Shilpa Medicare Limited Innovating for Manufacturers and Exporters of Bulk Drugs affordable healthcare

CIN No. L85110KA1987PLC008739

Dated: 13th November, 2017

# 12-6-214/A-1, Hyderabad Road,

RAICHUR - 584 135, Karnataka, India.

Phone : +91-8532-238704, Fax : +91-8532-238876

E-mail : info@vbshilpa.com Website : http://www.vbshiIpa.com

To To

Corporate Relationship Department National Stock Exchange of India Limited BSE Limited, Exchange Plaza, 5th Floor, l S' Floor, Rotunda Building, Plot No.C/1, G Block P.J. Towers, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai - 400 001. MUMBAI - 400 051.

Dear Sir,

Sub: Outcome of Board Meeting — Reg.

Ref: Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements)

Regulations, 2015;

Scrip Code: BSE - 530549/ Stock Symbol: NSE - SHILPAMED

With reference to the captioned subject, Please find the enclosed documents in terms of

Regulation 33 of SEBI (LODR) Regulations, 2015:

1. Un-Audited Standalone and Consolidated Financial Results for the second quarter

ended 30th September, 2017.

2. Limited Review Report on Standalone and Consolidated Financials for the second

quarter ended 30th September, 2017.

It is further intimated that meeting was commenced at 10:45 A.M. and ended at 2:45 P.M.

This is for your information and necessary records.

Thanking you,

Yours faithfully,

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-lShilpa Medicare LimitedStandalone Balance Sheet as on 3O.O9,2O17

Date: L3llI/20I7

Place: Hyderabad

For and on behalf of theBoard of Directors

Vishnukant C Bhutada

Managing Director

Particulars As on 30.09.2017 As on 31.03.2017

B

7

2

3

4

ASSETS

(1)NON- CURRENTASSETS

aJ Propety, Plant & Equipment.b) Capital Work in progressc)Other Intiangible Assetsd) Intingible Assets Under Developmente)Financlal Asses

i) Investments I

ii) Loansiii) Other

flOther Non- Current Assets

Unaudited Audited

40,728.059,877.497,247.53

8L2.95

10,591.61

2,576.30308.53

7,872.09

39,770.248,787.16

778.5974.63

70,177.582,528.34

262.276,722.68

TOTAL TA) 73,988.55 68,495.49

I2)CURRENT ASSETS

[a)lnventories[b) Financial Assets

iJ Investmentii) Trade Receivables

(iii) Cash and Cash Equivalents

[iv) Other Bank Ba]ance(v) Loan

[iv) Others(cJ Other Current Assetsfdl Current TaxAssets fNetl

27,564.59

18,842.9019,881.38

6,048.4518.83

2,835.18597.52

5,779.61

77,475.L7

22,462.2516,650.25

8,865.3855.46

T,BBL,7O

766.772,445.47

TOTAL tB) 75,568.46 70,603.39TOTALASSETS 149,557.O7 139,098.88

EOUITYAND LIABILITYEQUITY(a) Equity Share Capital

[b) Other Equity

TIABILITIESNON- CURRENT LIABILITIES(1) Financial Liabilities

(i)Borrowings(ii) Other

[b] Provisionsfcl Deferred Tax Liabilities fNetl

807.27102,279.44

807.2794,798.0r

103,080.71 95,599.28

12,340.L7600.85578.91

6,235.5L

14,117.93577.70555.34

6,374.02Total tAl 19,755.44 21,s64.99

(2) CURRENT LIABILITIES(a) Financial Liabilities

[i) Borrowings(ii) Trade Payables(iii) Other t-

[b) Other Current Liability

Ic)Provisionsfd) Current Tax Liabiliw fNetl

7,873.59L3,763.27

2,837.227,713.56

525.0068.28

8,804.10t0,327.52

777.96472.97

7,456.06707.99

26,720.86 21,934.61rOTAL LIABILITY 149,557.O1 139,098.88

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Shilpa Medicare LimitedSheet as at 30.09.2017

ParticularsAs on 30.09.2017 As on 31.03.2017

B ASSETS

[1)NON- CURRENTASSETS

al Propety, Plant& Equipment

b) Capital Work in progressclGoodwilld) Intiangible Asqets

eJ Intingible Assets Under Developmentf)Financial Assets

iJ Investments

ii) Loansiiil Other

flOthor Nnn- f,rrranf lcc6ic

Unaudited Audited

44,103.8470,062.42

r,082.54

1,278.99

r,178.96

2,415.91

508.53357.87

7.R',17.4?

42,455.758,965.99

98t.73

818.96?90.o4

2,899.34

762.95307.46

6.733.A1

TOTAL (AI 68.4O6.60 64.216.43

z)CURRENT ASSETS

(a)lnventories

(b) Financial Assets

i) Investment

ii) Trade Receivables

(iii) Cash and Cash Equivalents

(ivJ Other Bank Balance

[v) Loan

- (iv) Others

(cJ Other Current Assets

fd) Current Til Assets fNetl

23,332.23

18,843.01

79,875,64

6,269.98

18.83

2,764.13

s37.69

6,083.27

1A,979.A9

22,462.36

17,092.56

9,594.94

55.46

L404.96

766.77

2,60a.75

TOTAL tB'I 77.724.74 73365.69

TOTALASSETS 146,S31.38 137,5A2.12

EQUITY

(a) Equity Share Capital

(bJ Other Equity(c) Non-Controlling Interest

LIABILTTIES

NON. CURRENT LI.ABILITIES

(1) Financial Liabilities(iJBorrowings

(iiJ Other

(bJ Provisions

407.27

96,502.75t289.L5

AOLZT

90,427.70{240.56'

97,01+.A6 91342.41

L2,345.60

514.27

1,873.84

6.O4',1.4',1

L4,179.94

591.79

1,688.88

R 17q A'2.

Total (Al zfJ-a7t-72 22.576.24

(2) CURRENT LI.ABILITIES

[a) Financial Liabilitig,s ; 't.\'"

(i) Borrowings

(ii) Trade Payables

(iii) Other

(b) Other Current Liabiliri'_)

(cJProvisions

fd) Current Tax Liabilitv tNetl

8,477.91

14,523.07

2,A45.69

1,960.46

704.44

125.80

9,240.84

11,720.89

772.99

1,925.92

403.32

159.47

Total fB) 28.64t.40 23,623.43

TOTAL LTABILITY 146,S31.38 137,5A2.L2

Oate: l3l7t/2D77

Place: Hyderabad

For and on behalf of theBoard of Directors

CHARTERED ACCOUNTANTS

VIJAYAWADA, HYDERABAD, VISAKHAPATNAM, GUNTUR, KAKINADA, TANUKU, ALSO AT CHENNAI, BANGALORE AND ADONI.

L.

I

Limited Review Report - Standalone Financial Results

Review ReportTo the Board of Directors of Shilpa Medicare Limited,

We have reviewed the accompanying Statement of Unaudited Standalone Financial Resultsof SHILPA MEDICARE LIMITED ("the Company") for the quarter and half year ended 30thSeptember,2OTT (the "statement") being submitted by the company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations,2OT5 read with SEBI Circular No. CIR/CFDIFAC/62/20L6 dated July 5, 2076.

This statement is the responsibility of the Company's Management and has been approvedby the Board of Directors, has been prepared in accordance with the recognition andmeasurement principles laid down in lndian Accounting Standard 34 "lnterim FinancialReporting", prescribed under Section 133 of the Companies Act, 2013 read with relevantrules issued thereunder and other accounting principles generally accepted in lndia. Ourresponsibility is to issue a report on these financial statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE)

24!0, Review of lnterim Financial information performed by the lndependent Auditor of theEntity, issued by lnstitute of Chartered Accountants of lndia. This standard requires that weplan and perform the review to obtain moderate assurance as to whether the financial

statements are free from material misstatements. A review is limited primarily to inquiries ofcompany personnel and analytical procedures applied to financial data and thus provides

less assurance than an audit. We have not performed an audit and accordingly, we do not

express an audit opinion.

The figures for quarter ended,'30th June 2OL7 and quarter and half year ended 30th

September 2016 and the year ended 31st March 2017 included in this statement under

report were reviewed/audited by another firm of Chartered Accountants, who were theimmediate preceding statutory auditors, who expressed an unmodified conclusion/opinion

thereon.

2.

3.

# 403 & 404, Golden Green Apartments, lmlm Manzil Colony, Hyderabad - 500 082.Phones : (040) - 2337 000214,Fax:2337 0005, E-mail : hydbrahmayya@gmail.com

CHARTERED ACCOUNTANTS

VIJAYAWADA, HYDEMBAD, VISAKHAPATNAM, GUNTUR, KAKINADA, TANUKU,ALSOATCHENNAI, BANGALOREANDADONI.

4. Based on our review conducted as above, nothing has come to our attention that causes us

to believe that the accompanying statement of unaudited financial results prepared inaccordance with applicable lndian Accounting Standards (lnd AS) and other recognized

accounting principles and policies, has not disclosed the information required to be disclosed

in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations,2OL5 as modified by Circular No. CIR/CFD/FAC/62/2O16 dated July 5, 20L6,including the manner in which it is to be disclosed, or that it contains any materialmisstatement.

'for BRAHMAYYA & CO.

Chartered Accountants

egn No.000513S

Place : HyderabadDate :13.LL.20L7

k.g...u-r"J(K.SHRAVAN)

PartnerMembership No. 2L5798

t:..

# 403 & 404, Golden Green Apartments, lmrm Manzil Colony, Hyderabad - 500 082.Phones: (0a0) - 2337 000214,Fax:2337 0005, E-mail: hydbrahmayya@gmail.com

VIJAYAWADA, HYDERABAD, VISAKHAPATNAM, GUNTUR, KAKINADA, TANUKU, ALSOAT CHENNAI, BANGALOREANDADONI.

CHARTERED ACCOUNTANTS

Limited ReJiew Report - Consolidated Financial Results

Review ReportTo the Board of Directors of Shilpa Medicare Limited,

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial resultsof SHILPA MEDICARE LIMITED ("the Company") its subsidiaries, Joint Venture and AssociatesCompanies (collectively referred to as the "the Group"lfor the quarter and half year ended30th September, 2017 (the "statement"), being submitted by the company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 read with SEBI Circular No. CtR/CFD/FAC/62120t6 dated July 5, 2OL6.

This statement is the responsibility of the Company's Management and has been approvedby the Board of Directors, has been prepared in accordance with the recognition andmeasurement principles laid down in lndian Accounting Standard 34 "lnterim FinancialReporting", prescribed under Section 133 of the Companies Act, 20i.3 read with relevantrules issued thereunder and other accounting principles generally accepted in lndia. Ourresponsibility is to issue a report on the statement based on our review.

2. We conducted our review of the Statement in accordance *ith the Standard on ReviewEngagement (SRE) 24L0, Review of lnterim Financial information performed by thelndependent Auditor of the Entity, issued by lnstitute of Chartered Accountants of lndia. Thisstandard requires that we plan and perform the review to obtain moderate assurance as towhether the financial statements are free from material misstatements. A review is limitedprimarily to inquiries of company personnel and analytiLal procedures applied to financialdata and thus provides less ?:surance then an audit. We have not performed an audit andaccordinglrT, we do not exfress in audit opinion.

3. The Statement includes the result of the following Subsidiaries/ Associates/oint Venture:

a. Koanaa Healthcare t-imited, ur< Wnottv owned subsidiary company)b. Koanaa Healthcare Limited, Austria (wholly owned subsidiary company)c. Zatortia Holdings Limited (Wholly Owned Subsidiary Company)

# 403 & 404, Golden Green Apartments, lnum Manzil Colony, Hyderabad - 500 082.Phones : (0a0) - 2337 000214, Fax:2337 0005, E-mail : hydbrahmayya@gmail.com

CHARTERED ACCOUNTANTS

VIJAYAWADA, HYDERABAD, VISAKHAPATNAM, GUNTUR, KAKINADA, TANUKU, ALSO AT CHENNAI, BANGALORE AND ADONI.

d. Shilpa Therapeutics Private Limited (formerly known as Nu Therapeutics Private Limited

- Wholly Owned Subsidiary Company)e. INM Technologies Private Limited (Subsidiary Company)f. Loba Feinchemie,Gmbh (Step down Subsidiary Company)g. Makindus, lnc (Subsidiary Company)h. Raichem Medicare Private Limited (Joint Venture Company)i. MAIA Pharmaceuticals, lnc (Joint Venture Company)j Reva Medicare Private Limited (Joint Venture Company)k. Reva Pharmachem Private Limited (Associate Company)

4. We did not review the financial results of Subsidiaries included in the Statement whose

financial results reflect total revenue of Rs. 1022.12 lakhs and Rs. 1930.49 lakhs (before

elimination) for the quarter and period ended 30th September 20L7, respectively, net Loss

of Rs. 705.95 lakhs and Rs 1364.06 lakhs (before elimination) for ihe quarter and period

ended 30th September 2017, respectively, total assets of Rs. L0023.79 lakhs as at 30th

September 2017. These financial statements have been prepared and furnished to us bythe

management.

We did not review the financial results of Joint Ventures and Associate Company whose

financial results reflect company's share of net loss of Rs. 759.86 lakhs for the quarter ended

30th September 2017-and net loss of Rs. 480.47 lakhs for the period ended 30th September

20L7.

Further, some of the above subsidiaries and Joint Venture are located outside lndia whose

financial results have been prepared in accordance with accounting principles generally

accepted in their respective countries. The Company's management has converted the

financial results of such subsidiaries and Joint Venture located outside lndia from accounting

principles generally accepted in their respective countriei to accounting principles generally

accepted in lndia. We have reviewed these conversion adjustments made by the Company's

management. Our report so far as it relates to the financial result of such subsidiaries and

Joint Venture located outside lndia is based on the management furnished financial results

and _the conversion adjustments prepared by the management of the Company and

reviewed by us. Our review report is not modified in respect of this matter.

# 403 & 404, Golden Green Apartments, lnum Manzil Colony, Hyderabad - 500 082.Phones : (0a0) - 2337 000214, Fax:2337 0005, E-mail : hydbrahmayya@gmail.com

VIJAYAWADA, HYDERABAD, VISAKHAPATNAM, GUNTUR, KAKINADA, TANUKU,ALSOATCHENNAI, BANGALOREANDADONI.

5.

6.

The figures for quarter ended 3Oth June 2Ot7 and quarter and half year ended 3Qth

September 201-6 and the year ended 31st March 2017 included in this statement underreport were reviewed/audited by another firm of Chartered Accountants, who were theimmediate preceding statutory auditors, who expressed an unmodified conclusion/opinionthereon.

Based on our review conducted as above, nothing has come to our attention that causes us

to believe that the accompanying statement of unaudited Consolidated Financial Resultsprepared in accordance with applicable lndian Accounting Standards (lnd AS) and otherrecognized accounting principles and policies, has not disctosed the information required tobe disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 as modified by Circular No. CtR/CFDlFACl62/2016 datedJuly 5, 2OL6, including the manner in which it is to be disclosed; or that it contains anymaterial m isstatement.

for BRAHMAf fA & CO.

Chartered Accountants

Place

Date: Hyderabad:13.1L.20L7 Membership No.215798

# 403 & 404, Golden Green Apartments, lmrm Manzil Colony, Hyderabad - 500 082.Phones : (040) - 2337 000A4,Fax:2337 0005, E-mail : hydbrahmayya@gmail.com