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A Young Beginning. a Perfect Story

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A Young Beginning. a Perfect Story Annual Report 2016-17 A young beginning. A perfect story. Contents At a Glance 02 Corporate Overview Diversifying Strategically through Subsidiary Business 06 Performance Review 08 Chairman’s Review 10 Benchmarked to the Highest Quality Standards 12 20 years of Attaining Cost Leadership 14 Achieving Unmatched Speeds 16 Leveraging Technology to Drive Revolution 18 Harnessing the People Power 19 Board of Directors 20 Corporate Information 22 Board’s Report 23 Statutory Reports Management Discussion & Analysis 51 Business Responsibility Report 72 Corporate Governance Report 80 CEO and CFO Certification 95 CEO Certificate on Code of Conduct 95 Auditors’ Certificate on Corporate Governance 96 Standalone Financial Statements 97 Financial Statements Consolidated Financial Statements 144 17th Annual General Meeting Notice 190 AGM Notice Forward-Looking statement In this Annual Report, we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make, contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as Visit www.thyrocare.com a result of new information, future events or otherwise. for e-report 21 years of realising a vision unseen, of walking a path less trodden, and of striving for excellence unparalleled in the history of India’s diagnostic industry. It has been 21 years of an exceptional journey at Thyrocare, which began in 1996 with this unique philosophy and mind-set. The one word that we repeatedly heard during this journey was “impossible”. Industry players dismissed our concept of introducing low-cost solutions and night processing laboratory. Analysts considered our idea of aggregating samples from across the country and flying them to our Central Processing Laboratory (CPL) as unviable. Despite this, we continued our march forward to implement our vision… and continued to do so in that impeccable style that is today synonymous with the biggest disruption ever witnessed by the diagnostic industry in India. Perfecting the disruption over two decades, we have emerged as the most respected wellness brand, with an unfathomable scale of operations and nationwide network, using cutting-edge technologies, collaborating with every stakeholder in the industry, and expanding exponentially. Regardless of our growth and maturity as an organisation, we are still a young Company. Young in mind, filled with energy, enthusiastic for new challenges, and driven by empowered youth who are well-prepared to script a new growth story. At 21, we are still young and passionate. THYROCARE TECHNOLOGIES LIMITED At a Glance Thyrocare Technologies Founded by Dr. A. Velumani, Limited is India’s first fully 816 automated clinical chemistry Ph.D., Thyrocare started laboratory, with a focus on Employee strength providing affordable and operations in a small rented quality diagnostic services to laboratories and hospitals premises of 200 sq. ft. in Byculla, across India. Mumbai, and later moved to a We are the country’s first 76.47 mn 20,000 sq. ft. owned floor with No. of investigations laboratory to have adopted performed the distinctive business a Central Processing Laboratory approach of aggregating (CPL) in Thane. Today, the test samples from customers and partners from all Company, located in Turbhe, Navi corners of India, conducting Mumbai, runs a huge laboratory quality clinical tests, and 558 finally despatching reports No. of cities present in floor, roughly 2,00,000 sq. ft. digitally. Meticulously created and monitored area, and caters to the entire systems, well-chosen and trained manpower, astute gamut of the needs of the selection of the best diagnostic industry. Its shares global technologies for 1,593 specialised testing, and an No. of authorised service are listed on the National Stock uncompromising approach providers to instrumentation have Exchange (NSE) and the Bombay ensured that Thyrocare is Stock Exchange (BSE) since May perceived as a benchmark for quality in the diagnostic 2016. industry. The Company’s uniqueness lies in its effort 14.28 mn Branding a new success story to innovate and match No. of samples processed We were among the first in the industry to promote Preventive Care global standards in quality Diagnostics on a large scale through our B2C brand “Aarogyam”, service delivery, at the most which focusses on Wellness segment in Healthcare. The brand, cost-effective prices. which offers a battery of metabolic tests intended primarily to diagnose lifestyle-related disorders at an early stage, stands tall A zero-debt Company that as the most popular name in the diagnostic sector. Our buffet of is constantly focussing on offerings, comprising dozens of tests packaged attractively with a reducing costs for customers `1,130.70 mn highly economical pricing structure, has been well received by the to the maximum possible Free cash available as on health conscious individuals, who see tremendous value in our service extent, Thyrocare is, at the 31.03.2017 portfolio. The service offerings through Aarogyam are focussed same time, dedicatedly on disorders that are preventive care and non-critical in nature, engaged in enhancing facilitating access to a wide customer base with bigger chances of partner’s business and repeat business. This approach has also helped in increasing the shareholder’s value. test volumes significantly, as each profile comes loaded with at least 02 Corporate Overview Statutory Reports Financial Statements 30-40 tests. Operating on this business model, the Company has set a precedence for Preventive care in the diagnostic segment. Our cutting-edge automation and analytical abilities, backed by stringent quality control programmes, have enabled us to set the highest standards of quality in the Indian diagnostic industry. State-of-the-art equipment facilitates smooth automation across the three operational stages of pre-analytical, analytical and post- analytical testing of samples. • Pre-analytical automation It involves HCTS2000 – m.u.t and RSD Pro, which reads the barcode and sort the samples in accordance with technological priority. • Analytical automation In order to effectively meet the huge and growing demand for diagnostic testing, the Company has equipped itself with dozens of best-in-class floor standing analysers, connected to track automation, processing thousands of samples each hour. In 2010, Thyrocare became the first in the country to instal the “Total Laboratory Automation” (TLA) or the LabCell. This 27-metre long track is equipped with barcode scanners and separate CentraLink Data Management System (dedicated LIS), which follows and stores all information generated from the track. With the laboratory volumes spiralling, Thyrocare, in 2014, also installed Aptio TM – a 93.5-metre long track that connects the input, output, pre and post processing modules of the analysers efficiently. It is equipped with in-built barcode scanners in the track, along with its own dedicated sample managers to handle sample flow and data management system. • Post-analytical automation After processing, the samples are verified for completion of all tests requested, and subsequently archived for storage using RSD Pro (Cobas p512). Annual Report 2016-17 03 THYROCARE TECHNOLOGIES LIMITED At A Glance The Thyrocare laboratory network Technology platforms Our Centralised Processing Laboratory, which was developed * Chemiluminescence Immuno Assay (CLIA) through 19 years of hard work and in-depth understanding of the business needs, has set a precedent in the industry and continues to * Enzyme Linked Immuno-Sorbent Assay (ELISA) stand out as a benchmark of excellence. * High Performance Liquid Chromatography (HPLC) Our regional processing laboratories, set up in multiple cities like * Capillary Electrophoresis New Delhi, Kolkata, Bengaluru, Hyderabad, Coimbatore and * Ion Selective Electrode Bhopal have helped fill the void in the logistics map, enabling us to spread our reach to the nooks and corners of the country. These * Flow Cytometry regional laboratories, whose processing methodologies and quality * Fluorescence Flow Cytometry protocols are aligned to the central laboratory, are equipped to handle the most commonly sought tests. Samples requiring further * Nephelometry *Photometry testing are sent to the central laboratory through air cargo. * Induction Coupled Plasma - Mass Spectrometry (ICP-MS) * Liquid Chromatography Mass Spectrometry (LC-MS) Certifications * Western Blot *lmmunofluorescence Assay (IFA) * Segmented Continuous Flow Analyser (SFA) * Gas Chromatography - Flame Ionisation Detector (GC-FID) * Gas Chromatography
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