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HISTORY
The Indian pharmaceutical industry is the world's third-largest by volume and is likely
to lead the manufacturing sector of India. India's bio-tech industry clocked a 17
percent growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial
year over the previous fiscal. Bio-pharma was the biggest contributor generating 60
percent of the industry's growth at Rs.8,829 crore, followed by bio-services at
Rs.2,639 crore and bio-agri at Rs.1,936 crore. The first pharmaceutical company
are Bengal Chemicals and Pharmaceutical Works, which still exists today as one of
5 government-owned drug manufacturers, appeared in Calcutta in 1930. For the
next 60 years, most of the drugs in India were imported by multinationals either in
fully-formulated or bulk form. The government started to encourage the growth of
drug manufacturing by Indian companies in the early 1960s, and with the Patents
Act in 1970, enabled the industry to become what it is today. This patent act
removed composition patents from food and drugs, and though it kept process
patents, these were shortened to a period of five to seven years. The lack of patent
protection made the Indian market undesirable to the multinational companies that
had dominated the market, and while they streamed out, Indian companies started
to take their places. They carved a niche in both the Indian and world markets with
their expertise in reverse-engineering new processes for manufacturing drugs at low
costs. Although some of the larger companies have taken baby steps towards drug
innovation, the industry as a whole has been following this business model until the
present.

INDIAN PHARMACEUTICAL INDUSTRY – An Overview

During the current year 2009-10, Pharma was among the few sectors that managed
to expand its revenues despite global recession and financial crises. Strong
domestic demand, growing preference for generics worldwide and favorable rupee-
dollar exchange rate helped the Indian Pharmaceutical sector. Aggregate income of
the drugs and pharmaceuticals companies for the first two quarters of the current
year grew by 13 per cent and 7.8 percent respectively as compared to previous

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year. As per Centre for Monitoring Indian Economy (CMIE) ,the estimated growth in
aggregate income for the next two quarters is 9.5 per cent and 10.2 percent
respectively.

The Indian pharmaceuticals industry has grown from a mere US$ 0.32 billion
turnover in 1980 to approximately US$ 21.26 billion in 2009-10.The country now
ranks 3rd in terms of volume of production (10% of global share) and 14th largest by
value.

Growth of Indian Pharmaceutical Industry from 2002-03 to 2008-09 are given in

table below:

Figures in Rs Crore

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09

Domestic
30365 32575 34128 39989 45367 50946 55454
Market

Exports 12826 15213 17857 22216 24942 30760 38433

Imports 2865 2956 3139 4515 5867 6734 8552

Total Market
42326 47332 52029 62566 68442 78610 89335
Size

THE DOMESTIC PHARMA INDUSTRY

The domestic Pharma Industry has recently achieved some historic milestones
through a leadership position and global presence as a world class cost effective
generic drugs' manufacturer of AIDS medicines. Many Indian companies are part of
an agreement where major AIDS drugs based on Lamivudine, Stavudine,
Zidovudine, Nevirapine will be supplied to Mozambique, Rwanda, South Africa and
Tanzania which have about 33% of all people living with AIDS in Africa. Yet another
US Scheme envisages sourcing Anti Retrovirals from some Indian companies
whose products are already US FDA approved. Many Indian companies maintain
highest standards in Purity, Stability and International Safety, Health and

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Environmental (SHE) protection in production and supply of bulk drugs even to

some innovator companies. This speaks of the high quality standards maintained by
a large number of Indian Pharma companies as these bulk actives are used by the
buyer companies in manufacture of dosage forms which are again subjected to
stringent assessment by various regulatory authorities in the importing countries.
More of Indian companies are now seeking regulatory approvals in USA in
specialized segments like Anti-infectives, Cardiovasculars. Along with Brazil & PR
China, India has carved a niche for itself by being a top generic Pharma player.

Increasing number of Indian pharmaceutical companies have been getting

international regulatory approvals for their plants from agencies like USFDA (USA),
MHRA (UK), TGA (Australia), MCC (South Africa), Health Canada etc. India has the
largest number of USFDA - approved plants for generic manufacture. Considering
that the pharmaceutical industry involves sophisticated technology and stringent
"Good Manufacturing Practice (GMP) requirements, major share of Indian Pharma
exports going to highly developed western countries bears testimony to not only the
excellent quality of Indian pharmaceuticals but also its price competitiveness. More
than 50% share of exports is by way of dosage forms. Indian companies are now
seeking more Abbreviated New Drug Approvals (ANDAs) in USA in specialized
segments like anti-infective, cardio vascular and central nervous system groups.

EXPORTS
The Domestic pharma sector has been expanding and has is estimated at US$
11.72 billion (Rs 55454 crore) in 2008-09 from US$ 6.88 billion (Rs 32575 crore) in
2003-04. Indian exports are destined to various countries around the globe including
highly regulated markets of USA, Europe, Japan and Australia.

Export of domestic drugs and pharmaceuticals from 2003-04 to 2008-09 are given in
table below:

Year Domestic Indian market Growth Rate

(figure in Rs crore) (%)

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2003-04 32575 7.28

2004-05 34128 4.77

2005-06 39989 17.17

2006-07 45367 13.45

2007-08 50946 12.30

2008-09 55454 8.85

PHARMA EXPORT PROMOTION COUNCIL (Pharmexcil)

The Department had played a pivotal role in the formation of Pharmexcil consequent
to the recommendation from 9th Five Year Annual Plan Working Group Report on
Drugs and Pharmaceuticals. In the light of this, the Department constantly interacts
with Pharmexcil in their work areas. The role of Pharmexcil is for facilitation of
exports of Drugs, Pharmaceuticals, Biotechnology products, Herbal medicines and
Diagnostics, to name a few. It is authorized to issue Registration-cum-Membership
Certificate (RCMC) which is one of the requirements for the importers and exporters
of commodities. In addition to this, Pharmexcil is concerned with giving export thrust
to the various products through visits of delegations to various markets abroad,
organizing of seminars,workshops and exhibitions. As a major area of work,
Pharmexcil also holds Buyers/Sellers meets and compiles detailed data base on
pharma exports and problems in exporting pharma group products of
Pharmaceuticals.

KEY STRENGTHS OF PHARMA SECTOR

• Low cost of innovation/Manufacturing/Capex costs/expenditure to run a
cGMP compliance facility.

• Low cost scientific pool on shop floor leading to high quality documentation.

• Proven track record in design of high tech manufacturing facilities.

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• Excellent regulatory compliance capabilities for operating these assets.

• Recent success track record in circumventing API/formulation patents.

• About 95% of the domestic requirement being met through domestic

production.

• India is regarded as a high-quality and skilled producer in the world.

• It is not only an API and formulation manufacturing base, but also as an

emerging hub for:
Contract research
Bio-technology
Clinical trials
Clinical data management.

• The country has the distinction of providing quality healthcare at affordable

prices.

Top 20 destinations of Indian Pharma products during 2008-09

S. No. Importing country 2008-09 (figure in Rs Crore)

1 USA 7103.27

2 Russia 1519.20

3 Germany 1441.87

4 Austria 1417.15

5 UK 1233.09

6 South Africa 1126.75

7 Canada 1090.43

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8 Brazil 1018.89

9 Nigeria 1001.74

10 687.22
Ukraine

11 Israel 686.22

12 Netherlands 669.98

13 Spain 620.02

14 Turkey 614.20

15 China 561.53

16 Kenya 543.86

17 Vietnam 536.62

18 Belgium 520.90

19 Italy 57.85

20 Mexico 501.54

Research and Development

In no other Industry segment innovative R&D is as critical as in Pharma industry.
Here, the New Drug Discovery Research (NDDR) has to keep pace with the
emerging pattern of diseases as well as responses in managing existing diseases
where target organisms are becoming resistant to existing drugs. The NDDR is also
an expensive activity. It is encouraging to observe that at least 10 Indian companies
are into new drug discovery in the areas of infections, metabolic disorders like
diabetes, inflammation, respiratory, obesity & cancer. Most of these companies have
increased their R&D spending to over 5% of their respective sales turnovers. There
is notable success from some Indian companies in out licensing new molecules in
the asthma and diabetes segments to foreign companies. Introduction of Product

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Patent for Pharmaceuticals is an important feature for Indian Pharma R&D scenario.
This has boosted the confidence of MNC Pharma companies in India where a
number of western Pharma companies have already R&D collaborations with Indian
Pharma companies in the field of NDDR. Some Indian companies have also got US-
FDA approvals for their new molecules as Innovative New Drugs (lND).

Western Pharma companies have recognized the attractiveness of India as a R&D

outsourcing destination due to low cost scientific manpower, excellent infrastructure,
top quality with capability to conduct modern research under GLP, GCP guidelines.
Many of them have set up independent R&D centres in India.

Clinical Trials to establish safety and efficacy of drugs constitute nearly 70% of R&D
costs. Considering the low cost of Research and Development in India, several MNC
Pharma companies as well as global Clinical Research Organizations are
increasingly making India a clinical research hub. In conclusion new drug discovery
in India has made a promising start wherein at least five to six potential candidates
in the areas of Malaria, Obesity, Cancer, Diabetes and Infections are likely to reach
Phase II clinical trials.

Contract Manufacturing

Many global pharmaceutical majors are looking to outsource manufacturing from

Indian companies, which enjoy much lower costs (both capital and recurring) than
their western counterparts. Many Indian companies have made their plants cGMP
compliant and India is also having the largest number of USFDA-approved plants
outside USA.

Indian companies are proving to be better at developing Active Pharmaceutical

Ingredients (APIs) than their competitors from target markets and that too with non-
infringing processes. Indian drugs are either entering in to strategic alliances with
large generic companies in the world of off-patent molecules or entering in to
contract manufacturing agreements with innovator companies for supplying complex
under-patent molecules.

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Some of the companies like Dishman Pharma, Divis Labs and Matrix Labs have
been undertaking contract jobs for MNCs in the US and Europe. Even Shasun
Chemicals, Strides Arcolabs, Jubilant Organosys, Orchid Pharmaceuticals and
many other large Indian companies started undertaking contract manufacturing of
APIs as part of their additional revenue stream. Top MNCs like Pfizer, Merck, GSK,
Sanofi Aventis, Novartis, Teva etc. are largely depending on Indian companies for
many of their APIs and intermediates.

Major Pharmaceutical Public Sector Undertakings

• Indian Drugs & Pharmaceuticals Limited (IDPL)

• Hindustan Antibiotics Limited (HAL)

• Bengal Chemicals & Pharmaceuticals Limited (BCPL)

• Rajasthan Drugs and Pharmaceuticals Ltd. (RDPL)

• Karnataka Antibiotics & Pharmaceuticals Ltd. (KAPL)

Major Pharmaceuticals Industries in India

• Aurobindo Pharma Ltd

• Aventis Pharma Ltd

• Cadila Pharmaceuticals Ltd

• Cipla Ltd

• Dabur Pharma Ltd

• Dey's Medical Stores Mfg. Ltd

• Dr. Reddy's Laboratories Ltd

• Elder Pharmaceuticals Ltd

• Glenmark Pharmaceuticals Ltd

• Glaxo SmithKline Pharmaceuticals Ltd

• Lupin Ltd

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• Merck Ltd, India

• Piramal Health Care

• Novartis India

• Pfizer Ltd

• Ranbaxy Laboratories Ltd

• Wockhardt Limited

• Wyeth Laboratories Ltd

POLICY & BUDGET 2009-2010

The industry is undergoing consolidation due to recent legislation and policy
updates:

– Manufacturing units should adhere to good manufacturing practices (GMP)

outlined in Schedule M of the Drugs and Cosmetics Act.

– Manufacturing units are required to comply with the WHO and international
standards of production.

The National Pharmaceutical Pricing Authority (NPPA) is responsible for fixing and
controlling the prices of 74 bulk drugs and formulations under the Essential
Commodities Act.

Drug regulatory environment in India in transition

Existing drug regulatory system

• India has a bifurcated drug regulatory system —regulatory functions are

divided between the Centre and state authorities.
• Existing infrastructure at the Centre and in states is inadequate to perform the
assigned functions of drug administration with efficiency and speed, though
there is a renewed focus on the same.

Proposed new system

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• The Central Cabinet approved the formation of the Central Drug Authority
(CDA) in January 2007.
• The proposed organisational structure of the CDA is to be analogous to the
USFDA.
• It will be a strong, well-equipped, empowered, independent and professionally
managed body.
• It is expected to facilitate up gradation of the national drugs regulator,
uniformity of licensing, and enforcement and improvement in drug
regulations.
• The efficiency and efficacy of drug administration is expected to be much
higher after this transition.

CDA – India’s new drug regulator

BUDGET MEASURES & POLICY CHANGES

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• Budget 2009–2010 reduced the customs duty from 10 per cent to 5 per cent
on imports of select life saving drugs and their bulk drugs for treating ailments
such as breast cancer, hepatitis, rheumatic arthritis, etc.
• Customs duty has been reduced from 7.5 per cent to 5 per cent on two
specified life saving devices used in the treatment of heart conditions. These
devices are now fully exempt from excise duty and countervailing duty (CVD)
also.
• The DCGI has made the registration of all clinical trials compulsory for trials
initiated after June 15, 2009. Earlier, the registration of clinical trials by
various institutions and companies was voluntary.
• The DCGI has withdrawn the powers given to state-level regulators to issue
Certificate of Pharmaceutical Product (CoPP).
• The DCGI has discontinued issuance of the WHO-GMP certificate for both
pharmaceutical products and plant audits.

CHANGING TRENDS

FOCUS OF INDIAN COMPANIES SHIFTING FROM US

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KEY PLAYERS

Leading players by annual sales

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KEY OPPORTUNITIES
• Indian drug discovery and development outsourcing market is projected to
grow at a rate of 50 per cent to reach US$ 900 million in 2009.
• Bio informatics companies that offer research-enabling software technologies
are also emerging as a
valuable segment.

CLINICAL RESEARCH – Leveraging India’s advantage

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• The clinical trials market in India is currently sized at approximately

US$ 250 million to US$ 275 million and is expected to grow at a robust
CAGR of 30 per cent over the next few years, at almost double the
global average.

CONTRACT MANUFACTURING (CM)

• The Indian pharmaceutical manufacturing outsourcing market is valued

at US$ 1.1 billion and the segment is growing at thrice the global
market rate.
• India‘s share of the outsourcing market is estimated to increase from
2.8 per cent in 2007 to 5.5 per cent in 2010.
• APIs /intermediate outsourcing is more prevalent in India than
formulation outsourcing; around 64 per cent of total outsourcing is in
the area of APIs/intermediates.
• The market is estimated to increase to US$ 1 billion by 2010.
• By 2010, the demand for contract manufacturing of formulations is
likely to be around US$ 210 million to US$ 300 million. APIs and
intermediate demand is likely to be in the range of US$ 600 million to
US$ 700 million by 2010.

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RURAL MARKET OPPORTUNITIES

• 65 per cent of the population resides in rural areas with limited or absolutely
no access to medicines and other healthcare facilities.
• With a growth rate of 39 per cent in 2006, the rural market has outstripped the
growth in the urban region across most of the therapeutic categories in both
value and volume terms.

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• General physician-driven segments such as anti-infectives, analgesics, etc.,

have registered high growth compared to specialist-driven segments such as
CNS.
• Non-communicable diseases such as cancer, blindness, mental illness,
hypertension, diabetes, HIV/AIDS, accidents and injuries are also on the rise.

COMPANY PROFILE

Founder : Dr. Desh Bandhu Gupta

Registered office : Santacruz (East), Mumbai.

Date of commencement : 1968

BOARD OF DIRECTORS

1. Dr. Desh Bandhu Gupta (Chairman)

2. Dr. Kamal K Sharma (Managing Director)
3. Mrs. M.D Gupta (Executive Director)
4. Mr. Nilesh Gupta (Executive Director)
5. Mr D.K Contractor
6. Mr. Marc Desaedeleer
7. Ms. Vinita Gupta
8. Dr. K.U Mada
9. Mr. Sunil Nair
10. Mr. R.A Shah

LOGO OF LUPIN LIMITED

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HISTORY & MILESTONES

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Year Milestones
2009 Lupin acquired majority stake in Multicare Pharmaceuticals
Philippines Inc.
2008 Lupin expanded its product basket in Japan-Kyowa and received
ten products approval from Ministry of Health & Labour Welfare,
Japan.
Lupin acquired Hormosan Pharma GmbH, a Generic Company in
Germany.
Lupin acquired stake in Generic Health Pty Ltd., in Australia.
Lupin acquired Pharma Dynamics in South Africa.

2007 Lupin acquired Vadodara based Rubamin Laboratories Ltd

(rechristened to Novodigm Ltd).
Lupin acquired Kyowa Pharmaceutical Industry Company Limited,
a leading Generic Company in Japan.
Commercial production was started at the New finished dosage
facility at Jammu.
Lupin received “Best new manufacturer of the year” award from
Amerisource Bergen.

2006 A new facility was set up at Jammu.

Maiden Bonus share were issued in the ratio of 1:1.
Maiden issue of Foreign Currency Convertible Bonds (FCCB)
aggregating US $100 mn, which are listed on Singapore Stock
Exchange.

2005 Maiden Employees Stock Option Plan was implemented.

US FDA and MHRA (UK) approvals were received for Goa.
New Lovastatin plant at Tarapur was approved by the US FDA.

2004 WHO approval was received for State of the art formulation Plants
at Goa and Aurangabad.
2003 Lupin had successfully implemented SAP ERP across the
Company to unify all business functions and processes.
Introduced collaborative messaging and workflow solution on the
intranet.
Oral Cefaclor injectible Plant at Mandideep was approved by US
FDA.
Lupin Pharmaceuticals Inc. USA, was formed for trading,
marketing and developmental activities in the US.

2002 Exports to the Advanced Markets crossed Rs.1000 mn.

Rising trend of exports as a % of total revenue – up 33% year-over-
year.

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Patent filings crossed 100.

Five ANDAs were filed.
New Anti-TB facility was commissioned at Aurangabad.
Rablet was rated by ORG-Marg as the second best launch of FY
2002-03.

2001 Lupin became the only Asian Pharmaceutical company to receive

US FDA approvals for its sterile cephalosporin facility.
A state of the art US FDA approvable oral cephalosporin bulk
active plant was commissioned.
State of the art R&D Centre at Pune was commissioned.
Lupin commenced supply of Cephalosporin bulk actives to its
alliance partners in the US.
Lupin Laboratories Ltd was amalgamated with Lupin Chemicals
Ltd, whose name was changed to Lupin Limited.

2000 The Cefotaxime facility was approved by the US FDA.

The Company’s restructuring operations yielded encouraging
results.
Work commenced on the R&D Centre at Pune.

1999 Lupin’s injectable cephalosporin bulk active plant at Mandideep

was approved by UK MCA.
1997 Lupin’s injectable Cephalosporins dosages plant at Mandideep
obtained UK MCA approval.
Lupin’s formulations facility at Aurangabad was upgraded.
Three plants of Lupin, manufacturing Cefaclor at Mandideep, 7
ACCA at Ankleshwar and Rifampicin at Tarapur, got US FDA
approvals.
ICMA Technology award was given for injectable Cephalosporins.

1996 Government of India conferred the ‘Best Exporter’ Award on

Lupin.
Company received the ICMA Technology award for injectable
Cephalosporins.

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1992
Fermentation Plant of Lupin Chemicals Ltd was established at
Tarapur, Maharashtra.
Sterile Plant for injectable Cephalosporins (bulk) was
commissioned at Mandideep.
Lupin Laboratories Ltd and Lupin Chemicals Ltd raised money
through IPOs in 1993-94.
Won FICCI’s award for contribution towards rural development.

1991 Injectable cephalosporin (bulk and dosages) production was

initiated at Mandideep.
Lupin won the ICMA technology award for successfully
manufacturing Vitamin B6.

1989 Joint venture in Thailand – Lupin Chemicals (Thailand) Ltd was

established.
Two Plants Ankleshwar and Mandideep received US FDA
approvals for maintaining stringent quality standards.

1988 The Lupin Human Welfare and Research Foundation (LHWRF) was
founded by Dr Desh Bandhu Gupta to provide an alternative,
sustainable and replicable model of rural development.

1987 Cephalexin Plant at Mandideep and 7 ADCA plant at Ankleshwar

went on stream.
1981 Ethambutol production was started
1980 Lupin commissioned a formulations plant and an R&D center at
Aurangabad.
1972 Lupin Laboratories Pvt Ltd was incorporated.
1968 Lupin commenced business.

CORPORATE OVERVIEW

Headquartered in Mumbai, India, Lupin Limited today is an innovation led

transnational pharmaceutical company producing a wide range of quality, affordable
generic and branded formulations and APIs for the developed and developing
markets of the world. Dr. Desh Bandhu Gupta’s vision and dream to fight life
threatening infectious diseases and manufacture drugs of highest national priority

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led to the formation of Lupin in the year 1968. His Vision, his inimitable commitment
and verve have steered Lupin to achieving the distinction of becoming one of the
fastest growing Generic players globally.

Lupin first gained recognition when it became one of the world’s largest
manufacturers of Tuberculosis drugs. Over the years, the Company has moved up
the value chain and has not only mastered the business of intermediates and APIs,
but has also leveraged its strengths to build a formidable formulations business
globally.

The year 2008-09 was yet another year with impressive growth of 32% in revenue
and 50% (excluding IP income) in profits. Over the last 5 years, the Company has
recorded a CAGR of 31% and 53% in sales and net profits respectively.

The Company today has significant market share in key markets in the
Cardiovascular (prils and statins), Diabetology, Asthma, Pediatrics, CNS, GI, Anti-
Infectives and NSAIDs therapy segments, not to mention global leadership positions
in the Anti-TB and Cephalosporins segments. The Company’s R&D endeavours
have resulted in significant progress in its NCE program. The Company’s foray into
Advanced Drug Delivery Systems has resulted in the development of platform
technologies that are being used to develop value-added generic pharmaceuticals.

Our Drugs and products reach over 70 countries in the world. Today, Lupin has the
unique distinction of being the fastest growing top 10 Generics players in the two

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largest pharmaceutical markets of the world – The U.S (ranked 9th by prescriptions
& growing at 92 %) and Japan (ranked 7th and growing at 23%). The company is
also the fastest growing, top 5 pharmaceutical players in India (ORG IMS - March
2009) and the fastest growing Generic player in South Africa (ranked 6th and growing
at over 30 % annually - IMS March 2009).

Lupin’s world class manufacturing facilities, spread across India and Japan, have
played a critical role in enabling the Company realize its global aspirations.
Benchmarked to International standards, these facilities are approved by
international regulatory agencies like US FDA, UK MHRA, Japan’s MHLW, TGA
Australia, WHO, and MCC South Africa.

VISION

MISSION
Lupin Pharmaceuticals, Inc. is committed to bringing innovative products for the
healthcare professional to improve the health and well being of individuals by
capitalizing on the strength :

• Scientific expertise to develop new and improved products and product line
extensions;
• Manufacturing technology, expertise and infrastructure;
• Financial resources.

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VALUES

CORPORATE SOCIAL RESPONSIBILITY

As a socially responsible organization, Lupin strives to take care of the less
privileged sections of the society. It extend its expertise to transform the lives of its
people and make a difference to the society.

Lupin is committed to the challenging task of becoming a proactive partner in nation

building through the Lupin Human Welfare & Research Foundation (LHWRF).Lupin
Human Welfare & Research Foundation was set up on October 2, 1988 with the
objective of providing an alternative model of rural development in the country,
which is sustainable, replicable and ever evolving.

Initiating the program of Rural Development within a small number of 35 villages,

LHWRF has now succeeded in revitalizing, revamping and recreating life in 2,200
villages in Rajasthan, Madhya Pradesh, Maharashtra and Uttarakhand States of
India, which has led to LHWRF emerging as one of the largest NGOs in the country.
The Foundation has been successful in making a big difference in the development
of poverty-ridden villages, and especially in the life of the poorest of the poor and
empowerment of large number of women in these areas.

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Objectives

• To develop proper social, cultural, scientific and spiritual attitudes

amidst the rural community.

• To instil in villagers, especially women, children, youth and older

people an urge, and keenness to work for their own development.

• To develop an attitude towards living a healthy life and taking

concrete steps in that direction.

Economic

• To help create more job opportunities particularly for unemployed

youth and women.

• To strengthen primary occupations like agriculture and animal

husbandry through higher output and value addition.

• To strengthen secondary occupations such as cottage industry,

handicrafts and service sector through quality enhancement and
wider market acceptability.

Infrastructure

• To create basic infrastructure facilities for the community such as;

• Provision for drinking water

• Building internal roads

• Basic Sanitation

• Formal Education

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• Community centres

• Electrification

• Training cum production centres etc.

Scale Up Strategy
The Company believes that to have visible impact of its CSR operations
scalability is important. Therefore, company closely works with Central or
State Government departments as well as with international
organizations to achieve its objectives. The convergence and
collaborations are the integral part of its strategy.

Initiatives

Lupin HWRF has taken following innovative and new initiatives under its
CSR activities:

• Building local level institutions - LGVP

• Convergence for scalability

• Identification of potential areas for futuristic development

• Conversion of problems into potentials

Institution Building: Lupin Gram Vikas Panchayat

To implement & execute the activities at village level, local level
institution in the name of Lupin Gram Vikas Panchayat (LGVP) (Village
Development Committee) have been formed. LGVP consists of
representatives from different village communities, who are dedicated to
the cause of service and village development.

Impact: The World Bank has replicated our model under the program of
District Poverty Initiative Program (DPIP) by forming Common Interest

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Groups of the pattern of the LGVP.

Civil & Infrastructure Work

The contribution in the form of man, material and cash is must for any
developmental work. Villagers were motivated to contribute certain
percentage of estimated cost of the work, rest of the money come from
Lupin and Government. This work of infrastructure was executed by the
committee of villagers namely LGVP. Their contribution and execution of
work by them gave a sense of ownership to the developmental activities.
Impact: Government has announced a policy intervention in the name of
Apna Gaon Apna Kam. Lupin’s pattern of working with community’s
contribution has impressed the State Government to announce policy
intervention which became applicable to the entire state of Rajasthan i.e.
38,000 villages.

Impact of Lupin programs

Economic up gradation of BPL families:
55,708 families economically upgraded through agriculture, animal
husbandry & rural industry activities of organizations operational area.

Reduction of poverty in district:

Lupin Foundation has selected entire Bharatpur district for holistic Rural
Development. In 1988 when it started its program the incidence of
poverty was 34%. The multifaceted activities of economic and social
development were under taken in close collaboration with District and
State Government departments. At present, the incidence of poverty is
around 12%. Lupin hopes to bring it down to nearly 6% by 2015.

RESEARCH & DEVELOPMENT

Guided by its mission to become an Innovation led, Transnational

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Pharmaceutical Company, Lupin’s scientific pool of close to 600

researchers constantly strive to develop new technologies and products.

Lupin Research Park (LRP) at Pune, spread across 19 acres is the hub
of the Company’s global research activity. The Centre harbours a culture
that fosters innovation and helps shape inventions into innovative
commercial products. The Company also has an advanced Research &
Development facility - Kyowa Pharmaceutical Industry Co. Ltd, located at
Osaka, Japan.

Today, the Company has the proficiency to develop a wide range of

pharmaceuticals, across the value chain encompassing complex APIs to
value-added difficult-to-develop formulations. During 2008-09, the total
investment of the Company in R&D was over Rs.2,669 mn, 7.1% of
consolidated net sales.

Lupin's research and development initiatives are spread across:

• Generics Research

○ Formulations Research

○ Process Research

• Advanced Drug Delivery Systems (ADDS)

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• Lupin Bio Research Centre

• Intellectual Property Management

• Novel Drug Discovery & Development

• Biotechnology Research

Lupin research park

Kyowa research centre

MANUFACTURING FACILITIES

FORMULATION FACILITIES API

Aurangaba
Jammu FACILITIES
d

Mandideep Indore

Goa

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Anklesh Mandide
war ep

Vadodar
Tarapur
a

QUALITY POLICY
• The Company shall establish and maintain high standards of
quality for its products manufactured at various sites, including
those at contract manufacturing sites, meeting cGMP and cGLP
norms.

• Products shall be manufactured and marketed meeting all quality

parameters related to identity, purity, safety and efficacy through
well-defined quality assurance and validated systems.

• The Company shall comply with current national and international

regulations as applicable and continuously strive for achieving
stringent global standards.

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• Major thrust shall be given on quality up gradation and product

integrity on continuous basis to achieve higher level of customer
satisfaction.

• Continuous training shall be given to the employees in the

organization to enhance their skills in performing their assigned
tasks.

AWARDS & ACCOLADES

199 Merit certificate by the District Administration for Excellent Social Service &
0 Rural Development of Independence Day.
199 FICCI Award for outstanding achievement in rural development by Prime
1 Minister of India.
199
ICMA Award for innovative and purposeful programs for social progress.
2
199
PHD chamber of commerce award for Corporate Citizen.
3
199
Jamna Lal Bajaj Award for outstanding contribution in Rural Development.
4
199 Bhamashah Award for contribution in the field of Education by Chief
5 Minister of Rajasthan.
199 Merit certificate by the Chief Minister of Rajasthan for voluntary and social
8 services.
200 Business world FICCI-SEDF Corporate Social Responsibility Award 2003 by
3 Ex-President of India Shri K R Narayanan.
FICCI Ladies Organization Award – Outstanding Institution for Women
200
Welfare by FICCI’s Secretary General Shri Amit Mitra and FLO’s President
6
Mrs Usha Agarwal.
Best NGO Award from NABARD for significant work done in area of SHG
formation and Bank Linkages.
RMK selected Lupin as one of the member of the Delegation to participate
the Global Micro Credit Summit 2006 at Halifax, Canada.

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31

Selected as the specialist NGO Member in the State level Committee of Jal
Abhiyan (Water Campaign) Phase-2.
200
International Excellence Award by Institute of Economic Studies.
9
Outstanding Export Performance Award by Pharmexcil (Pharmaceuticals
Export Promotion Council of India)
'Wal-Mart Supplier Award of Excellence' for overall commitment,
200
performance, on-time shipping, innovative programs and overall
8
partnership.
Amerisource Bergen, one of the largest and leading wholesalers in the US
200
conferred the “Best New Manufacturer of the Year, Generics Rx” to Lupin
7
Pharmaceuticals Inc.
Cardinal Health conferred two awards – the “Trade Representative of the
Year” and the “Quality Supplier Award” to Lupin Pharmaceuticals Inc.

FINANCIAL POSITION OF LUPIN LIMITED

2009-10 revenues of Rs.48708 million, growing at 25% & Net Profit at
Rs. 6816 million, growing at 36%.

• US Formulation revenues contribute over 50%

– No. 1 Position in 8 products out of 22 products marketed .

– Amongst Top 3 market share in most of other products.

– One of the fastest growing generic players in the US by

prescriptions and the 5th largest in terms of total prescription base.

• Growth in the Indian Domestic Market at 25%

• Wide Business Portfolio encompassing

– Intermediates

– Drug Substances (API’s)

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– Drug Products (Finished Dosages)

– Novel Drug Delivery Systems

– Drug Discovery

– Biotech

– Over 10,250 employees worldwide.

• Amongst the Top 5 pharmaceutical companies in India.

• Strong R&D and Manufacturing capabilities.

• Global leaders in Cephalosporin, Anti-TB Products, Prils and

Statins.

• Listed in all major Indian stock exchanges.

LUPIN BUSINESS

Export business increasing over the last 5 years. From 51% IN FY

05 to 65% in CY.
Value adding Formulations. From 45% in FY 05 to 82% in CY.

TURNOVER

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33

APIs and Intermediates Global Position

• Amongst leading global supplier of intermediates and APIs

• Manufacturing facilities are built to global scale and standards

• Competitive advantage built through cost, quality, compliance

and reliability of supply.

ORGANOGRAM OF LUPIN LIMITED, JAMMU

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LUPIN JAMMU MANUFACTURING

• Lupin Jammu is a world class facility, manufacturing following

formulations:

o Tablets

o Capsules

o Dry Powder Inhalers

o Metered Dose Inhalers

o Dry Syrup

By- Vidushi Kanwar

35

By- Vidushi Kanwar

36

INTRODUCTION
OF THE
PROJECT

INTRODUCTION TO THE PROJECT

One cannot rely on the theoretical knowledge imparted in the institutions. To

maximize the theoretical knowledge, it has to be accompanied by practical one.
Lesson learnt in the classroom helps us to understand the fundamental concepts of

By- Vidushi Kanwar

37

management and also facilitate in learning of practical situations. The practical

training helps to provide necessary industrial exposure and useful experience. It is
therefore, very necessary that theoretical knowledge and practical training should go
hand in hand.
As an integral part of the curriculum, I had the opportunity to do summer training at
Lupin Limited, Jammu.

The purpose of this study was to determine the factors which the employees in the
organization prefer for their appraisal and the employees satisfaction with the
existing appraisal system. Findings were made based on the data collected from 50
employees with the aid of a questionnaire in which 5-point likert scale and rating
scale were employed.

INTRODUCTION TO THE TOPIC

Performance appraisal is a method of evaluating the behaviour of employees in the

work spot, normally including both the quantitative and qualitative aspects of job
performance. It is a systematic and objective way of evaluating both work related
behaviour and potential of employees. It is a process that involves determining and
communicating to an employee how he or she is performing the job and ideally,
establishing a plan of improvement.

Definition of Performance Appraisal

A formal and systematic process, by means of which the job relevant strength and
weakness of the employees are identified, observed, measured and developed.

Performance appraisal has two over arching goals:

1. To encourage high levels of worker motivation and performance.

2. To provide accurate information to be used in managerial decision making. These

goals are interrelated because one of the principal ways that managers motivate

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workers is by making decisions about how to distribute outcomes to match different

levels of performance.

Developing a Performance Appraisal System

Managers can use the information gained from performance appraisal for two main
purposes:

1. Developmental purposes such as determining how to motivate a worker to

perform at a high level, evaluating which of a worker's weaknesses can be corrected
by additional training, and helping a worker formulate appropriate career goals.

2. Evaluative, decision-making purposes such as deciding whom to promote, how to

set pay levels, and how to assign tasks to individual workers.

Methods of Appraisal

The measures managers use to appraise performance can be of two types:

Objective or subjective.

• Objective measures such as numerical counts are based on facts. They are used
primarily when results are the focus of Performance appraisal. The number of
televisions a factory worker assembles in a day, the dollar value of the sales a
salesperson makes in a week, the number of patients a physician treats in a day and
the return on capital, profit margin, and growth in income of a business are all
objective measures of performance.

• Subjective measures are based on individuals' perceptions, and can be used for
appraisals based on traits, behaviours, and results. Because subjective measures
are based on perceptions, they are vulnerable to many of the biases and problems
that can distort person perception.

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• 360-degree appraisal - a worker's performance is evaluated by a variety of people

who are in a position to evaluate it. A 360-degree appraisal of a manager, for
example, may include evaluations made by peers, subordinates, superiors, and
clients or customers who are familiar with the manager's performance. The manager
would then receive feedback based on evaluations from each of these sources.
When 360-degree appraisals are used, managers have to be careful that each
evaluator is familiar with the performance of the individual he or she is evaluating.
While 360-degree appraisals can be used for many different kinds of workers they
are most commonly used for managers.

STATEMENT OF THE PROBLEM

The performance appraisal of the employees in the organization should be an

effective tool for measuring the employee’s performance. If the performance not
measured in a real manner it will be a critical issue. A study on impact of
performance appraisal was undertaken to study the reasons and ways to improve
the condition.

OBJECTIVES OF THE STUDY

The present study on “impact of performance appraisal system” was undertaken

with the following objectives:

• To find whether the existing appraisal system in the organization exactly measures
the employee’s performance.

• To find whether the feedback from the appraisal system assists in the employee’s
training and development.

• To determine the gaps in the existing system.

• To determine what type of appraisal did the employee’s really looking for.

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40

• To find if there is any opportunities provided for the employees to improve their
performance.

SCOPE OF THE STUDY

The scope of the project is fully dependent upon the objectives of the project.

• This study can be helpful to the company for conducting any further research.

• The study is also helpful in finding out the respondent’s opinion towards certain
attributes.

• It is also helpful in finding out the reach and effectiveness of the performance
appraisal system.

• This study also serves as a base for understanding the perception about the
employees regarding their performance appraisal.

• With the results of the study the company can improve their standards of their
appraisal system.

LIMITATIONS OF THE STUDY

• Time and resource were the major constraints during the execution of the project.
Therefore only a limited number of employees were included in the project.

• Some of the respondents were too busy with tier work and not even ready to spare
time to fill up the questionnaire.

• There were many respondents who hesitated to answer the questionnaire.

• The human behaviour is dynamic and hence the results may not hold good for a
long time.

• The results of the survey are totally dependent on the accuracy and authenticity of
the information provided by the respondents.

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METHODOLOGY

INTRODUCTION

Research is a scientific and systematic search for pertinent information on a specific

topic. Research is an art of scientific investigation. According to Clifford Woody,
“Research comprises defining and redefining problems, formulating hypothesis or
suggested solutions, collecting, organizing and evaluating data, making deductions
and reaching conclusions and at last carefully testing the conclusions to determine
whether they fit the formulating hypothesis”.

RESEARCH DESIGN

Research design aids the researcher in the allocation of limited resources by posing
crucial choices in methodology.

Research design is the plan and structure of investigation so conceived as to obtain

answers to research questions. The plan is the over all scheme or program of the
research. It includes an outline of what the investigator will do from writing
hypothesis and their operational implications to the final analysis of data.

DESCRIPTIVE RESEARCH DESIGN

The design for this study is descriptive research design. This design was chosen as
it describes accurately the characteristics of a particular system as well as the views
held by individuals about the system. The views and opinions of employees about
the system help to study the suitability of the system as well as the constraints that
might restrict its effectiveness.

SAMPLING TECHNIQUES

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42

The sampling technique adopted for the purpose of the study is convenience
sampling. As the name implies a convenience sample means selecting particular
units of the universe to constitute a sample.

SAMPLE SIZE

The sample size of the study is 50. This sample is considered as representative.

DATA COLLECTION

PRIMARY SOURCE:

The primary source of data is through Questionnaire.

SECONDARY SOURCE:

The secondary source of information is based on the various details retrieved from
Journals, Websites and Magazines.

The data for this study has been collected through primary sources. Primary data for
this study was collected with the help of Questionnaires.

TOOLS OF THE STUDY

Tool used for data collection:

The tool used for collecting the data is through the questionnaire.

The main reason for selecting the questionnaire method for the study is:

· Respondents have adequate time to give well thought out answers.

· The time of the study was also a limiting factor.

· Five pointer scales were used through the Questionnaire.

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Statistical tools used

Statistical tools like Tabulation, Graphic Representations and percentage analysis

are used in the compilation and computation of data.

PERCENTAGE ANALYSIS:

Percentage refers to a special kind of ratio. Percentage is used in making

comparison about two or more series of data. Percentage as also used to describe
relationship. It is also used to compare the relative terms of two or more series of
data.

Formula: Number of respondents × 100

Total no. of respondent

AREA OF THE STUDY

To study the Impact of Performance Appraisal System at Lupin Limited, Jammu.

ANALYSIS & INTERPRETATION

ANALYSIS OF THE DATA

TABLE 1

Showing Sex of the respondents

Gende No. of Percenta

r Respondents ge
MALE 40 80
FEMAL
E 10 20

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Inference From the above table it is inferred that out of 50 respondents 80% of
them are males and 20% of the respondents are females.

TABLE 2

Showing age group of the respondents

Age No. of Percenta

group Respondent ge
19-23 9 18
24-28 20 40
29-34 18 36
34-38 1 2
Above
38 2 4
Total 50 100

Inference The above table shows that 40% of the employees are between the age
group 24-28, 36% of the respondents fall under the age group of 29-34, 18% of the
respondents are 19-23 and only 2% fall under 34-38 and 4% are above 38.

TABLE 3

Showing frequency of conflicts after appraisal

Frequency of No. of Percenta

conflicts respondents ge
Frequently 2 4
Often 15 30
Sometimes 23 46
Never 10 20
50 100

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Inference The above table shows that 46% of the respondents feel that conflicts
arise sometimes after the appraisal is made, 30% feel that often conflicts arise, 20%
feel there are no conflicts ever and only 4% feel that there are frequent conflicts after
the appraisal.

TABLE 4

Showing the preference of the appraisal

Preference of No. of Percenta

appraisal respondent ge
Colleagues 14 28
Subordinates 7 14
Superiors 10 20
All the above 19 38
50 100

Inference The above table shows that 38% of the respondents prefer appraisal to
be done by all the above, 28% prefer colleagues appraisal, 20% prefer superior
appraisal and only 14% prefer appraisal to be done by subordinates.

TABLE 5

Showing the basis of the performance appraisal

No. of Percenta
Basis of appraisal respondent ge
Quality 3 6
Target 8 16
Both 39 78
50 100

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Inference The above table shows that 78% of the respondents prefer quality and
targets both as the basis of performance appraisal, 16% prefer targets as the basis
and only 6% prefer only quality as the basis for performance appraisal.

TABLE 6

Showing the frequency of the appraisal system

Frequency of No. of Percenta

appraisal respondents ge
Monthly 8 16
Half Yearly 26 52
Annual 16 32
50 100

Inference The above table shows that 52% of the respondents prefer half yearly
appraisal, 32% of the respondents prefer annual appraisal and only 16% prefer
monthly appraisal.

TABLE 7

Showing performance appraisal based on

Performance appraisal No. of Percenta

based on respondents ge
Personality Traits 0 0
Behavior 3 6
Results 4 8
All the above 43 86
50 100

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Inference The above table shows most of the respondent’s i.e 86% prefer
personality traits, behavior and results to be considered for performance appraisal,
8% of the respondents prefer results as basis for appraisal and only 6% of the
respondents prefer behavior.

TABLE 8

Showing appraisal changes behavior/attitude

Appraisal changes your No. of Percenta

attitude/behavior respondents ge
Yes 41 82
No 9 18
50 100

Inference The above table shows that majority of the respondents 82% agree that
performance appraisal does change the attitude/behavior and 18% of the
respondents feel that it does not have an impact on attitude/behavior.

TABLE 9

Showing appraisal discussion with the appraise

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48

Appraisal discussion with the No. of Percenta

appraise respondents ge
SD 6 12
D 1 2
CS 3 6
A 28 56
SA 12 24
50 100

Inference The above table as well as line graph shows that 56% of the respondents
agree that the appraiser had appraisal discussion with them, 24% of the
respondents strongly agree, 12% strongly disagree that the appraiser had
discussion with them, 6% cant say and only 2% disagree with the discussion.

TABLE 10

Showing feedback response

Feedback given at the time of No. of Percenta

appraisal respondents ge
SD 1 2
D 4 8
CS 5 10
A 33 66
SA 7 14
50 100

Inference The table shows that 66% respondents agree that they were allowed to give feedback
during the appraisal process, 14% strongly agree and a minority of respondents 8% and 2% disagree
and strongly disagree that they were allowed to give feedback.

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49

TABLE 11

Showing appraisal evaluates strengths and weaknesses

Appraisal evaluates strengths & No. of Percenta

weaknesses respondents ge
SD 1 2
D 6 12
CS 14 28
A 24 48
SA 5 10
50 100

Inference The above table shows 48% of the respondents agree with evaluating
their strengths and weaknesses, 28% can’t say, 12% disagree that their strengths
and weaknesses are evaluated, 10% of the respondents strongly agree and only 2%
strongly disagree with the evaluation of strengths and weaknesses.

TABLE 12

Showing evaluation of skill gaps

No. of Percenta
Appraisal identifies skill gaps respondents ge
SD 1 2
D 11 22
CS 14 28
A 24 48
SA 0 0
50 100

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Inference The above table shows 48% of the respondents agree with the
identification of the skill gaps, 28% can’t say, 22% of the respondents disagree with
the identification of the skill gaps and 2% strongly disagree. None of the
respondents strongly agree that the appraisal identifies the skill gaps within them.

TABLE 13

Showing organization providing effective training

Organization providing effective No. of Percenta

training respondents ge
SD 2 4
D 7 14
CS 8 16
A 29 58
SA 4 8
50 100

Inference The above table shows that 58% of the respondents agree that the
organization provides effective training for the identified gap for enhancement after
appraisal, 16% said they can’t say, 14% of the respondents disagreed, few 8%
strongly agreed and only 4% disagreed that the organization provides effective
training.

TABLE 14

Showing appraisal helps in development

No. of Percenta
Appraisal helps in development respondents ge
SD 0 0
D 1 2
CS 9 18

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51

A 30 60
SA 10 20
50 100

Inference The above table shows 60% of the respondents agree and 20% strongly
agree with appraisal helps in development, 18% of the respondents cant say, 2%
disagree and none strongly disagrees that performance appraisal helps in
development.

FINDINGS

➢ 80% of the respondents were male.

➢ Majority of the respondents (40%) are between the age of 24-28 and the low
level (2%) was between the age of 34-38.
➢ 38% of the respondents prefer supervisors, colleagues and subordinates for
their appraisal and the low level 14% prefer subordinates for their appraisal.
➢ 78% of the respondents prefer both the quality and target for their basis of
performance appraisal and low level 6% prefer quality for their basis of
performance appraisal.
➢ 52% of the respondents prefer the frequency of appraisal as half yearly and
the low level 16% prefer monthly.
➢ 86% of the respondents prefer that performance appraisal should be based
on all (personality traits, behaviour and results) and the low level 6% prefer
behavior traits.
➢ 83% of the respondents feel that the performance appraisal changes their
attitude or behavior.
➢ 56% of the respondents are agree with discussion at the time of appraisal
and the low level 2% were disagree.

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➢ 66% of the respondents are agree with feedback given at the time of
appraisal and the low level 2% were strongly disagree.
➢ 48% of the respondents are agree with evaluation of the strength and
weaknesses at the time of appraisal and the low level 2% were strongly
disagree.
➢ 48% of the respondents are agree with identification of skill gaps and the low
level 2% were strongly disagree with this.
➢ 58% of the respondents agree on effective training after appraisal review and
the low level 4% were strongly disagree.
➢ 60% of the respondents are agree with the development of the individuals
and the low level 2% were disagree.
➢ 54% of the respondents are agree with the promotional aspects through
➢ appraisal and the low level 6% were disagree.

SUGGESTIONS

Suggestions by employees

➢ Job rotation should be there.

➢ Training should be provided for the allocated jobs and to enhance the
performance.
➢ Half yearly review of the targets should be done to find out the gaps in skills.
➢ 360˚ appraisal system should be adopted.
➢ Training on SAP should be given properly.
➢ Transparency in the appraisal system should be maintained and feed back
given by the employees should be paid due attention and convincing replies
should be given when required.
➢ Market correction should be considered while appraisal system.

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Suggestions by the researcher

➢ The company should conduct effective training after the performance

appraisal for their employees to improve their performance
➢ The appraiser should keep on contact with the employees and motivate them
for their growth and also to achieve the organizational goals.
➢ Once an employee is evaluated, he/she has to be informed about their
strength and weaknesses. An employee should aware of the above, he/she
will improve their strengths and weaknesses and also it helps to increase the
productivity of the organisation.

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54

QUESTIONNAIRE

I Vidushi Kanwar student of Centre for Management Training & Research, Kharar. As a part of my MBA curriculum I am
conducting a research on the impact of performance appraisal on employees and you are one of the selected respondents to
participate in this survey. Your cooperation would be highly appreciated. All information given by you will be kept
confidential and will only be used for research purpose.

1. Are there any job targets established before the performance appraisal?
Frequently……… Often……… Sometimes……… Never……….

2. Does there any conflicts arise after the performance appraisal is made?
Frequently……… Often……… Sometimes……… Never……….

3. Whose appraisal do you prefer?

a) Colleagues
b) Subordinates
c) Superiors
d) All the above

4. Performance appraisal should be made on your

a) Quality
b) Target
c) Both

5. The frequency of the appraisal should be

a) Monthly
b) Half Yearly
c) Annual

6. Appraiser appraises your performance based on

a) Personality traits
b) Behavior
c) Results
d) All the above

1. In your view, performance appraisal should be based on which of the following

a) Personality traits
b) Behavior

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55

c) Results
d) All the above

1. Does the performance appraisal review change your attitude/behavior?

a) Yes
b) No
1. Please read each item carefully and consider how much you agree/disagree with each statement. There is no right
or wrong answers to any of these statements, so please give your honest reactions and opinions. Kindly indicate
your response by ticking the appropriate response using the following scale.

SD- STRONGLY DISAGREE D- DISAGREE CS- CANT SAY A- AGREE SA-

STRONGLY AGREE

S.NO STATEMENTS SD D CS A SA

1. During appraisal, the appraiser had appraisal

discussion with you.

2. During appraisal process, you are allowed to give

feedback.

3. Do you think the appraisal evaluated your

strengths and weaknesses.

4. The appraiser identifies the skill gaps within you.

5. The organization provides effective training

program for the identified gap for enhancement
after appraisal period.

6. Performance appraisal helps in your development.

2. What changes do you expect in present appraisal system?

a)
b)
c)

1. Do you have any ideas to recommend for your development.

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56

a) Yes
b) No
If yes, please
specify……………………………………………………………………………………………………………
…………………………..

DEMOGRAPHICS

Gender: a) Male b) Female

Age Group: a) 19-23 b) 24-28 c) 29-34 d) 34-38 e) Above 38

Designation:

BIBLIOGRAPHY
1. www.ibef.org
2. www.in.kpmg.com
3. www.lupinworld.com
4. Lupin manual on performance management system
5. www.wikipedia.org

By- Vidushi Kanwar