Intas - Annual Report 2015 - Final - · PDF fileAuditors : M/s Apaji Amin & Co., LLP 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380 009

INTAS PHARMACEUTICALS LIMITED

Board of Directors : Mr. Hasmukh Chudgar - Chairman

Mr. Binish Chudgar - Vice Chairman & Managing Director

Mr. Nimish Chudgar - Managing Director & CEO

Dr. Urmish Chudgar - Managing Director

Mrs. Kusum Chudgar - Non Executive Director

Mr. Sanjiv Kaul - Nominee Director of CARAVAGGIO

Mr. R. Venkatesh - Nominee Director of

Dunearn Investments (Mauritius) Pte. Ltd.

Mr. Nitin Potdar - Independent Non Executive Director

Mr. Surender K Tuteja - Independent Non Executive Director

Mr. John Goddard - Independent Non Executive Director

Mr. Tilokchand Ostwal - Independent Non Executive Director

Mr. Hemant Sheth - Independent Non Executive Director

Chief Finance Officer : Mr. Jayesh Shah

Company Secretary : Mr. Manoj Nair

Registered Office : 2nd Floor, Chinubhai Centre,

Off. Nehru Bridge, Ashram Road,

Ahmedabad - 380 009.

Telephone : 079 - 26576655

Fax : 079 - 26578862

Auditors : M/s Apaji Amin & Co., LLP

304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380 009.

Bankers : State Bank of India Skotia Bank IDBI Bank Standard Chartered Bank

HSBC Ltd. ICICI Bank Indusind Bank Ltd. Axis Bank Ltd.

CITI Bank N.A. HDFC Bank Ltd. Kotak Mahindra Bank Deutsche Bank

Yes Bank

Website : http://www.intaspharma.com

Manufacturing Facilities :

1. Plot No. 457 & 458,Village Matoda,Tal. Sanand,Dist.: Ahmedabad 382 210.Telephone: 02717 – 661111Fax: 02717 – 661106

6. Survey No. 44-B Village Naldhari,Siludi – Valia Road,Valia – 393 135, Dist.: BharuchTelephone: 079 - 25830207Fax: 02643 – 270015

4. 7/3, GIDC Estate, Vatva,Dist.: Ahmedabad 382 445Telephone: 079 – 25831279Fax; 079 - 25830207

3. Plot No. 423/P/A/,Sarkhej - Bavla Highway,

Village Moraiya, Taluka: Sanand,Dist: AhmedabadTelephone: 02717-660100Fax: 02717-660105

2. Plot No. 5/6/7, Pharmez,Nr. Village Matoda, Sarkhej-BavlaNational Highway No. 8-A,Taluka: Sanand, Dist: AhmedabadTelephone: 02717 - 619789Fax: 02717 - 619700

5. Plot no. 85/87, Kailash Industrial Estate,

Post Iyawa, Tal. : Sanand,Dist.: Ahmedabad 382 110Telephone: 02717 - 284188

7. Plot No. 496/1/A & B,Sarkhej – Bavla Highway,Village: Matoda, Taluka: Sanand,Ahmedabad - 382 210Telephone: 02717-662103Fax: 02717-662126

INTAS PHARMACEUTICALS LIMITED

Board of Directors : Mr. Hasmukh Chudgar - Chairman

Mr. Binish Chudgar - Vice Chairman & Managing Director

Mr. Nimish Chudgar - Managing Director & CEO

Dr. Urmish Chudgar - Managing Director

Mrs. Kusum Chudgar - Non Executive Director

Mr. Sanjiv Kaul - Nominee Director of CARAVAGGIO

Mr. R. Venkatesh - Nominee Director of

Dunearn Investments (Mauritius) Pte. Ltd.

Mr. Nitin Potdar - Independent Non Executive Director

Mr. Surender K Tuteja - Independent Non Executive Director

Mr. John Goddard - Independent Non Executive Director

Mr. Tilokchand Ostwal - Independent Non Executive Director

Mr. Hemant Sheth - Independent Non Executive Director

Chief Finance Officer : Mr. Jayesh Shah

Company Secretary : Mr. Manoj Nair

Registered Office : 2nd Floor, Chinubhai Centre,

Off. Nehru Bridge, Ashram Road,

Ahmedabad - 380 009.

Telephone : 079 - 26576655

Fax : 079 - 26578862

Auditors : M/s Apaji Amin & Co., LLP

304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380 009.

Bankers : State Bank of India Skotia Bank IDBI Bank Standard Chartered Bank

HSBC Ltd. ICICI Bank Indusind Bank Ltd. Axis Bank Ltd.

CITI Bank N.A. HDFC Bank Ltd. Kotak Mahindra Bank Deutsche Bank

Yes Bank

Website : http://www.intaspharma.com

Manufacturing Facilities :

1. Plot No. 457 & 458,Village Matoda,Tal. Sanand,Dist.: Ahmedabad 382 210.Telephone: 02717 – 661111Fax: 02717 – 661106

6. Survey No. 44-B Village Naldhari,Siludi – Valia Road,Valia – 393 135, Dist.: BharuchTelephone: 079 - 25830207Fax: 02643 – 270015

4. 7/3, GIDC Estate, Vatva,Dist.: Ahmedabad 382 445Telephone: 079 – 25831279Fax; 079 - 25830207

3. Plot No. 423/P/A/,Sarkhej - Bavla Highway,

Village Moraiya, Taluka: Sanand,Dist: AhmedabadTelephone: 02717-660100Fax: 02717-660105

2. Plot No. 5/6/7, Pharmez,Nr. Village Matoda, Sarkhej-BavlaNational Highway No. 8-A,Taluka: Sanand, Dist: AhmedabadTelephone: 02717 - 619789Fax: 02717 - 619700

5. Plot no. 85/87, Kailash Industrial Estate,

Post Iyawa, Tal. : Sanand,Dist.: Ahmedabad 382 110Telephone: 02717 - 284188

7. Plot No. 496/1/A & B,Sarkhej – Bavla Highway,Village: Matoda, Taluka: Sanand,Ahmedabad - 382 210Telephone: 02717-662103Fax: 02717-662126

CONSOLIDATED FINANCIAL STATEMENTSConsolidated Financial Statements for the year ended March 31, 2015, forms part of the Annual Report.

TRANSFER TO RESERVES IN TERMS OF SECTION 134(3)(J) OF THE COMPANIES ACT, 2013stFor the financial year ended 31 March, 2015, the Company proposes to transfer an amount of Rs. 6500.00 lacs /-

to General Reserves.

DIVIDENDBased on the Company’s performance, the Directors are pleased to recommend a 30% final dividend i.e.

Rs. 3 per equity share on the subscribed and paid up share capital of the company of Rs. 1,14,43,62,760/-

comprising of 11,44,36,276 equity shares of Rs. 10/- each aggregating to Rs. 34,33,08,828/- for the current

financial year.

The dividend if approved and declared in the forth coming Annual General Meeting will result in a Dividend

outflow of Rs. 34,33,08,828/- and Dividend Distribution Tax of Rs 6,98,89,599/-aggregating a total outflow of

Rs. 41,31,98,427/-.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUNDThe Company has not transferred any amounts in unpaid dividend account, application money due for refund,

matured deposits, matured debentures, and the interest accrued thereon which have remained unclaimed or

unpaid for a period of 7 (seven) years to Investor Education and Protection Fund as there was no such amount

required to be transferred.

DIRECTORS’ REPORTYour Directors have pleasure in presenting their Annual Report of the Company, together with the Audited

Financial Statement, for the financial year ended 31st March, 2015.

1. FINANCIAL HIGHLIGHTSThe financial performance of the Company, for the year ended March 31, 2015 is summarized below:

(Amt in Lacs)

Consolidated Standalone

2014-15 2013-14 2014-15 2013-14

Sales and Other Income 5,21,654.20 4,26,181.45 4,61,596.80 4,15,477.14

Profit before Interest, Depreciation and Tax 99,915.81 79,224.20 91,202.38 85,540.27

Interest & Finance Cost 2,603.76 4,000.71 2,048.42 3,400.19

Depreciation 15,748.01 11,267.35 12,969.20 9,730.75

Profit before Tax 81,564.04 72,019.57 76,184.76 72,409.34

Provision for Tax 19,551.29 18,444.82 13,280.98 11,684.11

Net Profit 61,352.23 52,639.22 62,903.78 60,725.23

Add: Balance as per last Balance Sheet 99,808.87 62,016.80 1,54,854.58 1,08,976.47

Arise on scheme of merger - - -

Balance available for appropriations 1,61,161.10 1,14,656.02 2,17,758.36 1,69,701.69

Appropriations:

Proposed Equity Dividend 3,433.09 2,860.92 3,433.09 2,860.91

Corporate Dividend Tax 698.90 486.22 698.90 486.21

General Reserve 6,500.00 7,000.00 6,500.00 7,000.00

Adjustment for Depreciation to General Reserve 636.33 - 636.33 -

Transfer to Debenture Redemption Reserve - 4,500.00 - 4,500.00

Balance carried forward 1,49,892.79 99,808.87 2,06,490.04 1,54,854.58

1

Annual Report 2014-2015

CONSOLIDATED FINANCIAL STATEMENTSConsolidated Financial Statements for the year ended March 31, 2015, forms part of the Annual Report.

TRANSFER TO RESERVES IN TERMS OF SECTION 134(3)(J) OF THE COMPANIES ACT, 2013stFor the financial year ended 31 March, 2015, the Company proposes to transfer an amount of Rs. 6500.00 lacs /-

to General Reserves.

DIVIDENDBased on the Company’s performance, the Directors are pleased to recommend a 30% final dividend i.e.

Rs. 3 per equity share on the subscribed and paid up share capital of the company of Rs. 1,14,43,62,760/-

comprising of 11,44,36,276 equity shares of Rs. 10/- each aggregating to Rs. 34,33,08,828/- for the current

financial year.

The dividend if approved and declared in the forth coming Annual General Meeting will result in a Dividend

outflow of Rs. 34,33,08,828/- and Dividend Distribution Tax of Rs 6,98,89,599/-aggregating a total outflow of

Rs. 41,31,98,427/-.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUNDThe Company has not transferred any amounts in unpaid dividend account, application money due for refund,

matured deposits, matured debentures, and the interest accrued thereon which have remained unclaimed or

unpaid for a period of 7 (seven) years to Investor Education and Protection Fund as there was no such amount

required to be transferred.

DIRECTORS’ REPORTYour Directors have pleasure in presenting their Annual Report of the Company, together with the Audited

Financial Statement, for the financial year ended 31st March, 2015.

1. FINANCIAL HIGHLIGHTSThe financial performance of the Company, for the year ended March 31, 2015 is summarized below:

(Amt in Lacs)

Consolidated Standalone

2014-15 2013-14 2014-15 2013-14

Sales and Other Income 5,21,654.20 4,26,181.45 4,61,596.80 4,15,477.14

Profit before Interest, Depreciation and Tax 99,915.81 79,224.20 91,202.38 85,540.27

Interest & Finance Cost 2,603.76 4,000.71 2,048.42 3,400.19

Depreciation 15,748.01 11,267.35 12,969.20 9,730.75

Profit before Tax 81,564.04 72,019.57 76,184.76 72,409.34

Provision for Tax 19,551.29 18,444.82 13,280.98 11,684.11

Net Profit 61,352.23 52,639.22 62,903.78 60,725.23

Add: Balance as per last Balance Sheet 99,808.87 62,016.80 1,54,854.58 1,08,976.47

Arise on scheme of merger - - -

Balance available for appropriations 1,61,161.10 1,14,656.02 2,17,758.36 1,69,701.69

Appropriations:

Proposed Equity Dividend 3,433.09 2,860.92 3,433.09 2,860.91

Corporate Dividend Tax 698.90 486.22 698.90 486.21

General Reserve 6,500.00 7,000.00 6,500.00 7,000.00

Adjustment for Depreciation to General Reserve 636.33 - 636.33 -

Transfer to Debenture Redemption Reserve - 4,500.00 - 4,500.00

Balance carried forward 1,49,892.79 99,808.87 2,06,490.04 1,54,854.58

1



REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

Consolidated financials

During the year under review, your Company's consolidated total revenue stood at Rs. 521654.20 Lacs as

compared to Rs. 426181.45 Lacs for the previous year, representing an increase of 22%; Profit Before Tax (PBT)

stood at Rs. 81564.04 Lacs for the year under review as compared to Rs. 72019.57 Lacs for the previous year,

representing an increase of 13%; Net Profit stood at Rs. 61352.23 Lacs as compared to Rs. 52639.22 Lacs for the

previous year, representing an increase of 17%.

Standalone financials

During the year under review, your Company's standalone total revenue stood at Rs. 461596.80 Lacs as

compared to Rs. 415477.16 Lacs for the previous year, representing an increase of 11%. Profit Before Tax (PBT)




PERFORMANCE OF BUSINESSES AND CATEGORIES:

DOMESTIC BUSINESSThe Indian Pharmaceutical Industry is estimated to grow at 20% at a Compound Annual Growth Rate (CAGR)

over the next five years, as per India Ratings, a Fitch Group company. The Indian pharmaceuticals market is the

3rd largest in terms of volume and 13th largest in terms of value, as per pharmaceuticals sector analysis report by

equity master.

The Indian Pharma market is dominated majorly by branded generics which constitute nearly 70 to 80% of the

market. Considered to be a highly fragmented industry, your company occupies an enviable position in the thIndian Pharma space occupying 11 position, with a market share of 2.7%. (Source: IMS March 2015) and has

presence in various major therapy areas with a strong focus on growth oriented therapy areas relating to

neurology, psychiatry, cardiology, diabetology, urology, nephrology and pain management. The company is

expanding its presence in various other therapy areas such as gynaecology, infertility, osteoporosis and

respiratory. Your company enjoys a dominant position in chronic therapy segments with the chronic therapy contributing around 58.4%of our domestic sales.

In this fragmented domestic pharmaceutical market, your company has achieved a turnover of Rs. 231569.66

lacs as compared to Rs. 197815.58 lacs representing 17% growth.

Your Company believes that the growth of our business depends on launching new products in the domestic

market and making them successful. Your company has maintained a consistent record of new product launches

for the last several years through multi-divisional model. During the year, your company has initiated several new

launches. The top 10 new launches for the company were REJUNEX CD 3, PREGABID NT, REXIPRA FX,

DOCEAQUALIP, CILNY, ELFOLIN, FERPILL –F, BLONITAS, CLAVIP, SILOTIME.

The fast growing brands of the company are MORR-F, ACUTROL- C, NEUKINE, VIVEM, ITASPOR, LUKOTAS

3D, GABAPIN MT, HALD, VYFAT, EPOFIT, TEBINA, NIFTAS, ZAPTRA, RUBIUM-DSR, NEOPRIDE TOTAL.

Your company has 182 products in the top 3 ranks with contribution of 48%. Source IMS MAT (March 15)

BIOSIMILARS

One reason for the remarkable performance of your company is due to its steady investment on biosimilar drugs.

These are the biotech equivalent of the generic (off patent) pharmaceuticals business where India is among the

global leaders. Your company has invested about $120 million into the biosimilars sector over the past 7-8 years,

and it is expected that the market may grow exponentially in the next 3-5 years.

Globally, over $90 billion worth of biotech drugs are going to lose their patent protection over the next 5-6 years

and it is estimated that the global biosimilars market will be upwards of $20 billion by 2020.

2

At the moment, your company is having ten products already rolling in the market. Your company is also the first

Indian company to market a biosimilar in Europe and the only player from India to have filed two biosimilar

applications or registration in the US. Your company has a rich pipeline of around 13 products under

development that will ensure that at least two to three new launches are made annually, for the foreseeable future.

Your company launched INTACEPT (biological name: etanercept) – intended for the treatment of different forms

of arthritis and some allergic diseases. Recently your company also launched RAZUMAB, its biosimilar to

Lucentis (ranibizumab). Your company is the first company globally, to develop and launch a biosimilar version

of Ranibizumab. RAZUMAB is manufactured under strict guidelines for sterile use in the eye and is offered as

single dose vial, thus reducing the risk of contamination during use.

Your company is the first Indian company to market a biosimilar in Europe and the only player from India to have

filed two biosimilar applications for registration in the US. We have a very rich pipeline that will ensure that at

least two to three new launches are made annually, for the foreseeable future.

INTERNATIONAL BUSINESS

U.S. and Europe both are our current growth drivers and contributed approximately 77% of the total export

business for financial year 2014-15 and your company constantly scouts for opportunities to expand on the

existing operations or acquire new products, or manufacturing capabilities in these geographies. Apart from U.S

and Europe, your company has significant presence in various countries like Canada, Brazil, Mexico, LATAM

Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The International businesses

continue to exhibit strong growth and we intend to leverage on the same in future.

On a consolidated basis the international pharmaceutical sales contributed to Rs. 2,76,242.76 lacs as compared

to Rs. 214189.14 lacs which represents 29% growth over the previous year.

UNITED STATES OF AMERICA

In US, your company's products are sold through leading wholesalers, mail order pharmacies and retail

pharmaceutical chains. We focus on medicines for hospitals and clinics with an emphasis on therapy areas such

as oncology, immuno-suppressants and other critical care therapy areas and on retail and mail order pharmacies.

Your company has 4 products launched in US during FY 14-15 and 34 paragraph IV filings which includes two

505(b)(2) filed. The pipeline of our products consists of 86 products under development and we intend to make

35 additional Para IV filings and 3 applications under 505(b)(2).

rdYour company has established a strong presence in the injectable market in the United States and is the 3 largest

Indian generic injectable player in the US market.

During the year under review, your company has achieved sales of Rs. 82941.50 lacs as compared to Rs.

60189.98 lacs in the previous year which represent 38 % growth over the previous year.

The current key driver molecules of US Business are Docetaxel, Tacrolimus, Mitomycin, Quetiapine,

Simvastatin, Gemcitabine, Mycophenolate Mofetil & Finasteride. The Company has a large basket of future key

driver molecules which shall significantly contribute to the sales of the Company.

EUROPE

Your Company has a direct presence in the western European markets of UK, Netherland, Spain, France, Italy,

Belgium and Germany. Your company has the distinction of being the only Indian company to have pan

European presence.

The total sales from the European market were Rs. 131420 lacs as compared to Rs. 107320 lacs in the previous

year representing a growth of 22%.

Your company is probably the only Indian company to have a pan-European footprint. Your company's operation

in Europe is a blend of tender-based sales (to the national or state governments in various countries) and retail

sales through the usual methods of generating prescriptions. In the main hospital channel, sales are from tenders.

These are normally arranged regionally or nationally and overseen by hospital pharmacy. In the retail segment,

3


REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

Consolidated financials

During the year under review, your Company's consolidated total revenue stood at Rs. 521654.20 Lacs as

compared to Rs. 426181.45 Lacs for the previous year, representing an increase of 22%; Profit Before Tax (PBT)




Standalone financials

During the year under review, your Company's standalone total revenue stood at Rs. 461596.80 Lacs as

compared to Rs. 415477.16 Lacs for the previous year, representing an increase of 11%. Profit Before Tax (PBT)




PERFORMANCE OF BUSINESSES AND CATEGORIES:

DOMESTIC BUSINESSThe Indian Pharmaceutical Industry is estimated to grow at 20% at a Compound Annual Growth Rate (CAGR)

over the next five years, as per India Ratings, a Fitch Group company. The Indian pharmaceuticals market is the

3rd largest in terms of volume and 13th largest in terms of value, as per pharmaceuticals sector analysis report by

equity master.

The Indian Pharma market is dominated majorly by branded generics which constitute nearly 70 to 80% of the

market. Considered to be a highly fragmented industry, your company occupies an enviable position in the thIndian Pharma space occupying 11 position, with a market share of 2.7%. (Source: IMS March 2015) and has

presence in various major therapy areas with a strong focus on growth oriented therapy areas relating to

neurology, psychiatry, cardiology, diabetology, urology, nephrology and pain management. The company is

expanding its presence in various other therapy areas such as gynaecology, infertility, osteoporosis and

respiratory. Your company enjoys a dominant position in chronic therapy segments with the chronic therapy contributing around 58.4%of our domestic sales.

In this fragmented domestic pharmaceutical market, your company has achieved a turnover of Rs. 231569.66

lacs as compared to Rs. 197815.58 lacs representing 17% growth.

Your Company believes that the growth of our business depends on launching new products in the domestic

market and making them successful. Your company has maintained a consistent record of new product launches

for the last several years through multi-divisional model. During the year, your company has initiated several new

launches. The top 10 new launches for the company were REJUNEX CD 3, PREGABID NT, REXIPRA FX,

DOCEAQUALIP, CILNY, ELFOLIN, FERPILL –F, BLONITAS, CLAVIP, SILOTIME.

The fast growing brands of the company are MORR-F, ACUTROL- C, NEUKINE, VIVEM, ITASPOR, LUKOTAS

3D, GABAPIN MT, HALD, VYFAT, EPOFIT, TEBINA, NIFTAS, ZAPTRA, RUBIUM-DSR, NEOPRIDE TOTAL.

Your company has 182 products in the top 3 ranks with contribution of 48%. Source IMS MAT (March 15)

BIOSIMILARS

One reason for the remarkable performance of your company is due to its steady investment on biosimilar drugs.

These are the biotech equivalent of the generic (off patent) pharmaceuticals business where India is among the

global leaders. Your company has invested about $120 million into the biosimilars sector over the past 7-8 years,

and it is expected that the market may grow exponentially in the next 3-5 years.

Globally, over $90 billion worth of biotech drugs are going to lose their patent protection over the next 5-6 years

and it is estimated that the global biosimilars market will be upwards of $20 billion by 2020.

2

At the moment, your company is having ten products already rolling in the market. Your company is also the first

Indian company to market a biosimilar in Europe and the only player from India to have filed two biosimilar

applications or registration in the US. Your company has a rich pipeline of around 13 products under

development that will ensure that at least two to three new launches are made annually, for the foreseeable future.

Your company launched INTACEPT (biological name: etanercept) – intended for the treatment of different forms

of arthritis and some allergic diseases. Recently your company also launched RAZUMAB, its biosimilar to

Lucentis (ranibizumab). Your company is the first company globally, to develop and launch a biosimilar version

of Ranibizumab. RAZUMAB is manufactured under strict guidelines for sterile use in the eye and is offered as

single dose vial, thus reducing the risk of contamination during use.

Your company is the first Indian company to market a biosimilar in Europe and the only player from India to have

filed two biosimilar applications for registration in the US. We have a very rich pipeline that will ensure that at

least two to three new launches are made annually, for the foreseeable future.

INTERNATIONAL BUSINESS

U.S. and Europe both are our current growth drivers and contributed approximately 77% of the total export

business for financial year 2014-15 and your company constantly scouts for opportunities to expand on the

existing operations or acquire new products, or manufacturing capabilities in these geographies. Apart from U.S

and Europe, your company has significant presence in various countries like Canada, Brazil, Mexico, LATAM

Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The International businesses

continue to exhibit strong growth and we intend to leverage on the same in future.

On a consolidated basis the international pharmaceutical sales contributed to Rs. 2,76,242.76 lacs as compared

to Rs. 214189.14 lacs which represents 29% growth over the previous year.

UNITED STATES OF AMERICA

In US, your company's products are sold through leading wholesalers, mail order pharmacies and retail

pharmaceutical chains. We focus on medicines for hospitals and clinics with an emphasis on therapy areas such

as oncology, immuno-suppressants and other critical care therapy areas and on retail and mail order pharmacies.

Your company has 4 products launched in US during FY 14-15 and 34 paragraph IV filings which includes two

505(b)(2) filed. The pipeline of our products consists of 86 products under development and we intend to make

35 additional Para IV filings and 3 applications under 505(b)(2).

rdYour company has established a strong presence in the injectable market in the United States and is the 3 largest

Indian generic injectable player in the US market.

During the year under review, your company has achieved sales of Rs. 82941.50 lacs as compared to Rs.

60189.98 lacs in the previous year which represent 38 % growth over the previous year.

The current key driver molecules of US Business are Docetaxel, Tacrolimus, Mitomycin, Quetiapine,

Simvastatin, Gemcitabine, Mycophenolate Mofetil & Finasteride. The Company has a large basket of future key

driver molecules which shall significantly contribute to the sales of the Company.

EUROPE

Your Company has a direct presence in the western European markets of UK, Netherland, Spain, France, Italy,

Belgium and Germany. Your company has the distinction of being the only Indian company to have pan

European presence.

The total sales from the European market were Rs. 131420 lacs as compared to Rs. 107320 lacs in the previous

year representing a growth of 22%.

Your company is probably the only Indian company to have a pan-European footprint. Your company's operation

in Europe is a blend of tender-based sales (to the national or state governments in various countries) and retail

sales through the usual methods of generating prescriptions. In the main hospital channel, sales are from tenders.

These are normally arranged regionally or nationally and overseen by hospital pharmacy. In the retail segment,

3


there are a range of models, often through quasi-state tenders that either award firm volumes or act as a listing/

catalogue of approved generics. Your company also has some distribution arrangements that promote their

products directly to the pharmacies.

Additionally, the company is actively scouting inorganic growth opportunities to fuel its growth, particularly in

the regulated markets of the EU and US. Towards this, your company has in the previous year, acquired the

hospital-based business of Combino pharm in both Spain and Portugal. The hospital-based business comprises

mainly the medicines sold through hospitals for the treatment of patients in those hospitals and is mostly funded

by the national government or by the health insurance.

REST OF THE WORLD

Apart from USA and Europe operation, your company has significant presence in various countries like Canada,

Brazil, Mexico, LATAM Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The

focus remains on expanding business in pharmerging market with the help its strong product basket and pipeline.

Each country is supported with local marketing team for catering to the needs of the customers and regulatory

team for registration of products.

RESEARCH AND DEVELOPMENT

Your Company continues to derive sustainable benefit from the strong foundation and long tradition of Research

& Development (R&D), which differentiates it from many others. To be able to sustain their research in

biosimilars as well as in NDDS, your company allocates about Rs. 350 crore towards Research & Development

(R&D), which works out to about 7% of their total sales. This helps the company support nearly 400 research

scientists, of whom 45 are PhDs and over 350 hold a Master's Degree in pharmacy, chemical engineering,

biological sciences and other disciplines. This powerful team has made it possible for your company to file more

than 50 patent applications, of which 24 have been granted in various countries.

These patents are related to their core competency of cancer-related products. There are other patent applications

as well, which cover NDDS technologies for products which are developed in the company's state-of the- art

research centre.

MANUFACTURING FACILITY

Your company operates ten manufacturing facilities, of which eight are located in India one is in UK and one at

Mexico. The manufacturing facilities have the capability to produce various dosage forms including solid orals,

liquids, lyophilized sterile preparations, creams, drops and injectables. The facilities have regulatory approvals

from multiple global agencies with track record of successive US FDA and UK MHRA audits at Ahmedabad SEZ

and Matoda.

During the year under review, your company has successfully completed audit by USFDA, WHO, ANVISA and

by GCC for its plant at Matoda. USFDA and GCC for its plant at SEZ and FDA of Philippines, Health Canada,

MOH Iran, Turkey MOH for its Biosimilar plant.

During the year under review, your company has also acquired land for its new facility at Sikkim which shall be

operational by the next fiscal year.

PLASMA FRACTIONALISATION

During the year under review, the Company completed setting up a fully functional Plasma Fractionation Plant at

Matoda and obtained necessary clearances from regulatory bodies for commercial manufacturing activities. The

fractionation plant, with a batch processing capacity of 2000 L of plasma, was made fully operational to

manufacture albumin and IvIg products based on the technology developed by our in-house R&D process

scientists. Three products, including albumin, IvIg and Factor VIII, have received approval for commercial

manufacturing from this facility. Our first set of three albumin and IvIg batches produced from this facility were

fully tested at National Institute of Biologicals and were released for marketing purposes.

In this period, we also continued organised collection, testing and storage of plasma sourced from a network of

licensed blood banks across the country. Earlier, the plasma products were being produced on contract

4

manufacturing basis from a party abroad. The commissioning of the Plant allowed the Company conserving the

precious foreign exchange which was being spent on contract fractionation of the products.

NEW INVESTOR

During the year under review, Singapore government's investment arm Temasek Holding through its indirect

wholly owned subsidiary, Dunearn Investments (Mauritius) Pte Ltd acquired the 1,16,21,100 equity shares of Rs.

10/- each aggregating to 10.16% of the total paid-up share capital from Mozart an investment arm of ChyrsCapital

by way of secondary purchase of shares. ChrysCapital has been a valuable partner for the company over the years

and your company is delighted to have lived up to the expectation of ChrysCapital.

REDEMPTION OF DEBENTURES

During the year under review, your company has fully redeemed its 1050, 9.25% Non Convertible Debentures of th thRs.10 lacs each, amounting to Rs. 105 crores on 6 November, 2014 which was issued on 6 November 2009.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL

POSITION OF THE COMPANY

There were no material changes and commitments affecting the financial position of the Company occurred

between the end of the financial year to which this financial statements relate and the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and

outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies

(Accounts) Rules, 2014 is furnished in Annexure -1 and is attached to this report.

RISK MANAGEMENT POLICY OF THE COMPANY

The Company has formulated a Risk Management Policy which aims at enhancing shareholders' value and

providing an optimum risk reward tradeoff. The risk management approach is based on a clear understanding of

the variety of risks that the organisation faces, disciplined risk monitoring and measurement and continuous risk

assessment and mitigation measures.

CORPORATE SOCIAL RESPONSIBILITY

Your Company recognizes that its business activities has a wide impact on the societies in which it operates, and

therefore an effective practice is required to give due consideration to the interests of its stakeholders including

shareholders, customers, employees, suppliers, business partners, local communities and other organizations.

Your company endeavors to make CSR a key business process for sustainable development.

In order to persist in this endeavor and in compliance of the requirements of Companies Act 2013, your company

has constituted the Corporate Social Responsibility Committee with Mr. SK Tuteja Independent Director

(Chairman), Mr. Binish Chudgar, Mr. Nimish Chudgar and Dr. Urmish Chudgar being the members of the

Committee. The said Committee had formulated and recommended to the Board, a Corporate Social

Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company.

While the Company is eligible to undertake any suitable/rightful activity as specified in Schedule VII to the Act,

your company has proposed to undertake the relevant activities in the following five thrust Areas:

- Promoting preventive healthcare/Providing Drinking Water

- Promoting Education

- Empowering women & livelihood enhancement projects

- Animal welfare

- Provide fund to Technology incubators

The CSR Policy of the company may be accessed on the Company's website.

5


there are a range of models, often through quasi-state tenders that either award firm volumes or act as a listing/

catalogue of approved generics. Your company also has some distribution arrangements that promote their

products directly to the pharmacies.

Additionally, the company is actively scouting inorganic growth opportunities to fuel its growth, particularly in

the regulated markets of the EU and US. Towards this, your company has in the previous year, acquired the

hospital-based business of Combino pharm in both Spain and Portugal. The hospital-based business comprises

mainly the medicines sold through hospitals for the treatment of patients in those hospitals and is mostly funded

by the national government or by the health insurance.

REST OF THE WORLD

Apart from USA and Europe operation, your company has significant presence in various countries like Canada,

Brazil, Mexico, LATAM Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The

focus remains on expanding business in pharmerging market with the help its strong product basket and pipeline.

Each country is supported with local marketing team for catering to the needs of the customers and regulatory

team for registration of products.

RESEARCH AND DEVELOPMENT

Your Company continues to derive sustainable benefit from the strong foundation and long tradition of Research

& Development (R&D), which differentiates it from many others. To be able to sustain their research in

biosimilars as well as in NDDS, your company allocates about Rs. 350 crore towards Research & Development

(R&D), which works out to about 7% of their total sales. This helps the company support nearly 400 research

scientists, of whom 45 are PhDs and over 350 hold a Master's Degree in pharmacy, chemical engineering,

biological sciences and other disciplines. This powerful team has made it possible for your company to file more

than 50 patent applications, of which 24 have been granted in various countries.

These patents are related to their core competency of cancer-related products. There are other patent applications

as well, which cover NDDS technologies for products which are developed in the company's state-of the- art

research centre.

MANUFACTURING FACILITY

Your company operates ten manufacturing facilities, of which eight are located in India one is in UK and one at

Mexico. The manufacturing facilities have the capability to produce various dosage forms including solid orals,

liquids, lyophilized sterile preparations, creams, drops and injectables. The facilities have regulatory approvals

from multiple global agencies with track record of successive US FDA and UK MHRA audits at Ahmedabad SEZ

and Matoda.

During the year under review, your company has successfully completed audit by USFDA, WHO, ANVISA and

by GCC for its plant at Matoda. USFDA and GCC for its plant at SEZ and FDA of Philippines, Health Canada,

MOH Iran, Turkey MOH for its Biosimilar plant.

During the year under review, your company has also acquired land for its new facility at Sikkim which shall be

operational by the next fiscal year.

PLASMA FRACTIONALISATION

During the year under review, the Company completed setting up a fully functional Plasma Fractionation Plant at

Matoda and obtained necessary clearances from regulatory bodies for commercial manufacturing activities. The

fractionation plant, with a batch processing capacity of 2000 L of plasma, was made fully operational to

manufacture albumin and IvIg products based on the technology developed by our in-house R&D process

scientists. Three products, including albumin, IvIg and Factor VIII, have received approval for commercial

manufacturing from this facility. Our first set of three albumin and IvIg batches produced from this facility were

fully tested at National Institute of Biologicals and were released for marketing purposes.

In this period, we also continued organised collection, testing and storage of plasma sourced from a network of

licensed blood banks across the country. Earlier, the plasma products were being produced on contract

4

manufacturing basis from a party abroad. The commissioning of the Plant allowed the Company conserving the

precious foreign exchange which was being spent on contract fractionation of the products.

NEW INVESTOR

During the year under review, Singapore government's investment arm Temasek Holding through its indirect

wholly owned subsidiary, Dunearn Investments (Mauritius) Pte Ltd acquired the 1,16,21,100 equity shares of Rs.

10/- each aggregating to 10.16% of the total paid-up share capital from Mozart an investment arm of ChyrsCapital

by way of secondary purchase of shares. ChrysCapital has been a valuable partner for the company over the years

and your company is delighted to have lived up to the expectation of ChrysCapital.

REDEMPTION OF DEBENTURES

During the year under review, your company has fully redeemed its 1050, 9.25% Non Convertible Debentures of th thRs.10 lacs each, amounting to Rs. 105 crores on 6 November, 2014 which was issued on 6 November 2009.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL

POSITION OF THE COMPANY

There were no material changes and commitments affecting the financial position of the Company occurred

between the end of the financial year to which this financial statements relate and the date of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and

outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies

(Accounts) Rules, 2014 is furnished in Annexure -1 and is attached to this report.

RISK MANAGEMENT POLICY OF THE COMPANY

The Company has formulated a Risk Management Policy which aims at enhancing shareholders' value and

providing an optimum risk reward tradeoff. The risk management approach is based on a clear understanding of

the variety of risks that the organisation faces, disciplined risk monitoring and measurement and continuous risk

assessment and mitigation measures.

CORPORATE SOCIAL RESPONSIBILITY

Your Company recognizes that its business activities has a wide impact on the societies in which it operates, and

therefore an effective practice is required to give due consideration to the interests of its stakeholders including

shareholders, customers, employees, suppliers, business partners, local communities and other organizations.

Your company endeavors to make CSR a key business process for sustainable development.

In order to persist in this endeavor and in compliance of the requirements of Companies Act 2013, your company

has constituted the Corporate Social Responsibility Committee with Mr. SK Tuteja Independent Director

(Chairman), Mr. Binish Chudgar, Mr. Nimish Chudgar and Dr. Urmish Chudgar being the members of the

Committee. The said Committee had formulated and recommended to the Board, a Corporate Social

Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company.

While the Company is eligible to undertake any suitable/rightful activity as specified in Schedule VII to the Act,

your company has proposed to undertake the relevant activities in the following five thrust Areas:

- Promoting preventive healthcare/Providing Drinking Water

- Promoting Education

- Empowering women & livelihood enhancement projects

- Animal welfare

- Provide fund to Technology incubators

The CSR Policy of the company may be accessed on the Company's website.

5


The requisite details on CSR activities pursuant to Section 135 of the Act and as per the Companies (Corporate

Social Responsibility Policy) Rules, 2014 are annexed as Annexure -2 to this Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF

THE COMPANIES ACT, 2013

The particulars of loans, guarantees and investments given/made during the financial year under review and

governed by the provisions of Section 186 of the Companies Act, 2013 have been furnished in Annexure- 3,

which forms part of this report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties

were in the ordinary course of business and on an arm's length basis.

There were no material significant transactions with Related Parties during the financial year 2014-15 which were

in conflict with the interest of the Company. Suitable disclosures as required under AS-18 have been made in the

Notes to the financial statements.

The particulars of the contracts or arrangements with related parties referred to in Section 188(1) of the

Companies Act, 2013 are provided in Form AOC-2 which is attached as Annexure-4 to this Report.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE

REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING

COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the

Practicing Company Secretary in their respective reports except regarding shortfall in the spending on CSR

activities, for which explanation is given in this Directors' Report under the heading “Corporate Social

Responsibility”.

DIRECTORS

A. In accordance with the provisions of the Companies Act and Company's Articles of Association,

Mr. Hasmukh Chudgar Chairman of the Company and Mr. Binish Chudgar Vice Chairman and Managing

Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible have

offered themselves for re-appointment.

B. Pursuant to the provisions of Section 149 of the Act, the members approved the appointments of Mr. SK

Tuteja, Mr. Nitin Potdar, Mr. John Goddard, Mr. TP Ostwal and Mr. Hemant Sheth as Independent

Directors for five years who are not liable to retire by rotation.

C. The members have also re-appointed Mr. Hasmukh Chudgar as the Whole-Time Director, designated as stExecutive Chairman for a period of 5 years w.e.f. 1 April, 2014.

D. Mr. R Venkatesh, nominee of Dunearn Investments (Mauritius) Pte Ltd. was appointed as a Nominee thDirector on the Board of the Company w.e.f. 13 November, 2014 who is not liable to retire by Rotation.

E. Mr. Hasmukh Chudgar (Chairman), Mr. Binish Chudgar (Vice Chairman), Mr. Nimish Chudgar (Managing

Director and CEO), Dr. Urmish Chudgar (Managing Director), Mr. Jayesh Shah (Chief Financial Officer)

and Mr. Manoj Nair Company Secretary), were formalised as the Key Managerial Personnel of the

Company to comply with the provisions of Section 203 of the Companies Act, 2013.

F. Mrs. Kusum Chudgar, was appointed as an Additional Director on the Board of the Company w.e.f.

1st April, 2015 who is liable to retire by Rotation. She holds office up to the ensuing Annual General

Meeting of the Company. The Company has received a notice together with requisite deposit of Rs.1 Lac

under Section 160 of the Companies Act, 2013 from a member of the Company proposing her candidature

of a Director w.e.f 1st April 2015.

6 7

DECLARATION OF INDEPENDENT DIRECTORS

The following Directors are independent in terms of Section 149(6) of the Companies Act, 2013:

i) Mr. SK Tuteja

ii) Mr. Nitin Potdar

iii) Mr. John Goddard

iv) Mr. TP Ostwal

v) Mr. Hemant Sheth

The Company has received requisite declarations / confirmations from all the above Directors confirming their

independence.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual performance

evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit,

Nomination & Remuneration and other Committees and Independent Directors (without participation of the

relevant Director).

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for

selection and appointment of Directors, Senior Management and their remuneration. We affirm that the

remuneration paid to the directors is as per the terms laid out in the Nomination & Remuneration policy of the

company.

MEETINGS

The Board of Directors met 5 times during the financial year ended March 31, 2015 in accordance with the

provisions of the Companies Act, 2013 and rules made thereunder. The Directors actively participated in the

meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

Additionally, during the financial year ended March 31, 2015 the Independent Directors held a separate meeting

in compliance with the requirements of Schedule IV of the Companies Act, 2013.

ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies

(Management and administration) Rules, 2014 is furnished in Annexure-5 and is attached to this Report.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of our knowledge and belief and according to the information and explanations obtained by us, your

Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable

Accounting Standards had been followed along with proper explanation relating to material departures.

b) for the financial year ended March 31, 2015, such accounting policies as mentioned in the Notes to the

financial statements have been applied consistently and judgments and estimates that are reasonable and

prudent have been made so as to give a true and fair view of the state of affairs of the Company and of the

Profit of the Company for the year ended March 31, 2015.

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in

accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and

for preventing and detecting fraud and other irregularities.

d) the annual financial statements have been prepared on a going concern basis.

e) that proper internal financial controls were followed by the Company and that such internal financial

controls are adequate and were operating effectively.

f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that

such systems were adequate and operating effectively.


The requisite details on CSR activities pursuant to Section 135 of the Act and as per the Companies (Corporate

Social Responsibility Policy) Rules, 2014 are annexed as Annexure -2 to this Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF

THE COMPANIES ACT, 2013

The particulars of loans, guarantees and investments given/made during the financial year under review and

governed by the provisions of Section 186 of the Companies Act, 2013 have been furnished in Annexure- 3,

which forms part of this report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties

were in the ordinary course of business and on an arm's length basis.

There were no material significant transactions with Related Parties during the financial year 2014-15 which were

in conflict with the interest of the Company. Suitable disclosures as required under AS-18 have been made in the

Notes to the financial statements.

The particulars of the contracts or arrangements with related parties referred to in Section 188(1) of the

Companies Act, 2013 are provided in Form AOC-2 which is attached as Annexure-4 to this Report.

EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE

REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING

COMPANY SECRETARY IN THEIR REPORTS

There was no qualifications, reservations or adverse remarks made by the either by the Auditors or by the

Practicing Company Secretary in their respective reports except regarding shortfall in the spending on CSR

activities, for which explanation is given in this Directors' Report under the heading “Corporate Social

Responsibility”.

DIRECTORS

A. In accordance with the provisions of the Companies Act and Company's Articles of Association,

Mr. Hasmukh Chudgar Chairman of the Company and Mr. Binish Chudgar Vice Chairman and Managing

Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible have

offered themselves for re-appointment.

B. Pursuant to the provisions of Section 149 of the Act, the members approved the appointments of Mr. SK

Tuteja, Mr. Nitin Potdar, Mr. John Goddard, Mr. TP Ostwal and Mr. Hemant Sheth as Independent

Directors for five years who are not liable to retire by rotation.

C. The members have also re-appointed Mr. Hasmukh Chudgar as the Whole-Time Director, designated as stExecutive Chairman for a period of 5 years w.e.f. 1 April, 2014.

D. Mr. R Venkatesh, nominee of Dunearn Investments (Mauritius) Pte Ltd. was appointed as a Nominee thDirector on the Board of the Company w.e.f. 13 November, 2014 who is not liable to retire by Rotation.

E. Mr. Hasmukh Chudgar (Chairman), Mr. Binish Chudgar (Vice Chairman), Mr. Nimish Chudgar (Managing

Director and CEO), Dr. Urmish Chudgar (Managing Director), Mr. Jayesh Shah (Chief Financial Officer)

and Mr. Manoj Nair Company Secretary), were formalised as the Key Managerial Personnel of the

Company to comply with the provisions of Section 203 of the Companies Act, 2013.

F. Mrs. Kusum Chudgar, was appointed as an Additional Director on the Board of the Company w.e.f.

1st April, 2015 who is liable to retire by Rotation. She holds office up to the ensuing Annual General

Meeting of the Company. The Company has received a notice together with requisite deposit of Rs.1 Lac

under Section 160 of the Companies Act, 2013 from a member of the Company proposing her candidature

of a Director w.e.f 1st April 2015.

6 7

DECLARATION OF INDEPENDENT DIRECTORS

The following Directors are independent in terms of Section 149(6) of the Companies Act, 2013:

i) Mr. SK Tuteja

ii) Mr. Nitin Potdar

iii) Mr. John Goddard

iv) Mr. TP Ostwal

v) Mr. Hemant Sheth

The Company has received requisite declarations / confirmations from all the above Directors confirming their

independence.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual performance

evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit,

Nomination & Remuneration and other Committees and Independent Directors (without participation of the

relevant Director).

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for

selection and appointment of Directors, Senior Management and their remuneration. We affirm that the

remuneration paid to the directors is as per the terms laid out in the Nomination & Remuneration policy of the

company.

MEETINGS

The Board of Directors met 5 times during the financial year ended March 31, 2015 in accordance with the

provisions of the Companies Act, 2013 and rules made thereunder. The Directors actively participated in the

meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

Additionally, during the financial year ended March 31, 2015 the Independent Directors held a separate meeting

in compliance with the requirements of Schedule IV of the Companies Act, 2013.

ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies

(Management and administration) Rules, 2014 is furnished in Annexure-5 and is attached to this Report.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of our knowledge and belief and according to the information and explanations obtained by us, your

Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable

Accounting Standards had been followed along with proper explanation relating to material departures.

b) for the financial year ended March 31, 2015, such accounting policies as mentioned in the Notes to the

financial statements have been applied consistently and judgments and estimates that are reasonable and

prudent have been made so as to give a true and fair view of the state of affairs of the Company and of the

Profit of the Company for the year ended March 31, 2015.

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in

accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and

for preventing and detecting fraud and other irregularities.

d) the annual financial statements have been prepared on a going concern basis.

e) that proper internal financial controls were followed by the Company and that such internal financial

controls are adequate and were operating effectively.

f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that

such systems were adequate and operating effectively.


SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules,

2014, the statement containing salient features of the financial statements of the Company's Subsidiaries',

Associates' and Joint Ventures in Form AOC-1 is attached as part of the financial statements.

The following subsidiaries have been incorporated during the year under review:

There were no companies which have ceased to be Company's subsidiaries, joint ventures or associate

companies.

INSURANCE

The properties and insurable assets and interests of the Company, like building, plant and machinery and stocks,

among others, are adequately insured.

INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to financial statements as designed and implemented by the

Company are adequate.

During the year under review, no material or serious observation has been received from the Internal Auditors of

the Company for inefficiency or inadequacy of such controls.

DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of

Chapter V – Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies

(Acceptance of Deposits) Rules, 2014.

AUDITORS

STATUTORY AUDITORS

At the Annual General Meeting held on September 24, 2014, Apaji Amin & Co. Chartered Accountants, were

appointed as statutory auditors of the Company to hold office from the conclusion of that Annual General

Meeting until the conclusion of consecutive fourth Annual General Meeting. In terms of the first proviso to

Section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every

Annual General Meeting. Accordingly, the appointment of Statutory Auditors of the Company, will be placed for

ratification by the shareholders. In this regard, the Company has received a certificate from the auditors to the

effect that if their appointment is ratified, it would be in accordance with the provisions of Section 141 of the

Companies Act, 2013. In accordance with Section 139 of the Act, Members are requested to ratify the

appointment of the Auditors for the Company to hold office from the conclusion of this Annual General Meeting

till the conclusion of the next Annual General Meeting.

COST AUDITORS

The Company had appointed M/s. Kirit Mehta & Co., Cost Accountants, as the Cost Auditor of the Company for

the year ended March 31, 2015. The Cost Auditor has filed the cost audit reports for the financial year ended on

March 31, 2014 for Pharmaceutical Products within the due date. The Audit report of the cost accounts of the

Company for the year ended March 31, 2015, will be filed within the stipulated period under Companies Act

2013.

The Board of Directors have, based on the recommendation of the Audit Committee, appointed M/s. Kirit Mehta

& Co., Cost Accountants to audit the cost accounts of the Company for the year 2015-16. In terms of Section

148(3) of the Companies Act, 2013 and Rule 14 of the Companies (Audit & Auditors) Rules, 2014, necessary

resolution seeking member's ratification for the remuneration payable to said Cost Auditors is included in the

agenda of the Notice convening the Annual General Meeting.

SECRETARIAL AUDITOR

M/s. Parikh Dave & Associates, Practicing Company Secretaries, was appointed to conduct the secretarial audit of

the Company for the financial year 2014-15, as required under Section 204 of the Companies Act, 2013 and

Rules thereunder.

The secretarial audit report for FY 2014-15 forms part of the Board's report. The Board has appointed M/s. Parikh

Dave & Associates, Practicing Company Secretaries, as secretarial auditor of the Company for the financial year

2015-16.

INTERNAL AUDITOR

In compliance with the requirement of section 138 of the Companies Act, 2013 the Company has appointed

M/s. Ronak Sanghvi & Co. Chartered Accountants, as Internal Auditors of the company.

The Audit Committee of the company has in consultation with the Internal Auditor, formulated the scope,

functioning, periodicity and methodology for conducting the internal audit.

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL

MECHANISM

The Audit Committee consists of the following members:

Name Category

Mr. TP Ostwal Chairman

Mr. SK Tuteja Independent, Non-Executive

Mr. Nitin Potdar Independent, Non-Executive

Mr. Binish Chudgar Vice Chairman & Managing Director

The above composition of the Audit Committee consists of Independent Directors viz., Mr. TP Ostwal, Mr. SK

Tuteja and Mr. Nitin Potdar who form the majority.

Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and

its Powers) Rules, 2014 the Board of Directors had approved the Policy on Vigil Mechanism/ Whistle Blower and

the same has been hosted on the website of the Company at http: //www.intspharma.com.

This Policy inter-alia provides a direct access to the Chairman of the Audit Committee.

Your Company hereby affirms that no Director/ employee has been denied access to the Chairman of the Audit

Committee and that no complaints were received during the year.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and

other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are

provided in the Annual Report.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with

Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided

in the Annual Report.

Having regard to the provisions of the first proviso to Section 136(1) of the Act and as advised, the Annual Report

excluding the aforesaid information is being sent to the members of the Company. The said information is

available for inspection at the registered office of the Company during working hours and any member interested

in obtaining such information may write to the Company Secretary and the same will be furnished on request.

Name of the Company Relationship with the

Company

Details of

changes

Date of change

Accord Healthcare Private Limited (Singapore) Subsidiary Incorporated 16th February 2015

Accord Healthcare S.R.O. (Czech Republic) Subsidiary Incorporated 23rd May 2014 Accord Healthcare HK limited (Hongkong) Subsidiary Incorporated 31st

December 2014

Accord Healthcare, Unipessoal, Ltda Subsidiary Acquired 26th March 2015

Accord Biopharma Inc (US) Subsidiary Incorporated 21st

November 2014

98


SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules,

2014, the statement containing salient features of the financial statements of the Company's Subsidiaries',

Associates' and Joint Ventures in Form AOC-1 is attached as part of the financial statements.

The following subsidiaries have been incorporated during the year under review:

There were no companies which have ceased to be Company's subsidiaries, joint ventures or associate

companies.

INSURANCE

The properties and insurable assets and interests of the Company, like building, plant and machinery and stocks,

among others, are adequately insured.

INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to financial statements as designed and implemented by the

Company are adequate.

During the year under review, no material or serious observation has been received from the Internal Auditors of

the Company for inefficiency or inadequacy of such controls.

DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of

Chapter V – Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies

(Acceptance of Deposits) Rules, 2014.

AUDITORS

STATUTORY AUDITORS

At the Annual General Meeting held on September 24, 2014, Apaji Amin & Co. Chartered Accountants, were

appointed as statutory auditors of the Company to hold office from the conclusion of that Annual General

Meeting until the conclusion of consecutive fourth Annual General Meeting. In terms of the first proviso to

Section 139 of the Companies Act, 2013, the appointment of the auditors shall be placed for ratification at every

Annual General Meeting. Accordingly, the appointment of Statutory Auditors of the Company, will be placed for

ratification by the shareholders. In this regard, the Company has received a certificate from the auditors to the

effect that if their appointment is ratified, it would be in accordance with the provisions of Section 141 of the

Companies Act, 2013. In accordance with Section 139 of the Act, Members are requested to ratify the

appointment of the Auditors for the Company to hold office from the conclusion of this Annual General Meeting

till the conclusion of the next Annual General Meeting.

COST AUDITORS

The Company had appointed M/s. Kirit Mehta & Co., Cost Accountants, as the Cost Auditor of the Company for

the year ended March 31, 2015. The Cost Auditor has filed the cost audit reports for the financial year ended on

March 31, 2014 for Pharmaceutical Products within the due date. The Audit report of the cost accounts of the

Company for the year ended March 31, 2015, will be filed within the stipulated period under Companies Act

2013.

The Board of Directors have, based on the recommendation of the Audit Committee, appointed M/s. Kirit Mehta

& Co., Cost Accountants to audit the cost accounts of the Company for the year 2015-16. In terms of Section

148(3) of the Companies Act, 2013 and Rule 14 of the Companies (Audit & Auditors) Rules, 2014, necessary

resolution seeking member's ratification for the remuneration payable to said Cost Auditors is included in the

agenda of the Notice convening the Annual General Meeting.

SECRETARIAL AUDITOR

M/s. Parikh Dave & Associates, Practicing Company Secretaries, was appointed to conduct the secretarial audit of

the Company for the financial year 2014-15, as required under Section 204 of the Companies Act, 2013 and

Rules thereunder.

The secretarial audit report for FY 2014-15 forms part of the Board's report. The Board has appointed M/s. Parikh

Dave & Associates, Practicing Company Secretaries, as secretarial auditor of the Company for the financial year

2015-16.

INTERNAL AUDITOR

In compliance with the requirement of section 138 of the Companies Act, 2013 the Company has appointed

M/s. Ronak Sanghvi & Co. Chartered Accountants, as Internal Auditors of the company.

The Audit Committee of the company has in consultation with the Internal Auditor, formulated the scope,

functioning, periodicity and methodology for conducting the internal audit.

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL

MECHANISM

The Audit Committee consists of the following members:

Name Category

Mr. TP Ostwal Chairman

Mr. SK Tuteja Independent, Non-Executive

Mr. Nitin Potdar Independent, Non-Executive

Mr. Binish Chudgar Vice Chairman & Managing Director

The above composition of the Audit Committee consists of Independent Directors viz., Mr. TP Ostwal, Mr. SK

Tuteja and Mr. Nitin Potdar who form the majority.

Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and

its Powers) Rules, 2014 the Board of Directors had approved the Policy on Vigil Mechanism/ Whistle Blower and

the same has been hosted on the website of the Company at http: //www.intspharma.com.

This Policy inter-alia provides a direct access to the Chairman of the Audit Committee.

Your Company hereby affirms that no Director/ employee has been denied access to the Chairman of the Audit

Committee and that no complaints were received during the year.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and

other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are

provided in the Annual Report.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with

Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided

in the Annual Report.

Having regard to the provisions of the first proviso to Section 136(1) of the Act and as advised, the Annual Report

excluding the aforesaid information is being sent to the members of the Company. The said information is

available for inspection at the registered office of the Company during working hours and any member interested

in obtaining such information may write to the Company Secretary and the same will be furnished on request.

Name of the Company Relationship with the

Company

Details of

changes

Date of change

Accord Healthcare Private Limited (Singapore) Subsidiary Incorporated 16th February 2015

Accord Healthcare S.R.O. (Czech Republic) Subsidiary Incorporated 23rd May 2014 Accord Healthcare HK limited (Hongkong) Subsidiary Incorporated 31st

December 2014

Accord Healthcare, Unipessoal, Ltda Subsidiary Acquired 26th March 2015

Accord Biopharma Inc (US) Subsidiary Incorporated 21st

November 2014

98


FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 9 July, 2015 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

PAYMENT OF REMUNERATION/COMMISSION TO DIRECTORS FROM HOLDING OR

SUBSIDIARY COMPANIES

None of the managerial personnel i.e. Managing Director and Whole Time Director/s of the Company are in

receipt of remuneration/commission from the holding or subsidiary company of the Company.

SHARES

a. BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

b. SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review.

c. BONUS SHARES

No Bonus Shares were issued during the year under review.

d. EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees.

e. SHARES ISSUED WITH DIFFERENTIAL RIGHTS

The Company has not issued any Shares with differential rights during the year under review

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going

concern status and Company's operations in future.

INDUSTRIAL RELATIONS

The relationship with the workmen and staff remained cordial and harmonious during the year and the

management received full co-operation from the employees. During the year, extensive training and

developmental activities were undertaken, both in-house and out-bound for the employees. Various efficiency

and quality improvement initiatives, including some functional and behavioral training programs were

undertaken.

ANTI SEXUAL HARASSMENT POLICY

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of The Sexual

Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints

Committee (ICC) has been set up to redress complaints received regarding sexual harassment.

All employees (permanent, contractual, temporary, trainees) are covered under this policy. The company has not

received any complaints during the year 2014-15.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various

Government Authorities for their continued support extended to your Companies activities during the year under

review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed

on your Company. The Directors also wish to thank all the employees for their contribution, support and

continued co-operation throughout the year.

The directors appreciate and value the contributions made by every member of the INTAS family.

ANNEXURE – 1

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy:

Steps taken / impact on conservation of energy

The Company has taken measures and applied strict control system to monitor day to day power

consumption, to endeavor the optimal utilization of energy with minimum wastage. The day to day

consumption is monitored and various means are adopted to reduce the power consumption in an effort

to save energy. The office area is designed in such a way that during day time minimal artificial lighting is

necessary in the office.

Steps taken by the company for utilising alternate sources of energy

· Solar hot water system feasibility is being explored

· Implementation of Green Initiative at Plant for optimum consumption

· Designed and installed the power distribution system to utilize the power at optimum level of

requirement.

Capital investment on energy conservation equipments

Company is continuously monitoring and making effort for optimum utilization of equipments which

ensures to conserve energy during routine operations itself. Regular Annual Maintenance Contract is

awarded to ensure that the equipments, systems, UPS, Air Conditioning systems, electrification runs

smoothly and any faulty parts are replaced resulting in saving energy and increasing the efficiency.

B. Technology Absorption, Adaptation and Innovation

1. Efforts in brief, made towards technology absorption, adaptation and innovation.

2. Benefits derived as a result of the above efforts, e.g. product improvement, cost reduction, product

development, import substitution etc.

New products broadened the product basket of the Company and further strengthened the Company's

image.

3. In case of imported technology (imported during the last three years reckoned from the beginning of

the financial year)

The Company has developed indigenous technology in respect of the products manufactured. R&D team

of the Company continuously endeavors to develop, transfer and absorb innovative technologies and

commercialise them. The Company is upgrading its R&D facilities on a regular basis and employs

scientifically skilled manpower.

a. Technology imported

Not applicableb. Year of import Not applicable

c. Has technology been fully absorbed Not applicabled. If not fully absorbed, areas where this has not taken

place, reasons therefore and future plans of action:Not applicable

(Amt. in lacs)

Particulars

Year endedst31 March 2014

(Amt. in lacs)


Capital 3,080.32 3,343.94

Recurring 23,874.94 20,940.00Total 26,955.26

24,283.94

Total R & D exp. as a percentage of total turnover 6.15 6.27

4. Expenditure on R & D

1110


FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 9 July, 2015 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

PAYMENT OF REMUNERATION/COMMISSION TO DIRECTORS FROM HOLDING OR

SUBSIDIARY COMPANIES

None of the managerial personnel i.e. Managing Director and Whole Time Director/s of the Company are in

receipt of remuneration/commission from the holding or subsidiary company of the Company.

SHARES

a. BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

b. SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review.

c. BONUS SHARES

No Bonus Shares were issued during the year under review.

d. EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees.

e. SHARES ISSUED WITH DIFFERENTIAL RIGHTS

The Company has not issued any Shares with differential rights during the year under review

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going

concern status and Company's operations in future.

INDUSTRIAL RELATIONS

The relationship with the workmen and staff remained cordial and harmonious during the year and the

management received full co-operation from the employees. During the year, extensive training and

developmental activities were undertaken, both in-house and out-bound for the employees. Various efficiency

and quality improvement initiatives, including some functional and behavioral training programs were

undertaken.

ANTI SEXUAL HARASSMENT POLICY

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of The Sexual

Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints

Committee (ICC) has been set up to redress complaints received regarding sexual harassment.

All employees (permanent, contractual, temporary, trainees) are covered under this policy. The company has not

received any complaints during the year 2014-15.

ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various

Government Authorities for their continued support extended to your Companies activities during the year under

review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed

on your Company. The Directors also wish to thank all the employees for their contribution, support and

continued co-operation throughout the year.

The directors appreciate and value the contributions made by every member of the INTAS family.

ANNEXURE – 1

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY

ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy:

Steps taken / impact on conservation of energy

The Company has taken measures and applied strict control system to monitor day to day power

consumption, to endeavor the optimal utilization of energy with minimum wastage. The day to day

consumption is monitored and various means are adopted to reduce the power consumption in an effort

to save energy. The office area is designed in such a way that during day time minimal artificial lighting is

necessary in the office.

Steps taken by the company for utilising alternate sources of energy

· Solar hot water system feasibility is being explored

· Implementation of Green Initiative at Plant for optimum consumption

· Designed and installed the power distribution system to utilize the power at optimum level of

requirement.

Capital investment on energy conservation equipments

Company is continuously monitoring and making effort for optimum utilization of equipments which

ensures to conserve energy during routine operations itself. Regular Annual Maintenance Contract is

awarded to ensure that the equipments, systems, UPS, Air Conditioning systems, electrification runs

smoothly and any faulty parts are replaced resulting in saving energy and increasing the efficiency.

B. Technology Absorption, Adaptation and Innovation

1. Efforts in brief, made towards technology absorption, adaptation and innovation.

2. Benefits derived as a result of the above efforts, e.g. product improvement, cost reduction, product

development, import substitution etc.

New products broadened the product basket of the Company and further strengthened the Company's

image.

3. In case of imported technology (imported during the last three years reckoned from the beginning of

the financial year)

The Company has developed indigenous technology in respect of the products manufactured. R&D team

of the Company continuously endeavors to develop, transfer and absorb innovative technologies and

commercialise them. The Company is upgrading its R&D facilities on a regular basis and employs

scientifically skilled manpower.

a. Technology imported

Not applicableb. Year of import Not applicable

c. Has technology been fully absorbed Not applicabled. If not fully absorbed, areas where this has not taken

place, reasons therefore and future plans of action:Not applicable

(Amt. in lacs)

Particulars


(Amt. in lacs)


Capital 3,080.32 3,343.94

Recurring 23,874.94 20,940.00Total 26,955.26

24,283.94

Total R & D exp. as a percentage of total turnover 6.15 6.27

4. Expenditure on R & D

1110


D. Foreign Exchange earnings and outgo



(Amt. in lacs)

Particulars

Earnings in Foreign Currency 1,98,572.6713,503.40

1,85,690.3913,440.33Outgo in Foreign Currency

ANNEXURE -2FORMAT FOR THE ANNUAL REPORT ON CSR ACTIVITIES TO BE INCLUDED IN THE BOARD'S REPORT

(1) A brief outline of the company's CSR policy, including overview of projects or programs proposed to be

undertaken and a reference to the web-link to the CSR policy and projects or programmes

Recognizing that business enterprises are economic organs of society, it is Intas's belief that a company's

performance must be measured by its contribution to building economic, social and environmental capital

towards enhancing societal sustainability.

Intas Pharmaceuticals Ltd. recognizes that its business activities have wide impact on the societies in which

it operates, and therefore an effective practice is required giving due consideration to the interests of its

stakeholders including shareholders, customers, employees, suppliers, business partners, local

communities and other organizations.

The company endeavors to make CSR a key business process for sustainable development. Our company is

committed towards aligning with nature; and has adopted eco-friendly practices. As a corporate entity, the

company is committed towards sustainability.

While the Company is eligible to undertake any suitable/rightful activity as specified in Schedule VII to the

Act, however, at present, it proposes to undertake the relevant activities on priority basis in the following

five Thrust Areas:

v

• Providing safe drinking water to villages.

• Donation to ATMRF (Section 8 Company) for promoting preventive healthcare.

• Support NGO working in the field of preventing healthcare.

v Promoting Education

v Empowering women & livelihood enhancement projects

• Upliftment of Girl child in nearby village situated at factory locations at Matoda, Sikkim and Dehradun.

• Upliftment of mentally retarded people by giving donations to institutions working for their benefit.

v Animal welfare

• Providing veterinary care to the livestock in nearby villages of our plants at Matoda, Sikki and Dehradun

(Veterinary, vaccines, medicines, etc.).

• Donation to Panjrapole

v Provide fund to Technology incubators

The Company's CSR policy has been uploaded in the website of the Company.

(2) The Composition of the CSR Committee.

Our CSR committee comprises of:

i. Mr. SK Tuteja – Independent Director

ii. Mr. Binish Chudgar

iii. Mr. Nimish Chudgar and

iv. Dr. Urmish Chudgar

Promoting preventive healthcare/Providing Drinking Water

(3) Average net profit of the company for last three financial years: 55173.00 Lakhs

(4) Prescribed CSR Expenditure (two per cent. of the amount as in item 3 above): 1103 Lakhs

(5) Details of CSR spent during the financial year.

(a) Total amount to be spent for the financial year:17.50 Lakhs

(b) Amount unspent, if any: 1085.5 Lakhs

(c) Manner in which the amount spent during the financial year is detailed below

(6) In case the company has failed to spend the two per cent of the average net profit of the last three

financial years or any part thereof, the company shall provide the reasons for not spending the amount in

its Board report.

This being the initial year, the company was not able to spend adequately in the thrust areas due to

limitation of time. However this year the company endeavors to make CSR a key business process for

sustainable development and would start contributing towards the relevant thrust areas from the current

year.

(7) Responsibility Statement

The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the

Company.

Hasmukh Chudgar

Chairman

SK Tuteja

Chairman- CSR commitee

ANNEXURE - 3Particulars of Loans, Guarantees and Investments

Sr. No

Name of the party

Nature of transactions

Amt. in lacs

1

Accord Healthcare (Pty) Limited, South Africa

Investments made

1217.06

2

Accord Healthcare NZ Limited, New Zealand

Investments made

341.12

3

Accord Healthcare Inc., Canada

Investments made

245.92

4

Accord Farma S.A. DE C.V., Mexico

Investments made

107.31 5 Accord Healthcare Ltd UK Loans given 4518.39

6 Intas Medi Devices Ltd Loans given 48.50 Total 1911.41

The Company has given a corporate guarantee of Euro 25 Million to Citi Bank N.A in respect of the credit

facilities sanctioned to its wholly owned subsidiary company ‘Accord Healthcare Limited UK.

SRNo.

CSR project or activity identified

Sector in which the

project is covered

Locations (Unit)

Amount

Spent

on the

project or

programs

Cumulative

Expenditure

upto

reporting

period

Amount

spent: Direct or through

implementingagency

1 Gandhi Films Foundation

Protection of national heritage

Mumbai 15.00 15.00 Direct

2 Empowering women & livelihood

enhancement projects

Improving quality of education

Matoda, Ahmedabad

2.50

17.50

Direct

1312


D. Foreign Exchange earnings and outgo



(Amt. in lacs)

Particulars

Earnings in Foreign Currency 1,98,572.6713,503.40

1,85,690.3913,440.33Outgo in Foreign Currency

ANNEXURE -2FORMAT FOR THE ANNUAL REPORT ON CSR ACTIVITIES TO BE INCLUDED IN THE BOARD'S REPORT

(1) A brief outline of the company's CSR policy, including overview of projects or programs proposed to be

undertaken and a reference to the web-link to the CSR policy and projects or programmes

Recognizing that business enterprises are economic organs of society, it is Intas's belief that a company's

performance must be measured by its contribution to building economic, social and environmental capital

towards enhancing societal sustainability.

Intas Pharmaceuticals Ltd. recognizes that its business activities have wide impact on the societies in which

it operates, and therefore an effective practice is required giving due consideration to the interests of its

stakeholders including shareholders, customers, employees, suppliers, business partners, local

communities and other organizations.

The company endeavors to make CSR a key business process for sustainable development. Our company is

committed towards aligning with nature; and has adopted eco-friendly practices. As a corporate entity, the

company is committed towards sustainability.

While the Company is eligible to undertake any suitable/rightful activity as specified in Schedule VII to the

Act, however, at present, it proposes to undertake the relevant activities on priority basis in the following

five Thrust Areas:

v

• Providing safe drinking water to villages.

• Donation to ATMRF (Section 8 Company) for promoting preventive healthcare.

• Support NGO working in the field of preventing healthcare.

v Promoting Education

v Empowering women & livelihood enhancement projects

• Upliftment of Girl child in nearby village situated at factory locations at Matoda, Sikkim and Dehradun.

• Upliftment of mentally retarded people by giving donations to institutions working for their benefit.

v Animal welfare

• Providing veterinary care to the livestock in nearby villages of our plants at Matoda, Sikki and Dehradun

(Veterinary, vaccines, medicines, etc.).

• Donation to Panjrapole

v Provide fund to Technology incubators

The Company's CSR policy has been uploaded in the website of the Company.

(2) The Composition of the CSR Committee.

Our CSR committee comprises of:

i. Mr. SK Tuteja – Independent Director

ii. Mr. Binish Chudgar

iii. Mr. Nimish Chudgar and

iv. Dr. Urmish Chudgar

Promoting preventive healthcare/Providing Drinking Water

(3) Average net profit of the company for last three financial years: 55173.00 Lakhs

(4) Prescribed CSR Expenditure (two per cent. of the amount as in item 3 above): 1103 Lakhs

(5) Details of CSR spent during the financial year.

(a) Total amount to be spent for the financial year:17.50 Lakhs

(b) Amount unspent, if any: 1085.5 Lakhs

(c) Manner in which the amount spent during the financial year is detailed below

(6) In case the company has failed to spend the two per cent of the average net profit of the last three

financial years or any part thereof, the company shall provide the reasons for not spending the amount in

its Board report.

This being the initial year, the company was not able to spend adequately in the thrust areas due to

limitation of time. However this year the company endeavors to make CSR a key business process for

sustainable development and would start contributing towards the relevant thrust areas from the current

year.

(7) Responsibility Statement

The implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the

Company.

Hasmukh Chudgar

Chairman

SK Tuteja

Chairman- CSR commitee

ANNEXURE - 3Particulars of Loans, Guarantees and Investments

Sr. No

Name of the party

Nature of transactions

Amt. in lacs

1

Accord Healthcare (Pty) Limited, South Africa

Investments made

1217.06

2

Accord Healthcare NZ Limited, New Zealand

Investments made

341.12

3


Investments made

245.92

4

Accord Farma S.A. DE C.V., Mexico

Investments made

107.31 5 Accord Healthcare Ltd UK Loans given 4518.39

6 Intas Medi Devices Ltd Loans given 48.50 Total 1911.41

The Company has given a corporate guarantee of Euro 25 Million to Citi Bank N.A in respect of the credit

facilities sanctioned to its wholly owned subsidiary company ‘Accord Healthcare Limited UK.

SRNo.

CSR project or activity identified

Sector in which the

project is covered

Locations (Unit)

Amount

Spent

on the

project or

programs

Cumulative

Expenditure

upto

reporting

period

Amount

spent: Direct or through

implementingagency

1 Gandhi Films Foundation

Protection of national heritage

Mumbai 15.00 15.00 Direct

2 Empowering women & livelihood

enhancement projects

Improving quality of education

Matoda, Ahmedabad

2.50

17.50

Direct

1312


ANNEXURE - 4Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies

(Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties

referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length

transactions under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm's length basis

There were no contracts or arrangements or transactions entered in to during the year ended March 31,

2015, which were not at arm's length basis.

2. Details of material contracts or arrangement or transactions at arm's length basis –

ANNEXURE - 5

FORM NO. MGT 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2015

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management &

Administration) Rules, 2014.

I. REGISTRATION & OTHER DETAILS

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

Sr. No

Name(s) of the related party

Nature of relationship

Nature of contracts / arrangements / transactions

Duration of the contracts / arrangements / transactions

Salient terms of the contracts

Date of approval by the Board

Amount (in lakhs)

1 Accord Healthcare Limited, UK

Subsidiary

Sale of Finished Goods / Services

April 1, 2014 -Ongoing

Based on transfer pricing guidelines

NA

50126.57

2 Accord Healthcare Inc., North Carolina, USA

Subsidiary




NA 66035.76

3 Intas Lifesciences (Partnership Firm)

Subsidiary Purchase of Finished Goods



NA 44756.28

1. CIN U24231GJ1985PLC007866

2. Registration Date

31/05/1985

3. Name of the Company

Intas Pharmaceuticals Limited

4. Category/Sub-category of the Company

Public Company / Limited by shares/Indian Non-Government Company

5. Address of the Registered office & contact details

2nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad –

380 009

Tel: +91 79 2657 6655

Fax: +91 79 2657 6616 6. Whether listed company Yes ( Debt listing) 7. Name, Address & contact details of the

Registrar & Transfer Agent, if any.

Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, LBS Marg,

Bhandup (West), Mumbai –

400 078

Tel: +91 22 2596 7878

Fax: +91 22 2596 0329

Sr. No.

Name and Description of main products

NIC Code of the Product/service

% to total turnover of the company

1 Manufacturing, marketing, distribution, sale of finished Pharmaceutical formulations, Active Pharmaceutical Ingredient (API), Medical Appliances, Medical Devices

210

100%

1514


ANNEXURE - 4Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies

(Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties

referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length

transactions under third proviso thereto

1. Details of contracts or arrangements or transactions not at arm's length basis

There were no contracts or arrangements or transactions entered in to during the year ended March 31,

2015, which were not at arm's length basis.

2. Details of material contracts or arrangement or transactions at arm's length basis –

ANNEXURE - 5

FORM NO. MGT 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2015

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management &

Administration) Rules, 2014.

I. REGISTRATION & OTHER DETAILS

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

Sr. No

Name(s) of the related party

Nature of relationship

Nature of contracts / arrangements / transactions

Duration of the contracts / arrangements / transactions

Salient terms of the contracts

Date of approval by the Board

Amount (in lakhs)


Subsidiary




NA

50126.57


Subsidiary




NA 66035.76

3 Intas Lifesciences (Partnership Firm)

Subsidiary Purchase of Finished Goods



NA 44756.28

1. CIN U24231GJ1985PLC007866

2. Registration Date

31/05/1985

3. Name of the Company

Intas Pharmaceuticals Limited

4. Category/Sub-category of the Company

Public Company / Limited by shares/Indian Non-Government Company

5. Address of the Registered office & contact details

2nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad –

380 009

Tel: +91 79 2657 6655

Fax: +91 79 2657 6616 6. Whether listed company Yes ( Debt listing) 7. Name, Address & contact details of the

Registrar & Transfer Agent, if any.

Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, LBS Marg,

Bhandup (West), Mumbai –

400 078

Tel: +91 22 2596 7878

Fax: +91 22 2596 0329

Sr. No.

Name and Description of main products

NIC Code of the Product/service

% to total turnover of the company

1 Manufacturing, marketing, distribution, sale of finished Pharmaceutical formulations, Active Pharmaceutical Ingredient (API), Medical Appliances, Medical Devices

210

100%

1514


III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Category-wise Share Holding)

Sr. No.

NAME AND ADDRESS OF THE COMPANY CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE

% of shares held

Section

1 Accord Farma SA DE CV, Mexico

NA

Subsidiary

100

2(87)

2 Accord Farmaceutica Ltda., Brazil

NA

Subsidiary

100

2(87)


NA

Subsidiary

100

2(87)

4 Accord Healthcare (Pty) Ltd., South Africa

NA

Subsidiary

100

2(87)

5 Accord Healthcare Inc., Canada

NA

Subsidiary

100

2(87)

6 Accord Healthcare Limited

U24231GJ2003PLC041866

Subsidiary

100

2(87)


NA

Subsidiary

100

2(87)

8 Accord Healthcare NZ Ltd., New Zealand

NA

Subsidiary

100

2(87)

9 Accord Healthcare SAC, Peru

NA

Subsidiary

100

2(87)

10 Intas Medi Devices Limited

U33110GJ2010PLC061475

Subsidiary

100

2(87)

11 Andre Laboratories Limited

U24231GJ1973PLC040442

Subsidiary

100

2(87)

12 Astron Research Limited, UK

NA

Subsidiary

100

2(87)

13 Accord Healthcare Pty. Ltd., Australia

NA

Subsidiary

100

2(87)

14 Accord Healthcare SAS, France

NA

Subsidiary 100

2(87)

15 Accord Healthcare BV, Netherlands

NA

Subsidiary 100

2(87)

16 Accord Healthcare Italia SRL, Italy NA Subsidiary 100 2(87)

17 Accord Healthcare Sociedad Limitada, Spain NA Subsidiary 100 2(87)

18 Accord Healthcare Polska Spolka Z graniczona Odpowiedzialnoscia (Poland)

NA Subsidiary 100 2(87)

19 Farmabiot SA DE CV, Mexico

NA

Subsidiary 100

2(87)

20 Accord Healthcare AB, Sweden

NA

Subsidiary

100

2(87)

21 Accord Healthcare BVPA, Belgium

NA

Subsidiary

100

2(87)

22 Accord Healthcare OY, Finland

NA

Subsidiary

100

2(87)

23 Accord Healthcare GMBH, Austria

NA

Subsidiary

100

2(87)

24 Accord Healthcare Ireland Limited, Ireland

NA

Subsidiary

100

2(87)

25 Accord Healthcare SDN BHD, Malaysia

NA

Subsidiary

100

2(87)

26 Accord Healthcare Limited, Malta

NA

Subsidiary

100

2(87)

27 Accord Healthcare OU (Estonia)

NA

Subsidiary

100

2(87)

28 Accord Healthcare GmbH, Germany

NA

Subsidiary

100

2(87)

29 Accord Healthcare MENA JLT, UAE

NA

Subsidiary

100

2(87)

30 Accord Biopharma, INC (USA)

NA

Subsidiary

100

2(87)

31 Accord Healthcare HK Limited (Hong Kong)

NA

Subsidiary

100

2(87)

32 Accord Healthcare S.R.O (Czech Republic)

NA

Subsidiary

100

2(87)

33 Accord Healthcare Private Limited (Singapore)

NA

Subsidiary

100

2(87)

34 Accord Healthcare , Unipessoal LDA (Portugal) NA Subsidiary 100 2(87)

35 Alvi Intas Medical Devices Private Ltd NA Associate 100 2(6)

Category of Shareholders No. of Shares held at the beginning of the year [As on 31-March-2014]

No. of Shares held at the end of the year[As on 31-March-2015]

% Changeduringthe year

Demat Physical Total % of Total Shares


A. Promoter s

(1) Indian

a) Individual/ HUF

42868931

-

42868931

37.46

42868931

-

42868931

37.46 -

b) Central Govt

-

-

-

-

-

-

-

- -

c) State Govt(s)

-

-

-

-

-

-

-

- -

d) Bodies Corp.

53047798

-

53047798

46.36

53047798

-

53047798

46.36 -

e) Banks / FI

-

-

-

-

-

-

-

- -

f) Any other

-

-

-

-

-

-

-

- -

Total shareholding of Promoter (A)

95916729

-

95916729

83.82

95916729

-

95916729

83.82 -

B. Public Shareholding

1. Institutions

-

-

-

-

-

-

-

- -

a) Mutual Funds

-

-

-

-

-

-

-

- -

b) Banks / FI

-

-

-

-

-

-

-

- -

c) Central Govt

-

-

-

-

-

-

-

- -

d) State Govt(s)

-

-

-

-

-

-

-

- -

e) Venture Capital Funds

-

-

-

-

-

-

-

- -

f) Insurance Companies

-

-

-

-

-

-

-

- -

g) FIIs -

-

-

-

-

-

-

- -

h) Foreign Venture Capital Funds

-

-

-

-

-

-

-

- -

i) Others (specify)

-

-

-

-

-

-

-

- -

Sub-total (B)(1):- - - - - - - - - -

2. Non-Institutions a) Bodies Corp.

-

-

-

-

-

-

-

- -

i) Indian -

-

-

-

-

-

-

- -

ii) Overseas

-

-

-

-

-

-

-

- -

b) Individuals

-

-

-

-

-

-

-

- -

i) Individual shareholders holding nominal share capital upto Rs. 1 lakh

-

-

-

-

-

-

-

- -

ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

-

-

-

-

-

-

-

- -

Category of Shareholders

No. of Shares held at the beginning of the year

[As on 31-March-2014]



Demat

Physical

Total

% of Total Shares

Demat

Physical

Total

% of Total Shares

Non Resident Indians

-

-

-

-

-

-

-

- -

Overseas Corporate Bodies

18519547

-

18519547

16.18

18519547

-

18519547

16.18 -

Foreign Nationals

-

-

-

-

-

-

-

- -

Clearing Members

-

-

-

-

-

-

-

- -

Trusts -

-

-

-

-

-

-

- -

Foreign Bodies

-

-

-

-

-

-

-

- -

Sub-total (B)(2):-

18519547

-

18519547

16.18

18519547

-

18519547

16.18 -

Total Public Shareholding (B)=(B)(1)+ (B)(2)

114436276 - 114436276 100 114436276 - 114436276 100 -

C. Shares held by Custodian for GDRs & ADRs

- - - - - - - - -

Grand Total (A+B+C) 114436276 - 114436276 100 114436276 - 114436276 100 -

1716


III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (Category-wise Share Holding)

Sr. No.

NAME AND ADDRESS OF THE COMPANY CIN/GLN HOLDING/ SUBSIDIARY/ ASSOCIATE

% of shares held

Section

1 Accord Farma SA DE CV, Mexico

NA

Subsidiary

100

2(87)

2 Accord Farmaceutica Ltda., Brazil

NA

Subsidiary

100

2(87)


NA

Subsidiary

100

2(87)

4 Accord Healthcare (Pty) Ltd., South Africa

NA

Subsidiary

100

2(87)

5 Accord Healthcare Inc., Canada

NA

Subsidiary

100

2(87)

6 Accord Healthcare Limited

U24231GJ2003PLC041866

Subsidiary

100

2(87)


NA

Subsidiary

100

2(87)

8 Accord Healthcare NZ Ltd., New Zealand

NA

Subsidiary

100

2(87)

9 Accord Healthcare SAC, Peru

NA

Subsidiary

100

2(87)

10 Intas Medi Devices Limited

U33110GJ2010PLC061475

Subsidiary

100

2(87)

11 Andre Laboratories Limited

U24231GJ1973PLC040442

Subsidiary

100

2(87)

12 Astron Research Limited, UK

NA

Subsidiary

100

2(87)

13 Accord Healthcare Pty. Ltd., Australia

NA

Subsidiary

100

2(87)

14 Accord Healthcare SAS, France

NA

Subsidiary 100

2(87)

15 Accord Healthcare BV, Netherlands

NA

Subsidiary 100

2(87)

16 Accord Healthcare Italia SRL, Italy NA Subsidiary 100 2(87)

17 Accord Healthcare Sociedad Limitada, Spain NA Subsidiary 100 2(87)

18 Accord Healthcare Polska Spolka Z graniczona Odpowiedzialnoscia (Poland)

NA Subsidiary 100 2(87)

19 Farmabiot SA DE CV, Mexico

NA

Subsidiary 100

2(87)

20 Accord Healthcare AB, Sweden

NA

Subsidiary

100

2(87)

21 Accord Healthcare BVPA, Belgium

NA

Subsidiary

100

2(87)

22 Accord Healthcare OY, Finland

NA

Subsidiary

100

2(87)

23 Accord Healthcare GMBH, Austria

NA

Subsidiary

100

2(87)

24 Accord Healthcare Ireland Limited, Ireland

NA

Subsidiary

100

2(87)

25 Accord Healthcare SDN BHD, Malaysia

NA

Subsidiary

100

2(87)

26 Accord Healthcare Limited, Malta

NA

Subsidiary

100

2(87)

27 Accord Healthcare OU (Estonia)

NA

Subsidiary

100

2(87)

28 Accord Healthcare GmbH, Germany

NA

Subsidiary

100

2(87)

29 Accord Healthcare MENA JLT, UAE

NA

Subsidiary

100

2(87)

30 Accord Biopharma, INC (USA)

NA

Subsidiary

100

2(87)

31 Accord Healthcare HK Limited (Hong Kong)

NA

Subsidiary

100

2(87)

32 Accord Healthcare S.R.O (Czech Republic)

NA

Subsidiary

100

2(87)

33 Accord Healthcare Private Limited (Singapore)

NA

Subsidiary

100

2(87)

34 Accord Healthcare , Unipessoal LDA (Portugal) NA Subsidiary 100 2(87)

35 Alvi Intas Medical Devices Private Ltd NA Associate 100 2(6)

Category of Shareholders No. of Shares held at the beginning of the year [As on 31-March-2014]





A. Promoter s

(1) Indian

a) Individual/ HUF

42868931

-

42868931

37.46

42868931

-

42868931

37.46 -

b) Central Govt

-

-

-

-

-

-

-

- -

c) State Govt(s)

-

-

-

-

-

-

-

- -

d) Bodies Corp.

53047798

-

53047798

46.36

53047798

-

53047798

46.36 -

e) Banks / FI

-

-

-

-

-

-

-

- -

f) Any other

-

-

-

-

-

-

-

- -

Total shareholding of Promoter (A)

95916729

-

95916729

83.82

95916729

-

95916729

83.82 -

B. Public Shareholding

1. Institutions

-

-

-

-

-

-

-

- -

a) Mutual Funds

-

-

-

-

-

-

-

- -

b) Banks / FI

-

-

-

-

-

-

-

- -

c) Central Govt

-

-

-

-

-

-

-

- -

d) State Govt(s)

-

-

-

-

-

-

-

- -

e) Venture Capital Funds

-

-

-

-

-

-

-

- -

f) Insurance Companies

-

-

-

-

-

-

-

- -

g) FIIs -

-

-

-

-

-

-

- -

h) Foreign Venture Capital Funds

-

-

-

-

-

-

-

- -

i) Others (specify)

-

-

-

-

-

-

-

- -

Sub-total (B)(1):- - - - - - - - - -

2. Non-Institutions a) Bodies Corp.

-

-

-

-

-

-

-

- -

i) Indian -

-

-

-

-

-

-

- -

ii) Overseas

-

-

-

-

-

-

-

- -

b) Individuals

-

-

-

-

-

-

-

- -

i) Individual shareholders holding nominal share capital upto Rs. 1 lakh

-

-

-

-

-

-

-

- -

ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

-

-

-

-

-

-

-

- -

Category of Shareholders

No. of Shares held at the beginning of the year

[As on 31-March-2014]



Demat

Physical

Total

% of Total Shares

Demat

Physical

Total

% of Total Shares

Non Resident Indians

-

-

-

-

-

-

-

- -

Overseas Corporate Bodies

18519547

-

18519547

16.18

18519547

-

18519547

16.18 -

Foreign Nationals

-

-

-

-

-

-

-

- -

Clearing Members

-

-

-

-

-

-

-

- -

Trusts -

-

-

-

-

-

-

- -

Foreign Bodies

-

-

-

-

-

-

-

- -

Sub-total (B)(2):-

18519547

-

18519547

16.18

18519547

-

18519547

16.18 -

Total Public Shareholding (B)=(B)(1)+ (B)(2)

114436276 - 114436276 100 114436276 - 114436276 100 -

C. Shares held by Custodian for GDRs & ADRs

- - - - - - - - -

Grand Total (A+B+C) 114436276 - 114436276 100 114436276 - 114436276 100 -

1716


B) Shareholding of Promoter

C) Change in Promoters’ Shareholding (please specify, if there is no change)

There is no change in promoters shareholding

D) Shareholding Pattern of top ten Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs):

E) Shareholding of Directors and Key Managerial Personnel

Sr. No

Shareholder’s Name Shareholding at the beginning of the year

Shareholding at the end of the year % change in shareholding during the year

No. of Shares

% of total Shares of the company

%of

Shares

Pledged

/encum

bered

to total

shares

No. of Shares


%of Shares Pledged / encumbered to total shares

1 Hasmukh K Chudgar 3597487 3.14 - 3597487 3.14 - -

2 Kusumben H Chudgar

2367503 2.07 - 2367503 2.07 - -

3 Binish H Chudgar 6209147 5.43 - 6209147 5.43 - -

4 Bindiben B Chudgar

6906389

6.04

-

6906389

6.04

-

-

5 Nimish H Chudgar

6438707

5.63

-

6438707

5.63

-

-

6 Binaben N Chudgar

5444829

4.76

-

5444829

4.76

-

-

7 Urmish H Chudgar

113533

0.10

-

113533

0.10

-

-

8 Parulben U Chudgar

6994369

6.11

-

6994369

6.11

-

-

9 Shail U Chudgar

4796967

4.19

-

4796967

4.19

-

-

10 Intas Enterprise Pvt. Ltd.

4106667

3.59

-

4106667

3.59

-

-

11 Equatorial Pvt. Ltd.

47432000

41.45

-

47432000

41.45

-

-

12 Cytas Research Limited

1509131 1.32 - 1509131 1.32 - -

Name of the shareholder

Shareholding at the beginning

of the year

% of totalshares of the

company

Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus/ sweat equity etc.):

Cumulative Shareholding during the

Year

% of total

shares of the

company

At the end of the year

% of totalshares of thecompany

Mozart Ltd

11621100

10.16

13th

November 2014

11621100

10.16

-

-

Dunearn Investments (Mauritius) Pte. Ltd

-

-

11621100

10.16

11621100

10.16

CARAVAGGIO 6898447 6.03 - 6898447 6.03 6898447 6.03



of the year


company



Year


company



company

Hasmukh Chudgar

3597487 3.14 - 3597487 3.14 3597487

3.14

Binish Chudgar 6209147 5.43 - 6209147 5.43 6209147

5.43

Nimish Chudgar

6438707

5.63

-

6438707

5.63 6438707

5.63

Urmish Chudgar

Kusum Chudgar

113533

2367503

0.10

2.07

-

-

113533

2367503

0.10

2.07

113533

2367503

0.10

2.07

Sanjiv Kaul

-

-

-

-

-

-

-

R Venkatesh

-

-

-

-

-

-

-

SK Tuteja

-

-

-

-

-

-

-

TP Ostwal

-

-

-

-

-

-

-

John Goddard

-

-

-

-

-

-

-

Nitin Potdar

-

-

-

-

-

-

-

Hemant Sheth

-

-

-

-

-

-

-

Jayesh shah - - - - - - -

Manoj Nair - - - - - - -

F) INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment.

Secured Loans excluding deposits

Unsecured Loans

Deposits

Total Indebtedness

Indebtedness at the beginning of the financial year

i) Principal Amount

36083.84

27821.51

-

63905.35

ii) Interest due but not paid

-

-

-

-

iii) Interest accrued but not due

404.84

50.89

-

455.73

Total (i+ii+iii) 36488.68 27872.4 - 64361.08

Change in Indebtedness during the financial year

* Addition 3756.66 - - 3756.66

* Reduction - (20044.46) - (20044.46)

Net Change

3756.66

(20044.46)

-

(16287.8)

Indebtedness at the end of the financial year

i) Principal Amount

39956.53

7786.88

-

47743.41


-

-

-

-


288.81

41.06

-

329.87

Total (i+ii+iii) 40245.34 7827.94 - 48073.28

1918


B) Shareholding of Promoter

C) Change in Promoters’ Shareholding (please specify, if there is no change)

There is no change in promoters shareholding

D) Shareholding Pattern of top ten Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs):

E) Shareholding of Directors and Key Managerial Personnel

Sr. No

Shareholder’s Name Shareholding at the beginning of the year

Shareholding at the end of the year % change in shareholding during the year

No. of Shares


%of

Shares

Pledged

/encum

bered

to total

shares

No. of Shares


%of Shares Pledged / encumbered to total shares

1 Hasmukh K Chudgar 3597487 3.14 - 3597487 3.14 - -

2 Kusumben H Chudgar

2367503 2.07 - 2367503 2.07 - -

3 Binish H Chudgar 6209147 5.43 - 6209147 5.43 - -

4 Bindiben B Chudgar

6906389

6.04

-

6906389

6.04

-

-

5 Nimish H Chudgar

6438707

5.63

-

6438707

5.63

-

-

6 Binaben N Chudgar

5444829

4.76

-

5444829

4.76

-

-

7 Urmish H Chudgar

113533

0.10

-

113533

0.10

-

-

8 Parulben U Chudgar

6994369

6.11

-

6994369

6.11

-

-

9 Shail U Chudgar

4796967

4.19

-

4796967

4.19

-

-

10 Intas Enterprise Pvt. Ltd.

4106667

3.59

-

4106667

3.59

-

-

11 Equatorial Pvt. Ltd.

47432000

41.45

-

47432000

41.45

-

-

12 Cytas Research Limited

1509131 1.32 - 1509131 1.32 - -



of the year


company



Year

% of total

shares of the

company


% of totalshares of thecompany

Mozart Ltd

11621100

10.16

13th

November 2014

11621100

10.16

-

-

Dunearn Investments (Mauritius) Pte. Ltd

-

-

11621100

10.16

11621100

10.16

CARAVAGGIO 6898447 6.03 - 6898447 6.03 6898447 6.03



of the year


company



Year


company



company

Hasmukh Chudgar

3597487 3.14 - 3597487 3.14 3597487

3.14

Binish Chudgar 6209147 5.43 - 6209147 5.43 6209147

5.43

Nimish Chudgar

6438707

5.63

-

6438707

5.63 6438707

5.63

Urmish Chudgar

Kusum Chudgar

113533

2367503

0.10

2.07

-

-

113533

2367503

0.10

2.07

113533

2367503

0.10

2.07

Sanjiv Kaul

-

-

-

-

-

-

-

R Venkatesh

-

-

-

-

-

-

-

SK Tuteja

-

-

-

-

-

-

-

TP Ostwal

-

-

-

-

-

-

-

John Goddard

-

-

-

-

-

-

-

Nitin Potdar

-

-

-

-

-

-

-

Hemant Sheth

-

-

-

-

-

-

-

Jayesh shah - - - - - - -

Manoj Nair - - - - - - -

F) INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment.

Secured Loans excluding deposits

Unsecured Loans

Deposits

Total Indebtedness

Indebtedness at the beginning of the financial year

i) Principal Amount

36083.84

27821.51

-

63905.35


-

-

-

-


404.84

50.89

-

455.73

Total (i+ii+iii) 36488.68 27872.4 - 64361.08

Change in Indebtedness during the financial year

* Addition 3756.66 - - 3756.66

* Reduction - (20044.46) - (20044.46)

Net Change

3756.66

(20044.46)

-

(16287.8)

Indebtedness at the end of the financial year

i) Principal Amount

39956.53

7786.88

-

47743.41


-

-

-

-


288.81

41.06

-

329.87

Total (i+ii+iii) 40245.34 7827.94 - 48073.28

1918


V. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

Type Section of the Companies Act

Brief

Description

Details of Penalty / Punishment/ Compounding fees imposed

Authority

[RD / NCLT/ COURT]

Appeal made,if any (give Details)

A. COMPANY

Penalty

Nil

Nil

Nil

Nil

Nil

Punishment Nil Nil Nil Nil Nil

Compounding Nil Nil Nil Nil Nil

B. DIRECTORS

Penalty Nil Nil Nil Nil Nil Punishment Nil Nil Nil Nil Nil Compounding

Nil

Nil

Nil

Nil

Nil

C. OTHER OFFICERS IN DEFAULT

Penalty

Nil

Nil

Nil

Nil

Nil Punishment

Nil

Nil

Nil

Nil

Nil Compounding Nil Nil Nil Nil Nil

Form No. MR-3

SECRETARIAL AUDIT REPORTFOR THE FINANCIAL YEAR ENDED March 31, 2015

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies(Appointment and Remuneration Personnel) Rules, 2014]

To,

The Members,

INTAS PHARMACEUTICALS LIMITEDND 2 Floor, Chinubhai Centre,

Ashram Road, Ahmedabad – 380 009.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence

to good corporate practices by Intas Pharmaceuticals Limited (hereinafter called the company). Secretarial Audit

was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory

compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other

records maintained by the company and also the information provided by the Company, its officers, agents and

authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the

company has, during the audit period covering the financial year ended on March 31, 2015 complied with the

statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-

mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the

Company for the financial year ended on March 31, 2015according to the provisions of:

1) The Companies Act, 2013 (the Act) and the Rules made thereunder;

2) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the Rules made there under;

3) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

4) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of

Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

5) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India

Act, 1992 ('SEBI Act'):

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations, 2011; (Not applicable as the Company's Equity Shares are not listed.)

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; (Not

applicable as the Company's Equity Shares are not listed.)

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations, 2009;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock

Purchase Scheme) Guidelines, 1999 / The Securities and Exchange Board of India (Share Based thEmployees Benefits), Regulations, 2014 (Effective from 28 October, 2014); (Not applicable as the

Company's Equity Shares are not listed.)

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations ,2008;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and (Not


(h) The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2008 (Not applicable

as the Company's Equity Shares are not listed.)

2120


V. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

Type Section of the Companies Act

Brief

Description

Details of Penalty / Punishment/ Compounding fees imposed

Authority

[RD / NCLT/ COURT]

Appeal made,if any (give Details)

A. COMPANY

Penalty

Nil

Nil

Nil

Nil

Nil

Punishment Nil Nil Nil Nil Nil

Compounding Nil Nil Nil Nil Nil

B. DIRECTORS

Penalty Nil Nil Nil Nil Nil Punishment Nil Nil Nil Nil Nil Compounding

Nil

Nil

Nil

Nil

Nil

C. OTHER OFFICERS IN DEFAULT

Penalty

Nil

Nil

Nil

Nil

Nil Punishment

Nil

Nil

Nil

Nil

Nil Compounding Nil Nil Nil Nil Nil

Form No. MR-3

SECRETARIAL AUDIT REPORTFOR THE FINANCIAL YEAR ENDED March 31, 2015

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies(Appointment and Remuneration Personnel) Rules, 2014]

To,

The Members,

INTAS PHARMACEUTICALS LIMITEDND 2 Floor, Chinubhai Centre,

Ashram Road, Ahmedabad – 380 009.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence

to good corporate practices by Intas Pharmaceuticals Limited (hereinafter called the company). Secretarial Audit

was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory

compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other

records maintained by the company and also the information provided by the Company, its officers, agents and

authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the

company has, during the audit period covering the financial year ended on March 31, 2015 complied with the

statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-

mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the

Company for the financial year ended on March 31, 2015according to the provisions of:

1) The Companies Act, 2013 (the Act) and the Rules made thereunder;

2) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the Rules made there under;

3) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

4) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of

Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

5) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India

Act, 1992 ('SEBI Act'):

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations, 2011; (Not applicable as the Company's Equity Shares are not listed.)

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; (Not


(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations, 2009;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock

Purchase Scheme) Guidelines, 1999 / The Securities and Exchange Board of India (Share Based thEmployees Benefits), Regulations, 2014 (Effective from 28 October, 2014); (Not applicable as the

Company's Equity Shares are not listed.)

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations ,2008;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and (Not


(h) The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2008 (Not applicable

as the Company's Equity Shares are not listed.)

2120


(i) We have relied on the representation made by the Company and its Officers for systems and

mechanism formed by the Company for compliances under other applicable Acts, Laws and

Regulations to the Company. The list of major head/groups of Acts, Laws and Regulations as

applicable to the Company is given in Annexure - I.

We have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards issued by The Institute of Company Secretaries of India.( not applicable as not

notified during the year under review )

ii. The Debt Listing Agreement entered into by the Company with BSE Limited.

During the period under review the Company has complied with the provisions of the Act, Rules,

Regulations, Guidelines, Standards, etc mentioned above subject to the following observation:

1. The Company has complied with the provisions of section 135 of the Companies Act, 2013 pertaining to

the Corporate Social Responsibility except section 135 (5), where substantial amount has remained

unspent towards CSR activities during the year under report.

We further report that -

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-

Executive Directors and Independent Directors. The changes in the composition of Board took place during the

year under review were carried out in compliance of the provisions of Act.

Adequate notice is given to all directors at least seven days in advance to schedule the Board Meetings and

agenda and detailed notes on agenda were sent within adequate time and a system exists for seeking and

obtaining further information and clarifications on the agenda items before the meeting and for meaningful

participation at the meeting.

Decisions at the meetings of Board of Directors / Committees of the Company were carried through on the basis of

majority. There were no dissenting views by any member of Board / Committee in the meetings held during the

year under review.

We further report that there are adequate systems and processes in the company commensurate with the size

and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and

guidelines.

We further report that Company has obtained necessary approval of members to mortgage its properties and to

borrow money in excess of paid up share capital and free Reserve of the company i.e. up to Rs. 2,000 Crore in

compliance of the provisions of section 180 (1) (a) and 180(1) (c) of the Companies Act, 2013 respectively during

the audit period under review.

We further report that there were no other instances of:

a) Public/Right issue/ preferential allotment of shares/ debentures/sweat equity, etc.

b) Redemption / buy-back of securities

c) Merger / amalgamation / reconstruction, etc.

d) Foreign technical collaborations

For Parikh Dave & AssociatesCompany Secretaries

sd/-Umesh G. Parikh

PartnerFCS No. 4152 C P No.: 2413

Place : Ahmedabad thDate : 4 July, 2015

ANNEXURE IList of applicable laws to the Company:

Drugs and Pharmaceutical Laws:

1. Drugs and Cosmetics Act, 1940

2. Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954

3. Narcotic Drugs and Psychotropic Substances Act, 1985

4. Medicinal and Toilet Preparations (Excise Duties) Act, 1956

5. Drugs (Prices Control) Order 1995 (under the Essential Commodities Act)

Copyright Laws:

1. Trade Marks Act 1999 & Copyright Act, 1957

Pollution Control Laws:

1. Acts prescribed under prevention and control of pollution;

2. Acts prescribed under Environmental protection;

Personnel Laws:

1. Employees Provident Fund & Miscellaneous Provisions Act, 1952

2. Shops and Establishment Act

3. Employees State Insurance Act, 1948

4. Payment of Bonus Act, 1965

5. Payment of Gratuity Act, 1972

6. Payment of Wages Act, 1936

7. Minimum Wages Act, 1948

8. Workmen’s Compensation Act, 1923

9. Factories Act,1948;

10. Industries (Development & Regulation) Act,1951;

Taxation Laws:

1. Income Tax Act, 1961

2. Wealth Tax Act, 1957

3. Central Sales Tax Act, 1956

4. Finance Act, 1994

5. Customs Act, 1962

6. Foreign Trade Policy

Other Laws:

1. Land Revenue laws of respective States;

2. Acts as prescribed under Shop and Establishment Act of various local authorities.

2322


(i) We have relied on the representation made by the Company and its Officers for systems and

mechanism formed by the Company for compliances under other applicable Acts, Laws and

Regulations to the Company. The list of major head/groups of Acts, Laws and Regulations as

applicable to the Company is given in Annexure - I.

We have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards issued by The Institute of Company Secretaries of India.( not applicable as not

notified during the year under review )

ii. The Debt Listing Agreement entered into by the Company with BSE Limited.

During the period under review the Company has complied with the provisions of the Act, Rules,

Regulations, Guidelines, Standards, etc mentioned above subject to the following observation:

1. The Company has complied with the provisions of section 135 of the Companies Act, 2013 pertaining to

the Corporate Social Responsibility except section 135 (5), where substantial amount has remained

unspent towards CSR activities during the year under report.

We further report that -

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-

Executive Directors and Independent Directors. The changes in the composition of Board took place during the

year under review were carried out in compliance of the provisions of Act.

Adequate notice is given to all directors at least seven days in advance to schedule the Board Meetings and

agenda and detailed notes on agenda were sent within adequate time and a system exists for seeking and

obtaining further information and clarifications on the agenda items before the meeting and for meaningful

participation at the meeting.

Decisions at the meetings of Board of Directors / Committees of the Company were carried through on the basis of

majority. There were no dissenting views by any member of Board / Committee in the meetings held during the

year under review.

We further report that there are adequate systems and processes in the company commensurate with the size

and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and

guidelines.

We further report that Company has obtained necessary approval of members to mortgage its properties and to

borrow money in excess of paid up share capital and free Reserve of the company i.e. up to Rs. 2,000 Crore in

compliance of the provisions of section 180 (1) (a) and 180(1) (c) of the Companies Act, 2013 respectively during

the audit period under review.

We further report that there were no other instances of:

a) Public/Right issue/ preferential allotment of shares/ debentures/sweat equity, etc.

b) Redemption / buy-back of securities

c) Merger / amalgamation / reconstruction, etc.

d) Foreign technical collaborations

For Parikh Dave & AssociatesCompany Secretaries

sd/-Umesh G. Parikh

PartnerFCS No. 4152 C P No.: 2413

Place : Ahmedabad thDate : 4 July, 2015

ANNEXURE IList of applicable laws to the Company:

Drugs and Pharmaceutical Laws:

1. Drugs and Cosmetics Act, 1940

2. Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954

3. Narcotic Drugs and Psychotropic Substances Act, 1985

4. Medicinal and Toilet Preparations (Excise Duties) Act, 1956

5. Drugs (Prices Control) Order 1995 (under the Essential Commodities Act)

Copyright Laws:

1. Trade Marks Act 1999 & Copyright Act, 1957

Pollution Control Laws:

1. Acts prescribed under prevention and control of pollution;

2. Acts prescribed under Environmental protection;

Personnel Laws:

1. Employees Provident Fund & Miscellaneous Provisions Act, 1952

2. Shops and Establishment Act

3. Employees State Insurance Act, 1948

4. Payment of Bonus Act, 1965

5. Payment of Gratuity Act, 1972

6. Payment of Wages Act, 1936

7. Minimum Wages Act, 1948

8. Workmen’s Compensation Act, 1923

9. Factories Act,1948;

10. Industries (Development & Regulation) Act,1951;

Taxation Laws:

1. Income Tax Act, 1961

2. Wealth Tax Act, 1957

3. Central Sales Tax Act, 1956

4. Finance Act, 1994

5. Customs Act, 1962

6. Foreign Trade Policy

Other Laws:

1. Land Revenue laws of respective States;

2. Acts as prescribed under Shop and Establishment Act of various local authorities.

2322


STANDALONE FINANCIAL STATEMENTS

24

Report on the StandaloneFinancial Statements

We have audited the accompanying standalone financial statements of INTAS PHARMACEUTICALS LIMITED

(“the Company”), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the

Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other

explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,

2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair

view of the financial position, financial performance and cash flows of the Company in accordance with the

accounting principles generally accepted in India, including the Accounting Standards specified under Section

133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes

maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the

assets of the Company and for preventing and detecting frauds and other irregularities; selection and application

of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,

implementation and maintenance of adequate internal financial controls, that were operating effectively for

ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation

of the financial statements that give a true and fair view and are free from material misstatement, whether due to

fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have

taken into account the provisions of the Act, the accounting and auditing standards and matters which are

required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the

Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the

financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal financial control relevant to the Company's preparation of the

financial statements that give a true and fair view in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an

adequate internal financial controls system over financial reporting and the operating effectiveness of such

controls. An audit also includes evaluating the appropriateness of the accounting policies used and the

reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid

standalone financial statements give the information required by the Act in the manner so required and give a true

and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the

Company as at March 31, 2015, and its loss and its cash flows for the year ended on that date.

AUDITORS’ REPORT

25


STANDALONE FINANCIAL STATEMENTS

24

Report on the StandaloneFinancial Statements

We have audited the accompanying standalone financial statements of INTAS PHARMACEUTICALS LIMITED

(“the Company”), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the

Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other

explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,

2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair

view of the financial position, financial performance and cash flows of the Company in accordance with the

accounting principles generally accepted in India, including the Accounting Standards specified under Section

133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes

maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the

assets of the Company and for preventing and detecting frauds and other irregularities; selection and application

of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,

implementation and maintenance of adequate internal financial controls, that were operating effectively for

ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation

of the financial statements that give a true and fair view and are free from material misstatement, whether due to

fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have

taken into account the provisions of the Act, the accounting and auditing standards and matters which are

required to be included in the audit report under the provisions of the Act and the Rules made thereunder.



reasonable assurance about whether the financial statements are free from material misstatement.


financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal financial control relevant to the Company's preparation of the

financial statements that give a true and fair view in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an

adequate internal financial controls system over financial reporting and the operating effectiveness of such

controls. An audit also includes evaluating the appropriateness of the accounting policies used and the

reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid

standalone financial statements give the information required by the Act in the manner so required and give a true

and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the

Company as at March 31, 2015, and its loss and its cash flows for the year ended on that date.

AUDITORS’ REPORT

25


Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 (“CARO 2015”) issued by the Central

Government of India in terms of section 143(11) of the Act, we give in the annexure a statement on the

matters specified in Paragraphs 3 and 4 of the order.

2. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge

and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it

appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this

Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March 31, 2015 taken on

record by the Board of Directors, none of the directors is disqualified as on March 31, 2015

from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and

according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its

financial statements – Refer Note 27 to the financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standard,

for material foreseeable losses, if any, on long-term contracts including derivative contacts –

Refer Note 30 to the financial statements.

iii. There are no amounts which are required to be transferred to the Investor Education and

Protection Fund by the Company.

26 27

For Apaji Amin & Co. LLP

Chartered Accountants

ICAI FRN No.: 100513W/W100062

Tehmul B. Sethna

Partner

Membership No. : 35476Place : AhmedabadDate : July 9, 2015

Annexure referred to in Paragraph 1 under the heading of “Report on

Other Legal and Regulatory Requirements” of our report of even date

We report that:

1. In respect of its fixed assets:

(i) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets on the basis of available information.

(ii) As explained to us, all the fixed assets have been physically verified by the management in a phased

periodical manner set out by the Company, which in our opinion is reasonable, having regard to the

size of the Company and nature of its assets. According to the information and explanations given to

us, no material discrepancies were noticed on such physical verification.

2. In respect of Inventories:

(i) Inventories, except goods-in-transit, have been physically verified by the management at regular

intervals during the year. In our opinion, the frequency of such verification is reasonable. In respect of

inventory lying with third parties, these have substantially been confirmed by them.

(ii) In our opinion and according to the information and explanations given to us, the procedures of

physical verification of inventories followed by the management are reasonable and adequate in

relation to the size of the Company and nature of the business.

(iii) The Company has maintained proper records of inventories. As explained to us, no material

discrepancies were noticed on physical verification of inventories.

3. In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties

covered in the register maintained under Section 189 of the Companies Act, 2013:

(i) According to the information and explanations given to us, the Company has granted loans to

subsidiaries covered in the register maintained under section 189 of the Companies Act, 2013. The

maximum amount involved during the year was Rs. 26,817 lacs (March 31, 2014: Rs. 33,441 lacs) and

the year-end balance of the loans granted to such parties was Rs. 26,382 lacs (March 31, 2014: Rs.

19,110 lacs).

(ii) Based on the information and explanations given to us, the loans given are repayable on demand,

while the interest is payable annually, both at the discretion of the Company. As informed, the

Company has not demanded repayment of any such loans during the year. Thus, there has been no

default on part of such parties and on the part of the Company.



1. As required by the Companies (Auditor's Report) Order, 2015 (“CARO 2015”) issued by the Central

Government of India in terms of section 143(11) of the Act, we give in the annexure a statement on the

matters specified in Paragraphs 3 and 4 of the order.

2. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge

and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it

appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this

Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March 31, 2015 taken on

record by the Board of Directors, none of the directors is disqualified as on March 31, 2015

from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and

according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its

financial statements – Refer Note 27 to the financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standard,

for material foreseeable losses, if any, on long-term contracts including derivative contacts –

Refer Note 30 to the financial statements.

iii. There are no amounts which are required to be transferred to the Investor Education and

Protection Fund by the Company.

26 27



ICAI FRN No.: 100513W/W100062

Tehmul B. Sethna

Partner


Annexure referred to in Paragraph 1 under the heading of “Report on

Other Legal and Regulatory Requirements” of our report of even date

We report that:

1. In respect of its fixed assets:

(i) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets on the basis of available information.

(ii) As explained to us, all the fixed assets have been physically verified by the management in a phased

periodical manner set out by the Company, which in our opinion is reasonable, having regard to the

size of the Company and nature of its assets. According to the information and explanations given to

us, no material discrepancies were noticed on such physical verification.


(i) Inventories, except goods-in-transit, have been physically verified by the management at regular

intervals during the year. In our opinion, the frequency of such verification is reasonable. In respect of

inventory lying with third parties, these have substantially been confirmed by them.

(ii) In our opinion and according to the information and explanations given to us, the procedures of

physical verification of inventories followed by the management are reasonable and adequate in

relation to the size of the Company and nature of the business.

(iii) The Company has maintained proper records of inventories. As explained to us, no material

discrepancies were noticed on physical verification of inventories.

3. In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties

covered in the register maintained under Section 189 of the Companies Act, 2013:

(i) According to the information and explanations given to us, the Company has granted loans to

subsidiaries covered in the register maintained under section 189 of the Companies Act, 2013. The

maximum amount involved during the year was Rs. 26,817 lacs (March 31, 2014: Rs. 33,441 lacs) and

the year-end balance of the loans granted to such parties was Rs. 26,382 lacs (March 31, 2014: Rs.

19,110 lacs).

(ii) Based on the information and explanations given to us, the loans given are repayable on demand,

while the interest is payable annually, both at the discretion of the Company. As informed, the

Company has not demanded repayment of any such loans during the year. Thus, there has been no

default on part of such parties and on the part of the Company.


28 29



ICAI FRN No.: 100513W/W100062

Tehmul B. Sethna

Partner


(iii) In respect of the said loans and interest thereon, there are no overdue amounts in excess of Rs. 1 lakh in

respect of loans granted to companies covered in the register maintained under section 189 of the

Companies Act 2013.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal

control system commensurate with the size of the Company and the nature of its business for the purchase

of inventories, fixed assets and for the sales of goods and services. During the course of our audit, we have

not observed any continuing failure to correct major weaknesses in internal control system of the Company

in respect of these areas.

5. According to the information and explanations given to us, the Company has not accepted any deposit from

the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015 are not applicable to the

Company.

6. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost

Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1) of the

Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and cost records

have been maintained by the Company. We have, however, not carried on a detailed examination of the

Cost Records with a view to determine whether they are accurate or complete.

7. According to the information and explanation given to us, in respect of statutory dues:

(i) The Company is regular in depositing with appropriate authorities undisputed statutory dues

including Provident Fund, Employees' State Insurance, Service Tax, Income Tax, Sales Tax, Value

Added tax, Custom Duty, Cess and other material statutory dues applicable to it. According to the

information and explanations given to us, no undisputed amounts payable in respect of the aforesaid

dues were outstanding as at March 31, 2015 for a period of more than six months from the date they

become payable.

(ii) According to the information and explanation given to us, there are no dues outstanding for Excise

Duty, Income Tax, Sales Tax, Cess and other statutory dues except mentioned below:

(iii) According to the records of the Company, there are no amounts which are required to be transferred to

the Investor Education and Protection Fund by the Company.

8. The Company does not accumulated losses at the end of the financial year. The Company has also not

incurred cash losses during the financial year covered by the audit and in the immediately preceding

financial year.

9. Based on our audit procedures and according to the information and explanations given to us, the Company

has not defaulted in repayment of dues to banks or debenture holders during the year and did not have any

amount outstanding to financial institutions.

10. The Company has given guarantees for loans taken by the subsidiary companies from banks. According to

the information and explanation given to us, we are of the opinion that the terms and conditions thereof are

not prima facie prejudicial to the interest of the Company.

11. In our opinion and according to the information and explanation given to us on an overall basis, Term Loans

obtained by the Company were applied for the purpose for which the loans were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the

financial statements and as per the information and explanations given by the management, which have

been relied upon by us, we report that no fraud on or by the Company has been noticed or reported during

the course of our audit.

Name of the Statute Nature of Dues Years to which Forum where Amt.

matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE 1,335.57

Excise Act, 1944 1997-98 to 2014-15 Commissioner (A)

CESTAT 1,479.47

Government of India 180.75

High Court /

Supreme Court 173.17

Income Tax Act 1961 Income Tax 2005-06 to 2013-14 Commissioner 14,386.80

Sales Tax Act Sales Tax 2007-08 to 2009-10 Commissioner (A) 409.73


28 29



ICAI FRN No.: 100513W/W100062

Tehmul B. Sethna

Partner


(iii) In respect of the said loans and interest thereon, there are no overdue amounts in excess of Rs. 1 lakh in

respect of loans granted to companies covered in the register maintained under section 189 of the

Companies Act 2013.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal

control system commensurate with the size of the Company and the nature of its business for the purchase

of inventories, fixed assets and for the sales of goods and services. During the course of our audit, we have

not observed any continuing failure to correct major weaknesses in internal control system of the Company

in respect of these areas.

5. According to the information and explanations given to us, the Company has not accepted any deposit from

the public. Therefore, the provisions of Clause (v) of paragraph 3 of the CARO 2015 are not applicable to the

Company.

6. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost

Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1) of the

Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and cost records

have been maintained by the Company. We have, however, not carried on a detailed examination of the

Cost Records with a view to determine whether they are accurate or complete.


(i) The Company is regular in depositing with appropriate authorities undisputed statutory dues

including Provident Fund, Employees' State Insurance, Service Tax, Income Tax, Sales Tax, Value

Added tax, Custom Duty, Cess and other material statutory dues applicable to it. According to the

information and explanations given to us, no undisputed amounts payable in respect of the aforesaid

dues were outstanding as at March 31, 2015 for a period of more than six months from the date they

become payable.

(ii) According to the information and explanation given to us, there are no dues outstanding for Excise

Duty, Income Tax, Sales Tax, Cess and other statutory dues except mentioned below:

(iii) According to the records of the Company, there are no amounts which are required to be transferred to

the Investor Education and Protection Fund by the Company.

8. The Company does not accumulated losses at the end of the financial year. The Company has also not

incurred cash losses during the financial year covered by the audit and in the immediately preceding

financial year.

9. Based on our audit procedures and according to the information and explanations given to us, the Company

has not defaulted in repayment of dues to banks or debenture holders during the year and did not have any

amount outstanding to financial institutions.

10. The Company has given guarantees for loans taken by the subsidiary companies from banks. According to

the information and explanation given to us, we are of the opinion that the terms and conditions thereof are

not prima facie prejudicial to the interest of the Company.

11. In our opinion and according to the information and explanation given to us on an overall basis, Term Loans

obtained by the Company were applied for the purpose for which the loans were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the

financial statements and as per the information and explanations given by the management, which have

been relied upon by us, we report that no fraud on or by the Company has been noticed or reported during

the course of our audit.

Name of the Statute Nature of Dues Years to which Forum where Amt.

matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE 1,335.57

Excise Act, 1944 1997-98 to 2014-15 Commissioner (A)

CESTAT 1,479.47

Government of India 180.75

High Court /

Supreme Court 173.17




Notes March 31, 2015 March 31, 2014EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 3 11,443.63 11,443.63 (b) Reserves and Surplus 4 3,27,036.95 2,68,901.49

3,38,480.58 2,80,345.12 Non-current Liabilities

(a) Long Term Borrowings 5 10,523.00 10,168.75(b) Deferred Tax Liabilities (net) 6 7,666.52 7,304.97 (c) Other long-term Liabilities 7 2,072.05 1,984.53 (d) Long-term Provisions 8 5,315.89 4,103.86

25,577.46 23,562.11 Current Liabilities

(a) Short Term Borrowings 9 34,884.37 46,314.82(b) Trade Payables 10 92,793.96 60,716.07 (c) Other Current Liabilities 10 3,413.59 7,684.76 (d) Short-Term Provisions 8 4,131.99 3,347.12

1,35,223.91 1,18,062.77

TOTAL LIABILITIES 4,99,281.95 4,21,970.00

ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 11 85,214.86 79,085.66 (ii) Intangible assets 12 17,054.32 15,414.45 (iii) Capital work-in-progress 11 10,769.81 4,564.98 (iv) Intangible Assets under Development 12 29,597.06 28,205.99

(b) Non-current Investments 13 54,820.45 56,771.56(c) Long Term Loans and Advances 14 35,480.03 24,932.93 (d) Other Non-Current Assets 15 47.03 63.08

2,32,983.56 2,09,038.65

Current Assets

(a) Inventories 16 74,898.63 62,708.65 (b) Trade Receivables 17 1,66,283.10 1,28,961.68 (c) Cash and Bank Balances 18 2,257.90 2,874.00 (d) Short Term Loans and Advances 14 22,858.76 18,387.02

2,66,298.39 2,12,931.35

TOTAL ASSETS 4,99,281.95 4,21,970.00

Summary of Significant Accounting Policies 2Notes are an integral part of Financial Statements

Balance Sheet as at March 31, 2015(All the amount rupees in Lacs unless otherwise mentioned)

30

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO LLP Intas Pharmaceuticals LimitedChartered AccountantsICAI FRN No. : 100513W/W100062 Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Jayesh Shah Manoj NairDate : Chief Finance Officer Company SecretaryJuly 9, 2015

Notes March 31, 2015 March 31, 2014Revenue :

Revenue from Operation (Gross) 19 4,56,025.33 4,11,015.21 Less: Duties and Taxes (1,766.41) (1,435.32)

Revenue from Operation (Net) 4,54,258.92 4,09,579.89 Other income 20 7,337.88 5,897.25

Total Revenue 4,61,596.80 4,15,477.14

Expenses :

Cost of Material Consumed 21 1,25,988.76 1,02,482.14Purchase of stock-in-trade 22 89,978.46 94,667.29

Changes in Finished,Traded and Work-In-Progress Inventories 23 (1,178.12) 1,360.46

Employee Benefits Expenses 24 42,102.77 34,218.21Finance Cost 25 2,048.42 3,400.19 Depreciation and Amortization Expenses 12,969.20 9,730.75 Other Expenses 26 1,13,502.55 97,208.76

Total Expenses 3,85,412.04 3,43,067.80

Profit Before Tax 76,184.76 72,409.34

Tax Expenses :

- Current Tax 12,919.42 10,702.81 - Deferred Tax 361.56 981.30

Net Profit for the Year 62,903.78 60,725.23

Earning per Share Basic and Diluted (in Rs.) 28 54.97 53.06 [Nominal value of equity per Share of Rs. 10]


Statement of Profit and Loss Account for the year ended March 31, 2015(All the amount rupees in Lacs unless otherwise mentioned)

31







Notes March 31, 2015 March 31, 2014EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 3 11,443.63 11,443.63 (b) Reserves and Surplus 4 3,27,036.95 2,68,901.49

3,38,480.58 2,80,345.12 Non-current Liabilities

(a) Long Term Borrowings 5 10,523.00 10,168.75(b) Deferred Tax Liabilities (net) 6 7,666.52 7,304.97 (c) Other long-term Liabilities 7 2,072.05 1,984.53 (d) Long-term Provisions 8 5,315.89 4,103.86

25,577.46 23,562.11 Current Liabilities

(a) Short Term Borrowings 9 34,884.37 46,314.82(b) Trade Payables 10 92,793.96 60,716.07 (c) Other Current Liabilities 10 3,413.59 7,684.76 (d) Short-Term Provisions 8 4,131.99 3,347.12

1,35,223.91 1,18,062.77

TOTAL LIABILITIES 4,99,281.95 4,21,970.00

ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 11 85,214.86 79,085.66 (ii) Intangible assets 12 17,054.32 15,414.45 (iii) Capital work-in-progress 11 10,769.81 4,564.98 (iv) Intangible Assets under Development 12 29,597.06 28,205.99

(b) Non-current Investments 13 54,820.45 56,771.56(c) Long Term Loans and Advances 14 35,480.03 24,932.93 (d) Other Non-Current Assets 15 47.03 63.08

2,32,983.56 2,09,038.65

Current Assets

(a) Inventories 16 74,898.63 62,708.65 (b) Trade Receivables 17 1,66,283.10 1,28,961.68 (c) Cash and Bank Balances 18 2,257.90 2,874.00 (d) Short Term Loans and Advances 14 22,858.76 18,387.02

2,66,298.39 2,12,931.35

TOTAL ASSETS 4,99,281.95 4,21,970.00


Balance Sheet as at March 31, 2015(All the amount rupees in Lacs unless otherwise mentioned)

30






Notes March 31, 2015 March 31, 2014Revenue :

Revenue from Operation (Gross) 19 4,56,025.33 4,11,015.21 Less: Duties and Taxes (1,766.41) (1,435.32)

Revenue from Operation (Net) 4,54,258.92 4,09,579.89 Other income 20 7,337.88 5,897.25

Total Revenue 4,61,596.80 4,15,477.14

Expenses :

Cost of Material Consumed 21 1,25,988.76 1,02,482.14Purchase of stock-in-trade 22 89,978.46 94,667.29

Changes in Finished,Traded and Work-In-Progress Inventories 23 (1,178.12) 1,360.46

Employee Benefits Expenses 24 42,102.77 34,218.21Finance Cost 25 2,048.42 3,400.19 Depreciation and Amortization Expenses 12,969.20 9,730.75 Other Expenses 26 1,13,502.55 97,208.76

Total Expenses 3,85,412.04 3,43,067.80

Profit Before Tax 76,184.76 72,409.34

Tax Expenses :

- Current Tax 12,919.42 10,702.81 - Deferred Tax 361.56 981.30


Earning per Share Basic and Diluted (in Rs.) 28 54.97 53.06 [Nominal value of equity per Share of Rs. 10]


Statement of Profit and Loss Account for the year ended March 31, 2015(All the amount rupees in Lacs unless otherwise mentioned)

31







A CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit Before Tax 76,184.76 72,409.34

Adjustments For :

Interest Income (2,819.83) (991.79)

Profit on Sale of Assets (724.92) (2,934.81)

Depreciation and Amortisation 12,969.20 9,730.75

Interest Expenses 1,603.35 2,802.11

Diminution in Investment 1,222.52 1,100.00

Product Development Exp Written-off - 4,113.59

Intangible assets / Investment Written-off - 3,783.47

IPO Expense Written off - 830.46

Operating Cash Flows before Working Capital Changes 88,435.08 90,843.12

Adjustments for changes in working capital :

Inventories (12,189.98) (1,098.12)

Trade Receivables (37,321.42) (30,208.53)

Short Term Loans and Advances (4,471.74) (308.45)

Long Term Loans and Advances (8,416.83) 9,783.07

Other Long Term Liabilities 87.52 6.58

Other Long Term Provision 1,212.03 544.57

Trade Payables 32,077.89 (12,399.02)

Other Current Liabilities (4,075.30) (5,519.01)

Cash Flows generated from Operations 55,337.25 51,644.21

Direct Taxes paid (15,030.83) (11,504.75)

Net Cash from Operating Activities 40,306.42 40,139.47

B CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (29,289.18) (23,237.27)

Sale Proceeds of Fixed Assets 1,043.60 3,740.52

Interest Received 2,835.88 993.58

(Increase) / Decrease in Investments 728.59 (4,863.57)

Net Cash Flows used in Investing Activities (24,681.10) (23,366.75)

Cash Flow Statements for the year ended on March 31, 2015(All the amount rupees in Lacs unless otherwise mentioned)

32

March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014


C CASH FLOWS FROM FINANCING ACTIVITIES

Share issue expenses (18.89) (295.41)

Proceeds from / Repayments of Short Term Borrowings 284.25 (1,499.54)

Proceeds from / Repayments of Long Term Borrowings (11,430.46) (9,081.84)

Interest paid (1,729.21) (2,778.06)

Dividend paid including Tax on Dividend (3,347.12) (2,677.69)

Net Cash Flows generated from / (used in) Financing Activities (16,241.43) (16,332.53)

Net (Decrease) / Increase in Cash or Cash Equivalents (A+B+C) (616.10) 440.19

Cash and Cash Equivalents at the Beginning of the Year 2,874.00 2,433.81

Cash and Cash Equivalents at the End of the year 2,257.90 2,874.00

Components of Cash and Cash Equivalents:

Cash on Hand 40.85 33.12

Balances with Banks 2,217.05 2,840.88

2,257.90 2,874.00

33







A CASH FLOWS FROM OPERATING ACTIVITIES


Adjustments For :


Profit on Sale of Assets (724.92) (2,934.81)



Diminution in Investment 1,222.52 1,100.00

Product Development Exp Written-off - 4,113.59

Intangible assets / Investment Written-off - 3,783.47

IPO Expense Written off - 830.46

Operating Cash Flows before Working Capital Changes 88,435.08 90,843.12

Adjustments for changes in working capital :

Inventories (12,189.98) (1,098.12)


Short Term Loans and Advances (4,471.74) (308.45)

Long Term Loans and Advances (8,416.83) 9,783.07


Other Long Term Provision 1,212.03 544.57

Trade Payables 32,077.89 (12,399.02)

Other Current Liabilities (4,075.30) (5,519.01)

Cash Flows generated from Operations 55,337.25 51,644.21


Net Cash from Operating Activities 40,306.42 40,139.47



Sale Proceeds of Fixed Assets 1,043.60 3,740.52

Interest Received 2,835.88 993.58

(Increase) / Decrease in Investments 728.59 (4,863.57)

Net Cash Flows used in Investing Activities (24,681.10) (23,366.75)


32

March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014



Share issue expenses (18.89) (295.41)

Proceeds from / Repayments of Short Term Borrowings 284.25 (1,499.54)

Proceeds from / Repayments of Long Term Borrowings (11,430.46) (9,081.84)

Interest paid (1,729.21) (2,778.06)

Dividend paid including Tax on Dividend (3,347.12) (2,677.69)

Net Cash Flows generated from / (used in) Financing Activities (16,241.43) (16,332.53)

Net (Decrease) / Increase in Cash or Cash Equivalents (A+B+C) (616.10) 440.19

Cash and Cash Equivalents at the Beginning of the Year 2,874.00 2,433.81




Balances with Banks 2,217.05 2,840.88

2,257.90 2,874.00

33







Notes to the Financial Statements as at March 31, 2015

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1 CORPORATE INFORMATION

Intas Pharmaceuticals Limited (the Company) incorporated in 1985, producing, developing and marketing a wide range of branded and generic formulations and active pharmaceutical ingredients (APIs). Company along with its subsidiaries has manufacturing locations spread across India, Europe and Mexico with trading and other incidental and related activities extending to the global markets.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements of the company have beeen prepared and presented under the historical cost convention on accrual basis of accounting, and in accordance with the accounting principals generally accepted in India (Indian GAAP). Indian GAAP comprises Accounting Standards specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014 and provisions of the Companies Act, 2013, pronouncements of Institute of Chartered Accountants of India. The Company has presented financial statements as per format prescribed by Schedule III, notified under the Companies Act, 2013. Except where otherwise stated, the accounting policies are consistently applied.

All the assets and liabilities have been classified as current or non current as per company's normal operation cycle and other crieteria set out in the Schedule III to the Companies Act, 2013.

Current assets/liabilities include the current portion of non current financial assets / liabilities respectively. All other assets / liabilities are classified as non current.

(b) Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires management to make assumptions, critical judgements and estimates, which it believes are reasonable under the circumstances, that affect the reported amounts of assets, liabilities and contingent liabilities on the date of financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known or materialize.

(c) Tangible Fixed Assets and depreciation

"Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation. The cost of fixed asset comprises of its purchase price, non-refundable taxes & levies, freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost attributable to acquisition or construction of qualifying fixed assets is capitalized to respective assets when the time taken to put the assets to use is substantial. Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are changed to the Statement of Profit and Loss for the period during which such expenses are incurred.Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.Capital assets under erection/installation are stated at cost in the Balance Sheet as ""Capital Work-in-Progress"". "

(i) The management believes that useful lives currently used, which is as prescribed under Schedule II or higher, fairly reflect its estimate of the useful lives and residual values of Fixed Assets, though these rates in certain cases are different from lives prescribed under Schedule II.

Depreciation is provided, pro-rata for the period of use, on the Straight Line Method, at rates determined based on the management’s estimate of useful life and are as follows :

Type of Assets Useful life in years

Building 30 years

Plant and Machineries 10 to 20 years

Furniture, Fixtures and Equipments 5 to 10 years

Computers 3 to 6 years

Vehicles 8 to 10 years

(ii) Leasehold Land is amortised over the period of the lease.

(d) Intangible Assets and amortization

Intangible Assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset will not exceed 10 years from the date when the asset is available for use.

(e) Impairment of Assets

(i) The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

(f) Leases

Lease rentals in respect of assets taken on operating lease are charged to the statement of profit and loss on accrual and straight line basis over the lease term.

(g) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the date on which such investments are made, are classified as current investments. All other investments are classified as Non-current investments. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis.

Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

(h) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net realizable value. Cost includes Purchase Price and other directly attributable costs incidental thereto. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.



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Intas Pharmaceuticals Limited (the Company) incorporated in 1985, producing, developing and marketing a wide range of branded and generic formulations and active pharmaceutical ingredients (APIs). Company along with its subsidiaries has manufacturing locations spread across India, Europe and Mexico with trading and other incidental and related activities extending to the global markets.



The financial statements of the company have beeen prepared and presented under the historical cost convention on accrual basis of accounting, and in accordance with the accounting principals generally accepted in India (Indian GAAP). Indian GAAP comprises Accounting Standards specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014 and provisions of the Companies Act, 2013, pronouncements of Institute of Chartered Accountants of India. The Company has presented financial statements as per format prescribed by Schedule III, notified under the Companies Act, 2013. Except where otherwise stated, the accounting policies are consistently applied.

All the assets and liabilities have been classified as current or non current as per company's normal operation cycle and other crieteria set out in the Schedule III to the Companies Act, 2013.

Current assets/liabilities include the current portion of non current financial assets / liabilities respectively. All other assets / liabilities are classified as non current.


The preparation of financial statements in conformity with Indian GAAP requires management to make assumptions, critical judgements and estimates, which it believes are reasonable under the circumstances, that affect the reported amounts of assets, liabilities and contingent liabilities on the date of financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known or materialize.


"Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation. The cost of fixed asset comprises of its purchase price, non-refundable taxes & levies, freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost attributable to acquisition or construction of qualifying fixed assets is capitalized to respective assets when the time taken to put the assets to use is substantial. Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are changed to the Statement of Profit and Loss for the period during which such expenses are incurred.Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.Capital assets under erection/installation are stated at cost in the Balance Sheet as ""Capital Work-in-Progress"". "

(i) The management believes that useful lives currently used, which is as prescribed under Schedule II or higher, fairly reflect its estimate of the useful lives and residual values of Fixed Assets, though these rates in certain cases are different from lives prescribed under Schedule II.

Depreciation is provided, pro-rata for the period of use, on the Straight Line Method, at rates determined based on the management’s estimate of useful life and are as follows :


Building 30 years







Intangible Assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset will not exceed 10 years from the date when the asset is available for use.


(i) The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

(f) Leases

Lease rentals in respect of assets taken on operating lease are charged to the statement of profit and loss on accrual and straight line basis over the lease term.

(g) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the date on which such investments are made, are classified as current investments. All other investments are classified as Non-current investments. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis.

Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

(h) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net realizable value. Cost includes Purchase Price and other directly attributable costs incidental thereto. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.



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37

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a weighted average basis.

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminision in value of inventories has been made for expired, obsolete, non-moving and slow-moving inventories as per the management's estimate.

(i) Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

(i) Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the customers, usually on delivery of goods. Sales are net of discounts, sales tax, value added tax. Excise duty is accounted on the basis of both, payments made in respect of goods cleared and also provision made for goods lying in bonded warehouse deducted from Gross Turnover.

(ii) Income from services is recognized when the services are rendered or when contracted milestones have been achieved.

(iii) Interest income is accounted on accrual basis at applicable rate.

(iv) Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.

(v) Other incomes are accounted as and when the right to receive arises.

(j) Research and Development Costs

Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under relevant head.

Revenue expenditure incurred is charged to revenue in the year in which it is incurred and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.

(k) Foreign Currency Transactions

(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of transactions.

(ii) The net gain or loss on account of exchange differences arising on settlement of foreign currency transactions are recognized as income or expense of the period in which they arise.

(iii) Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing rate. The resultant exchange differences are recognized in the statement of profit and loss. Non-monetary assets and liabilities are carried at the rates prevailing on the date of transaction.

(iv) Investments in shares of foreign subsidiaries and other entities are expressed in reporting currency at the rates of exchange prevailing at the time when the original investments were made.

(l) Retirement and Other Employee Benefits

(i) Defined Contribution Plan

Company’s contribution paid/payable during the year to retirement benefit in the form of Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are recognized in the Statement of Profit and Loss. The Company has no obligation, other than the contribution paid/payable.

(ii) Defined Benefit Plan

The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave Encashment. The costs of providing benefits under these plans are determined on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(m) Income Taxes

(i) Current tax is accounted on the basis of estimated taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961.

(ii) Deferred tax resulting from timing differences between accounting and taxable profit for the period is accounted by using tax rates and laws that have been enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are arrived at after setting off deferred tax assets.

(iii) Minimum alternative tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset when it is probable that the future economic benefit associated with it will flow to the Company.

(n) Earnings Per Share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(o) Cash flow statement

The cash flow is prepared as per "Indirect Method" as set out in AS-3 "Cash flow statement" issued by the Institute of Chartered Accountants of India.

(p) Derivative Instruments

(i) The premium or discount arising at the inception of forward exchange contracts is amortised as expense or income during the same period in which transaction occurs. Exchange differences on such contracts are recognised in the Statement of Profit and Loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or as expense for the year. The Company does not enter into forward contracts for trading or speculation purpose.



36


37

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a weighted average basis.

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminision in value of inventories has been made for expired, obsolete, non-moving and slow-moving inventories as per the management's estimate.


Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

(i) Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the customers, usually on delivery of goods. Sales are net of discounts, sales tax, value added tax. Excise duty is accounted on the basis of both, payments made in respect of goods cleared and also provision made for goods lying in bonded warehouse deducted from Gross Turnover.

(ii) Income from services is recognized when the services are rendered or when contracted milestones have been achieved.


(iv) Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.



Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under relevant head.

Revenue expenditure incurred is charged to revenue in the year in which it is incurred and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.


(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of transactions.

(ii) The net gain or loss on account of exchange differences arising on settlement of foreign currency transactions are recognized as income or expense of the period in which they arise.

(iii) Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing rate. The resultant exchange differences are recognized in the statement of profit and loss. Non-monetary assets and liabilities are carried at the rates prevailing on the date of transaction.

(iv) Investments in shares of foreign subsidiaries and other entities are expressed in reporting currency at the rates of exchange prevailing at the time when the original investments were made.



Company’s contribution paid/payable during the year to retirement benefit in the form of Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are recognized in the Statement of Profit and Loss. The Company has no obligation, other than the contribution paid/payable.


The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave Encashment. The costs of providing benefits under these plans are determined on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(m) Income Taxes

(i) Current tax is accounted on the basis of estimated taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961.

(ii) Deferred tax resulting from timing differences between accounting and taxable profit for the period is accounted by using tax rates and laws that have been enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are arrived at after setting off deferred tax assets.

(iii) Minimum alternative tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognised as an asset when it is probable that the future economic benefit associated with it will flow to the Company.


The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.


The cash flow is prepared as per "Indirect Method" as set out in AS-3 "Cash flow statement" issued by the Institute of Chartered Accountants of India.


(i) The premium or discount arising at the inception of forward exchange contracts is amortised as expense or income during the same period in which transaction occurs. Exchange differences on such contracts are recognised in the Statement of Profit and Loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or as expense for the year. The Company does not enter into forward contracts for trading or speculation purpose.


38

As at March 31, 2015 As at March 31, 2014

No. of shares Amount No. of shares Amount

3 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168,916,752 16,891.68 168,916,752 16,891.68

168,916,752 16,891.68 168,916,752 16,891.68



Issued, Subscribed and Fully Paid-up Shares

Equity Shares of Rs. 10/- each 114,436,276 11,443.63 114,436,276 11,443.63

114,436,276 11,443.63 114,436,276 11,443.63

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year


Equity Shares No. of shares Amount No. of shares Amount

At the beginning of the year 114,436,276 11,443.63 110,375,145 11,037.51

Add : Issued during the year - - 4,061,131 406.12

Outstanding at the end of the year 111,436,276 11,443.63 114,436,276 11,443.63

(b) Aggregate Number of Bonus Shares issued during the period of five years immediately preceding the

reporting date:

Equity Shares: 2010-11

Alloted as Fully paid bonus shares by capitalisation of Security Premium 51,738,349

(c) Details of Shareholders holding more than 5% equity shares in the company

March 31, 2015 March 31, 2014

Name of the Shareholders No. of Shares % Holding No. of Shares % Holding

Equatorial Pvt. Limited 47,432,000 41.45 47,432,000 41.45

Mozart Limited - - 11,621,100 10.16

Dunearn Investments (Mauritius) Pte Ltd 11,621,100 10.16 - -

Parulben U Chudgar 6,994,369 6.11 6,994,369 6.11

Bindiben B Chudgar 6,906,389 6.04 6,906,389 6.04

CARAVAGGIO 6,898,447 6.03 6,898,447 6.03

Nimish H Chudgar 6,438,707 5.63 6,438,707 5.63

Binish H Chudgar 6,209,147 5.43 6,209,147 5.43

92,500,159 80.85 92,500,159 80.85

Notes to the Financial Statements as at March 31, 2015(All the amount Rupees in Lacs unless otherwise mentioned)

39


The Company is exposed to foreign currency fluctuation on foreign currency assets and forecasted cash flows denominated in foreign currency. The Company limits the effects of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. The Company enters into forward and option contracts, where the counterparty is a bank. The Company purchases contracts to mitigate the risk of changes in foreign exchange rates on accounts receivables and forecasted cash flows denominated in foreign currencies.

To designate a contract as an effective hedge, management objectively evaluates and evidences with appropriate supporting documents at the inception of each contract whether the contract is effective in achieving offsetting cash flows, attributable to the hedged risk. The gain or loss on hedges is marked to market, recorded at fair value and changes in fair values are reflected in the profit and loss account. Any premium paid and gains/losses on settlement are recognised in profit and loss account.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the underlying hedged item, is ignored. The Company does not enter into derivative contracts for trading or speculation purpose.

(q) Provisions, contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources for which reliable estimate can be made.

Liabilities which are of a contingent nature are not provided but are disclosed at their estimated amount in the notes forming part of the financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.


38



3 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168,916,752 16,891.68 168,916,752 16,891.68

168,916,752 16,891.68 168,916,752 16,891.68




Equity Shares of Rs. 10/- each 114,436,276 11,443.63 114,436,276 11,443.63

114,436,276 11,443.63 114,436,276 11,443.63



Equity Shares No. of shares Amount No. of shares Amount

At the beginning of the year 114,436,276 11,443.63 110,375,145 11,037.51

Add : Issued during the year - - 4,061,131 406.12

Outstanding at the end of the year 111,436,276 11,443.63 114,436,276 11,443.63


reporting date:

Equity Shares: 2010-11



March 31, 2015 March 31, 2014

Name of the Shareholders No. of Shares % Holding No. of Shares % Holding


Mozart Limited - - 11,621,100 10.16




CARAVAGGIO 6,898,447 6.03 6,898,447 6.03

Nimish H Chudgar 6,438,707 5.63 6,438,707 5.63

Binish H Chudgar 6,209,147 5.43 6,209,147 5.43

92,500,159 80.85 92,500,159 80.85


39


The Company is exposed to foreign currency fluctuation on foreign currency assets and forecasted cash flows denominated in foreign currency. The Company limits the effects of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. The Company enters into forward and option contracts, where the counterparty is a bank. The Company purchases contracts to mitigate the risk of changes in foreign exchange rates on accounts receivables and forecasted cash flows denominated in foreign currencies.

To designate a contract as an effective hedge, management objectively evaluates and evidences with appropriate supporting documents at the inception of each contract whether the contract is effective in achieving offsetting cash flows, attributable to the hedged risk. The gain or loss on hedges is marked to market, recorded at fair value and changes in fair values are reflected in the profit and loss account. Any premium paid and gains/losses on settlement are recognised in profit and loss account.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the underlying hedged item, is ignored. The Company does not enter into derivative contracts for trading or speculation purpose.


Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources for which reliable estimate can be made.

Liabilities which are of a contingent nature are not provided but are disclosed at their estimated amount in the notes forming part of the financial statements. Contingent assets are neither recognized nor disclosed in the financial statements.


Non-current Current

Mar 31, 2015 Mar 31, 2014 Mar 31, 2015 Mar 31, 20145 LONG TERM BORROWINGS

Non-convertible Debentures (Secured) 9,000.00 9,000.00 - 3,500.00 Term Loans from Banks

Foreign Currency Loans (Secured) - - - 1,866.32 Hire Purchase Vehicle Loans from Banks - - 0.93Other Loans

Secured 1,278.00 780.00 142.00 - Unsecured 245.00 388.75 122.00 70.00

10,523.00 10,168.75 264.00 5,437.25

The above amount includes: Secured Borrowings 10,278.00 9,780.01 142.00 5,367.25 Unsecured Borrowings 245.00 388.75 122.00 70.00 Amount disclosed under the head"Other Current Liabilities" (Note 10) (264.00) (5,437.25)

Net Amount 10,523.00 10,168.75 - -

1 The Non Convertible Debentures (NCD) are secured by first pari-passu charge on the movable and immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad.

2 Obligation of Hire Purchase arrangement are secured against assets purchased under agreement.

3 Other Loan of Rs.1420 Lacs from Department of Biotechnology, under Biotechnology Industry Partnership Programme (BIPP ) is secured by pari passu hypothecation charge on specific movable fixed assets, both present and future.

As at As at

6 DEFERRED TAX LIABILITIES (NET) March 31, 2015 March 31, 2014

Deferred Tax Liability

Impact of Difference between depreciation / amortisation 9,692.89 8,818.04

as per Income Tax and charger for the Financial Reporting

Gross Deferred Tax Liabilities 9,692.89 8,818.04

Deferred Tax Asset

Impact of Expenditure charged to the Statement of 2,026.37 1,513.07

Profit and Loss in the Current Year, but allowed for tax

purposes in following years on payment basis

Gross Deferred Tax Assets 2,02637 1,513.07

Deferred Tax Liabilities (Net) 7,666.52 7,304.97

7 OTHER LONG-TERM LIABILITIES Deposits from Clering & Forwarding Agents 2,072.05 1,984.53

2,072.05 1,984.53

Secured redeemable non-convertible fixed rate debentures (privately placed):

Sr.No.

Face Value Debenture

per Date of Allotment

31-03-15Rs. in Lac

31-03-14Rs. in Lac

Interest for theyear 2014-15

Terms of repayment for outstanding as on 31-03-15

debentures

1 10,00,000 14-06-13 9,000.00

9,000.00 9% p.a.payable

half yearly

Redeemable at par at paid up staggered equal repayments at the endof 3rd year, 4th year and 5 yearrespectively from the date of allotment.

value,

2 10,00,000 06-11-09 3,500.00

9.25% p.a.payable

half yearly


As at At at

March 31, March 31,

2015 2014

4. RESERVES AND SURPLUS

(a) Capital Reserve

Balance as per Last Financial Statements 443.74 443.74

Closing Balance 443.74 443.74

(b) Preference Share Capital Redemption Reserve

Balance as per Last Financial Statements 4,033.00 4,033.00

Closing Balance 4,033.00 4,033.00

(c) Security Premium Account



(d) Debenture Redemption Reserve


Transferred to General Reserve Account (5,750.00) (7,000.00)

Transferred from Statement of Profit and Loss - 4,500.00


(e) General Reserve


Transferred from Statement of Profit and Loss 6,500.00 7,000.00

Transferred from Debenture Redemption Reserve 5,750.00 7,000.00


(f) Surplus

Balance as per Last Financial Statements 1,54,854.58 1,08,976.47

Adjustment relating to Fixed Assets (Note 12) (636.33) -

Net Profit for the year 62,903.78 60,725.23

Appropriations:

Proposed Dividend on Equity Shares (3,433.09) (2,860.91)

Tax on Proposed Dividend on Equity Shares (698.90) (486.21)

Transfer to General Reserve (6,500.00) (7,000.00)

Transfer to Debenture Redemption Reserve - (4,500.00)

Net Surplus in the Statement of Profit and Loss 2,06,490.04 1,54,854.58

GRAND TOTAL 3,27,036.95 2,68,901.49


4140


Non-current Current

Mar 31, 2015 Mar 31, 2014 Mar 31, 2015 Mar 31, 20145 LONG TERM BORROWINGS

Non-convertible Debentures (Secured) 9,000.00 9,000.00 - 3,500.00 Term Loans from Banks

Foreign Currency Loans (Secured) - - - 1,866.32 Hire Purchase Vehicle Loans from Banks - - 0.93Other Loans

Secured 1,278.00 780.00 142.00 - Unsecured 245.00 388.75 122.00 70.00

10,523.00 10,168.75 264.00 5,437.25

The above amount includes: Secured Borrowings 10,278.00 9,780.01 142.00 5,367.25 Unsecured Borrowings 245.00 388.75 122.00 70.00 Amount disclosed under the head"Other Current Liabilities" (Note 10) (264.00) (5,437.25)

Net Amount 10,523.00 10,168.75 - -

1 The Non Convertible Debentures (NCD) are secured by first pari-passu charge on the movable and immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad.


3 Other Loan of Rs.1420 Lacs from Department of Biotechnology, under Biotechnology Industry Partnership Programme (BIPP ) is secured by pari passu hypothecation charge on specific movable fixed assets, both present and future.

As at As at

6 DEFERRED TAX LIABILITIES (NET) March 31, 2015 March 31, 2014


Impact of Difference between depreciation / amortisation 9,692.89 8,818.04

as per Income Tax and charger for the Financial Reporting


Deferred Tax Asset

Impact of Expenditure charged to the Statement of 2,026.37 1,513.07


purposes in following years on payment basis

Gross Deferred Tax Assets 2,02637 1,513.07

Deferred Tax Liabilities (Net) 7,666.52 7,304.97

7 OTHER LONG-TERM LIABILITIES Deposits from Clering & Forwarding Agents 2,072.05 1,984.53

2,072.05 1,984.53


Sr.No.



31-03-15Rs. in Lac

31-03-14Rs. in Lac



debentures

1 10,00,000 14-06-13 9,000.00

9,000.00 9% p.a.payable

half yearly


value,

2 10,00,000 06-11-09 3,500.00

9.25% p.a.payable

half yearly


As at At at

March 31, March 31,

2015 2014

4. RESERVES AND SURPLUS

(a) Capital Reserve














(e) General Reserve





(f) Surplus

Balance as per Last Financial Statements 1,54,854.58 1,08,976.47

Adjustment relating to Fixed Assets (Note 12) (636.33) -


Appropriations:

Proposed Dividend on Equity Shares (3,433.09) (2,860.91)




Net Surplus in the Statement of Profit and Loss 2,06,490.04 1,54,854.58

GRAND TOTAL 3,27,036.95 2,68,901.49


4140



Non-Current Current

As at March 31 As at March 31

2015 2014 2015 2014

8 PROVISIONS

Provision for Employee Benefits

Provision for Gratuity 3,264.24 2,587.13 - -

Provision for Leave Encashment 2,051.65 1,516.73 - -

5,315.89 4,103.86 - -

Other Provisions

Proposed Equity Dividend - - 3,433.09 2,860.91

Provision for Tax on Proposed Equity Dividend - - 698.90 486.21

- - 4,131.99 3,347.12

5,315.89 4,103.86 4,131.99 3,347.12

* Short term Borrowings are secured by first pari-passu charge on the entire current assets & movable properties

of the company.

2015 2014

9 SHORT TERM BORROWINGS*

Secured Borrowings From Banks:

Rupee Loans from Banks 2,775.68 6,810.62

Foreign Currency Loans from Banks 26,760.85 14,125.96

Unsecured Borrowings From Banks:



34,884.37 46,314.82

The above amount includes:

Secured Borrowings 29,536.53 20,936.58

Unsecured Borrowings 5,347.84 25,378.24

34,884.37 46,314.82

As at March 31

As at March 31

2015 2014

10 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

Trade Payables

Dues to Related Parties (Note 34) 33,197.59 24,322.25

Other Payables 59,596.37 36,393.82

Other Liabilities

Current Maturities of Long Term Borrowings 264.00 5,437.25

Advance from Customers 513.46 386.04

Interest Accrued but not due on loans 329.87 455.73

Others - TDS 755.81 527.70

- Others 1,550.45 878.04

3,413.59 7,684.76

96,207.55 68,400.83

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4342



Non-Current Current


2015 2014 2015 2014

8 PROVISIONS

Provision for Employee Benefits

Provision for Gratuity 3,264.24 2,587.13 - -

Provision for Leave Encashment 2,051.65 1,516.73 - -

5,315.89 4,103.86 - -

Other Provisions

Proposed Equity Dividend - - 3,433.09 2,860.91

Provision for Tax on Proposed Equity Dividend - - 698.90 486.21

- - 4,131.99 3,347.12

5,315.89 4,103.86 4,131.99 3,347.12

* Short term Borrowings are secured by first pari-passu charge on the entire current assets & movable properties

of the company.

2015 2014

9 SHORT TERM BORROWINGS*

Secured Borrowings From Banks:



Unsecured Borrowings From Banks:



34,884.37 46,314.82


Secured Borrowings 29,536.53 20,936.58

Unsecured Borrowings 5,347.84 25,378.24

34,884.37 46,314.82

As at March 31

As at March 31

2015 2014


Trade Payables

Dues to Related Parties (Note 34) 33,197.59 24,322.25

Other Payables 59,596.37 36,393.82

Other Liabilities

Current Maturities of Long Term Borrowings 264.00 5,437.25

Advance from Customers 513.46 386.04

Interest Accrued but not due on loans 329.87 455.73

Others - TDS 755.81 527.70

- Others 1,550.45 878.04

3,413.59 7,684.76

96,207.55 68,400.83

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4342



13. INVESTMENTS As At March 31NON CURRENT INVESTMENTS Nos. Face Value 2015 2014

(a) Unquoted

Investment in Shares

(i) Subsidiary Companies

Accord Healthcare Limited 50000 Rs. 10 5.00 5.00 Accord Healthcare Limited, UK 38815674 GBP 1 30,306.88 30,306.88 Accord Healthcare (Pty) Limited, South Africa 70007994 SAR 1 4,063.35 2,846.29 Accord Healthcare NZ Limited, New Zeland 6585612 NZD 1 2,440.47 2,099.35 Accord Farmaceutica Ltda, Brazil 13414484 BRL 1 3,417.19 3,417.19 Accord Healthcare Inc., NC, USA 9325400 USD 1 5,382.14 5,382.14 Accord Healthcare Inc., Canada 2257905 CAD 1 2,058.57 1,812.65 Accord Healthcare Inc., Canada(Preference Shares) 4286142 CAD 1 964.77 964.77 Accord Healthcare S.A.C., Peru 2065820 PS 1 278.53 278.53 Accord Farma S.A. DE C.V., Mexico 272553 MXP 1 5,190.79 5,083.48 Intas Medi Devices Limited 550000 Rs. 10 1,050.00 1,050.00 Astron Research Limited UK 100000 GBP 1 80.58 80.58

(ii) Joint VentureAlvi - Intas Medical Devices Private Limited 5000 Rs. 10 0.50 0.50

(b) UnquotedInvestment in Equity Shares

Prime Pediatrics Pvt. Ltd. 100 Rs. 10 0.01 0.01

(c) Investment in Partnership FirmCapital of the Intas Lifesciences 480.00 3,120.00

(d) Investment : QuotedCommon Stock - ViroPro Inc, USA 181766666 USD $ 0.001 1,424.19 1,424.19

57,142.97 57,871.56

Less : Provision for Dinimution of Investment (Note e below) (2,322.52) (1,100.00)

54,820.45 56,771.56

Notes :

(a) Aggregate amount of Unquoted Investments - At Book Value 56,662.97 54,751.56

(b) Aggregate Market Value of Quoted Investments - 393.27

(c) Investment in the Capital of a Partnership Firm:

Name of the Firm: Intas Lifesciences

Total Capital of the Firm 480.00 3,120.00

Name of the Partners and their Profit-sharing Ratio:

(i) Intas Pharmaceuticals Limited 96% 96%

(ii) Intas Welfare Trust * - 2%

(iii) Intas Enterprise Private Limited * - 2%

(iv) Hasmukh Chudgar 0.50% -

(v) Urmish Chudgar 0.50% -

(vi) Nimish Chudgar 0.50% -

(vii) Binish Chudgar 0.50% -

(viii) Bindiben Chudgar 0.50% -

(ix) Binaben Chudgar 0.50% -

(x) Parulben Chudgar 0.50% -

(xi) Kusumben Chudgar 0.50% -

* Enterprises Having Significant Influence (EHSI) by Key Management Personnel of the Company and their relatives.

44


45

(d) The Intas pharmaceuticals by an admission cum retirement executed on 1st March 2015 been renamed as Intas Lifesciences and new partners have joined the firm namely Mr. Hasmukh Chudgar, Mr. Binish Chudgar, Mr. Nimish Chudgar, Dr. Urmish Chudgar, Mrs. Kusum Chudgar, Mrs. Bina Chudgar, Mrs. Bindi Chudgar and Mrs. Parul Chudgar with a capital contribution of Rs. 2.5 lacs. each.

The earlier 2 partners namely Intas Enterprise Private Ltd and Intas Welfare Trust has retired from the said firm. Due to change in partnership deed, the capital contribution of Intas Pharmaceuticals Ltd has reduced to the extent of Rs. 480 lacs.

(e) Investment - Quoted in common stock of viropro has been diminished by Rs.324.19 Lacs (PY Rs. 1100 Lacs) based on market value as on 31st March, 2015 and Investment in Intas Medi Devices Limited has been diminished by Rs. 898.33 Lacs (PY Rs. NIL) based on its financials as on 31st March, 2015.

Non Current Current


2015 2014 2015 2014

14 LOANS AND ADVANCES

Capital Advances

Unsecured, considered good A 4,007.46 2,976.80 - -

Security deposit

Secured, considered good B 1,048.64 934.56 - -

Advances to Related Parties (Note 34)

Unsecured, considered good C 26,381.64 19,109.55 - -

Advances recoverable in Cash or Kind

Unsecured, considered good D - - 15,735.83 13,047.85

Other Loans and Advances

Advance Tax (net of provisions) 4,042.29 1,912.02 - -

Prepaid expenses - - 1,416.80 1,277.95

Loans to employees - - 299.80 278.65

Balances with Statutory Authorities - - 5,406.33 3,782.57

E 4,042.29 1,912.02 7,122.93 5,339.17

Total ( A + B + C + D + E ) 35,480.03 24,932.93 22,858.76 18,386.99

As At March 31

2015 2014

15 OTHER NON-CURRENT ASSETS

Interest accrued on Fixed Deposits 47.03 63.08

47.03 63.08

16 INVENTORIES As At March 31

[Valued at lower of cost and net realisable value] 2015 2014

Raw Materials and Packing Materials 41,336.02 30,374.91

Finished Goods 13,145.43 11,440.56

Traded Goods 14,324.09 13,189.78

Work-in-progress 5,617.48 7,278.54

Fuel, Stores, Spares and Others 475.61 424.86

74,898.63 62,708.65



13. INVESTMENTS As At March 31NON CURRENT INVESTMENTS Nos. Face Value 2015 2014

(a) Unquoted

Investment in Shares

(i) Subsidiary Companies

Accord Healthcare Limited 50000 Rs. 10 5.00 5.00 Accord Healthcare Limited, UK 38815674 GBP 1 30,306.88 30,306.88 Accord Healthcare (Pty) Limited, South Africa 70007994 SAR 1 4,063.35 2,846.29 Accord Healthcare NZ Limited, New Zeland 6585612 NZD 1 2,440.47 2,099.35 Accord Farmaceutica Ltda, Brazil 13414484 BRL 1 3,417.19 3,417.19 Accord Healthcare Inc., NC, USA 9325400 USD 1 5,382.14 5,382.14 Accord Healthcare Inc., Canada 2257905 CAD 1 2,058.57 1,812.65 Accord Healthcare Inc., Canada(Preference Shares) 4286142 CAD 1 964.77 964.77 Accord Healthcare S.A.C., Peru 2065820 PS 1 278.53 278.53 Accord Farma S.A. DE C.V., Mexico 272553 MXP 1 5,190.79 5,083.48 Intas Medi Devices Limited 550000 Rs. 10 1,050.00 1,050.00 Astron Research Limited UK 100000 GBP 1 80.58 80.58

(ii) Joint VentureAlvi - Intas Medical Devices Private Limited 5000 Rs. 10 0.50 0.50

(b) UnquotedInvestment in Equity Shares

Prime Pediatrics Pvt. Ltd. 100 Rs. 10 0.01 0.01

(c) Investment in Partnership FirmCapital of the Intas Lifesciences 480.00 3,120.00

(d) Investment : QuotedCommon Stock - ViroPro Inc, USA 181766666 USD $ 0.001 1,424.19 1,424.19

57,142.97 57,871.56

Less : Provision for Dinimution of Investment (Note e below) (2,322.52) (1,100.00)

54,820.45 56,771.56

Notes :

(a) Aggregate amount of Unquoted Investments - At Book Value 56,662.97 54,751.56

(b) Aggregate Market Value of Quoted Investments - 393.27

(c) Investment in the Capital of a Partnership Firm:

Name of the Firm: Intas Lifesciences

Total Capital of the Firm 480.00 3,120.00

Name of the Partners and their Profit-sharing Ratio:

(i) Intas Pharmaceuticals Limited 96% 96%

(ii) Intas Welfare Trust * - 2%

(iii) Intas Enterprise Private Limited * - 2%

(iv) Hasmukh Chudgar 0.50% -

(v) Urmish Chudgar 0.50% -

(vi) Nimish Chudgar 0.50% -

(vii) Binish Chudgar 0.50% -

(viii) Bindiben Chudgar 0.50% -

(ix) Binaben Chudgar 0.50% -

(x) Parulben Chudgar 0.50% -

(xi) Kusumben Chudgar 0.50% -

* Enterprises Having Significant Influence (EHSI) by Key Management Personnel of the Company and their relatives.

44


45

(d) The Intas pharmaceuticals by an admission cum retirement executed on 1st March 2015 been renamed as Intas Lifesciences and new partners have joined the firm namely Mr. Hasmukh Chudgar, Mr. Binish Chudgar, Mr. Nimish Chudgar, Dr. Urmish Chudgar, Mrs. Kusum Chudgar, Mrs. Bina Chudgar, Mrs. Bindi Chudgar and Mrs. Parul Chudgar with a capital contribution of Rs. 2.5 lacs. each.

The earlier 2 partners namely Intas Enterprise Private Ltd and Intas Welfare Trust has retired from the said firm. Due to change in partnership deed, the capital contribution of Intas Pharmaceuticals Ltd has reduced to the extent of Rs. 480 lacs.

(e) Investment - Quoted in common stock of viropro has been diminished by Rs.324.19 Lacs (PY Rs. 1100 Lacs) based on market value as on 31st March, 2015 and Investment in Intas Medi Devices Limited has been diminished by Rs. 898.33 Lacs (PY Rs. NIL) based on its financials as on 31st March, 2015.

Non Current Current


2015 2014 2015 2014


Capital Advances

Unsecured, considered good A 4,007.46 2,976.80 - -

Security deposit

Secured, considered good B 1,048.64 934.56 - -

Advances to Related Parties (Note 34)

Unsecured, considered good C 26,381.64 19,109.55 - -


Unsecured, considered good D - - 15,735.83 13,047.85


Advance Tax (net of provisions) 4,042.29 1,912.02 - -




E 4,042.29 1,912.02 7,122.93 5,339.17

Total ( A + B + C + D + E ) 35,480.03 24,932.93 22,858.76 18,386.99

As At March 31

2015 2014



47.03 63.08

16 INVENTORIES As At March 31

[Valued at lower of cost and net realisable value] 2015 2014


Finished Goods 13,145.43 11,440.56

Traded Goods 14,324.09 13,189.78



74,898.63 62,708.65


17 TRADE RECEIVABLES

Outstanding for a period exceeding six months

Unsecured, considered good 2,064.90 2,384.61

Other receivables

Dues from Related Parties (Note 34) 1,31,795.51 99,643.13


1,64,218.20 1,26,577.07

1,66,283.10 1,28,961.68

18 CASH AND CASH EQUIVALENTS As At March 31

2015 2014

Balances with Schedule Banks: 2,217.05 2,840.88

On Current Accounts 2,054.40 2,654.97

On Deposits 162.65 185.91


2,257.90 2,874.00

19 REVENUE FROM OPERATIONS Year ended on March 31

2015 2014

Sale of Finished Goods 2,40,363.70 2,08,896.89

Domestic 47,220.56 32,100.67

Exports 193,143.14 1,76,796.22

Sale of Traded Goods 1,91,695.15 1,70,889.59

Domestic 1,84,349.10 1,65,714.91

Exports 7,346.05 5,174.68

Sale of Services 5,092.88 5,819.90

Other Operating Revenue

Share of Profit from Partnership Firm 15,852.59 22,452.60

Export Incentives 3,021.01 2,956.23

Revenue from Operations (Gross) 4,56,025.33 4,11,015.21

Less: Excise Duty* (1,766.41) (1,435.32)

Revenue from Operations (Net) 4,54,258.92 4,09,579.89

* Excise Duty on Sales amounting to Rs. 1766.41 lacs (March 31, 2014: Rs. 1435.32 lacs) has been reduced from

sales in Statement of Profit and Loss and Excise Duty on decrease/(increase) in inventories amounting to

Rs. 323.68 lacs (March 31, 2014: Rs. 268.81 lacs) has been considered as expense/(income).

Sale of Finished Goods

Bulk Drug 1,295.88 1,638.60

Tablet 1,28,441.77 1,13,981.29

Capsule 15,143.32 17,789.75

Injection 87,861.32 69,527.89

Liquid 6,537.66 5,153.75

Powder 1,083.75 805.61

2,40,363.70 2,08,896.89


As At March 31

20142015

46


Year ended March 31

20142015

47

Sale of Traded Goods

Bulk Drug 494.99 -

Tablet 1,28,918.59 1,16,649.53

Capsule 20,857.63 16,882.50

Injection 20,165.34 18,262.96

Liquid 16,587.62 14,888.23

Powder 4,670.98 4,206.37

1,91,695.15 1,70,889.59

20 OTHER INCOME

Interest Income on - Bank Deposits 55.75 69.44 - Others 2,764.08 922.35

Insurance Claims Received 170.01 184.87 Gain on Sale of Investment 9.25 0.44 Profit on sale of Assets 724.92 2,934.81 Other Non-operating Income 3,613.87 1,785.34

7,337.88 5,897.25

21 COST OF RAW MATERIALS CONSUMED

Inventory at the beginning of the Year 30,374.91 27,953.29Add: Purchases 1,36,949.87 1,04,903.76

1,67,324.78 1,32,857.05Less: Inventory at the end of the Year 41,336.02 30,374.91

1,25,988.76 1,02,482.14

Consumption of Materials

(a) Capecitabine 7,285.03 4,766.11 (b) Mycophenolate Mofetil 6,519.65 5,347.16 (c) Simvastatin 4,898.37 4,533.07 (d) Tacrolimus Monohydrate 4,255.60 2,560.72 (e) Docetaxel 4,061.06 1,954.77 (f) Quetiapine Hemi Fumarate 3,914.68 2,810.50 (g) Finasteride 3,738.84 3,817.53 (h) Irinotecan 2,959.47 5,024.80 (i) Gemcitabine 2,638.09 5,184.62 (j) Naltrexone Hydrochloride 2,612.11 2,270.64 (k) Clopidogrel Bisulfate 2,549.73 878.63 (l) Carboplatin 2,548.89 3,272.89 (m) Paclitaxel 2,200.10 1,385.50 (n) Cisplatin 2,045.00 1,068.69 (o) Packing Materials 16,488.88 14,409.36 (p) Others 57,273.25 43,197.15

1,25,988.76 1,02,482.14

Inventories of Materials

(a) Simvastatin 1,983.06 1,458.12 (b) Carboplatin 1,573.02 336.28 (c) Gemcitabine 1,412.31 838.45 (d) Irinotecan 1,387.26 682.28 (e) plasma 1,131.79 975.50 (f) Paclitaxel 1,079.56 363.99 (g) Finasteride 931.12 817.85





Other receivables

Dues from Related Parties (Note 34) 1,31,795.51 99,643.13


1,64,218.20 1,26,577.07

1,66,283.10 1,28,961.68

18 CASH AND CASH EQUIVALENTS As At March 31

2015 2014

Balances with Schedule Banks: 2,217.05 2,840.88


On Deposits 162.65 185.91


2,257.90 2,874.00

19 REVENUE FROM OPERATIONS Year ended on March 31

2015 2014

Sale of Finished Goods 2,40,363.70 2,08,896.89

Domestic 47,220.56 32,100.67

Exports 193,143.14 1,76,796.22

Sale of Traded Goods 1,91,695.15 1,70,889.59

Domestic 1,84,349.10 1,65,714.91

Exports 7,346.05 5,174.68


Other Operating Revenue

Share of Profit from Partnership Firm 15,852.59 22,452.60



Less: Excise Duty* (1,766.41) (1,435.32)


* Excise Duty on Sales amounting to Rs. 1766.41 lacs (March 31, 2014: Rs. 1435.32 lacs) has been reduced from

sales in Statement of Profit and Loss and Excise Duty on decrease/(increase) in inventories amounting to

Rs. 323.68 lacs (March 31, 2014: Rs. 268.81 lacs) has been considered as expense/(income).


Bulk Drug 1,295.88 1,638.60

Tablet 1,28,441.77 1,13,981.29

Capsule 15,143.32 17,789.75

Injection 87,861.32 69,527.89

Liquid 6,537.66 5,153.75

Powder 1,083.75 805.61

2,40,363.70 2,08,896.89


As At March 31

20142015

46


Year ended March 31

20142015

47

Sale of Traded Goods

Bulk Drug 494.99 -

Tablet 1,28,918.59 1,16,649.53

Capsule 20,857.63 16,882.50

Injection 20,165.34 18,262.96

Liquid 16,587.62 14,888.23

Powder 4,670.98 4,206.37

1,91,695.15 1,70,889.59

20 OTHER INCOME

Interest Income on - Bank Deposits 55.75 69.44 - Others 2,764.08 922.35

Insurance Claims Received 170.01 184.87 Gain on Sale of Investment 9.25 0.44 Profit on sale of Assets 724.92 2,934.81 Other Non-operating Income 3,613.87 1,785.34

7,337.88 5,897.25

21 COST OF RAW MATERIALS CONSUMED

Inventory at the beginning of the Year 30,374.91 27,953.29Add: Purchases 1,36,949.87 1,04,903.76

1,67,324.78 1,32,857.05Less: Inventory at the end of the Year 41,336.02 30,374.91

1,25,988.76 1,02,482.14

Consumption of Materials

(a) Capecitabine 7,285.03 4,766.11 (b) Mycophenolate Mofetil 6,519.65 5,347.16 (c) Simvastatin 4,898.37 4,533.07 (d) Tacrolimus Monohydrate 4,255.60 2,560.72 (e) Docetaxel 4,061.06 1,954.77 (f) Quetiapine Hemi Fumarate 3,914.68 2,810.50 (g) Finasteride 3,738.84 3,817.53 (h) Irinotecan 2,959.47 5,024.80 (i) Gemcitabine 2,638.09 5,184.62 (j) Naltrexone Hydrochloride 2,612.11 2,270.64 (k) Clopidogrel Bisulfate 2,549.73 878.63 (l) Carboplatin 2,548.89 3,272.89 (m) Paclitaxel 2,200.10 1,385.50 (n) Cisplatin 2,045.00 1,068.69 (o) Packing Materials 16,488.88 14,409.36 (p) Others 57,273.25 43,197.15

1,25,988.76 1,02,482.14

Inventories of Materials

(a) Simvastatin 1,983.06 1,458.12 (b) Carboplatin 1,573.02 336.28 (c) Gemcitabine 1,412.31 838.45 (d) Irinotecan 1,387.26 682.28 (e) plasma 1,131.79 975.50 (f) Paclitaxel 1,079.56 363.99 (g) Finasteride 931.12 817.85



Year ended March 31

20142015

48

(h) Docetaxel 861.88 538.00 (i) Tacrolimus 768.24 166.38 (j) Mitomycin 692.54 747.37 (k) Oxaliplatin 663.14 436.19 (l) Mycophenolate Mofetil 590.66 861.91 (m) Cisplatin 572.66 131.96 (n) 10-DEACETYL BACCATIN-III (VITAL) 517.28 - (o) Packing Material 7,153.05 5,540.01 (p) Others 20,018.46 16,480.62

41,336.02 30,374.91

22. Purchase of Stock-in-Trade

Purchase of Stock-in-Trade 89,978.46 94,667.29

Purchase of Stock-in-Trade

(a) Tablet 61,127.95 64,879.59 (b) Capsule 8,952.33 8,333.65 (c) Injection 8,454.90 10,269.20 (d) Liquid 9,240.20 8,713.11 (e) Powder 2,203.08 2,471.74

89,978.46 94,667.29

23 (INCREASE)/DECREASE IN INVENTORIES

Inventory at the end of the Year Traded Goods 14,324.09 13,189.78

Work-in-progress (*) 5,617.48 7,278.54 Finished Goods 13,145.43 11,440.56

33,087.00 31,908.88Inventory at the beginning of the Year

Traded Goods 13,189.78 15,093.39 Work-in-progress (*) 7,278.54 7,741.56 Finished Goods 11,440.56 10,434.37

31,908.88 33,269.32

(1,178.12) 1,360.46

Inventories of Traded Goods

(a) Tablet 8,758.72 7,506.13 (b) Capsule 1,407.29 1,390.67 (c) Injection 2,066.25 2,143.67 (d) Liquid 1,605.89 1,644.01 (e) Powder 485.94 505.30

14,324.09 13,189.78

Inventories of Finished Goods

(a) Bulk Drugs 1,546.26 1,410.71 (b) Tablet 5,200.33 4,379.59 (c) Capsule 947.02 680.23 (d) Injection 3,927.25 3,135.77 (e) Liquid 1,475.23 1,805.38 (f) Powder 49.34 28.88

13,145.43 11,440.56


Year ended March 31

20142015

49

* As per Company's management, it is not possible to give the details of Inventories of Work-in-Progress as the Company uses the same materials for different kinds of products and hence, the same is difficult to bifurcate at any point of time given

24 EMPLOYEE BENEFIT EXPENSES

Salaries, Wages and Bonus 37,675.33 31,180.01 Contribution to Provident and Other Fund 2,361.32 1,808.43 Gratuity Expense 968.87 543.92 Staff Welfare Expenses 1,097.25 685.85

42,102.77 34,218.21

25 FINANCE COSTS

Interest 1,603.35 2,802.11 Bank Charges 445.07 598.08

2,048.42 3,400.19

26 OTHER EXPENSES

Consumption of Stores and Spares 4,868.51 4,870.34 Power and Fuel 5,360.37 4,637.00 Processing Charges 6,265.75 5,429.29

Laboratory Expenses 3,118.59 2,836.52 Repairs and Maintenance - Building 157.03 159.51 - Plant and Machineries 752.71 628.84 - Others 759.88 618.08

Rent, Rates and Taxes 629.94 606.71 Insurance - others 1,005.51 839.95 Insurance - Plant & Machinery 55.70 90.19 Travelling and Conveyance 2,578.68 2,128.11 Communication Costs 1,161.37 941.20 Printing and Stationery 354.18 387.91 Legal and Professional Fees 5,814.56 6,108.60 Exchange Differences (Net) (613.59) (6,305.24)Payment to Auditor (Refer details below) 141.73 135.82Donations 74.33 193.47 Product Development Expenses 11,636.22 10,044.09 Product Development Expenses W/off - 4,113.58 Intangible assets written-off - 3,783.47 IPO Expenses written-off - 830.46 Cost Audit Fees 11.08 11.08Overseas / Branch Office Expenses 163.60 430.92 Dimunition in Investment 1,222.52 1,100.00 CSR Expenses 17.51 - Commission on Sales 6,128.81 5,103.24 Freight and Forwarding on Sales 12,786.33 11,004.06Representative Expenses, Allowances and Incentives 16,937.52 13,270.35 Other Marketing Expenses 28,757.91 22,055.67 Miscellaneous Expenses 3,355.80 1,155.54

1,13,502.55 97,208.76



Year ended March 31

20142015

48

(h) Docetaxel 861.88 538.00 (i) Tacrolimus 768.24 166.38 (j) Mitomycin 692.54 747.37 (k) Oxaliplatin 663.14 436.19 (l) Mycophenolate Mofetil 590.66 861.91 (m) Cisplatin 572.66 131.96 (n) 10-DEACETYL BACCATIN-III (VITAL) 517.28 - (o) Packing Material 7,153.05 5,540.01 (p) Others 20,018.46 16,480.62

41,336.02 30,374.91

22. Purchase of Stock-in-Trade

Purchase of Stock-in-Trade 89,978.46 94,667.29

Purchase of Stock-in-Trade

(a) Tablet 61,127.95 64,879.59 (b) Capsule 8,952.33 8,333.65 (c) Injection 8,454.90 10,269.20 (d) Liquid 9,240.20 8,713.11 (e) Powder 2,203.08 2,471.74

89,978.46 94,667.29


Inventory at the end of the Year Traded Goods 14,324.09 13,189.78

Work-in-progress (*) 5,617.48 7,278.54 Finished Goods 13,145.43 11,440.56

33,087.00 31,908.88Inventory at the beginning of the Year

Traded Goods 13,189.78 15,093.39 Work-in-progress (*) 7,278.54 7,741.56 Finished Goods 11,440.56 10,434.37

31,908.88 33,269.32

(1,178.12) 1,360.46

Inventories of Traded Goods

(a) Tablet 8,758.72 7,506.13 (b) Capsule 1,407.29 1,390.67 (c) Injection 2,066.25 2,143.67 (d) Liquid 1,605.89 1,644.01 (e) Powder 485.94 505.30

14,324.09 13,189.78

Inventories of Finished Goods

(a) Bulk Drugs 1,546.26 1,410.71 (b) Tablet 5,200.33 4,379.59 (c) Capsule 947.02 680.23 (d) Injection 3,927.25 3,135.77 (e) Liquid 1,475.23 1,805.38 (f) Powder 49.34 28.88

13,145.43 11,440.56


Year ended March 31

20142015

49

* As per Company's management, it is not possible to give the details of Inventories of Work-in-Progress as the Company uses the same materials for different kinds of products and hence, the same is difficult to bifurcate at any point of time given


Salaries, Wages and Bonus 37,675.33 31,180.01 Contribution to Provident and Other Fund 2,361.32 1,808.43 Gratuity Expense 968.87 543.92 Staff Welfare Expenses 1,097.25 685.85

42,102.77 34,218.21

25 FINANCE COSTS

Interest 1,603.35 2,802.11 Bank Charges 445.07 598.08

2,048.42 3,400.19

26 OTHER EXPENSES

Consumption of Stores and Spares 4,868.51 4,870.34 Power and Fuel 5,360.37 4,637.00 Processing Charges 6,265.75 5,429.29

Laboratory Expenses 3,118.59 2,836.52 Repairs and Maintenance - Building 157.03 159.51 - Plant and Machineries 752.71 628.84 - Others 759.88 618.08

Rent, Rates and Taxes 629.94 606.71 Insurance - others 1,005.51 839.95 Insurance - Plant & Machinery 55.70 90.19 Travelling and Conveyance 2,578.68 2,128.11 Communication Costs 1,161.37 941.20 Printing and Stationery 354.18 387.91 Legal and Professional Fees 5,814.56 6,108.60 Exchange Differences (Net) (613.59) (6,305.24)Payment to Auditor (Refer details below) 141.73 135.82Donations 74.33 193.47 Product Development Expenses 11,636.22 10,044.09 Product Development Expenses W/off - 4,113.58 Intangible assets written-off - 3,783.47 IPO Expenses written-off - 830.46 Cost Audit Fees 11.08 11.08Overseas / Branch Office Expenses 163.60 430.92 Dimunition in Investment 1,222.52 1,100.00 CSR Expenses 17.51 - Commission on Sales 6,128.81 5,103.24 Freight and Forwarding on Sales 12,786.33 11,004.06Representative Expenses, Allowances and Incentives 16,937.52 13,270.35 Other Marketing Expenses 28,757.91 22,055.67 Miscellaneous Expenses 3,355.80 1,155.54

1,13,502.55 97,208.76



Year ended March 31

20142015

50

Payment to Auditor :As Auditor :

Audit Fee 74.16 65.17 Tax Audit Fee 17.98 15.51

In Other Capacity: Management Services 28.65 26.62 Other Services (Certification Fees) 16.85 15.35 Other Audit Fees 4.09 13.16

141.73 135.8227 COMMITMENTS

(a) Capital Commitments

Estimated amount of contracts remaining to be executedon capital account and not provided for [Net of advanceRs. 1472.77 Lacs (March 31, 2014: Rs. 1094.12 Lacs)] 6,204.37 5,007.14

(b) Other Commitments

Estimated amount of obligation on account of non-fulfillmentof export commitments under various advance licenses 4,378.63 3,707.50

10,583.00 8,714.64

* The company had obtained duty free/concessional duty licenses for import of capital goods by undertaking export obligations under the “Export Promotion of Capital Goods (EPCG) Scheme”. Company need to fulfill all these export obligations and has to apply for redemption of licenses on completion of the same as at March 31, 2015.

Year ended March 31

20142015

28 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Bank Guarantees issued by the Bankers 1,278.58 1,310.73 (b) Corporate Guarantees (including given on behalf of Subsidiaries) 19,588.03 5,583.77 (c) Letter of Credit 11,330.21 5,142.57 (d) Custom Duty Liability under EPCG and Advance Licenses 2,833.43 2,024.11 (e) Claims against the Company not acknowledged as debts *

Income Tax* 14,386.80 5,462.90 Excise Duty** 3,168.97 3,743.85 Sales Tax*** 409.73 373.61

52,995.75 23,641.54

* Claims against the company not acknowledged as debts include demands from Indian Income tax authorities for payment of additional income taxes of Rs.1459.21Lacs (Previous Year Rs.1350.00 Lacs) for the Assessment years 2007-08 to 2009-10; Rs.11508.09 Lacs (Previous Year Rs.3903.68 Lacs) in respect of Assessment years 2010-11 & 2011-12 based on assessment/rectification orders received during the year and Rs.1419.50 Lacs ( Previous Year Rs.100 Lacs ) of TDS demands raised/enhanced in review of stay during the year in respect of Assessment Years 2011-12 to 2013-14 under a TDS survey proceedings. Based on various decisions of appellate authorities in similar matter and the interpretations of relevant provisions, the company has been advised that the demands are likely to be either deleted or substantially reduced and accordingly no provision has been made in the financial statements. The matters are pending with appellate authorities and not yet decided.

** Towards levy of Excise duty, including penalty but other than interest thereof on account of issues relating to classification, valuation, cenvat credit on capital goods and input services, etc. under Central Excise Act, 1944 against which Company has appealed before CCE/ACCE/CESTAT/High Court/Supreme Court. As per the opinion obtained from various counsels, the Company does not anticipate any liabilities against the above claims.


51

*** Sales Tax Assessments have been completed up to year ended on March 31, 2012. Claims against the company not acknowledged as debts include demand from the commercial tax authorities for payment of tax of Rs. 409.73 lacs (Previous year Rs.373.61 lacs), which has arisen due to late submission of declaration forms to the authorities. The hearing for the same has been completed or yet to be heard and awaiting final order on this.

29 EARNINGS PER SHARE (EPS)

Net Profit as per Statement of Profit and Loss 62,903.78 60,725.23 Opening number of Equity Shares 1,14,436,276 1,10,375,145 Equity Shares issued during the year - 4,061,131 Weighted Average Number of Equity Shares in calculating Basic EPS 1,14,436,276 1,14,436,276 Weighted Average Number of Equity Shares in calculating Diluted EPS 1,14,436,276 1,14,436,276 Basic and Diluted Earning Per Share 54.97 53.06 Nominal Value of Shares 10.00 10.00

Year ended March 31

2015 2014

Year ended March 31

2015 201430 RESEARCH AND DEVELOPMENT EXPENDITURE

Break-up of research and development expenses included in

statement of profit and loss under below heads:

Salaries and Wages 4,491.34 4,293.75

Power and Fuel 1,000.37 734.60

Consumption of material, stores and spare parts 8,952.55 7,393.37

Product Development 7,545.92 6,330.50

Repairs - -

Building 13.82 11.67

Plant and Machineries 148.77 99.74

Laboratory expenses 1,312.59 1,374.03

Travellingand conveyance 50.37 42.34

Professional and consultancy 3.66 27.07

Communication Costs 11.00 8.77

Miscellaneous Expenses 338.55 624.16

Revenue Expenditure 23,874.94 20,940.00

Year ended March 31

2015 201431 DERIVATIVE INSTRUMENTS AND

UNHEDGED FOREIGN CURRENCY EXPOSURES

Derivative Instruments

Currency Options - 1,834.66 Forward Contract to sell US$ 7,345.45 601.00

7,345.45 2,435.66

Unhedged Foreign Currency Exposures

Receivables 1,46,402.04 1,13,095.93 Payables 28,154.07 19,876.42 Loans (including ECB) 29,577.39 38,585.15 Loans given to Subsidiaries 20,423.60 14,861.79

2,24,557.11 1,86,419.29



Year ended March 31

20142015

50

Payment to Auditor :As Auditor :

Audit Fee 74.16 65.17 Tax Audit Fee 17.98 15.51

In Other Capacity: Management Services 28.65 26.62 Other Services (Certification Fees) 16.85 15.35 Other Audit Fees 4.09 13.16

141.73 135.8227 COMMITMENTS


Estimated amount of contracts remaining to be executedon capital account and not provided for [Net of advanceRs. 1472.77 Lacs (March 31, 2014: Rs. 1094.12 Lacs)] 6,204.37 5,007.14

(b) Other Commitments

Estimated amount of obligation on account of non-fulfillmentof export commitments under various advance licenses 4,378.63 3,707.50

10,583.00 8,714.64

* The company had obtained duty free/concessional duty licenses for import of capital goods by undertaking export obligations under the “Export Promotion of Capital Goods (EPCG) Scheme”. Company need to fulfill all these export obligations and has to apply for redemption of licenses on completion of the same as at March 31, 2015.

Year ended March 31

20142015


(a) Bank Guarantees issued by the Bankers 1,278.58 1,310.73 (b) Corporate Guarantees (including given on behalf of Subsidiaries) 19,588.03 5,583.77 (c) Letter of Credit 11,330.21 5,142.57 (d) Custom Duty Liability under EPCG and Advance Licenses 2,833.43 2,024.11 (e) Claims against the Company not acknowledged as debts *

Income Tax* 14,386.80 5,462.90 Excise Duty** 3,168.97 3,743.85 Sales Tax*** 409.73 373.61

52,995.75 23,641.54

* Claims against the company not acknowledged as debts include demands from Indian Income tax authorities for payment of additional income taxes of Rs.1459.21Lacs (Previous Year Rs.1350.00 Lacs) for the Assessment years 2007-08 to 2009-10; Rs.11508.09 Lacs (Previous Year Rs.3903.68 Lacs) in respect of Assessment years 2010-11 & 2011-12 based on assessment/rectification orders received during the year and Rs.1419.50 Lacs ( Previous Year Rs.100 Lacs ) of TDS demands raised/enhanced in review of stay during the year in respect of Assessment Years 2011-12 to 2013-14 under a TDS survey proceedings. Based on various decisions of appellate authorities in similar matter and the interpretations of relevant provisions, the company has been advised that the demands are likely to be either deleted or substantially reduced and accordingly no provision has been made in the financial statements. The matters are pending with appellate authorities and not yet decided.

** Towards levy of Excise duty, including penalty but other than interest thereof on account of issues relating to classification, valuation, cenvat credit on capital goods and input services, etc. under Central Excise Act, 1944 against which Company has appealed before CCE/ACCE/CESTAT/High Court/Supreme Court. As per the opinion obtained from various counsels, the Company does not anticipate any liabilities against the above claims.


51

*** Sales Tax Assessments have been completed up to year ended on March 31, 2012. Claims against the company not acknowledged as debts include demand from the commercial tax authorities for payment of tax of Rs. 409.73 lacs (Previous year Rs.373.61 lacs), which has arisen due to late submission of declaration forms to the authorities. The hearing for the same has been completed or yet to be heard and awaiting final order on this.


Net Profit as per Statement of Profit and Loss 62,903.78 60,725.23 Opening number of Equity Shares 1,14,436,276 1,10,375,145 Equity Shares issued during the year - 4,061,131 Weighted Average Number of Equity Shares in calculating Basic EPS 1,14,436,276 1,14,436,276 Weighted Average Number of Equity Shares in calculating Diluted EPS 1,14,436,276 1,14,436,276 Basic and Diluted Earning Per Share 54.97 53.06 Nominal Value of Shares 10.00 10.00

Year ended March 31

2015 2014

Year ended March 31

2015 201430 RESEARCH AND DEVELOPMENT EXPENDITURE

Break-up of research and development expenses included in

statement of profit and loss under below heads:

Salaries and Wages 4,491.34 4,293.75

Power and Fuel 1,000.37 734.60

Consumption of material, stores and spare parts 8,952.55 7,393.37

Product Development 7,545.92 6,330.50

Repairs - -

Building 13.82 11.67

Plant and Machineries 148.77 99.74

Laboratory expenses 1,312.59 1,374.03

Travellingand conveyance 50.37 42.34

Professional and consultancy 3.66 27.07

Communication Costs 11.00 8.77

Miscellaneous Expenses 338.55 624.16

Revenue Expenditure 23,874.94 20,940.00

Year ended March 31

2015 201431 DERIVATIVE INSTRUMENTS AND

UNHEDGED FOREIGN CURRENCY EXPOSURES

Derivative Instruments

Currency Options - 1,834.66 Forward Contract to sell US$ 7,345.45 601.00

7,345.45 2,435.66

Unhedged Foreign Currency Exposures

Receivables 1,46,402.04 1,13,095.93 Payables 28,154.07 19,876.42 Loans (including ECB) 29,577.39 38,585.15 Loans given to Subsidiaries 20,423.60 14,861.79

2,24,557.11 1,86,419.29


32 DETAILS OF EMPLOYEE BENEFITS

The following tables summarise the components of net benefit expense recognised in the Statement of Profit

and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

Gratuity Leave Pay

Year ended March 31 Year ended March 31

2015 2014 2015 2014

STATEMENT OF PROFIT AND LOSS

Net employee benefit expense

(recognised in employee cost):

Current Service Cost 377.08 380.75 173.57 183.08

Interest Cost on Benefit Obligation 198.69 161.62 118.34 102.44

Net Actuarial (Gain) / Loss recognised in the year 375.26 (9.79) 453.46 87.35

Net Benefit Expense 951.02 532.58 745.37 372.87

BALANCE SHEET

Details of provision

Defined Benefit Obligation 3,264.24 2,587.13 2,151.65 1,516.73

Plan (Asset) / Liability 3,264.24 2,587.13 2,151.65 1,516.73

Changes in the present value of the defined

benefit obligation are as follows:

Opening Defined Benefit Obligation 2,587.13 2,240.67 1,516.73 1,318.61



Benefits paid (273.91) (186.12) (210.45) (174.75)

Actuarial (Gains) / Losses on Obligation 375.26 (9.79) 453.46 87.35

Closing Defined Benefit Obligation 3,264.24 2,587.13 2,051.65 1,516.73

The overall expected rate of return on assets is determined based on the market price prevailing on that date,

applicable to the period over which the obligation is to be settled.


52

The principle assumption used in determining Gratuity Obligation

for the Company's plan are shown below:

Discount Rate 8.03 9.22 8.03 9.22

Increase in compensation cost 7.00 8.00 7.00 8.00

Amounts for the Current Year and

Previous Year are as follows:


Surplus / (Deficit) (3,264.24) (2,587.13) (2,051.65) (1,516.73)

The company has a defined benefit gratuity plan. Every employee who has completed five years or more of

service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The

leave pay is payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death

or on resignation or upon retirement an attaining superannuation age.


53

33 DUES TO MICRO, SMALL AND MEDIUMENTERPRISES AS PER MSMED ACT, 2006

(i) The principal amount and the interest due thereon remaining 194.46 115.07unpaid to any supplier as at the end of each accounting year;

(ii) The amount of interest paid by the buyer in terms of Section 16, - -of the Micro, Small and Medium Enterprise Development Act, 2006along with the amounts of the payment made to the supplier beyondthe appointed day during each accounting year;

(iii) The amount of interest due and payable for the period of delay in - -making payment (which have been paid but beyond the appointedday during the year) but without adding the interest specifiedunder Micro, Small and Medium Enterprise Development Act, 2006;

(iv) The amount of interest accrued and remaining unpaid at the end 0.32 -of each accounting year; and

(v) The amount of further interest remaining due and payable even - -in the succeeding years, until such date when the interest dues asabove are actually paid to the small enterprise for the purpose ofdisallowance as a deductible expenditure under section 23 ofthe Micro, Small and Medium Enterprise Development Act, 2006.

194.77 115.07

Year ended March 31

20142015





Gratuity Leave Pay


2015 2014 2015 2014








BALANCE SHEET









Benefits paid (273.91) (186.12) (210.45) (174.75)



The overall expected rate of return on assets is determined based on the market price prevailing on that date,

applicable to the period over which the obligation is to be settled.


52



Discount Rate 8.03 9.22 8.03 9.22





Surplus / (Deficit) (3,264.24) (2,587.13) (2,051.65) (1,516.73)






53

33 DUES TO MICRO, SMALL AND MEDIUMENTERPRISES AS PER MSMED ACT, 2006

(i) The principal amount and the interest due thereon remaining 194.46 115.07unpaid to any supplier as at the end of each accounting year;

(ii) The amount of interest paid by the buyer in terms of Section 16, - -of the Micro, Small and Medium Enterprise Development Act, 2006along with the amounts of the payment made to the supplier beyondthe appointed day during each accounting year;

(iii) The amount of interest due and payable for the period of delay in - -making payment (which have been paid but beyond the appointedday during the year) but without adding the interest specifiedunder Micro, Small and Medium Enterprise Development Act, 2006;

(iv) The amount of interest accrued and remaining unpaid at the end 0.32 -of each accounting year; and

(v) The amount of further interest remaining due and payable even - -in the succeeding years, until such date when the interest dues asabove are actually paid to the small enterprise for the purpose ofdisallowance as a deductible expenditure under section 23 ofthe Micro, Small and Medium Enterprise Development Act, 2006.

194.77 115.07

Year ended March 31

20142015


54


34 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

A Subsidiary Companies

Accord Farma SA DE CV, Mexico

Accord Farmaceutica Ltda., Brazil

Accord Healthcare Inc., North Carolina, USA

Accord Healthcare (Pty) Ltd., South Africa


Accord Healthcare Limited

Accord Healthcare Limited, UK

Accord Healthcare NZ Ltd., New Zealand

Accord Healthcare SAC, Peru

Intas Medi Devices Limited

Intas Lifesciences (Partnership Firm)

Andre Laboratories Limited

Astron Research Limited, UK

Step-down Subsidiary Companies

Accord Healthcare Pty. Ltd., Australia

Accord Healthcare SAS, France

Accord Healthcare BV, Netherlands

Accord Healthcare Italia SRL, Italy

Accord Healthcare Sociedad Limitada, Spain

Accord Healthcare Polska Spolka Z Ograniczona

Odpowiedzialnoscia, Poland

Farmabiot SA DE CV, Mexico

Accord Healthcare AB, Sweden

Accord Healthcare BVPA, Belgium

Accord Healthcare OY, Finland

Accord Healthcare GMBH, Austria

Accord Healthcare Ireland Limited, Ireland

Accord Healthcare Limited, Malta

Accord Healthcare SDN BHD Malaysia

Accord Healthcare OÜ (Estonia)

Accord Healthcare GmbH, Germany

Accord Heathcare MENA JLT, UAE

Accord Biopharma Inc. , USA

Accord Healthcare HK Limited, Hongkong

Accord Healthcare S.R.O., Czech Republic

Accord Healthcare Private limited, Singapore

Accord Healthcare, Unipessoal, Lda Portugal

B Joint Venture

Alvi-Intas Medical Devices Pvt. Ltd.

C Enterprises Having Significant Influence (EHSI)*

Advanced Transfusion Medicine Research Foundation

Arron Fresh Private Limited

Astron Packaging Limited

Cytas Research Limited

Epsilon Marketing and Consultancy Private Limited

Equatorial Private Limited

Intas Enterprise Private Limited

Jina Pharmaceuticals Inc.,USA

Jina Pharmaceuticals Limited, India

Lambda Therapeutic Research Limited

Lambda Therapeutic Research Sp. Z.o.o. Poland

Lambda Therapeutic Limited,UK

One Advertising & Communication Services Limited

Oncology Services India limited

Pharm V Solutions Limited, UK

Prime Paediatrics Private Limited

MPR Pharma Sp. Z.o.o, Poland

Lambda Therapeutic Research Inc., USA

Lambda Therapeutic Research Inc., Canada

Unipath Specialty Laboratory Limited

Intas Welfare Trust

Occura Eyecare Private Limited

D Key Management Personnel (KMP)**

Mr. Hasmukh K. Chudgar

Mr. Binish H. Chudgar

Mr. Nimish H. Chudgar

Dr. Urmish H. Chudgar

Mr. Jayesh Shah

Mr. Manoj Nair

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company

No

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con

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-15

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-14

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54
































Accord Healthcare Limited, Malta










B Joint Venture























Intas Welfare Trust







Mr. Jayesh Shah

Mr. Manoj Nair

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company

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apeu

tic

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tner

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Acc

ord

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lth

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In

c.,

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sid

iary

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ord

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55


56

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

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sid

iari

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din

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sid

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nn

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rise

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ence

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Pu

rch

ase

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8

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sid

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Acc

ord

Hea

lth

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Acc

ord

Hea

lth

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In

c.,

No

rth

Car

oli

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sid

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47

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61

6.2

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47

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Acc

ord

Hea

lth

care

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c.,

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ada

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sid

iary

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Acc

ord

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lth

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Inta

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Mr.

Has

mu

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ato

rial

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vate

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69

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Dr.

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Ren

t /

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Acc

ord

Hea

lth

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sid

iary

55

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55

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Acc

ord

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ty)

Ltd

., S

ou

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fric

aSu

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8

78

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ord

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ord

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ma

S.A

. D

E C

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exic

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bsi

dia

ry 1

06

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9

7.2

6

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-

10

6.4

1

97

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Inta

s Li

fesc

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ces

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tner

ship

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m)

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sid

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gar

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Mr.

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37

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3

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-

37

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8

57

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Sub

sid

iari

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sid

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nn

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ota

lEn

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rise

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70

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4

Mr.

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mu

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Dr.

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Acc

ord

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lth

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ty)

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Acc

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Acc

ord

Hea

lth

care

In

c.,

No

rth

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Sub

sid

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-

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Acc

ord

Hea

lth

care

In

c.,

Can

ada

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sid

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24

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3

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45

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Acc

ord

Far

ma

S.A

. D

E C

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- M

exic

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ry 1

07

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Acc

ord

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In

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sid

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ma

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ord

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lth

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ord

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Acc

ord

Hea

lth

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In

c.,

No

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Car

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sid

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6


56

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

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ory

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Mar

-15

Mar

-14

Sub

sid

iari

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sid

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rise

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avin

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ase

of

DEP

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ce -

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8

-

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6

.18

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s M

edi

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0

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Acc

ord

Hea

lth

care

Lim

ited

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KSu

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dia

ry 1

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72

.48

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3

-

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-

12

,17

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8

7,8

36

.53

Acc

ord

Hea

lth

care

In

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No

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Car

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USA

Sub

sid

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Rel

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5958



Year ended March 31

20142015

35 EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Exports at FOB basis 1,91,784.00 1,76,777.84 Income from Sale of Licenses 3,118.92 6,415.32 Others 3,669.75 2,497.23

1,98,572.67 1,85,690.39

36 VALUE OF IMPORTS ON CIF BASIS

Raw and Packing Materials 37,562.88 32,567.60 Capital Goods 5,014.82 2,245.30 Others 1,535.23 2,213.44

44,112.93 37,026.34

37 EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)Travelling Expenses 260.32 52.96

Legal & Professional 4,722.23 4,966.21 Product Registration Fees 303.16 291.80 Manufacturing Charges 2,029.43 2,054.13 Patent Review Expenses 195.18 77.72 Testing Charges 4.04 44.24 Interest and Finance Charges 399.86 795.42 Sales Commission 1,694.19 1,801.22 Overseas Office Expenses (including Salaries) 163.52 395.60 Royalty 260.58 301.87 Marketing and Business Promotion Expenses 1,031.33 1,218.57 Others 2,439.56 1,440.59

13,503.40 13,440.33

* Net of tax deducted at source, wherever applicable

38 IMPORTED AND INDIGENEOUS MATERIALS CONSUMED

(i) Raw Materials(a) Imported 37,213.63 29,666.80 (b) Indigenous 72,286.25 58,405.98

1,09,499.88 88,072.78

(ii) Packing Materials(a) Imported 2,552.59 2,138.19 (b) Indigenous 13,936.29 12,271.17

16,488.88 14,409.36

1,25,988.76 1,02,482.14

Year ended March 31

20142015


39 PREVIOUS YEAR COMPARATIVESThe figures of the Previous year have been regrouped/rearranged wherever necessary to conform to Current year’s classifications.






6160



Year ended March 31

20142015

35 EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Exports at FOB basis 1,91,784.00 1,76,777.84 Income from Sale of Licenses 3,118.92 6,415.32 Others 3,669.75 2,497.23

1,98,572.67 1,85,690.39

36 VALUE OF IMPORTS ON CIF BASIS

Raw and Packing Materials 37,562.88 32,567.60 Capital Goods 5,014.82 2,245.30 Others 1,535.23 2,213.44

44,112.93 37,026.34

37 EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)Travelling Expenses 260.32 52.96

Legal & Professional 4,722.23 4,966.21 Product Registration Fees 303.16 291.80 Manufacturing Charges 2,029.43 2,054.13 Patent Review Expenses 195.18 77.72 Testing Charges 4.04 44.24 Interest and Finance Charges 399.86 795.42 Sales Commission 1,694.19 1,801.22 Overseas Office Expenses (including Salaries) 163.52 395.60 Royalty 260.58 301.87 Marketing and Business Promotion Expenses 1,031.33 1,218.57 Others 2,439.56 1,440.59

13,503.40 13,440.33

* Net of tax deducted at source, wherever applicable

38 IMPORTED AND INDIGENEOUS MATERIALS CONSUMED

(i) Raw Materials(a) Imported 37,213.63 29,666.80 (b) Indigenous 72,286.25 58,405.98

1,09,499.88 88,072.78

(ii) Packing Materials(a) Imported 2,552.59 2,138.19 (b) Indigenous 13,936.29 12,271.17

16,488.88 14,409.36

1,25,988.76 1,02,482.14

Year ended March 31

20142015


39 PREVIOUS YEAR COMPARATIVESThe figures of the Previous year have been regrouped/rearranged wherever necessary to conform to Current year’s classifications.






6160


CONSOLIDATED FINANCIAL STATEMENTS

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of INTAS PHARMACEUTICALS LIMITED

(“the Holding Company”), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the

Group”) and a jointly controlled entity, comprising the Consolidated Balance Sheet as at March 31, 2015, the

Consolidated Statement of Profit and Loss, the Consolidated Cash Flow Statement for the year then ended, and a

summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the

consolidated financial statements”).

Management’s Responsibility for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial

statements in terms of the requirements of the Companies Act, 2013 (“the Act”) that give a true and fair view of the

consolidated financial position, consolidated financial performance and consolidated cash flows of the Group

including its Jointly controlled entity in accordance with the accounting principles generally accepted in India,

including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group and of its

jointly controlled entity are responsible for maintenance of adequate accounting records in accordance with the

provisions of the Act for safeguarding the assets of the Group and its jointly controlled entity and for preventing

and detecting frauds and other irregularities; the selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and prudent; and the design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and

completeness of the accounting records, relevant to the preparation and presentation of the financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have

been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding

Company, as aforesaid.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While

conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards

and matters which are required to be included in the audit report under the provisions of the Act and the Rules

made thereunder.



reasonable assurance about whether the consolidated financial statements are free from material misstatement.


consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the

assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding

Company’s preparation of the consolidated financial statements that give a true and fair view in order to design

audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on

whether the Holding Company has an adequate internal financial controls system over financial reporting and the

operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting

policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of

Directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms

of their reports referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate

to provide a basis for our audit opinion on the consolidated financial statements.

AUDITORS' REPORT

6362


CONSOLIDATED FINANCIAL STATEMENTS

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of INTAS PHARMACEUTICALS LIMITED

(“the Holding Company”), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the

Group”) and a jointly controlled entity, comprising the Consolidated Balance Sheet as at March 31, 2015, the

Consolidated Statement of Profit and Loss, the Consolidated Cash Flow Statement for the year then ended, and a

summary of the significant accounting policies and other explanatory information (hereinafter referred to as “the

consolidated financial statements”).

Management’s Responsibility for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial

statements in terms of the requirements of the Companies Act, 2013 (“the Act”) that give a true and fair view of the

consolidated financial position, consolidated financial performance and consolidated cash flows of the Group

including its Jointly controlled entity in accordance with the accounting principles generally accepted in India,

including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group and of its

jointly controlled entity are responsible for maintenance of adequate accounting records in accordance with the

provisions of the Act for safeguarding the assets of the Group and its jointly controlled entity and for preventing

and detecting frauds and other irregularities; the selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and prudent; and the design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and

completeness of the accounting records, relevant to the preparation and presentation of the financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have

been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding

Company, as aforesaid.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While

conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards

and matters which are required to be included in the audit report under the provisions of the Act and the Rules

made thereunder.



reasonable assurance about whether the consolidated financial statements are free from material misstatement.


consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the

assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding

Company’s preparation of the consolidated financial statements that give a true and fair view in order to design

audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on

whether the Holding Company has an adequate internal financial controls system over financial reporting and the

operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting

policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of

Directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms

of their reports referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate

to provide a basis for our audit opinion on the consolidated financial statements.

AUDITORS' REPORT

6362


Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the

consideration of reports of other auditors on separate financial statements of subsidiaries and a jointly controlled

entity and on the other financial information of subsidiaries, the aforesaid consolidated financial statements give

the information required by the Act in the manner so required and give a true and fair view in conformity with the

accounting principles generally accepted in India, of the consolidated state of affairs of the Group and its jointly

controlled entity as at March 31, 2015, and their consolidated profits and consolidated cash flows for the year

ended on that date.

Other Matters

(a) We did not audit the financial statements / consolidated financial statement of certain subsidiaries, whose

financial statements / consolidated financial statement reflect total assets of Rs. 1,33,666 lacs as at March

31, 2015, total revenues of Rs. 1,14,173 lacs and net cash flows amounting to Rs. 170 lacs for the year

ended on that date, as considered in the consolidated financial statements. These financial statements /

consolidated financial statement have been audited by other auditors whose reports have been furnished

to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to

the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-

sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries, is based

solely on the reports of the other auditors.

(b) We have relied on the unaudited financial statements / financial information of certain subsidiaries, whose

financial statements / financial information reflect total assets of Rs. 81,935 lacs as at March 31, 2015, total

revenues of Rs. 1,06,143 lacs respectively and net cash flows amounting to Rs. (1,738) lacs for the year

ended on that date, as considered in the consolidated financial statements. These unaudited financial

statements / financial information as approved by the respective Board of Directors of these companies

have been furnished to us by the Management and our opinion on the consolidated financial statements, in

so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in

terms of sub-sections (3) and (11) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries,

is based solely on such unaudited financial statements / financial information.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory

Requirements below, is not modified in respect of the above matters with respect to our reliance on the

work done and the reports of the other auditors and the financial statements / financial information

certified by the Management.


1. As required by the Companies (Auditors’ Report) Order, 2015 (“CARO 2015”), issued by the Central

Government of India in terms of Section 143(11) of the Act, based on the comments in the auditors’ reports

of the Holding Company, Subsidiaries and a jointly controlled entity incorporated in India, we give in the

Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit of the consolidated financial

statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the

consolidated financial statements have been kept so far as it appears from our examination of those

books and the reports of the other auditors.

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the

Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant

books of account maintained for the purpose of preparation of the consolidated financial

statements.

(d) In our opinion, the consolidated financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the Directors of the Holding Company and

its subsidiaries and a jointly controlled entity incorporated in India as on March 31, 2015, taken on

record by their respective Board of Directors, none of the Directors of the Group and its jointly

controlled entity, incorporated in India is disqualified as on March 31, 2015 from being appointed

as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11

of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our

information and according to the explanations given to us and based on the consideration of the

report of the other auditors on separate financial statements as also the other financial information of

its subsidiaries and a jointly controlled entity, as noted in the ‘Other Matter’ paragraph:


(i) The consolidated financial statements disclose the impact of pending litigations on the consolidated

financial position of the Group and its jointly controlled entity – Refer Note 29 to the consolidated

financial statements.

(ii) Provision has been made in the consolidated financial statements, as required under the applicable

law or accounting standards, for material foreseeable losses, if any, on long-term contracts

including derivative contracts – Refer Note 29 to the consolidated financial statements; and

(iii) There were no amounts which were required to be transferred to the Investor Education and

Protection Fund by the Group and its jointly controlled entity incorporated in India.

For APAJI AMIN & CO. LLPChartered AccountantsICAI FRN No.: 100513W / W10062

Place : AhmedabadDate : July 09, 2015

Tehmul SethnaPartnerMembership No: 35476

6564


Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the

consideration of reports of other auditors on separate financial statements of subsidiaries and a jointly controlled

entity and on the other financial information of subsidiaries, the aforesaid consolidated financial statements give

the information required by the Act in the manner so required and give a true and fair view in conformity with the

accounting principles generally accepted in India, of the consolidated state of affairs of the Group and its jointly

controlled entity as at March 31, 2015, and their consolidated profits and consolidated cash flows for the year

ended on that date.

Other Matters

(a) We did not audit the financial statements / consolidated financial statement of certain subsidiaries, whose

financial statements / consolidated financial statement reflect total assets of Rs. 1,33,666 lacs as at March

31, 2015, total revenues of Rs. 1,14,173 lacs and net cash flows amounting to Rs. 170 lacs for the year

ended on that date, as considered in the consolidated financial statements. These financial statements /

consolidated financial statement have been audited by other auditors whose reports have been furnished

to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to

the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-

sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries, is based

solely on the reports of the other auditors.

(b) We have relied on the unaudited financial statements / financial information of certain subsidiaries, whose

financial statements / financial information reflect total assets of Rs. 81,935 lacs as at March 31, 2015, total

revenues of Rs. 1,06,143 lacs respectively and net cash flows amounting to Rs. (1,738) lacs for the year

ended on that date, as considered in the consolidated financial statements. These unaudited financial

statements / financial information as approved by the respective Board of Directors of these companies

have been furnished to us by the Management and our opinion on the consolidated financial statements, in

so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in

terms of sub-sections (3) and (11) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries,

is based solely on such unaudited financial statements / financial information.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory

Requirements below, is not modified in respect of the above matters with respect to our reliance on the

work done and the reports of the other auditors and the financial statements / financial information

certified by the Management.


1. As required by the Companies (Auditors’ Report) Order, 2015 (“CARO 2015”), issued by the Central

Government of India in terms of Section 143(11) of the Act, based on the comments in the auditors’ reports

of the Holding Company, Subsidiaries and a jointly controlled entity incorporated in India, we give in the

Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.


(a) We have sought and obtained all the information and explanations which to the best of our

knowledge and belief were necessary for the purposes of our audit of the consolidated financial

statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the

consolidated financial statements have been kept so far as it appears from our examination of those

books and the reports of the other auditors.

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the

Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant

books of account maintained for the purpose of preparation of the consolidated financial

statements.

(d) In our opinion, the consolidated financial statements comply with the Accounting Standards

specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the Directors of the Holding Company and

its subsidiaries and a jointly controlled entity incorporated in India as on March 31, 2015, taken on

record by their respective Board of Directors, none of the Directors of the Group and its jointly

controlled entity, incorporated in India is disqualified as on March 31, 2015 from being appointed

as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11

of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our

information and according to the explanations given to us and based on the consideration of the

report of the other auditors on separate financial statements as also the other financial information of

its subsidiaries and a jointly controlled entity, as noted in the ‘Other Matter’ paragraph:


(i) The consolidated financial statements disclose the impact of pending litigations on the consolidated

financial position of the Group and its jointly controlled entity – Refer Note 29 to the consolidated

financial statements.

(ii) Provision has been made in the consolidated financial statements, as required under the applicable

law or accounting standards, for material foreseeable losses, if any, on long-term contracts

including derivative contracts – Refer Note 29 to the consolidated financial statements; and

(iii) There were no amounts which were required to be transferred to the Investor Education and

Protection Fund by the Group and its jointly controlled entity incorporated in India.




6564


Annexure referred to in Paragraph 1 under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date

The following statement is based on the comments in the Auditors’ reports on the standalone financial statements of the Holding Company, subsidiary companies and jointly controlled entity incorporated in India.

We report that:

1. In respect of the fixed assets of the Group and its jointly controlled entity:

(i) The respective entities have maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner set out respective entities, which in our opinion is reasonable, having regard to the size of the respective entities and nature of assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.


(i) Inventories, except goods-in-transit, have been physically verified by the management of the respective entities at regular intervals during the year. In our opinion, the frequency of such verification is reasonable. In respect of inventory lying with third parties, written confirmations have been obtained for a substantial part of such inventory.

(ii) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the respective management are reasonable and adequate in relation to the size of the respective entities and nature of their business.

(iii) The respective entities have maintained proper records of inventories. As explained to us, no material discrepancies were noticed on physical verification of inventories.

3. The Holding Company, its subsidiaries and a jointly controlled entity incorporated in India have not granted any loans, secured and unsecured, to companies, firms or other parties covered in the register maintained by it under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, respective entities have an adequate internal control system commensurate with the respective size of each company and the nature of its business for the purchase of inventories, fixed assets and for the sales of goods and services except that for jointly controlled entity incorporated in India with regards to inventories, their nature and specifications are such that the jointly controlled entity incorporated in India is required to procure them from joint venture only located outside India, without inviting comparative quotations. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system of the respective entities in respect of these areas.

5. The Holding Company, its subsidiaries and a jointly controlled entity have not accepted any deposits in accordance with the provisions of Sections 73 to 76 of the Act, and the rules framed there under. Therefore, the provisions of the Clause (v) of paragraph 3 of the CARO 2015 are not applicable.

6. The statutory auditors of the Holding Company have broadly reviewed the cost records maintained by the Holding Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained by the Holding Company. However, the statutory auditors have not carried on a detailed examination of the records. For subsidiaries and a jointly controlled entity incorporated in India, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013, for the products and services.


(i) The Group and a jointly controlled entity are regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees’ State Insurance, Service Tax, Income Tax, Sales Tax, Value Added tax, Custom Duty, Cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date they become payable.

(ii) According to the information and explanation given to us, there are no dues outstanding for Excise Duty, Income Tax, Sales Tax, Cess and other statutory dues except mentioned below:

(iii) According to the records of the Group and a jointly controlled entity, there are no amounts which are required to be transferred to the Investor Education and Protection Fund by the respective entities.

8. Three of the subsidiaries have accumulated losses at the end of the year on a standalone basis and has incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. The jointly controlled entity has accumulated losses exceeding its net worth at the end of the year on a standalone basis and has also incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. The Holding Company and remaining subsidiaries do not have any accumulated losses at the end of the year on a standalone basis, and have not incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. On a consolidated basis, the Group and a jointly controlled entity do not have any accumulated losses at the end of the year, and have not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanations given to us, the respective entities have not defaulted in repayment of dues to banks or debenture holders during the year and did not have any amount outstanding to financial institutions.

10. In our opinion, the terms and conditions of the guarantees given by the Holding Company for loans taken by subsidiary companies from banks are not, prima facie, prejudicial to the interests of the respective companies. The subsidiaries and a jointly controlled entity incorporated in India have not given any guarantees for the loans taken by others from bank. The Group and a jointly controlled entity incorporated in India have not given any guarantees for loans taken by others from financial institutions

11. In our opinion and according to the information and explanation given to us on an overall basis, Term Loans obtained by the respective entities were applied for the purpose for which the loans were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management of respective entities, which have been relied upon by us, we report that no fraud on or by the Group and a jointly controlled entity has been noticed or reported during the course of our audit.

Name of the Statute Nature of Dues Years to which Forum where Amt.matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE 4,711.32Excise Act, 1944 1997-98 to 2014-15 Commissioner (A)

CESTAT 1,479.47Government of India 180.75High Court /Supreme Court 173.17






6766


Annexure referred to in Paragraph 1 under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date

The following statement is based on the comments in the Auditors’ reports on the standalone financial statements of the Holding Company, subsidiary companies and jointly controlled entity incorporated in India.

We report that:

1. In respect of the fixed assets of the Group and its jointly controlled entity:

(i) The respective entities have maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(ii) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner set out respective entities, which in our opinion is reasonable, having regard to the size of the respective entities and nature of assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.


(i) Inventories, except goods-in-transit, have been physically verified by the management of the respective entities at regular intervals during the year. In our opinion, the frequency of such verification is reasonable. In respect of inventory lying with third parties, written confirmations have been obtained for a substantial part of such inventory.

(ii) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the respective management are reasonable and adequate in relation to the size of the respective entities and nature of their business.

(iii) The respective entities have maintained proper records of inventories. As explained to us, no material discrepancies were noticed on physical verification of inventories.

3. The Holding Company, its subsidiaries and a jointly controlled entity incorporated in India have not granted any loans, secured and unsecured, to companies, firms or other parties covered in the register maintained by it under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, respective entities have an adequate internal control system commensurate with the respective size of each company and the nature of its business for the purchase of inventories, fixed assets and for the sales of goods and services except that for jointly controlled entity incorporated in India with regards to inventories, their nature and specifications are such that the jointly controlled entity incorporated in India is required to procure them from joint venture only located outside India, without inviting comparative quotations. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system of the respective entities in respect of these areas.

5. The Holding Company, its subsidiaries and a jointly controlled entity have not accepted any deposits in accordance with the provisions of Sections 73 to 76 of the Act, and the rules framed there under. Therefore, the provisions of the Clause (v) of paragraph 3 of the CARO 2015 are not applicable.

6. The statutory auditors of the Holding Company have broadly reviewed the cost records maintained by the Holding Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained by the Holding Company. However, the statutory auditors have not carried on a detailed examination of the records. For subsidiaries and a jointly controlled entity incorporated in India, the Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013, for the products and services.


(i) The Group and a jointly controlled entity are regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees’ State Insurance, Service Tax, Income Tax, Sales Tax, Value Added tax, Custom Duty, Cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date they become payable.

(ii) According to the information and explanation given to us, there are no dues outstanding for Excise Duty, Income Tax, Sales Tax, Cess and other statutory dues except mentioned below:

(iii) According to the records of the Group and a jointly controlled entity, there are no amounts which are required to be transferred to the Investor Education and Protection Fund by the respective entities.

8. Three of the subsidiaries have accumulated losses at the end of the year on a standalone basis and has incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. The jointly controlled entity has accumulated losses exceeding its net worth at the end of the year on a standalone basis and has also incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. The Holding Company and remaining subsidiaries do not have any accumulated losses at the end of the year on a standalone basis, and have not incurred cash losses on a standalone basis during the financial year covered by the audit and in the immediately preceding financial year. On a consolidated basis, the Group and a jointly controlled entity do not have any accumulated losses at the end of the year, and have not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanations given to us, the respective entities have not defaulted in repayment of dues to banks or debenture holders during the year and did not have any amount outstanding to financial institutions.

10. In our opinion, the terms and conditions of the guarantees given by the Holding Company for loans taken by subsidiary companies from banks are not, prima facie, prejudicial to the interests of the respective companies. The subsidiaries and a jointly controlled entity incorporated in India have not given any guarantees for the loans taken by others from bank. The Group and a jointly controlled entity incorporated in India have not given any guarantees for loans taken by others from financial institutions

11. In our opinion and according to the information and explanation given to us on an overall basis, Term Loans obtained by the respective entities were applied for the purpose for which the loans were obtained.

12. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management of respective entities, which have been relied upon by us, we report that no fraud on or by the Group and a jointly controlled entity has been noticed or reported during the course of our audit.

Name of the Statute Nature of Dues Years to which Forum where Amt.matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE 4,711.32Excise Act, 1944 1997-98 to 2014-15 Commissioner (A)

CESTAT 1,479.47Government of India 180.75High Court /Supreme Court 173.17






6766


68

Consolidated Balance Sheet as at March 31, 2015(All the amount Rupee in Lacs unless otherwise mentioned)

Notes March 31, 2015 March 31, 2014

EQUITIES AND LIABILITIES

Shareholders' Funds

(a) Share Capital 4 11,443.63 11,443.63(b) Reserves and Surplus 5 2,68,844.62 2,11,838.05

2,80,288.25 2,23,281.68

Minority Interest 68.17 2,891.83 Non-current Liabilities

(a) Long Term Borrowings 6 11,030.37 12,966.54 (b) Deferred Tax Liabilities (Net) 7 8,131.82 7,830.92 (c) Other Long Term Liabilities 8 2,339.82 1,987.03 (d) Long Term Provisions 9 5,475.23 4,216.08

26,977.24 27,000.57

Current Liabilities

(a) Short Term Borrowings 10 64,409.63 49,976.48 (b) Trade Payables 11 85,123.01 58,158.41 (c) Other Current Liabilities 11 7,850.06 11,809.91 (d) Short Term Provisions 9 4,187.11 3,412.78

1,61,569.81 1,23,357.58

TOTAL LIABILITIES 468,903.47 376,531.66

ASSETSNon-Current Assets

(a) Fixed Assets (i) Tangible Assets 12 97,598.68 93,256.72 (ii) Intangible Assets 13 33,205.66 18,586.59 (iii) Capital Work-in-Progress 12 11,473.32 4,564.99 (iv) Intangible Assets under Development 13 31,265.99 29,943.96

(b) Non-Current Investments 14 312.96 440.68 (c) Deferred Tax Assets (Net) 7 10,055.77 7,024.07 (d) Long Term Loans and Advances 15 9,794.49 6,920.06 (e) Other Non-Current Assets 16 47.03 64.76

1,93,753.90 1,60,801.83

Current Assets

(a) Inventories 17 1,12,991.76 93,661.29 (b) Trade Receivables 18 1,21,799.95 86,340.30 (c) Cash and Cash Equivalents 19 7,449.51 8,927.89 (d) Short Term Loans and Advances 15 32,908.35 26,800.35

2,75,149.57 2,15,729.83

TOTAL ASSETS 4,68,903.47 3,76,531.66

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements.


For APAJI AMIN & CO LLP Intas Pharmaceuticals LimitedChartered Accountants

No. : 100513W/W100062 Hasmukh Chudgar Binish ChudgarChairman Vice-Chairman & MD


Place : Ahmedabad Jayesh Shah Manoj NairDate : Chief Finance Officer Company Secretary

ICAI FRN

July 9, 2015


Revenue :

Revenue from Operations (Gross) 20 5,16,710.72 4,22,777.20 Less: Duties and Taxes 1,950.79 1,730.36 Revenue from Operations (Net) 5,14,759.93 4,21,046.83 Other Income 21 6,894.27 5,134.62

Total Revenue 5,21,654.20 4,26,181.45

Expenses:

Cost of Materials Consumed 22 1,39,611.12 1,16,184.15 Purchases of Stock-in-Trade 64,050.68 56,463.70 Changes in Inventories of Finished goods,Work-In-Progress and Stock-in-Trade 23 (7,990.55) (9,409.76)Employee Benefits Expenses 24 66,272.38 53,104.90 Finance Costs 25 2,603.76 4,000.71 Depreciation and Amortisation Expenses 15,748.01 11,267.35

Other Expenses 26 1,59,794.76 1,30,614.26

Total Expenses 4,40,090.16 3,62,225.31

Profit Before Tax, Prior Period Items and Exceptional Item 81,564.04 63,956.14 Less : Exceptional Item - (8,086.05)Less : Prior Period Adjustments - 22.62

Profit Before Tax 81,564.04 72,019.57 Tax Expenses:

Current Tax 22,347.62 17,317.55 Deferred Tax (2,796.33) 1,127.27

Profit for the year 62,012.75 53,574.75 Less : Minority interest 660.52 935.53


Earning per Share Basic and Diluted (in Rs.) 53.61 46.00 [Nominal value of Share Rs. 10] 29

Significant Accounting Policies 3 Notes are an integral part of the Financial Statements.

Consolidated Statement of Profit and Loss for the Year Ended March 31, 2015(All the amount Rupee in Lacs unless otherwise mentioned)

69






ICAI FRN

July 9, 2015


68

Consolidated Balance Sheet as at March 31, 2015(All the amount Rupee in Lacs unless otherwise mentioned)


EQUITIES AND LIABILITIES

Shareholders' Funds

(a) Share Capital 4 11,443.63 11,443.63(b) Reserves and Surplus 5 2,68,844.62 2,11,838.05

2,80,288.25 2,23,281.68

Minority Interest 68.17 2,891.83 Non-current Liabilities

(a) Long Term Borrowings 6 11,030.37 12,966.54 (b) Deferred Tax Liabilities (Net) 7 8,131.82 7,830.92 (c) Other Long Term Liabilities 8 2,339.82 1,987.03 (d) Long Term Provisions 9 5,475.23 4,216.08

26,977.24 27,000.57

Current Liabilities

(a) Short Term Borrowings 10 64,409.63 49,976.48 (b) Trade Payables 11 85,123.01 58,158.41 (c) Other Current Liabilities 11 7,850.06 11,809.91 (d) Short Term Provisions 9 4,187.11 3,412.78

1,61,569.81 1,23,357.58

TOTAL LIABILITIES 468,903.47 376,531.66

ASSETSNon-Current Assets

(a) Fixed Assets (i) Tangible Assets 12 97,598.68 93,256.72 (ii) Intangible Assets 13 33,205.66 18,586.59 (iii) Capital Work-in-Progress 12 11,473.32 4,564.99 (iv) Intangible Assets under Development 13 31,265.99 29,943.96

(b) Non-Current Investments 14 312.96 440.68 (c) Deferred Tax Assets (Net) 7 10,055.77 7,024.07 (d) Long Term Loans and Advances 15 9,794.49 6,920.06 (e) Other Non-Current Assets 16 47.03 64.76

1,93,753.90 1,60,801.83

Current Assets

(a) Inventories 17 1,12,991.76 93,661.29 (b) Trade Receivables 18 1,21,799.95 86,340.30 (c) Cash and Cash Equivalents 19 7,449.51 8,927.89 (d) Short Term Loans and Advances 15 32,908.35 26,800.35

2,75,149.57 2,15,729.83

TOTAL ASSETS 4,68,903.47 3,76,531.66

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements.






ICAI FRN

July 9, 2015


Revenue :

Revenue from Operations (Gross) 20 5,16,710.72 4,22,777.20 Less: Duties and Taxes 1,950.79 1,730.36 Revenue from Operations (Net) 5,14,759.93 4,21,046.83 Other Income 21 6,894.27 5,134.62

Total Revenue 5,21,654.20 4,26,181.45

Expenses:

Cost of Materials Consumed 22 1,39,611.12 1,16,184.15 Purchases of Stock-in-Trade 64,050.68 56,463.70 Changes in Inventories of Finished goods,Work-In-Progress and Stock-in-Trade 23 (7,990.55) (9,409.76)Employee Benefits Expenses 24 66,272.38 53,104.90 Finance Costs 25 2,603.76 4,000.71 Depreciation and Amortisation Expenses 15,748.01 11,267.35

Other Expenses 26 1,59,794.76 1,30,614.26

Total Expenses 4,40,090.16 3,62,225.31

Profit Before Tax, Prior Period Items and Exceptional Item 81,564.04 63,956.14 Less : Exceptional Item - (8,086.05)Less : Prior Period Adjustments - 22.62

Profit Before Tax 81,564.04 72,019.57 Tax Expenses:

Current Tax 22,347.62 17,317.55 Deferred Tax (2,796.33) 1,127.27

Profit for the year 62,012.75 53,574.75 Less : Minority interest 660.52 935.53


Earning per Share Basic and Diluted (in Rs.) 53.61 46.00 [Nominal value of Share Rs. 10] 29

Significant Accounting Policies 3 Notes are an integral part of the Financial Statements.

Consolidated Statement of Profit and Loss for the Year Ended March 31, 2015(All the amount Rupee in Lacs unless otherwise mentioned)

69






ICAI FRN

July 9, 2015


70

A. CASH FLOWS FROM OPERATING ACTIVITIES


Adjustments for:


Product Development Expenses written off 2.36 4,116.52

Intangible assets /Investment written off 76.70 3,820.34

Diminution in Investment 324.19 1,100.00

(Profit) / Loss on sale of assets (619.44) (2,931.48)



IPO Expenses written-off - 830.46

Provision for Doubtful Debts and Advances 20.81 239.18

Operating Profit before working capital changes 96,672.78 93,678.07

Adjustments for:

Inventories (19,407.17) (12,301.80)


Short Term Loans and Advances (6,108.00) (2,862.18)

Long Term loans and Advances (136.12) 3,641.50

Other Non Current Assets 1.68 (0.13)

Trade Payables 26,941.86 1,794.20

Other Current Liabilities 1,410.40 (1,353.96)


Provisions 1,248.61 608.02

Cash generated from Operations 65,496.37 63,643.98


Net cash from operating activities 41,433.98 46,064.69

Exchange rate Fluctuation arising on Consolidation 488.18 (3,080.51)

NET CASH FROM OPERATING ACTIVITIES (A) 41,922.16 42,984.18



Sale of Fixed Assets 1,514.08 4,689.22

Investment (Net) (196.47) 433.24

Interest received 2,412.70 101.00

NET CASH USED IN INVESTING ACTIVITIES (B) (41,765.94) (17,430.00)

Consolidated Cash Flow Statement for the Year ended on March 31,2015(All the amount Rupee in Lacs unless otherwise mentioned)

March 31, 2015 March 31, 2014


March 31, 2015 March 31, 2014

71


Share issue Expenses - (295.40)

Proceeds/(Repayments) from long-term borrowings (7,192.16) (8,333.00)

Proceeds/(Repayments) from short-term borrowings 14,433.15 (7,500.45)

Finance cost (2,044.29) (3,295.42)

Capital Withdrawn by Minorities (3,484.18) (180.30)

Dividends paid including Tax on Dividend (3,347.12) (2,677.70)

NET CASH FLOWS GENERATED FROM/(USED IN)

FINANCING ACTIVITIES (C) (1,634.60) (22,282.27)

NET INCREASE / (DECREASE) IN

CASH AND CASH EQUIVALENTS (A+B+C) (1,478.38) 3,271.91

Cash and Cash Equivalents at the Beginning of the year 8,927.89 5,655.98




Balance with Banks 7,372.35 8,889.47

7,449.51 8,927.89






ICAI FRN

July 9, 2015


70

A. CASH FLOWS FROM OPERATING ACTIVITIES


Adjustments for:



Intangible assets /Investment written off 76.70 3,820.34


(Profit) / Loss on sale of assets (619.44) (2,931.48)




Provision for Doubtful Debts and Advances 20.81 239.18

Operating Profit before working capital changes 96,672.78 93,678.07

Adjustments for:

Inventories (19,407.17) (12,301.80)


Short Term Loans and Advances (6,108.00) (2,862.18)

Long Term loans and Advances (136.12) 3,641.50

Other Non Current Assets 1.68 (0.13)

Trade Payables 26,941.86 1,794.20

Other Current Liabilities 1,410.40 (1,353.96)


Provisions 1,248.61 608.02

Cash generated from Operations 65,496.37 63,643.98


Net cash from operating activities 41,433.98 46,064.69

Exchange rate Fluctuation arising on Consolidation 488.18 (3,080.51)

NET CASH FROM OPERATING ACTIVITIES (A) 41,922.16 42,984.18



Sale of Fixed Assets 1,514.08 4,689.22

Investment (Net) (196.47) 433.24

Interest received 2,412.70 101.00

NET CASH USED IN INVESTING ACTIVITIES (B) (41,765.94) (17,430.00)


March 31, 2015 March 31, 2014


March 31, 2015 March 31, 2014

71


Share issue Expenses - (295.40)

Proceeds/(Repayments) from long-term borrowings (7,192.16) (8,333.00)

Proceeds/(Repayments) from short-term borrowings 14,433.15 (7,500.45)

Finance cost (2,044.29) (3,295.42)

Capital Withdrawn by Minorities (3,484.18) (180.30)

Dividends paid including Tax on Dividend (3,347.12) (2,677.70)

NET CASH FLOWS GENERATED FROM/(USED IN)

FINANCING ACTIVITIES (C) (1,634.60) (22,282.27)

NET INCREASE / (DECREASE) IN

CASH AND CASH EQUIVALENTS (A+B+C) (1,478.38) 3,271.91

Cash and Cash Equivalents at the Beginning of the year 8,927.89 5,655.98




Balance with Banks 7,372.35 8,889.47

7,449.51 8,927.89






ICAI FRN

July 9, 2015



Intas Pharmaceuticals Limited (‘the Company’) is a leading vertically integrated Indian Pharmaceutical

Company with global operations, engaged in the development, manufacture and marketing of

pharmaceutical formulations and are headquartered in India. Company operates nine formulation

manufacturing facilities, of which seven are located in Gujarat, India - i.e. Matoda, Vatva, Sanand Valia,

Moraiya, Intas SEZ - Matoda and CBL Plant and the rest in the U.K. and Mexico. The consolidated financial

statements comprise the financial statements of Intas Pharmaceuticals Limited (hereinafter referred to as

“the Holding Company” or “The Company”) and its subsidiaries (together referred to as 'the Group').

2 Principles of Consolidation

(i) Subsidiaries are fully consolidated from the date of acquisition / incorporation, being the date on

which the Group obtains control and continue to be consolidated until the date that such control

ceases.

(ii) The financial statements of the Company and its subsidiaries have been combined on a line-by-line

basis by adding together the book values of like items of assets, liabilities, income and expenses, after

eliminating intra group balances and intra group transactions. The unrealised profits or losses

resulting from the intra group transactions and intra group balances have been eliminated.

(iii) The excess of the cost to the Company of its investment in the subsidiaries over the Company's

portion of equity on the acquisition date is recognised in the financial statements as “Goodwill” and

is tested for impairment annually. The excess of Company's portion of equity of the Subsidiary over

the cost of investment therein is treated as “Capital Reserve”. The Company's portion of the equity in

the subsidiaries at the date of acquisition is determined after realigning the material accounting

policies of the subsidiaries to that of the holding company and the charge/(reversal) on account of

realignment is adjusted to the accumulated reserves and surplus of the subsidiaries at the date of

acquisition.

(iv) As far as possible, the Consolidated financial statements are prepared using uniform accounting

policies for like transactions and other events in similar circumstances and are presented in the same

manner as the Company's separate financial statements.

(v) If the Group loses control over a subsidiary, it:

a) derecognises the assets (including goodwill) and liabilities of the subsidiary;

b) derecognises the carrying amount of any minority interest;

c) derecognises the cumulative translation differences, recorded in foreign currency translation

reserve;

d) recognises the value of the consideration received;

e) recognises the value of any investment retained;

f) recognises any surplus or deficit in profit or losses."



The financial statements of the company have beeen prepared and presented under the historical

cost convention on accrual basis of accounting, and in accordance with the accounting principals

generally accepted in India (Indian GAAP). Indian GAAP comprises Accounting Standards specified

under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules,

2014 and provisions of the Companies Act, 2013, pronouncements of Institute of Chartered

Accountants of India. The Company has presented financial statements as per format prescribed by

Schedule III, notified under the Companies Act, 2013. Except where otherwise stated, the accounting

policies are consistently applied.

Notes to the Consolidated Financial Statements as at March 31, 2015

72


73

All the assets and liabilities have been classified as current or non current as per company's normal

operation cycle and other crieteria set out in the Schedule III to the Companies Act, 2013.

Current assets / liabilities include the current portion of non current financial assets / liabilities

respectively. All other assets / liabilities are classified as non current.


The preparation of financial statements in conformity with Indian GAAP requires management to

make assumptions, critical judgements and estimates, which it believes are reasonable under the

circumstances, that affect the reported amounts of assets, liabilities and contingent liabilities on the

date of financial statements and the reported amounts of revenue and expenses during the period.

Actual results could differ from those estimates. Difference between the actual results and estimates

are recognized in the period in which the results are known or materialize.


Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation.

The cost of fixed asset comprises of its purchase price, non-refundable taxes & levies, freight and

other incidental expenses related to the acquisition and installation of the respective assets.

Borrowing cost attributable to acquisition or construction of qualifying fixed assets is capitalized to

respective assets when the time taken to put the assets to use is substantial.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases

the future benefits from the existing asset beyond its previously assessed standard of performance. All

other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure

and cost of replacing parts, are changed to the Statement of Profit and Loss for the period during

which such expenses are incurred.

Gains or losses arising from derecognition of fixed assets are measured as the difference between the

net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of

Profit and Loss when the asset is derecognized.

Capital assets under erection/installation are stated at cost in the Balance Sheet as "Capital Work-in-

Progress".

(i) The management believes that useful lives currently used, which is as prescribed under

Schedule II or higher, fairly reflect its estimate of the useful lives and residual values of Fixed

Assets, though these rates in certain cases are different from lives prescribed under Schedule II.

Depreciation is provided, pro-rata for the period of use, on the Straight Line Method, at rates

determined based on the management’s estimate of useful life and are as follows :

Depreciation on Fixed Assets of subsidiaries are provided on straight line method (SLM) over the

useful life as shown in table below :



Building 30 years





Buildings 10-50 years

Plant & Machineries 5-20 years

Furniture, Fixtures and Office Equipments 3-10 years

Vehicles 3-10 years



Intas Pharmaceuticals Limited (‘the Company’) is a leading vertically integrated Indian Pharmaceutical

Company with global operations, engaged in the development, manufacture and marketing of

pharmaceutical formulations and are headquartered in India. Company operates nine formulation

manufacturing facilities, of which seven are located in Gujarat, India - i.e. Matoda, Vatva, Sanand Valia,

Moraiya, Intas SEZ - Matoda and CBL Plant and the rest in the U.K. and Mexico. The consolidated financial

statements comprise the financial statements of Intas Pharmaceuticals Limited (hereinafter referred to as

“the Holding Company” or “The Company”) and its subsidiaries (together referred to as 'the Group').

2 Principles of Consolidation

(i) Subsidiaries are fully consolidated from the date of acquisition / incorporation, being the date on

which the Group obtains control and continue to be consolidated until the date that such control

ceases.

(ii) The financial statements of the Company and its subsidiaries have been combined on a line-by-line

basis by adding together the book values of like items of assets, liabilities, income and expenses, after

eliminating intra group balances and intra group transactions. The unrealised profits or losses

resulting from the intra group transactions and intra group balances have been eliminated.

(iii) The excess of the cost to the Company of its investment in the subsidiaries over the Company's

portion of equity on the acquisition date is recognised in the financial statements as “Goodwill” and

is tested for impairment annually. The excess of Company's portion of equity of the Subsidiary over

the cost of investment therein is treated as “Capital Reserve”. The Company's portion of the equity in

the subsidiaries at the date of acquisition is determined after realigning the material accounting

policies of the subsidiaries to that of the holding company and the charge/(reversal) on account of

realignment is adjusted to the accumulated reserves and surplus of the subsidiaries at the date of

acquisition.

(iv) As far as possible, the Consolidated financial statements are prepared using uniform accounting

policies for like transactions and other events in similar circumstances and are presented in the same

manner as the Company's separate financial statements.

(v) If the Group loses control over a subsidiary, it:

a) derecognises the assets (including goodwill) and liabilities of the subsidiary;

b) derecognises the carrying amount of any minority interest;

c) derecognises the cumulative translation differences, recorded in foreign currency translation

reserve;

d) recognises the value of the consideration received;

e) recognises the value of any investment retained;

f) recognises any surplus or deficit in profit or losses."



The financial statements of the company have beeen prepared and presented under the historical

cost convention on accrual basis of accounting, and in accordance with the accounting principals

generally accepted in India (Indian GAAP). Indian GAAP comprises Accounting Standards specified

under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules,

2014 and provisions of the Companies Act, 2013, pronouncements of Institute of Chartered

Accountants of India. The Company has presented financial statements as per format prescribed by

Schedule III, notified under the Companies Act, 2013. Except where otherwise stated, the accounting

policies are consistently applied.


72


73

All the assets and liabilities have been classified as current or non current as per company's normal

operation cycle and other crieteria set out in the Schedule III to the Companies Act, 2013.

Current assets / liabilities include the current portion of non current financial assets / liabilities

respectively. All other assets / liabilities are classified as non current.


The preparation of financial statements in conformity with Indian GAAP requires management to

make assumptions, critical judgements and estimates, which it believes are reasonable under the

circumstances, that affect the reported amounts of assets, liabilities and contingent liabilities on the

date of financial statements and the reported amounts of revenue and expenses during the period.

Actual results could differ from those estimates. Difference between the actual results and estimates

are recognized in the period in which the results are known or materialize.


Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation.

The cost of fixed asset comprises of its purchase price, non-refundable taxes & levies, freight and

other incidental expenses related to the acquisition and installation of the respective assets.

Borrowing cost attributable to acquisition or construction of qualifying fixed assets is capitalized to

respective assets when the time taken to put the assets to use is substantial.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases

the future benefits from the existing asset beyond its previously assessed standard of performance. All

other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure

and cost of replacing parts, are changed to the Statement of Profit and Loss for the period during

which such expenses are incurred.

Gains or losses arising from derecognition of fixed assets are measured as the difference between the

net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of

Profit and Loss when the asset is derecognized.

Capital assets under erection/installation are stated at cost in the Balance Sheet as "Capital Work-in-

Progress".

(i) The management believes that useful lives currently used, which is as prescribed under

Schedule II or higher, fairly reflect its estimate of the useful lives and residual values of Fixed

Assets, though these rates in certain cases are different from lives prescribed under Schedule II.

Depreciation is provided, pro-rata for the period of use, on the Straight Line Method, at rates

determined based on the management’s estimate of useful life and are as follows :

Depreciation on Fixed Assets of subsidiaries are provided on straight line method (SLM) over the

useful life as shown in table below :



Building 30 years





Buildings 10-50 years

Plant & Machineries 5-20 years

Furniture, Fixtures and Office Equipments 3-10 years

Vehicles 3-10 years



Intangible Assets are carried at cost less accumulated amortization and accumulated impairment

losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful

economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset

will not exceed 10 years from the date when the asset is available for use.


(i) The Company assesses at each reporting date whether there is an indication that an asset may be

impaired. If any indication exists, or when annual impairment testing for an asset is required, the

Company estimates the asset’s recoverable amount. Where the carrying amount of an asset

exceeds its recoverable amount, the asset is considered impaired and is written down to its

recoverable amount. An assessment is made at each reporting date as to whether there is any

indication that previously recognized impairment losses may no longer exist or may have

decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its

remaining useful life.

(f) Leases

Lease rentals in respect of assets taken on operating lease are charged to the statement of profit and

loss on accrual andstraightline basis over the lease term.

(g) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the

date on which such investments are made, are classified as current investments. All other

investments are classified as Non-current investments.

Current investments are carried in the financial statements at lower of cost and fair value determined

on an individual investment basis.

Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported

in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision

for diminution in value is made to recognise a decline other than temporary in the value of the

investments.

(h) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net

realizable value. Cost includes Purchase Price and other directly attributable costs incidental

thereto. However, materials and other items held for use in the production of inventories are not

written down below cost if the finished products in which they will be incorporated are

expected to be sold at or above cost. Cost is determined on a weighted average basis.

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost

includes direct materials and labour and a proportion of manufacturing overheads based on

normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a

weighted average basis.

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less

estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminision in value of inventories has been made for expired, obsolete, non-

moving and slow-moving inventories as per the management's estimate.



Revenue is recognized to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured.

(i) Revenue is recognised when the significant risks and rewards of ownership of the goods have

passed to the customers, usually on delivery of goods. Sales are net of discounts, sales tax, value

added tax. Excise duty is accounted on the basis of both, payments made in respect of goods

cleared and also provision made for goods lying in bonded warehouse deducted from Gross

Turnover.

(ii) Income from services is recognized when the services are rendered or when contracted

milestones have been achieved.


(iv) Export Incentives are recognized as income when right to receive credit as per the terms of the

scheme is established in respect of the exports made and when there is no significant

uncertainty regarding the ultimate collection of the relevant export proceeds.



Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under

relevant head. Revenue expenditure incurred is charged to revenue in the year in which it is incurred

and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.


(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of

transactions.

(ii) The net gain or loss on account of exchange differences arising on settlement of foreign currency

transactions are recognized as income or expense of the period in which they arise.

(iii) Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date

are translated at the closing rate. The resultant exchange differences are recognized in the

statement of profit and loss. Non-monetary assets and liabilities are carried at the rates prevailing

on the date of transaction.



Company’s contribution paid / payable during the year to retirement benefit in the form of

Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are

recognized in the Statement of Profit and Loss. The Company has no obligation, other than the

contribution paid/payable.


The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave

Encashment. The costs of providing benefits under these plans are determined on the basis of

actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan

using the projected unit credit method. Actuarial gains and losses for both defined benefit plans

are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(m) Income Taxes

(i) Current tax is accounted on the basis of estimated taxable income for the current accounting

year and in accordance with the provisions of the Income Tax Act, 1961.


7574



Intangible Assets are carried at cost less accumulated amortization and accumulated impairment

losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful

economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset

will not exceed 10 years from the date when the asset is available for use.


(i) The Company assesses at each reporting date whether there is an indication that an asset may be

impaired. If any indication exists, or when annual impairment testing for an asset is required, the

Company estimates the asset’s recoverable amount. Where the carrying amount of an asset

exceeds its recoverable amount, the asset is considered impaired and is written down to its

recoverable amount. An assessment is made at each reporting date as to whether there is any

indication that previously recognized impairment losses may no longer exist or may have

decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its

remaining useful life.

(f) Leases

Lease rentals in respect of assets taken on operating lease are charged to the statement of profit and

loss on accrual andstraightline basis over the lease term.

(g) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the

date on which such investments are made, are classified as current investments. All other

investments are classified as Non-current investments.

Current investments are carried in the financial statements at lower of cost and fair value determined

on an individual investment basis.

Non-current investments are carried at cost. Investments in share of foreign subsidiaries are reported

in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision

for diminution in value is made to recognise a decline other than temporary in the value of the

investments.

(h) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net

realizable value. Cost includes Purchase Price and other directly attributable costs incidental

thereto. However, materials and other items held for use in the production of inventories are not

written down below cost if the finished products in which they will be incorporated are

expected to be sold at or above cost. Cost is determined on a weighted average basis.

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost

includes direct materials and labour and a proportion of manufacturing overheads based on

normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a

weighted average basis.

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less

estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminision in value of inventories has been made for expired, obsolete, non-

moving and slow-moving inventories as per the management's estimate.



Revenue is recognized to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured.

(i) Revenue is recognised when the significant risks and rewards of ownership of the goods have

passed to the customers, usually on delivery of goods. Sales are net of discounts, sales tax, value

added tax. Excise duty is accounted on the basis of both, payments made in respect of goods

cleared and also provision made for goods lying in bonded warehouse deducted from Gross

Turnover.

(ii) Income from services is recognized when the services are rendered or when contracted

milestones have been achieved.


(iv) Export Incentives are recognized as income when right to receive credit as per the terms of the

scheme is established in respect of the exports made and when there is no significant

uncertainty regarding the ultimate collection of the relevant export proceeds.



Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under

relevant head. Revenue expenditure incurred is charged to revenue in the year in which it is incurred

and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.


(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of

transactions.

(ii) The net gain or loss on account of exchange differences arising on settlement of foreign currency

transactions are recognized as income or expense of the period in which they arise.

(iii) Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date

are translated at the closing rate. The resultant exchange differences are recognized in the

statement of profit and loss. Non-monetary assets and liabilities are carried at the rates prevailing

on the date of transaction.



Company’s contribution paid / payable during the year to retirement benefit in the form of

Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are

recognized in the Statement of Profit and Loss. The Company has no obligation, other than the

contribution paid/payable.


The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave

Encashment. The costs of providing benefits under these plans are determined on the basis of

actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan

using the projected unit credit method. Actuarial gains and losses for both defined benefit plans

are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(m) Income Taxes

(i) Current tax is accounted on the basis of estimated taxable income for the current accounting

year and in accordance with the provisions of the Income Tax Act, 1961.


7574


(ii) Deferred tax resulting from timing differences between accounting and taxable profit for the

period is accounted by using tax rates and laws that have been enacted or substantively enacted

as at the balance sheet date. Deferred tax assets are recognized only to the extent there is

reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are

arrived at after setting off deferred tax assets.


The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on

Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to

equity shareholders (after deducting preference dividends and attributable taxes) by the weighted

average number of equity shares outstanding during the period. The weighted average number of

equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period

attributable to equity shareholders and the weighted average number of shares outstanding during

the period are adjusted for the effects of all dilutive potential equity shares.


The cash flow is prepared as per "Indirect Method" as set out in AS-3 "Cash flow statement" issued by

the Institute of Chartered Accountants of India.


(i) The premium or discount arising at the inception of forward exchange contracts is amortised as

expense or income during the same period in which transaction occurs. Exchange differences

on such contracts are recognised in the Statement of Profit and Loss in the year in which the

exchange rates change. Any profit or loss arising on cancellation or renewal of forward

exchange contract is recognised as income or as expense for the year. The Company does not

enter into forward contracts for trading or speculation purpose.

The Company is exposed to foreign currency fluctuation on foreign currency assets and

forecasted cash flows denominated in foreign currency. The Company limits the effects of

foreign exchange rate fluctuations by following established risk management policies including

the use of derivatives. The Company enters into forward and option contracts, where the

counterparty is a bank. The Company purchases contracts to mitigate the risk of changes in

foreign exchange rates on accounts receivables and forecasted cash flows denominated in

foreign currencies. To designate a contract as an effective hedge, management objectively

evaluates and evidences with appropriate supporting documents at the inception of each

contract whether the contract is effective in achieving offsetting cash flows, attributable to the

hedged risk. The gain or loss on hedges is marked to market, recorded at fair value and changes

in fair values are reflected in the profit and loss account. Any premium paid and gains/losses on

settlement are recognised in profit and loss account.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward

contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if

any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the

Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the

underlying hedged item, is ignored. The Company does not enter into derivative contracts for

trading or speculation purpose.



Provisions involving substantial degree of estimation in measurement are recognized when there is a

present obligation as a result of past events and it is probable that there will be an outflow of resources

for which reliable estimate can be made.

Liabilities which are of a contingent nature are not provided but are disclosed at their estimated

amount in the notes forming part of the financial statements. Contingent assets are neither recognized

nor disclosed in the financial statements.

(r) Borrowing Costs

Borrowing costs that are attributable to the acquisitions or construction of fixed assets for expansion /

new project are capitalized to respective fixed assets. Other borrowing costs are charged to revenue

in the year in which they are incurred.

(s) Other Significant Accounting Policies

Accounting Policies and Notes to Financial Statements of the Holding Company and its Subsidiaries

are set out in their respective Financial Statements. However, the company has disclosed such notes

and details which represent the needed disclosure to serve as a guide for better understanding of the

Group`s position.


7776


(ii) Deferred tax resulting from timing differences between accounting and taxable profit for the

period is accounted by using tax rates and laws that have been enacted or substantively enacted

as at the balance sheet date. Deferred tax assets are recognized only to the extent there is

reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are

arrived at after setting off deferred tax assets.


The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on

Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to

equity shareholders (after deducting preference dividends and attributable taxes) by the weighted

average number of equity shares outstanding during the period. The weighted average number of

equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period

attributable to equity shareholders and the weighted average number of shares outstanding during

the period are adjusted for the effects of all dilutive potential equity shares.


The cash flow is prepared as per "Indirect Method" as set out in AS-3 "Cash flow statement" issued by

the Institute of Chartered Accountants of India.


(i) The premium or discount arising at the inception of forward exchange contracts is amortised as

expense or income during the same period in which transaction occurs. Exchange differences

on such contracts are recognised in the Statement of Profit and Loss in the year in which the

exchange rates change. Any profit or loss arising on cancellation or renewal of forward

exchange contract is recognised as income or as expense for the year. The Company does not

enter into forward contracts for trading or speculation purpose.

The Company is exposed to foreign currency fluctuation on foreign currency assets and

forecasted cash flows denominated in foreign currency. The Company limits the effects of

foreign exchange rate fluctuations by following established risk management policies including

the use of derivatives. The Company enters into forward and option contracts, where the

counterparty is a bank. The Company purchases contracts to mitigate the risk of changes in

foreign exchange rates on accounts receivables and forecasted cash flows denominated in

foreign currencies. To designate a contract as an effective hedge, management objectively

evaluates and evidences with appropriate supporting documents at the inception of each

contract whether the contract is effective in achieving offsetting cash flows, attributable to the

hedged risk. The gain or loss on hedges is marked to market, recorded at fair value and changes

in fair values are reflected in the profit and loss account. Any premium paid and gains/losses on

settlement are recognised in profit and loss account.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward

contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if

any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the

Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the

underlying hedged item, is ignored. The Company does not enter into derivative contracts for

trading or speculation purpose.



Provisions involving substantial degree of estimation in measurement are recognized when there is a

present obligation as a result of past events and it is probable that there will be an outflow of resources

for which reliable estimate can be made.

Liabilities which are of a contingent nature are not provided but are disclosed at their estimated

amount in the notes forming part of the financial statements. Contingent assets are neither recognized

nor disclosed in the financial statements.

(r) Borrowing Costs

Borrowing costs that are attributable to the acquisitions or construction of fixed assets for expansion /

new project are capitalized to respective fixed assets. Other borrowing costs are charged to revenue

in the year in which they are incurred.

(s) Other Significant Accounting Policies

Accounting Policies and Notes to Financial Statements of the Holding Company and its Subsidiaries

are set out in their respective Financial Statements. However, the company has disclosed such notes

and details which represent the needed disclosure to serve as a guide for better understanding of the

Group`s position.


7776


March 31, 2015 March 31, 2014

No. of Shares Amount No. of Shares Amount

4 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 1,68,916,752 16,891.68 1,68,916,752 16,891.68

1,68,916,752 16,891.68 1,68,916,752 16,891.68


Equity Shares of Rs. 10/- each 1,14,436,276 11,443.63 1,14,436,276 11,443.63

1,14,436,276 11,443.63 1,14,436,276 11,443.63



Equity Shares No. of Shares Amount No. of Shares Amount

At the beginning of the Year 1,14,436,276 11,443.63 1,10,375,145 11,037.51

Add : Issued during the Year - - 4,061,131 406.12

Outstanding at the End of the Year 1,14,436,276 11,443.63 1,14,436,276 11,443.63


reporting date:

Equity Shares: 2010 - 11




No. of Shares % Holding No. of Shares % Holding

Name of Shareholders


Mozart Limited - - 11,621,100 10.16




CARAVAGGIO 6,898,447 6.03 6,898,447 6.03

Nimish H Chudgar 6,438,707 5.63 6,438,707 5.63

Binish H Chudgar 6,209,147 5.43 6,209,147 5.43

92,500,159 80.85 92,500,159 80.85

Notes to the Consolidated Financial Statements as at March 31, 2015(All the amount Rupee in Lacs unless otherwise mentioned)

78


March 31, March 31,

2015 2014

5 RESERVES AND SURPLUS

a) Capital Reserve














(e) General Reserve





(f) Foreign Currency Translation Reserve

Balance as per Last Financial Statements (2,021.60) (100.76)

Additions during the year 422.65 (1,920.84)

Closing Balance (1,598.95) (2,021.60)

(g) Surplus





Adjustment relating to Fixed Assets (Note 12 & 13) (636.33) -

Less: Appropriations:

Proposed Dividend on Equity Shares

[Rs. 3.00 each (March 31, 2014: Rs. 2.5 each)] (3,433.09) (2,860.91)


Net Surplus in the Statement of Profit and Loss 1,49,892.80 99,808.87

GRAND TOTAL 2,68,844.62 2,11,838.04

79


March 31, 2015 March 31, 2014

No. of Shares Amount No. of Shares Amount

4 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 1,68,916,752 16,891.68 1,68,916,752 16,891.68

1,68,916,752 16,891.68 1,68,916,752 16,891.68


Equity Shares of Rs. 10/- each 1,14,436,276 11,443.63 1,14,436,276 11,443.63

1,14,436,276 11,443.63 1,14,436,276 11,443.63



Equity Shares No. of Shares Amount No. of Shares Amount

At the beginning of the Year 1,14,436,276 11,443.63 1,10,375,145 11,037.51

Add : Issued during the Year - - 4,061,131 406.12

Outstanding at the End of the Year 1,14,436,276 11,443.63 1,14,436,276 11,443.63


reporting date:

Equity Shares: 2010 - 11




No. of Shares % Holding No. of Shares % Holding

Name of Shareholders


Mozart Limited - - 11,621,100 10.16




CARAVAGGIO 6,898,447 6.03 6,898,447 6.03

Nimish H Chudgar 6,438,707 5.63 6,438,707 5.63

Binish H Chudgar 6,209,147 5.43 6,209,147 5.43

92,500,159 80.85 92,500,159 80.85


78


March 31, March 31,

2015 2014

5 RESERVES AND SURPLUS

a) Capital Reserve














(e) General Reserve





(f) Foreign Currency Translation Reserve

Balance as per Last Financial Statements (2,021.60) (100.76)

Additions during the year 422.65 (1,920.84)

Closing Balance (1,598.95) (2,021.60)

(g) Surplus





Adjustment relating to Fixed Assets (Note 12 & 13) (636.33) -

Less: Appropriations:

Proposed Dividend on Equity Shares

[Rs. 3.00 each (March 31, 2014: Rs. 2.5 each)] (3,433.09) (2,860.91)


Net Surplus in the Statement of Profit and Loss 1,49,892.80 99,808.87

GRAND TOTAL 2,68,844.62 2,11,838.04

79

Annual Report 2014-2015Annual Report 2013-2014



2015 2014 2015 2014

6 LONG TERM BORROWINGS Non-current Current

Non-convertible Debentures (Secured) 9,000.00 9,000.00 - 3,500.00

Term Loans from Banks

Foreign Currency Loans (Secured) 507.37 2,727.79 2,029.50 4,048.55

Hire Purchase Vehicle Loans from Banks (Secured) - - - 0.94

Other Loans

Secured 1,278.00 480.00 142.00 -

Unsecured 245.00 758.75 122.00 -

11,030.37 12,966.54 2,293.50 7,549.49


Secured Borrowings 10,785.37 12,207.79 2,171.50 7,549.49

Unsecured Borrowings 245.00 758.75 122.00 -

Amount disclosed under the head

"Other Current Liabilities" (note 11) - - (2,293.50) (7,549.49)

Net Amount 11,030.37 12,966.54 - -

1 The Non Convertible Debentures (NCD) are secured by first pari-passu charge on the movable and

immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

80

As at March 31

2015 2014

7 DEFERRED TAX LIABILITIES (NET)


Impact of Difference between depreciation/ amortisation

as per Income Tax and charged for the Financial Reporting 8,131.82 7,830.92


Deferred Tax Asset

Impact of Expenditure charged to the Statement of


purposes in following years on payment basis 10,055.77 7,024.07

Gross Deferred Tax Asset 10,055.77 7,024.07

Deferred Tax Liabilities (Net) (1,923.95) 806.85


3 Soft Loan of Rs.1420 Lacs from Department of Biotechnology, under Biotechnology Industry

Partnership Programme (BIPP ) is secured by pari passu hypothecation charge on specific movable fixed

assets, both present and future.


Sr.No.



31-03-15Rs. in Lac

31-03-14Rs. in Lac



debentures

1 10,00,000 14-06-13 9,000.00

9,000.00 9% p.a.payable

half yearly


value,

2 10,00,000 06-11-09 3,500.00

9.25% p.a.payable

half yearly


Non-current Current

As at March 31 As at March 312015 2014 2015 2014

9 PROVISION

Provision for Employee Benefits Provision for Gratuity 3,372.49 2,662.43 - -Provision for Leave Encashment 2,102.74 1,553.65 55.12 65.66

5,475.23 4,216.08 55.12 65.66Other Provisions Proposed Equity Dividend - - 3,433.09 2,860.91Provision for Tax on Proposed Equity Dividend - - 698.90 486.21

- - 4,131.99 3,347.12

5,475.23 4,216.08 4,187.11 3,412.78

2015 2014

10 SHORT TERM BORROWINGSSecured Borrowings from Bank*Cash Credit from Banks 4,093.33 7,484.37 Short Term Loans 51,622.09 17,113.87 Unsecured Borrowings from BankCash Credit from Banks 2,531.29 2,168.68 Short Term Loans 6,162.92 23,209.56

64,409.63 49,976.48

The above amount includes:Secured Borrowings 55,715.42 24,598.24 Unsecured Borrowings 8,694.21 25,378.24

64,409.63 49,976.48

* Short term Borrowings are secured by first pari-passu charge on the entire current assets & movable properties of the company.

As at March 31

81


Trade Payables- Due to Related Parties (Refer note 32) 2,931.88 1,581.38 - Others Payables 82,191.13 56,577.03

Other Liabilities Current Maturities of Long Term Borrowings 2,293.50 7,549.49 Interest accrued but not due on loans 364.20 455.73 Advance from Customers 1,680.96 1,042.70 Others - TDS Payable 816.86 598.61

- Others 2,694.54 2,163.38 7,850.06 11,809.91

92,973.07 69,968.32

As At March 31

20142015

8 OTHER LONG-TERM LIABILITIES

Deposits from Clearing & Forward Agents 2,074.55 1,987.03Other liabilities 265.27 -

2,339.82 1,987.03

*Grant of Rs. 294.75 Lacs under Capital Investment Subsidy Scheme of the Government of Sikkim on 17th February 2015. The amount of Grant is 30% of Capex value of the plant and machinery used in the process of manufacturer such Grant has been deferred over the balance useful life of such plant and machineries.

As at March 312015 2014

Annual Report 2014-2015Annual Report 2013-2014



2015 2014 2015 2014

6 LONG TERM BORROWINGS Non-current Current

Non-convertible Debentures (Secured) 9,000.00 9,000.00 - 3,500.00

Term Loans from Banks

Foreign Currency Loans (Secured) 507.37 2,727.79 2,029.50 4,048.55

Hire Purchase Vehicle Loans from Banks (Secured) - - - 0.94

Other Loans

Secured 1,278.00 480.00 142.00 -

Unsecured 245.00 758.75 122.00 -

11,030.37 12,966.54 2,293.50 7,549.49


Secured Borrowings 10,785.37 12,207.79 2,171.50 7,549.49

Unsecured Borrowings 245.00 758.75 122.00 -

Amount disclosed under the head

"Other Current Liabilities" (note 11) - - (2,293.50) (7,549.49)

Net Amount 11,030.37 12,966.54 - -

1 The Non Convertible Debentures (NCD) are secured by first pari-passu charge on the movable and

immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

80

As at March 31

2015 2014

7 DEFERRED TAX LIABILITIES (NET)


Impact of Difference between depreciation/ amortisation

as per Income Tax and charged for the Financial Reporting 8,131.82 7,830.92


Deferred Tax Asset

Impact of Expenditure charged to the Statement of


purposes in following years on payment basis 10,055.77 7,024.07

Gross Deferred Tax Asset 10,055.77 7,024.07

Deferred Tax Liabilities (Net) (1,923.95) 806.85


3 Soft Loan of Rs.1420 Lacs from Department of Biotechnology, under Biotechnology Industry

Partnership Programme (BIPP ) is secured by pari passu hypothecation charge on specific movable fixed

assets, both present and future.


Sr.No.



31-03-15Rs. in Lac

31-03-14Rs. in Lac



debentures

1 10,00,000 14-06-13 9,000.00

9,000.00 9% p.a.payable

half yearly


value,

2 10,00,000 06-11-09 3,500.00

9.25% p.a.payable

half yearly


Non-current Current

As at March 31 As at March 312015 2014 2015 2014

9 PROVISION

Provision for Employee Benefits Provision for Gratuity 3,372.49 2,662.43 - -Provision for Leave Encashment 2,102.74 1,553.65 55.12 65.66

5,475.23 4,216.08 55.12 65.66Other Provisions Proposed Equity Dividend - - 3,433.09 2,860.91Provision for Tax on Proposed Equity Dividend - - 698.90 486.21

- - 4,131.99 3,347.12

5,475.23 4,216.08 4,187.11 3,412.78

2015 2014

10 SHORT TERM BORROWINGSSecured Borrowings from Bank*Cash Credit from Banks 4,093.33 7,484.37 Short Term Loans 51,622.09 17,113.87 Unsecured Borrowings from BankCash Credit from Banks 2,531.29 2,168.68 Short Term Loans 6,162.92 23,209.56

64,409.63 49,976.48

The above amount includes:Secured Borrowings 55,715.42 24,598.24 Unsecured Borrowings 8,694.21 25,378.24

64,409.63 49,976.48

* Short term Borrowings are secured by first pari-passu charge on the entire current assets & movable properties of the company.

As at March 31

81


Trade Payables- Due to Related Parties (Refer note 32) 2,931.88 1,581.38 - Others Payables 82,191.13 56,577.03

Other Liabilities Current Maturities of Long Term Borrowings 2,293.50 7,549.49 Interest accrued but not due on loans 364.20 455.73 Advance from Customers 1,680.96 1,042.70 Others - TDS Payable 816.86 598.61

- Others 2,694.54 2,163.38 7,850.06 11,809.91

92,973.07 69,968.32

As At March 31

20142015

8 OTHER LONG-TERM LIABILITIES

Deposits from Clearing & Forward Agents 2,074.55 1,987.03Other liabilities 265.27 -

2,339.82 1,987.03

*Grant of Rs. 294.75 Lacs under Capital Investment Subsidy Scheme of the Government of Sikkim on 17th February 2015. The amount of Grant is 30% of Capex value of the plant and machinery used in the process of manufacturer such Grant has been deferred over the balance useful life of such plant and machineries.

As at March 312015 2014


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ixed

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fit a

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nti

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s. 6

36

.33

Lac

s.

83


14 INVESTMENTS

(a) Non Currrent Investments

Non Traded ( Quoted)

181766666 (P.Y. 181766666) Common Stock of Viropro Inc.

( USA ) of par value of USD 0.001 each fully Paid up

(Market Value Rs.NIL, P.Y. Rs. 393.27 Lacs) 1,424.19 1,424.19

Less: Provision for diminution of Investment (1,424.19) (1,100.00)

- 324.19

Non Traded ( Un-quoted)

152 (P.Y. 152) Common Units of Mobius Therapeutics LLC, USA 312.95 116.48

100 (P.Y. 100) Equity Shares of Prime Paediatrics Pvt Ltd of

Rs.10/- fully paid up 0.01 0.01

312.96 116.49

312.96 440.68

As At March 31

20142015

Non-current Current


2015 2014 2015 2014


Capital Advances

Unsecured, considered good 4,050.12 3,026.58 - -

(A) 4,050.12 3,026.58 - -

Security deposit

Secured, considered good 1,048.64 934.56 - -

Unsecured, considered good 4.67 4.56 39.53 40.84

(B) 1,053.31 939.12 39.53 40.84


Unsecured, considered good 21.93 - 16,154.50 13,879.07

(C) 21.93 - 16,154.50 13,879.07


Advance income-tax

(net of provision for taxation) 4,669.13 2,954.36 - -




Others - - 2,756.29 1,280.62

(D) 4,669.13 2,954.36 16,714.32 12,880.44

Total ( A+B+C+D ) 9,794.49 6,920.06 32,908.35 26,800.35


82

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nin

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he

wri

tten

do

wn

val

ue

of F

ixed

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ets

wh

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live

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ave

exp

ired

as

at 1

st A

pri

l 20

14

hav

e b

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ad

just

ed n

et o

f tax

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alan

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fit a

nd

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cco

un

t am

ou

nti

ng

to R

s. 6

36

.33

Lac

s.

83


14 INVESTMENTS

(a) Non Currrent Investments

Non Traded ( Quoted)

181766666 (P.Y. 181766666) Common Stock of Viropro Inc.

( USA ) of par value of USD 0.001 each fully Paid up

(Market Value Rs.NIL, P.Y. Rs. 393.27 Lacs) 1,424.19 1,424.19

Less: Provision for diminution of Investment (1,424.19) (1,100.00)

- 324.19

Non Traded ( Un-quoted)

152 (P.Y. 152) Common Units of Mobius Therapeutics LLC, USA 312.95 116.48

100 (P.Y. 100) Equity Shares of Prime Paediatrics Pvt Ltd of

Rs.10/- fully paid up 0.01 0.01

312.96 116.49

312.96 440.68

As At March 31

20142015

Non-current Current


2015 2014 2015 2014


Capital Advances

Unsecured, considered good 4,050.12 3,026.58 - -

(A) 4,050.12 3,026.58 - -

Security deposit

Secured, considered good 1,048.64 934.56 - -

Unsecured, considered good 4.67 4.56 39.53 40.84

(B) 1,053.31 939.12 39.53 40.84


Unsecured, considered good 21.93 - 16,154.50 13,879.07

(C) 21.93 - 16,154.50 13,879.07


Advance income-tax

(net of provision for taxation) 4,669.13 2,954.36 - -




Others - - 2,756.29 1,280.62

(D) 4,669.13 2,954.36 16,714.32 12,880.44

Total ( A+B+C+D ) 9,794.49 6,920.06 32,908.35 26,800.35



84

Current

As at March 31

2015 2014




Unsecured, considered doubtful 383.41 806.73

5,472.43 6,438.44

Less: Provision for doubtful receivables (383.41) (806.73)

(A) 5,089.02 5,631.71

Other receivables

Dues from related parties ( Refer note 33) 1,813.89 1,573.71

Unsecured, considered good 1,14,897.04 79,134.88

Unsecured, considered doubtful 9.51 -

1,16,720.44 80,708.59

Less: Provision for doubtful receivables (9.51) -

(B)

1,16,710.93 80,708.59

Total (A+B) 1,21,799.95 86,340.30


Unamortised Expenditure to the extent not written off


Others - 1.68

Total 47.03 64.76

As at March 31

2015 2014

17 INVENTORIES

[Valued at lower of cost and net realisable value]


Finished and Traded Goods 62,089.14 52,303.11



Total 1,12,991.76 93,661.29

Non-current

As At March 31

20142015

19 CASH AND CASH EQUIVALENTS

Balances with Banks: 7,372.35 8,889.47


On Deposits with Original Maturity for more than 12 months 259.05 336.33


Total 7,449.51 8,927.89


Year ended March 31

20142015

85

20 REVENUE FROM OPERATIONS


Domestic 2,31,258.16 1,97,523.32

Exports 2,76,242.76 2,14,189.49



Other Operating Revenue 90.68 1,339.17


Less: Excise Duty / ICMS 1,950.79 1,730.36


21 OTHER INCOME

Interest Income on - Bank Deposits 211.81 72.94

- Others 2,184.84 27.27

Insurance Claims Received 170.01 185.19

Profit on Sale of Fixed Assets 724.92 2,934.81

Other Non-operating Income 3,602.69 1,914.41

6,894.27 5,134.62

22 COST OF MATERIALS CONSUMED

Inventory at the beginning of the year 33,308.02 30,454.14

Add: Purchases 1,50,893.28 1,19,038.03

1,84,201.30 1,49,492.17

Less: Inventory at the end of the year 44,590.18 33,308.02

Cost of Raw Materials and Packing Materials Consumed 1,39,611.12 1,16,184.15


Inventory at the end of the year



67,890.90 59,900.34

Inventory at the beginning of the year



59,900.35 50,490.58

(7,990.55) (9,409.76)


Salaries, Wages and Bonus 59,116.03 47,584.19

Contribution to Provident and Other Funds 3,832.67 3,593.52

Gratuity Expense 1,506.19 616.53

Staff Welfare Expenses 1,817.49 1,310.66

66,272.38 53,104.90

25 FINANCE COSTS

Interest 1,952.76 3,316.34

Bank Charges 651.00 684.37

2,603.76 4,000.71



84

Current

As at March 31

2015 2014




Unsecured, considered doubtful 383.41 806.73

5,472.43 6,438.44

Less: Provision for doubtful receivables (383.41) (806.73)

(A) 5,089.02 5,631.71

Other receivables

Dues from related parties ( Refer note 33) 1,813.89 1,573.71

Unsecured, considered good 1,14,897.04 79,134.88

Unsecured, considered doubtful 9.51 -

1,16,720.44 80,708.59

Less: Provision for doubtful receivables (9.51) -

(B)

1,16,710.93 80,708.59

Total (A+B) 1,21,799.95 86,340.30


Unamortised Expenditure to the extent not written off


Others - 1.68

Total 47.03 64.76

As at March 31

2015 2014

17 INVENTORIES

[Valued at lower of cost and net realisable value]





Total 1,12,991.76 93,661.29

Non-current

As At March 31

20142015

19 CASH AND CASH EQUIVALENTS

Balances with Banks: 7,372.35 8,889.47


On Deposits with Original Maturity for more than 12 months 259.05 336.33


Total 7,449.51 8,927.89


Year ended March 31

20142015

85

20 REVENUE FROM OPERATIONS


Domestic 2,31,258.16 1,97,523.32

Exports 2,76,242.76 2,14,189.49



Other Operating Revenue 90.68 1,339.17


Less: Excise Duty / ICMS 1,950.79 1,730.36


21 OTHER INCOME

Interest Income on - Bank Deposits 211.81 72.94

- Others 2,184.84 27.27

Insurance Claims Received 170.01 185.19

Profit on Sale of Fixed Assets 724.92 2,934.81

Other Non-operating Income 3,602.69 1,914.41

6,894.27 5,134.62

22 COST OF MATERIALS CONSUMED

Inventory at the beginning of the year 33,308.02 30,454.14

Add: Purchases 1,50,893.28 1,19,038.03

1,84,201.30 1,49,492.17

Less: Inventory at the end of the year 44,590.18 33,308.02

Cost of Raw Materials and Packing Materials Consumed 1,39,611.12 1,16,184.15


Inventory at the end of the year



67,890.90 59,900.34

Inventory at the beginning of the year



59,900.35 50,490.58

(7,990.55) (9,409.76)


Salaries, Wages and Bonus 59,116.03 47,584.19

Contribution to Provident and Other Funds 3,832.67 3,593.52

Gratuity Expense 1,506.19 616.53

Staff Welfare Expenses 1,817.49 1,310.66

66,272.38 53,104.90

25 FINANCE COSTS

Interest 1,952.76 3,316.34

Bank Charges 651.00 684.37

2,603.76 4,000.71



86

26 OTHER EXPENSES

Consumption of Stores and Spares 5,277.49 5,133.25

Power and Fuel 6,025.02 5,300.79

Processing Charges 6,705.66 5,836.99

Laboratory Expenses 6,615.88 5,969.61

Insurance 69.59 95.69

Repairs and Maintenance - Buildings 164.69 172.92

- Plant & Machinery 974.52 873.79

- Others 1,384.46 937.62

Rent, Rates and Taxes 1,994.52 1,616.83

Insurance 1,475.09 1,166.81

Travelling and Conveyance 4,825.38 3,663.80

Communication Costs 1,589.84 1,274.70

Printing and Stationery 688.10 691.10

Legal and Professional Fees 15,305.27 11,237.17

Payment to Auditor 251.84 264.14

Cost Audit Fees 11.08 11.08

Donations 473.17 218.27

Net Foreign exchange (gain) / loss (141.34) (3,879.39)

Product Development Expenses 14,547.08 11,246.13

Overseas / Branch Office Expenses 163.60 492.14


Bad Debts/ Advances / Sundry Balances written off 122.19 59.02


Intangible assets /Investment / Inventories written off 76.70 3,820.34


Provision for Doubtful Debts and Advances (101.38) 180.16

Loss on Sale of Fixed Assets 105.48 3.33

CSR Expenses 17.51 -

Commission on Sales 6,876.46 4,543.51

Freight and Forwarding on Sales 21,995.61 17,491.47

Representative Expenses, Allowances and Incentives 16,996.13 13,329.67

Other Marketing Expenses 37,951.44 28,743.93

Miscellaneous Expenses 7,027.13 4,072.41

1,59,794.76 1,30,614.26

Payment to Auditor:

As Auditor :

Audit Fee 141.30 136.40

Tax Audit Fee 23.74 21.34

In Other Capacity:

Taxation Matters 0.64 0.71

Management Services 63.95 76.69

Other Services (Certification Fees) 16.85 15.84

Other Audit Fees 5.35 13.16

251.84 264.14

Year ended March 31

20142015


87

Year ended March 31

2014201527 COMMITMENTS


Estimated amount of contracts remaining to be executedon capital account and not provided for 6,213.38 5,007.14

(b) Other CommitmentsExport Commitments 4,378.63 3,707.50

10,592.01 8,714.64


(a) Bank Guarantees issued by the Bankers 1,356.58 1,326.14 (b) Letter of Credit 11,465.59 2,154.67 (c) Custom Duty Liability under EPCG and Advance Licenses 2,833.43 2,024.11 (d) Claims against the Company not acknowledged as debts

Income Tax 14,386.80 5,462.90 Excise Duty 6,544.72 5,397.39 Sales Tax / IVA 409.73 423.68

36,996.85 16,788.89


Net Profit as per Statement of Profit and Loss 61,352.23 52,639.22Weighted Average Number of Equity Shares in calculating Basic EPS Nos. 1,14,436,276 1,14,436,276Weighted Average Number of Equity Shares in calculating Diluted EPS Nos. 1,14,436,276 1,14,436,276Basic and Diluted Earning Per Share Rs. 53.61 46.00 Nominal Value of Shares Rs. 10.00 10.00

30 SEGMENT INFORMATION

(i) Business Segment

The Company’s business consists of pharmaceuticals, comprising mainly of manufacture of branded formulations. Since the Company’s business falls within a single reportable business segment, disclosure requirements of Accounting Standard (AS) 17 - Segment Reporting are not reported upon separately.

(ii) Geographical Segment

Secondary segmental reporting is based on the geographical location of customers. The geographical segments have been identified based on revenues within India (sales to customers within India, i.e. Domestic) and revenues outside India (sales to customers located outside India, i.e. Export). Please Refer "Note 20 - Revenue from Operations".

(iii) Other Segmental Information Year ended March 31Carrying amount of Segment Assets 2015 2014

Within India 2,55,382.47 2,13,256.81 Outside India 2,13,521.00 1,63,274.85

4,68,903.47 3,76,531.66

Additions to Fixed Assets

Within India 21,772.43 22,665.55 Outside India 15,839.16 5,236.05

37,611.59 27,901.60



86

26 OTHER EXPENSES

Consumption of Stores and Spares 5,277.49 5,133.25

Power and Fuel 6,025.02 5,300.79

Processing Charges 6,705.66 5,836.99

Laboratory Expenses 6,615.88 5,969.61

Insurance 69.59 95.69

Repairs and Maintenance - Buildings 164.69 172.92

- Plant & Machinery 974.52 873.79

- Others 1,384.46 937.62

Rent, Rates and Taxes 1,994.52 1,616.83

Insurance 1,475.09 1,166.81

Travelling and Conveyance 4,825.38 3,663.80

Communication Costs 1,589.84 1,274.70

Printing and Stationery 688.10 691.10

Legal and Professional Fees 15,305.27 11,237.17

Payment to Auditor 251.84 264.14

Cost Audit Fees 11.08 11.08

Donations 473.17 218.27

Net Foreign exchange (gain) / loss (141.34) (3,879.39)

Product Development Expenses 14,547.08 11,246.13

Overseas / Branch Office Expenses 163.60 492.14


Bad Debts/ Advances / Sundry Balances written off 122.19 59.02


Intangible assets /Investment / Inventories written off 76.70 3,820.34


Provision for Doubtful Debts and Advances (101.38) 180.16

Loss on Sale of Fixed Assets 105.48 3.33

CSR Expenses 17.51 -

Commission on Sales 6,876.46 4,543.51

Freight and Forwarding on Sales 21,995.61 17,491.47

Representative Expenses, Allowances and Incentives 16,996.13 13,329.67

Other Marketing Expenses 37,951.44 28,743.93

Miscellaneous Expenses 7,027.13 4,072.41

1,59,794.76 1,30,614.26

Payment to Auditor:

As Auditor :

Audit Fee 141.30 136.40

Tax Audit Fee 23.74 21.34

In Other Capacity:

Taxation Matters 0.64 0.71

Management Services 63.95 76.69

Other Services (Certification Fees) 16.85 15.84

Other Audit Fees 5.35 13.16

251.84 264.14

Year ended March 31

20142015


87

Year ended March 31

2014201527 COMMITMENTS


Estimated amount of contracts remaining to be executedon capital account and not provided for 6,213.38 5,007.14

(b) Other CommitmentsExport Commitments 4,378.63 3,707.50

10,592.01 8,714.64


(a) Bank Guarantees issued by the Bankers 1,356.58 1,326.14 (b) Letter of Credit 11,465.59 2,154.67 (c) Custom Duty Liability under EPCG and Advance Licenses 2,833.43 2,024.11 (d) Claims against the Company not acknowledged as debts

Income Tax 14,386.80 5,462.90 Excise Duty 6,544.72 5,397.39 Sales Tax / IVA 409.73 423.68

36,996.85 16,788.89


Net Profit as per Statement of Profit and Loss 61,352.23 52,639.22Weighted Average Number of Equity Shares in calculating Basic EPS Nos. 1,14,436,276 1,14,436,276Weighted Average Number of Equity Shares in calculating Diluted EPS Nos. 1,14,436,276 1,14,436,276Basic and Diluted Earning Per Share Rs. 53.61 46.00 Nominal Value of Shares Rs. 10.00 10.00

30 SEGMENT INFORMATION

(i) Business Segment

The Company’s business consists of pharmaceuticals, comprising mainly of manufacture of branded formulations. Since the Company’s business falls within a single reportable business segment, disclosure requirements of Accounting Standard (AS) 17 - Segment Reporting are not reported upon separately.

(ii) Geographical Segment

Secondary segmental reporting is based on the geographical location of customers. The geographical segments have been identified based on revenues within India (sales to customers within India, i.e. Domestic) and revenues outside India (sales to customers located outside India, i.e. Export). Please Refer "Note 20 - Revenue from Operations".

(iii) Other Segmental Information Year ended March 31Carrying amount of Segment Assets 2015 2014

Within India 2,55,382.47 2,13,256.81 Outside India 2,13,521.00 1,63,274.85

4,68,903.47 3,76,531.66

Additions to Fixed Assets

Within India 21,772.43 22,665.55 Outside India 15,839.16 5,236.05

37,611.59 27,901.60





Discount Rate 8.03 9.22 8.03 9.22





Surplus / (Deficit) (3,372.49) (2,662.43) (2,102.74) (1,553.65)








Gratuity Leave Pay


2015 2014 2015 2014








BALANCE SHEET









Benefits paid (279.10) (183.60) (216.78) (173.60)



The overall expected rate of return on assets is determined based on the market price prevailing on that

date, applicable to the period over which the obligation is to be settled.









































B Joint Venture























Intas Welfare Trust







Mr. Jayesh Shah

Mr. Manoj Nair

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company8988





Discount Rate 8.03 9.22 8.03 9.22





Surplus / (Deficit) (3,372.49) (2,662.43) (2,102.74) (1,553.65)








Gratuity Leave Pay


2015 2014 2015 2014








BALANCE SHEET









Benefits paid (279.10) (183.60) (216.78) (173.60)



The overall expected rate of return on assets is determined based on the market price prevailing on that

date, applicable to the period over which the obligation is to be settled.









































B Joint Venture























Intas Welfare Trust







Mr. Jayesh Shah

Mr. Manoj Nair

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company8988


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form

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)

UK

92

.46

20

.01

(11

0.3

5)

80

3.2

1

89

3.5

5

77

1.0

7

47

.54

-4

7.5

41

00

.00

Acc

ord

Hea

lth

care

AB

, Sw

eden

(1)

UK

92

.46

4.1

9

(69

.73

)

2,3

78

.41

2,4

43

.96

5,4

67

.32

(86

.02

)

42

.92

(12

8.9

3)

10

0.0

0

Acc

ord

Hea

lth

care

Gm

bH

, A

ust

ria

(1)

UK

92

.46

28

.24

37

.84

21

4.4

9

14

8.4

1

1,0

01

.59

31

.91

7.8

12

4.1

01

00

.00

Acc

ord

Hea

lth

care

OY

, Fi

nla

nd

(1)

UK

92

.46

2.0

3

(61

7.2

2)

63

4.3

7

1,2

49

.57

1,4

86

.89

21

5.0

3

-2

15

.03

10

0.0

0

Acc

ord

Hea

lth

care

Ire

lan

d L

imit

ed,

Irel

and

(1)

UK

92

.46

0.0

0

(37

6.2

4)

51

.90

42

8.1

5

19

9.2

3

(12

4.1

1)

-(1

24

.11

)1

00

.00

Acc

ord

Hea

lth

care

BV

PA

, B

elgi

um

(1)

UK

92

.46

9.8

6

(56

4.8

5)

63

1.4

0

1,1

86

.38

29

1.6

0

(39

4.4

9)

-(3

94

.49

)1

00

.00

Acc

ord

Hea

lth

care

Lim

ited

, M

alta

(1)

UK

92

.46

0.9

0

(3.3

3)

22

.69

25

.12

-

(16

.87

)

-(1

6.8

7)

10

0.0

0

Acc

ord

Hea

lth

care

OU

, Es

ton

ia (

1)

UK

92

.46

2.0

5

48

8.1

6

52

0.4

8

30

.26

42

9.5

7

25

1.6

0

-2

51

.60

10

0.0

0

Acc

ord

Hea

lth

care

Gm

bH

, G

erm

any (

1)

UK

92

.46

18

.79

(18

7.8

3)

1,0

32

.82

1,2

01

.85

1,8

18

.72

60

.79

(0.7

1)

61

.50

10

0.0

0

Acc

ord

Hea

lth

care

SD

N B

HD

, M

ayal

sia

(1)

UK

92

.46

0.0

0(1

4.1

4)

2.0

61

6.2

0-

(11

.20

)-

(11

.20

)1

00

.00

Acc

ord

Hea

lth

care

MEN

A J

LT,

UA

E (1

)U

K9

2.4

68

.28

(38

2.9

6)

1,2

58

.40

1,6

33

.09

1,0

83

.23

16

8.3

5-

16

8.3

51

00

.00

Acc

ord

Hea

lth

care

S.R

.O.,

Cze

ch R

epu

bli

c (1

)U

K9

2.4

68

.76

(36

.53

)2

.87

30

.64

-(3

8.5

0)

-(3

8.5

0)

10

0.0

0

Acc

ord

Hea

lth

care

Pri

vate

lim

ited

, Si

nga

po

re (

1)

UK

92

.46

2.1

86

.54

65

.83

57

.11

20

7.5

99

.06

1.2

07

.86

10

0.0

0

Acc

ord

Hea

lth

care

, U

nip

esso

al,

Lda

(1)

UK

92

.46

9.8

83

61

.22

1,5

62

.69

1,1

91

.59

90

.85

0.3

2-

0.3

21

00

.00

Acc

ord

Hea

lth

care

HK

Lim

ited

, H

on

gko

ng

(1)

UK

92

.46

0.0

0-

--

--

--

10

0.0

0

(1) W

ho

lly-

ow

ned

su

bsi

dia

ry o

f A

cco

rd H

ealt

hca

re L

imit

ed,

UK

(2)

Wh

oll

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wn

ed s

ub

sid

iary

of

Acc

ord

Far

ma

S.A

. D

e C

.V.,

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ico

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ho

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ow

ned

su

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ry o

f A

cco

rd H

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hca

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nc.

, N

ort

h C

aro

lin

a, U

SA(4

) W

ho

lly-

ow

ned

su

bsi

dia

ry o

f A

cco

rd H

ealt

hca

re N

Z L

imit

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Zea

lan

d


92

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em

en

t co

nta

inin

g th

e s

alie

nt

feat

ure

s o

f th

e F

inan

cial

Sta

tem

en

t o

f su

bsi

dia

rie

s /

asso

ciat

e c

om

pan

ies

/ jo

int

ven

ture

s fo

r th

e y

ear

en

de

d o

n 3

1st

Mar

ch, 2

01

5(P

urs

uan

t to

fir

st p

rovi

so t

o S

ub

-se

ctio

n o

f Se

ctio

n 1

29

of

the

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mp

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ct, 2

01

3 r

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wit

h R

ule

5 o

f th

e C

om

pan

ies

(Acc

ou

nts

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ule

s 2

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OC

-1) (R

s. In

Lac

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ame

of

the

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sid

iary

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mp

any

Co

un

try

Exch

ange

Rat

e as

on

31

-Mar

-

20

15

Cap

ital

Res

erve

sT

ota

l as

sets

To

tal

Liab

ilit

ies

Tu

rno

ver

Pro

fit

Bef

ore

Tax

Pro

visi

on

for

tax

Pro

fit

afte

r

tax

% o

f

Ho

ldin

g

An

dre

Lab

ora

tori

es L

imit

edIN

DIA

1.0

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9(7

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10

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0)

10

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0

Acc

ord

Hea

lth

care

Lim

ited

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IA1

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Pri

vate

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DIA

1.0

00

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86

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20

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11

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6)

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6)

50

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edi

Dev

ices

Lim

ited

IND

IA1

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55

0.0

0(3

98

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47

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13

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7(3

8.4

7)

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8.4

7)

10

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0

Acc

ord

Hea

lth

care

Lim

ited

, U

KU

K9

2.4

63

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88

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1.8

2)

11

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86

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97

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9.7

09

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93

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26

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95

60

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10

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0

Ast

ron

Res

earc

h L

imit

ed,

UK

UK

92

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92

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96

9.0

5

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51

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19

0.3

6

2,2

76

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18

4.3

2

44

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13

9.9

31

00

.00

Acc

ord

Hea

lth

care

In

c.,

No

rth

Car

oli

na,

USA

USA

62

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36

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60

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71

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4.2

4

67

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8.0

1

82

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1.5

0

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98

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)

82

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80

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)1

00

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Acc

ord

Hea

lth

care

NZ

Lim

ited

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ew Z

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NZ

47

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99

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5)

2,3

69

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2.9

8

-

(10

.27

)

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0.2

7)

10

0.0

0

Acc

ord

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lth

care

(P

ty)

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ited

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uth

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18

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01

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4,2

18

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5,5

01

.86

5,3

45

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11

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)

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3)

10

0.0

0

Acc

ord

Far

mac

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ca L

tda.

, B

razi

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RA

ZIL

19

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2,5

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62

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30

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16

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5.0

7

54

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7

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54

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0)

10

0.0

0

Acc

ord

Hea

lth

care

SA

C,

Per

uP

ERU

19

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40

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4

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3.8

0)

71

7.4

7

51

2.0

3

1,2

40

.27

(20

3.4

9)

(19

.47

)(1

84

.01

)1

00

.00

Acc

ord

Far

ma

S.A

. D

e C

.V.,

Mex

ico

MEX

ICO

4.1

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4

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06

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)

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81

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5,0

96

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7,3

40

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46

3.2

0

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63

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10

0.0

0

Acc

ord

Hea

lth

care

In

c.,

Can

ada

CA

NA

DA

49

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3,2

36

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(2,9

30

.77

)

1,9

67

.82

1,6

62

.55

6,3

30

.93

(23

0.5

8)

-(2

30

.58

)1

00

.00

Acc

ord

Hea

lth

care

Pty

, Lt

d,

Au

stra

lia

(4)

AU

S4

8.0

8-

(60

4.3

5)

1,7

24

.95

2,3

29

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-

(19

7.6

0)

-(1

97

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)1

00

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Acc

ord

Bio

ph

arm

a In

c. U

SA (

3)

USA

62

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1

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)

-

17

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-

(17

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)

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7.1

0)

10

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0

Farm

bai

ot

S.A

DE

CV

, M

exic

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2)

MEX

ICO

4.1

02

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0.4

2

(1

,49

8.0

5)

3,7

15

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3

,11

3.1

2

1,5

50

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(68

1.0

3)

-(6

81

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)1

00

.00

Acc

ord

Hea

lth

care

SA

S, F

ran

ce (

1)

UK

92

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29

.15

(5

35

.10

)

3,3

23

.99

3

,82

9.9

4

5,5

85

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36

.07

(3

.49

)3

9.5

51

00

.00

Acc

ord

Hea

lth

care

BV

, N

eth

erla

nd

s (1)

UK

92

.46

13

.68

4

44

.51

3

,31

7.0

9

2

,85

8.9

0

7,1

03

.98

56

5.0

7

1

60

.76

40

4.3

11

00

.00

Acc

ord

Hea

lth

care

So

cied

ad L

imit

ada,

Sp

ain

(1)

UK

92

.46

2,0

00

.94

(8

.81

)

2

2,1

54

.41

20

,16

2.2

8

1

2,9

24

.44

6

27

.29

1

44

.06

48

3.2

31

00

.00

Acc

ord

Hea

lth

care

Ita

lia

SRL,

Ita

ly (

1)

UK

92

.46

64

.70

44

0.2

2

5,4

93

.50

4,9

88

.58

6,6

63

.04

(29

8.7

8)

32

.28

(33

1.0

6)

10

0.0

0

Acc

ord

Hea

lth

care

Po

lska

Sp

olk

a Z

Org

anic

zon

a

Od

po

wie

dzi

aln

osc

ia,

Po

lan

d (1

)

UK

92

.46

20

.01

(11

0.3

5)

80

3.2

1

89

3.5

5

77

1.0

7

47

.54

-4

7.5

41

00

.00

Acc

ord

Hea

lth

care

AB

, Sw

eden

(1)

UK

92

.46

4.1

9

(69

.73

)

2,3

78

.41

2,4

43

.96

5,4

67

.32

(86

.02

)

42

.92

(12

8.9

3)

10

0.0

0

Acc

ord

Hea

lth

care

Gm

bH

, A

ust

ria

(1)

UK

92

.46

28

.24

37

.84

21

4.4

9

14

8.4

1

1,0

01

.59

31

.91

7.8

12

4.1

01

00

.00

Acc

ord

Hea

lth

care

OY

, Fi

nla

nd

(1)

UK

92

.46

2.0

3

(61

7.2

2)

63

4.3

7

1,2

49

.57

1,4

86

.89

21

5.0

3

-2

15

.03

10

0.0

0

Acc

ord

Hea

lth

care

Ire

lan

d L

imit

ed,

Irel

and

(1)

UK

92

.46

0.0

0

(37

6.2

4)

51

.90

42

8.1

5

19

9.2

3

(12

4.1

1)

-(1

24

.11

)1

00

.00

Acc

ord

Hea

lth

care

BV

PA

, B

elgi

um

(1)

UK

92

.46

9.8

6

(56

4.8

5)

63

1.4

0

1,1

86

.38

29

1.6

0

(39

4.4

9)

-(3

94

.49

)1

00

.00

Acc

ord

Hea

lth

care

Lim

ited

, M

alta

(1)

UK

92

.46

0.9

0

(3.3

3)

22

.69

25

.12

-

(16

.87

)

-(1

6.8

7)

10

0.0

0

Acc

ord

Hea

lth

care

OU

, Es

ton

ia (

1)

UK

92

.46

2.0

5

48

8.1

6

52

0.4

8

30

.26

42

9.5

7

25

1.6

0

-2

51

.60

10

0.0

0

Acc

ord

Hea

lth

care

Gm

bH

, G

erm

any (

1)

UK

92

.46

18

.79

(18

7.8

3)

1,0

32

.82

1,2

01

.85

1,8

18

.72

60

.79

(0.7

1)

61

.50

10

0.0

0

Acc

ord

Hea

lth

care

SD

N B

HD

, M

ayal

sia

(1)

UK

92

.46

0.0

0(1

4.1

4)

2.0

61

6.2

0-

(11

.20

)-

(11

.20

)1

00

.00

Acc

ord

Hea

lth

care

MEN

A J

LT,

UA

E (1

)U

K9

2.4

68

.28

(38

2.9

6)

1,2

58

.40

1,6

33

.09

1,0

83

.23

16

8.3

5-

16

8.3

51

00

.00

Acc

ord

Hea

lth

care

S.R

.O.,

Cze

ch R

epu

bli

c (1

)U

K9

2.4

68

.76

(36

.53

)2

.87

30

.64

-(3

8.5

0)

-(3

8.5

0)

10

0.0

0

Acc

ord

Hea

lth

care

Pri

vate

lim

ited

, Si

nga

po

re (

1)

UK

92

.46

2.1

86

.54

65

.83

57

.11

20

7.5

99

.06

1.2

07

.86

10

0.0

0

Acc

ord

Hea

lth

care

, U

nip

esso

al,

Lda

(1)

UK

92

.46

9.8

83

61

.22

1,5

62

.69

1,1

91

.59

90

.85

0.3

2-

0.3

21

00

.00

Acc

ord

Hea

lth

care

HK

Lim

ited

, H

on

gko

ng

(1)

UK

92

.46

0.0

0-

--

--

--

10

0.0

0

(1) W

ho

lly-

ow

ned

su

bsi

dia

ry o

f A

cco

rd H

ealt

hca

re L

imit

ed,

UK

(2)

Wh

oll

y-o

wn

ed s

ub

sid

iary

of

Acc

ord

Far

ma

S.A

. D

e C

.V.,

Mex

ico

(3) W

ho

lly-

ow

ned

su

bsi

dia

ry o

f A

cco

rd H

ealt

hca

re I

nc.

, N

ort

h C

aro

lin

a, U

SA(4

) W

ho

lly-

ow

ned

su

bsi

dia

ry o

f A

cco

rd H

ealt

hca

re N

Z L

imit

ed,

New

Zea

lan

d

Documents

Intas - Annual Report 2015 - Final - · PDF fileAuditors : M/s Apaji Amin & Co., LLP 304, Aakansha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380 009