The German approval enables it to export its products to Europe and significantly enhance its presence in these markets. -Granules India Gagillapur Facility successfully goes through Audit by German Health Authority 2005 -Granules India Ltd has informed that pursuant to the approval of the shareholders at the EGM held on September 25, 2004 to issue up to US $ 15 million Global Depository Receipts, each representing one equity share of Rs 10/- each in the share capital of the Company, the GDR issue was opened on January 13, 2005 and closed on January 19, 2005. 2006 Granules India Ltd on October 12, 2006 has announced that it has signed a Memorandum of Understanding (MoU) with Hubei Biocause Heilen Pharmaceutical Company (Biocause) of China. -Granules India signs MOU with PharmaMatch B.V. 2007 -Granules forges alliance with GSK Healthcare R&D. -Granules India Ltd has appointed Mr. Stephen R Olsen as an Additional Director of the Company at the Board Meeting held on June 02, 2007. -Registered Office of the Company has been shifted From 8-2-293/A/A/2, Road No 2, Banjara Hills, Hyderabad To Second Floor, Block III, My Home Hub, Madhapur, Cyberabad. 2008 -Granules India Ltd has informed that the Board of Directors of the Company at its meeting held on July 31, 2008, inter alia, has appointed Mr. Nelson David Corda as Alternate Director. 2009 - Granules India Ltd has informed that Mr. Comandur Parthasarathy be appointed as an Additional Director of the Company, pursuant section 260 and the applicable provisions of the Companies Act, 1956. - Granules India Limited, a fully integrated pharmaceutical manufacturer headquartered in Hyderabad, bagged the prestigious "Fastest Emerging Company from India" Award in the APIs & Intermediaries category at the inaugural Indo-Africa Pharma Business Meet hosted by Pharmcxcil. 2010 - Mr. Philip Herbert Strenger has been appointed as an Additional Director of the Company. - "Granuels India Receives U.S. FDA Approval for its Metformin ANDA". - "Granules India Announces New Leadership Roles". 2011 - Ms. Shivangi Sharma, an Associate Member of Institute of Company Secretaries of India has been appointed as Company Secretary and Compliance Officer of the Company. - Granules-Omnichem Ltd to open unit in Vizag. - "Granules India and Ajinomoto OmniChem to create a strategic Joint Venture in India". 2012 - Granules India Awarded India's Most Admired Company in Exports & India's Most Admired Company in Bulk Drugs. - "Granules India Awarded Outstanding Exports - Formulations Award 2011-12 by Pharmexcil". 2013 -Granules India announces acquisition of Auctus Pharma and opening of a new R&D Facility. -Granules completed a major expansion at its Gagillapur facility. -Granules India has recommended a Final dividend of Rs. 2.00 per share representing 20% of Paid Up Capital. 2014 -Granules Indias Paracetamol API Facility completes U.S. FDA Inspection. -Granules India Awarded Outstanding Exports (Europe & CIS) - Gold Award 2012-13 by Pharmexcil. -Granules India has recommended a final dividend of Rs. 3.50 per share representing 35% of Paid Up Capital. 2015 -Granules India receives US FDA approval for Ibuprofen Tablets -Granules India's two facilities located in Vizag(Andhra Pradesh) and Jeedimetla(Telangana) completed U.S FDA inspection -Granules India has splits its face value from Rs. 10 to Rs. 1 2016 -Granules acquires rights for 4 products from USpharma Windlas -Granules Pharmaceuticals, Inc., wholly owned subsidiary of Granules India Ltd entered into an agreement with USpharma to acquire its stake". 2017 -Granules India successfully completes INFARMED re-inspection. -Granules India gets Board nod to raise FII, FPI limit to 49%. -Granules India gets EIR from USFDA for Vizag OmniChem facility. 2018 -Granules Pharmaceuticals, Inc. launched the generic version of Methylergonovine Maleate Tablets, USP, 0.2mg. -Granules Pharmaceuticals, Inc. received US FDA approval for generic Methylergonovine tablets. -Granules India gets USFDA nod for muscle pain tablets. -Granules India L - Received Approval For ANDA Filed By Granules India Limited. Granules' US unit gets two USFDA observations. 2019 -Granules lndia gets USFDA nod for pain relief drug. -Granules India gets USFDA nod for treatment of attention deficit hyperactivity disorder. -Granules India L - Granules Pharmaceuticals, Inc. Received US FDA Approval For Methylphenidate Hydro. -Granules India L - Granules India's Bonthapally Facility Completed US FDA Inspection. -Granules India gets USFDA nod for Amphetamine Sulfate tablets. -Granules Pharmaceuticals, Inc. Received US FDA Approval for Amphetamine Sulfate Tablets. 2020 -Granules India arm gets USFDA nod for Valganciclovir hydrochloride oral solution. -Granules India L - Granules Pharmaceuticals, Inc. Received US FDA Approval For Colchicine Tablets. -Granules Pharmaceuticals Inc gets USFDA nod for Colchicine tablets. -Granules India gets tentative USFDA nod for Colchicine capsules for gout. -Granules India gets tentative nod from USFDA for expectorant tablets 2021 -Granules gets USFDA nod for diabetes management drug. -Granules India gets USFDA nod for generic low blood potassium treatment capsules. -Granules India receives USFDA approval for Acetaminophen, Aspirin and Caffeine Tablets. -Granules India US unit gets two observations from USFDA. -Granules India receives USFDA approval for Dofetilide capsules. 2022 -Granules India Receives Licences from MPP to Market Nirmatrelvir; Ritonavir. -Granules Pharmaceuticals Inc., Receives ANDA Approval for Bupropion Hydrochloride Extended-Release Tablets. -Granules Pharmaceuticals Inc., Receives ANDA Approval for Potassium Chloride for Oral Solution USP, 20 mEq. 2023 -Granules India receives USFDA approval for Losartan Potassium Tablets. -Granules India forges strategic partnership with Greenko ZeroC. 2024 -Granules India Limited Honored with Golden Peacock Award for Sustainability, Setting New Standards in Environmental Responsibility. -Granules India received approval from the US health regulator to market a generic medication to treat major depressive disorder. -The company has received approval from the US Food & Drug Administration for Bupropion Hydrochloride extended-release tablets USP (SR) in strength of 100 mg, 150 mg, and 200 mg.