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We have exposure to india tramadol many different industries and counterparties, including our counterparties under our various dossier sale and supply and distribution agreements, suppliers of raw materials, drug wholesalers and other customers, who may be unstable or may become unstable in the current economic environment. Significant changes and volatility in the consumer environment and in the competitive landscape may make it increasingly difficult for us to predict our future revenues and earnings.

56.A slow down in the economic growth in India could cause our business to suffer. Our domestic pharmaceutical sales contributed 53.6% of our sales for fiscal 2012 and 48.3% of our sales for the nine month period ended December 31, 2012 and consequently, our performance and growth is largely dependent on the state of the Indian economy. In recent years, India has been one of the fastest growing major economies in the world, recording a GDP growth rate at factor cost of 9.0% or higher in each of fiscal 2006, 2007 india tramadol and 2008. Macroeconomic conditions resulted in GDP growth rates at factor cost declining to 6.7% in fiscal 2009, 7.4% in fiscal 2010, 8.4% in fiscal 2011 and 6.9% in india tramadol fiscal 2012. The provisional estimates of national income provided by the Central Statistics Office's (Ministry of Statistics and Program Implementation) suggest that the growth in real GDP (at factor cost) in fiscal 2013 was 5.0%.

Any slow down in the Indian economy, and in particular in the demand for pharmaceuticals and the demand for business of our customers could adversely affect our business. 57.If communal disturbances or riots erupt in India, or if regional hostilities increase, this may adversely affect the Indian economy, the health of which we are dependent on. India has experienced communal disturbances and riots during recent years. If such events recur, india tramadol our operational and marketing activities and those of our subsidiaries may be adversely affected, resulting in a decline in our income. If any of our facilities are directly affected by any such riot or hostilities, our operations may be disrupted which will adversely affect our business and results of operations.

The Asian region has, from time to time, experienced instances of civil unrest and hostilities among neighboring countries.

Hostilities and tensions may occur in the future and on a wider scale. Military activity in India as well as other acts of violence or war, could influence the Indian economy by creating a greater perception that investments in India involve higher degrees of risk. Events of this nature in the future, as well as social and civil unrest within other countries in Asia, could influence the Indian economy and could have a material adverse effect on the market for securities of Indian companies, including the Equity Shares. 58.If the world economy is affected due to terrorism or epidemics, it may adversely affect our business and results of operations. Several areas of the world, including India, have experienced terrorist acts and retaliatory operations recently.

For example, Mumbai, India's commercial capital, was the target of a series of bombings in July 2011, July 2006 as well as attacks on November 26, 2008.

Hyderabad was also subjected to terrorist acts in May and August 2007.



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