SUN PHARMACEUTICAL INDUSTRIES LTD.

ANNUAL REPORT

13 14

GROWTH
IS A CONSTANT
CONTENTS
02 Key Performance Indicators

03 Ten Year Financial Highlights

04 Management Discussion and Analysis Report

30 Directors’ Report

36 Corporate Governance

54 Standalone Financial Statements

100 Consolidated Financial Statements

GROWTH IS A
CONSTANT
At Sun Pharma, our
corporate strategy is
geared towards embracing
emerging opportunities,
delivering a consistent
performance and ensuring
the health and wellness of
patients.
In a dynamic industry The corporate structure is
landscape, our overall ŘǚʊɁˁȭƞƬʁǷɁǔȭǷʊǔǷȭǔǞƋŘȭǜ
ɡƬʁnjɁʁȧŘȭƋƬʁƬǡƬƋǜʊŘȭ changes to support our
unwavering focus on enhanced scale of operations
consistent growth. Despite a and an expanding global
constantly changing operating presence. However, even
environment, we have been as the internal and external
able to accelerate growth. environment keeps changing,
FY14 was no exception to our focus on growth remains
this. During the year, we not steadfast.
only retained our momentum,
but enhanced it, despite a The result is a constantly
changing regulatory and accelerating performance
operating landscape. and a stronger commitment
to reach new frontiers in our
business.

ANNUAL REPORT 2013-14

 2

Key Performance
Indicators
Total Income Net Profit
(` million) (` million)

166,326 31,414
29,831
116,880
26,567
84,910
18,780 18,161
60,827
15,509
44,808 42,123 13,470
35,017
8,402
23,745 5,730
18,042 4,002
12,301

04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14

R&D Expenditure Reserve & Surplus

(` million) (` million)

10,418 183,178

148,862
7,042 121,322

93,798
4,449 77,254
69,414
3,320 3,313
2,787 2,859 48,879
2,469
2,015
1,427 26,747
10,366 14,959

04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14

Net Block Earning Per Share - Basic*

(` million) (`)

87.8

74.7
65.2

49,827
41.7
45,145 30.9 28.8
25.7
25,214 29,295 21.3
17.5 15.2
14,625 15,328
8,563 9,514 10,354
5,719

04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14

* During the financial year 2004-05, the company issued bonus shares in the ratio of one equity share of ` 5/- for every share held.
* During the financial year 2010-11, each Equity share of ` 5/- was split into five equity shares of ` 1/- each.
* During the financial year 2013-14, the company issued bonus shares in the ratio of one equity share of ` 1/- for every share held.

Sun Pharmaceutical Industries Ltd.

 Corporate Overview Statutory Reports Financial Statements
3
Key Performance Indicators
Ten Year Financial Highlights

Ten Year
Financial Highlights
Consolidated (` in million)
Particulars 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Operating
Performance
Income from 11,983 17,372 22,373 34,606 43,751 38,086 57,279 80,195 112,999 160,804
Operations
Total Income 12,301 18,042 23,745 35,017 44,808 42,123 60,827 84,910 116,880 166,326
Profit for the year 4,002 5,730 8,402 15,509 18,780 13,470 18,161 26,567 29,831 31,414
(after minority
interest)
R&D Expenditure 1,427 2,015 2,787 2,859 3,320 2,242 3,313 4,449 7,042 10,418
a) Capital 418 481 347 134 222 159 236 362 427 556
b) Revenue 1,009 1,534 2,440 2,725 3,098 2,083 3,077 4,088 6,616 9,862
c) % of Turnover 12% 12% 13% 9% 8% 6% 6% 6% 6% 7%
Financial Position
Equity Share Capital 928 929 967 1,036 1,036 1,036 1,036 1,036 1,036 2,071
Reserve and Surplus 10,366 14,959 26,747 48,879 69,414 77,254 93,798 121,322 148,862 183,178
Gross Block 7,806 12,342 14,252 15,960 21,476 23,340 45,473 54,269 75,763 86,505
Net Block 5,719 8,563 9,514 10,354 14,625 15,328 25,214 29,295 45,145 49,827
Investments 6,485 3,541 2,543 6,565 18,595 31,664 26,557 22,129 24,116 27,860
Net Current Assets 16,360 23,006 26,843 33,995 35,485 28,542 58,622 76,749 86,618 130,603
Stock Information
Number of Shares 185 186 193 207 207 207 1,036 1,036 1,036 2,071
(million)
Earnings per Share- 21.3 30.9 41.7 74.7 87.8 65.2 17.5 25.7 28.8 15.2
Basic (In `)*
Earning per Share- 20.7 27.7 38.9 71.8 87.8 65.2 17.5 25.7 28.8 15.2
Diluted (In `)*
* During the financial year 2004-05, the company issued bonus shares in the ratio of one equity share of ` 5/- for every share held.
* During the financial year 2010-11, each Equity share of ` 5/- was split into five equity shares of ` 1/- each.
* During the financial year 2013-14, the company issued bonus shares in the ratio of one equity share of ` 1/- for every share held.

Annual report 2013-14

 4

MANAGEMENT
DISCUSSION AND
ANALYSIS REPORT

GLOBAL PHARMACEUTICAL INDUSTRY

The market size of the global pharmaceutical industry is
estimated to reach US$ 1.2 trillion by 2017 growing at a
Compound Annual Growth Rate (CAGR) of 3-6% and the THE MARKET SIZE OF GLOBAL
emerging markets are likely to be the key growth drivers.
Several factors like economic growth, demographic
PHARMACEUTICAL INDUSTRY IS
changes, transition in community health and policy ESTIMATED TO REACH
responses and focus on healthcare funding are expected to
lead to double-digit growth in the pharmerging markets. US$ 1.2 TRILLION BY 2017
GROWING AT A COMPOUND ANNUAL
On the other hand, economic and healthcare austerity
measures and the savings realized from the growing GROWTH RATE OF 3-6% AND THE
availability of generic drugs, following their patent expiry,
EMERGING MARKETS ARE LIKELY TO BE
may see developed markets record low single-digit growth.
THE GROWTH DRIVERS.

Chart 1 Pharmaceutical Spending - Global Markets (1)

2008-12 Growth US$ 217 Bn 2013-17 Growth US$ 230-260 Bn

70
Absolute Growth, constant US$ Bn

60

50

40

30

20

10

0
-10
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Developed Pharmerging Rest of world Forecast

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
5
Management Discussion and
Analysis Report

Halol Plant

Chart 2 Pharmaceutical Spending - Geography-wise (1)

Spending Growth Contribution

US$ 965 Bn US$ 1,170-1,200 Bn US$ 230-260 Bn

8 9 3
6
12 13
34 33 41
16
(%) (%) (%)
15
15

31 31 34

2012 2017 2012-17

US ROW FĘǣ Japan China

ANNUAL REPORT 2013-14

 6

Ahmednagar Plant

Table 1 Global Pharma Market Growth Rate for 2013-17 (2)

Developed Markets CAGR 2013-17 (%) Pharmerging Markets CAGR 2013-17 (%)

US 1-4 Tier 1 (China) 15-18

Japan 2-5 Tier 2 10-13

Germany 1-4 Brazil 11-14

France (-1)-2 Russia 9-12

Italy 0-3 India 11-14

Canada 1-4 Tier 3 7-10

Spain (-4)-(-1) Pharmerging 11-14

UK 1-4
Developed 1-4

At par with region CAGR Lower than region CAGR Higher than region CAGR

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
7
Management Discussion and
Analysis Report

GLOBAL GENERICS (1)

ÄʊǒǔǢɁnjǜǒƬǷǚɁŽŘǚʊɡƬȭƞǔȭǷȧǔ˾ǜɁ˹ŘʁƞʊǷƬȭƬʁǔƋʊɁ˸Ƭʁ
ǜǒƬȭƬ˾ǜǞ˸Ƭ˿ƬŘʁʊǒŘʊŽƬƬȭnjɁʁƬƋŘʊǜƬƞƙŘȧɁ˸ƬɡʁǔȧŘʁǔǚ˿
driven by the pharmerging markets, despite branded drugs
continuing to form almost two-thirds of global spending in
the developed markets.
It is estimated that the generic spending on medicines will
grow from US$ 261 billion in 2012 to US$ 421-432 billion by
2017 globally. Global generic spending is likely to reach 36%
of total spending by 2017, as against 27% in 2012.

Chart 3 Global Pharmaceutical Spending (1)

Developed Markets Pharmerging Markets

2012 72% 16% 12% US$ 622 Bn 2012 31% 58% 11% US$ 224 Bn

US$ 370-
2017 67% 21% 12% US$ 650- 2017 26% 63% 11%
680 Bn 400 Bn

Rest of the world Overall Global Market

2012 57% 27% 16% US$ 120 Bn 2012 61% 27% 12% US$ 965 Bn

2017 52% 31% 17%

US$ 125-
2017 52% 36% 12% US$ 1,170-
155 Bn 1,200 Bn

Brand Generic Other

Table 2 Branded Drugs vs. Generics (1)

Key Areas Branded Drugs Generics
Spending Accounted for 61% of total pharmaceutical Accounted for 27% of total pharmaceutical
spending in 2012 spending in 2012
Market value Projected to increase from US$ 589 billion in Projected to increase from US$ 261 billion in
2012 to US$ 608-624 billion by 2017 2012 to US$ 421-432 billion by 2017
Opportunity While developed markets are likely to reduce Ageing global population, patent expiries
overall branded drug spending over the next in developed markets and favourable
Ǟ˸Ƭ˿ƬŘʁʊƙŽʁŘȭƞʊɡƬȭƞǔȭǷ˹ǔǚǚǔȭƋʁƬŘʊƬnjɁʁ demographics in emerging markets will drive
ʊɡƬƋǔŘǚǜ˿ƞʁˁǷʊǜŘʁǷƬǜǔȭǷʊɡƬƋǔǞƋƋɁȧɡǚƬ˾ growth for generics globally
ailments
USA Patent protected brand volume growth is ÄʁɁˁȭƞʯǮɩɁnjʹ̋ɍʹŽʁŘȭƞʊɡƬȭƞǔȭǷ˹ǔǚǚʊǒǔǢǜɁ
expected to slow down going forward driven generics by 2017 in the US alone
by patent expiries

ANNUAL REPORT 2013-14

 8
GLOBAL PHARMA INDUSTRY - GROWTH
DRIVERS (3,4,5)
Increase in life expectancy and ageing population: Life
expectancy is expected to reach 73.7 years by 2017 from an
estimated 72.6 years in 2012, bringing more than 10% of
the total global population to over the age of 65 years.
Moreover, the global population aged 60 or above has
almost tripled over the period 1950-2000 and is expected
to reach nearly two billion by 2050 – prompting the
need for more medical care, a key demand driver for the
pharmaceuticals industry.
Rising income of households: It is forecasted that the
number of high-income households (annual earnings
of over US$ 25,000) will rise by about 10%, taking the
count to over 500 million by 2017 - almost over 50% of
such growth will come from Asia. Rising income will make
Ƭ˾ɡƬȭʊǔ˸ƬȧƬƞǔƋǔȭƬʊŘǏɁʁƞŘŽǚƬƙɡʁɁ˸ǔƞǔȭǷŘǜǒʁˁʊǜǜɁ
growth of the pharmaceuticals industry.
SUN PHARMACEUTICAL INDUSTRIES LTD.
Bottle Packing Line, Halol
Growing incidence of chronic diseases: At present,
chronic diseases, including heart disease, cancer, stroke,
diabetes and respiratory illnesses top the global health
agenda, accounting for over 63% of all deaths worldwide.
Sedentary lifestyles, diet changes and rising obesity levels
are likely causes. Healthcare demand for these diseases will
contribute to the industry’s growth.
Improved healthcare access reforms: With more than one
billion people lacking access to a health care system across
ǜǒƬ˹ɁʁǚƞƙƞǔǏƬʁƬȭǜƋɁˁȭǜʁǔƬʊŘʁƬǔȭǜʁɁƞˁƋǔȭǷǒƬŘǚǜǒƋŘʁƬ
reforms, including increases in government funding and
broader insurance coverage. For example, the US extended
health insurance to more than 30 million uninsured citizens
ˁȭƞƬʁǜǒƬñŘǜǔƬȭǜñʁɁǜƬƋǜǔɁȭŘȭƞÄǏɁʁƞŘŽǚƬ,ŘʁƬÄƋǜ
ɤññÄ,ÄɁʁÄ,ÄɦƙȧŘǘǔȭǷȧƬƞǔƋǔȭƬʊŘǏɁʁƞŘŽǚƬŘȭƞƞʁǔ˸ǔȭǷ
the growth potential and industry outlook.
 Corporate Overview Statutory Reports Financial Statements
9
Management Discussion and
Analysis Report

Chart 4 Spending by Therapy Area in 2017 (1)

Sales in Sales in
Developed Markets 2017 (US$) Pharmerging Markets 2017 (US$)

Oncology 74-84 Bn Pain 22-25 Bn

Diabetes 34-39 Bn Other CNS Drugs 20-23 Bn

Anti TNFs 32-37 Bn Antibiotics 18-21 Bn

Pain 31-36 Bn Oncology 17-20 Bn

Asthma/ COPD 31-36 Bn Hypertension 14-17 Bn

Other CNS Drugs 26-31 Bn Diabetes 10-12 Bn

Hypertension 23-26 Bn Dermatology 10-12 Bn

Immunostimulants 22-25 Bn Antiulcerants 9-11 Bn

HIV Antivirals 22-25 Bn Cholesterol 6-8 Bn

Dermatology 22-25 Bn Asthma/COPD 3-5 Bn

Antibiotics 18-21 Bn ÄȭǜǔȊFɡǔǚƬɡǜǔƋʊ 3-5 Bn

Cholesterol 16-19 Bn Antivirals excluding HIV 3-5 Bn

ÄȭǜǔȊFɡǔǚƬɡǜǔƋʊ 15-18 Bn Immunosuppressants 3-5 Bn

Immunosuppressants 15-18 Bn Allergy 3-5 Bn

Antipsychotics 13-16 Bn Antidepressants 3-5 Bn

Antiulcerants 12-14 Bn Antiplatelet 3-5 Bn

Antidepressants 10-12 Bn Antipsychotics 2-3 Bn

Antivirals excluding HIV 8-10 Bn Heparins 1-2 Bn

ADHD 7-9 Bn FʁƬƋǜǔǚƬ<˿ʊnjˁȭƋǜǔɁȭ 1-2 Bn

Interferons 6-8 Bn Immunostimulants 1-2 Bn

Specialty Traditional

OUTLOOK (1,2) (CAGR) of 1-4% during the year 2013-2017 to reach

Developed markets: Patent expiries, impact of the global
economic crisis and the increasing specialist nature of
new drugs may cause a slide in the share of the developed
ƋɁˁȭǜʁǔƬʊɤĘăƙFˁʁɁɡƬƙ•ŘɡŘȭɦǔȭǜɁǜŘǚɡǒŘʁȧŘƋƬˁǜǔƋŘǚ
spending to 53% in 2017 from 61% in 2012.
Spending on generics is estimated to rise from 16% of
the total spending in 2012 to 21% of the overall developed
market spend in 2017, reaching a market value of
US$ 136-143 billion by 2017.
USA: The US was the largest pharmaceutical market
globally, with a market size of US$ 328 billion in 2012 and
it is estimated to grow at a compound annual growth rate
US$ 350-380 billion by 2017. But, USA’s contribution to
the global spending pie is expected to decrease from 34%
in 2012 to 31% by 2017. Overall growth will continue to be
impacted by patent expiries and low cost generics.
ANDA Approvals
The rate of ANDA approvals at the US FDA has remained
ʊǜŘǷȭŘȭǜɁ˸ƬʁǜǒƬɡŘʊǜǞ˸Ƭ˿ƬŘʁʊƙǔȭnjŘƋǜƙǔǜƬ˸ƬȭƞƬƋǚǔȭƬƞǔȭ
2013, despite a slight improvement in 2010-2012. The US
FDA, is in the process of implementing the ‘Generic Drug User
Fee Amendments of 2012 (GDUFA)’ programme, which is
ƞƬʊǔǷȭƬƞǜɁʊɡƬƬƞŘƋƋƬʊʊǜɁʊŘnjƬŘȭƞƬǏƬƋǜǔ˸ƬǷƬȭƬʁǔƋƞʁˁǷʊƖ

ANNUAL REPORT 2013-14

 10

Table 3 US FDA - ANDA Approvals

Year No. of Approvals
2006 347
2007 476
2008 458
2009 457
2010 401
2011 420
2012 467
2013 396

Patent Expiries
ÄǢƬʁǒǔǜǜǔȭǷŘɡƬŘǘǔȭʹ̋ɍʹƙɡŘǜƬȭǜƬ˾ɡǔʁǔƬʊǔȭǜǒƬĘăǒŘ˸Ƭ
ȭɁʁȧŘǚǔʊƬƞǜɁȧɁʁƬȧɁƞƬʁŘǜƬǚƬ˸ƬǚʊƖ<ʁˁǷʊǷɁǔȭǷɁǏȊ
patent contribute to incremental growth of the US generic
market. While patent expiries are lessening, the low share
of Indian generic players in the US implies potential for
future growth. Vial Filing Machine, Halol

Chart 5 US - Patent Expiries (6)

40 74 73
35

30

22
US$ Bn

19 20
20 19 19
16 17
15

10

0
2008 2009 2010 2011 2012 2013 2014 2015 2016

EU5*:ďǒƬFĘǣɡǒŘʁȧŘƋƬˁǜǔƋŘǚȧŘʁǘƬǜʊǔ˘Ƭ˹ŘʊŘʁɁˁȭƞ
ĘăƨɍǮȳŽǔǚǚǔɁȭǔȭʹ̋ɍʹƙŽˁǜFĘǣɻʊƋɁȭǜʁǔŽˁǜǔɁȭǜɁ
the global spending pie is likely to come down from
15% in 2012 to 13% in 2017. Loss of patent protection,
government’s austerity measures due to the economic
crisis and restricted use of innovative launches impacted
ǜǒƬɁ˸ƬʁŘǚǚǷʁɁ˹ǜǒǔȭǜǒƬʊƬȧŘʁǘƬǜʊǔȭǜǒƬǚŘʊǜǞ˸Ƭ˿ƬŘʁʊƖ
ñǒŘʁȧŘƋƬˁǜǔƋŘǚʊɡƬȭƞǔȭǷǷʁɁ˹ǜǒǔȭǜǒƬFĘǣǔʊƬ˾ɡƬƋǜƬƞǜɁ
be 0-3% for the period 2013-2017, in comparison to 2.4%
during 2008-2012. The market size is estimated to reach
US$ 140-170 billion in 2017.
(*Germany, France, Italy, Spain and UK)

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 Corporate Overview Statutory Reports Financial Statements
11
Management Discussion and
Analysis Report

Table 4 EU5 - Country-wise Spending (1) Table 5 Pharmerging Market Spending (1)
Market value by CAGR growth, Market size 2017 2013-17 CAGR
2017 (US$ billion) 2013-17 (%) (US$ billion) (%)
China 160–190 14-17
France 30-40 (-2)-1
Tier 2 90–110 10-13
Germany 41-51 1-4
Brazil 38-48 11-14
Italy 23-33 0-3
Russia 23-33 8-11
Spain 13-23 (-4)-(-1)
India 22-32 11-14
UK 20-30 1-4
Tier 3 100-130 5-8

Japan: Japan’s pharmaceutical market contributed around
12% of the global pie in 2012. In 2010, the Japanese
government embarked on healthcare reforms, with the
objective of increasing the penetration of generic drugs in
the country.
The market size is projected to reach US$ 90-120 billion
by 2017. Spending growth will be in the range of 2-5%
with gradual increases, but partly impacted by the
expected gradual increase in generic volumes due to the
government’s biennial price cuts. Premium pricing is
expected to sustain only for drugs delivering substantial
innovation over existing therapies or for drugs which target
complex/unmet medical needs.
Pharmerging markets**: While the emerging markets
are likely to be the main growth drivers of the global
pharmaceutical industry over 2012-17, the pharmerging
markets are to be the main contributors to this growth.
The size of the pharmerging markets is expected to reach
US$ 370-400 billion by 2017 from US$ 224 billion in 2012,
growing at a rate of CAGR of 10-13%. China, Brazil, and
India will be the key contributing countries, driven by
factors like rising income levels, healthcare reforms and
increased access to medicines.
The pharmerging markets are forecasted to contribute
around 31% to the total market share of the industry by
2017, driven by economic growth, coupled with changes in
public health policy responses and demography. Spending
on generics in these markets is estimated to rise from 58%
in 2012 to 63% of the overall pharmerging market spend in
2017, reaching a market value of US$ 233-252 billion by 2017.
(**China, Brazil, India, Venezuela, Poland, Argentina, Turkey, Mexico,
Vietnam, South Africa, Thailand, Indonesia, Romania, Egypt, Pakistan,
Ukraine, Algeria, Colombia, Nigeria, Saudi Arabia and Russia)
ACTIVE PHARMACEUTICAL INGREDIENTS (API) (7)
The global API market size stood at US$ 113 billion in 2012
as against US$ 91 billion in 2008. It is expected to grow
further at a CAGR of around 8% during 2012-2017, owing
to patent expiries, increase in outsourcing and demand for
potent and biogeneric APIs.
ĶǔǜǒʊǜǔǏƋɁȧɡƬǜǔǜǔɁȭǔȭǜǒƬǷǚɁŽŘǚÄñ“ȧŘʁǘƬǜƙŘ
ʊǔǷȭǔǞƋŘȭǜɡʁɁɡɁʁǜǔɁȭɁnjÄñ“ɡʁɁƞˁƋǜǔɁȭǔʊɁˁǜʊɁˁʁƋƬƞǜɁ
China and India - two of the largest API markets in
the world.
INDIAN PHARMACEUTICAL SECTOR
The Indian pharmaceutical market is estimated to reach
US$ 22-32 billion by 2017 compared to US$ 14 billion in
2012, establishing India as the 11th largest market by 2017,
compared to its 13th position in 2012.
Crisp facts (1, 7, 4, 8)
Ranked thirteenth in terms of value in the global
pharmaceutical industry in 2012
Fourth largest among the pharmerging markets in
terms of market size in 2012
Projected to grow at a CAGR of 11-14% during 2013-2017
One of the key exporters to the US and other markets -
the highest number of US FDA approved manufacturing
facilities outside USA.
Indian pharmaceutical companies received over 150
ANDA approvals from US FDA during 2013, accounting
for approximately 38% of the total approvals.

ANNUAL REPORT 2013-14

 12

Fluid Bed Dryer, Halol

The Indian pharmaceutical industry received foreign direct Vision 2020. This will lead to higher volumes for the
investments (FDI) worth around US$ 11.95 billion during pharmaceuticals industry.
April, 2000 to September, 2013
Growing incidence of chronic diseases: Chronic therapies
Exports (8) have grown at a faster pace than that of traditional acute
The pharmaceutical exports from India during 2012-13 therapies over the past four years. Their contribution in
stood at US$ 14.6 billion, witnessing an increase of US$ 1.4 the Indian pharmaceutical market escalated from 27% in
billion from 2011-12. Indian pharmaceutical sector exports 2010 to 30% in 2013. Lifestyle changes, rapid urbanisation
are likely to reach US$ 25 billion by 2016. ŘȭƞǔȭƋʁƬŘʊǔȭǷŘǙˁƬȭƋƬŘʁƬnjŘƋǜɁʁʊ˹ǒǔƋǒŘʁƬƬ˾ɡƬƋǜƬƞǜɁ
drive it further.
Demand drivers (9, 10)
Rising spend on healthcare: Total annual healthcare
spending is expected to more than double to US$ 201.4
Table 6 Chronic Therapies’ Contribution (9)
billion, growing at an average annual rate of 15.8% during Therapy Contribution (%) Growth in
2012-2017. Healthcare spending is estimated to be around 2013 (%)
2010 2013
0.5% of GDP in 2013.
Acute 73 70 9.6
Growing health insurance coverage: The Indian
Chronic 27 30 14.0
government plans to bring 80% of India’s population
under health insurance cover under its Health Insurance

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
13
Management Discussion and
Analysis Report

Rapid urbanisation: An increase in urban population

from 31% to 40% or more by 2030 will see better
accessibility, with which will come with rapid urbanisation
and the growth of the pharmaceutical industry.

Industry concerns
Regulatory challenges
The Indian pharmaceutical market has its own set of
regulatory challenges in the form of:

Government-mandated price controls

Delay in new product approvals

Delay in clinical trial approvals

Uncertainties over FDI policy

These concerns act as a deterrent to the growth of the

industry.

Manufacturing quality Analytical Lab, Dissolution Testing, Vadodara

India is attracting greater scrutiny from the US FDA in
relation to cGMP compliance, owing to the fact that it is the
largest drugs supplier to the US. Indian companies will have
to conform to standards at par with the global benchmarks.
This will involve continuous improvement in systems
and processes and training of the workforce to ensure
compliance to such standards.
SUN PHARMA – RANBAXY MERGER
A Landmark Transaction
ÄǜăˁȭñǒŘʁȧŘƙ˹ƬǒŘ˸ƬǜŘǘƬȭŘʊǔǷȭǔǞƋŘȭǜǔȭǔǜǔŘǜǔ˸ƬǜɁ
enhance shareholder value for the future. We are in the
ɡʁɁƋƬʊʊɁnjŘƋɴˁǔʁǔȭǷõŘȭŽŘ˾˿³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞƙ“ȭƞǔŘɻʊ
leading company in sales, in one of India’s largest M&A
transactions. The deal, an all-stock transaction valued at
US$ 4 billion, is expected to be completed by December
2014. Ranbaxy shareholders will receive 0.8 share of Sun
Pharma for each Ranbaxy share.
Enhancing stakeholder value
ďǒƬƋɁȧŽǔȭŘǜǔɁȭǒŘʊǜǒƬɡɁǜƬȭǜǔŘǚǜɁǷƬȭƬʁŘǜƬʊǔǷȭǔǞƋŘȭǜ
value for shareholders:
 ďǒƬȭƬ˹Ƭȭǜǔǜ˿˹ǔǚǚƬȧƬʁǷƬŘʊǜǒƬ˹ɁʁǚƞɻʊǞǢǒǚŘʁǷƬʊǜ
specialty generic pharmaceutical company with a
diverse, highly complementary portfolio of specialty
and generics (with minimal overlap) targeting chronic
and acute treatments globally. The entity’s global
presence across 55 markets will be supported by over
40 manufacturing facilities and capabilities across
multiple dosage forms, including specialty branded
products and complex generics.
In the US, the merged entity will become No.1 in the
generic dermatology market and No. 3 in the branded
dermatology market with products to treat Actinic
Keratosis, Anti-Fungal, Acne and steroids for other
treatments. Post-merger, the overall pro-forma US
revenues of the Company will be about US$ 2.2 billion,
with strong capabilities in developing complex products
through a broad portfolio of 184 ANDAs pending US
h<ÄŘɡɡʁɁ˸ŘǚƙǔȭƋǚˁƞǔȭǷǒǔǷǒȊ˸ŘǚˁƬhďhɤhǔʁʊǜȊǜɁȊǞǚƬɦ
opportunities.
In India, the merger will lead to Sun Pharma becoming
the largest pharmaceutical company with over 9%
market share, enhancing value share across product
ɁǏƬʁǔȭǷʊŘȭƞȧŘʁǘƬǜǜƬʁʁǔǜɁʁǔƬʊƖ“ǜ˹ǔǚǚŽƬʁŘȭǘƬƞÂɁƖɍ
Ž˿ɡʁƬʊƋʁǔɡǜǔɁȭʊŘƋʁɁʊʊɍʯƞǔǏƬʁƬȭǜƋǚŘʊʊƬʊɁnjʊɡƬƋǔŘǚǔʊǜ
ƞɁƋǜɁʁʊǔȭ“ȭƞǔŘƖ*ƬʊǔƞƬʊƙǜǒƬõŘȭŽŘ˾˿ŘƋɴˁǔʊǔǜǔɁȭ˹ǔǚǚ
give it a competitive edge in acute care, hospitals and
OTC businesses with robust brands. It will have 31 brands
among India’s top 300 brands and a greater distribution
reach. The merger will also create a foundation for the
OTC business in India. Pro-forma revenues of the merged
entity in India will be about US$ 1.1 billion.

ANNUAL REPORT 2013-14

 14

With Sun Pharma’s proven complex product capabilities
and Ranbaxy’s strong global footprint, it will have a
strong product pipeline and established presence in
key high-growth pharmerging economies like Russia,
Romania, South Africa, Brazil and Malaysia. Along with
this the merged entity will have the combined pro-
forma revenues of about US$ 0.9 billion in emerging
markets. In some of these markets, the combined
entity will have sales exceeding US$ 100 million each.
The enhanced footprint across multiple markets will
ɁǏƬʁɁɡɡɁʁǜˁȭǔǜǔƬʊnjɁʁƋʁɁʊʊȊʊƬǚǚǔȭǷŘȭƞŽƬǜǜƬʁŽʁŘȭƞ
building.
On a pro-forma basis, the merged company’s revenues
are estimated at US$ 4.2 billion for calendar year CY
2013. The overall business will be much more balanced
with 47% of sales contributed by the US, 22% of it
coming from India and around 31% coming from the
rest of the world and other businesses.
 ñʁɁȊnjɁʁȧŘF*“ď<Ä˹ǔǚǚŽƬĘăƨɍƖʹŽǔǚǚǔɁȭnjɁʁǜǒƬǜ˹Ƭǚ˸ƬȊ
month period ended 31st December, 2013.
Transaction value implies a revenue multiple of 2.2x,
based on 12 months ended 31st December, 2013.
Post-deal closure, the merged entity targets to
ǷƬȭƬʁŘǜƬʊ˿ȭƬʁǷ˿ŽƬȭƬǞǜʊƙɁnjŘŽɁˁǜĘăƨʹǣ̋ȧǔǚǚǔɁȭ
by the third year - driven by a combination of revenue,
procurement, supply chain and other cost synergies.
ÄǢƬʁƞƬŘǚƋǚɁʊˁʁƬƙ<ŘǔǔƋǒǔăŘȭǘ˿Ɂ˹ǔǚǚŽƬƋɁȧƬǜǒƬʊƬƋɁȭƞ
largest shareholder in Sun Pharma (owning approximately
9% stake in Sun Pharma) and will have the right to
nominate one Director to Sun Pharma’s Board of Directors.
It has agreed to indemnify Sun Pharma and Ranbaxy
for, among other things, certain costs and expenses that
may arise from the recent subpoena, which Ranbaxy has
received from the United States Attorney for the
Toansa facility.
Punjab and Haryana; anti-competition authorities in India
ŘȭƞŘnjƬ˹ɁǜǒƬʁȧŘʁǘƬǜʊʒǜǒƬÂŘǜǔɁȭŘǚăǜɁƋǘF˾ƋǒŘȭǷƬɁnj
“ȭƞǔŘʒďǒƬ*ɁȧŽŘ˿ăǜɁƋǘF˾ƋǒŘȭǷƬŘȭƞƬ˾ɡǔʁŘǜǔɁȭɁnjǜǒƬ
waiting period under the Hart-Scott-Rodino Anti-trust
Improvement Act in the United States.
Credible track record of successful turnarounds
One of the major challenges for Sun Pharma in this
ŘƋɴˁǔʊǔǜǔɁȭ˹ǔǚǚŽƬǜɁǔȧɡʁɁ˸ƬõŘȭŽŘ˾˿ɻʊɁ˸ƬʁŘǚǚǷʁɁ˹ǜǒŘȭƞ
ɡʁɁǞǜŘŽǔǚǔǜ˿Ɩ
Sun Pharma has a robust track record of turning around
ǔǜʊŘƋɴˁǔʊǔǜǔɁȭʊǔȭǜɁʊˁƋƋƬʊʊʊǜɁʁǔƬʊŽ˿ƬȭŘŽǚǔȭǷŽˁʊǔȭƬʊʊ
and operational strategies and building supply chain
ƬǓƋǔƬȭƋǔƬʊƙŘȭƞõŘȭŽŘ˾˿ǔʊǚǔǘƬǚ˿ǜɁŽƬŘȧŘǖɁʁƋǒŘǚǚƬȭǷƬƖ
ăˁȭñǒŘʁȧŘɻʊŘŽǔǚǔǜ˿ǜɁǖˁǷǷǚƬƞǔǏƬʁƬȭǜŽˁʊǔȭƬʊʊƬʊŘȭƞ
multiple cultures is likely to help in this transformation.
The Company leverages complementary functional
strengths to achieve top line growth and gains through
ŽɁǜǒʁƬ˸ƬȭˁƬƬȭǒŘȭƋƬȧƬȭǜŘȭƞƋɁʊǜƬǓƋǔƬȭƋǔƬʊȊ
translating into higher margins, greater market share and
ȧɁʁƬɁɡƬʁŘǜǔȭǷɡʁɁǞǜʊƖ
ďǒƬʁƬ˹ƬʁƬƬǔǷǒǜʊˁƋƋƬʊʊnjˁǚŘƋɴˁǔʊǔǜǔɁȭʊǔȭǜǒƬɡƬʁǔɁƞ
1996-07 till 2000-01. Sharp increases in net sales and
F*“ď<ÄŘƋʁɁʊʊǔǜʊŘƋɴˁǔʊǔǜǔɁȭʊǚǔǘƬďŘʁɁƙ<ĘăÄŘȭƞĘõ³
ȧŘʁǘƬƞǜǒƬǚŘʊǜƞƬƋŘƞƬƖďǒƬ,ɁȧɡŘȭ˿ŘƋɴˁǔʁƬƞďŘʁɁǔȭ
ʹ̋ɍ̋Řȭƞ˹ŘʊŘŽǚƬǜɁƬȭǒŘȭƋƬǜǒƬF*“ď<ÄnjʁɁȧĘăƨɍ̋ǣ
million to US$ 400 million within three years by focusing on
ǜɁɡǚǔȭƬǷʁɁ˹ǜǒŘȭƞŽƬƋɁȧǔȭǷȧɁʁƬƬǓƋǔƬȭǜƖďǒƬɡŘ˿ŽŘƋǘ
njʁɁȧăˁȭñǒŘʁȧŘɻʊĘõ³ŘƋɴˁǔʊǔǜǔɁȭǒŘʊŽƬƬȭȧˁƋǒnjŘʊǜƬʁ
than expected.

Daiichi Sankyo (which holds approximately 63.4% of the

outstanding shares of Ranbaxy) and the Promoters of Sun
Pharma (who hold approximately 63.7% of the outstanding
shares) have irrevocably agreed to vote in favour of the
transaction. Both the Ranbaxy and the Sun Pharma Boards
have recommended approval of the transaction to their
respective shareholders.

The transaction closure will be subject to the usual closing

conditions, including approval by the following authorities: API Unit, Panoli
the Government of India; the High Courts of Gujarat,

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview
Management Discussion and
SUN PHARMACEUTICAL INDUSTRIES LIMITED
(SUN PHARMA)
Sun Pharmaceutical Industries Ltd is currently the
ǞǢǒǚŘʁǷƬʊǜǷǚɁŽŘǚʊɡƬƋǔŘǚǜ˿ɡǒŘʁȧŘƋƬˁǜǔƋŘǚƋɁȧɡŘȭ˿
manufacturing and marketing a variety of pharmaceutical
formulations as branded generics, as well as generics in the
US, India and several other global markets.
In India, the Company is a leader in niche therapy
areas of psychiatry, neurology, cardiology, nephrology,
gastroenterology, orthopaedics and ophthalmology. It has
expertise in product development, process chemistry and
manufacture of complex dosage forms and APIs.
Major business segments
US Generics
Indian Branded Generics
International Branded Generics (Rest of the world,
except the US)
Active Pharmaceutical Ingredients (API)
> 50 25
Markets addressed Manufacturing facilities
across four continents
Statutory Reports Financial Statements
15
Analysis Report
Analytical Lab, HPLC, Mumbai
Strategy and Approach
Sun Pharma’s strategy and business approach is
underpinned by the following:
 ,ʁƬŘǜƬʊˁʊǜŘǔȭŘŽǚƬʁƬ˸ƬȭˁƬŘȭƞƋŘʊǒǡɁ˹ʊǜʁƬŘȧƕ
FȭʊˁʁǔȭǷʊˁʊǜŘǔȭŘŽǚƬǷʁɁ˹ǜǒǔȭʁƬ˸ƬȭˁƬʊŘȭƞƋŘʊǒǡɁ˹ʊ
is one of the key objectives. The Company achieves this
Ž˿ǜŘʁǷƬǜǔȭǷƋɁȧɡǚƬ˾ʤƞǔǏƬʁƬȭǜǔŘǜƬƞɡʁɁƞˁƋǜʊǔȭǘƬ˿
markets; focusing on fast-growing chronic therapies
and timely product launches
 *ŘǚŘȭƋƬɡʁɁǞǜŘŽǔǚǔǜ˿ŘȭƞnjˁǜˁʁƬǔȭ˸ƬʊǜȧƬȭǜʊƕ
Achieving a pragmatic balance between current
ɡʁɁǞǜŘŽǔǚǔǜ˿ŘȭƞnjˁǜˁʁƬǔȭ˸ƬʊǜȧƬȭǜʊǜǒʁɁˁǷǒǔǜʊ
unwavering focus on developing complex products
ƋɁˁɡǚƬƞ˹ǔǜǒŘʊǜʁɁȭǷǜʁŘƋǘʁƬƋɁʁƞɁnjŘƋɴˁǔʁǔȭǷŘȭƞ
turning around underperforming businesses.
Cost leadership: Rationalising cost through vertical
integration, optimisation of operational expenses and
strengthening back-end and supply chain linkages
>14,000 >1,000
Global Team Products marketed
ANNUAL REPORT 2013-14
 16
Chart 6 Key Financial Indicators
Net Sales EBITDA
160.0
42.7
9.8 3.9
3.3 0.7
98-99 03-04 08-09 13-14 98-99 03-04
Operational performance, FY14
Strong performance: Consolidated revenues for FY14
grew 42% over FY13 to `ɍȴʹŽǔǚǚǔɁȭƙ˹ǒǔǚƬF*“ď<ÄǷʁƬ˹
by 45% to ` 71 billion. The constant currency revenue
growth guidance for FY14 was upgraded twice during
the year from 18-20% to 29%. The strong performance
was mainly driven by:
 ÄʊǔǷȭǔǞƋŘȭǜƬʊƋŘǚŘǜǔɁȭǔȭĘăʁƬ˸ƬȭˁƬʊƙ˹ǒǔƋǒǷʁƬ˹
59% and contributed about 60% to overall revenues
- was led by increased contribution from complex
ǷƬȭƬʁǔƋʊƙʊǜʁɁȭǷɡʁɁǞǜŘŽǔǚǔǜ˿ŘǜďŘʁɁƙnjŘ˸ɁˁʁŘŽǚƬ
pricing for certain products and contribution from the
180-day exclusivity for generic Prandin. The Ranbaxy
ŘƋɴˁǔʊǔǜǔɁȭ˹ǔǚǚnjˁʁǜǒƬʁʊǜʁƬȭǷǜǒƬȭăˁȭñǒŘʁȧŘɻʊ
positioning in the US branded market as well as
enhance its overall product portfolio in the US.
The India formulations business recorded 25%
growth, despite the implementation of the new
pricing policy and related trade channel disruptions.
ďǒƬõŘȭŽŘ˾˿ŘƋɴˁǔʊǔǜǔɁȭǔʊǚǔǘƬǚ˿ǜɁnjˁʁǜǒƬʁ
strengthen Sun Pharma’s pan-India presence, as it
will enable the merged entity to be ranked no.1 by
ɡʁƬʊƋʁǔɡǜǔɁȭʊ˹ǔǜǒɍʯƞǔǏƬʁƬȭǜƋǚŘʊʊƬʊɁnjʊɡƬƋǔŘǚǔʊǜ
doctors and facilitating its entry into India’s OTC
business with a few strong brands.
Our Rest of World (RoW) business recorded 25%
growth over FY13, led by a strengthening presence
SUN PHARMACEUTICAL INDUSTRIES LTD.
(` billion)
ÂƬǜñʁɁǞǜ
71.1 31.4
18.2
18.6
3.1
0.6
08-09 13-14 98-99 03-04 08-09 13-14
ǔȭǘƬ˿ȧŘʁǘƬǜʊƖďǒƬõŘȭŽŘ˾˿ŘƋɴˁǔʊǔǜǔɁȭǔʊǚǔǘƬǚ˿
ǜɁʊǔǷȭǔǞƋŘȭǜǚ˿ƬȭǒŘȭƋƬăˁȭñǒŘʁȧŘɻʊɡʁƬʊƬȭƋƬ
in these markets and enable its entry into
new markets.
Ramp-up in specialty revenues: The Company
continues to build its specialty revenues in the US,
aided by a ramp-up in sales of generic Doxil and DUSA
revenues - being the only company in the US market,
with a US FDA approved version of generic Doxil. It
ŘǚʊɁŽƬȭƬǞǜƬƞnjʁɁȧǜǒƬʊˁɡɡǚ˿ƋɁȭʊǜʁŘǔȭǜʊnjŘƋƬƞŽ˿ǜǒƬ
innovator.
Taro: Taro reported good performance despite increasing
competition. For FY14, Taro’s top line grew by 13% to
ĘăƨʕǣȳȧǔǚǚǔɁȭƙ˹ǒǔǚƬF*“ď<ÄǷʁƬ˹Ž˿ʹȳɩǜɁĘăƨǮǮʕ
ȧǔǚǚǔɁȭƖF*“ď<ÄȧŘʁǷǔȭʊǒŘ˸ƬƬ˾ɡŘȭƞƬƞŽ˿ʕʯ̋ŽɡʊǜɁ
ǣȳɩnjɁʁǜǒƬ˿ƬŘʁƖďŘʁɁɻʊȭƬǜɡʁɁǞǜnjɁʁhłɍǮǔȧɡʁɁ˸Ƭƞ
by 35% to US$ 360 million. The good performance was
catalysed mainly by favourable sale prices throughout
the year, which also witnessed a gradual increase in
competition for some of Taro’s products. The competition
for some of Taro’s products may intensify in future.
DUSA business scaling up: ăˁȭñǒŘʁȧŘǒŘƞŘƋɴˁǔʁƬƞ
DUSA in the US in December 2012, giving it access
to a branded patented product. DUSA revenues
have gradually started scaling up, led by increasing
penetration with dermatologists and gradual price
increases.
 Corporate Overview Statutory Reports Financial Statements
17
Management Discussion and
Analysis Report

Sun-intrexon joint venture: ÄʊɡŘʁǜɁnjǔǜʊƬǏɁʁǜʊ
to establish a long-term specialty portfolio, Sun
Pharma has entered into a joint venture with Intrexon
Corporation (USA) to develop controllable gene-based
therapies to treat ocular diseases that cause partial or
total blindness in millions of people worldwide. Initial
targets are dry age-related macular degeneration
(AMD), glaucoma and retinitis pigmentosa. The joint
venture will leverage Sun Pharma’s global capabilities
and experience in developing and manufacturing
specialty pharmaceuticals for niche therapy areas.
Ramp-up in URL: hłɍǮ˹ŘʊǜǒƬǞʁʊǜnjˁǚǚ˿ƬŘʁɁnj
ƋɁȭʊɁǚǔƞŘǜǔɁȭɁnjǜǒƬĘăȊŽŘʊƬƞĘõ³ŘƋɴˁǔʊǔǜǔɁȭƖ
hŘ˸ɁˁʁŘŽǚƬɡʁɁƞˁƋǜɡʁǔƋǔȭǷƬȭŘŽǚƬƞʊǔǷȭǔǞƋŘȭǜʁŘȧɡȊ
up in URL’s revenues with the relaunch of some of
the discontinued products from URL’s portfolio. The
hƬŽʁˁŘʁ˿ʹ̋ɍʯŘƋɴˁǔʊǔǜǔɁȭŽʁɁŘƞƬȭʊăˁȭñǒŘʁȧŘɻʊĘă
product portfolio, besides giving access to two US FDA
approved facilities.
Generic Prandin exclusivity in the US: Sun Pharma’s
ĘăŽˁʊǔȭƬʊʊŽƬȭƬǞǜƬƞnjʁɁȧǜǒƬɁȭƬȊǜǔȧƬˁɡʊǔƞƬɁnj
180-day exclusivity on generic Prandin, which expired
in January 2014. By virtue of its successful patent
challenge, it enjoyed the First-to-File (FTF) status and
was the only generic player in the US market for 180
days in FY14. Post exclusivity, other generic players
have also launched their versions of the product.
Generic Gleevec settlement: In May 2014, one of Sun
Pharma’s subsidiaries executed a settlement agreement
with Novartis Pharmaceuticals Corporation, stipulating
ŘƞǔʊȧǔʊʊŘǚɁnjǜǒƬǚŘ˹ʊˁǔǜʊǞǚƬƞǔȭǜǒƬĘăŘǷŘǔȭʊǜǜǒƬ
Company regarding submission of an Abbreviated
New Drug Application (ANDA) for a generic version
of Gleevec®, ImatinibMesylate tablets. Indicated for
the treatment of chronic myeloid leukemia and having
annual sales of about US$ 2 billion in the US market,
a generic version of these Gleevec tablets is to be
launched by Sun Pharma’s subsidiary in February, 2016,
under the terms of the settlement.
the process of expanding the pool of capable people to
drive growth. In FY14, the Company reinforced its senior
management team by attracting national and global
talent for its key functions.
Strengthening the Board of Directors: In February
2014, Sun Pharma strengthened its Board of Directors
by appointing Ms. Rekha Sethi as an additional
Independent Director. Ms. Sethi is the Director General
of the All India Management Association (AIMA),
India’s apex body for management. She is associated
with the following organizations: Indo-Netherlands
Joint Working Group on Corporate Governance and
Corporate Social Responsibility, under the Ministry
Ɂnj,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊƙɁ˸ƬʁȭȧƬȭǜɁnj“ȭƞǔŘʒÄƞ˸ǔʊɁʁ˿
Board of the Switzerland-based St Gallen Foundation
thinktank, Leaders of Tomorrow – Knowledge Pool.
She had also worked with the Confederation of Indian
Industry (CII) for over 17 years before joining AIMA.
Settling the generic Protonix patent litigation in
the US: The Company has settled the patent litigation
in the US regarding generic Protonix with Wyeth and
ÄǜǚŘȭǜŘñǒŘʁȧŘÄŘȭƞɡŘǔƞĘăƨǣǣ̋ȧǔǚǚǔɁȭǜɁñǞ˘ƬʁŘʊ
part of the settlement. Sun Pharma can continue to sell
its generic Protonix in the US.
Karkhadi facility: In May 2014, the Company received
a warning letter from the US FDA for its cephalosporin
facility located at Karkhadi, Gujarat, India. This letter was

US FDA Approvals: Received a total of 26 Abbreviated

New Drug Applications (ANDA) approvals from the US
FDA, including approvals for Repaglinide, Testosterone
Cypionate Injections, TopotecanHCl Injection,
Duloxetine HCl capsules, Temozolomide capsules, and a
few controlled substances.

Freeze Dryer, Halol

Strengthening senior management team: Sun
Pharma consistently nurtures internal talent and is in

ANNUAL REPORT 2013-14

 18

a follow-up to the import alert issued by the US FDA for
this facility in March, 2014, identifying some practises
at the facility, which are non-compliant with current
Good Manufacturing Practice (cGMP) regulations.
The Company remains fully committed to compliance
and has already initiated several corrective steps to
address the US FDA’s observations. It is committed to
working cooperatively and expeditiously with the USFDA
to resolve matters indicated in its letter. However, the
USFDA might withhold approval of pending new drug
applications from the facility until resolution of the issue.
However, the contribution of this facility to Sun Pharma’s
consolidated revenues is negligible.

Table 7 Financial Performance (` in million)

Year 2013-14 2012-13 Growth (%)

Net Sales 160,044 112,389 42
F*“ď<Ä 71,141 49,063 45
ñ*ďŽƬnjɁʁƬF˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧ 71,432 49,428 44
F˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧ 25,174 5,836
ñ*ďŘǢƬʁF˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧ 45,816 43,149 6
ÂƬǜɡʁɁǞǜŘǢƬʁÀǔȭɁʁǔǜ˿“ȭǜƬʁƬʊǜ 31,414 29,831 5
ÄƞǖˁʊǜƬƞɡʁɁǞǜŘǢƬʁÀǔȭɁʁǔǜ˿“ȭǜƬʁƬʊǜɤƬ˾ƋǚˁƞǔȭǷƬ˾ƋƬɡǜǔɁȭŘǚ 56,589 35,666 58
items)
ÄƞǖˁʊǜƬƞFñăɤ`) 27.3 17.2 58

Table 8 Revenue Break-up

Business Segment For the year ended For the Year ended
31st March, 2014 31st March, 2013
US Generics 60% 54%
India Branded Generics 23% 26%
International Generics (Rest of the world, except the US) 12% 13%
Active Pharmaceutical Ingredients (API) & Others 5% 7%

Table 9 Revenue Break-up (` in Million)

Business Segment For the year ended

31st March, 2014
US Generics 97,844
Indian Branded Generics 36,918
International Generics (Rest of the world, except the US) 19,084
Active Pharmaceutical Ingredients (API) & Others 8,148

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
19
Management Discussion and
Analysis Report

BUSINESS SEGMENTAL REVIEW

US Generics

60% 478 344 45%

Revenue contribution ,ˁȧˁǚŘǜǔ˸ƬÄÂ<ÄʊǞǚƬƞ Cumulative ANDAs 5-year revenue CAGR
from US geography approved

As of 31st March, 2014

Divisional Highlights hɁʁhłɍǮƙǜǒƬ,ɁȧɡŘȭ˿ǞǚƬƞʹʕÄÂ<ÄʊŘȭƞʁƬƋƬǔ˸Ƭƞ

Financial
Revenues increased from ` 61,537 million in FY13 to
` 97,844 million in FY14, a 59% growth, driven by:
Increased contribution from Complex generics
Favourable pricing for some products
Full-year consolidation of the DUSA and URL
ŘƋɴˁǔʊǔǜǔɁȭʊ
The 180-day exclusivity on generic Prandin and
A favourable currency
Revenue contribution from this geography increased to
60% in FY14 compared to 54% for FY13.
Operational
As on 31st March, 2014, ANDAs for 134 products await
approval, including 12 tentative approvals. This is one
of the strongest pipelines amongst Indian companies.
approval for 26 from the US FDA.
The Company is in the process of gradually increasing
the penetration of DUSA’s portfolio with US
dermatologists. It is also gradually re-launching some of
the discontinued products from URL’s product basket.
 FǏɁʁǜʊǜɁʊǜʁƬȭǷǜǒƬȭďŘʁɁɻʊnjˁǜˁʁƬɡǔɡƬǚǔȭƬƋɁȭǜǔȭˁƬʊƖ
“ǜʊŘȭȭˁŘǚõū<ʊɡƬȭƞǒŘʊǔȭƋʁƬŘʊƬƞʊǔǷȭǔǞƋŘȭǜǚ˿Ɂ˸Ƭʁ
the past three years from approximately US$ 30 million
to the US$ 55 million for FY14. As of 31stMarch 2014,
Taro had a pipeline of 27 ANDAs pending approval from
the US FDA.
Caraco
The entire US operations of Sun Pharma, except Taro,
are now consolidated under Caraco. For FY14, Caraco
performed well, aided by the distribution of Sun Pharma’s
portfolio in the US and the addition of URL and the DUSA
businesses. URL’s performance was partly boosted by
njŘ˸ɁˁʁŘŽǚƬɡʁɁƞˁƋǜɡʁǔƋǔȭǷƖFǏɁʁǜʊŘʁƬɁȭǜɁʁƬȊǚŘˁȭƋǒ
some of URL’s discontinued products in the US market.

Injectable Unit, Halol

ANNUAL REPORT 2013-14

 20
While Caraco continues to distribute Sun Pharma’s
products in the US, as a part of its manufacturing
consolidation, the Company has closed its Detroit facility.
The products manufactured here are being transferred to
other units to avoid market shortage. The impact of this
closure on the overall revenues of Sun Pharma will
be negligible.
Ramping-up DUSA
hɁǚǚɁ˹ǔȭǷǜǒƬŘƋɴˁǔʊǔǜǔɁȭɁnj<ĘăÄɤĘăÄɦǔȭ<ƬƋƬȧŽƬʁʹ̋ɍʹƙ
ƬǏɁʁǜʊǒŘ˸ƬŽƬƬȭǔȭǔǜǔŘǜƬƞǜɁʁŘȧɡȊˁɡǔǜʊɁɡƬʁŘǜǔɁȭʊƖ
DUSA’s drug-device combination for treating Actinic
Keratosis (AK) has the potential to improve its market
share in the US AK market. The Company is improving
its penetration with dermatologists by increasing the
coverage of these specialists and the usage of its products
in AK treatment.
Pillars of growth
The Company continues to focus on enhancing its
pipeline of complex/specialty products for the US
market. Over the past few years, it has developed/
ŘƋɴˁǔʁƬƞǜǒƬƋŘɡŘŽǔǚǔǜ˿ǜɁʊ˿ȭǜǒƬʊǔʊƬŘȭƞƋɁȧȧƬʁƋǔŘǚǔʊƬ
products across a range of dosage forms including
ǔȭǖƬƋǜŘŽǚƬʊƙȭŘʊŘǚʊɡʁŘ˿ʊƙǚǔɴˁǔƞʊƙɁǔȭǜȧƬȭǜʊƙǜŘŽǚƬǜʊ
Chart 7 US-Therapy-wise ANDA Approvals as of 31st March, 2014
94
86
43
30
Skin
CNS
CVS
Pain
Note – Taro’s ANDAs added since March 2011 & URL’s ANDAs added since March, 2013
SUN PHARMACEUTICAL INDUSTRIES LTD.
and capsules, among others. The Company has a wide
product basket, including a prudent mix of specialty/
ƋɁȧɡǚƬ˾ǷƬȭƬʁǔƋʊƙñŘʁŘȊ“ĴǞǚǔȭǷʊŘȭƞȭɁʁȧŘǚǷƬȭƬʁǔƋʊƖ
It has 134 ANDAs pending approval with the US FDA.
This pipeline is expected to be one of the key drivers of
future growth.
Sun Pharma has demonstrated a strong track record of
ƬȭǒŘȭƋǔȭǷǜǒƬǷʁɁ˹ǜǒŘȭƞɡʁɁǞǜŘŽǔǚǔǜ˿ɁnjŘƋɴˁǔʁƬƞŘʊʊƬǜʊƙ
especially in the US market. It continues to evaluate
ɡɁǜƬȭǜǔŘǚŘƋɴˁǔʊǔǜǔɁȭʊƙ˹ǒǔƋǒƋŘȭǷƬȭƬʁŘǜƬʊǒŘʁƬǒɁǚƞƬʁ
wealth in the medium-to-long term. The proposed
ŘƋɴˁǔʊǔǜǔɁȭɁnjõŘȭŽŘ˾˿ǔʊŘǚʊɁŘʊǜƬɡǔȭǜǒǔʊƞǔʁƬƋǜǔɁȭƖ
Sun Pharma, along with its subsidiaries, currently has
ɍ̋Ęăh<ÄȊŘɡɡʁɁ˸ƬƞnjɁʁȧˁǚŘǜǔɁȭnjŘƋǔǚǔǜǔƬʊƙɁnj˹ǒǔƋǒǞ˸Ƭ
are in the US, two in India and one each in Canada, Israel
and Hungary. This is one of the largest US FDA-approved
manufacturing infrastructure amongst Indian companies.
The Company’s patents, together with those of Taro,
ǒŘ˸ƬʁƬŘƋǒƬƞǣʕʯǞǚǔȭǷʊŘȭƞʯǮȴ˹ƬʁƬǷʁŘȭǜƬƞɡŘǜƬȭǜʊ
as of 31st March, 2014.
(Nos.)
29
21 19
11
6 5
Other
Allergy
Oncology
Metabolism
Cough / Cold
Urology
 Corporate Overview Statutory Reports Financial Statements
21
Management Discussion and
Analysis Report

Chart 8 US - ANDA Pipeline (Nos.)

478
449
397
377
344
311

250
225
207
177

69 84

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Cumulative Products Filed Cumulative Products Approved

Note – Taro’s ANDAs added since March 2011 & URL’s ANDAs added since March, 2013

Road ahead this pipeline will be backward integrated through in-

 hˁǜˁʁƬnjɁƋˁʊ˹ǔǚǚŽƬɁȭŽˁǔǚƞǔȭǷŘƞǔǏƬʁƬȭǜǔŘǜƬƞ house API capabilities.
specialty product basket, foraying into products that
˿ǔƬǚƞʊǜŘŽǚƬŘȭƞƋɁȭʊǔʊǜƬȭǜƋŘʊǒǡɁ˹ʊƖ The Company continues to be on the lookout for value-
enhancing inorganic opportunities in the US market.
The strong pipeline of 134 ANDAs will be a key
ƋɁȭǜʁǔŽˁǜɁʁǜɁnjˁǜˁʁƬǷʁɁ˹ǜǒƖÄʊǔǷȭǔǞƋŘȭǜɡɁʁǜǔɁȭɁnj

Formulation Plant, Halol

ANNUAL REPORT 2013-14

 22

India Branded Generics

23% TOP 3 2nd 14%

Revenue contribution In over 50% of more than Largest domestic drug ³ŘʊǜǞ˸ƬȊ˿ƬŘʁʁƬ˸ƬȭˁƬ
500 brands maker by market share CAGR

Divisional Highlights
Chart 9 India Formulations – Therapeutic Break-up (12)
Financial
Revenues increased from ` 29,657 million in FY13 to
` 36,917 million in FY14, a 25% growth. This growth has 4
5
been achieved, despite the implementation of the new 5
26
pricing policy and related trade channel disruptions. 7

Revenue contribution from India reduced from 26% in 8 (%)

hłɍʯǜɁʹʯɩǔȭhłɍǮƞˁƬǜɁʊǔǷȭǔǞƋŘȭǜǷʁɁ˹ǜǒǔȭǜǒƬĘă
business and a favourable currency, which helped the 11 19
export revenues. 14

Market share on moving annual total (MAT) basis

increased from 4.8% for March 2013 to 5.4% for March Neuro-Psychiatry Cardiology Gastroenterology
2014 according to AIOCD AWACS.
Diabetology Gynecology Urology Others
It continues to be ranked no. 1 based on its share of
prescriptions with seven classes of specialists, for Musculo-Skeletal Antiasthamatic &
example psychiatrists, neurologists, cardiologists, & Pain Opthalmology Antiallergic
ophthalmologists, orthopaedicians, nephrologists and
gastroenterologists. The Sun Pharma – Ranbaxy merged
entity will be ranked no. 1 with 13 classes of specialists.

Operational
The Company currently has an empowered team of
medical representatives (MR) promoting its products
and building relationships with doctors. A team of
4,000-plus MRs, including managers, cover about
140,000 specialist doctors across the country.

Launched 16 products in FY14 including several

technology-based products

 FȭǖɁ˿ʊʊǜʁɁȭǷɡɁʊǔǜǔɁȭǔȭǷǔȭƋǒʁɁȭǔƋʊƬǷȧƬȭǜʊƙʊˁƋǒ
as CNS, CVS and diabetology, together accounting
for more than 50% of Sun Pharma’s India formulation
revenues as per AIOCD-AWACS.

For FY14, the top 10 brands contributed about 20% to

domestic formulation sales
API Unit, Panoli

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
23
Management Discussion and
Analysis Report

Chart 10 Consistent Increase in Market Share in India (11)

200

150

100

50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Cipla Ranbaxy Sun Cadila Lupin DRL Torrent Wockhardt Ipca

Growth Pillars Table 10 Sun Pharma – Prescription Rankings (13)

 ďǒƬ,ɁȧɡŘȭ˿ƋɁȭǜǔȭˁƬʊǜɁƬȭǖɁ˿ǒǔǷǒŽʁŘȭƞƬɴˁǔǜ˿
with the doctor community. It is ranked no. 1, based Therapeutic Ranking for Ranking for
on the share of prescriptions by seven specialist segments October 2010 October 2013
classes: psychiatrists, neurologists, cardiologists, Psychiatrists 1 1
ophthalmologists, orthopaedics, nephrologists and Neurologists 1 1
gastroenterologists – thus imparting immense strength
to the Company’s India business. As per AIOCD-AWACS Cardiologists 1 1
study, these segments contribute more than 70% of Orthopaedics 1 1
Sun Pharma’s India formulation revenues.
Ophthalmologists 1 1

Market leader in chronic segments – These segments Gastroenterologists 1 1

are expected to grow faster than the acute segments, Nephrologists 2 1
given the changing life-style of the Indian population.
Diabetologists 2 2
ñɁʊǜǜǒƬƋǚɁʊˁʁƬɁnjǜǒƬõŘȭŽŘ˾˿ŘƋɴˁǔʊǔǜǔɁȭƙǜǒƬ
Company will have strong positioning in the acute Chest Physicians 4 5
segment as well, thus expanding its presence across Consultant 3 5
many more therapeutic segments. Physicians
Gynaecologists 6 7
 F˾ǜƬȭʊǔ˸ƬɡʁɁƞˁƋǜƋɁ˸ƬʁŘǷƬǂnjʁɁȧɁǚƞƬʁȧɁǚƬƋˁǚƬʊǜɁ
the latest molecules for relevant therapeutic segments. Dermatologists 14 7
This broad portfolio helps ensure that the Company is Oncologists 9 7
able to cater to the demand for most products.
Urologists 8 12

ANNUAL REPORT 2013-14

 24

Table 11 Top 10 Brands Contribute

about 20% of India sales (11)
Brands Therapies
Pantocid Proton pump inhibitor/ anti-ulcerant
Gemer Oral anti-diabetic
Susten Women’s healthcare
Levipil CNS
Pantocid-D Proton pump inhibitor/ anti-ulcerant
Aztor CVS, cholesterol reducing agent
Glucored Group Oral anti-diabetic
Istamet Anti-diabetic
Rozavel CVS
Montek-LC Respiratory

Road ahead
The Company’s future focus will continue to be on
strengthening customer relationships, brand building and
expanding product portfolio through a combination of QC Lab, Ahmednagar
internal development and potential in-licensing opportunities.

International Generics (ex-US)

12% 48 900+ 38%

Revenue contribution Market presence Products marketed 5-year revenue CAGR

Divisional Highlights
Financial
Revenues increased from ` 15,271 million in FY13 to
` 19,084 million in FY14, a growth of 25%.
Segmental revenue contribution was 12% of total
revenues for FY14, compared to 13% for FY13. The
contribution has declined marginally, despite good
overall growth due to the strong US growth revenues,
˹ǒǔƋǒǔȭƋʁƬŘʊƬƞĘăƋɁȭǜʁǔŽˁǜǔɁȭʊǔǷȭǔǞƋŘȭǜǚ˿Ɩ
Operations
Sun Pharma supplies its products to 48 international
markets, including the emerging markets.
Future markets for particular focus will include Latin
America, Russia & CIS, South Africa and a few Asian
markets.
The Company plans to replicate its specialty product
basket in these markets, including technology-based
products.
Growth pillars
Sun Pharma’s product portfolio spans over 48
countries; plans to replicate its specialty pipeline,
including technologically complex products in some of
these markets to tap the market potential

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview
Management Discussion and
Major markets include primary pharmerging markets,
such as Mexico, Brazil, Russia & CIS, South Africa
and Asia
Markets are penetrated by a diverse product basket
manufactured at the Company’s approved plants in India;
also has manufacturing facilities in Brazil, Mexico and
*ŘȭǷǚŘƞƬʊǒǜɁƋɁȧɡǚ˿˹ǔǜǒǚɁƋŘǚʁƬǷˁǚŘǜɁʁ˿ʁƬɴˁǔʁƬȧƬȭǜʊ
Active Pharmaceutical Ingredients (API)
5% 256
Revenue contribution <Àhʤ,FñǞǚƬʊ
Divisional Highlights
Financial
Revenues increased from ` 7,549 million in FY13 to
` 8,010 million in FY14, a 6% growth
Revenue contribution from the division reached 5% for
FY14 compared to 7% for FY13.
Operational
 hǔǚƬƞɍǣ<Àhʤ,Fñʊ
Six DMFs have been approved (including Taro)
 ,ˁʁʁƬȭǜǚ˿ǒŘʊŘǜɁǜŘǚɁnjƬǔǷǒǜÄñ“njŘƋǔǚǔǜǔƬʊƙɁnj˹ǒǔƋǒǞ˸Ƭ
are US FDA approved.
The India-based manufacturing facilities have dedicated
units for peptides, anti-cancer, steroids and sex
hormones. The API facility in Tennessee, USA has the
capability to manufacture controlled substances.
Growth pillars
The API business continues to be largely used for
vertical integration on key products. It imparts the
much-needed competitive advantage to the Company’s
formulations business, particularly for the US market.
F˾ǜƬʁȭŘǚÄñ“ʊŘǚƬʊŘƋƋɁˁȭǜnjɁʁŘnjʁŘƋǜǔɁȭɁnjǜǒƬǜɁǜŘǚÄñ“
production.
The Company markets products across more than
48 countries; products are sold to large generic or
innovator companies
Statutory Reports Financial Statements
25
Analysis Report
Road Ahead
The focus ahead will be on enhancing the Company’s
presence in key emerging markets led by chronic therapies
like the metabolic syndrome, diabetes, neurology and
cardiology. Besides, the Company is focusing on expanding
its presence to new geographies, organically and through
partnerships. It currently has about 300 products awaiting
regulatory approvals in these markets.
8 11%
World class facilities, accredited 5 year revenue CAGR
by ISO 14001 and ISO 9002
Manufactures over 170 specialty APIs, most of which are
used in-house to manufacture formulations
Most facilities have in-place approvals from US FDA/
FˁʁɁɡƬʤÄˁʊǜʁŘǚǔŘ
Scales up over 25 API processes annually
Road Ahead
 FȭʊˁʁƬǚɁȭǷȊǜƬʁȧƋɁȧɡƬǜǔǜǔ˸ƬȭƬʊʊɁnjǜǒƬnjɁʁȧˁǚŘǜǔɁȭʊ
business through strong backward integration
 FʊǜŘŽǚǔʊǒǚɁȭǷȊǜƬʁȧƋɁȭǜʁŘƋǜʊ˹ǔǜǒƋˁʊǜɁȧƬʁʊǔȭ
regulated markets for sustainable revenue growth and
margins
API Plant, Ahmednagar
ANNUAL REPORT 2013-14
 26

RESEARCH & DEVELOPMENT ENDEAVOURS ʊɡŘȭǜǒƬƞƬ˸ƬǚɁɡȧƬȭǜɁnjƞǔǏƬʁƬȭǜǔŘǜƬƞɡʁɁƞˁƋǜʊƙʊˁƋǒŘʊ

ăˁȭñǒŘʁȧŘɻʊõū<ƬǏɁʁǜʊŘʁƬƞʁǔ˸ƬȭŽ˿ǜǒƬ,ɁȧɡŘȭ˿ɻʊ
Ɂ˸ƬʁŘǚǚɁŽǖƬƋǜǔ˸ƬɁnjƬȭʊˁʁǔȭǷʊˁʊǜŘǔȭŘŽǚƬŘȭƞɡʁɁǞǜŘŽǚƬ
ǷʁɁ˹ǜǒŽ˿ŘƋɁȭʊǔʊǜƬȭǜnjɁƋˁʊɁȭƞƬ˸ƬǚɁɡǔȭǷƞǔǏƬʁƬȭǜǔŘǜƬƞ
specialty products across multiple dosage forms. The
Company’s R&D investment provides crucial support to
strategies for manufacturing new products.
Most of the product and process development is
undertaken at the Company’s R&D centres at Vadodara
and Mumbai with the help of a strong team of about 800
scientists across locations. Sun Pharma’s R&D capabilities
liposomal products, inhalers, lyophilised injections, nasal
sprays, besides developing controlled release dosage
forms. Taro’s R&D centres are located in Israel and Canada
At the Vadodara R&D centre, the Company develops
ƋɁȧɡǚƬ˾Äñ“ʊŘȭƞƞɁʊŘǷƬnjɁʁȧʊnjɁʁ“ȭƞǔŘƙǜǒƬĘăƙFˁʁɁɡƬ
and ROW markets. The Mumbai R&D centre develops
ƞǔǏƬʁƬȭǜǔŘǜƬƞƞɁʊŘǷƬnjɁʁȧʊŘȭƞǷƬȭƬʁǔƋʊnjɁʁƞƬ˸ƬǚɁɡƬƞ
ȧŘʁǘƬǜʊǚǔǘƬǜǒƬĘăŘȭƞFˁʁɁɡƬƖďǒƬǷʁɁˁɡŘǜŒŘǔnjŘ*Ř˿
(Israel centre) works on API and product development.

Table 12 Research and Development Investments (` in million)

FY10 FY11 FY12 FY13 FY14

F˾ɡƬȭƞǔǜˁʁƬɁȭõū< 2,242 3,313 4,449 7,042 10,418
õū<F˾ɡƬȭƞǔǜˁʁƬŘʊɩɁnjõƬ˸ƬȭˁƬ 6.0 6.0 6.0 6.0 6.5

R&D Centre, Vadodara

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
27
Management Discussion and
Analysis Report

QUALITY STANDARDS ʊˁɡɡɁʁǜƖFŘƋǒʊǔǜƬǒŘʊ˹ƬǚǚǜʁŘǔȭƬƞɡƬʁʊɁȭȭƬǚnjɁʁɴˁŘǚǔǜ˿

In the pharmaceutical business, ensuring the highest
ɴˁŘǚǔǜ˿ʊǜŘȭƞŘʁƞʊǔʊŘȭǔȧɡɁʁǜŘȭǜɡʁƬȊʁƬɴˁǔʊǔǜƬƖăˁȭ
Pharma’s operations are driven by best-in-class technology
and processes, abiding by all major stringent regulatory
approvals. The Company’s global Quality Management
Team ensures that every product manufactured and
distributed complies with internationally accepted
ʊǜŘȭƞŘʁƞʊɁnjɴˁŘǚǔǜ˿ƙɡˁʁǔǜ˿ƙƬǓƋŘƋ˿ŘȭƞʊŘnjƬǜ˿Ɩ
ďɁȧŘǔȭǜŘǔȭɴˁŘǚǔǜ˿ʊǜŘȭƞŘʁƞʊƙƬŘƋǒɡǚŘȭǜǒŘʊ˹ƬǚǚȊ
ƞƬǞȭƬƞɡʁɁƋƬƞˁʁƬʊŘȭƞʊ˿ʊǜƬȧʊǔȭƋɁȧɡǚǔŘȭƋƬ˹ǔǜǒǜǒƬ
ƋÀñʁƬɴˁǔʁƬȧƬȭǜʊȊǜǒˁʊƬȭʊˁʁǔȭǷǜǒŘǜǜǒƬ,ɁȧɡŘȭ˿ɻʊ
operating procedures continue to meet demanding
ʁƬǷˁǚŘǜɁʁ˿ʊǜŘȭƞŘʁƞʊǚǔǘƬĘăh<ÄƙFÀFÄƙÀŒõÄŘȭƞďÄƙ
among others.
óˁŘǚǔǜ˿ʊ˿ʊǜƬȧʊŘʁƬ˹ƬǚǚȊƞƬǞȭƬƞŘȭƞ˸ŘǚǔƞŘǜƬƞǜɁƬȭʊˁʁƬ
consistency in deliveries. Quality units are independent
of other operations like warehousing and engineering
ƋɁȭǜʁɁǚŘǚɁȭǷ˹ǔǜǒŘʁƬǷˁǚŘǜɁʁ˿ŘǏŘǔʁʊƞƬɡŘʁǜȧƬȭǜƙ
ƬȭʊˁʁǔȭǷʊǜʁǔƋǜŘƞǒƬʁƬȭƋƬǜɁɴˁŘǚǔǜ˿ʊ˿ʊǜƬȧʊŘȭƞ
procedures. The teams are guided by a Corporate Quality
Unit (CQU). CQU ensures that the latest updates in GMP are
being translated into Guidelines, SOPs and Protocols. The
team also ensures that these guidelines are implemented
ǜɁƞƬǚǔ˸ƬʁɴˁŘǚǔǜ˿ɡʁɁƞˁƋǜʊƋɁȭʊǔʊǜƬȭǜǚ˿Ɩ
In addition, an independent Corporate Compliance
department audits the sites to strengthen all controls
ŘȭƞɡʁɁƋƬƞˁʁƬʊǜɁnjˁǚǞǚǚǜǒƬǷɁŘǚɁnjʹǮ˾ʕƋɁȧɡǚǔŘȭƋƬƖ
Besides, systems are being improved in line with regulatory
ʁƬɴˁǔʁƬȧƬȭǜʊnjɁʁŘƞ˸ŘȭƋƬƞɴˁŘǚǔǜ˿ŘȭƞʊŘnjƬǜ˿Ɩ
The Company has recently received a warning letter from
the US FDA for its Karkhadi facility citing non-compliance
with some cGMP norms. Details of this development are
discussed in prior sections of this report.

478 344 256 174

,ˁȧˁǚŘǜǔ˸ƬÄÂ<ÄʊǞǚƬƞ Cumulative ANDAs <Àhʤ,FñƋˁȧˁǚŘǜǔ˸Ƭ <Àhʤ,FñƋˁȧˁǚŘǜǔ˸Ƭ
approved ŘɡɡǚǔƋŘǜǔɁȭʊǞǚƬƞ applications approved

573 346 27 26
Total patent applications Total patents granted ÄÂ<ÄʊǞǚƬƞǔȭhłɍǮ ANDAs approved in FY14
submitted

15 6
<ÀhʊǞǚƬƞǔȭhłɍǮ DMFs approved in FY14

ANNUAL REPORT 2013-14

 28

HUMAN ASSETS or events are “forward looking statements” within the

Human resources are the organization’s most important meaning of applicable securities laws and regulations.
assets. Attracting relevant talent remains its key focus, ÄƋǜˁŘǚʁƬʊˁǚǜʊƙɡƬʁnjɁʁȧŘȭƋƬɁʁŘƋǒǔƬ˸ƬȧƬȭǜʊƋɁˁǚƞƞǔǏƬʁ
even as it continues to nurture leadership capabilities materially from those expressed or implied. Important
it pays special attention to training, welfare and safety njŘƋǜɁʁʊǜǒŘǜƋɁˁǚƞȧŘǘƬŘƞǔǏƬʁƬȭƋƬǜɁǜǒƬƋɁȧɡŘȭ˿ɻʊ
of its people, strengthening its human capital. The total operations include global and Indian demand supply
employee strength as on 31st March, 2014 stood at over ƋɁȭƞǔǜǔɁȭʊƙǞȭǔʊǒƬƞǷɁɁƞʊɡʁǔƋƬʊƙnjƬƬƞʊǜɁƋǘŘ˸ŘǔǚŘŽǔǚǔǜ˿
14,000. and prices, competitors’ pricing in the Company’s principal
markets, changes in Government regulations, tax regimes,
Growth across markets will need the right talent. The economic conditions within India and the countries within
Company has initiated a ‘Speed Programme,’ in partnership which the Company conducts businesses and other factors
with the SP Jain Institute of Management and Research. ʊˁƋǒŘʊǚǔǜǔǷŘǜǔɁȭŘȭƞǚŘŽɁˁʁˁȭʁƬʊǜɁʁɁǜǒƬʁƞǔǓƋˁǚǜǔƬʊƖ
This is an education development programme, where The Company assumes no responsibility to publicly
managers from various departments are selected for an update, amend, modify or revise any forward looking
ǔȭǜƬȭʊǔ˸ƬF˾ƬƋˁǜǔ˸ƬÀ*ÄƋɁˁʁʊƬƖ ʊǜŘǜƬȧƬȭǜʊƙɁȭǜǒƬŽŘʊǔʊɁnjŘȭ˿ʊˁŽʊƬɴˁƬȭǜƞƬ˸ƬǚɁɡȧƬȭǜƙ
new information or future events or otherwise except as
The Company has recruited several senior management ʁƬɴˁǔʁƬƞŽ˿ŘɡɡǚǔƋŘŽǚƬǚŘ˹ƖĘȭǚƬʊʊǜǒƬƋɁȭǜƬ˾ǜɁǜǒƬʁ˹ǔʊƬ
professionals across functions since an empowered team ʁƬɴˁǔʁƬʊƙŘǚǚʁƬnjƬʁƬȭƋƬʊǔȭǜǒǔʊƞɁƋˁȧƬȭǜǜɁɼ˹ƬɾƙɼˁʊɾɁʁ
has ensured its strong growth over the past decade. As the “our” refers to Sun Pharmaceutical Industries Limited and
Company gears up for the next growth phase, it becomes consolidated subsidiaries.
imperative to strengthen its capabilities and also to get
external talent on board. BIBLIOGRAPHY
(1) IMS Institute for Healthcare Informatics Report,
INTERNAL CONTROLS
November, 2013
ăˁȭñǒŘʁȧŘɻʊƞƬǞȭƬƞɁʁǷŘȭǔʊŘǜǔɁȭŘǚʊǜʁˁƋǜˁʁƬƙ
ƞɁƋˁȧƬȭǜƬƞɡɁǚǔƋ˿ǷˁǔƞƬǚǔȭƬʊŘȭƞŘƞƬɴˁŘǜƬǔȭǜƬʁȭŘǚ (2) IMS Institute for Healthcare Informatics Report,
ƋɁȭǜʁɁǚʊƬȭʊˁʁƬƬǓƋǔƬȭƋ˿ɁnjɁɡƬʁŘǜǔɁȭʊƙƋɁȧɡǚǔŘȭƋƬ˹ǔǜǒ June, 2013
internal policies, applicable laws and regulations, protection (3) World Population Ageing 2009, UN
ɁnjʁƬʊɁˁʁƋƬʊŘȭƞŘʊʊƬǜʊŘȭƞŘƋƋˁʁŘǜƬʁƬɡɁʁǜǔȭǷɁnjǞȭŘȭƋǔŘǚ
transactions. (4) 2014 Global Health Care Outlook, Deloitte
(5) www.obamacarefacts.com
The Company’s philosophy on corporate governance
envisages working towards high levels of transparency, (6) HSBC, Asia Healthcare Report
accountability and consistent value systems across all (7) www.pharmabiz.com
facets of operations.
(8) ď˹ƬǚǢǒñʁŘ˸Řʊǔ*ǒŘʁŘǜǔ˿Ř<ǔ˸ŘʊFȭǷŘǷǔȭǷ
Diaspora: Connecting Across Generations’- FICCI
It continuously upgrades its systems in line with the
Knowledge Paper
best available practices. The internal control system is
supplemented by extensive internal audits, conducted (9) PWC Report, 2013
Ž˿ǔȭƞƬɡƬȭƞƬȭǜǞʁȧʊɁnj,ǒŘʁǜƬʁƬƞÄƋƋɁˁȭǜŘȭǜʊǜɁƋɁ˸Ƭʁ
(10) McKinsey, BNP Paribas
various operations on a continuous basis.
(11) IMS Health
DISCLAIMER (12) AIOCD-AWACS, MAT – March 2014
Statements in this “Management Discussion and Analysis”
describing the Company’s objectives, projections, estimates, (13) Strategic Marketing Solutions and Research
expectations, plans or predictions or industry conditions Centre Pvt Ltd (SMSRC)

SUN PHARMACEUTICAL INDUSTRIES LTD.

29-52
STATUTORY
REPORTS
Directors’ Report 30

Corporate Governance 36

ANNUAL REPORT 2013-14

 30

DIRECTORS'
REPORT

Your Directors take pleasure in presenting the Twenty-Second Annual Report and Audited Accounts for the year ended
31st March, 2014

FINANCIAL RESULTS

(` in Million except dividend per share and book value)

Standalone Consolidated
Particulars Year ended Year ended Year ended Year ended
31st March, 31st March, 31st March, 31st March,
2014 2013* 2014 2013
Total Income 29,882 26,683 166,326 116,880
ɤ³ɁʊʊɦʤñʁɁǞǜŘǢƬʁǜŘ˾ (28,285.2) 5,166 31,415 29,831
Dividend on Equity Shares 3,107 5,178 3,107 5,178
Corporate Dividend tax 528 880 528 880
Transfer to various Reserves NIL 520 NIL 520
Amount of dividend per equity share of ` 1/- each 1.50 2.50 #
1.50 2.50#
Book value per equity share ` 1/- each 36 38# 89 72#
ŹñʁƬ˸ǔɁˁʊ˿ƬŘʁǞǷˁʁƬʊnjɁʁʊǜŘȭƞŘǚɁȭƬŘʁƬȭɁǜƋɁȧɡŘʁŘŽǚƬƙʊǔȭƋƬƋˁʁʁƬȭǜ˿ƬŘʁǞǷˁʁƬʊǔȭƋǚˁƞƬǜǒƬƬǏƬƋǜɁnjȧƬʁǷƬʁɁnjǜǒƬăɡƬƋǔǞƬƞˁȭƞƬʁǜŘǘǔȭǷɁnjăˁȭñǒŘʁȧŘ
ǚɁŽŘǚhŎFƙǔȭǜɁǜǒƬ,ɁȧɡŘȭ˿˹ǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜÀŘ˿ƙʹ̋ɍʯƖ
#
Post Bonus Issue

DIVIDEND merger, are provided in the Management Discussion and

Your Directors are pleased to recommend an equity
dividend of ` 1.50 per equity share of face value ` 1/- each
(previous year ` 2.50 per equity share) for the year ended
31st March, 2014.
MERGER OF RANBAXY
ÄǜăˁȭñǒŘʁȧŘƙ˹ƬǒŘ˸ƬǜŘǘƬȭŘʊǔǷȭǔǞƋŘȭǜǔȭǔǜǔŘǜǔ˸ƬǜɁ
enhance shareholder value for the future. We are in the
process of acquiring Ranbaxy Laboratories Limited, India’s
leading Company in sales, in one of India’s largest M&A
transactions. The deal, an all-stock transaction valued at
US$ 4 billion, is expected to be completed by December
2014. Ranbaxy shareholders will receive 0.8 share of Sun
Pharma for each Ranbaxy’s share. Further details on the
Analysis report which forms part of this Report.
BONUS SHARES
The Company had on 3rd August, 2013 allotted
1,035,581,955 Equity Shares of ` 1/- each as Bonus Shares
to the Equity Shareholders of the Company in the ratio of
1 (One) Equity Share of ` 1/- each for every 1(One) Equity
Share of ` 1/- each held on the Record Date, being
30th July, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis on the
operations of the Company is provided in a separate
section and forms part of this report.

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview
HUMAN RESOURCES
Your Company considers its employees as most valuable
resource and ensures strategic alignment of Human
Resource practices to business priorities and objectives.
The Company has a dedicated team of over 14,000
employees at various locations across our corporate
ɁǓƋƬƙ˸ŘʁǔɁˁʊõū<,ƬȭǜƬʁʊūʹǣɡǚŘȭǜǚɁƋŘǜǔɁȭʊɤǔȭƋǚˁƞǔȭǷ
Associate Companies) spread across three Continents.
Our constant endeavor is to invest in people and people
processes to improve service delivery to our customers.
Attracting the right talent and engaging them for high
performance is our focus, whereas we strive to provide
a great place to work to our human resources through
challenging and learning environment.
Information as per Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended, is available at the registered
ɁǓƋƬɁnj˿Ɂˁʁ,ɁȧɡŘȭ˿ƖŒɁ˹Ƭ˸ƬʁƙŘʊɡƬʁǜǒƬɡʁɁ˸ǔʊǔɁȭʊ
of Section 219(1)(b)(iv) of the said Act, the Report and
Accounts are being sent to all shareholders of the Company
and others entitled thereto excluding the aforesaid
information. Any shareholder interested in obtaining a copy
of this statement may write to the Company Secretary/
,ɁȧɡǚǔŘȭƋƬÏǓƋƬʁŘǜǜǒƬ,ɁʁɡɁʁŘǜƬÏǓƋƬɁʁõƬǷǔʊǜƬʁƬƞ
ÏǓƋƬŘƞƞʁƬʊʊɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ
INFORMATION ON CONSERVATION OF
ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO
The additional information relating to energy conservation,
technology absorption, foreign exchange earnings and
outgo, pursuant to Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, is given in
Annexure and forms part of this Report.
CORPORATE GOVERNANCE
õƬɡɁʁǜɁȭ,ɁʁɡɁʁŘǜƬɁ˸ƬʁȭŘȭƋƬŘȭƞ,ƬʁǜǔǞƋŘǜƬɁnjǜǒƬ
auditors of your Company regarding compliance of the
conditions of Corporate Governance as stipulated in Clause
49 of the listing agreement with stock exchanges, are
annexed.
BUSINESS RESPONSIBILITY REPORT
The Business Responsibility Report of the Company for
the year ended 31st March, 2014, in line with Green
initiative, is made available on the website of the Company
(www.sunpharma.com) and forms part of the Annual
õƬɡɁʁǜƙŘȭƞǔʊǘƬɡǜŘǜǜǒƬõƬǷǔʊǜƬʁƬƞÏǓƋƬɁnjǜǒƬ,ɁȧɡŘȭ˿
for inspection. A copy of the aforesaid report shall be made
available to such of those shareholders who are desirous
Statutory Reports Financial Statements
31
Directors’ Report
and interested, upon receipt of a written request from
them.
CONSOLIDATED ACCOUNTS
In accordance with the requirements of Accounting
Standard AS-21 prescribed by the Institute of Chartered
Accountants of India, the Consolidated Accounts of the
Company and its subsidiaries is annexed to this Report.
SUBSIDIARIES
ďǒƬÀǔȭǔʊǜʁ˿Ɂnj,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊƙɁ˸ƬʁȭȧƬȭǜɁnj“ȭƞǔŘƙ
New Delhi has issued direction under Section 212(8) of
the Companies Act, 1956 vide general circular No.2/2011
dated 8th February, 2011 and in accordance with the
ʊŘȧƬƙǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜƙǜǒƬñʁɁǞǜŘȭƞ³ɁʊʊÄƋƋɁˁȭǜŘȭƞ
other documents of the subsidiary companies are not
being attached with the Balance Sheet of the Company.
The information relating to each subsidiary including
subsidiaries of subsidiaries, as required by the aforesaid
circular, is disclosed in the Annual Report. The Company
will make available the Annual Accounts of the subsidiary
companies and the related detailed information to any
member of the Company and its subsidiaries who may be
interested in obtaining the same. The annual accounts
of the subsidiary companies will also be kept open for
ǔȭʊɡƬƋǜǔɁȭŽ˿Řȭ˿ǔȭ˸ƬʊǜɁʁŘǜǜǒƬõƬǷǔʊǜƬʁƬƞÏǓƋƬū
,ɁʁɡɁʁŘǜƬʤŒƬŘƞÏǓƋƬɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒŘǜɁnj
the respective subsidiary companies. The Consolidated
Financial Statements presented by the Company include
ǞȭŘȭƋǔŘǚʁƬʊˁǚǜʊɁnjǔǜʊʊˁŽʊǔƞǔŘʁ˿ƋɁȧɡŘȭǔƬʊŘǚʊɁƖ
FINANCE
,õ“ă“³ƋɁȭǜǔȭˁƬƞǜɁʁƬŘǓʁȧǔǜʊǒǔǷǒƬʊǜʁŘǜǔȭǷɁnjɼÄÄÄʤ
ăǜŘŽǚƬɾŘȭƞɼÄɍɯɾƙnjɁʁ˿Ɂˁʁ,ɁȧɡŘȭ˿ɻʊ*ŘȭǘǔȭǷhŘƋǔǚǔǜǔƬʊ
throughout the year enabling your Company to avail
facilities from banks at attractive rates. The Company does
ȭɁǜɁǏƬʁŘȭ˿hǔ˾Ƭƞ<ƬɡɁʊǔǜăƋǒƬȧƬƖ
CORPORATE SOCIAL RESPONSIBILITY
łɁˁʁ,ɁȧɡŘȭ˿ǒŘʊǔƞƬȭǜǔǞƬƞǒƬŘǚǜǒƙƬƞˁƋŘǜǔɁȭƙǚǔ˸ƬǚǔǒɁɁƞƙ
disaster relief and civic utilities as the areas where
assistance is provided on a need-based and case-to-case
basis. Your Company persisted with participation in such
activities at the local, grassroot level during the year. In
ǜǒƬɡŘʊǜƙʊˁɡɡɁʁǜǒŘʊŽƬƬȭɁǏƬʁƬƞǜɁ˹ŘʁƞʊƞǔʊŘʊǜƬʁʁƬǚǔƬnj
as well as participation in the facilitation of civic utilities
around the Plants/Research Centers. Your Company
remains interested in these contributions.
DIRECTORS
Mr. Israel Makov, Director retires by rotation and being
ƬǚǔǷǔŽǚƬɁǏƬʁʊǒǔȧʊƬǚnjnjɁʁʁƬȊŘɡɡɁǔȭǜȧƬȭǜƖÀʊƖõƬǘǒŘăƬǜǒǔ
ANNUAL REPORT 2013-14
 32
was appointed as Additional Independent Director of the
Company with effect from 13th February, 2014 and holds
office as a Director up to the ensuing Annual General Meeting.
In terms of Section 149, and other applicable provisions,
if any of the Companies Act, 2013 read with Companies
(Appointment and Qualification of Directors) Rules, 2014,
the Independent Directors of the Company viz. Mr. S.M
Dadha, Mr. Keki Mistry, Mr. Hasmukh Shah, Mr. Ashwin
Dani and Ms. Rekha Sethi are proposed to be appointed as
Independent Directors of the Company in accordance with
the requirements of Companies Act 2013, at the ensuing
Annual General Meeting of the Company.
The Company has received the requisite notice under
Section 160 of the Companies Act, 2013 from members
to proposing their name for being appointed as
Independent Directors of the Company.
The Company has received declarations from all the
Independent Directors of the Company confirming that
they meet with the criteria of independence as prescribed
under sub-section (6) of Section 149 of the Companies Act,
2013.
Appropriate resolutions for the appointment/re-
appointment of Directors are being placed for your
approval at the ensuing Annual General Meeting.
Your Directors recommend the appointment/re-
appointment of the aforesaid Directors by the Members
at the ensuing Annual General Meeting.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA)
of the Companies Act, 1956, with respect to Directors’
Responsibility Statement, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the
financial year ended 31st March, 2014, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;
(ii) that the Directors have selected appropriate accounting
policies and applied them consistently and made
judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of
Sun Pharmaceutical Industries Ltd.
affairs of the Company at the end of the financial year and
on the loss of the Company for the year under review;
(iii) that the Directors have taken proper and sufficient care
for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956
and of Companies Act, 2013 to the extent applicable, for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and,
(iv) that the Directors have prepared the annual accounts
for the financial year ended 31st March, 2014 on a ‘going
concern’ basis.
AUDITORS
Your Company’s auditors, Messrs. Deloitte Haskins
& Sells LLP, Chartered Accountants, Mumbai, retire at the
conclusion of the forthcoming Annual General Meeting.
Your Company has received a letter from them to the effect
that their re-appointment, if made, will be in accordance
with the provisions of Section 139 of the Companies
Act, 2013.
COST AUDITORS
The Company has appointed Messrs. Kailash Sankhlecha &
Associates, Cost Accountants, Vadodara as Cost Auditors of
our Company for conducting Cost Audit in respect of Bulk
Drugs & Formulations of your Company for the year ended
31st March, 2014.
ACKNOWLEDGEMENTS
Your Directors wish to thank all stakeholders and business
partners, your Company’s bankers, financial institutions,
medical profession and business associates for their
continued support and valuable co-operation. The
Directors also wish to express their gratitude to investors
for the faith that they continue to repose in the Company.
For and on behalf of the Board of
Directors
Israel Makov
Chairman
12th August, 2014
Mumbai
 Corporate Overview Statutory Reports Financial Statements
33
Directors’ Report

ANNEXURE (1) TO DIRECTORS’ REPORT

CONSERVATION OF ENERGY

Year ended 31st Year ended 31st

March, 2014 March, 2013
A. Power and Fuel Consumption
1. Electricity
(a) Purchased
Unit (in '000 KWH) 68,825 54,412
Total Amount ( ` in Millions) 507 383
Rate ( ` /Unit) 7.4 7.0
(b) Own Generation through Diesel Generator
Units (in '000 KWH) 2,605.7 2,881.3
Units per Litre of Diesel Oil 3.3 3.1
Cost ( ` /Unit) 19.2 15.0
(c) Own Generation through Gas
Units (in '000 KWH) 35,637.6 40,801.1
Units per M3 of Gas 3.8 3.7
Cost ( ` /Unit) 11.1 8.7
2. Furnace Oil
Quantity (in '000 Litres) 1,147.2 746.8
Total Amount ( ` in Millions) 48.1 32.4
Average Rate 41.9 43.4
3 Gas (for Steam)
Gas Units (in '000 M3) 8,746.9 8,513.3
Total Amount ( ` in Millions) 237.1 195.9
Average Rate ( ` /Unit) 27.1 23.0
4 Wood / Briquitte
Quantity (in '000 Kgs) 30,446.7 30,196.1
Total Amount ( ` in Millions) 146.9 145.6
Average Rate ( ` /Unit) 4.8 4.8

ANNUAL REPORT 2013-14

 34
B. Consumption per unit of production
It is not feasible to maintain product category-wise
energy consumption data, since we manufacture a
large range of formulations and bulk drugs having
ƞǔǏƬʁƬȭǜƬȭƬʁǷ˿ʁƬɴˁǔʁƬȧƬȭǜʊƖ
C. Energy conservation measures
1 Source Electricity through cheaper source
wherever feasible for e.g. grid instead of CPP,
Wind power instead of Grid Power
 ʹ ăˁŽʊǜǔǜˁǜƬÂŘǜˁʁŘǚŘʊ˹ǔǜǒŽʁǔɴˁƬǜǜƬŘʊnjˁƬǚnjɁʁ
steam generation in boiler
 ʯ ĘʊƬŽǔɁǔȭǜƬȭʊǔǞƬʁʊŘǚɁȭǷ˹ǔǜǒŽʁǔɴˁƬǜǜƬǜɁ
improve steam to fuel ratio (improve boiler
ƬǓƋǔƬȭƋ˿ɦ
4 Improving power factor by installation of
capacitor bank
5 Steam Condensor recovery by installation of
steam recovery pump
6 use of low voltage transformer for lighting load
7 Improving insulation (thickness) on steam, chilled
water line
8 Use LED lights instead of MVL/CFL
9 Temprature Controller with FRP cooling fan in
cooling towers
 ɍ̋ õƬɡŘǚƋƬɁǚƞǜʁŘȭʊnjɁʁȧƬʁʊ˹ǔǜǒƬǓƋǔƬȭǜ
transformers to reduce losses from 4% to 2%
approximately
TECHNOLOGY ABSORPTION
A. Research and Development
 ɍƖ ăɡƬƋǔǞƋŘʁƬŘʊǔȭ˹ǒǔƋǒõū<ǔʊƋŘʁʁǔƬƞɁˁǜŽ˿
the Company
We continue to make fairly large investments
for generic-related pharmaceutical research and
technology. This research supports our generic
business across all the markets we’re present
in, and ensures we have a healthy pipeline for
future growth. At our four modern R&D centres,
expert scientist teams are engaged in complex
developmental research projects in process
chemistry and dosage forms, including complex
generics based on drug delivery systems. This
SUN PHARMACEUTICAL INDUSTRIES LTD.
work across formulations and API supports the
short, medium and long term business needs
of the Company, in India and world markets.
Projects in formulation development and process
chemistry help us introduce a large number of
new and novel products to the Indian and rest
of the world markets including products with
complexity or a technology edge. Expertise
ǔȭȧƬƞǔƋǔȭŘǚʤɡʁɁƋƬʊʊƋǒƬȧǔʊǜʁ˿ƬɴˁǔɡʊˁʊǜɁ
be integrated right up to the API stage, for
important products, or products where the API is
ƞǔǓƋˁǚǜǜɁʊɁˁʁƋƬƖăǜʁɁȭǷȭƬ˹ɡʁɁƞˁƋǜƋŘɡŘŽǔǚǔǜ˿
is an important part of our strategy, and R&D
expertise helps us maintain our leadership
position in the Indian and ROW market with
specialty formulations. The team also works on
products that are based on complex drug delivery
systems. Complex API like steroids, sex hormones,
peptides, carbohydrates immunosuppressant
ŘȭƞǜŘ˾ŘȭƬʊ˹ǒǔƋǒʁƬɴˁǔʁƬʊɡƬƋǔŘǚʊǘǔǚǚʊŘȭƞ
technology, are developed and scaled up for both
API and dosage forms. This complete integration
for important products works to the Company’s
Řƞ˸ŘȭǜŘǷƬƖďǒƬʊƬɡʁɁǖƬƋǜʊȧŘ˿ɁǏƬʁǒǔǷǒƬʁ˸ŘǚˁƬ
addition and revenues.
 ʹƖ  ƬȭƬǞǜʊƞƬʁǔ˸ƬƞŘʊŘʁƬʊˁǚǜɁnjǜǒƬŘŽɁ˸Ƭõū<
*
In 2013-14, 29 formulations were introduced
across marketing divisions in India. All of these
were based on technology developed in-house.
Technology for 25 APIs was commercialised.
For some of the important APIs that we already
manufacture, processes were streamlined or
ŘǚǜƬʁƬƞʊɁŘʊǜɁǒŘ˸ƬȧɁʁƬƬȭƬʁǷ˿ƬǓƋǔƬȭǜɁʁ
ƋɁʊǜƬǏƬƋǜǔ˸ƬɁʁƬȭ˸ǔʁɁȭȧƬȭǜnjʁǔƬȭƞǚ˿ɡʁɁƋƬʊʊƬʊƖ
Some of the new processes were developed to
be non-infringing, so as to support our plans
njɁʁÄÂ<ÄǞǚǔȭǷʊnjɁʁǜǒƬĘăƖÄǚŘʁǷƬɡŘʁǜɁnjɁˁʁ
external API sales is to the regulated markets of
US / Europe, and earns valuable foreign exchange,
ŘʊŘǚʊɁŘʁƬɡˁǜŘǜǔɁȭnjɁʁɴˁŘǚǔǜ˿ŘȭƞƞƬɡƬȭƞŘŽǔǚǔǜ˿Ɩ
The Company’s formulation brands are exported
to over 48 international markets where a local
ǞƬǚƞnjɁʁƋƬɡʁɁȧɁǜƬʊǜǒƬʊŘȧƬƖ“ȭŘƞƞǔǜǔɁȭƙďŘʁɁɻʊ
formulation development capability supports the
ǞǚǔȭǷŘȭƞʊƋŘǚƬˁɡɁnjÄÂ<ÄʊnjɁʁǜǒƬĘăŘȭƞɁǜǒƬʁ
markets where it is present. The Department of
ăƋǔƬȭǜǔǞƋŘȭƞ“ȭƞˁʊǜʁǔŘǚõƬʊƬŘʁƋǒƙÀǔȭǔʊǜʁ˿Ɂnj
Science and Technology of Government of India
has granted approval to the in house research and
development facility of your Company under the
provision of the Income Tax Act, 1961.
 Corporate Overview Statutory Reports Financial Statements
35
Directors’ Report

3. Future plan of action

  Ķ
 Ƭ˹ǔǚǚƋɁȭǜǔȭˁƬǜɁǔȭ˸ƬʊǜǔȭɡƬɁɡǚƬƙƋŘɡŘŽǔǚǔǜ˿ƞƬ˸ƬǚɁɡȧƬȭǜƙƬɴˁǔɡȧƬȭǜʊŘȭƞǔȭnjʁŘʊǜʁˁƋǜˁʁƬǜɁƋɁȧɡƬǜƬ
ƬǏƬƋǜǔ˸Ƭǚ˿ŘƋʁɁʊʊ˹ɁʁǚƞȧŘʁǘƬǜʊƖďŘʁɁǔʊǚǔǘƬǚ˿ǜɁǔȭ˸ƬʊǜȧɁʁƬǔȭõū<ŘʊǔǜʁŘȧɡʊˁɡǔǜʊɡʁɁƞˁƋǜɡǔɡƬǚǔȭƬƖ

 ǮƖ F˾ɡƬȭƞǔǜˁʁƬɁȭõū<
` in Million
Year ended 31st Year ended 31st
March, 2014 March, 2013
a) Capital 471.6 377.2
b) Revenue 3,752.3 2,725.0
c) Total 4,223.9 3,102.2
d) Total R&D expenditure as % of Total Turnover 15.9 13.8

*Ɩ  ƬƋǒȭɁǚɁǷ˿ÄŽʊɁʁɡǜǔɁȭƙÄƞŘɡǜŘǜǔɁȭŘȭƞ
ď developed manufacturing processes and
Innovation formulation technologies.
 ɍƖ FǏɁʁǜʊǔȭŽʁǔƬnjƙȧŘƞƬǜɁ˹ŘʁƞʊǜƬƋǒȭɁǚɁǷ˿
ŘŽʊɁʁɡǜǔɁȭƙŘƞŘɡǜŘǜǔɁȭŘȭƞǔȭȭɁ˸ŘǜǔɁȭ   ɤƋɦ ÏǏƬʁɡʁɁƞˁƋǜʊ˹ǒǔƋǒŘʁƬƋɁȭ˸ƬȭǔƬȭǜŘȭƞ
  ł
 ƬŘʁŘǢƬʁ˿ƬŘʁƙ˿Ɂˁʁ,ɁȧɡŘȭ˿ƋɁȭǜǔȭˁƬʊǜɁǔȭ˸Ƭʊǜ safe for administration to patients, products
on R&D, both as revenue expenses as well as with a technology advantage.
capex. A large part of the spend is for complex
ɡʁɁƞˁƋǜʊƙÄÂ<ÄǞǚǔȭǷʊnjɁʁǜǒƬĘăƙŘȭƞÄñ“ (d) We are among the few selected companies
ǜƬƋǒȭɁǚɁǷǔƬʊǜǒŘǜŘʁƬƋɁȧɡǚƬ˾ŘȭƞȧŘ˿ʁƬɴˁǔʁƬ that have set up completely integrated
dedicated manufacturing blocks. Investments manufacturing capability for the production
have been made in creating research sites, of anticancer, hormones, peptide,
ƬȧɡǚɁ˿ǔȭǷʊƋǔƬȭǜǔǞƋŘǚǚ˿ʊǘǔǚǚƬƞŘȭƞƬ˾ɡƬʁǔƬȭƋƬƞ cephalosporins, immunosuppressant and
ȧŘȭɡɁ˹ƬʁƙŘƞƞǔȭǷƬɴˁǔɡȧƬȭǜŘȭƞˁɡǷʁŘƞǔȭǷ steroidal drugs.
continuously the exposure and research
ˁȭƞƬʁʊǜŘȭƞǔȭǷɁnjǜǒƬʊƋǔƬȭǜǔǞƋǜƬŘȧǔȭǜǒƬ   ɤƬɦ ďǒƬ,ɁȧɡŘȭ˿ǒŘʊŽƬȭƬǞǜƬƞnjʁɁȧʁƬƞˁƋǜǔɁȭ
technologies and therapy areas of our interest. in cost due to import substitution and
increased revenue through higher exports.
 ʹƖ  ƬȭƬǞǜʊƞƬʁǔ˸ƬƞŘʊŘʁƬʊˁǚǜɁnjǜǒƬŘŽɁ˸ƬƬǏɁʁǜʊ
*
e.g. product improvement, cost reduction, 3. Your has not imported technology during the
ɡʁɁƞˁƋǜƞƬ˸ƬǚɁɡȧƬȭǜƙǔȧɡɁʁǜʊˁŽʊǜǔǜˁǜǔɁȭ ǚŘʊǜǣ˿ƬŘʁʊʁƬƋǘɁȭƬƞnjʁɁȧǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ
(a) Market leader for several complex products. ǞȭŘȭƋǔŘǚ˿ƬŘʁƖ
ÏǏƬʁʊƋɁȧɡǚƬǜƬŽŘʊǘƬǜʊɁnjɡʁɁƞˁƋǜʊˁȭƞƬʁ
speciality therapeutic classes. Strong C. Foreign Exchange Earnings and Outgo
pipeline of products for future introduction
` in Million
in India,emerging markets, as well as US
and European generic market. Ability to Year ended 31st Year ended 31st
challenge patents in the US market, and earn March, 2014 March, 2013
exclusivity. Earnings 23,168.0 19,615.2

(b) Not dependent on imported technology, Outgo 12,628.6 7,876.6

can make high cost products available at
competitive prices by using indigenously

ANNUAL REPORT 2013-14

 36

CORPORATE
GOVERNANCE

In compliance with Clause 49 of the Listing Agreements ɁɡƬʁŘǜǔɁȭŘǚǚ˿ƬǓƋǔƬȭǜǷʁɁ˹ǜǒƖďǒƬ,ɁȧɡŘȭ˿ǜʁǔƬʊǜɁ

with Stock Exchanges, the Company submits the report for
the year ended 31st March, 2014 on the matters mentioned
in the said Clause and lists the practices followed by the
Company.
1. COMPANY’S PHILOSOPHY ON CODE OF
CORPORATE GOVERNANCE
Sun Pharmaceutical Industries Limited’s philosophy
on Corporate Governance envisages working
towards high levels of transparency, accountability,
consistent value systems, delegation across all facets
of its operations leading to sharply focused and
work by these principles in all its interactions with
stakeholders, including shareholders, employees,
customers, suppliers and statutory authorities.
Sun Pharmaceutical Industries Limited is committed
to learn and adopt the best practices of Corporate
Governance.
2. BOARD OF DIRECTORS
The present strength of the Board of Directors of your
Company is nine Directors.

Composition and category of Directors is as follows:

Category Name of the Directors “ȭǜƬʁȊʊƬõƬǚŘǜǔɁȭʊǒǔɡŽƬǜ˹ƬƬȭ

Directors
Non – Executive and Mr. Israel Makov -
Non - Independent Director (Chairman)
Promoter Executive Director Mr. Dilip S. Shanghvi Brother-in-law of Mr. Sudhir V. Valia
(Managing Director)
Non-Promoter Executive Directors Mr. Sudhir V. Valia Brother-in-law of Mr. Dilip S. Shanghvi
(Whole-time Director)
Mr. Sailesh T. Desai -
(Whole-time Director)
Non -Executive Independent Directors Mr. S. Mohanchand Dadha -
Mr. Hasmukh S. Shah -
Mr. Keki M. Mistry -
Mr. Ashwin S. Dani -
Ms. Rekha Sethi #
-
#
Ms. Rekha Sethi was appointed as Additional Independent Director w.e.f 13th February, 2014.

Number of Board Meetings held during the year ended 31st March, 2014, and the dates on which held:

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
37
Corporate Governance

Five Board meetings were held during the year.

The dates on which the meetings were held during the year ended 31st March, 2014 are as follows: 28th May, 2013,
9th August, 2013, 30th September, 2013, 13th November, 2013 and 13th February, 2014.

Attendance of each Director at the Board meetings, last Annual General Meeting (AGM), and number of other Directorships
and Chairmanships/Memberships of Committee of each Director, is given below:

Name of the Director Attendance Particulars for the year No. of other Directorships and Committee
*

ended 31st March, 2014 Memberships / Chairmanships as of 31st March, 2014

Board Meetings Last AGM Other Committee Committee
held on 30th Directorships Memberships** Chairmanships**
September, 2013
Mr. Israel Makov 4 Yes -- -- --
Mr. Dilip S. Shanghvi 5 Yes 2 -- --
Mr. Sudhir V. Valia 5 Yes 3 1 1
Mr. Sailesh T. Desai 5 Yes 2 1 --
Mr. S. Mohanchand 5 Yes 3 -- 2
Dadha
Mr. Hasmukh S. Shah 5 Yes 3 -- --
Mr. Keki M. Mistry 4 Yes 13 6 3
Mr. Ashwin S. Dani 5 Yes 6 2 1
Ms. Rekha Sethi #
1 N.A -- -- --
#
Ms. Rekha Sethi was appointed as Additional Independent Director w.e.f 13th February, 2014.
*
The above list of other directorships does not include Directorships, Committee Memberships and Committee Chairmanships in Private Limited, Foreign and
Section 25 Companies.

The Committee Memberships and Chairmanships in other Companies include Memberships and Chairmanships of Audit and Shareholders’/ Investors’
**

Grievance Committee only.

3. CODE OF CONDUCT Mr. Keki M. Mistry is the Chairman of the Committee.

The Board of Directors have laid down a Code of Conduct
for all Board members and senior management of the
Company. During the year under review, the Code was
made applicable to all the employees of the Company.
ÄǚǚǜǒƬ<ǔʁƬƋǜɁʁʊŘȭƞʊƬȭǔɁʁȧŘȭŘǷƬȧƬȭǜǒŘ˸ƬŘǓʁȧƬƞ
compliance with the Code of Conduct as approved and
adopted by the Board of Directors and a declaration to
ǜǒǔʊƬǏƬƋǜʊǔǷȭƬƞŽ˿ǜǒƬÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁǒŘʊŽƬƬȭ
annexed to the Corporate Governance Report. The
Code of Conduct has been posted on the website of the
Company www.sunpharma.com.
4. AUDIT COMMITTEE
The Audit Committee of the Company presently
comprises of four independent non-executive
Directors viz. Mr. Keki M. Mistry, Mr. S. Mohanchand
Dadha, Mr. Ashwin S. Daniand Mr. Hasmukh S. Shah.
The constitution of Audit Committee also meets
˹ǔǜǒǜǒƬʁƬɴˁǔʁƬȧƬȭǜʊˁȭƞƬʁăƬƋǜǔɁȭʹȳʹÄɁnj
the Companies Act, 1956. Mr. Sunil R. Ajmera, the
Company Secretary of the Company is the Secretary of
the Audit Committee.
The terms of reference of the Audit Committee
ǔȭǜƬʁŘǚǔŘǔȭƋǚˁƞƬɁ˸ƬʁʊƬƬǔȭǷǜǒƬ,ɁȧɡŘȭ˿ɻʊǞȭŘȭƋǔŘǚ
ʁƬɡɁʁǜǔȭǷɡʁɁƋƬʊʊƙʁƬ˸ǔƬ˹ǔȭǷǜǒƬɴˁŘʁǜƬʁǚ˿ʤǒŘǚnjȊ
˿ƬŘʁǚ˿ʤŘȭȭˁŘǚǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƙʁƬ˸ǔƬ˹ǔȭǷ˹ǔǜǒ
ǜǒƬȧŘȭŘǷƬȧƬȭǜǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘȭƞ
ŘƞƬɴˁŘƋ˿ɁnjǔȭǜƬʁȭŘǚŘˁƞǔǜnjˁȭƋǜǔɁȭƙȧŘȭŘǷƬȧƬȭǜ
letters issued by the statutory auditor, recommending
the appointment/ re-appointment of statutory
ŘˁƞǔǜɁʁʊŘȭƞǞ˾ŘǜǔɁȭɁnjŘˁƞǔǜnjƬƬʊƙʁƬ˸ǔƬ˹ǔȭǷǜǒƬ
ʊǔǷȭǔǞƋŘȭǜǔȭǜƬʁȭŘǚŘˁƞǔǜǞȭƞǔȭǷʊʤʁƬǚŘǜƬƞɡŘʁǜ˿
transactions, reviewing the Management Discussion

ANNUAL REPORT 2013-14

 38
ŘȭƞÄȭŘǚ˿ʊǔʊɁnjǞȭŘȭƋǔŘǚƋɁȭƞǔǜǔɁȭŘȭƞʁƬʊˁǚǜɁnj
operations and also statutory compliance issues.
The Committee acts as a link between the
management, external and internal auditors and
the Board of Directors of the Company.
Executives from the Finance Department,
Representatives of the Statutory Auditors and Internal
Auditors are also invited to attend the Audit Committee
Meetings.
The Committee has discussed with the external
auditors their audit methodology, audit planning and
ʊǔǷȭǔǞƋŘȭǜɁŽʊƬʁ˸ŘǜǔɁȭʊʤʊˁǷǷƬʊǜǔɁȭʊȧŘƞƬŽ˿ǜǒƬȧƖ
In addition, the Committee has discharged such other
role/ function as envisaged under Clause 49 of the
Listing Agreement of the Stock Exchange and the
provisions of Section 292A of the Companies Act, 1956.
5. REMUNERATION OF DIRECTORS
The Company had not formed Remuneration
Committee of Directors till 31st March, 2014. The
Whole - time Directors’ remuneration is approved
Ž˿ǜǒƬ*ɁŘʁƞ˹ǔǜǒǔȭǜǒƬɁ˸ƬʁŘǚǚǚǔȧǔǜǞ˾ƬƞŽ˿ǜǒƬ
shareholders at their meetings.
The commission payable to the Non- Executive
Directors of our Company severally and collectively
as below mentioned has been decided by the Board
of Directors of the Company at their Meeting held
on 29th May, 2014, which was within the overall limit
ȧŘ˾ǔȧˁȧǚǔȧǔǜɁnj̋Ɩɍ̋ɡƬʁƋƬȭǜɁnjȭƬǜɡʁɁǞǜʊǞ˾ƬƞŘʊ
above by the Members of the Company as worked
under the provisions of Sections 349 & 350 of the
Companies Act, 1956 as approved by the Shareholders
of the Company.
The payment of remuneration by way of commission
to the Non- Executive Directors of the Company is in
addition to the sitting fees of ` 5,000/- payable to the
Non Executive Directors for attending each meeting of
the Board and/or of Committee thereof.
SUN PHARMACEUTICAL INDUSTRIES LTD.
Four Audit Committee Meetings were held during
the year ended 31st March, 2014. The dates on which
Meetings were held are as follows: 28th May, 2013,
9th August, 2013, 13th November, 2013 and 13th
February, 2014. The attendance of each Member of the
Committee is given below:
Name of the Director Chairman/ No. of Audit
Member Committee
of the Meetings
Committee attended
Mr. Keki M. Mistry Chairman 4
Mr. S. Mohanchand Member 5
Dadha
Hasmukh S. Shah Member 5
Mr. Ashwin S. Dani Member 5
The remuneration to Whole-time Directors by way of
salary, and to the Non-Executive Directors by way of
ƋɁȧȧǔʊʊǔɁȭƙ˹ŘʊɡŘǔƞnjɁʁǜǒƬǞȭŘȭƋǔŘǚ˿ƬŘʁʹ̋ɍʯȊɍǮǔȭ
accordance with the limits approved by the Members.
ŒɁ˹Ƭ˸ƬʁƙƋɁȭʊƬɴˁƬȭǜǜɁǷǔ˸ǔȭǷƬǏƬƋǜǜɁǜǒƬăƋǒƬȧƬ
ɁnjÄʁʁŘȭǷƬȧƬȭǜƙnjɁʁȧƬʁǷƬʁɁnjăɡƬƋǔǞƬƞĘȭƞƬʁǜŘǘǔȭǷ
ɁnjăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƙǔȭǜɁǜǒƬ,ɁȧɡŘȭ˿ƬǏƬƋǜǔ˸Ƭ
from 1st May, 2013, resulting in the absence of net
ɡʁɁǞǜʊǔȭǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƕɤǔɦʁƬȧˁȭƬʁŘǜǔɁȭǜɁ
the Managing Director and the Whole-time Directors
of the Company, for the year ended 31st March, 2014
ǒŘʊƬ˾ƋƬƬƞƬƞǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞˁȭƞƬʁăƋǒƬƞˁǚƬŀ“““
of the Companies Act, 1956 by ` 44.7 million; and (ii)
Commission of ` 6.4 million for the year ended
31st March, 2014, to the Non Executive Directors of
the Company has exceeded in terms of Section 309(4)
read with Section 309(5) of the Companies Act, 1956.
The Company is in the process of seeking approval
from the shareholders and the Central Government in
respect of the aforesaid amounts.
 Corporate Overview Statutory Reports Financial Statements
39
Corporate Governance

The details of the remuneration paid/payable to the Directors for the year 2013 -2014 are given below:
Amount in `
Directors Salary * Bonus ñƬʁɴˁǔʊǔǜƬʊ** / Commission Sitting Fees Total
*ƬȭƬǞǜʊ
Mr. Israel Makov - - - - 14,910.54 14,910.54
Mr. Dilip S. Shanghvi 19,236,000 3,847,200 4,270,169 - - 27,353,369
Mr. Sudhir V. Valia 19,236,000 3,847,200 4,118,070 - - 27,201,270
Mr. Sailesh T. Desai 7,088,400 1,417,680 1,477,672 - - 9,983,752
Mr. S. M. Dadha - - - 1,500,000 70,000 1,570,000
Mr. Hasmukh S. Shah - - - 1,500,000 70,000 1,570,000
Mr. Keki M. Mistry - - - 1,500,000 35,000 1,535,000
Mr. Ashwin S. Dani - - - 1,500,000 45,000 1,545,000
Ms. Rekha Sethi - - - 375,000 5,000 380,000
*
Salary includes Special Allowance.
**
ñƬʁɴˁǔʊǔǜƬʊǔȭƋǚˁƞƬŒɁˁʊƬõƬȭǜÄǚǚɁ˹ŘȭƋƬƙ³ƬŘ˸ƬďʁŘ˸ƬǚÄʊʊǔʊǜŘȭƋƬƙÀƬƞǔƋŘǚõƬǔȧŽˁʁʊƬȧƬȭǜƙƋɁȭǜʁǔŽˁǜǔɁȭǜɁñʁɁ˸ǔƞƬȭǜhˁȭƞŘȭƞʊˁƋǒɁǜǒƬʁɡƬʁɴˁǔʊǔǜƬʊƙ
payable to Directors.

Besides this, all the Whole - time Directors are also entitled
to encashment of leave and Gratuity at the end of tenure,
as per the rules of the Company.
Notes: -
a) The Agreement with Mr. Dilip S. Shanghvi, Mr.
Sudhir V. Valia and Mr. Sailesh T. Desai, the Executive
Directors are for a period of 5 years. Either party to the
agreement is entitled to terminate the Agreement by
giving to the other party 30 days notice in writing.
b) The Company presently does not have a scheme
for grant of stock options either to the Executive
Directors or employees.
c) There is no separate provision for payment of
severance fees to Whole-time Director(s).
d) The remuneration of Whole-time Director(s) consists
Ɂȭǚ˿ɁnjǞ˾ƬƞƋɁȧɡɁȭƬȭǜʊ
Ƭɦ ďǒƬƞƬǜŘǔǚʊɁnjFɴˁǔǜ˿ăǒŘʁƬʊǒƬǚƞŽ˿ÂɁȭȊF˾ƬƋˁǜǔ˸Ƭ
Directors as on 31st March, 2014
6. SHAREHOLDERS’ /INVESTORS’ GRIEVANCE
COMMITTEE
The Board of the Company had constituted a
Shareholders’/Investors’ Grievance Committee,
comprising of Mr. S. Mohanchand Dadha, Mr. Dilip
S. Shanghvi, Mr. Sudhir V. Valia with Mr. Hasmukh
S. Shah as the Chairman. The Committee, inter alia,
ŘɡɡʁɁ˸ƬʊǔʊʊˁƬɁnjƞˁɡǚǔƋŘǜƬƋƬʁǜǔǞƋŘǜƬʊŘȭƞɁ˸ƬʁʊƬƬʊ
and reviews all matters connected with the transfer
of securities. The Committee looks into shareholders’
complaints like transfer of shares, non receipt of
balance sheet, non receipt of declared dividends,
etc. The Committee oversees the performance of
the Registrar and Transfer Agents, and recommends
ȧƬŘʊˁʁƬʊnjɁʁɁ˸ƬʁŘǚǚǔȧɡʁɁ˸ƬȧƬȭǜǔȭǜǒƬɴˁŘǚǔǜ˿
of investor services. The Board of Directors has
delegated the power of approving transfer of
securities to M/s. Link Intime India Pvt. Ltd, and/or the
Company Secretary of the Company.

Director No. of Shares held The Board has designated severally, Mr. Sunil R.
(held singly or jointly as Ajmera, Company Secretary and Mr. Ashok I. Bhuta,
ǞʁʊǜǒɁǚƞƬʁɦ ƖÀɤ³ƬǷŘǚūăƬƋʁƬǜŘʁǔŘǚɦŘʊ,ɁȧɡǚǔŘȭƋƬÏǓƋƬʁʊƖ
Mr. Israel Makov Nil
Mr. S. Mohanchand Dadha 74,280 Five Meetings of the Shareholders’/Investors’
Grievance Committee were held during the year ended
Mr. Hasmukh S. Shah Nil
31st March, 2014. The dates on which Meetings were
Mr. Keki M. Mistry 41,350
held are as follows: 28th May, 2013, 9th August, 2013,
Mr. Ashwin S. Dani Nil 30th September, 2013, 13th November, 2013 and 13th
Ms. Rekha Sethi Nil February, 2014. The attendance of each Member of the
Committee is given below:

ANNUAL REPORT 2013-14

 40

Name of the Chairman/ No. of ƞƬɡɁʊǔǜɁʁ˿ǜɁǜǒƬƋɁȭƋƬʁȭƬƞŽƬȭƬǞƋǔŘʁ˿ŘƋƋɁˁȭǜŘȭƞ

Director Member Shareholders’/ ǜɁǔʊʊˁƬǜǒƬʊǒŘʁƬƋƬʁǜǔǞƋŘǜƬʊǜɁǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊ
of the Investors’ holding the shares in physical form, to obtain approval
Committee Grievance of RBI for such issue and allotment under FEMA, as
Committee ȧŘ˿ŽƬŘɡɡǚǔƋŘŽǚƬƙǜɁǞǚƬǚǔʊǜǔȭǷŘɡɡǚǔƋŘǜǔɁȭ˹ǔǜǒǜǒƬ
Meetings listed stock exchanges in India and to perform any or
attended all of the acts, deeds, things and matters as may be
ʁƬɴˁǔʁƬƞǔȭƋɁȭȭƬƋǜǔɁȭ˹ǔǜǒʊˁƋǒǔʊʊˁƬƙŘǚǚɁǜȧƬȭǜŘȭƞ
Mr. Hasmukh S. Chairman 5
ǚǔʊǜǔȭǷɁnjŽɁȭˁʊƬɴˁǔǜ˿ʊǒŘʁƬʊɁnj` 1/- each.
Shah
Mr. Sudhir V. Valia Member 5
During the year, one meeting of the Committee of
Mr. Dilip S. Member 5 Directors (Allotment) was held on 18th July, 2013.
Shanghvi
Mr. S. Mohanchand Member 5 The said Committee of Directors (Allotment) was
Dadha discontinued and dissolved at the Board Meeting held
on 9th August, 2013.
Investor Complaints:
The total number of complaints received and resolved 8. SUBSIDIARY COMPANIES
to the satisfaction of shareholders during the year In accordance with Clause 49(III) of the Listing Agreement
under review, were 8. with Stock Exchanges, Sun Pharma Laboratories Limited
is a material non-listed Indian subsidiary company whose
7. COMMITTEE OF DIRECTORS (ALLOTMENT) turnover or net worth (i.e., paid-up capital and free
The Board of Directors of the Company, at their Board reserves) exceeds 20% of the consolidated turnover or
Meeting held on 28th May, 2013, recommended the net worth respectively, of the listed holding Company
ǔʊʊˁƬɁnj*ɁȭˁʊăǒŘʁƬʊǔȭǜǒƬʁŘǜǔɁɁnjɍɤÏȭƬɦFɴˁǔǜ˿ and its subsidiaries in the immediately preceding
Share of ` ɍʤȊƬŘƋǒnjɁʁƬ˸Ƭʁ˿ɍɤÏȭƬɦFɴˁǔǜ˿ăǒŘʁƬɁnj accounting year.
` 1/- each as on the Record Date 30th July, 2013, have
constituted the Committee of Directors (Allotment) Mr. S. Mohanchand Dadha, Independent Director of
comprising of Mr. Sailesh T. Desai, Mr. Hasmukh S. the Company has been appointed as a Director on the
Shah and Mr. S. Mohanchand Dadha with Mr. Sudhir Board of Sun Pharma Laboratories Limited
V. Valia as the Chairman. Mr. Sunil R. Ajmera, Company
ăƬƋʁƬǜŘʁ˿ū,ɁȧɡǚǔŘȭƋƬÏǓƋƬʁŘƋǜƬƞŘʊǜǒƬăƬƋʁƬǜŘʁ˿  ďǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǔȭƋǚˁƞǔȭǷǔȭ˸ƬʊǜȧƬȭǜʊȧŘƞƬ
Řȭƞ,ɁȧɡǚǔŘȭƋƬÏǓƋƬʁɁnjǜǒƬ,ɁȧȧǔǜǜƬƬŘȭƞÀʁƖ by the unlisted subsidiaries were placed before and
Ashok I. Bhuta, DGM (Legal & Secretarial & Compliance reviewed by the Audit Committee of the Company.
ÏǓƋƬʁɦŘƋǜƬƞŘʊǜǒƬ,ɁȧɡǚǔŘȭƋƬÏǓƋƬʁɁnjǜǒƬ
Committee. Copies of the Minutes of the Board Meetings of the
unlisted subsidiary Companies were placed at the
The Committee inter alia had the powers to decide Board Meetings of the Company held during the year.
ŘǚǚȧŘǜǜƬʁʊʁƬǚŘǜǔȭǷǜɁǞ˾ǔȭǷɁnjʁƬƋɁʁƞƞŘǜƬnjɁʁ
determining the names of eligible shareholders of the The Board of Directors of the Company reviewed
Company who shall be entitled to receive the Bonus ɡƬʁǔɁƞǔƋŘǚǚ˿ƙǜǒƬʊǜŘǜƬȧƬȭǜɁnjŘǚǚʊǔǷȭǔǞƋŘȭǜ
ăǒŘʁƬʊŘȭƞǜɁǔʊʊˁƬŘȭƞŘǚǚɁǜFɴˁǔǜ˿ăǒŘʁƬʊɁnj` 1/- transactions and arrangements entered into by the
each of the Company as bonus shares, to credit the unlisted subsidiary companies.
Ƭɴˁǔǜ˿ʊǒŘʁƬʊʊɁŘǚǚɁǜǜƬƞǜǒʁɁˁǷǒÂă<³ʤ,<ă³ʤɁǜǒƬʁ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview
9. GENERAL BODY MEETINGS
(i) Location and time of the last three Annual General Meetings held are as follows:
Year Meeting
2010-11 Nineteenth AGM
2011-12 Twentieth AGM*
2011-12 Adjourned Twentieth
AGM
2012-2013 Twenty First AGM
* Twentieth AGM was adjourned sine die for consideration of revised accounts.
(ii) Special Resolutions passed during the last
previous three Annual General Meetings:
a) At the Nineteenth Annual General Meeting:
Increase in the upper limit of remuneration
payable to Mr. Aalok D. Shanghvi, who is a
relative of a Director under Section 314(1B) of
the Companies Act, 1956 and remuneration
in the form of annual fee, sitting fees per
meeting of the Board of Directors and
any committee thereof and an annual
discretionary bonus by Taro Pharmaceutical
Industries Ltd. (TARO), a subsidiary of our
Company as Non-Executive Director of TARO
upto USD 650,000/- per annum for a period
of four years from 20th September, 2010.
b) At the Twentieth Annual General Meeting
which was adjourned sine dine for
consideration of Revised Accounts:
1. Re-appointment of Mr. Dilip S. Shanghvi,
Managing Director and approval of terms
and conditions of appointment including
remuneration;
2. Approval for payment of commission to
Non-Executive Directors of the Company.
3. Approval for issue of FCCBs/GDRs/ADRs
or any other securities upto an amount as
ʊɡƬƋǔǞƬƞǔȭǜǒƬʁƬʊɁǚˁǜǔɁȭŘȭƞŘˁǜǒɁʁǔǜ˿
for creation of mortgage and/or charge in
Statutory Reports
Corporate Governance
Location
Prof. Chandravadan Mehta
Auditorium, General Education
Centre,The Maharaja Sayajirao
University of Baroda, Pratapgunj,
Vadodara – 390 002.
Sir Sayajirao Nagargruh
Akota, Vadodara – 390 020
Sir Sayajirao Nagargruh
Akota Vadodara – 390 020
Sir Sayajirao Nagargruh
Akota Vadodara – 390 020
4.
5.
c)
d)
1.
2.
Financial Statements
41
Date Time
16th September, 10.30 A.M.
2011
8th November, 2.30 P.M.
2012
30th September, 10.45A.M.
2013
30th September, 11.30 A.M.
2013
respect of the securities on the whole or
in part of the undertaking of the Company
under Section 293 (1) (a) of the Companies
Act, 1956.
Approval for investment in shares and
securities of other body corporate under
Section 372A of the Companies Act, 1956
ˁɡǜɁǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞǔȭǜǒƬʁƬʊɁǚˁǜǔɁȭƖ
Approval for insertion of Articles 163A
under the head ‘Meeting of Directors” of
the Articles of Association of the Company
Ƿǔ˸ǔȭǷƬǏƬƋǜǜɁŘ<ǔʁƬƋǜɁʁɡŘʁǜǔƋǔɡŘǜǔȭǷǔȭ
the Board/Committee Meeting through
Video conferencing or such mode as may be
permitted by the Govt. of India or concerned
authorities.
At the Adjourned Twentieth Annual General
Meeting:
No Special Resolutions were passed.
At Twenty-First Annual General Meeting:
Approval for increase in upper limit of
remuneration payable to Mr. Sudhir V. Valia,
Whole-Time Director of the Company, with
ƬǏƬƋǜnjʁɁȧɍʊǜÄɡʁǔǚƙʹ̋ɍʯˁɡǜɁǜǒƬʁƬȧŘǔȭǔȭǷ
period of his tenure, i.e 31st March, 2014.
Approval for reappointment of Mr. Sudhir
V. Valia as Whole-Time Director of the
ANNUAL REPORT 2013-14
 42
,ɁȧɡŘȭ˿njɁʁnjˁʁǜǒƬʁɡƬʁǔɁƞɁnjǞ˸Ƭ˿ƬŘʁʊ
on such terms and conditions including
ʁƬȧˁȭƬʁŘǜǔɁȭ˹ǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜÄɡʁǔǚƙ
2014 up to 31st March, 2019.
3. Approval for reappointment of Mr. Sailesh
T. Desai as Whole-Time Director of the
,ɁȧɡŘȭ˿njɁʁnjˁʁǜǒƬʁɡƬʁǔɁƞɁnjǞ˸Ƭ˿ƬŘʁʊ
on such terms and conditions including
ʁƬȧˁȭƬʁŘǜǔɁȭ˹ǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜÄɡʁǔǚƙ
2014 up to 31st March, 2019.
4. Approval for appointment and remuneration
payable to Mr. Aalok Shanghvi, being a
ʁƬǚŘǜǔ˸ƬɁnjŘ<ǔʁƬƋǜɁʁƙǜɁǒɁǚƞɁǓƋƬʤɡǚŘƋƬɁnj
ɡʁɁǞǜnjɁʁǜǒƬɡƬʁǔɁƞnjʁɁȧɍʊǜÄɡʁǔǚƙʹ̋ɍǮˁɡ
to 31st March, 2019.
5. Approval for raising funds by the Company
by issue of Convertible bonds, debentures,
Ƭɴˁǔǜ˿ʊǒŘʁƬʊƙǚɁŽŘǚ<ƬɡɁʊǔǜɁʁ˿õƬƋƬǔɡǜʊƙ
American Depository Receipts, etc not
exceeding ` 120 Billion (Rupees One Hundred
Twenty Billion only).
6. Approval for increase in the borrowing limit
of the Company not exceeding ` 500 Billion
(Rupees Five Hundred Billion only)
7. Approval for increase in the limit of
inter-corporate loans, guarantees and
investments to be made by the Company
not exceeding ` 500 Billion (Rupees Five
Hundred Billion only)
(iii) Postal Ballot
During the year under reference, the Board of
Directors of the Company at their meeting held
on 28th May, 2013, had recommended the Bonus
“ʊʊˁƬɁnjFɴˁǔǜ˿ăǒŘʁƬʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǔȭǜǒƬʁŘǜǔɁ
ɁnjɁȭƬȭƬ˹njˁǚǚ˿ɡŘǔƞȊˁɡFɴˁǔǜ˿ăǒŘʁƬɁnj` 1.00
ƬŘƋǒnjɁʁƬ˸Ƭʁ˿ɁȭƬnjˁǚǚ˿ɡŘǔƞȊˁɡFɴˁǔǜ˿ăǒŘʁƬɁnj
SUN PHARMACEUTICAL INDUSTRIES LTD.
` 1.00 held by the members as on the Record date
being 30th July, 2013, subject to the approval of
the members. Accordingly, the Company had
received approval of the members by Postal
Ballot for increase of Authorized Share Capital
ɁnjǜǒƬ,ɁȧɡŘȭ˿ūƋɁȭʊƬɴˁƬȭǜŘǚǜƬʁŘǜǔɁȭɁnjǜǒƬ
Memorandum and Articles of Association of the
,ɁȧɡŘȭ˿ŘȭƞǔʊʊˁƬɁnj*ɁȭˁʊFɴˁǔǜ˿ăǒŘʁƬʊŽ˿
way of capitalization of reserves.
The brief details of the Postal Ballot are as under:
1. The Board of Directors had at their meeting
held on 28th May, 2013 appointed Mr.
Umesh Lakhani, Partner, M/s. S. H. Bathiya
& Associates, Mumbai as the Scrutinizer for
conducting the postal ballot process.
2. The Postal Ballot process was carried out in a
fair and transparent manner.
3. E-voting option: In compliance with Clause
35B of the Listing Agreement and section
192A of the Companies Act, 1956, the
Company had provided an option to the
members, to vote on the postal ballot by
way of electronic voting (e-voting) to enable
members to cast their vote electronically. In
case the member had exercised the vote in
physical as well as electronic mode, the vote
by electronic mode only was considered.
4. All postal ballot forms received and electronic
votes cast on 13th July, 2013 up to 6.00 pm,
ŽƬǔȭǷǜǒƬǚŘʊǜƞŘǜƬŘȭƞǜǔȧƬǞ˾ƬƞŽ˿ǜǒƬ
Company for receipt of the forms, had been
considered.
5. The results of the Postal Ballot were
announced on 15th July, 2013 as per the
Scrutinizer’s Report as under.
 Corporate Overview Statutory Reports Financial Statements
43
Corporate Governance

Resolution No. 1 : Ordinary Resolution to increase the Authorized Share Capital of the Company from ` 1,500,000,000
(Rupees One Thousand Five Hundred Million Only ) to ` 3,000,000,000 (Rupees Three Thousand Million Only)

Promoter/ No. of No. of votes polled % of votes No. of Votes No. of % of votes % of votes
Public Shares held Physical E-voting Total Polled on in favour votes in favour against on
outstanding against on votes votes polled
shares polled
(1) (2) (3)=[(2)/(1)] (4) (5) (6)=[(4)/(2)]* (7)=[(5)/(2)]*
*100 100 100
Promoters 659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
and Promoter
Group
Public – 269,278,594 156,905,559 175,878 157,081,437 58.33417 151,093,142 5,988,295 96.18778 3.812223
Institutional
holders
Public - 106,825,161 2,153,432 24291365 26,444,797 24.75521 26,437,134 7,663 99.97102 0.028977
Others
Total 1,035,581,955

Resolution No. 2 : Ordinary Resolution for alteration of Clause V of Memorandum of Association of the Company,
ƋɁȭʊƬɴˁƬȭǜǜɁǔȭƋʁƬŘʊƬǔȭǜǒƬÄˁǜǒɁʁǔ˘ƬƞăǒŘʁƬ,ŘɡǔǜŘǚɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ

Promoter/ No. of No. of votes polled % of votes No. of Votes No. of % of votes % of votes
Public Shares held Physical E-voting Total Polled on in favour votes in favour against
outstanding against on votes on votes
shares polled polled
(1) (2) (3)=[(2)/(1)] (4) (5) (6)=[(4)/(2)]* (7)=[(5)/
*100 100 (2)]* 100
Promoters 65,9478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
and Promoter
Group
Public – 269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5,988,295 96.18581 3.814192
Institutional
holders
Public - Others 106,825,161 2,121,071 24,291,135 26,412,206 24.72471 26,401,653 10,553 99.96004 0.039955
Total 1,035,581,955

Resolution No. 3 : ăɡƬƋǔŘǚõƬʊɁǚˁǜǔɁȭnjɁʁŘǚǜƬʁŘǜǔɁȭɁnj,ǚŘˁʊƬǮɁnjǜǒƬÄʁǜǔƋǚƬʊɁnjÄʊʊɁƋǔŘǜǔɁȭɁnjǜǒƬ,ɁȧɡŘȭ˿ƙƋɁȭʊƬɴˁƬȭǜǜɁ

increase in the Authorized Share Capital of the Company.

Promoter/ No. of No. of votes polled % of votes No. of Votes No. of % of votes % of votes
Public Shares held Physical E-voting Total Polled on in favour votes in favour against on
outstanding against on votes votes polled
shares polled
(1) (2) (3)=[(2)/(1)] (4) (5) (6)=[(4)/ (7)=[(5)/(2)]*
*100 (2)]* 100 100
Promoters 659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
and Promoter
Group
Public – 269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5,988,295 96.18581 3.814192
Institutional
holders
Public - Others 106,825,161 2,116,716 24,291,121 26,407,837 24.72062 26,399,654 8,183 99.96901 0.030987
Total 1,035,581,955

ANNUAL REPORT 2013-14

 44

Resolution No. 4 : Ordinary Resolution for capitalization of reserves for the purpose of declaration and approval of issue of
*ɁȭˁʊFɴˁǔǜ˿ăǒŘʁƬʊǔȭǜǒƬʁŘǜǔɁɁnjɍɤɁȭƬɦȭƬ˹njˁǚǚ˿ȊɡŘǔƞˁɡFɴˁǔǜ˿ăǒŘʁƬɁnj` ɍʤȊƬŘƋǒnjɁʁƬ˸Ƭʁ˿ɍɤɁȭƬɦnjˁǚǚ˿ȊɡŘǔƞˁɡFɴˁǔǜ˿
Share of ` 1/- each of the Company.

Promoter/ No. of No. of votes polled % of votes No. of Votes No. of % of votes % of votes
Public Shares held Physical E-voting Total Polled on in favour votes in favour against on
outstanding against on votes votes polled
shares polled
(1) (2) (3)=[(2)/(1)] (4) (5) (6)=[(4)/ (7)=[(5)/(2)]*
*100 (2)]* 100 100
Promoters 659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
and Promoter
Group
Public – 269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5.988,295 96.18581 3.814192
Institutional
holders
Public - Others 106,825,161 2133,759 24,291,280 26,425,039 24.73672 26,417,948 7,091 99.97317 0.026834
Total 1,035,581,955

10. DISCLOSURES
No transaction of a material nature has been
entered into by the Company with Directors or
Management and their relatives, etc. that may
ǒŘ˸ƬŘɡɁǜƬȭǜǔŘǚƋɁȭǡǔƋǜ˹ǔǜǒǜǒƬǔȭǜƬʁƬʊǜʊɁnjǜǒƬ
Company. The Register of contracts containing
transactions, in which directors are interested,
is placed before the Board of Directors regularly.
The transaction with the related parties are
disclosed in the Annexure A attached to the
Annual Accounts.
There were no instances of non-compliance
by the Company on any matters related to the
capital markets or penalties/ strictures imposed
on the Company by the Stock Exchange or SEBI
or any statutory authority during the last 3
ǞȭŘȭƋǔŘǚ˿ƬŘʁʊƖ
 “ȭǜǒƬɡʁƬɡŘʁŘǜǔɁȭɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƙǜǒƬ
Company has followed the recounting standards,
ŘʊȭɁǜǔǞƬƞˁȭƞƬʁʊƬƋǜǔɁȭʹɍɍɤʯ,ɦɁnjǜǒƬ,ɁȧɡŘȭǔƬʊ
Act, 1956 (which continue to be applicable in
respect of Section 133 of the Companies Act, 2013
in terms of general circular 15/2013 dated 13th
September, 2013 of the MCA).
The Company has laid down procedures to inform
Board members about the risk assessment and
its minimization, which are periodically reviewed
to ensure that risk control is exercised by the
ȧŘȭŘǷƬȧƬȭǜƬǏƬƋǜǔ˸Ƭǚ˿Ɩ
During the year under review, the Company has
not raised funds through any public, rights or
preferential issue.
Adoption/ Non Adoption of the Non- mandatory
ʁƬɴˁǔʁƬȧƬȭǜʊnjɁʁǜǒƬ˿ƬŘʁʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƕ
  ɤǔɦ ďǒƬ,ɁȧɡŘȭ˿ǒŘʊȭɁǜǞ˾ƬƞǜǒƬǜƬȭˁʁƬɁnj
Independent Directors on the Board of the
Company.
(ii) The Company has not formed a remuneration
committee of its Board of Directors.
(iii) The Company does not send half-yearly
ǞȭŘȭƋǔŘǚʁƬʊˁǚǜʊǜɁǜǒƬǒɁˁʊƬǒɁǚƞɁnjƬŘƋǒ
shareholder as the same are published in the
newspapers and also posted on the website
of the Company and the websites of the BSE
and NSE.
(iv) The Company’s Board comprise of perfect
mix of Executive and Non Executive
Independent Directors who are Company
Executives and Professionals having in depth
knowledge of pharmaceutical industry and/
or expertise in their area of specialization.
(v) The Company’s Board of Directors endeavor
to keep themselves updated with changes
in global economy and legislation. They
attend various workshops and seminars to

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview
keep themselves abreast with the changes in
business environment.
(vi) At present the Company does not have a
mechanism for evaluating its Non-Executive
Directors by peer group.
(vii) The Company has not adopted whistle
blower policy. However the Company has not
denied access to any employee to approach
the management on any issue. The Company
has adopted a Code of Conduct for its Board
of Directors and senior management which
ƋɁȭǜŘǔȭʊǜǒƬʁƬɴˁǔʁƬȧƬȭǜʊɁnjǜǒƬĶǒǔʊǜǚƬ
Blower Policy.
11. MEANS OF COMMUNICATION
ĶƬŽʊǔǜƬƕ The Company’s website www.
sunpharma.com contains a separate dedicated
section ‘INVESTOR’ where shareholders
information is available. Full Annual Report is also
available on the website in a user friendly and
ƞɁ˹ȭǚɁŘƞŘŽǚƬnjɁʁȧƖÄɡŘʁǜnjʁɁȧǜǒǔʊƙɁǓƋǔŘǚȭƬ˹ʊ
releases, detailed presentations made to media,
analysts etc., and the transcript of the conference
calls are also displayed on the Company’s website.
Financial Results: The annual, half-yearly and
ɴˁŘʁǜƬʁǚ˿ʁƬʊˁǚǜʊŘʁƬʁƬǷˁǚŘʁǚ˿ɡɁʊǜƬƞŽ˿ǜǒƬ
Company on its website www.sunpharma.com.
These are also submitted to the Stock Exchanges
in accordance with the Listing Agreement and
published in leading newspapers like ‘The
Economic Times’, ‘Business Standard’ and Gujarati
Edition of ‘Financial Express’.
Annual Report: Annual Report containing inter
alia Audited Annual Accounts, Consolidated
Financial Statements, Directors’ Report, Auditors’
Report, and other important information is
circulated to Members and others entitled thereto.
The Management’s Discussion and Analysis
(MD&A) Report forms part of the Annual Report.
Chairman’s Communique: The Chairman’s
Speech is placed on the website of the Company.
Reminder to Investors: Reminders for unpaid
dividend or redemption amount on preference
shares are sent to shareholders as per records
every year.
Statutory Reports Financial Statements
45
Corporate Governance
Corporate Filing and Dissemination System
(CFDS): The CFDS portal jointly owned, managed
and maintained by BSE and NSE is a single source
ǜɁ˸ǔƬ˹ǔȭnjɁʁȧŘǜǔɁȭǞǚƬƞŽ˿ǜǒƬǚǔʊǜƬƞƋɁȧɡŘȭǔƬʊƖ
All disclosures and communications to BSE &
ÂăFŘʁƬǞǚƬƞƬǚƬƋǜʁɁȭǔƋŘǚǚ˿ǜǒʁɁˁǷǒǜǒƬ,h<ă
portal. Hard copies of the said disclosures and
ƋɁʁʁƬʊɡɁȭƞƬȭƋƬŘʁƬŘǚʊɁǞǚƬƞ˹ǔǜǒǜǒƬF˾ƋǒŘȭǷƬʊƖ
Announcements, Quarterly Results, Shareholding
ñŘǜǜƬʁȭƬǜƋƖɁnjǜǒƬ,ɁȧɡŘȭ˿ʁƬǷˁǚŘʁǚ˿ǞǚƬƞŽ˿
the Company, are also available on the website
of BSE Ltd. - www.bseindia.com, National Stock
Exchange of India Ltd. - www.nseindia.com, and
Corporate Filing & Dissemination System website
Ȋ˹˹˹ƖƋɁʁɡǞǚǔȭǷƖƋɁƖǔȭƖ
12. GENERAL SHAREHOLDER INFORMATION
12.1 Annual General Meeting:
Date and Time Saturday, 27th September,
2014 at 12.00 noon
Venue Sir Sayajirao Natyagriha
Akota, Vadodara –
390020, Gujarat
12.2 Financial Calendar (tentative):
õƬʊˁǚǜʊnjɁʁɴˁŘʁǜƬʁƬȭƞǔȭǷʯ̋ǜǒăƬɡǜƬȧŽƬʁƙ
2014 – Second week of November 2014.
õƬʊˁǚǜʊnjɁʁɴˁŘʁǜƬʁƬȭƞǔȭǷʯɍʊǜ<ƬƋƬȧŽƬʁƙʹ̋ɍǮ
– Second week of February 2015.
Audited Results for year ended 31st March,
2015 – 3rd or 4th week of May 2015.
12.3 Details of Book-closure for Equity
Shareholders:
From Saturday, 13th September, 2014 to
Saturday, 27th September, 2014 (both days
inclusive)
12.4 Dividend Payment Date:
On or before 30th September, 2014
ANNUAL REPORT 2013-14
 46

12.5 (i) Listing of Equity Shares on Stock Exchanges

At BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)

(ii) Payment of Listing Fees

³ǔʊǜǔȭǷhƬƬʊnjɁʁǜǒƬǞȭŘȭƋǔŘǚ˿ƬŘʁʹ̋ɍǮȊɍǣǒŘ˸ƬŽƬƬȭɡŘǔƞǜɁ*ăF³ǔȧǔǜƬƞŘȭƞÂŘǜǔɁȭŘǚăǜɁƋǘF˾ƋǒŘȭǷƬɁnj“ȭƞǔŘ
³ǔȧǔǜƬƞƙ˹ǒƬʁƬǜǒƬ,ɁȧɡŘȭ˿ɻʊFɴˁǔǜ˿ăǒŘʁƬʊƋɁȭǜǔȭˁƬǜɁŽƬǚǔʊǜƬƞƖ

12.6 Stock Code:

Equity Shares
(a) Trading Symbol BSE Ltd. (Demat Segment) SUN PHARMA
524715
Trading Symbol National Stock Exchange (Demat Segment) SUNPHARMA
ɤŽɦ <ƬȧŘǜ“ă“ÂÂˁȧŽƬʁʊǔȭÂă<³Řȭƞ,<ă³njɁʁFɴˁǔǜ˿ăǒŘʁƬʊɁnj` 1/- each ISIN
No.INE044A01036

12.7 Stock Market Data

Equity Shares of ` 1/- paid-up value:

BSE Ltd. (BSE) (in `) National Stock Exchange of India

Ltd. (NSE) (in `)
Month’s High Month’s Month’s Month’s
Price Low Price High Price Low Price
April, 2013 980.30 811.00 985.70 810.00
May, 2013 1085.40 928.00 1084.80 928.15
June, 2013 1048.00 916.00 1046.85 915.70
July, 2013 1132.70 560.00 1132.50 560.00
August, 2013 576.20 475.60 576.90 475.35
September, 2013 601.25 500.40 601.90 500.00
October, 2013 650.00 587.50 651.90 588.15
November, 2013 623.00 562.85 623.40 562.60
December, 2013 602.00 555.00 601.90 553.55
January, 2014 617.35 567.90 617.70 568.10
February, 2014 644.90 581.30 647.90 581.50
March, 2014 653.10 552.50 653.35 552.55
(Source: BSE and NSE website)
  ÂɁǜƬƕ,ɁȧɡŘȭ˿ǒŘƞȧŘƞƬŘ*ɁȭˁʊǔʊʊˁƬɁnjɍƙ̋ʯǣƙǣƶɍƙȳǣǣFɴˁǔǜ˿ʊǒŘʁƬʊɁȭʯʁƞÄˁǷˁʊǜƙʹ̋ɍʯǔȭǜǒƬõŘǜǔɁɁnjɍƕɍƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
47
Corporate Governance

SPIL Equity Share price versus NSE NIFTY

1200 8000
1044
1012 7000
1000 951 6299 6304 6277
5742 5735 6704 6000
6176 6090
800 5930 5986 5842

,Âŀ“hďł,³Ïă“Â
5472 5000
SPIL CLOSING

600 645
4000
593 609 572 589
565 567 575
521 3000
400
2000
200
1000

0 0

Jan - 14
May - 13

Jun - 13

Jul - 13

Aug - 13

Sep - 13

Oct - 13

Nov - 13

Dec - 13

Feb - 14

Mar - 14
Apr - 13

Closing Price of SPIL’s

shares on NSE ÂǔǢ˿ɤ,ǚɁʊǔȭǷɦ

ÂɁǜƬƕ,ɁȧɡŘȭ˿ǒŘƞȧŘƞƬŘ*ɁȭˁʊǔʊʊˁƬɁnjɍƙ̋ʯǣƙǣƶɍƙȳǣǣFɴˁǔǜ˿ʊǒŘʁƬʊɁȭʯʁƞÄˁǷˁʊǜƙʹ̋ɍʯǔȭǜǒƬõŘǜǔɁɁnjɍƕɍƖ

SPIL Equity share price versus BSE SENSEX

1200 25000
1046
1009 22386
1000 951 21165 21171
19396 19346
20000
21120
ăFÂăFŀ,³Ïă“Â

20792 20514
800 19504 19760 19380
SPIL CLOSING

18620 15000
643
593
600 568
608 572 588
564 573 10000
520
400

5000
200

0 0
Jan - 14
Apr - 13

May - 13

Jun - 13

Jul - 13

Aug - 13

Sep - 13

Oct - 13

Nov - 13

Feb - 14

Mar - 14
Dec - 13

Closing Price of SPIL’s

shares on BSE Sensex (Closing)

ÂɁǜƬƕ,ɁȧɡŘȭ˿ǒŘƞȧŘƞƬŘ*ɁȭˁʊǔʊʊˁƬɁnjɍƙ̋ʯǣƙǣƶɍƙȳǣǣFɴˁǔǜ˿ʊǒŘʁƬʊɁȭʯʁƞÄˁǷˁʊǜƙʹ̋ɍʯǔȭǜǒƬõŘǜǔɁɁnjɍƕɍƖ

ANNUAL REPORT 2013-14

 48

 ɍʹƖƶăǒŘʁƬɡʁǔƋƬɡƬʁnjɁʁȧŘȭƋƬǔȭƋɁȧɡŘʁǔʊɁȭǜɁŽʁɁŘƞȊŽŘʊƬƞǔȭƞǔƋƬʊǂ*ăFăƬȭʊƬ˾ŘȭƞÂăFÂǔǢ˿Ɩ
Share price performance relative to BSE Sensex based on share price on 31st March, 2014.

% Change in
Period Sun Pharma *ăFăFÂăFŀ Sun Pharma Relative
Share Price to Sensex
Year-on-year 40.12% 18.85% 21.27%
2 years 101.35% 28.63% 72.73%
3 years 159.55% 15.12% 144.43%
5 years 3.09% 130.58% -127.50%
10 years 252.89% 300.43% -4.54%
Note: Prices have been adjusted for Bonus Issue.

 ăǒŘʁƬɡʁǔƋƬɡƬʁnjɁʁȧŘȭƋƬʁƬǚŘǜǔ˸ƬǜɁÂǔǢ˿ŽŘʊƬƞɁȭʊǒŘʁƬɡʁǔƋƬɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ

% Change in
Period Sun Pharma ÂǔǢ˿ Sun Pharma Relative
Share Price ǜɁÂǔǢ˿
Year-on-year 180.73% 17.98% 162.75%
2 years 101.68% 26.60% 75.08%
3 years 159.77% 14.92% 144.85%
5 years 3.42% 121.92% -118.50%
10 years 252.88% 278.36% -25.48%
(Source: Compiled from data available on BSE and NSE website)
Note: Prices have been adjusted for Bonus Issue.

 ɍʹƖȳõƬǷǔʊǜʁŘʁʊūďʁŘȭʊnjƬʁÄǷƬȭǜ 12.10 Share Transfer System

Presently, the share transfers which are received
(Share transfer and Link Intime India Pvt. Ltd.
in physical form are processed and transferred
communication C-13, Kantilal Maganlal Estate
by Registrar and Share Transfer Agents and the
regarding share Pannalal Silk Mills Compound
ʊǒŘʁƬƋƬʁǜǔǞƋŘǜƬʊŘʁƬʁƬǜˁʁȭƬƞ˹ǔǜǒǔȭŘɡƬʁǔɁƞɁnj
ƋƬʁǜǔǞƋŘǜƬʊƙ L.B.S. Marg, Bhandup (West),
15 days from the date of receipt, subject to the
dividends and Mumbai – 400 078.
documents being valid and complete in
change of address) E-Mail: sunpharma@linkintime.co.in
all respects.
rnt.helpdesk@linkintime.co.in
Tel: 022-25946970,
Fax : 022- 25946969
12.11 <ǔʊǜʁǔŽˁǜǔɁȭɁnjăǒŘʁƬǒɁǚƞǔȭǷŘʊɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ

ÂɁƖɁnjFɴˁǔǜ˿ăǒŘʁƬʊǒƬǚƞ No. of Accounts Shares of face value ` 1 each/-

Numbers % to total Number % to total
accounts shares
Upto 5000 125,293 95.98 32,734,900 1.58
5001 - 10000 1,977 1.51 14,395,677 0.70
10001 - 20000 1,885 1.44 23,856,682 1.15
20001 - 30000 279 0.21 6,869,320 0.33
30001 - 40000 124 0.10 4,387,807 0.22
40001 - 50000 91 0.07 4,209,173 0.20
50001 - 100000 228 0.18 16,600,990 0.80
100001 and above 668 0.51 1,968,109,361 95.02
Total 130,545 100.00 2,071,163,910 100.00

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
49
Corporate Governance

12.12 Shareholding Pattern as on 31st March, 2014 of Equity Shares as per Clause 35 of the Listing Agreement

Particulars Percentage No. of Shares

A. Indian Promoters and Persons acting in Concert 63.65% 1,318,346,400
B. Mutual Funds and UTI 1.21% 24,943,604
C. Banks/Financial Institutions and Insurance Companies 4.28% 88,583,940
D. Foreign Institutional Investors 22.51% 466,237,186
E. Private Corporate Bodies 2.53% 52,421,989
F. Indian Public 5.25% 108,756,242
G. Directors & Relatives 0.19% 3,866,650
H. NRIs/OCBs 0.10% 2,028,954
I. Clearing Members 0.10% 2,172,188
J. Trusts 0.09% 1,861,577
K. Foreign Companies 0.03% 617,160
L. Central Government / State Government 0.06% 1,296,420
ÀƖóˁŘǚǔǞƬƞhɁʁƬǔǷȭ“ȭ˸ƬʊǜɁʁʊ 0.00% 31,600
Total 100% 2,071,163,910

Shareholding Pattern as on 12.13 Dematerialization of Shares

31st March 2014   Ä
 ŽɁˁǜȳȳƖǣǣɩɁnjǜǒƬɁˁǜʊǜŘȭƞǔȭǷFɴˁǔǜ˿ʊǒŘʁƬʊ
have been de-materialized up to 31st March,
0.001
0.03
2014. Trading in Shares of the Company is
permitted only in de-materialized form w.e.f. 29th
0.06
ÂɁ˸ƬȧŽƬʁƙɍȳȳȳŘʊɡƬʁȭɁǜǔǞƋŘǜǔɁȭǔʊʊˁƬƞŽ˿ǜǒƬ
0.09
Securities and Exchange Board of India (SEBI).
0.10

0.10 63.65 Liquidity:

(%)   ł
 Ɂˁʁ,ɁȧɡŘȭ˿ɻʊƬɴˁǔǜ˿ʊǒŘʁƬʊŘʁƬnjŘǔʁǚ˿ǚǔɴˁǔƞ
0.19
and are actively traded on National Stock
1.21
Exchange of India Ltd., (NSE) and The BSE
2.53
Ltd.(BSE). Relevant data for the average daily
4.28 ǜˁʁȭɁ˸ƬʁnjɁʁǜǒƬǞȭŘȭƋǔŘǚ˿ƬŘʁʹ̋ɍʯȊʹ̋ɍǮǔʊǷǔ˸Ƭȭ
5.25 below:
22.51

Indian Promoters and Persons acting in Concert BSE NSE BSE + NSE
Foreign Institutional Investors In no. of share 132.85 1679.59 1812.44
Indian Public (in Thousands)
Banks / Financial Institutions and Insurance In value terms 91.70 1122.30 1214.00
Companies (` Millions)
Private Corporate Bodies
(Source: Compiled from data available on BSE and NSE website)
Mutual Funds and UTI
Directors & Relatives 12.14 Outstanding GDRs/ADRs/Warrants or any
Clearing Members ,Ɂȭ˸ƬʁǜǔŽǚƬǔȭʊǜʁˁȧƬȭǜʊƙƋɁȭ˸ƬʁʊǔɁȭƞŘǜƬŘȭƞ
NRIs /OCBs likely impact on equity:
Trusts The Company has not issued any GDRs/ ADRs /
warrants or any other convertible instruments
Central Government / State Government
during the year and there are no FCCBs
Foreign Companies
óˁŘǚǔǞƬƞhɁʁƬǔǷȭ“ȭ˸ƬʊǜɁʁʊ

ANNUAL REPORT 2013-14

 50

outstanding as at 31st March, 2014. 4. Plot No. 4708, GIDC, Ankleshwar – 393 002,
Gujarat.
12.15 Plant locations as on 31st March, 2014:
1. Survey No.214 and 20, Govt. Industrial Area, 5. Sathammai Village, Karunkuzhi Post,
Phase-II, Piparia, Silvassa – 396 230, U.T. of Maduranthakam T.K. Kanchipuram Dist.
D & NH. Tamil Nadu – 603 303.

2. Plot No.24/2 and No.25,GIDC, Phase- 6. Halol-Baroda Highway, Near Anand

IV,Panoli – 395 116, Dist. Bharuch, Gujarat. Kendra,Halol, Dist. Panchmahal- 389350
Gujarat.
3. A-7 & A-8, MIDC Industrial Area,
Ahmednagar – 414 111, Maharashtra. 7. Plot No. 817/A, Karkhadi – 391 450, Taluka:
Padra, Distt. Vadodara, Gujarat.

12.16 Investor Correspondence

(a) For transfer/dematerialization of Shares, payment For Shares held in Physical Form
Ɂnjƞǔ˸ǔƞƬȭƞɁȭăǒŘʁƬʊƙŘȭƞŘȭ˿ɁǜǒƬʁɴˁƬʁ˿ʁƬǚŘǜǔȭǷ Link Intime India Pvt. Ltd.
to the shares of the Company C-13, Kantilal Maganlal Estate, Pannalal Silk Mills
Compound, L.B.S. Marg, Bhandup (West)
Mumbai – 400 078.
E-Mail: sunpharma@linkintime.co.in
rnt.helpdesk@linkintime.co.in
Tel: 022-25946970,
Fax : 022- 25946969
For Shares held in Demat Form
To the Depository Participant.
(b) E-mail id designated by the Company for Investor secretarial@sunpharma.com
Complaints
 ɤƋɦ Äȭ˿ɴˁƬʁ˿ɁȭÄȭȭˁŘǚõƬɡɁʁǜ Mr. Sunil R. Ajmera/ Mr. Ashok I. Bhuta/ Mr. Nimish Desai,
17-B, Mahal Industrial Estate
Mahakali Caves Road
Andheri (East),
Mumbai – 400 093.
sunil.ajmera@sunpharma.com
ashok.bhuta@sunpharma.com
nimish.desai@sunpharma.com
secretarial@sunpharma.com

For and on behalf of the Board

DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Managing Director Wholetime Director Wholetime Director

Mumbai, 12th August, 2014

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
51
Corporate Governance

ANNEXURE TO CORPORATE GOVERNANCE FOR THE

YEAR ENDED 31ST MARCH, 2014

DECLARATION OF COMPLIANCE WITH CODE OF CONDUCT

I, Dilip S. Shanghvi, Managing Director of Sun Pharmaceutical Industries Limited (“the Company”) hereby declare that, to
ǜǒƬŽƬʊǜɁnjȧ˿ǔȭnjɁʁȧŘǜǔɁȭƙŘǚǚǜǒƬ*ɁŘʁƞÀƬȧŽƬʁʊŘȭƞăƬȭǔɁʁÀŘȭŘǷƬȧƬȭǜñƬʁʊɁȭȭƬǚɁnjǜǒƬ,ɁȧɡŘȭ˿ǒŘ˸ƬŘǓʁȧƬƞǜǒƬǔʁ
compliance and undertaken to continue to comply with the Code of Conduct laid down by the Board of Directors of the
Company.

For Sun Pharmaceutical Industries Ltd.,

DILIP S. SHANGHVI
Managing Director

Date: 12th August, 2014

ANNUAL REPORT 2013-14

 52

AUDITORS’ CERTIFICATE ON COMPLIANCE WITH THE

CONDITIONS OF CORPORATE GOVERNANCE UNDER
CLAUSE 49 OF THE LISTING AGREEMENT
To the Members of Sun Pharmaceutical Industries Limited,

We have examined the compliance of the conditions of Corporate Governance by Sun Pharmaceutical Industries Limited
(“the Company”) for the year ended on 31st March, 2014, as stipulated in Clause 49 of the Listing agreements of the said
,ɁȧɡŘȭ˿˹ǔǜǒʁƬǚƬ˸ŘȭǜʊǜɁƋǘƬ˾ƋǒŘȭǷƬʊɤǒƬʁƬǔȭŘǢƬʁʁƬnjƬʁʁƬƞǜɁŘʊ,ǚŘˁʊƬǮȳɦƖ

The compliance of the conditions of Corporate Governance is the responsibility of the Management. Our examination has
been limited to a review of the procedures and implementation thereof, adopted by the Company for ensuring compliance
ɁnjǜǒƬƋɁȭƞǔǜǔɁȭʊɁnj,ɁʁɡɁʁŘǜƬɁ˸ƬʁȭŘȭƋƬƖ“ǜǔʊȭƬǔǜǒƬʁŘȭŘˁƞǔǜȭɁʁŘȭƬ˾ɡʁƬʊʊǔɁȭɁnjɁɡǔȭǔɁȭɁȭǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnj
the Company.

In our opinion and to the best of our information and according to the explanations given to us and the representations
made by the Directors and the Management, we certify that the Company has complied, in all material respects, with the
conditions of Corporate Governance as stipulated in Clause 49.

ĶƬʊǜŘǜƬǜǒŘǜʊˁƋǒƋɁȧɡǚǔŘȭƋƬǔʊȭƬǔǜǒƬʁŘȭŘʊʊˁʁŘȭƋƬŘʊǜɁǜǒƬnjˁǜˁʁƬ˸ǔŘŽǔǚǔǜ˿ɁnjǜǒƬ,ɁȧɡŘȭ˿ȭɁʁǜǒƬƬǓƋǔƬȭƋ˿Ɂʁ
ƬǏƬƋǜǔ˸ƬȭƬʊʊ˹ǔǜǒ˹ǒǔƋǒǜǒƬÀŘȭŘǷƬȧƬȭǜǒŘʊƋɁȭƞˁƋǜƬƞǜǒƬŘǏŘǔʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ

For <F³Ï“ďďFŒÄ㰓ÂăūăF³³ă³³ñ
Chartered Accountants
(Firm’s Registration No.117366W/W-100018)

Rajesh K. Hiranandani
Partner
Mumbai, 12th August, 2014 (Membership No.36920)

SUN PHARMACEUTICAL INDUSTRIES LTD.

53-140
FINANCIAL
STATEMENTS

Standalone Financial Statements

Auditors’ Report 54

Balance Sheet 58

ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ59

Cash Flow Statement 60

Notes 62

Consolidated Financial Statements

Auditors’ Report 100

Balance Sheet 102

ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ103

Cash Flow Statement 104

Notes 106

ANNUAL REPORT 2013-14

 54

“Â<FñFÂ<FÂďÄĘ<“ďÏõăɻõFñÏõď

TO THE MEMBERS OF
SUN PHARMACEUTICAL INDUSTRIES LIMITED
Report on the Financial Statements
ĶƬǒŘ˸ƬŘˁƞǔǜƬƞǜǒƬŘƋƋɁȧɡŘȭ˿ǔȭǷǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³“À“ďF<ɤɼǜǒƬ,ɁȧɡŘȭ˿ɾɦƙ
˹ǒǔƋǒƋɁȧɡʁǔʊƬǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊŘȭƞǜǒƬ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜnjɁʁ
ǜǒƬ˿ƬŘʁǜǒƬȭƬȭƞƬƞƙŘȭƞŘʊˁȧȧŘʁ˿ɁnjǜǒƬʊǔǷȭǔǞƋŘȭǜŘƋƋɁˁȭǜǔȭǷɡɁǚǔƋǔƬʊŘȭƞɁǜǒƬʁƬ˾ɡǚŘȭŘǜɁʁ˿ǔȭnjɁʁȧŘǜǔɁȭƖ
Management’s Responsibility for the Financial Statements
ďǒƬ,ɁȧɡŘȭ˿ɻʊÀŘȭŘǷƬȧƬȭǜǔʊʁƬʊɡɁȭʊǔŽǚƬnjɁʁǜǒƬɡʁƬɡŘʁŘǜǔɁȭɁnjǜǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǜǒŘǜǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ
˸ǔƬ˹ɁnjǜǒƬǞȭŘȭƋǔŘǚɡɁʊǔǜǔɁȭƙǞȭŘȭƋǔŘǚɡƬʁnjɁʁȧŘȭƋƬŘȭƞƋŘʊǒǡɁ˹ʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬÄƋƋɁˁȭǜǔȭǷ
ăǜŘȭƞŘʁƞʊȭɁǜǔǞƬƞˁȭƞƬʁǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴɤɼǜǒƬÄƋǜɾɦɤ˹ǒǔƋǒƋɁȭǜǔȭˁƬǜɁŽƬŘɡɡǚǔƋŘŽǚƬǔȭʁƬʊɡƬƋǜɁnjăƬƋǜǔɁȭɍʯʯ
ɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙʹ̋ɍʯǔȭǜƬʁȧʊɁnjƬȭƬʁŘǚ,ǔʁƋˁǚŘʁɍǣʤʹ̋ɍʯƞŘǜƬƞɍʯǜǒăƬɡǜƬȧŽƬʁƙʹ̋ɍʯɁnjǜǒƬÀǔȭǔʊǜʁ˿Ɂnj,ɁʁɡɁʁŘǜƬ
ÄǏŘǔʁʊɦŘȭƞǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬŘƋƋɁˁȭǜǔȭǷɡʁǔȭƋǔɡǚƬʊǷƬȭƬʁŘǚǚ˿ŘƋƋƬɡǜƬƞǔȭ“ȭƞǔŘƖďǒǔʊʁƬʊɡɁȭʊǔŽǔǚǔǜ˿ǔȭƋǚˁƞƬʊǜǒƬ
ƞƬʊǔǷȭƙǔȧɡǚƬȧƬȭǜŘǜǔɁȭŘȭƞȧŘǔȭǜƬȭŘȭƋƬɁnjǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʁƬǚƬ˸ŘȭǜǜɁǜǒƬɡʁƬɡŘʁŘǜǔɁȭŘȭƞɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊǜǒŘǜǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ˸ǔƬ˹ŘȭƞŘʁƬnjʁƬƬnjʁɁȧȧŘǜƬʁǔŘǚȧǔʊʊǜŘǜƬȧƬȭǜƙ˹ǒƬǜǒƬʁƞˁƬǜɁnjʁŘˁƞɁʁƬʁʁɁʁƖ
Auditors’ Responsibility
ÏˁʁʁƬʊɡɁȭʊǔŽǔǚǔǜ˿ǔʊǜɁƬ˾ɡʁƬʊʊŘȭɁɡǔȭǔɁȭɁȭǜǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŽŘʊƬƞɁȭɁˁʁŘˁƞǔǜƖĶƬƋɁȭƞˁƋǜƬƞɁˁʁŘˁƞǔǜǔȭ
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India read together with
ɁˁʁʁƬȧŘʁǘʊǔȭɡŘʁŘǷʁŘɡǒɤƋɦˁȭƞƬʁǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŽƬǚɁ˹ƖďǒɁʊƬăǜŘȭƞŘʁƞʊʁƬɴˁǔʁƬǜǒŘǜ˹ƬƋɁȧɡǚ˿
˹ǔǜǒƬǜǒǔƋŘǚʁƬɴˁǔʁƬȧƬȭǜʊŘȭƞɡǚŘȭŘȭƞɡƬʁnjɁʁȧǜǒƬŘˁƞǔǜǜɁɁŽǜŘǔȭʁƬŘʊɁȭŘŽǚƬŘʊʊˁʁŘȭƋƬŘŽɁˁǜ˹ǒƬǜǒƬʁǜǒƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊŘʁƬnjʁƬƬnjʁɁȧȧŘǜƬʁǔŘǚȧǔʊʊǜŘǜƬȧƬȭǜƖ
ÄȭŘˁƞǔǜǔȭ˸Ɂǚ˸ƬʊɡƬʁnjɁʁȧǔȭǷɡʁɁƋƬƞˁʁƬʊǜɁɁŽǜŘǔȭŘˁƞǔǜƬ˸ǔƞƬȭƋƬŘŽɁˁǜǜǒƬŘȧɁˁȭǜʊŘȭƞǜǒƬƞǔʊƋǚɁʊˁʁƬʊǔȭǜǒƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊƖďǒƬɡʁɁƋƬƞˁʁƬʊʊƬǚƬƋǜƬƞƞƬɡƬȭƞɁȭǜǒƬŘˁƞǔǜɁʁɻʊǖˁƞǷȧƬȭǜƙǔȭƋǚˁƞǔȭǷǜǒƬŘʊʊƬʊʊȧƬȭǜɁnjǜǒƬʁǔʊǘʊɁnjȧŘǜƬʁǔŘǚ
ȧǔʊʊǜŘǜƬȧƬȭǜɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƙ˹ǒƬǜǒƬʁƞˁƬǜɁnjʁŘˁƞɁʁƬʁʁɁʁƖ“ȭȧŘǘǔȭǷǜǒɁʊƬʁǔʊǘŘʊʊƬʊʊȧƬȭǜʊƙǜǒƬŘˁƞǔǜɁʁ
ƋɁȭʊǔƞƬʁʊǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʁƬǚƬ˸ŘȭǜǜɁǜǒƬ,ɁȧɡŘȭ˿ɻʊɡʁƬɡŘʁŘǜǔɁȭŘȭƞnjŘǔʁɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǔȭ
ɁʁƞƬʁǜɁƞƬʊǔǷȭŘˁƞǔǜɡʁɁƋƬƞˁʁƬʊǜǒŘǜŘʁƬŘɡɡʁɁɡʁǔŘǜƬǔȭǜǒƬƋǔʁƋˁȧʊǜŘȭƋƬʊƙŽˁǜȭɁǜnjɁʁǜǒƬɡˁʁɡɁʊƬɁnjƬ˾ɡʁƬʊʊǔȭǷŘȭ
ɁɡǔȭǔɁȭɁȭǜǒƬƬǏƬƋǜǔ˸ƬȭƬʊʊɁnjǜǒƬ,ɁȧɡŘȭ˿ɻʊǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚƖÄȭŘˁƞǔǜŘǚʊɁǔȭƋǚˁƞƬʊƬ˸ŘǚˁŘǜǔȭǷǜǒƬŘɡɡʁɁɡʁǔŘǜƬȭƬʊʊɁnj
ǜǒƬŘƋƋɁˁȭǜǔȭǷɡɁǚǔƋǔƬʊˁʊƬƞŘȭƞǜǒƬʁƬŘʊɁȭŘŽǚƬȭƬʊʊɁnjǜǒƬŘƋƋɁˁȭǜǔȭǷƬʊǜǔȧŘǜƬʊȧŘƞƬŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜƙŘʊ˹ƬǚǚŘʊ
Ƭ˸ŘǚˁŘǜǔȭǷǜǒƬɁ˸ƬʁŘǚǚɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖ
ĶƬŽƬǚǔƬ˸ƬǜǒŘǜǜǒƬŘˁƞǔǜƬ˸ǔƞƬȭƋƬ˹ƬǒŘ˸ƬɁŽǜŘǔȭƬƞǔʊʊˁǓƋǔƬȭǜŘȭƞŘɡɡʁɁɡʁǔŘǜƬǜɁɡʁɁ˸ǔƞƬŘŽŘʊǔʊnjɁʁɁˁʁŘˁƞǔǜɁɡǔȭǔɁȭƖ
Opinion
“ȭɁˁʁɁɡǔȭǔɁȭŘȭƞǜɁǜǒƬŽƬʊǜɁnjɁˁʁǔȭnjɁʁȧŘǜǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬŘnjɁʁƬʊŘǔƞǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊƙʁƬŘƞǜɁǷƬǜǒƬʁ˹ǔǜǒǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŽƬǚɁ˹ƙǷǔ˸ƬǜǒƬǔȭnjɁʁȧŘǜǔɁȭʁƬɴˁǔʁƬƞŽ˿ǜǒƬÄƋǜǔȭǜǒƬ
ȧŘȭȭƬʁʊɁʁƬɴˁǔʁƬƞŘȭƞǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ˸ǔƬ˹ǔȭƋɁȭnjɁʁȧǔǜ˿˹ǔǜǒǜǒƬŘƋƋɁˁȭǜǔȭǷɡʁǔȭƋǔɡǚƬʊǷƬȭƬʁŘǚǚ˿ŘƋƋƬɡǜƬƞǔȭ“ȭƞǔŘƕ
ɤŘɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜƙɁnjǜǒƬʊǜŘǜƬɁnjŘǏŘǔʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮʒ
ɤŽɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙɁnjǜǒƬǚɁʊʊɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬʒŘȭƞ
ɤƋɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜƙɁnjǜǒƬƋŘʊǒǡɁ˹ʊɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬƖ
Emphasis of Matter
ɤŘɦ ĶƬƞʁŘ˹ŘǜǜƬȭǜǔɁȭǜɁÂɁǜƬǮƶǜɁǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖÄʊʁƬnjƬʁʁƬƞǜɁǔȭǜǒƬʊŘǔƞÂɁǜƬƙǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnj
ǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ˹ƬʁƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞŽ˿ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊŘǜǜǒƬǔʁȧƬƬǜǔȭǷ
ǒƬǚƞɁȭʹȳǜǒÀŘ˿ƙʹ̋ɍǮ˹ǒǔƋǒ˹ƬʁƬʊˁŽǖƬƋǜǜɁʁƬ˸ǔʊǔɁȭŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜɁnjǜǒƬ,ɁȧɡŘȭ˿ʊɁŘʊǜɁǷǔ˸ƬƬǏƬƋǜǜɁ
ǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜnjɁʁƞƬȧƬʁǷƬʁɁnjǜǒƬʊɡƬƋǔǞƬƞˁȭƞƬʁǜŘǘǔȭǷʊɁnjăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞ
ʊˁŽʊǔƞǔŘʁ˿ƙǔȭǜɁǜǒƬ,ɁȧɡŘȭ˿˹ƖƬƖnjɍʊǜÀŘ˿ƙʹ̋ɍʯƖďǒɁʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊ˹ƬʁƬŘˁƞǔǜƬƞŽ˿ˁʊŘȭƞɁˁʁʁƬɡɁʁǜƞŘǜƬƞ
ʹȳǜǒÀŘ˿ƙʹ̋ɍǮƙŘƞƞʁƬʊʊƬƞǜɁǜǒƬÀƬȧŽƬʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ƙƬ˾ɡʁƬʊʊƬƞŘȭˁȭɴˁŘǚǔǞƬƞɁɡǔȭǔɁȭɁȭǜǒɁʊƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊ˹ǔǜǒŘȭFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɡŘʁŘǷʁŘɡǒƞʁŘ˹ǔȭǷŘǜǜƬȭǜǔɁȭǜɁǜǒƬnjɁʁƬǷɁǔȭǷȧŘǜǜƬʁƖ,ɁȭʊƬɴˁƬȭǜǜɁǜǒƬ
,ɁȧɡŘȭ˿ɁŽǜŘǔȭǔȭǷǜǒƬʁƬɴˁǔʁƬƞŘɡɡʁɁ˸ŘǚʊƙǜǒƬŘnjɁʁƬʊŘǔƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬʁƬ˸ǔʊƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿ǜɁǷǔ˸Ƭ
ƬǏƬƋǜǜɁǜǒƬʊŘǔƞăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜƖ
ɤŽɦ ĶƬƞʁŘ˹ŘǜǜƬȭǜǔɁȭǜɁÂɁǜƬǣ̋ǜɁǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖÄʊʁƬnjƬʁʁƬƞǜɁǔȭǜǒƬʊŘǔƞÂɁǜƬƙƋɁȭʊƬɴˁƬȭǜǜɁǷǔ˸ǔȭǷƬǏƬƋǜ
ǜɁǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜƕɤǔɦʁƬȧˁȭƬʁŘǜǔɁȭǜɁǜǒƬÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁŘȭƞǜǒƬĶǒɁǚƬȊǜǔȧƬ<ǔʁƬƋǜɁʁʊnjɁʁǜǒƬ˿ƬŘʁ
ƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǔʊǔȭƬ˾ƋƬʊʊɁnjǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞˁȭƞƬʁăƋǒƬƞˁǚƬŀ“““ǜɁǜǒƬÄƋǜƙŽ˿` ǮǮƖʕÀǔǚǚǔɁȭʒŘȭƞɤǔǔɦ
commission of `ȴƖǮÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǜɁǜǒƬÂɁȭȊF˾ƬƋˁǜǔ˸Ƭ<ǔʁƬƋǜɁʁʊǔʊǔȭƬ˾ƋƬʊʊƙʊǔȭƋƬ
ǜǒƬʁƬǔʊŘŽʊƬȭƋƬɁnjȭƬǜɡʁɁǞǜʊnjɁʁǜǒƬ˿ƬŘʁˁȭƞƬʁʊƬƋǜǔɁȭʯ̋ȳɤǮɦʁƬŘƞ˹ǔǜǒʊƬƋǜǔɁȭʯ̋ȳɤǣɦɁnjǜǒƬÄƋǜƖ“ȭǜǒǔʊʁƬǷŘʁƞƙ˹Ƭ

ăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³ď<Ɩ
 Corporate Overview Statutory Reports Financial Statements
55
Independent Auditors’ Report

have been informed by the Management of the Company that they are in the process of seeking approval from the
ʊǒŘʁƬǒɁǚƞƬʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒƬ,ƬȭǜʁŘǚɁ˸ƬʁȭȧƬȭǜǔȭʁƬʊɡƬƋǜɁnjǜǒƬŘnjɁʁƬʊŘǔƞŘȧɁˁȭǜʊƖ
ɤƋɦ  ɡŘʁǜnjʁɁȧǜǒƬnjɁʁƬǷɁǔȭǷȧŘǜǜƬʁʊŘȭƞǜǒƬɡʁɁ˸ǔʊǔɁȭnjɁʁɡʁɁɡɁʊƬƞƞǔ˸ǔƞƬȭƞƙǜǒƬŘǜǜŘƋǒƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƞɁȭɁǜ
Ä
ǜŘǘƬǔȭǜɁŘƋƋɁˁȭǜŘȭ˿Ƭ˸ƬȭǜʊʊˁŽʊƬɴˁƬȭǜǜɁǜǒƬƞŘǜƬɁȭ˹ǒǔƋǒǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʁƬnjƬʁʁƬƞǜɁǔȭɤŘɦŘŽɁ˸Ƭ˹ƬʁƬ
ƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞŽ˿ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊŘȭƞʁƬɡɁʁǜƬƞˁɡɁȭŽ˿ˁʊŘʊŘnjɁʁƬʊŘǔƞƖ
ÏˁʁɁɡǔȭǔɁȭǔʊȭɁǜɴˁŘǚǔǞƬƞǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬȧŘǜǜƬʁʊƖ
Report on Other Legal and Regulatory Requirements
ɍƖ ÄʊʁƬɴˁǔʁƬƞŽ˿ǜǒƬ,ɁȧɡŘȭǔƬʊɤÄˁƞǔǜɁʁɻʊõƬɡɁʁǜɦÏʁƞƬʁƙʹ̋̋ʯɤɼǜǒƬÏʁƞƬʁɾɦǔʊʊˁƬƞŽ˿ǜǒƬ,ƬȭǜʁŘǚɁ˸ƬʁȭȧƬȭǜǔȭǜƬʁȧʊ
ɁnjăƬƋǜǔɁȭʹʹʕɤǮÄɦɁnjǜǒƬÄƋǜƙ˹ƬǷǔ˸ƬǔȭǜǒƬÄȭȭƬ˾ˁʁƬŘʊǜŘǜƬȧƬȭǜɁȭǜǒƬȧŘǜǜƬʁʊʊɡƬƋǔǞƬƞǔȭɡŘʁŘǷʁŘɡǒʊǮŘȭƞǣɁnj
ǜǒƬÏʁƞƬʁƖ
ʹƖ ÄʊʁƬɴˁǔʁƬƞŽ˿ăƬƋǜǔɁȭʹʹʕɤʯɦɁnjǜǒƬÄƋǜƙ˹ƬʁƬɡɁʁǜǜǒŘǜƕ
 ɤŘɦ ĶƬǒŘ˸ƬɁŽǜŘǔȭƬƞŘǚǚǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊ˹ǒǔƋǒǜɁǜǒƬŽƬʊǜɁnjɁˁʁǘȭɁ˹ǚƬƞǷƬŘȭƞŽƬǚǔƬnj˹ƬʁƬ
ȭƬƋƬʊʊŘʁ˿njɁʁǜǒƬɡˁʁɡɁʊƬʊɁnjɁˁʁŘˁƞǔǜƖ
 ɤŽɦ “ ȭɁˁʁɁɡǔȭǔɁȭƙɡʁɁɡƬʁŽɁɁǘʊɁnjŘƋƋɁˁȭǜŘʊʁƬɴˁǔʁƬƞŽ˿ǚŘ˹ǒŘ˸ƬŽƬƬȭǘƬɡǜŽ˿ǜǒƬ,ɁȧɡŘȭ˿ʊɁnjŘʁŘʊǔǜŘɡɡƬŘʁʊ
njʁɁȧɁˁʁƬ˾ŘȧǔȭŘǜǔɁȭɁnjǜǒɁʊƬŽɁɁǘʊƖ
 ɤƋɦ  ǒƬ*ŘǚŘȭƋƬăǒƬƬǜƙǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙŘȭƞǜǒƬ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜƞƬŘǚǜ˹ǔǜǒŽ˿ǜǒǔʊõƬɡɁʁǜŘʁƬ
ď
ǔȭŘǷʁƬƬȧƬȭǜ˹ǔǜǒǜǒƬŽɁɁǘʊɁnjŘƋƋɁˁȭǜƖ
 ɤƞɦ “ȭɁˁʁɁɡǔȭǔɁȭƙǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜƙǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙŘȭƞǜǒƬ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜƋɁȧɡǚ˿˹ǔǜǒ
ǜǒƬÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʊȭɁǜǔǞƬƞˁȭƞƬʁǜǒƬÄƋǜɤ˹ǒǔƋǒƋɁȭǜǔȭˁƬǜɁŽƬŘɡɡǚǔƋŘŽǚƬǔȭʁƬʊɡƬƋǜɁnjăƬƋǜǔɁȭɍʯʯɁnj
ǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙʹ̋ɍʯǔȭǜƬʁȧʊɁnjƬȭƬʁŘǚ,ǔʁƋˁǚŘʁɍǣʤʹ̋ɍʯƞŘǜƬƞɍʯǜǒăƬɡǜƬȧŽƬʁƙʹ̋ɍʯɁnjǜǒƬÀǔȭǔʊǜʁ˿Ɂnj
,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊɦƖ
 ɤƬɦ ÏȭǜǒƬŽŘʊǔʊɁnjǜǒƬ˹ʁǔǜǜƬȭʁƬɡʁƬʊƬȭǜŘǜǔɁȭʊʁƬƋƬǔ˸ƬƞnjʁɁȧǜǒƬƞǔʁƬƋǜɁʁʊŘʊɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǜŘǘƬȭɁȭʁƬƋɁʁƞ
Ž˿ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊƙȭɁȭƬɁnjǜǒƬƞǔʁƬƋǜɁʁʊǔʊƞǔʊɴˁŘǚǔǞƬƞŘʊɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮnjʁɁȧŽƬǔȭǷŘɡɡɁǔȭǜƬƞŘʊŘ
ƞǔʁƬƋǜɁʁǔȭǜƬʁȧʊɁnjăƬƋǜǔɁȭʹʕǮɤɍɦɤǷɦɁnjǜǒƬÄƋǜƖ
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
ɤhǔʁȧɻʊõƬǷǔʊǜʁŘǜǔɁȭÂɁƖɍɍʕʯȴȴĶʤĶȊɍ̋̋̋ɍƶɦ

Rajesh K. Hiranandani
Partner
 ɤÀƬȧŽƬʁʊǒǔɡÂɁƖʯȴȳʹ̋ɦ

ÀĘÀ*ēƙʹȳǜǒÀŘ˿ƙʹ̋ɍǮƅɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮŘʊǜɁƬǏƬƋǜǜǒƬȧŘǜǜƬʁʊƞǔʊƋˁʊʊƬƞˁȭƞƬʁǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŘŽɁ˸ƬƇ

ÄÂÂFŀĘõFďÏďŒF“Â<FñFÂ<FÂďÄĘ<“ďÏõăɻõFñÏõď
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
ɤǔɦ ŒŘ˸ǔȭǷʁƬǷŘʁƞǜɁǜǒƬȭŘǜˁʁƬɁnjǜǒƬ,ɁȧɡŘȭ˿ɻʊŽˁʊǔȭƬʊʊʤŘƋǜǔ˸ǔǜǔƬʊʤʁƬʊˁǚǜʊƞˁʁǔȭǷǜǒƬ˿ƬŘʁƙƋǚŘˁʊƬʊ˸ǔƙ˾ƙ˾ǔǔǔƙ˾ǔ˸ƙ˾˸ǔǔǔƙ
˾ǔ˾Řȭƞ˾˾ɁnjɡŘʁŘǷʁŘɡǒǮɁnjǜǒƬÏʁƞƬʁŘʁƬȭɁǜŘɡɡǚǔƋŘŽǚƬǜɁǜǒƬ,ɁȧɡŘȭ˿Ɩ
ɤǔǔɦ “ȭʁƬʊɡƬƋǜɁnjǔǜʊǞ˾ƬƞŘʊʊƬǜʊƕ
 ɤŘɦ ď
 ǒƬ,ɁȧɡŘȭ˿ǒŘʊȧŘǔȭǜŘǔȭƬƞɡʁɁɡƬʁʁƬƋɁʁƞʊʊǒɁ˹ǔȭǷnjˁǚǚɡŘʁǜǔƋˁǚŘʁʊƙǔȭƋǚˁƞǔȭǷɴˁŘȭǜǔǜŘǜǔ˸ƬƞƬǜŘǔǚʊŘȭƞʊǔǜˁŘǜǔɁȭ
ɁnjǜǒƬǞ˾ƬƞŘʊʊƬǜʊƖ
 ɤŽɦ ď
 ǒƬǞ˾ƬƞŘʊʊƬǜʊ˹ƬʁƬɡǒ˿ʊǔƋŘǚǚ˿˸ƬʁǔǞƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒŘʁƬǷˁǚŘʁ
ɡʁɁǷʁŘȧȧƬɁnj˸ƬʁǔǞƋŘǜǔɁȭ˹ǒǔƋǒƙǔȭɁˁʁɁɡǔȭǔɁȭƙɡʁɁ˸ǔƞƬʊnjɁʁɡǒ˿ʊǔƋŘǚ˸ƬʁǔǞƋŘǜǔɁȭɁnjŘǚǚǜǒƬǞ˾ƬƞŘʊʊƬǜʊŘǜ
ʁƬŘʊɁȭŘŽǚƬǔȭǜƬʁ˸ŘǚʊƖÄƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙȭɁȧŘǜƬʁǔŘǚƞǔʊƋʁƬɡŘȭƋǔƬʊ˹ƬʁƬ
ȭɁǜǔƋƬƞɁȭʊˁƋǒ˸ƬʁǔǞƋŘǜǔɁȭƖ
 ɤƋɦ ď
 ǒƬǞ˾ƬƞŘʊʊƬǜʊƞǔʊɡɁʊƬƞɁǏƞˁʁǔȭǷǜǒƬ˿ƬŘʁƙǔȭɁˁʁɁɡǔȭǔɁȭƙƞɁȭɁǜƋɁȭʊǜǔǜˁǜƬŘʊˁŽʊǜŘȭǜǔŘǚɡŘʁǜɁnjǜǒƬǞ˾ƬƞŘʊʊƬǜʊ
ɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞʊˁƋǒƞǔʊɡɁʊŘǚǒŘʊƙǔȭɁˁʁɁɡǔȭǔɁȭƙȭɁǜŘǏƬƋǜƬƞǜǒƬǷɁǔȭǷƋɁȭƋƬʁȭʊǜŘǜˁʊɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ

ANNUAL REPORT 2013-14

ÄÂÂĘijõFñÏõďʹ̋ɍʯȊɍǮ
 ǣȴ

ɤǔǔǔɦ “ȭʁƬʊɡƬƋǜɁnjǔǜʊǔȭ˸ƬȭǜɁʁ˿ƕ
 ɤŘɦ ÄʊƬ˾ɡǚŘǔȭƬƞǜɁˁʊƙǜǒƬǔȭ˸ƬȭǜɁʁǔƬʊ˹ƬʁƬɡǒ˿ʊǔƋŘǚǚ˿˸ƬʁǔǞƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜŘǜʁƬŘʊɁȭŘŽǚƬǔȭǜƬʁ˸ŘǚʊƖ
 ɤŽɦ “ ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬɡʁɁƋƬƞˁʁƬʊɁnjɡǒ˿ʊǔƋŘǚ
˸ƬʁǔǞƋŘǜǔɁȭɁnjǔȭ˸ƬȭǜɁʁǔƬʊnjɁǚǚɁ˹ƬƞŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜ˹ƬʁƬʁƬŘʊɁȭŘŽǚƬŘȭƞŘƞƬɴˁŘǜƬǔȭʁƬǚŘǜǔɁȭǜɁǜǒƬʊǔ˘ƬɁnj
ǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒƬȭŘǜˁʁƬɁnjǔǜʊŽˁʊǔȭƬʊʊƖ
 ɤƋɦ “ ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬ,ɁȧɡŘȭ˿ǒŘʊȧŘǔȭǜŘǔȭƬƞ
ɡʁɁɡƬʁʁƬƋɁʁƞʊɁnjǔǜʊǔȭ˸ƬȭǜɁʁǔƬʊŘȭƞȭɁȧŘǜƬʁǔŘǚƞǔʊƋʁƬɡŘȭƋǔƬʊ˹ƬʁƬȭɁǜǔƋƬƞɁȭɡǒ˿ʊǔƋŘǚ˸ƬʁǔǞƋŘǜǔɁȭƖ
ɤǔ˸ɦ “ ȭʁƬʊɡƬƋǜɁnjǚɁŘȭʊƙʊƬƋˁʁƬƞɁʁˁȭʊƬƋˁʁƬƞƙǷʁŘȭǜƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿ǜɁƋɁȧɡŘȭǔƬʊƙǞʁȧʊɁʁɁǜǒƬʁɡŘʁǜǔƬʊƋɁ˸ƬʁƬƞǔȭ
ǜǒƬõƬǷǔʊǜƬʁȧŘǔȭǜŘǔȭƬƞˁȭƞƬʁăƬƋǜǔɁȭʯ̋ɍɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜɍȳǣȴƙŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊ
Ƿǔ˸ƬȭǜɁˁʊƕ
 ɤŘɦ ď
 ǒƬ,ɁȧɡŘȭ˿ǒŘʊǷʁŘȭǜƬƞǚɁŘȭʊŘǷǷʁƬǷŘǜǔȭǷ` ʯɍɍƖ̋ÀǔǚǚǔɁȭǜɁɁȭƬɡŘʁǜ˿ƞˁʁǔȭǷǜǒƬ˿ƬŘʁƖÄǜǜǒƬ˿ƬŘʁȊƬȭƞƙǜǒƬ
outstanding balances of such loans granted was ` ÂǔǚŘȭƞǜǒƬȧŘ˾ǔȧˁȧŘȧɁˁȭǜǔȭ˸Ɂǚ˸ƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ˹Řʊ
` ƶʕƶƖǮÀǔǚǚǔɁȭɤȭˁȧŽƬʁɁnjɡŘʁǜǔƬʊȊɁȭƬɦƖ
 ɤŽɦ ď
 ǒƬʁŘǜƬɁnjǔȭǜƬʁƬʊǜŘȭƞɁǜǒƬʁǜƬʁȧʊŘȭƞƋɁȭƞǔǜǔɁȭʊɁnjʊˁƋǒǚɁŘȭʊŘʁƬƙǔȭɁˁʁɁɡǔȭǔɁȭƙɡʁǔȧŘnjŘƋǔƬȭɁǜɡʁƬǖˁƞǔƋǔŘǚǜɁ
ǜǒƬǔȭǜƬʁƬʊǜɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ
 ɤƋɦ ďǒƬʁƬƋƬǔɡǜʊɁnjɡʁǔȭƋǔɡŘǚŘȧɁˁȭǜʊŘȭƞǔȭǜƬʁƬʊǜǒŘ˸ƬŽƬƬȭʁƬǷˁǚŘʁŘʊɡƬʁʊǜǔɡˁǚŘǜǔɁȭʊƖ
 ɤƞɦ ďǒƬʁƬŘʁƬȭɁɁ˸ƬʁƞˁƬɡʁǔȭƋǔɡŘǚŘȧɁˁȭǜʊŘȭƞǔȭǜƬʁƬʊǜʁƬȧŘǔȭǔȭǷɁˁǜʊǜŘȭƞǔȭǷŘʊŘǜǜǒƬ˿ƬŘʁȊƬȭƞƖ
 ďǒƬ,ɁȧɡŘȭ˿ǒŘʊȭɁǜǜŘǘƬȭŘȭ˿ǚɁŘȭʊƙʊƬƋˁʁƬƞɁʁˁȭʊƬƋˁʁƬƞƙnjʁɁȧƋɁȧɡŘȭǔƬʊƙǞʁȧʊɁʁɁǜǒƬʁɡŘʁǜǔƬʊǚǔʊǜƬƞǔȭǜǒƬ
õƬǷǔʊǜƬʁȧŘǔȭǜŘǔȭƬƞˁȭƞƬʁăƬƋǜǔɁȭʯ̋ɍɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴƖ
ɤ˸ɦ “ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǒŘ˸ǔȭǷʁƬǷŘʁƞǜɁǜǒƬƬ˾ɡǚŘȭŘǜǔɁȭʊǜǒŘǜ
some of the items purchased are of a special nature and suitable alternative sources are not readily available for obtaining
ƋɁȧɡŘʁŘŽǚƬɴˁɁǜŘǜǔɁȭʊƙǜǒƬʁƬǔʊŘȭŘƞƬɴˁŘǜƬǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʊ˿ʊǜƬȧƋɁȧȧƬȭʊˁʁŘǜƬ˹ǔǜǒǜǒƬʊǔ˘ƬɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒƬ
ȭŘǜˁʁƬɁnjǔǜʊŽˁʊǔȭƬʊʊ˹ǔǜǒʁƬǷŘʁƞǜɁɡˁʁƋǒŘʊƬʊɁnjǔȭ˸ƬȭǜɁʁ˿ŘȭƞǞ˾ƬƞŘʊʊƬǜʊŘȭƞǜǒƬʊŘǚƬɁnjǷɁɁƞʊŘȭƞʊƬʁ˸ǔƋƬʊƖ<ˁʁǔȭǷǜǒƬ
ƋɁˁʁʊƬɁnjɁˁʁŘˁƞǔǜƙ˹ƬǒŘ˸ƬȭɁǜɁŽʊƬʁ˸ƬƞŘȭ˿ȧŘǖɁʁ˹ƬŘǘȭƬʊʊǔȭʊˁƋǒǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʊ˿ʊǜƬȧƖ
ɤ˸ǔɦ “ȭʁƬʊɡƬƋǜɁnjƋɁȭǜʁŘƋǜʊɁʁŘʁʁŘȭǷƬȧƬȭǜʊƬȭǜƬʁƬƞǔȭǜǒƬõƬǷǔʊǜƬʁȧŘǔȭǜŘǔȭƬƞǔȭɡˁʁʊˁŘȭƋƬɁnjăƬƋǜǔɁȭʯ̋ɍɁnjǜǒƬ,ɁȧɡŘȭǔƬʊ
ÄƋǜƙɍȳǣȴƙǜɁǜǒƬŽƬʊǜɁnjɁˁʁǘȭɁ˹ǚƬƞǷƬŘȭƞŽƬǚǔƬnjŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƕ
 ɤŘɦ ď
 ǒƬɡŘʁǜǔƋˁǚŘʁʊɁnjƋɁȭǜʁŘƋǜʊɁʁŘʁʁŘȭǷƬȧƬȭǜʊʁƬnjƬʁʁƬƞǜɁǔȭăƬƋǜǔɁȭʯ̋ɍǜǒŘǜȭƬƬƞƬƞǜɁŽƬƬȭǜƬʁƬƞǔȭǜɁǜǒƬ
õƬǷǔʊǜƬʁȧŘǔȭǜŘǔȭƬƞˁȭƞƬʁǜǒƬʊŘǔƞăƬƋǜǔɁȭǒŘ˸ƬŽƬƬȭʊɁƬȭǜƬʁƬƞƖ
  ǒƬʁƬƬŘƋǒɁnjʊˁƋǒǜʁŘȭʊŘƋǜǔɁȭɤƬ˾ƋǚˁƞǔȭǷǚɁŘȭʊʁƬɡɁʁǜƬƞˁȭƞƬʁɡŘʁŘǷʁŘɡǒɤǔ˸ɦŘŽɁ˸ƬɦǔʊǔȭƬ˾ƋƬʊʊɁnj` 5 lakhs in
ɤŽɦ Ķ
ʁƬʊɡƬƋǜɁnjŘȭ˿ɡŘʁǜ˿ƙǒŘ˸ǔȭǷʁƬǷŘʁƞǜɁɁˁʁƋɁȧȧƬȭǜʊǔȭɡŘʁŘǷʁŘɡǒɤ˸ɦŘŽɁ˸ƬƙǜǒƬǜʁŘȭʊŘƋǜǔɁȭʊǒŘ˸ƬŽƬƬȭȧŘƞƬŘǜ
ɡʁǔƋƬʊ˹ǒǔƋǒŘʁƬɡʁǔȧŘnjŘƋǔƬʁƬŘʊɁȭŘŽǚƬǒŘ˸ǔȭǷʁƬǷŘʁƞǜɁǜǒƬɡʁƬ˸ŘǔǚǔȭǷȧŘʁǘƬǜɡʁǔƋƬʊŘǜǜǒƬʁƬǚƬ˸ŘȭǜǜǔȧƬƙɁǜǒƬʁ
ǜǒŘȭƋƬʁǜŘǔȭɡˁʁƋǒŘʊƬʊ˹ǒǔƋǒŘʁƬɁnjŘʊɡƬƋǔŘǚȭŘǜˁʁƬnjɁʁ˹ǒǔƋǒƋɁȧɡŘʁŘŽǚƬɴˁɁǜŘǜǔɁȭʊŘʁƬȭɁǜŘ˸ŘǔǚŘŽǚƬŘȭƞǔȭ
ʁƬʊɡƬƋǜɁnj˹ǒǔƋǒ˹ƬŘʁƬƙǜǒƬʁƬnjɁʁƬƙˁȭŘŽǚƬǜɁƋɁȧȧƬȭǜǔnjǜǒƬǜʁŘȭʊŘƋǜǔɁȭʊǒŘ˸ƬŽƬƬȭƋŘʁʁǔƬƞɁˁǜŘǜɡʁǔƋƬʊǒŘ˸ǔȭǷ
ʁƬǷŘʁƞǜɁǜǒƬɡʁƬ˸ŘǔǚǔȭǷȧŘʁǘƬǜɡʁǔƋƬʊŘǜǜǒƬʁƬǚƬ˸ŘȭǜǜǔȧƬƖ
ɤ˸ǔǔɦ “ ȭɁˁʁɁɡǔȭǔɁȭƙǜǒƬǔȭǜƬʁȭŘǚŘˁƞǔǜnjˁȭƋǜǔɁȭʊƋŘʁʁǔƬƞɁˁǜƞˁʁǔȭǷǜǒƬ˿ƬŘʁŽ˿ǞʁȧʊɁnj,ǒŘʁǜƬʁƬƞÄƋƋɁˁȭǜŘȭǜʊŘɡɡɁǔȭǜƬƞŽ˿
ǜǒƬÀŘȭŘǷƬȧƬȭǜǒŘ˸ƬŽƬƬȭƋɁȧȧƬȭʊˁʁŘǜƬ˹ǔǜǒǜǒƬʊǔ˘ƬɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒƬȭŘǜˁʁƬɁnjǔǜʊŽˁʊǔȭƬʊʊƖ
ɤ˸ǔǔǔɦ Ķ
 ƬǒŘ˸ƬŽʁɁŘƞǚ˿ʁƬ˸ǔƬ˹ƬƞǜǒƬƋɁʊǜʁƬƋɁʁƞʊȧŘǔȭǜŘǔȭƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿ɡˁʁʊˁŘȭǜǜɁǜǒƬ,ɁȧɡŘȭǔƬʊɤ,ɁʊǜÄƋƋɁˁȭǜǔȭǷ
õƬƋɁʁƞʊɦõˁǚƬʊƙʹ̋ɍɍŘȭƞǜǒƬ,ɁʊǜÄƋƋɁˁȭǜǔȭǷõƬƋɁʁƞʊɤñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁ˿ɦõˁǚƬʊƙʹ̋ɍɍɡʁƬʊƋʁǔŽƬƞŽ˿ǜǒƬ,ƬȭǜʁŘǚ
Ɂ˸ƬʁȭȧƬȭǜˁȭƞƬʁăƬƋǜǔɁȭʹ̋ȳɤɍɦɤƞɦɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴŘȭƞŘʁƬɁnjǜǒƬɁɡǔȭǔɁȭǜǒŘǜprima facie the prescribed
ƋɁʊǜʁƬƋɁʁƞʊǒŘ˸ƬŽƬƬȭȧŘƞƬŘȭƞȧŘǔȭǜŘǔȭƬƞƖĶƬǒŘ˸ƬƙǒɁ˹Ƭ˸ƬʁƙȭɁǜȧŘƞƬŘƞƬǜŘǔǚƬƞƬ˾ŘȧǔȭŘǜǔɁȭɁnjǜǒƬƋɁʊǜʁƬƋɁʁƞʊ
˹ǔǜǒŘ˸ǔƬ˹ǜɁƞƬǜƬʁȧǔȭƬ˹ǒƬǜǒƬʁǜǒƬ˿ŘʁƬŘƋƋˁʁŘǜƬɁʁƋɁȧɡǚƬǜƬƖ
ɤǔ˾ɦ ÄƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǔȭʁƬʊɡƬƋǜɁnjʊǜŘǜˁǜɁʁ˿ƞˁƬʊƕ
 ɤŘɦ ď
 ǒƬ,ɁȧɡŘȭ˿ǒŘʊǷƬȭƬʁŘǚǚ˿ŽƬƬȭʁƬǷˁǚŘʁǔȭƞƬɡɁʊǔǜǔȭǷˁȭƞǔʊɡˁǜƬƞʊǜŘǜˁǜɁʁ˿ƞˁƬʊƙǔȭƋǚˁƞǔȭǷñʁɁ˸ǔƞƬȭǜhˁȭƞƙ
“ȭ˸ƬʊǜɁʁFƞˁƋŘǜǔɁȭŘȭƞñʁɁǜƬƋǜǔɁȭhˁȭƞƙFȧɡǚɁ˿ƬƬʊɻăǜŘǜƬ“ȭʊˁʁŘȭƋƬƙ“ȭƋɁȧƬďŘ˾ƙăŘǚƬʊďŘ˾ƙĶƬŘǚǜǒďŘ˾ƙ
ăƬʁ˸ǔƋƬďŘ˾ƙ,ˁʊǜɁȧʊ<ˁǜ˿ƙF˾ƋǔʊƬ<ˁǜ˿ŘȭƞɁǜǒƬʁȧŘǜƬʁǔŘǚʊǜŘǜˁǜɁʁ˿ƞˁƬʊŘɡɡǚǔƋŘŽǚƬǜɁǔǜ˹ǔǜǒǜǒƬŘɡɡʁɁɡʁǔŘǜƬ
ŘˁǜǒɁʁǔǜǔƬʊƖ
 ɤŽɦ ď
 ǒƬʁƬ˹ƬʁƬȭɁˁȭƞǔʊɡˁǜƬƞŘȧɁˁȭǜʊɡŘ˿ŘŽǚƬǔȭʁƬʊɡƬƋǜɁnjñʁɁ˸ǔƞƬȭǜhˁȭƞƙ“ȭ˸ƬʊǜɁʁFƞˁƋŘǜǔɁȭŘȭƞñʁɁǜƬƋǜǔɁȭ
hˁȭƞƙFȧɡǚɁ˿ƬƬʊɻăǜŘǜƬ“ȭʊˁʁŘȭƋƬƙ“ȭƋɁȧƬďŘ˾ƙăŘǚƬʊďŘ˾ƙĶƬŘǚǜǒďŘ˾ƙăƬʁ˸ǔƋƬďŘ˾ƙ,ˁʊǜɁȧʊ<ˁǜ˿ƙF˾ƋǔʊƬ<ˁǜ˿Řȭƞ

ăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³ď<Ɩ
 Corporate Overview Statutory Reports Financial Statements
ǣʕ
Independent Auditors’ Report

ɁǜǒƬʁȧŘǜƬʁǔŘǚʊǜŘǜˁǜɁʁ˿ƞˁƬʊǔȭŘʁʁƬŘʁʊŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮnjɁʁŘɡƬʁǔɁƞɁnjȧɁʁƬǜǒŘȭʊǔ˾ȧɁȭǜǒʊnjʁɁȧǜǒƬƞŘǜƬ
they became payaŽǚƬƖ
 ɤƋɦ <
 ƬǜŘǔǚʊɁnjƞˁƬʊɁnj“ȭƋɁȧƬďŘ˾ƙăŘǚƬʊďŘ˾ƙĶƬŘǚǜǒďŘ˾ƙ,ˁʊǜɁȧʊ<ˁǜ˿ŘȭƞF˾ƋǔʊƬ<ˁǜ˿˹ǒǔƋǒǒŘ˸ƬȭɁǜŽƬƬȭ
ƞƬɡɁʊǔǜƬƞŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮɁȭŘƋƋɁˁȭǜɁnjƞǔʊɡˁǜƬʊƙŘʁƬǷǔ˸ƬȭŽƬǚɁ˹ƕ
Statute ÂŘǜˁʁƬɁnj<ˁƬʊ Forum where dispute is Period to which the amount relates Amount involved
pending ɤ`“ȭÀǔǚǚǔɁȭɦ
“ȭƋɁȧƬďŘ˾ÄƋǜƙ “ȭƋɁȧƬďŘ˾ƙ“ȭǜƬʁƬʊǜ Commissioner ɍȳȳƶȊȳȳƙʹ̋̋ǮȊ̋ǣƙʹ̋̋ʕȊ̋ƶƙʹ̋̋ƶȊ ʹƙȴȳʹƖȴ
ɍȳȴɍ and Penalty ̋ȳŘȭƞʹ̋̋ȳȊɍ̋
Tribunal ɍȳȳʕȊȳƶ ̋Ɩʹ
ăŘǚƬʊďŘ˾ÄƋǜ ăŘǚƬʊďŘ˾ƙ“ȭǜƬʁƬʊǜŘȭƞ ÄʊʊǔʊǜŘȭǜʤ<Ƭɡˁǜ˿ʤ ɍȳȳƶȊȳȳǜɁʹ̋̋̋Ȋ̋ɍƙʹ̋̋ʯȊ̋Ǯƙ ʕƖǣ
ɤĴŘʁǔɁˁʊăǜŘǜƬʊɦ Penalty Joint Commissioner ʹ̋̋ǮȊ̋ǣƙʹ̋̋ʕȊ̋ƶƙʹ̋̋ƶȊ̋ȳŘȭƞ
ʹ̋ɍ̋Ȋɍɍ
Tribunal ɍȳȳƶȊȳȳǜɁʹ̋̋ǮȊ̋ǣ ʯƖʕ
Appellate Authority ʹ̋̋ȴȊ̋ʕǜɁʹ̋̋ȳȊɍ̋ ʹƖʹ
High Court ɍȳȳȳȊ̋̋ƙʹ̋̋ɍȊ̋ʹǜɁʹ̋̋ʯȊ̋Ǯƙ ʹʹƖ̋
ʹ̋̋ǣȊ̋ȴǜɁʹ̋ɍ̋Ȋɍɍ
ĶƬŘǚǜǒďŘ˾ÄƋǜƙ ĶƬŘǚǜǒďŘ˾ Commissioner ʹ̋ɍ̋Ȋɍɍ ̋Ɩɍ
ɍȳǣʕ
Tribunal ʹ̋̋ʹȊ̋ʯŘȭƞʹ̋̋ʯȊ̋Ǯƙʹ̋̋ʕȊ̋ƶǜɁ ̋ƖǮ
ʹ̋̋ȳȊɍ̋
,ˁʊǜɁȧʊÄƋǜƙɍȳȴʹ ,ˁʊǜɁȧ<ˁǜ˿ƙñƬȭŘǚǜ˿ High Court ʹ̋̋̋Ȋ̋ɍ ɍǮƖȴ
and Interest
ďǒƬ,ƬȭǜʁŘǚF˾ƋǔʊƬ F˾ƋǔʊƬ<ˁǜ˿ƙ“ȭǜƬʁƬʊǜ ÄʊʊǔʊǜŘȭǜʤ<Ƭɡˁǜ˿ʤ ɍȳȳƶȊȳȳǜɁʹ̋ɍʯȊɍǮ ƶȴǣƖɍ
ÄƋǜƙɍȳǮǮ and Penalty Joint Commissioner
Tribunal ʹ̋̋ɍȊ̋ʹǜɁʹ̋ɍʹȊɍʯ ǮȳǮƖ̋
High Court ɍȳƶȳȊȳ̋ǜɁɍȳȳƶȊȳȳƙʹ̋̋ʹȊ̋ʯǜɁ ʹʕƖǣ
ʹ̋̋ǮȊ̋ǣ
Supreme Court ɍȳȳǣȊȳȴǜɁʹ̋̋ʯȊ̋Ǯ ɍƶƖȴ
  ďǒƬʁƬ˹ƬʁƬȭɁˁȭɡŘǔƞƞǔʊɡˁǜƬƞƞˁƬʊǔȭʁƬʊɡƬƋǜɁnjʊƬʁ˸ǔƋƬǜŘ˾ƞˁʁǔȭǷǜǒƬ˿ƬŘʁƖ
ɤ˾ɦ “ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬ,ɁȧɡŘȭ˿ǒŘʊȭɁǜƞƬnjŘˁǚǜƬƞǔȭǜǒƬʁƬɡŘ˿ȧƬȭǜ
of dues to baȭǘʊƖďǒƬ,ɁȧɡŘȭ˿ƞɁƬʊȭɁǜǒŘ˸ƬŘȭ˿ƞˁƬʊǜɁǞȭŘȭƋǔŘǚǔȭʊǜǔǜˁǜǔɁȭʊŘȭƞǒŘʊȭɁǜǔʊʊˁƬƞŘȭ˿ƞƬŽƬȭǜˁʁƬʊƖ
ɤ˾ǔɦ “ ȭɁˁʁɁɡǔȭǔɁȭƙǜǒƬ,ɁȧɡŘȭ˿ǒŘʊȧŘǔȭǜŘǔȭƬƞŘƞƬɴˁŘǜƬʁƬƋɁʁƞʊ˹ǒƬʁƬǔǜǒŘʊǷʁŘȭǜƬƞǚɁŘȭʊŘȭƞŘƞ˸ŘȭƋƬʊɁȭǜǒƬŽŘʊǔʊɁnj
ʊƬƋˁʁǔǜ˿Ž˿˹Ř˿ɁnjɡǚƬƞǷƬɁnjʊǒŘʁƬʊƖďǒƬ,ɁȧɡŘȭ˿ǒŘʊȭɁǜǷʁŘȭǜƬƞŘȭ˿ǚɁŘȭʊŘȭƞŘƞ˸ŘȭƋƬʊɁȭǜǒƬŽŘʊǔʊɁnjʊƬƋˁʁǔǜ˿Ž˿
˹Ř˿ɁnjɡǚƬƞǷƬɁnjƞƬŽƬȭǜˁʁƬʊŘȭƞɁǜǒƬʁʊƬƋˁʁǔǜǔƬʊƖ
ɤ˾ǔǔɦ “ ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬǜƬʁȧʊŘȭƞƋɁȭƞǔǜǔɁȭʊɁnjǜǒƬ
ǷˁŘʁŘȭǜƬƬʊǷǔ˸ƬȭŽ˿ǜǒƬ,ɁȧɡŘȭ˿njɁʁǚɁŘȭʊǜŘǘƬȭŽ˿ɁǜǒƬʁʊnjʁɁȧŽŘȭǘʊŘȭƞǞȭŘȭƋǔŘǚǔȭʊǜǔǜˁǜǔɁȭʊƙŘʁƬȭɁǜprima facie
ɡʁƬǖˁƞǔƋǔŘǚǜɁǜǒƬǔȭǜƬʁƬʊǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿Ɩ
ɤ˾ǔǔǔɦ “ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙǜǒƬǜƬʁȧǚɁŘȭʊǒŘ˸ƬŽƬƬȭŘɡɡǚǔƬƞŽ˿ǜǒƬ
,ɁȧɡŘȭ˿ƞˁʁǔȭǷǜǒƬ˿ƬŘʁnjɁʁǜǒƬɡˁʁɡɁʊƬʊnjɁʁ˹ǒǔƋǒǜǒƬ˿˹ƬʁƬɁŽǜŘǔȭƬƞƖ
ɤ˾ǔ˸ɦ“ȭɁˁʁɁɡǔȭǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊŘȭƞɁȭŘȭɁ˸ƬʁŘǚǚƬ˾ŘȧǔȭŘǜǔɁȭɁnjǜǒƬ
*ŘǚŘȭƋƬăǒƬƬǜɁnjǜǒƬ,ɁȧɡŘȭ˿ƙ˹ƬʁƬɡɁʁǜǜǒŘǜǜǒƬnjˁȭƞʊʁŘǔʊƬƞɁȭʊǒɁʁǜȊǜƬʁȧŽŘʊǔʊǒŘ˸ƬƙɡʁǔȧŘnjŘƋǔƬƙȭɁǜŽƬƬȭˁʊƬƞ
ƞˁʁǔȭǷǜǒƬ˿ƬŘʁnjɁʁǚɁȭǷȊǜƬʁȧǔȭ˸ƬʊǜȧƬȭǜƖ
ɤ˾˸ɦ ď
 ɁǜǒƬŽƬʊǜɁnjɁˁʁǘȭɁ˹ǚƬƞǷƬŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙȭɁnjʁŘˁƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿
and no material fraud on the Company hŘʊŽƬƬȭȭɁǜǔƋƬƞɁʁʁƬɡɁʁǜƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁƖ
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
ɤhǔʁȧɻʊõƬǷǔʊǜʁŘǜǔɁȭÂɁƖɍɍʕʯȴȴĶʤĶȊɍ̋̋̋ɍƶɦ

Rajesh K. Hiranandani
Partner
 ɤÀƬȧŽƬʁʊǒǔɡÂɁƖʯȴȳʹ̋ɦ
ÀĘÀ*ēƙʹȳǜǒÀŘ˿ƙʹ̋ɍǮƅɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮŘʊǜɁƬǏƬƋǜǜǒƬȧŘǜǜƬʁʊƞǔʊƋˁʊʊƬƞˁȭƞƬʁǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŘŽɁ˸ƬƇ

ANNUAL REPORT 2013-14

ÄÂÂĘijõFñÏõďʹ̋ɍʯȊɍǮ
 ǣƶ

*ijÄÂ,FăŒFFď
ŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million

ÂɁǜƬÂɁƖ As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 1 ʹƙ̋ʕɍƖʹ ɍƙ̋ʯǣƖȴ
Reserves and Surplus ʹ ʕʹƙ̋̋ʕƖȴ ʕǮƙ̋ʕƶƖƶ ʕȴƙƶǣʯƖʹ ʕʕƙƶƶƶƖƶ
Non-current Liabilities
³ɁȭǷȊǜƬʁȧ*ɁʁʁɁ˹ǔȭǷʊ 3 ǮȴƖǮ ǮȴƖǮ
<ƬnjƬʁʁƬƞďŘ˾³ǔŘŽǔǚǔǜǔƬʊɤÂƬǜɦ 4 ɍƙȳʹƶƖǮ ɍƙȴǣǮƖɍ
ÏǜǒƬʁ³ɁȭǷȊǜƬʁȧ³ǔŘŽǔǚǔǜǔƬʊ 5 ɍʯƖƶ ɍ̋Ɩɍ
³ɁȭǷȊǜƬʁȧñʁɁ˸ǔʊǔɁȭʊ ȴ ʹǣƙʹǮɍƖȳ ʹʕƙʹʯ̋Ɩǣ ɍƙʯɍǮƖȳ ʯƙ̋ʹǣƖǣ
Current Liabilities
ăǒɁʁǜȊǜƬʁȧ*ɁʁʁɁ˹ǔȭǷʊ ʕ ʹǮƙ̋ǮʯƖʕ ʯƶǮƖȳ
Trade Payables ƶ ʯƙƶ̋̋Ɩȴ ʯƙȴʹǣƖɍ
ÏǜǒƬʁ,ˁʁʁƬȭǜ³ǔŘŽǔǚǔǜǔƬʊ ȳ ʹƙʯʯȴƖɍ ɍƙǮǣɍƖǣ
ăǒɁʁǜȊǜƬʁȧñʁɁ˸ǔʊǔɁȭʊ ɍ̋ ȴƙƶƶ̋Ɩʯ ʯʕƙ̋ȴ̋Ɩʕ ȴƙ̋ƶȳƖɍ ɍɍƙǣǣ̋Ɩȴ
Total 138,370.0 92,464.9
ASSETS
Non-current Assets
Fixed Assets
Tangible Assets 11A ɍʹƙǣʕǣƖȴ ɍɍƙʯǮʕƖȴ
Intangible Assets 11B ȳȴƖɍ ɍ̋Ɩʯ
,ŘɡǔǜŘǚĶɁʁǘȊǔȭȊñʁɁǷʁƬʊʊ Ǯƙƶ̋ǮƖȴ ʯƙǮƶ̋ƖǮ
ɍʕƙǮʕȴƖʯ ɍǮƙƶʯƶƖʯ
ÂɁȭȊƋˁʁʁƬȭǜ“ȭ˸ƬʊǜȧƬȭǜʊ ɍʹ ȴɍƙǣǣʕƖʯ ʯʯƙʕȴǮƖȳ
³ɁȭǷȊǜƬʁȧ³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ 13 ʕƙȴɍǮƖȳ Ǯƙȳɍ̋Ɩȳ
ÏǜǒƬʁÂɁȭȊƋˁʁʁƬȭǜÄʊʊƬǜʊ 14 ɍƖɍ ƶȴƙȴǮȳƖȴ ʕƶƖʯ ǣʯƙǣȳʹƖǮ
Current Assets
Current Investments 15 ƶƙȴ̋̋Ɩ̋ ȳƙǮɍ̋Ɩǣ
Inventories ɍȴ ȳƙɍƶʯƖƶ ƶƙȴƶʕƖȴ
Trade Receivables ɍʕ ǮƙǣʹʕƖǣ ʕƙʯʕǣƖʯ
,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ ɍƶ ɍƙǮɍǮƖƶ ǮƙʯɍɍƖʹ
ăǒɁʁǜȊǜƬʁȧ³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ ɍȳ ʯƙ̋ȳʯƖʹ ƶƙǮȳǣƖ̋
Other Current Assets ʹ̋ ʹǮƙȳ̋ɍƖɍ ǣɍƙʕʹ̋ƖǮ ǣȳʹƖȳ ʯƶƙƶʕʹƖǣ
Total 138,370.0 92,464.9

See accompanying notes forming part of the Financial Statements

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP For and on behalf of the Board
Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner ÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ

ăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³ď<Ɩ
 Corporate Overview Statutory Reports Financial Statements
ǣȳ
*ŘǚŘȭƋƬăǒƬƬǜʤ
ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ

ăďÄďFÀFÂďÏhñõÏh“ďÄÂ<³Ïăă
hɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million

Year ended Year ended

ÂɁǜƬÂɁƖ
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Revenue from Operations ʹɍ ʹȳƙʹƶʹƖǣ ʹǣƙɍƶǮƖȳ
³ƬʊʊƕF˾ƋǔʊƬ<ˁǜ˿ ȳȳǮƖȴ ƶȴʯƖǣ
ʹƶƙʹƶʕƖȳ ʹǮƙʯʹɍƖǮ
Other Income ʹʹ ɍƙǣȳʯƖƶ ʹƙʯȴɍƖʕ
Total Revenue 29,881.7 26,683.1

Expenses
Cost of Materials Consumed ʹʯ ƶƙȳǮȴƖʹ ʕƙ̋ǣʕƖȳ
ñˁʁƋǒŘʊƬʊɁnjăǜɁƋǘȊǔȭȊďʁŘƞƬ ʯʹ ɍƙƶǣ̋ƖǮ ʹƙ̋̋ȳƖȴ
,ǒŘȭǷƬʊǔȭ“ȭ˸ƬȭǜɁʁǔƬʊɁnjhǔȭǔʊǒƬƞɁɁƞʊƙ ʹǮ ɤɍǮǣƖʯɦ ɤɍ̋ǣƖʯɦ
ĶɁʁǘȊǔȭȊñʁɁǷʁƬʊʊŘȭƞăǜɁƋǘȊǔȭȊďʁŘƞƬ
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊF˾ɡƬȭʊƬ ʹǣ ʹƙʕȳȴƖʯ ʹƙʯǮƶƖʕ
<ƬɡʁƬƋǔŘǜǔɁȭŘȭƞÄȧɁʁǜǔʊŘǜǔɁȭF˾ɡƬȭʊƬ 11 ɍƙ̋ɍȳƖǮ ƶǣƶƖʹ
ÏǜǒƬʁF˾ɡƬȭʊƬʊ ʹȴ ɍǮƙȴȴȳƖȴ ʕƙƶƶʯƖʕ
Total Expenses 29,136.6 20,052.8

ñʁɁǞǜ*ƬnjɁʁƬF˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧŘȭƞďŘ˾ ʕǮǣƖɍ ȴƙȴʯ̋Ɩʯ

F˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧ Ǯƶɤǔǔǔɦ ɤʹƶƙʕǣȴƖ̋ɦ Ȋ

ɤ³ɁʊʊɦʤñʁɁǞǜ*ƬnjɁʁƬďŘ˾ ɤʹƶƙ̋ɍ̋Ɩȳɦ ȴƙȴʯ̋Ɩʯ

Tax Expense:
,ˁʁʁƬȭǜďŘ˾ Ǯʕ Ȋ ɍƙɍǮȳƖƶ
<ƬnjƬʁʁƬƞďŘ˾ ʹʕǮƖʯ ʹʕǮƖʯ ʯɍǣƖ̋ ɍƙǮȴǮƖƶ

ɤ³ɁʊʊɦʤñʁɁǞǜnjɁʁǜǒƬłƬŘʁ (28,285.2) 5,165.5

Earnings per Share

*ŘʊǔƋŘȭƞ<ǔǚˁǜƬƞɤ`ɦhŘƋƬĴŘǚˁƬɡƬʁFɴˁǔǜ˿ʊǒŘʁƬȊ` 1 ʯȳ ɤɍʯƖʕɦ ʹƖǣ

See accompanying notes forming part of the Financial Statements

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP For and on behalf of the Board
Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner ÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ

ANNUAL REPORT 2013-14

ÄÂÂĘijõFñÏõďʹ̋ɍʯȊɍǮ
 ȴ̋

,ÄăŒh³ÏĶăďÄďFÀFÂď
hɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
A. CASH FLOW FROM OPERATING ACTIVITIES
ɤ³ɁʊʊɦʤñʁɁǞǜ*ƬnjɁʁƬďŘ˾ ɤʹƶƙ̋ɍ̋Ɩȳɦ ȴƙȴʯ̋Ɩʯ
ÄƞǖˁʊǜȧƬȭǜʊnjɁʁƕ
<ƬɡʁƬƋǔŘǜǔɁȭŘȭƞÄȧɁʁǜǔʊŘǜǔɁȭF˾ɡƬȭʊƬ ɍƙ̋ɍȳƖǮ ƶǣƶƖʹ
³ɁʊʊɁȭăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊɤȭƬǜɦ ʹɍƖɍ ȴƖ̋
Finance Costs ɍƶʯƖƶ ǮƖǮ
Interest Income ɤƶȳ̋Ɩȴɦ ɤʹƙ̋ʹȳƖȴɦ
<ǔ˸ǔƞƬȭƞ“ȭƋɁȧƬ ɤ̋Ɩʹɦ ɤ̋Ɩʹɦ
ÂƬǜŘǔȭɁȭăŘǚƬɁnj“ȭ˸ƬʊǜȧƬȭǜʊ ɤƶɍʯƖʹɦ ɤʯ̋ʕƖʹɦ
“ȭ˸ƬʊǜȧƬȭǜʊĶʁǔǜǜƬȭɁǏ ̋Ɩʹ Ȋ
ñʁɁ˸ǔʊǔɁȭʤĶʁǔǜƬɁǏnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊʤÄƞ˸ŘȭƋƬʊ ȳʕƖʕ ȳɍƖǣ
ÂƬǜ³ɁʊʊʤɤŘǔȭɦɁȭ,ŘȭƋƬǚǚŘǜǔɁȭɁnjhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ Ȋ ɍȳ̋Ɩʕ
ÂƬǜĘȭʁƬŘǚǔʊƬƞhɁʁƬǔǷȭF˾ƋǒŘȭǷƬ³Ɂʊʊ ƶɍʯƖʕ Ǯǣ̋Ɩǣ
ÏɡƬʁŘǜǔȭǷɤ³ɁʊʊɦʤñʁɁǞǜ*ƬnjɁʁƬĶɁʁǘǔȭǷ,ŘɡǔǜŘǚ,ǒŘȭǷƬʊ ɤʹʕƙǣʕȳƖ̋ɦ ǣƙƶȳǮƖȴ

,ǒŘȭǷƬʊǔȭ˹ɁʁǘǔȭǷƋŘɡǔǜŘǚƕ
Adjustments for (Increase) / Decrease in Operating Assets:
Inventories ɤǮȳȴƖʹɦ ɤʹƙʹƶȴƖȳɦ
Trade Receivables ʯƙǮ̋ǣƖʹ ɤʹʕʕƖɍɦ
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ ɤȳʯʹƖȳɦ ɤȴǮɍƖǣɦ
Other Assets ɤʹǮƙʯȳʕƖɍɦ ɤɍǣ̋ƖǮɦ

Adjustments for Increase / (Decrease) in Operating Liabilities:

Trade Payables ɍȴƶƖƶ ɤʯȴʯƖʯɦ
ÏǜǒƬʁ³ǔŘŽǔǚǔǜǔƬʊ ƶƶʯƖȴ ʕʯɍƖȳ
Provisions ʹȴƙʯƶǮƖʕ ɤɍǣǮƖȳɦ
Cash Generated from Operations ɤʹʹƙǣȴʹƖȳɦ ʹƙʕǣʹƖǮ
ÂƬǜ“ȭƋɁȧƬďŘ˾ñŘǔƞ ɤɍƙǮƶʕƖʕɦ ɤɍƙȴƶʕƖȴɦ
Net Cash Flow from / (used in) Operating Activities (A) ɤʹǮƙ̋ǣ̋Ɩȴɦ ɍƙ̋ȴǮƖƶ

B. CASH FLOW FROM INVESTING ACTIVITIES

,ŘɡǔǜŘǚF˾ɡƬȭƞǔǜˁʁƬɁȭhǔ˾ƬƞÄʊʊƬǜʊƙǔȭƋǚˁƞǔȭǷ,ŘɡǔǜŘǚÄƞ˸ŘȭƋƬʊ ɤǮƙʯǮʯƖʹɦ ɤǮƙʹȳǣƖǮɦ
ñʁɁƋƬƬƞʊnjʁɁȧăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ ʹ̋Ɩȴ ɍ̋Ɩȳ
ăǒɁʁǜȊǜƬʁȧ³ɁŘȭʊʤ“ȭǜƬʁ,ɁʁɡɁʁŘǜƬ<ƬɡɁʊǔǜʊ
ǔ˸ƬȭʤñǚŘƋƬƞ ɤȴƙȴȳǮƖɍɦ ɤȳƙȳʯɍƖǮɦ
õƬƋƬǔ˸ƬƞŽŘƋǘʤÀŘǜˁʁƬƞ ȳƙʕȳȴƖ̋ ƶƙȴʹ̋Ɩƶ
Purchase of Investments
Subsidiary Companies ɤȴƙɍȴʹƖʹɦ ɤɍʯƙɍȴǮƖȳɦ

ăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³ď<Ɩ
 Corporate Overview Statutory Reports Financial Statements
ȴɍ
Cash Flow Statement

,ÄăŒh³ÏĶăďÄďFÀFÂď
hɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Others ɤɍȳǮƙǣʯƶƖʕɦ ɤɍǣʯƙȴʹƶƖʕɦ
Proceeds from Sale of Investments ʹ̋ɍƙȳɍʹƖʕ ɍǮʕƙʕʹǣƖǮ
Net realisation from Investment in erstwhile Partnership Firms ʹƙȴȳʕƖǮ ɍʕƙƶƶ̋Ɩƶ
*Řȭǘ*ŘǚŘȭƋƬʊȭɁǜƋɁȭʊǔƞƬʁƬƞŘʊ,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ
hǔ˾Ƭƞ<ƬɡɁʊǔǜʊñǚŘƋƬƞ ɤǣʯǣƖǮɦ ɤɍƙȳʕǮƖʯɦ
hǔ˾Ƭƞ<ƬɡɁʊǔǜʊÀŘǜˁʁƬƞ ɍƙȳʕɍƖȴ ɍɍƙǮȳʕƖʹ
Margin Money Placed ɤʕƖǮɦ ɤʹɍƖǮɦ
Margin Money Matured ɍʕƖǣ Ȋ
ÂƬǜŘǔȭɁȭ,ŘȭƋƬǚǚŘǜǔɁȭɁnjhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ Ȋ ɤɍȳ̋Ɩʕɦ
Interest Received ɍƙ̋ǣȴƖǮ ʹƙ̋ʕȴƖȳ
<ǔ˸ǔƞƬȭƞõƬƋƬǔ˸Ƭƞ ̋Ɩʹ ̋Ɩʹ
ÂƬǜ,ŘʊǒhǚɁ˹njʁɁȧ“ȭ˸ƬʊǜǔȭǷÄƋǜǔ˸ǔǜǔƬʊɤ*ɦ ǣƙɍȳɍƖǮ Ǯƙȴ̋ǣƖǮ

C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Borrowings ʹǮƙ̋̋ʹƖ̋ ǮȴƖǮ
ÂƬǜ<ƬƋʁƬŘʊƬǔȭĶɁʁǘǔȭǷ,ŘɡǔǜŘǚ*ɁʁʁɁ˹ǔȭǷʊ ɤʯǮʯƖʹɦ ɤɍƶƖɍɦ
Finance Costs ɤɍƶʹƖǮɦ ɤʯƖ̋ɦ
<ǔ˸ǔƞƬȭƞʊñŘǔƞ ɤǣƙɍʕǣƖǮɦ ɤǮƙǮ̋ɍƖʹɦ
ďŘ˾Ɂȭ<ǔ˸ǔƞƬȭƞ ɤƶƶ̋Ɩ̋ɦ ɤʕɍǮƖ̋ɦ
Net Cash Flow from / (used in) Financing Activities (C) 17,421.0 (5,089.9)

ÂƬǜ“ȭƋʁƬŘʊƬʤɤ<ƬƋʁƬŘʊƬɦǔȭ,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊɤÄɯ*ɯ,ɦ ɤɍƙǮʯƶƖʹɦ ǣƶ̋Ɩʯ

,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊŘǜǜǒƬ*ƬǷǔȭȭǔȭǷɁnjǜǒƬłƬŘʁ ʹƙʹɍƶƖɍ ɍƙȴƶʕƖʹ
FǏƬƋǜɁnjF˾ƋǒŘȭǷƬ<ǔǏƬʁƬȭƋƬʊɁȭõƬʊǜŘǜƬȧƬȭǜɁnjhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ ɤɍȴƖʕɦ ɤǮȳƖǮɦ
,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ
Cash and Cash Equivalents at the end of the Year (Refer Note 18) 763.2 2,218.1

See accompanying notes forming part of the Financial Statements

In terms of our report attached

For DELOITTE HASKINS & SELLS LLP For and on behalf of the Board
Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner ÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ ÀˁȧŽŘǔƙɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮ

ANNUAL REPORT 2013-14

ÄÂÂĘijõFñÏõďʹ̋ɍʯȊɍǮ
 ȴʹ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

Number of Number of
1 SHARE CAPITAL Equity Shares
` in Million
Fɴˁǔǜ˿ăǒŘʁƬʊ
` in Million

Authorised
Fɴˁǔǜ˿ăǒŘʁƬʊɁnj` 1 each ʯƙ̋̋̋ƙ̋̋̋ƙ̋̋̋ ʯƙ̋̋̋Ɩ̋ ɍƙǣ̋̋ƙ̋̋̋ƙ̋̋̋ ɍƙǣ̋̋Ɩ̋
3,000,000,000 3,000.0 1,500,000,000 1,500.0

Issued, Subscribed and Fully Paid Up

Fɴˁǔǜ˿ăǒŘʁƬʊɁnj`ɍƬŘƋǒɤõƬnjƬʁÂɁǜƬʹȳɦ ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ ʹƙ̋ʕɍƖʹ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ
2,071,163,910 2,071.2 1,035,581,955 1,035.6

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

2 RESERVES AND SURPLUS
Capital Reserve
Opening Balance ʹǣȳƖɍ ʹǣȳƖɍ
ÄƞƞǔǜǔɁȭƞˁʁǔȭǷǜǒƬ˿ƬŘʁɤʁƬnjƬʁȭɁǜƬǮƶɤǔǔɦɦ ʹƶƙɍ̋ȳƖȳ Ȋ
Closing Balance ʹƶƙʯȴȳƖ̋ ʹǣȳƖɍ
Capital Redemption Reserve
Opening Balance ɍǣǮƖǣ ɍǣǮƖǣ
³ƬʊʊƕĘǜǔǚǔʊƬƞnjɁʁǔʊʊˁƬɁnjŽɁȭˁʊʊǒŘʁƬʊ ɍǣǮƖǣ Ȋ
Closing Balance Ȋ ɍǣǮƖǣ
Securities Premium Account
Opening Balance ɍǣƙ̋ȳȳƖɍ ɍǣƙ̋ȳȳƖɍ
³ƬʊʊƕĘǜǔǚǔʊƬƞnjɁʁǔʊʊˁƬɁnjŽɁȭˁʊʊǒŘʁƬʊ ƶƶɍƖɍ Ȋ
Closing Balance ɍǮƙʹɍƶƖ̋ ɍǣƙ̋ȳȳƖɍ
General Reserve
Opening Balance ʹȳƙʹȴ̋Ɩ̋ ʹƶƙʕǮ̋Ɩ̋
ÄƞƞƕďʁŘȭʊnjƬʁʁƬƞnjʁɁȧăˁʁɡǚˁʊǔȭăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ Ȋ ǣʹ̋Ɩ̋
³Ɂʊʊ
Closing Balance ʹȳƙʹȴ̋Ɩ̋ ʹȳƙʹȴ̋Ɩ̋
ăˁʁɡǚˁʊǔȭăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
Opening Balance ʯʹƙ̋ƶ̋Ɩǣ ʯʯƙǮȳʹƖȳ
Äƞƞƕɤ³ɁʊʊɦʤñʁɁǞǜnjɁʁǜǒƬ˿ƬŘʁ ɤʹƶƙʹƶǣƖʹɦ ǣƙɍȴǣƖǣ
³Ƭʊʊƕ<ǔ˸ǔƞƬȭƞɡʁɁɡɁʊƬƞǜɁŽƬƞǔʊǜʁǔŽˁǜƬƞǜɁFɴˁǔǜ˿ ʯƙɍ̋ȴƖʕ ǣƙɍʕʕƖȳ
ăǒŘʁƬǒɁǚƞƬʁʊƅ`ɍƖǣɤñʁƬ˸ǔɁˁʊłƬŘʁ `ǣƖ̋ɦɡƬʁăǒŘʁƬƇ
,ɁʁɡɁʁŘǜƬ<ǔ˸ǔƞƬȭƞďŘ˾ ǣʹƶƖ̋ ƶƶ̋Ɩ̋
ďʁŘȭʊnjƬʁʁƬƞǜɁƬȭƬʁŘǚõƬʊƬʁ˸Ƭ Ȋ ǣʹ̋Ɩ̋
ʯƙȴʯǮƖʕ ȴƙǣʕʕƖȳ
Closing Balance ɍȴ̋Ɩȴ ʯʹƙ̋ƶ̋Ɩǣ
72,007.6 76,853.2

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ȴʯ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

3 LONG-TERM BORROWINGS
ďƬʁȧ³ɁŘȭnjʁɁȧ<ƬɡŘʁǜȧƬȭǜɁnj*ǔɁǜƬƋǒȭɁǚɁǷ˿ɤăƬƋˁʁƬƞɦ ǮȴƖǮ ǮȴƖǮ
ɤăƬƋˁʁƬƞŽ˿ǒ˿ɡɁǜǒƬƋŘǜǔɁȭɁnjŘʊʊƬǜʊŘȭƞǷɁɁƞʊɡƬʁǜŘǔȭǔȭǷǜɁ 46.4 46.4
ǜǒƬɡʁɁǖƬƋǜɦ
ƅõƬɡŘ˿ŘŽǚƬǔȭɍ̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ɦǒŘǚnjȊ˿ƬŘʁǚ˿ǔȭʊǜŘǚǚȧƬȭǜʊɁnj
`ǮƖȴÀǔǚǚǔɁȭƬŘƋǒƋɁȧȧƬȭƋǔȭǷnjʁɁȧʯɍʊǜÀŘʁƋǒƙʹ̋ɍʕƙ³Řʊǜ
ǔȭʊǜŘǚǚȧƬȭǜǔʊƞˁƬɁȭʯ̋ǜǒăƬɡǜƬȧŽƬʁƙʹ̋ʹɍƖƇ

4 DEFERRED TAX LIABILITIES (NET)

Deferred Tax Liability
 <ƬɡʁƬƋǔŘǜǔɁȭɁȭhǔ˾ƬƞÄʊʊƬǜʊ ʹƙ̋ǮʯƖǣ ɍƙʕǮǮƖ̋
Less :
Deferred Tax Assets
ĘȭɡŘǔƞ³ǔŘŽǔǚǔǜǔƬʊÄǚǚɁ˹ŘŽǚƬɁȭɡŘ˿ȧƬȭǜŽŘʊǔʊĘʤʊǮʯ*ɁnjǜǒƬ ȴȴƖȳ ǮɍƖ̋
“ȭƋɁȧƬďŘ˾ÄƋǜƙɍȳȴɍ
Others ǮƶƖʹ ɍɍǣƖɍ ǮƶƖȳ ƶȳƖȳ
1,928.4 1,654.1

5 OTHER LONG-TERM LIABILITIES

Interest accrued but not due on borrowings ʹƖƶ ɍƖǮ
ďʁŘƞƬʤăƬƋˁʁǔǜ˿<ƬɡɁʊǔǜʊõƬƋƬǔ˸Ƭƞ ɍɍƖ̋ ƶƖʕ
13.8 10.1

6 LONG-TERM PROVISIONS
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊ ȳǣƖǮ ƶʕƖ̋
ÀďÀ³ɁʊʊɁȭɁˁǜʊǜŘȭƞǔȭǷhɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ ɍƙȳƶǮƖȴ ɍƙʹʹʕƖȳ
ñʁɁ˸ǔʊǔɁȭȊÏǜǒƬʁƅõƬnjƬʁȭɁǜƬǮƶɤǔǔǔɦƇ ʹʯƙɍȴɍƖȳ Ȋ
25,241.9 1,314.9

7 SHORT-TERM BORROWINGS
ăƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
³ɁŘȭʊõƬɡŘ˿ŘŽǚƬɁȭ<ƬȧŘȭƞ
Cash Credit Facility from Banks ǮɍƖʕ ʯƶǮƖȳ
ɤăƬƋˁʁƬƞŽ˿ǒ˿ɡɁǜǒƬƋŘǜǔɁȭɁnj“ȭ˸ƬȭǜɁʁǔƬʊŘȭƞďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊɦ

ĘȭʊƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
ďƬʁȧ³ɁŘȭnjʁɁȧŽŘȭǘ ʹǮƙ̋̋ʹƖ̋ Ȋ
24,043.7 384.9

ANNUAL REPORT 2013-14

 ȴǮ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

8 TRADE PAYABLES
<ˁƬǜɁÀǔƋʁɁŘȭƞăȧŘǚǚFȭǜƬʁɡʁǔʊƬʊɤõƬnjƬʁÂɁǜƬʯʕɦ ȴȳƖʕ ȴȴƖʹ
Other Payables ʯƙʕʯ̋Ɩȳ ʯƙǣǣƶƖȳ
3,800.6 3,625.1
9 OTHER CURRENT LIABILITIES
Investor Education and Protection Fund shall be credited by ǣʹƖǮ ǮǣƖɍ
ĘȭɡŘǔƞ<ǔ˸ǔƞƬȭƞʊɤȭɁǜƞˁƬɦ
Statutory Remittances ʹȳǣƖ̋ ʹƶƶƖǣ
ñŘ˿ŘŽǚƬʊɁȭñˁʁƋǒŘʊƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ ʯȴʹƖʕ ʯȴȴƖʕ
Äƞ˸ŘȭƋƬʊnjʁɁȧʤñŘ˿ŘŽǚƬǜɁăˁŽʊǔƞǔŘʁ˿,ɁȧɡŘȭ˿ʤ,ˁʊǜɁȧƬʁʊ ɍƙȴɍƶƖʹ ʕǮʯƖʯ
ɤõƬnjƬʁÂɁǜƬʯƶɦ
Others ʕƖƶ ʕƖȳ
2,336.1 1,451.5
10 SHORT-TERM PROVISIONS
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊ ȳǣƖʯ ʯɍƖʹ
<ǔ˸ǔƞƬȭƞɡʁɁɡɁʊƬƞǜɁŽƬƞǔʊǜʁǔŽˁǜƬƞǜɁƬɴˁǔǜ˿ăǒŘʁƬǒɁǚƞƬʁʊ ʯƙɍ̋ȴƖʕ ǣƙɍʕʕƖȳ
,ɁʁɡɁʁŘǜƬ<ǔ˸ǔƞƬȭƞďŘ˾ ǣʹƶƖ̋ ƶƶ̋Ɩ̋
ñʁɁ˸ǔʊǔɁȭȊÏǜǒƬʁƅõƬnjƬʁÂɁǜƬǮƶɤǔǔǔɦƇ ʯƙɍǣ̋Ɩʯ Ȋ
6,880.3 6,089.1

SUN PHARMACEUTICAL INDUSTRIES LTD.

 ÂÏďFăhÏõÀ“ÂñÄõďÏhďŒFh“ÂÄÂ,“ijăďÄďFÀFÂďă
hɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
11 FIXED ASSETS ` in Million

<ƬʊƋʁǔɡǜǔɁȭɁnjÄʊʊƬǜʊ ʁɁʊʊ*ǚɁƋǘɤÄǜ,Ɂʊǜɦ <ƬɡʁƬƋǔŘǜǔɁȭʤÄȧɁʁǜǔʊŘǜǔɁȭʤ“ȧɡŘǔʁȧƬȭǜ Net Block

On
Additions <ƬǚƬǜǔɁȭʊ
As at Transfer on As at As at Transfer on For the <ƬǚƬǜǔɁȭʊ As at As at As at
during during
̋ɍƖ̋ǮƖʹ̋ɍʯ <ƬȧƬʁǷƬʁŹŹ 31.03.2014 ̋ɍƖ̋ǮƖʹ̋ɍʯ <ƬȧƬʁǷƬʁŹŹ year for the 31.03.2014 31.03.2014 ʯɍƖ̋ʯƖʹ̋ɍʯ
the year the year
year
A. TANGIBLE ASSETS
hʁƬƬǒɁǚƞ³Řȭƞ ɍƶƶƖʕ Ȋ ʯƖǮ Ȋ ɍȳʹƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ ɍȳʹƖɍ ɍƶƶƖʕ
ɤɍʕʯƖǮɦ ɤȊɦ ɤɍǣƖʯɦ ɤȊɦ ɤɍƶƶƖʕɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤɍƶƶƖʕɦ ɤɍʕʯƖǮɦ
³ƬŘʊƬǒɁǚƞ³Řȭƞ ɍʯʕƖƶ Ȋ Ȋ Ȋ ɍʯʕƖƶ ȳƖǮ Ȋ ʹƖɍ Ȋ ɍɍƖǣ ɍʹȴƖʯ ɍʹƶƖǮ
ɤɍʯʕƖƶɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤɍʯʕƖƶɦ ɤʕƖʯɦ ɤȊɦ ɤʹƖɍɦ ɤȊɦ ɤȳƖǮɦ ɤɍʹƶƖǮɦ ɤɍʯ̋Ɩǣɦ
Buildings ʹƙȳʹɍƖʕ Ȋ ʹ̋ǮƖǣ Ȋ ʯƙɍʹȴƖʹ ɤǔɦ ȴ̋ȳƖƶ Ȋ ƶʯƖǣ Ȋ ȴȳʯƖʯ ʹƙǮʯʹƖȳ ʹƙʯɍɍƖȳ
ɤʹƙʕǮǣƖǣɦ ɤȊɦ ɤɍʕȴƖʹɦ ɤȊɦ ɤʹƙȳʹɍƖʕɦ ɤǣʯʯƖɍɦ ɤȊɦ ɤʕȴƖʕɦ ɤȊɦ ɤȴ̋ȳƖƶɦ ɤʹƙʯɍɍƖȳɦ ɤʹƙʹɍʹƖǮɦ
Corporate Overview

*ˁǔǚƞǔȭǷʊȊ³ƬŘʊƬƞŹ ɍȳʯƖȴ Ȋ ʹƖƶ Ȋ ɍȳȴƖǮ ɤǔɦ ǮȳƖʕ Ȋ ȴƖʯ Ȋ ǣȴƖ̋ ɍǮ̋ƖǮ ɍǮʯƖȳ
ɤɍȳʯƖȴɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤɍȳʯƖȴɦ ɤǮʯƖǣɦ ɤȊɦ ɤȴƖʹɦ ɤȊɦ ɤǮȳƖʕɦ ɤɍǮʯƖȳɦ ɤɍǣ̋Ɩɍɦ
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜ ɍʹƙʕʕ̋Ɩǣ Ȋ ɍƙƶʕƶƖʯ ʕǣƖ̋ ɍǮƙǣʕʯƖƶ ǮƙʕǮɍƖȴ Ȋ ƶʯʹƖǮ ʯƶƖɍ ǣƙǣʯǣƖȳ ɤǔǔɦ ȳƙ̋ʯʕƖȳ ƶƙ̋ʹƶƖȳ
ɤɍ̋ƙȴǣɍƖʹɦ ɤȊɦ ɤʹƙɍǮȴƖǣɦ ɤʹʕƖʹɦ ɤɍʹƙʕʕ̋Ɩǣɦ ɤǮƙ̋ǮʕƖȴɦ ɤȊɦ ɤʕ̋ȴƖȳɦ ɤɍʹƖȳɦ ɤǮƙʕǮɍƖȴɦ ɤƶƙ̋ʹƶƖȳɦ ɤȴƙȴ̋ʯƖȴɦ
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜȊ³ƬŘʊƬƞŹ ʹǣƖʯ Ȋ Ȋ Ȋ ʹǣƖʯ ʹƖȳ Ȋ ɍƖʹ Ȋ ǮƖɍ ʹɍƖʹ ʹʹƖǮ
ɤʹǣƖʯɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤʹǣƖʯɦ ɤɍƖʕɦ ɤȊɦ ɤɍƖʹɦ ɤȊɦ ɤʹƖȳɦ ɤʹʹƖǮɦ ɤʹʯƖȴɦ
ĴƬǒǔƋǚƬʊ ʹʹǣƖȴ Ȋ ʕʯƖɍ ȳƖ̋ ʹƶȳƖʕ ȴȴƖʯ Ȋ ʹɍƖȳ ǮƖʕ ƶʯƖǣ ʹ̋ȴƖʹ ɍǣȳƖʯ
ɤɍƶʯƖɍɦ ɤȊɦ ɤǣɍƖȴɦ ɤȳƖɍɦ ɤʹʹǣƖȴɦ ɤǣǮƖȴɦ ɤȊɦ ɤɍƶƖǮɦ ɤȴƖʕɦ ɤȴȴƖʯɦ ɤɍǣȳƖʯɦ ɤɍʹƶƖǣɦ
ÏǓƋƬFɴˁǔɡȧƬȭǜ ʯǣɍƖʯ Ȋ ȴǣƖʕ ̋Ɩƶ ǮɍȴƖʹ ʹ̋ǮƖʕ Ȋ ʹʕƖʯ ̋Ɩʯ ʹʯɍƖʕ ɤǔǔɦ ɍƶǮƖǣ ɍǮȴƖȴ
ɤʯʹɍƖȴɦ ɤȊɦ ɤʯɍƖȳɦ ɤʹƖʹɦ ɤʯǣɍƖʯɦ ɤɍƶǮƖȳɦ ɤȊɦ ɤʹɍƖƶɦ ɤʹƖ̋ɦ ɤʹ̋ǮƖʕɦ ɤɍǮȴƖȴɦ ɤɍʯȴƖʕɦ
hˁʁȭǔǜˁʁƬŘȭƞhǔ˾ǜˁʁƬʊ ʯƶʹƖʹ Ȋ ʯȳƖ̋ ̋Ɩɍ ǮʹɍƖɍ ɍȴǮƖʕ Ȋ ʹʹƖǮ ̋Ɩɍ ɍƶʕƖ̋ ɤǔǔɦ ʹʯǮƖɍ ʹɍʕƖǣ
Statutory Reports

ɤʯǮǮƖɍɦ ɤȊɦ ɤʯƶƖǣɦ ɤ̋ƖǮɦ ɤʯƶʹƖʹɦ ɤɍǮʯƖȴɦ ɤȊɦ ɤʹɍƖǣɦ ɤ̋ƖǮɦ ɤɍȴǮƖʕɦ ɤʹɍʕƖǣɦ ɤʹ̋̋Ɩǣɦ
Total Tangible Assets 17,196.7 - 2,266.8 84.9 19,378.6 5,849.1 - 997.1 43.2 6,803.0 12,575.6 11,347.6
Previous Year ɤɍǮƙʕʕǣƖȴɦ ɤȊɦ ɤʹƙǮȴ̋Ɩ̋ɦ ɤʯƶƖȳɦ ɤɍʕƙɍȳȴƖʕɦ ɤǣƙ̋ɍȴƖʯɦ ɤȊɦ ɤƶǣǮƖƶɦ ɤʹʹƖ̋ɦ ɤǣƙƶǮȳƖɍɦ ɤɍɍƙʯǮʕƖȴɦ
B. INTANGIBLE ASSETS
ďʁŘƞƬȧŘʁǘʊƙ<ƬʊǔǷȭʊŘȭƞ ǣǮƖʕ ʹʹʕƖ̋ ʕǣƖ̋ Ȋ ʯǣȴƖʕ ǮǮƖǮ ɍȳʯƖȳ ʹʹƖʯ Ȋ ʹȴ̋Ɩȴ ɤǔǔɦ ȳȴƖɍ ɍ̋Ɩʯ
Other Intangible Assets
ɤǣǮƖʕɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤǣǮƖʕɦ ɤǮɍƖ̋ɦ ɤȊɦ ɤʯƖǮɦ ɤȊɦ ɤǮǮƖǮɦ ɤɍ̋Ɩʯɦ ɤɍʯƖʕɦ
Total Intangible Assets 54.7 227.0 75.0 - 356.7 44.4 193.9 22.3 - 260.6 96.1 10.3
Previous Year ɤǣǮƖʕɦ ɤȊɦ ɤȊɦ ɤȊɦ ɤǣǮƖʕɦ ɤǮɍƖ̋ɦ ɤȊɦ ɤʯƖǮɦ ɤȊɦ ɤǮǮƖǮɦ ɤɍ̋Ɩʯɦ
Total Fixed Assets 17,251.4 227.0 2,341.8 84.9 19,735.3 5,893.5 193.9 1,019.4 43.2 7,063.6 12,671.7 11,357.9
Previous Year ɤɍǮƙƶʯ̋Ɩʯɦ ɤȊɦ ɤʹƙǮȴ̋Ɩ̋ɦ ɤʯƶƖȳɦ ɤɍʕƙʹǣɍƖǮɦ ɤǣƙ̋ǣʕƖʯɦ ɤȊɦ ɤƶǣƶƖʹɦ ɤʹʹƖ̋ɦ ɤǣƙƶȳʯƖǣɦ ɤɍɍƙʯǣʕƖȳɦ
Financial Statements

ŹõƬnjƬʁÂɁǜƬǮʹɤŘɦ
ŹŹõƬnjƬʁÂɁǜƬǮƶ
Notes

Footnotes:
ɤǔɦ *ˁǔǚƞǔȭǷʊǔȭƋǚˁƞƬ`ƶƙȴʹ̋ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ƶƙȴʹ̋ɦǜɁ˹ŘʁƞʊƋɁʊǜɁnjʊǒŘʁƬʊǔȭŘ,ɁȊɁɡƬʁŘǜǔ˸ƬŒɁˁʊǔȭǷăɁƋǔƬǜ˿Ɩ
ɤǔǔɦ “ȭƋǚˁƞƬʊ“ȧɡŘǔʁȧƬȭǜɁnj`ʹȳƖɍÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹȳƖɍÀǔǚǚǔɁȭɦ
ȴǣ

ANNUAL REPORT 2013-14

ɤǔǔǔɦ ñʁƬ˸ǔɁˁʊłƬŘʁǞǷˁʁƬʊŘʁƬǔȭŽʁŘƋǘƬǜʊ
 ȴȴ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
12 NON-CURRENT INVESTMENTS
Long-term Investments (At Cost)
A) Trade Investments - Unquoted
a) In Equity Instruments
i) In Subsidiary Companies
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ʯ̋ǮƖʹ ʯ̋ǮƖʹ
ƶƙʯƶʕƙȴȴȴɤñʁƬ˸ǔɁˁʊłƬŘʁƶƙʯƶʕƙȴȴȴɦnjˁǚǚ˿ɡŘǔƞ,ɁȧȧɁȭ
ăǒŘʁƬʊɁnjÂɁñŘʁĴŘǚˁƬ
ŎŘɁăˁȭñǒŘʁȧŘ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖ Ȋ ̋Ɩʹ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍƙ̋̋̋ɦăǒŘʁƬʊɁnjõˁŽŽǚƬʊ
ʹ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞɤ³ǔɴˁǔƞŘǜƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁɦ
ăˁȭñǒŘʁȧŘǚɁŽŘǚ“ȭƋƖ*Ĵ“ ȳƙȴʹƶƖȳ ȳƙȴʹƶƖȳ
ʹƙǮʕɍƙǣɍǣɤñʁƬ˸ǔɁˁʊłƬŘʁʹƙǮʕɍƙǣɍǣɦăǒŘʁƬʊɁnjĘăƨɍ
each fully paid
ď°ăhŘʁȧŘƋƬˁǜǔƋŘ³ǜƞŘƖ ɍƶƖʯ ɍƶƖʯ
ƶʹȳƙʹƶƶɤñʁƬ˸ǔɁˁʊłƬŘʁƶʹȳƙʹƶƶɦɴˁɁǜŘɁnj,ŘɡǔǜŘǚ
ăǜɁƋǘɁnjõƬŘǚɤõƨɦɍƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăˁȭñǒŘʁȧŘ<ƬÀƬ˾ǔƋɁƙăƖÄƖ<F,ƖĴƖ ʯƖʯ ʯƖʯ
ʕǣ̋ɤñʁƬ˸ǔɁˁʊłƬŘʁʕǣ̋ɦ,ɁȧȧɁȭăǒŘʁƬʊɁnjȭɁhŘƋƬĴŘǚˁƬ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚɤ*ŘȭǷǚŘƞƬʊǒɦ³ǜƞƖ
ǮʯǮƙǮȴȳɤñʁƬ˸ǔɁˁʊłƬŘʁǮʯǮƙǮȴȳɦÏʁƞǔȭŘʁ˿ăǒŘʁƬʊ ʯȴƖǣ ʯȴƖǣ
Ɂnjɍ̋̋ďŘǘŘʊƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
Share Application Money ʯɍƖȴ ʯɍƖȴ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚñƬʁˁăƖÄƖ,Ɩ ̋Ɩ̋ ̋Ɩ̋
    ƅ`ʹɍƙʕʯǮɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹɍƙʕʯǮɦƇ
ɍǮȳɤñʁƬ˸ǔɁˁʊłƬŘʁɍǮȳɦÏʁƞǔȭŘʁ˿ăǒŘʁƬʊɁnjăɁǚƬʊ
    ɍ̋ƬŘƋǒnjˁǚǚ˿ paid
ăñ“³<FÀƬ˾ǔƋɁăÄ<F,Ĵ ̋Ɩʹ ̋Ɩʹ
ɍ̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋̋ɦ
ÂɁȧǔȭŘǜǔ˸ƬŘȭƞnjʁƬƬăǒŘʁƬʊɁnjƨǣ̋̋ÀƬ˾ǔƋŘȭ
Pesos each fully paid
ÏÏÏɷăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɷ³ǜƞ ƶƖƶ ̋Ɩɍ
ñŘʁ˸ŘǚˁƬʊǜɁƋǘɁnjǣƙʹǮȳƙǣ̋̋õˁŽŽǚƬʊɤñʁƬ˸ǔɁˁʊ
łƬŘʁǮȳƙǣ̋̋õˁŽŽǚƬʊɦnjˁǚǚ˿ɡŘǔƞ
ʁƬƬȭFƋɁ<Ƭ˸ƬǚɁɡȧƬȭǜ,ƬȭǜʁƬ³ǜƞ ɍƖ̋ ɍƖ̋
    ɍ ̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj
`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăˁȭñǒŘʁȧŘ<ƬĴƬȭƬ˘ˁƬǚŘƙ,ƖÄƖ ̋Ɩǣ ̋Ɩǣ
ɍƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍƙ̋̋̋ɦăǒŘʁƬʊɁnj*Ɂǚǔ˸Řʁʊɤ*ʊƖhƖɦ
ɍ̋̋ƬŘƋǒƙ*Ɂǚǔ˸Řʁʊɤ*ʊƖhƖɦǣ̋ɡƬʁʊǒŘʁƬɡŘǔƞ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ȴʕ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ ɍƖǣ ɍƖǣ
ǣ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
hŘʊǜʊǜɁȭƬÀƬʁƋŘȭǜǔǚƬ,ɁȧɡŘȭ˿ñ˸ǜ³ǜƞ ̋Ɩɍ ̋Ɩɍ
ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ÂƬƬǜȭŘ˸õƬŘǚFʊǜŘǜƬñ˸ǜ³ǜƞƖ ̋Ɩɍ ̋Ɩɍ
ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
õƬŘǚʊǜɁȭƬÀˁǚǜǔǜʁŘƞƬñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ ̋Ɩɍ ̋Ɩɍ
ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăǘǔʊƬȭ³ŘŽʊñ˸ǜ³ǜƞƖ ̋Ɩɍ ̋Ɩɍ
ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăɁǢƞƬŘǚďʁŘƞǔȭǷñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ ̋Ɩɍ ̋Ɩɍ
ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăˁȭñǒŘʁȧŘ<ʁˁǷʊñ˸ǜƖ³ǜƞ Ȋ ʹ̋̋Ɩ̋
ɤȧƬʁǷƬƞ˹ǔǜǒăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ
  ˹ƖƬƖnjƖɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ăˁȭñǒŘʁȧŘÀƬƞǔƋŘǜǔɁȭñ˸ǜƖ³ǜƞ Ȋ ʹ̋̋Ɩ̋
ɤȧƬʁǷƬƞ˹ǔǜǒăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ˹ƖƬƖnjƖ
ɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ɍ̋ƙ̋ʯǣƖʯ ɍ̋ƙǮʹȴƖƶ
ii) In Other Company
Fȭ˸ǔʁɁ“ȭnjʁŘʊǜʁˁƋǜˁʁƬ,ɁƖ³ǜƞƖ ɍƖ̋ ɍƖ̋
ɍ̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋̋ƙ̋̋̋ɦăǒŘʁƬʊɁnj`ɍ̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
10,036.3 10,427.8
b) In Preference Shares
In Subsidiary Companies
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ
Ǯƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦɍ̋ɩõƬƞƬƬȧŘŽǚƬñʁƬnjƬʁƬȭƋƬ Ǯ̋̋Ɩ̋ Ȋ
Shares of `ɍ̋̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƖ ƶƙ̋ǣʹƖ̋ Ȋ
ʯƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦʹɩõƬƞƬƬȧŘŽǚƬñʁƬnjƬʁƬȭƋƬ
ăǒŘʁƬʊɁnjƨɍǣƬŘƋǒnjˁǚǚ˿ɡŘǔƞŘǜŘɡʁƬȧǔˁȧɁnjƨʯǣɡƬʁʊǒŘʁƬ
ăˁȭñǒŘʁȧŘǚɁŽŘǚ“ȭƋƖ*Ĵ“
ƶʯƙʕǣ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁƶʯƙʕǣ̋ƙ̋̋̋ɦʹɩõƬƞƬƬȧŘŽǚƬ ʯƙƶ̋ǣƖʕ ʯƙƶ̋ǣƖʕ
ÏɡǜǔɁȭŘǚǚ˿,Ɂȭ˸ƬʁǜǔŽǚƬñʁƬnjƬʁƬȭƋƬăǒŘʁƬʊɁnjƨɍƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ʕ̋̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁǮɍƙʹǣ̋ƙ̋̋̋ɦǣɩõƬƞƬƬȧŘŽǚƬ ʯƶƙǣʯǣƖ̋ ʹƙʹǣʹƖɍ
,ˁȧˁǚŘǜǔ˸ƬñʁƬnjƬʁƬȭƋƬăǒŘʁƬʊɁnjƨɍƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
Share Application Money ɍɍɍƖ̋ ǣ̋ƙȳ̋ʯƖʕ ɍ̋ƙȳɍʹƖ̋ ɍȴƙȳȴȳƖƶ

ANNUAL REPORT 2013-14

 ȴƶ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
c) In Partnership Firm
ăˁȭñǒŘʁȧŘ<ʁˁǷʊŹɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȳǮɦ Ȋ ̋Ɩ̋
ɤ<ǔʊʊɁǚ˸ƬƞɁȭɍȳǜǒÄˁǷˁʊǜƙʹ̋ɍʯɦ
d) In Government Securities
ÂŘǜǔɁȭŘǚăŘ˸ǔȭǷʊ,ƬʁǜǔǞƋŘǜƬʊ`ɍ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɍ̋ƙ̋̋̋ɦ ̋Ɩ̋ ̋Ɩ̋
ɤ<ƬɡɁʊǔǜƬƞ˹ǔǜǒɁ˸ƬʁȭȧƬȭǜÄˁǜǒɁʁǔǜǔƬʊɦ
Total (A) 60,940.0 27,397.6
*ɦ Other Investments
a) In Debentures
Quoted
ŒɁˁʊǔȭǷ<Ƭ˸ƬǚɁɡȧƬȭǜhǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞȊ ʹǣ̋Ɩ̋ ʹǣ̋Ɩ̋
ȳƖȳɩăƬƋˁʁƬƞõƬƞƬƬȧŘŽǚƬÂ,<ʹʯ<,ɍƶ
ʹǣ̋ɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣ̋ɦ<ƬŽƬȭǜˁʁƬʊɁnj`ɍƙ̋̋̋ƙ̋̋̋
ƬŘƋǒnjˁǚǚ˿ɡŘǔƞÀŘʁǘƬǜĴŘǚˁƬ`ʹǣȳƖʕÀǔǚǚǔɁȭ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹȴʕƖǮÀǔǚǚǔɁȭɦ
b) In Bonds
Quoted
National Highways Authority of India ȴɍƖƶ ȴɍƖƶ
ȴɍƙƶ̋ȳɤñʁƬ˸ǔɁˁʊłƬŘʁȴɍƙƶ̋ȳɦ*ɁȭƞʊɁnj`ɍƙ̋̋̋ƬŘƋǒ
njˁǚǚ˿ɡŘǔƞÀŘʁǘƬǜĴŘǚˁƬ`ȴǮƖǮÀǔǚǚǔɁȭ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȴʕƖȴÀǔǚǚǔɁȭɦ
ñɁ˹ƬʁhǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞďŘ˾hʁƬƬ*Ɂȭƞʊ ɍǮʹƖǮ ɍǮʹƖǮ
ɍǮʹƙʯȳʯɤñʁƬ˸ǔɁˁʊłƬŘʁɍǮʹƙʯȳʯɦ*ɁȭƞʊɁnj`ɍƙ̋̋̋ƬŘƋǒ
njˁǚǚ˿ɡŘǔƞÀŘʁǘƬǜĴŘǚˁƬ`ɍǮƶƖ̋ÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ
`ɍǣǣƖʯÀǔǚǚǔɁȭɦ
“ȭƞǔŘȭõŘǔǚ˹Ř˿hǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞȊƶʤƶƖɍǣ³ÏÄʹʯh*ʹʹ ɍȴʯƖɍ ɍȴʯƖɍ
ɍȴʯƙɍʯɍɤñʁƬ˸ǔɁˁʊłƬŘʁɍȴʯƙɍʯɍɦ*ɁȭƞʊɁnj`ɍƙ̋̋̋ƬŘƋǒ
njˁǚǚ˿ɡŘǔƞÀŘʁǘƬǜĴŘǚˁƬ`ɍȴʕƖȴÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɍʕǣƖʕ
ÀǔǚǚǔɁȭɦ ʯȴʕƖʯ ʯȴʕƖʯ
c) In Mutual Funds (Unquoted) (**)
Units of Face Value of ` 10 Each
Ä˾ǔʊÀˁǜˁŘǚhˁȭƞȊÄŀ“ăhǔ˾ƬƞďƬʁȧñǚŘȭȊăƬʁǔƬʊʯǮ Ȋ ʹ̋̋Ɩ̋
ɤʯȳʹɦ<Ř˿ʊ<ǔʁƬƋǜʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
*ŘʁɁƞŘñǔɁȭƬƬʁÀˁǜˁŘǚhˁȭƞȊ*ŘʁɁƞŘñǔɁȭƬƬʁhÀñȊăƬʁǔƬʊ* Ȋ ɍ̋̋Ɩ̋
ñǚŘȭ*ɤʯʕƶ<Ř˿ʊɦȊʁɁ˹ǜǒñǚŘȭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
<ƬˁǜʊƋǒƬÀˁǜˁŘǚhˁȭƞȊ<Ķăhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭȊăƬʁǔƬʊȊ Ȋ Ǯ̋̋Ɩ̋
ʹȴ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǮ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ȴȳ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ*ǚŘƋǘõɁƋǘ Ȋ ǣ̋̋Ɩ̋
hÀñȊăƬʁǔƬʊȊɍʹƖǣÀȊ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ Ȋ ǣ̋̋Ɩ̋
*ǚŘƋǘõɁƋǘȊhÀñȊăƬʁǔƬʊƶȳȊɍʹÀȊ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Œă*,ǚɁŽŘǚÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊŒă*,hǔ˾ƬƞďƬʁȧ Ȋ ɍ̋̋Ɩ̋
ăƬʁǔƬʊȳ̋ȊʁɁ˹ǜǒ<ǔʁƬƋǜñǚŘȭȊďƬȭˁʁƬʯʕǣ<Äłă
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚ Ȋ ʹǣ̋Ɩ̋
hÀñăƬʁǔƬʊȴȴȊǮʹ̋<Ř˿ʊñǚŘȭÄ<ǔʁƬƋǜñǚŘȭ,ˁȧˁǚŘǜǔ˸Ƭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
•ñÀɁʁǷŘȭÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊ•ñÀɁʁǷŘȭ“ȭƞǔŘhǔ˾ƬƞÀŘǜˁʁǔǜ˿ Ȋ ʯǣ̋Ɩ̋
ñǚŘȭăƬʁǔƬʊɍȴȊ<ǔʁƬƋǜʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʯǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
°ɁǜŘǘÀˁǜˁŘǚhˁȭƞȊ°ɁǜŘǘhÀñăƬʁǔƬʊȳʕȊ<ǔʁƬƋǜʁɁ˹ǜǒ Ȋ ǣ̋̋Ɩ̋
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
³ūďÀˁǜˁŘǚhˁȭƞȊ³ūďhÀñȊĴ““ɤÀŘʁƋǒʯƶɍ<Äɦ Ȋ ʹ̋̋Ɩ̋
<ǔʁƬƋǜñǚŘȭʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬhǔ˾ƬƞŒɁʁǔ˘Ɂȭ Ȋ ɍƙ̋̋̋Ɩ̋
hˁȭƞȊŀŀ“““ȊăƬʁǔƬʊǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒñǚŘȭɤƶÀȊÄɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ Ȋ ɍǮ̋Ɩ̋
ñǚŘȭȊăƬʁǔƬʊŀĴ““ȊñǚŘȭÄɤɍʕȧɁȭǜǒʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍǮƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ Ȋ ʹǣ̋Ɩ̋
ñǚŘȭȊăƬʁǔƬʊŀĴ““ȊñǚŘȭhɤʯȳʹƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ Ȋ ɍȴ̋Ɩ̋
ñǚŘȭȊăƬʁǔƬʊŀĴ“““ȊñǚŘȭ*ɤʯƶȴƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍȴƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
ă*“ÀˁǜˁŘǚhˁȭƞȊă*“<ƬŽǜhˁȭƞăƬʁǔƬʊȊ Ȋ ʹǣ̋Ɩ̋
ɍʯÀɁȭǜǒʊȊɍǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
ďŘǜŘÀˁǜˁŘǚhˁȭƞȊďÄďÄhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭăƬʁǔƬʊ Ȋ ʹ̋̋Ɩ̋
ǮʹăƋǒƬȧƬ*Ȋ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Units of Face Value of ` 1,000 each
ñʁŘȧƬʁǔƋŘÀˁǜˁŘǚhˁȭƞȊñʁŘȧƬʁǔƋŘhǔ˾Ƭƞ<ˁʁŘǜǔɁȭhˁȭƞȊ Ȋ ɍǣ̋Ɩ̋
  ăƬʁǔƬʊǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍǣ̋ƙ̋̋̋ɦĘȭǔǜʊ
Ȋ ǣƙʹǣ̋Ɩ̋

ANNUAL REPORT 2013-14

 ʕ̋

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
d) In Deposit
Unquoted
ŒɁˁʊǔȭǷ<Ƭ˸ƬǚɁɡȧƬȭǜhǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞ Ȋ ǣ̋̋Ɩ̋
Total (B) 617.3 6,367.3

Total (A+B) 61,557.3 33,764.9

AGGREGATE VALUE OF INVESTMENTS *ɁɁǘ ÀŘʁǘƬǜ Book Market

Value Value ĴŘǚˁƬ ĴŘǚˁƬ
Quoted ȴɍʕƖʯ ȴʯȳƖʕ ȴɍʕƖʯ ȴȴȴƖ̋
ĘȭɴˁɁǜƬƞ ȴ̋ƙȳǮ̋Ɩ̋ ʯʯƙɍǮʕƖȴ

Ź Partners Share Capital Share Capital

ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǔȧǔǜƬƞɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȳǮɦ Ȋ Ȋ ȳƶƖ̋ɩ ̋Ɩ̋
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ°Ƭ˿FȧɡǚɁ˿ƬƬʊɸ*ƬȭƬǞǜďʁˁʊǜ Ȋ Ȋ ʹƖ̋ɩ ɤ̋Ɩ̋ɦ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɤȳǮɦɦ
ŹŹ ³ǔʊǜƬƞ

13 LONG-TERM LOANS AND ADVANCES

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞɦ
Capital Advances ʹƙǮʯƶƖʯ ɍƙʕȴǣƖɍ
ăƬƋˁʁǔǜ˿<ƬɡɁʊǔǜʊ ɍʯƶƖ̋ ɍʯƶƖʯ
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊǜɁõƬǚŘǜƬƞñŘʁǜǔƬʊɤõƬnjƬʁÂɁǜƬʊʯƶŘȭƞǮǮɦ ǮǮɍƖɍ ʕʕƖǮ
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊǜɁFȧɡǚɁ˿ƬƬʊʤÏǜǒƬʁʊ ǮȴƖʯ ǣ̋Ɩȳ
ñʁƬɡŘǔƞF˾ɡƬȭʊƬʊ ɍǣƖƶ ɍʕƖƶ
Äƞ˸ŘȭƋƬ“ȭƋɁȧƬďŘ˾ƅÂƬǜɁnjñʁɁ˸ǔʊǔɁȭʊ`ʹƙȴ̋̋ƖʕÀǔǚǚǔɁȭ ʯƙƶƶǣƖǮ ʹƙʯȳʕƖʕ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹƙȴ̋̋ƖʕÀǔǚǚǔɁȭɦƇ
Äƞ˸ŘȭƋƬhʁǔȭǷƬ*ƬȭƬǞǜďŘ˾ ̋Ɩʹ ̋Ɩʹ
*ŘǚŘȭƋƬʊ˹ǔǜǒɁ˸ƬʁȭȧƬȭǜÄˁǜǒɁʁǔǜǔƬʊ ȴǮȳƖƶ ǮȴʯƖǣ
7,614.9 4,910.9

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ʕɍ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

14 OTHER NON-CURRENT ASSETS

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞɦ
Interest Accrued on Investments Ȋ ʕʕƖ̋
Unamortised Premium on Investments ɍƖɍ ɍƖʯ
1.1 78.3

` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
15 CURRENT INVESTMENTS
A) Current Portion of Long-term Investments (At Cost)
a) In Mutual Funds (Unquoted) (*)
Units of Face Value of ` 10 Each
Ä˾ǔʊÀˁǜˁŘǚhˁȭƞȊÄŀ“ăhǔ˾ƬƞďƬʁȧñǚŘȭȊăƬʁǔƬʊʯǮɤʯȳʹɦ ʹ̋̋Ɩ̋ Ȋ
<Ř˿ʊ<ǔʁƬƋǜʁɁ˹ǜǒ
ʹ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
*ǔʁǚŘăˁȭ³ǔnjƬhǔ˾ƬƞďƬʁȧñǚŘȭȊăƬʁǔƬʊ ʹǣ̋Ɩ̋ Ȋ
Œ³ɤʯȴȴƞŘ˿ʊɦȊʁɁ˹ǜǒ<ǔʁƬƋǜ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
*ŘʁɁƞŘñǔɁȭƬƬʁÀˁǜˁŘǚhˁȭƞȊ*ŘʁɁƞŘñǔɁȭƬƬʁ ɍ̋̋Ɩ̋ Ȋ
hÀñȊăƬʁǔƬʊ*ñǚŘȭ*ɤʯʕƶ<Ř˿ʊɦȊʁɁ˹ǜǒñǚŘȭ
ɍ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ƬˁǜʊƋǒƬÀˁǜˁŘǚhˁȭƞȊ<Ķăhǔ˾ƬƞÀŘǜˁʁǔǜ˿ Ǯ̋̋Ɩ̋ Ȋ
ñǚŘȭȊăƬʁǔƬʊȊʹȴ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
Ǯ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ*ǚŘƋǘõɁƋǘ ǣ̋̋Ɩ̋ Ȋ
hÀñȊăƬʁǔƬʊƶƶȊɍʹƖǣÀȊ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ǣ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ*ǚŘƋǘõɁƋǘ ǣ̋̋Ɩ̋ Ȋ
ȊhÀñȊăƬʁǔƬʊƶȳȊɍʹÀȊ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ǣ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ*ǚŘƋǘõɁƋǘ ʹǣ̋Ɩ̋ Ȋ
ȊhÀñȊăƬʁǔƬʊɍɍ̋ȊɍʹÀȊõƬǷȊʁɁ˹ǜǒ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
Œă*,ǚɁŽŘǚÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊŒă*,hǔ˾Ƭƞ ɍ̋̋Ɩ̋ Ȋ
ďƬʁȧăƬʁǔƬʊȳ̋ȊʁɁ˹ǜǒ<ǔʁƬƋǜñǚŘȭȊďƬȭˁʁƬʯʕǣ<Äłă
ɍ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
Œă*,ǚɁŽŘǚÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊŒă*,hǔ˾ƬƞďƬʁȧ ɍǣ̋Ɩ̋ Ȋ
ăƬʁǔƬʊȳǮȊʁɁ˹ǜǒ<ǔʁƬƋǜñǚŘȭȊďƬȭˁʁƬʯʕɍ<Äłă
ɍǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ

ANNUAL REPORT 2013-14

 ʕʹ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚhÀñ ʹǣ̋Ɩ̋ Ȋ
ăƬʁǔƬʊȴȴȊǮʹ̋<Ř˿ʊñǚŘȭÄ<ǔʁƬƋǜñǚŘȭ,ˁȧˁǚŘǜǔ˸Ƭ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
•ñÀɁʁǷŘȭÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊ•ñÀɁʁǷŘȭ“ȭƞǔŘhǔ˾Ƭƞ ʯǣ̋Ɩ̋ Ȋ
ÀŘǜˁʁǔǜ˿ñǚŘȭăƬʁǔƬʊɍȴȊ<ǔʁƬƋǜʁɁ˹ǜǒ
ʯǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
°ɁǜŘǘÀˁǜˁŘǚhˁȭƞȊ°ɁǜŘǘhÀñăƬʁǔƬʊȳʕȊ<ǔʁƬƋǜʁɁ˹ǜǒ ǣ̋̋Ɩ̋ Ȋ
ǣ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
³ūďÀˁǜˁŘǚhˁȭƞȊ³ūďhÀñȊĴ““ɤÀŘʁƋǒʯƶɍ<Äɦ ʹ̋̋Ɩ̋ Ȋ
<ǔʁƬƋǜñǚŘȭʁɁ˹ǜǒ
ʹ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬhǔ˾ƬƞŒɁʁǔ˘Ɂȭ ɍƙ̋̋̋Ɩ̋ Ȋ
hˁȭƞȊŀŀ“““ȊăƬʁǔƬʊǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒñǚŘȭȊƶÀÄ
ɍ̋̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
õƬǚǔǷŘʁƬ“ȭ˸ƬʊƋɁÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾Ƭƞ ɍǮ̋Ɩ̋ Ȋ
ÀŘǜˁʁǔǜ˿ñǚŘȭȊăƬʁǔƬʊŀĴ““ȊñǚŘȭÄ
ɤɍʕȧɁȭǜǒʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ɍǮƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
õƬǚǔǷŘʁƬ“ȭ˸ƬʊƋɁÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǜ˿ ʹǣ̋Ɩ̋ Ȋ
  ñǚŘȭȊăƬʁǔƬʊŀĴ““ȊñǚŘȭhɤʯȳʹƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
õƬǚǔǷŘʁƬ“ȭ˸ƬʊƋɁÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾Ƭƞ ɍȴ̋Ɩ̋ Ȋ
Maturity ñǚŘȭȊăƬʁǔƬʊŀĴ“““ȊñǚŘȭ*ɤʯƶȴƞŘ˿ʊɦȊ
  <ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ɍȴƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
ă*“ÀˁǜˁŘǚhˁȭƞȊă*“<ƬŽǜhˁȭƞăƬʁǔƬʊȊɍʯÀɁȭǜǒʊȊ ʹǣ̋Ɩ̋ Ȋ
ɍǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
ďŘǜŘÀˁǜˁŘǚhˁȭƞȊďÄďÄhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭăƬʁǔƬʊ ʹ̋̋Ɩ̋ Ȋ
ǮʹăƋǒƬȧƬ*Ȋ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ʹ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
*ŘʁɁƞŘñǔɁȭƬƬʁÀˁǜˁŘǚhˁȭƞȊ*ŘʁɁƞŘñǔɁȭƬƬʁhǔ˾Ƭƞ Ȋ ɍǣ̋Ɩ̋
ÀŘǜˁʁǔǜ˿ñǚŘȭȊăƬʁǔƬʊÄñǚŘȭ*ʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
*ÂññŘʁǔŽŘʊÀˁǜˁŘǚhˁȭƞȊ*ÂññŘʁǔŽŘʊhǔ˾ƬƞďƬʁȧ Ȋ ʹ̋̋Ɩ̋
hˁȭƞăƬʁǔƬʊʹǣÄ<ǔʁƬƋǜ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
*ÂññŘʁǔŽŘʊÀˁǜˁŘǚhˁȭƞȊȴɍƶ<ʤ*ÂññŘʁǔŽŘʊhǔ˾Ƭƞ ɍǣ̋Ɩ̋ Ȋ
ďƬʁȧhˁȭƞăƬʁǔƬʊʹȴ,<ǔʁƬƋǜñǚŘȭʁɁ˹ǜǒ
ɍǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ƬˁǜʊƋǒƬÀˁǜˁŘǚhˁȭƞȊ<Ķăhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭȊ Ȋ ʯ̋̋Ɩ̋
ăƬʁǔƬʊȊʹʕ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʯ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ʕʯ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
<ƬˁǜʊƋǒƬÀˁǜˁŘǚhˁȭƞȊ<Ķăhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭȊăƬʁǔƬʊȊ Ǯ̋̋Ɩ̋ Ȋ
ʯʹ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
Ǯ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
<ăñ*ǚŘƋǘõɁƋǘÀˁǜˁŘǚhˁȭƞȊ<ăñ*ǚŘƋǘõɁƋǘ Ȋ ʹǣ̋Ɩ̋
hÀñȊăƬʁǔƬʊƶǮȊɍʹÀȊ<ǔʁȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Œ<h,ÀˁǜˁŘǚhˁȭƞȊŒ<h,hÀñʯȴȳ<<ƬƋƬȧŽƬʁ Ȋ ʹ̋̋Ɩ̋
ʹ̋ɍʹɤɍɦȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍȳƙȳȳȳƙȳȳ̋ɦĘȭǔǜʊ
Œ<h,ÀˁǜˁŘǚhˁȭƞȊŒ<h,hÀñʯʕʹ<•ŘȭˁŘʁ˿ʹ̋ɍʯɤʹɦ Ȋ ɍ̋̋Ɩ̋
Ȋ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Œ<h,ÀˁǜˁŘǚhˁȭƞȊŒ<h,ÄȭȭˁŘǚ“ȭǜƬʁ˸Řǚ Ȋ ʹǣ̋Ɩ̋
hˁȭƞăƬʁǔƬʊɍñǚŘȭÄȊ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Œ<h,ÀˁǜˁŘǚhˁȭƞȊŒ<h,hÀñʯʕ̋<ÄˁǷʹ̋ɍʯɤʯɦ ǣ̋̋Ɩ̋ Ȋ
ʊƬʁǔƬʊʹʕȊõƬǷˁǚŘʁȊʁɁ˹ǜǒ
ǣ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚhÀñ Ȋ ʹ̋̋Ɩ̋
ăƬʁǔƬʊȴǣȊʯȴʕ<Ř˿ʊñǚŘȭŒ,ˁȧˁǚŘǜǔ˸Ƭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍȳƙȳȳȳƙȳȳ̋ɦĘȭǔǜʊ
  “,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚ“ȭǜƬʁ˸Řǚ Ȋ ʹǣ̋Ɩ̋
hˁȭƞăƬʁǔƬʊĴ“ÄȭȭˁŘǚ“ȭǜƬʁ˸ŘǚñǚŘȭ,Ȋ<ǔʁƬƋǜñǚŘȭȊ,ˁȧˁǚŘǜǔ˸Ƭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚ“ȭǜƬʁ˸Řǚ Ȋ ɍ̋̋Ɩ̋
hˁȭƞăƬʁǔƬʊĴ“ȊÄȭȭˁŘǚ“ȭǜƬʁ˸ŘǚñǚŘȭ<Ȋ<ǔʁƬƋǜñǚŘȭȊ,ˁȧˁǚŘǜǔ˸Ƭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚ Ȋ ʹ̋̋Ɩ̋
hÀñăƬʁǔƬʊȴʕȊʯȴȴ<Ř˿ʊñǚŘȭ*<ǔʁƬƋǜñǚŘȭ,ˁȧˁǚŘǜǔ˸Ƭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚ ʹǣ̋Ɩ̋ Ȋ
hÀñăƬʁǔƬʊȴȳȊʯȴȴ<Ř˿ʊñǚŘȭ<ǔʁƬƋǜñǚŘȭ,ˁȧˁǚŘǜǔ˸Ƭ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
•ñÀɁʁǷŘȭÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊ•ñÀɁʁǷŘȭ“ȭƞǔŘhǔ˾Ƭƞ Ȋ Ǯ̋̋Ɩ̋
ÀŘǜˁʁǔǜ˿ñǚŘȭăƬʁǔƬʊɍʕȊ<ǔʁƬƋǜʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǮ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
•ñÀɁʁǷŘȭÄʊʊƬǜÀŘȭŘǷƬȧƬȭǜȊ•ñÀɁʁǷŘȭ“ȭƞǔŘÄȭȭˁŘǚ ɍǣ̋Ɩ̋ Ȋ
“ȭǜƬʁ˸ŘǚhˁȭƞȊ<ǔʁƬƋǜʁɁ˹ǜǒ
ɍǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
³ūďÀˁǜˁŘǚhˁȭƞȊ³ūďhÀñȊĴ““ɤÀŘʁƋǒʯȴʕ<Äɦ<ǔʁƬƋǜ Ȋ ʹǣ̋Ɩ̋
ñǚŘȭʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ

ANNUAL REPORT 2013-14

 ʕǮ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬhǔ˾ƬƞŒɁʁǔ˘ɁȭhˁȭƞȊ Ȋ ʹ̋̋Ɩ̋
ŀŀ““ȊăƬʁǔƬʊʯǣȊʁɁ˹ǜǒñǚŘȭɤƶ<Ȋñɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍȳƙȳȳȳƙȳȳ̋ɦĘȭǔǜʊ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬłƬŘʁǚ˿“ȭǜƬʁ˸Řǚhˁȭƞ Ȋ ʹ̋̋Ɩ̋
  ăƬʁǔƬʊɍȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒɤłɍȊÄɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬłƬŘʁǚ˿“ȭǜƬʁ˸Řǚhˁȭƞ Ȋ ʹǣ̋Ɩ̋
  ăƬʁǔƬʊǮȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒɤłǮȊÄɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔŘȭƋƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔŘȭƋƬhǔ˾ƬƞŒɁʁǔ˘ɁȭhˁȭƞȊ ʹǣ̋Ɩ̋ Ȋ
ŀŀ“ĴȊăƬʁǔƬʊɍɍȊʁɁ˹ǜǒñǚŘȭȊȳÄ
ʹǣƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhÀñăƬʁǔƬʊŀĴ“ñǚŘȭ< Ȋ ɍ̋̋Ɩ̋
ɤʯʕ̋<Ř˿ʊɦʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭȊ Ȋ ʹ̋̋Ɩ̋
ăƬʁǔƬʊŀĴ““ȊñǚŘȭFɤʯȴȳƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ñǚŘȭȊ Ȋ ɍǣ̋Ɩ̋
ăƬʁǔƬʊŀĴ“““ȊñǚŘȭÄɤʯȴȳƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
õƬǚǔǷŘʁƬ“ȭ˸ƬʊƋɁÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬhǔ˾ƬƞÀŘǜˁʁǔǜ˿ ʯ̋̋Ɩ̋ Ȋ
ñǚŘȭȊăƬʁǔƬʊŀ“ŀȊñǚŘȭhɤʯʕ̋ƞŘ˿ʊɦȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ʯ̋ƙ̋̋̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
ă*“ÀˁǜˁŘǚhˁȭƞȊă*“<ƬŽǜhˁȭƞăƬʁǔƬʊȊʯȴȴ<Ř˿ʊ Ȋ ʹǣ̋Ɩ̋
ȊʹʯȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʹǣƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Ęď“ÀˁǜˁŘǚhˁȭƞȊĘď“hǔ˾ƬƞďƬʁȧ“ȭƋɁȧƬhˁȭƞăƬʁǔƬʊ Ȋ Ǯ̋̋Ɩ̋
ŀ“ĴȊĴɤʯȴȴ<Ř˿ʊɦ<ǔʁƬƋǜȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǮ̋ƙ̋̋̋ƙ̋̋̋ɦĘȭǔǜʊ
Units of Face Value of ` 1,000 each
ñʁŘȧƬʁǔƋŘÀˁǜˁŘǚhˁȭƞȊñʁŘȧƬʁǔƋŘhǔ˾Ƭƞ<ˁʁŘǜǔɁȭ ɍǣ̋Ɩ̋ Ȋ
hˁȭƞȊăƬʁǔƬʊǣȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒÏɡǜǔɁȭ
ɍǣ̋ƙ̋̋̋ɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
7,900.0 4,600.0
b) In Deposits
Unquoted
ŒɁˁʊǔȭǷ<Ƭ˸ƬǚɁɡȧƬȭǜhǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞ ǣ̋̋Ɩ̋ ǣ̋̋Ɩ̋
ă“,ÏÀ³ǔȧǔǜƬƞ Ȋ ǣ̋̋Ɩ̋ ʹǣ̋Ɩ̋ ʕǣ̋Ɩ̋
Total (A) 8,400.0 5,350.0

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ʕǣ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
*ɦ ÏǜǒƬʁ,ˁʁʁƬȭǜ“ȭ˸ƬʊǜȧƬȭǜʊ
a) In Mutual Funds (Unquoted)
Units of Face Value of ` 10 each
•ÀhǔȭŘȭƋǔŘǚÀˁǜˁŘǚhˁȭƞȊ•ÀŒǔǷǒ³ǔɴˁǔƞǔǜ˿hˁȭƞ Ȋ ɍʹ̋Ɩ̋
ʁɁ˹ǜǒÏɡǜǔɁȭɤɍʯɦ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁʯƙʕǣȴƙʯʯȳɦĘȭǔǜʊ
Units of Face Value of ` 100 each
“,“,“ñʁˁƞƬȭǜǔŘǚÀˁǜˁŘǚhˁȭƞȊ“,“,“ñʁˁƞƬȭǜǔŘǚÀɁȭƬ˿ Ȋ ʹ̋̋Ɩ̋
ÀŘʁǘƬǜhˁȭƞõƬǷˁǚŘʁñǚŘȭʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍƙʹʯʯƙȳƶǮɦĘȭǔǜʊ
Units of Face Value of ` 1,000 each
Ä˾ǔʊÀˁǜˁŘǚhˁȭƞȊÄ˾ǔʊ³ǔɴˁǔƞhˁȭƞȊ<ǔʁƬƋǜñǚŘȭʁɁ˹ǜǒ Ȋ ɍʹ̋Ɩ̋
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁȳʹƙʯȳǣɦĘȭǔǜʊ
“ȭƞǔŘŽˁǚǚʊÀˁǜˁŘǚhˁȭƞȊ“ȭƞǔŘŽˁǚǚʊ³ǔɴˁǔƞhˁȭƞȊ<ǔʁƬƋǜ Ȋ ʹ̋̋Ɩ̋
ñǚŘȭȊʁɁ˹ǜǒ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍʕǣƙǮǮʕɦĘȭǔǜʊ
ÀɁʁǷŘȭăǜŘȭǚƬ˿ÀˁǜˁŘǚhˁȭƞȊÀɁʁǷŘȭăǜŘȭǚƬ˿³ǔɴˁǔƞ Ȋ ɍǣ̋Ɩ̋
hˁȭƞȊʁɁ˹ǜǒñǚŘȭ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍʯ̋ƙʯʯǣɦĘȭǔǜʊ
<ƬˁǜʊƋǒƬÀˁǜˁŘǚhˁȭƞȊ<Ķă“ȭʊǜŘ,ŘʊǒñǚˁʊhˁȭƞȊ ʹ̋̋Ɩ̋ Ȋ
  ăˁɡƬʁ“ȭʊǜǔǜˁǜǔɁȭŘǚñǚŘȭȊʁɁ˹ǜǒ
ɍƙʹ̋ʯƙɍȳʹɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦĘȭǔǜʊ
ñʁŘȧƬʁǔƋŘÀˁǜˁŘǚhˁȭƞȊñʁŘȧƬʁǔƋŘ³ǔɴˁǔƞhˁȭƞȊʁɁ˹ǜǒ Ȋ ɍǣ̋Ɩ̋
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁɍɍȳƙȳ̋ǮɦĘȭǔǜʊ
õƬǚǔǷŘʁƬÀˁǜˁŘǚhˁȭƞȊõƬǚǔǷŘʁƬ³ǔɴˁǔƞhˁȭƞȊ<ǔʁƬƋǜñǚŘȭȊʁɁ˹ǜǒ Ȋ ɍǣ̋Ɩ̋
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁȳʯƙ̋ȳȴɦĘȭǔǜʊ
ʹ̋̋Ɩ̋ ɍƙ̋ȳ̋Ɩ̋

b) In Commercial Paper (Unquoted)

ÀɁʁǷŘȭăǜŘȭǚƬ˿“ȭƞǔŘ,ŘɡǔǜŘǚñ˸ǜ³ǜƞȊɍƶ̋<,ñɍǮÄɍʯ Ȋ ʹʯƶƖɍ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋̋ɦĘȭǔǜʊɁnj`ǣ̋̋ƙ̋̋̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
ÀɁʁǷŘȭăǜŘȭǚƬ˿“ȭƞǔŘ,ŘɡǔǜŘǚñ˸ǜ³ǜƞȊʹʕ̋<,ñɍʹÂĴɍʯ Ȋ ʹʯʹƖǮ
ÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁǣ̋̋ɦĘȭǔǜʊɁnj`ǣ̋̋ƙ̋̋̋ƬŘƋǒnjˁǚǚ˿ɡŘǔƞ
Ȋ Ǯʕ̋Ɩǣ
c) In Deposits (Unquoted)
ŒɁˁʊǔȭǷ<Ƭ˸ƬǚɁɡȧƬȭǜhǔȭŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭ³ǜƞƖ Ȋ ʹƙ̋̋̋Ɩ̋
ă“,ÏÀ³ǔȧǔǜƬƞ Ȋ ǣ̋̋Ɩ̋
Ȋ ʹƙǣ̋̋Ɩ̋

Total (B) 200.0 4,060.5

Total (A+B) 8,600.0 9,410.5
Ź³ǔʊǜƬƞ

ANNUAL REPORT 2013-14

 ʕȴ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

16 INVENTORIES
Raw Materials and Packing Materials ǣƙɍɍ̋Ɩɍ Ǯƙȳ̋ʕƖʕ
ɁɁƞʊȊǔȭȊďʁŘȭʊǔǜ ȴƖʯ ǣƙɍɍȴƖǮ ʹǣƖȴ ǮƙȳʯʯƖʯ
ĶɁʁǘȊǔȭȊñʁɁǷʁƬʊʊ ʹƙʕɍǣƖǣ ʹƙ̋ʕʹƖȴ
hǔȭǔʊǒƬƞɁɁƞʊ ȳȴʯƖȴ ɍƙǮȴɍƖʹ
Other Materials and Consumables ʯƶƶƖʯ ʹʹ̋Ɩʯ
ɁɁƞʊȊǔȭȊďʁŘȭʊǔǜ Ȋ ʯƶƶƖʯ ̋Ɩʹ ʹʹ̋Ɩǣ
9,183.8 8,687.6

17 TRADE RECEIVABLES
ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞˁȭǚƬʊʊʊǜŘǜƬƞɁǜǒƬʁ˹ǔʊƬɦ
ÏˁǜʊǜŘȭƞǔȭǷnjɁʁŘɡƬʁǔɁƞƬ˾ƋƬƬƞǔȭǷăǔ˾ÀɁȭǜǒʊnjʁɁȧǜǒƬƞŘǜƬ
they are due for payment
,ɁȭʊǔƞƬʁƬƞɁɁƞ ɍƙ̋ȳʕƖƶ ȴȴɍƖǮ
<ɁˁŽǜnjˁǚ ɍʯȳƖɍ ɍʯɍƖʕ
ɍƙʹʯȴƖȳ ʕȳʯƖɍ
³ƬʊʊƕñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊ ɍʯȳƖɍ ɍƙ̋ȳʕƖƶ ɍʯɍƖʕ ȴȴɍƖǮ
Other Trade Receivables ʯƙǮʹȳƖʕ ȴƙʕɍʯƖȳ
4,527.5 7,375.3

18 CASH AND CASH EQUIVALENTS

*ŘǚŘȭƋƬʊǜǒŘǜȧƬƬǜǜǒƬƞƬǞȭǔǜǔɁȭɁnj,ŘʊǒŘȭƞ,Řʊǒ
Equivalents as per AS3 Cash Flow Statements
Cash on Hand ǮƖɍ ǮƖʕ
Balances with Banks
In Current Accounts ɍɍȴƖȳ ɍǣǣƖǣ
“ȭ<ƬɡɁʊǔǜÄƋƋɁˁȭǜʊ˹ǔǜǒÏʁǔǷǔȭŘǚÀŘǜˁʁǔǜ˿ǚƬʊʊǜǒŘȭʯÀɁȭǜǒʊ Ȋ ɍǮ̋Ɩ̋
In EEFC Accounts ȴǮʹƖʹ ʕǣȳƖɍ ɍƙȳɍʕƖȳ ʹƙʹɍʯƖǮ
ʕȴʯƖʹ ʹƙʹɍƶƖɍ
ÏǜǒƬʁ*Řȭǘ*ŘǚŘȭƋƬʊ
“ȭ<ƬɡɁʊǔǜÄƋƋɁˁȭǜʊɤõƬnjƬʁhɁɁǜȭɁǜƬɦ ǣʯƶƖʯ ɍƙȳʕǮƖǣ
In Earmarked Accounts
ĘȭɡŘǔƞ<ǔ˸ǔƞƬȭƞÄƋƋɁˁȭǜʊ ǮʕƖʹ ǮʹƖǮ
Balances held as Margin Money or Security against ȴȴƖɍ ȴǣɍƖȴ ʕȴƖʹ ʹƙ̋ȳʯƖɍ
ˁŘʁŘȭǜƬƬʊŘȭƞÏǜǒƬʁ,ɁȧȧǔǜȧƬȭǜʊɤõƬnjƬʁhɁɁǜȭɁǜƬɦ
1,414.8 4,311.2
Footnote
ÏǜǒƬʁ*Řȭǘ*ŘǚŘȭƋƬʊǔȭƋǚˁƞƬ<ƬɡɁʊǔǜʊŘȧɁˁȭǜǔȭǷǜɁ`ʹʕǣƖɍ
ÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹǣʹƖʕÀǔǚǚǔɁȭɦŘȭƞÀŘʁǷǔȭÀɁȭǔƬʊ
amounting to `ȴȴƖɍÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʕȴƖʹÀǔǚǚǔɁȭɦ
˹ǒǔƋǒǒŘ˸ƬŘȭÏʁǔǷǔȭŘǚÀŘǜˁʁǔǜ˿ɁnjȧɁʁƬǜǒŘȭɍʹÀɁȭǜǒʊƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ʕʕ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

19 SHORT-TERM LOANS AND ADVANCES

(Unsecured – Considered Good unless stated otherwise)
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊǜɁõƬǚŘǜƬƞñŘʁǜǔƬʊɤõƬnjƬʁÂɁǜƬʊʯƶŘȭƞǮǮɦ Ȋ ʯƙǮʯǣƖʕ
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊǜɁFȧɡǚɁ˿ƬƬʊʤÏǜǒƬʁʊ
Secured ʹǣʹƖǮ ʹǣʹƖǣ
Unsecured ƶɍƖ̋ ʹƙʕƶʯƖǮ
,ɁȭʊǔƞƬʁƬƞ<ɁˁŽǜnjˁǚ ǮƖǣ ǮƖǣ
ʯʯʕƖȳ ʯƙ̋Ǯ̋ƖǮ
³ƬʊʊƕñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚ³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ ǮƖǣ ʯʯʯƖǮ ǮƖǣ ʯƙ̋ʯǣƖȳ
ñʁƬɡŘǔƞF˾ɡƬȭʊƬʊ ƶƶƖǣ ʕȴƖʹ
*ŘǚŘȭƋƬʊ˹ǔǜǒɁ˸ƬʁȭȧƬȭǜÄˁǜǒɁʁǔǜǔƬʊ ʹƙɍȳȴƖǮ ɍƙȴʯȳƖȳ
Äƞ˸ŘȭƋƬʊnjɁʁăˁɡɡǚ˿ɁnjɁɁƞʊŘȭƞăƬʁ˸ǔƋƬʊ ǮʕǮƖȳ ʯ̋ʕƖʯ
3,093.2 8,495.0

20 OTHER CURRENT ASSETS

(Unsecured – Considered Good)
Interest Accrued on Investments ɍǣ̋Ɩʯ ʹʯȳƖɍ
Unamortised Premium on Investments ̋Ɩʹ ̋Ɩʯ
Cenvat Credit available on payment ȴʕƖǮ Ȋ
F˾ɡɁʁǜ“ȭƋƬȭǜǔ˸Ƭʊ ȴƶɍƖʹ ʯǣʯƖǣ
ÏǜǒƬʁɤõƬnjƬʁÂɁǜƬǮƶɤǔǔǔɦɦ ʹǮƙ̋̋ʹƖ̋ Ȋ
24,901.1 592.9

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
21 REVENUE FROM OPERATIONS
Sale of Products ʹƶƙʹʯʕƖʕ ʹʯƙʹȳʕƖǣ
ÏǜǒƬʁÏɡƬʁŘǜǔȭǷõƬ˸ƬȭˁƬʊŹ ɍƙ̋ǮǮƖƶ ɍƙƶƶʕƖǮ
29,282.5 25,184.9
ŹǔȭƋǚˁƞǔȭǷăǒŘʁƬɁnj“ȭƋɁȧƬnjʁɁȧñŘʁǜȭƬʁʊǒǔɡhǔʁȧʊɁnjÂǔǚ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɍƙ̋̋ʹƖʕÀǔǚǚǔɁȭɦ

ANNUAL REPORT 2013-14

 ʕƶ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

Year ended Year ended

31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

22 OTHER INCOME
Net Interest Income
“ȭǜƬʁƬʊǜ“ȭƋɁȧƬɁȭƕ
<ƬɡɁʊǔǜʊ˹ǔǜǒ*Řȭǘʊ ʕʕƖʹ ɍƙǮƶǮƖȳ
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ ʯǣʹƖǣ ǮʹƶƖǮ
Current Investments ʹʹʹƖȴ ǮȴƖʯ
³ɁȭǷȊǜƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊ ʹʹ̋Ɩǣ ȴʕƖȳ
Others ɍʕƖƶ ʹƖɍ
ƶȳ̋Ɩȴ ʹƙ̋ʹȳƖȴ
³ƬʊʊƕhǔȭŘȭƋƬ,Ɂʊǜʊ
“ȭǜƬʁƬʊǜF˾ɡƬȭʊƬɁȭƕ
Borrowings ʯƖɍ ǮƖʹ
Others ɍƶ̋Ɩʕ ̋Ɩʹ
ɍƶʯƖƶ ʕ̋ȴƖƶ ǮƖǮ ʹƙ̋ʹǣƖʹ
<ǔ˸ǔƞƬȭƞ“ȭƋɁȧƬɁȭ³ɁȭǷȊǜƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊ ̋Ɩʹ ̋Ɩʹ
ÂƬǜŘǔȭɁȭăŘǚƬɁnjƕ
Current Investments ʯȳʯƖǮ ʹƶʯƖ̋
³ɁȭǷȊǜƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊ ǮɍȳƖƶ ƶɍʯƖʹ ʹǮƖʹ ʯ̋ʕƖʹ
Insurance Claims ɍƖ̋ ȴƖʕ
³ƬŘʊƬõƬȭǜŘǚŘȭƞŒǔʁƬ,ǒŘʁǷƬʊ ʹȴƖǮ ɍʯƖƶ
Miscellaneous Income ǮȴƖʹ ƶƖȴ
1,593.8 2,361.7

23 COST OF MATERIALS CONSUMED

Raw and Packing Materials
“ȭ˸ƬȭǜɁʁ˿ɤñʁƬ˸ǔɁˁʊ˿ƬŘʁȊɡʁǔɁʁǜɁʊɡǔȭɁǏɦŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnj ǮƙȳʯʯƖʯ ǮƙɍȳƶƖʕ
the year
Purchases during the year ȳƙɍʹȳƖʯ ʕƙʕȳʹƖǣ
Inventory at the end of the year ɤǣƙɍɍȴƖǮɦ ɤǮƙȳʯʯƖʯɦ
8,946.2 7,057.9

24 CHANGES IN INVENTORIES OF FINISHED GOODS,

WORK-IN-PROGRESS AND STOCK-IN-TRADE
“ȭ˸ƬȭǜɁʁǔƬʊɤñʁƬ˸ǔɁˁʊ˿ƬŘʁȊɡʁǔɁʁǜɁʊɡǔȭɁǏɦŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnj ʯƙǣʯʯƖƶ ʯƙǮʹƶƖǣ
the year
Inventories at the end of the year ɤʯƙȴʕȳƖɍɦ ɤʯƙǣʯʯƖƶɦ
(145.3) (105.3)

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ʕȳ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

Year ended Year ended

31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
25 EMPLOYEE BENEFITS EXPENSE
Salaries and Wages ʹƙʯǮƶƖʕ ɍƙƶʹȴƖƶ
Contribution to Provident and Other Funds ɍʯȴƖʹ ʹ̋̋Ɩʯ
ăǜŘǏĶƬǚnjŘʁƬF˾ɡƬȭʊƬʊ ʯɍɍƖǮ ʯʹɍƖȴ
2,796.3 2,348.7
26 OTHER EXPENSES
,ɁȭʊˁȧɡǜǔɁȭɁnjÀŘǜƬʁǔŘǚʊƙăǜɁʁƬʊŘȭƞăɡŘʁƬñŘʁǜʊ ɍƙƶǮȳƖʯ ɍƙʕɍɍƖʹ
Conversion and Other Manufacturing Charges ʕɍɍƖʯ ǮȳʕƖʹ
Power and Fuel ɍƙɍǣƶƖ̋ ȳʯǮƖ̋
Rent ʹȳƖȴ ʹȳƖʯ
õŘǜƬʊŘȭƞďŘ˾Ƭʊ ɍ̋ȳƖʹ ƶƶƖƶ
Insurance ȳǮƖʕ ȴʯƖɍ
ăƬǚǚǔȭǷŘȭƞ<ǔʊǜʁǔŽˁǜǔɁȭ ɍǮɍƖ̋ ǣʕƖʯ
,ɁȧȧǔʊʊǔɁȭŘȭƞ<ǔʊƋɁˁȭǜ ʯǣǮƖɍ ʹɍǣƖ̋
Repairs
Buildings ƶȳƖʯ ƶʕƖʹ
Machinery ǣǮʹƖȴ ǮǮʹƖʹ
Others ʹǮ̋Ɩ̋ ƶʕɍƖȳ ʹ̋ɍƖʹ ʕʯ̋Ɩȴ
Printing and Stationery ǣʯƖȴ ǣ̋Ɩǣ
Travelling and Conveyance ɍɍʕƖƶ ɍʯʯƖʯ
Ï˸ƬʁʊƬŘʊďʁŘ˸ƬǚŘȭƞF˾ɡɁʁǜñʁɁȧɁǜǔɁȭ ɍƙƶ̋ǣƖȳ ɍƙʹƶƶƖʯ
Communication ƶɍƖʹ ʕɍƖȳ
ñʁɁ˸ǔʊǔɁȭʤĶʁǔǜƬɁǏnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊʤÄƞ˸ŘȭƋƬʊ
ñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊ ʕƖǣ ȳ̋Ɩȴ
ăˁȭƞʁ˿*ŘǚŘȭƋƬʊʤďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊ˹ʁǔǜǜƬȭɁǏɤÂƬǜɦ ȳ̋Ɩǣ ʹƖʹ
³ƬʊʊƕÄƞǖˁʊǜƬƞɁˁǜɁnjñʁɁ˸ǔʊǔɁȭɁnjƬŘʁǚǔƬʁ˿ƬŘʁ ̋Ɩʯ ȳʕƖʕ ɍƖʯ ȳɍƖǣ
Professional and Consultancy ʹƙɍɍǮƖʕ ɍƙɍƶʹƖǣ
<ɁȭŘǜǔɁȭʊ ǣƖƶ ʹʹƖɍ
³ɁʊʊɁȭăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊɤÂƬǜɦ ʹɍƖɍ ȴƖ̋
“ȭƋʁƬŘʊƬɁnjF˾ƋǔʊƬ<ˁǜ˿Ɂȭ“ȭ˸ƬȭǜɁʁ˿ ǮƖɍ ʹȴƖɍ
ÂƬǜ³ɁʊʊɁȭhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ďʁŘȭʊŘƋǜǔɁȭʊŘȭƞďʁŘȭʊǚŘǜǔɁȭ ʹƙʹ̋ʯƖʕ ǣʹʹƖɍ
ñŘ˿ȧƬȭǜʊǜɁÄˁƞǔǜɁʁʊɤÂƬǜɁnjăƬʁ˸ǔƋƬďŘ˾ɦ
As Auditors ƶƖʯ ʕƖƶ
For Other Services ʹƖ̋ ɍƖǣ
õƬǔȧŽˁʁʊƬȧƬȭǜɁnjF˾ɡƬȭʊƬʊ ̋Ɩɍ ɍ̋ƖǮ ̋Ɩɍ ȳƖǮ
ÀǔʊƋƬǚǚŘȭƬɁˁʊF˾ɡƬȭʊƬʊƅõƬnjƬʁÂɁǜƬǮʯŘȭƞõƬnjƬʁÂɁǜƬǮƶɤǔǔǔɦƇ ʯƙǣɍ̋Ɩƶ ǮȳʯƖȴ
ɍǣƙʯǮǣƖȳ ƶƙʹʹʯƖƶ
Less :
Receipts from Research Activities ɤȴʕȴƖʯɦ ɤʯǮ̋Ɩɍɦ
14,669.6 7,883.7

ANNUAL REPORT 2013-14

 ƶ̋

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

` in Million

Year ended Year ended

31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
NOTE: RESEARCH AND DEVELOPMENT
EXPENDITURE INCLUDED IN THE STATEMENT OF
PROFIT AND LOSS.
Salaries and Wages ʕƶɍƖȳ ȴʹ̋Ɩȳ
Contribution to Provident and Other Funds ʯȴƖȳ ʹȳƖǮ
ăǜŘǏĶƬǚnjŘʁƬF˾ɡƬȭʊƬʊ ƶƶƖʕ ȴɍƖʯ
,ɁȭʊˁȧɡǜǔɁȭɁnjÀŘǜƬʁǔŘǚʊƙăǜɁʁƬʊŘȭƞăɡŘʁƬñŘʁǜʊ ɍƙɍʯʕƖǮ ɍƙɍ̋ɍƖȳ
Power and Fuel ȴǮƖǮ ȴǣƖ̋
Rent ̋Ɩɍ ̋Ɩɍ
õŘǜƬʊŘȭƞďŘ˾Ƭʊ ɍɍƖǣ ǮƖǮ
Insurance ʯƖǮ ɍƖȳ
Repairs
Buildings ƶƖȳ ɍǣƖǮ
Machinery Ǯ̋Ɩȳ ʯȳƖȳ
Others ǮǮƖȴ ȳǮƖǮ ʯȳƖʹ ȳǮƖǣ
Printing and Stationery ɍǮƖǣ ɍǮƖȳ
Travelling and Conveyance ǣʕƖƶ ʯʕƖȴ
Communication ɍǣƖʹ ɍǮƖɍ
Professional and Consultancy ȳƶǣƖʹ ǮǮ̋Ɩʹ
³ɁʊʊɁȭăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊɤÂƬǜɦ ɍ̋Ɩʕ ̋Ɩʹ
ÀǔʊƋƬǚǚŘȭƬɁˁʊF˾ɡƬȭʊƬʊ Ǯǣ̋Ɩʹ ʹʯƶƖȴ
ʯƙʕǣʹƖʯ ʹƙʕʹǣƖ̋
³Ƭʊʊƕ
ÂƬǜ“ȭǜƬʁƬʊǜ“ȭƋɁȧƬƅȭƬǜɁnj“ȭǜƬʁƬʊǜƬ˾ɡƬȭʊƬɁȭŽɁʁʁɁ˹ǔȭǷʊ`ɍƖǮ ɍƖɍ ɍƖǮ
ÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊ˿ƬŘʁ`ɍƖǮÀǔǚǚǔɁȭɦƇ
Receipts from Research Activities ȴʕȴƖʯ ʯǮ̋Ɩɍ
Miscellaneous Income ƶʕƖƶ ʕȴǣƖʹ ʹǣƖ̋ ʯȴȴƖǣ
2,987.1 2,358.5

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ƶɍ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
27 SIGNIFICANT ACCOUNTING POLICIES
 “ *ŘʊǔʊɁnjÄƋƋɁˁȭǜǔȭǷ     
  ďǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬɡʁƬɡŘʁƬƞˁȭƞƬʁǒǔʊǜɁʁǔƋŘǚƋɁʊǜƋɁȭ˸ƬȭǜǔɁȭɁȭŘȭŘƋƋʁˁŘǚŽŘʊǔʊǔȭŘƋƋɁʁƞŘȭƋƬ
˹ǔǜǒǜǒƬƬȭƬʁŘǚǚ˿ÄƋƋƬɡǜƬƞÄƋƋɁˁȭǜǔȭǷñʁǔȭƋǔɡǚƬʊǔȭ“ȭƞǔŘŘȭƞǜǒƬÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʊɤÄăɦŘʊȭɁǜǔǞƬƞ
ˁȭƞƬʁʊƬƋǜǔɁȭʹɍɍɤʯ,ɦɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴɤ˹ǒǔƋǒƋɁȭǜǔȭˁƬǜɁŽƬŘɡɡǚǔƋŘŽǚƬǔȭʁƬʊɡƬƋǜɁnjʊƬƋǜǔɁȭɍʯʯ
ɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙʹ̋ɍʯǔȭǜƬʁȧʊɁnjǷƬȭƬʁŘǚƋǔʁƋˁǚŘʁɍǣʤʹ̋ɍʯƞŘǜƬƞɍʯǜǒăƬɡǜƬȧŽƬʁƙʹ̋ɍʯɁnjǜǒƬÀǔȭǔʊǜʁ˿Ɂnj
,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊɦƖ

II Use of estimates
  ďǒƬɡʁƬʊƬȭǜŘǜǔɁȭɁnjǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǔȭƋɁȭnjɁʁȧǔǜ˿˹ǔǜǒǜǒƬƬȭƬʁŘǚǚ˿ÄƋƋƬɡǜƬƞÄƋƋɁˁȭǜǔȭǷñʁǔȭƋǔɡǚƬʊǔȭ
“ȭƞǔŘʁƬɴˁǔʁƬʊƬʊǜǔȧŘǜƬʊŘȭƞŘʊʊˁȧɡǜǔɁȭʊǜɁŽƬȧŘƞƬǜǒŘǜŘǏƬƋǜǜǒƬʁƬɡɁʁǜƬƞŘȧɁˁȭǜʊɁnjŘʊʊƬǜʊŘȭƞǚǔŘŽǔǚǔǜǔƬʊ
ɁȭǜǒƬƞŘǜƬɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘȭƞǜǒƬʁƬɡɁʁǜƬƞŘȧɁˁȭǜʊɁnjʁƬ˸ƬȭˁƬʊŘȭƞƬ˾ɡƬȭʊƬʊƞˁʁǔȭǷǜǒƬ
ʁƬɡɁʁǜǔȭǷɡƬʁǔɁƞƖ<ǔǏƬʁƬȭƋƬŽƬǜ˹ƬƬȭǜǒƬŘƋǜˁŘǚʁƬʊˁǚǜŘȭƞƬʊǜǔȧŘǜƬʊŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬɡƬʁǔɁƞǔȭ˹ǒǔƋǒǜǒƬ
ʁƬʊˁǚǜʊŘʁƬǘȭɁ˹ȭʤȧŘǜƬʁǔŘǚǔʊƬƞƖ

III Fixed Assets and Depreciation / Amortisation

  h
 ǔ˾ƬƞÄʊʊƬǜʊǔȭƋǚˁƞǔȭǷǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊŘʁƬʊǜŘǜƬƞŘǜǒǔʊǜɁʁǔƋŘǚƋɁʊǜɤȭƬǜɁnjƋƬȭ˸ŘǜƋʁƬƞǔǜɦǚƬʊʊŘƋƋˁȧˁǚŘǜƬƞ
ƞƬɡʁƬƋǔŘǜǔɁȭʤŘȧɁʁǜǔʊŘǜǔɁȭǜǒƬʁƬɁȭŘȭƞǔȧɡŘǔʁȧƬȭǜǚɁʊʊƬʊƙǔnjŘȭ˿Ɩ<ƬɡʁƬƋǔŘǜǔɁȭɁȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊǔʊɡʁɁ˸ǔƞƬƞɁȭ
ʊǜʁŘǔǷǒǜǚǔȭƬȧƬǜǒɁƞŘǜǜǒƬʁŘǜƬʊʊɡƬƋǔǞƬƞǔȭăƋǒƬƞˁǚƬŀ“ĴǜɁǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴƖÄʊʊƬǜʊƋɁʊǜǔȭǷ`ǣƙ̋̋̋ʤȊ
ɁʁǚƬʊʊŘʁƬƋǒŘʁǷƬƞɁǏŘʊƬ˾ɡƬȭʊƬǔȭǜǒƬ˿ƬŘʁɁnjɡˁʁƋǒŘʊƬƖ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊƋɁȭʊǔʊǜǔȭǷɁnjǜʁŘƞƬȧŘʁǘʊƙƞƬʊǔǷȭʊƙ
ǜƬƋǒȭǔƋŘǚǘȭɁ˹ǒɁ˹ƙȭɁȭȊƋɁȧɡƬǜƬnjƬƬʊŘȭƞɁǜǒƬʁǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊŘʁƬŘȧɁʁǜǔʊƬƞɁȭʊǜʁŘǔǷǒǜǚǔȭƬȧƬǜǒɁƞ
njʁɁȧǜǒƬƞŘǜƬǜǒƬ˿ŘʁƬŘ˸ŘǔǚŘŽǚƬnjɁʁˁʊƬƙɁ˸ƬʁǜǒƬˁʊƬnjˁǚǚǔ˸ƬʊɁnjǜǒƬŘʊʊƬǜʊɤɍ̋ʤʹ̋˿ƬŘʁʊɦƙŘʊƬʊǜǔȧŘǜƬƞŽ˿ǜǒƬ
ÀŘȭŘǷƬȧƬȭǜƋɁȭʊǔƞƬʁǔȭǷǜǒƬǜƬʁȧʊɁnjŘǷʁƬƬȧƬȭǜƖ³ƬŘʊƬǒɁǚƞǚŘȭƞǔʊŘȧɁʁǜǔʊƬƞɁ˸ƬʁǜǒƬɡƬʁǔɁƞɁnjǚƬŘʊƬƖ

IV Leases
  ³
 ƬŘʊƬŘʁʁŘȭǷƬȧƬȭǜʊ˹ǒƬʁƬǜǒƬʁǔʊǘʊŘȭƞʁƬ˹ŘʁƞʊǔȭƋǔƞƬȭǜŘǚǜɁɁ˹ȭƬʁʊǒǔɡɁnjŘȭŘʊʊƬǜʊˁŽʊǜŘȭǜǔŘǚǚ˿˸Ƭʊǜ˹ǔǜǒǜǒƬ
ǚƬʊʊɁʁŘʁƬʁƬƋɁǷȭǔʊƬƞŘʊɁɡƬʁŘǜǔȭǷǚƬŘʊƬƖ³ƬŘʊƬʁƬȭǜŘǚʊˁȭƞƬʁɁɡƬʁŘǜǔȭǷǚƬŘʊƬʊŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜ
ɁnjñʁɁǞǜŘȭƞ³ɁʊʊɁȭŘʊǜʁŘǔǷǒǜȊǚǔȭƬŽŘʊǔʊƖ

V Revenue Recognition
Sale of products is recognised when risks and rewards of ownership of the products are passed on to the
ƋˁʊǜɁȧƬʁʊƙ˹ǒǔƋǒǔʊǷƬȭƬʁŘǚǚ˿ɁȭƞƬʊɡŘǜƋǒɁnjɡʁɁƞˁƋǜʊƖF˾ɡɁʁǜʊŘǚƬʊŘʁƬʁƬƋɁǷȭǔʊƬƞɁȭǜǒƬŽŘʊǔʊɁnj*ǔǚǚɁnjǚŘƞǔȭǷ
ʤÄǔʁ˹Ř˿ŽǔǚǚƖăŘǚƬʊǔȭƋǚˁƞƬʊƞƬǚŘ˿ƬƞɡŘ˿ȧƬȭǜƋǒŘʁǷƬʊŘȭƞŘʁƬʊǜŘǜƬƞȭƬǜɁnjʁƬǜˁʁȭʊŘȭƞĴÄďʤăŘǚƬʊďŘ˾ƙǔnjŘȭ˿Ɩ

VI Investments
  “ȭ˸ƬʊǜȧƬȭǜʊŘʁƬƋǚŘʊʊǔǞƬƞǔȭǜɁ,ˁʁʁƬȭǜŘȭƞ³ɁȭǷďƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊƖ,ˁʁʁƬȭǜ“ȭ˸ƬʊǜȧƬȭǜʊŘʁƬ˸ŘǚˁƬƞŘǜǚɁ˹Ƭʁ
ɁnjƋɁʊǜŘȭƞnjŘǔʁ˸ŘǚˁƬƖ³ɁȭǷďƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊŘʁƬʊǜŘǜƬƞŘǜƋɁʊǜǚƬʊʊɡʁɁ˸ǔʊǔɁȭƙǔnjŘȭ˿ƙnjɁʁɁǜǒƬʁǜǒŘȭǜƬȧɡɁʁŘʁ˿
ƞǔȧǔȭˁǜǔɁȭǔȭ˸ŘǚˁƬƖ

VII Inventories
  “ȭ˸ƬȭǜɁʁǔƬʊƋɁȭʊǔʊǜǔȭǷɁnjʁŘ˹ŘȭƞɡŘƋǘǔȭǷȧŘǜƬʁǔŘǚʊƙɁǜǒƬʁȧŘǜƬʁǔŘǚʊŘȭƞƋɁȭʊˁȧŘŽǚƬʊǔȭƋǚˁƞǔȭǷõū<ȧŘǜƬʁǔŘǚʊƙ
˹ɁʁǘȊǔȭȊɡʁɁǷʁƬʊʊƙʊǜɁƋǘȊǔȭȊǜʁŘƞƬŘȭƞǞȭǔʊǒƬƞǷɁɁƞʊŘʁƬʊǜŘǜƬƞŘǜǚɁ˹ƬʁɁnjƋɁʊǜɤʁŘ˹ŘȭƞɡŘƋǘǔȭǷȧŘǜƬʁǔŘǚʊ
ŘȭƞʊǜɁƋǘȊǔȭȊǜʁŘƞƬȊʊɡƬƋǔǞƋǔƞƬȭǜǔǞƋŘǜǔɁȭȧƬǜǒɁƞʒɁǜǒƬʁȧŘǜƬʁǔŘǚʊŘȭƞƋɁȭʊˁȧŘŽǚƬʊȊh“hÏŽŘʊǔʊʒ˹ɁʁǘȊǔȭȊ
ɡʁɁǷʁƬʊʊŘȭƞǞȭǔʊǒƬƞǷɁɁƞʊȊ˹ƬǔǷǒǜƬƞŘ˸ƬʁŘǷƬȧƬǜǒɁƞɦŘȭƞȭƬǜʁƬŘǚǔʊŘŽǚƬ˸ŘǚˁƬƖ

VIII Research and Development

  ďǒƬʁƬʊƬŘʁƋǒŘȭƞƞƬ˸ƬǚɁɡȧƬȭǜƋɁʊǜǔʊŘƋƋɁˁȭǜƬƞǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞǂʹȴɽ“ȭǜŘȭǷǔŽǚƬ
ÄʊʊƬǜʊɻƖÄǚǚʁƬǚŘǜƬƞʁƬ˸ƬȭˁƬƬ˾ɡƬȭƞǔǜˁʁƬǔȭƋˁʁʁƬƞɁȭɁʁǔǷǔȭŘǚŘȭƞɡǚŘȭȭƬƞǔȭ˸ƬʊǜǔǷŘǜǔɁȭˁȭƞƬʁǜŘǘƬȭ˹ǔǜǒǜǒƬ
ɡʁɁʊɡƬƋǜɁnjǷŘǔȭǔȭǷȭƬ˹ʊƋǔƬȭǜǔǞƋɁʁǜƬƋǒȭǔƋŘǚǘȭɁ˹ǚƬƞǷƬŘȭƞˁȭƞƬʁʊǜŘȭƞǔȭǷˁɡǜɁǜǒƬǜǔȧƬ˹ǒƬȭǔǜǔʊɡɁʊʊǔŽǚƬ
ǜɁƞƬȧɁȭʊǜʁŘǜƬɡʁɁŽŘŽǚƬnjˁǜˁʁƬƬƋɁȭɁȧǔƋŽƬȭƬǞǜʊƙǔʊʁƬƋɁǷȭǔʊƬƞŘʊʁƬʊƬŘʁƋǒƬ˾ɡƬȭʊƬʊŘȭƞƋǒŘʁǷƬƞɁǏǜɁǜǒƬ
ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙŘʊǔȭƋˁʁʁƬƞƖÄǚǚʊˁŽʊƬɴˁƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬǔȭƋˁʁʁƬƞnjɁʁɡʁɁƞˁƋǜƞƬ˸ƬǚɁɡȧƬȭǜɁȭ
ǜǒƬŘɡɡǚǔƋŘǜǔɁȭɁnjʁƬʊƬŘʁƋǒǞȭƞǔȭǷʊɁʁɁǜǒƬʁǘȭɁ˹ǚƬƞǷƬˁɡɁȭƞƬȧɁȭʊǜʁŘǜǔɁȭɁnjɡʁɁŽŘŽǔǚǔǜ˿ɁnjnjˁǜˁʁƬƬƋɁȭɁȧǔƋ
ŽƬȭƬǞǜʊƙɡʁǔɁʁǜɁǜǒƬƋɁȧȧƬȭƋƬȧƬȭǜɁnjɡʁɁƞˁƋǜǔɁȭƙǜɁǜǒƬƬ˾ǜƬȭǜǔƞƬȭǜǔǞŘŽǚƬŘȭƞɡɁʊʊǔŽǚƬǜɁʊƬǷʁƬǷŘǜƬŘʁƬ
ŘƋƋˁȧˁǚŘǜƬƞŘȭƞƋŘʁʁǔƬƞnjɁʁ˹ŘʁƞŘʊƞƬ˸ƬǚɁɡȧƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬˁȭƞƬʁ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊˁȭƞƬʁƞƬ˸ƬǚɁɡȧƬȭǜƙ

ANNUAL REPORT 2013-14

 ƶʹ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
ǜɁŽƬƋŘɡǔǜŘǚǔʊƬƞŘʊŘȭǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜɁȭƋɁȧɡǚƬǜǔɁȭɁnjǜǒƬɡʁɁǖƬƋǜƖ“ȭƋŘʊƬŘɡʁɁǖƬƋǜƞɁƬʊȭɁǜɡʁɁƋƬƬƞŘʊɡƬʁ
Ƭ˾ɡƬƋǜŘǜǔɁȭʊʤɡǚŘȭʊƙǜǒƬʊŘȧƬǔʊŘŽŘȭƞɁȭƬƞŘȭƞǜǒƬŘȧɁˁȭǜƋǚŘʊʊǔǞƬƞŘʊƞƬ˸ƬǚɁɡȧƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬˁȭƞƬʁ
“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊˁȭƞƬʁƞƬ˸ƬǚɁɡȧƬȭǜǔʊƋǒŘʁǷƬƞɁǏǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

IX Foreign Currency Transactions

  ďʁŘȭʊŘƋǜǔɁȭʊƞƬȭɁȧǔȭŘǜƬƞǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋǔƬʊŘʁƬʁƬƋɁʁƞƬƞŘǜǜǒƬƬ˾ƋǒŘȭǷƬʁŘǜƬǜǒŘǜŘɡɡʁɁ˾ǔȧŘǜƬʊǜǒƬŘƋǜˁŘǚ
ʁŘǜƬɡʁƬ˸ŘǔǚǔȭǷŘǜǜǒƬƞŘǜƬɁnjǜǒƬǜʁŘȭʊŘƋǜǔɁȭƖÀɁȭƬǜŘʁ˿ǔǜƬȧʊƞƬȭɁȧǔȭŘǜƬƞǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ŘǜǜǒƬ˿ƬŘʁ
ƬȭƞŘʁƬǜʁŘȭʊǚŘǜƬƞŘǜ˿ƬŘʁƬȭƞʁŘǜƬʊƖ“ȭʁƬʊɡƬƋǜɁnjȧɁȭƬǜŘʁ˿ǔǜƬȧʊƙ˹ǒǔƋǒŘʁƬƋɁ˸ƬʁƬƞŽ˿njɁʁ˹ŘʁƞƬ˾ƋǒŘȭǷƬ
ƋɁȭǜʁŘƋǜʊƙǜǒƬƞǔǏƬʁƬȭƋƬŽƬǜ˹ƬƬȭǜǒƬ˿ƬŘʁƬȭƞʁŘǜƬŘȭƞǜǒƬʁŘǜƬɁȭǜǒƬƞŘǜƬɁnjǜǒƬƋɁȭǜʁŘƋǜǔʊʁƬƋɁǷȭǔʊƬƞŘʊ
Ƭ˾ƋǒŘȭǷƬƞǔǏƬʁƬȭƋƬŘȭƞǜǒƬɡʁƬȧǔˁȧɁȭʊˁƋǒnjɁʁ˹ŘʁƞƋɁȭǜʁŘƋǜʊǔʊʁƬƋɁǷȭǔʊƬƞɁ˸ƬʁǜǒƬǚǔnjƬɁnjǜǒƬnjɁʁ˹Řʁƞ
ƋɁȭǜʁŘƋǜƖďǒƬƬ˾ƋǒŘȭǷƬƞǔǏƬʁƬȭƋƬʊŘʁǔʊǔȭǷɁȭʊƬǜǜǚƬȧƬȭǜʤǜʁŘȭʊǚŘǜǔɁȭŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜ
Řȭƞ³ɁʊʊƖÂɁȭȧɁȭƬǜŘʁ˿ǔǜƬȧʊŘʁƬƋŘʁʁǔƬƞŘǜǒǔʊǜɁʁǔƋŘǚƋɁʊǜƖ

X Derivative Accounting:
  h
 Ɂʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊǔȭǜǒƬȭŘǜˁʁƬɁnjǒǔǷǒǚ˿ɡʁɁŽŘŽǚƬnjɁʁƬƋŘʊǜƬƞǜʁŘȭʊŘƋǜǔɁȭʊʤǞʁȧƋɁȧȧǔǜȧƬȭǜʊƬȭǜƬʁƬƞǔȭǜɁ
njɁʁǒƬƞǷǔȭǷǜǒƬʁǔʊǘɁnjnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿Ƭ˾ɡɁʊˁʁƬŘʁƬŘƋƋɁˁȭǜƬƞnjɁʁɁȭǜǒƬɡʁǔȭƋǔɡǚƬʊɁnjɡʁˁƞƬȭƋƬŘʊƬȭˁȭƋǔŘǜƬƞ
ǔȭÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɍɤÄăȊɍɦɼ<ǔʊƋǚɁʊˁʁƬɁnjÄƋƋɁˁȭǜǔȭǷñɁǚǔƋǔƬʊɾƖñˁʁʊˁŘȭǜǜɁǜǒǔʊƙǚɁʊʊƬʊƙǔnjŘȭ˿ƙɁȭÀŘʁǘǜɁ
ÀŘʁǘƬǜŽŘʊǔʊƙŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊŘȭƞǷŘǔȭʊŘʁƬȭɁǜʁƬƋɁǷȭǔʊƬƞɁȭɡʁˁƞƬȭǜŽŘʊǔʊƖ

XI Taxes on Income
  ñ
 ʁɁ˸ǔʊǔɁȭnjɁʁǜŘ˾ƋɁȧɡʁǔʊƬʊɁnj,ˁʁʁƬȭǜďŘ˾Řȭƞ<ƬnjƬʁʁƬƞďŘ˾Ɩ,ˁʁʁƬȭǜďŘ˾ɡʁɁ˸ǔʊǔɁȭǒŘʊŽƬƬȭȧŘƞƬɁȭǜǒƬ
ŽŘʊǔʊɁnjʁƬǚǔƬnjʊŘȭƞƞƬƞˁƋǜǔɁȭʊŘ˸ŘǔǚŘŽǚƬˁȭƞƬʁǜǒƬ“ȭƋɁȧƬďŘ˾ÄƋǜƙɍȳȴɍƖ<ƬnjƬʁʁƬƞǜŘ˾ʁƬʊˁǚǜǔȭǷnjʁɁȧɼǜǔȧǔȭǷ
ƞǔǏƬʁƬȭƋƬʊɾŽƬǜ˹ƬƬȭǜŘ˾ŘŽǚƬŘȭƞŘƋƋɁˁȭǜǔȭǷǔȭƋɁȧƬǔʊŘƋƋɁˁȭǜƬƞnjɁʁˁʊǔȭǷǜǒƬǜŘ˾ʁŘǜƬʊŘȭƞǚŘ˹ʊǜǒŘǜŘʁƬ
ƬȭŘƋǜƬƞɁʁʊˁŽʊǜŘȭǜǔ˸Ƭǚ˿ƬȭŘƋǜƬƞŘʊɁȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬƖďǒƬƞƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜǔʊʁƬƋɁǷȭǔʊƬƞŘȭƞƋŘʁʁǔƬƞ
njɁʁ˹ŘʁƞnjɁʁǜǔȧǔȭǷƞǔǏƬʁƬȭƋƬʊɁnjǔǜƬȧʊɁǜǒƬʁǜǒŘȭˁȭŘŽʊɁʁŽƬƞƞƬɡʁƬƋǔŘǜǔɁȭŘȭƞŘƋƋˁȧˁǚŘǜƬƞǚɁʊʊƬʊɁȭǚ˿ǜɁ
ǜǒƬƬ˾ǜƬȭǜǜǒŘǜǜǒƬʁƬǔʊŘʁƬŘʊɁȭŘŽǚƬƋƬʁǜŘǔȭǜ˿ǜǒŘǜǜǒƬŘʊʊƬǜʊƋŘȭŽƬʁƬŘǚǔʊƬƞǔȭnjˁǜˁʁƬƖŒɁ˹Ƭ˸ƬʁƙǔnjǜǒƬʁƬǔʊ
ˁȭŘŽʊɁʁŽƬƞƞƬɡʁƬƋǔŘǜǔɁȭɁʁƋŘʁʁ˿njɁʁ˹ŘʁƞɁnjǚɁʊʊƬʊƞƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜʊŘʁƬʁƬƋɁǷȭǔ˘ƬƞɁȭǚ˿ǔnjǜǒƬʁƬǔʊ˸ǔʁǜˁŘǚ
ƋƬʁǜŘǔȭǜ˿ǜǒŘǜǜǒƬʁƬ˹ǔǚǚŽƬʊˁǓƋǔƬȭǜnjˁǜˁʁƬǜŘ˾ŘŽǚƬǔȭƋɁȧƬŘ˸ŘǔǚŘŽǚƬǜɁʁƬŘǚǔʊƬǜǒƬŘʊʊƬǜʊƖ<ƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜʊ
ŘʁƬʁƬ˸ǔƬ˹ƬƞŘʊŘǜƬŘƋǒ*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬnjɁʁǜǒƬǔʁʁƬŘǚǔʊŘŽǔǚǔǜ˿Ɩ

 ŀ““ FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊ     
  ɤŘɦ ďǒƬ,ɁȧɡŘȭ˿ɻʊƋɁȭǜʁǔŽˁǜǔɁȭǔȭʁƬʊɡƬƋǜɁnjɡʁɁ˸ǔƞƬȭǜnjˁȭƞǔʊƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
ƬŘƋǒ˿ƬŘʁƖ
  ɤŽɦ ĶǔǜǒʁƬʊɡƬƋǜǜɁǷʁŘǜˁǔǜ˿ǚǔŘŽǔǚǔǜ˿ƙ,ɁȧɡŘȭ˿ƋɁȭǜʁǔŽˁǜƬʊǜɁ³ǔnjƬ“ȭʊˁʁŘȭƋƬ,ɁʁɡɁʁŘǜǔɁȭɁnj“ȭƞǔŘɤ³“,ɦˁȭƞƬʁ
³“,ɻʊʁɁˁɡʁŘǜˁǔǜ˿ɡɁǚǔƋ˿ƖʁŘǜˁǔǜ˿ǚǔŘŽǔǚǔǜ˿ŘʊƞƬǜƬʁȧǔȭƬƞɁȭŘƋǜˁŘʁǔŘǚŽŘʊǔʊŽ˿ǜǒƬǔȭƞƬɡƬȭƞƬȭǜ˸ŘǚˁƬʁǔʊ
ƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ
  ɤƋɦ ³ǔŘŽǔǚǔǜ˿njɁʁŘƋƋˁȧˁǚŘǜƬƞƋɁȧɡƬȭʊŘǜƬƞŘŽʊƬȭƋƬʊɁnjƬȧɡǚɁ˿ƬƬʊǔʊŘʊƋƬʁǜŘǔȭƬƞnjɁʁɁȭŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭ
ŽŘʊǔʊŘȭƞɡʁɁ˸ǔƞƬƞnjɁʁŘʊɡƬʁǜǒƬ,ɁȧɡŘȭ˿ʁˁǚƬʊƖ

 ŀ“““ *ɁʁʁɁ˹ǔȭǷ,Ɂʊǜʊ     
  *
 ɁʁʁɁ˹ǔȭǷƋɁʊǜʊŘǜǜʁǔŽˁǜŘŽǚƬǜɁǜǒƬŘƋɴˁǔʊǔǜǔɁȭɁʁƋɁȭʊǜʁˁƋǜǔɁȭɁnjɴˁŘǚǔnj˿ǔȭǷŘʊʊƬǜʊˁɡǜɁǜǒƬƞŘǜƬɁnj
ƋŘɡǔǜŘǚǔʊŘǜǔɁȭɁnjʊˁƋǒŘʊʊƬǜʊŘʁƬƋŘɡǔǜŘǚǔʊƬƞŘȭƞŘƞƞƬƞǜɁǜǒƬƋɁʊǜɁnjŘʊʊƬǜƖÏǜǒƬʁŽɁʁʁɁ˹ǔȭǷƋɁʊǜʊŘʁƬ
ʁƬƋɁǷȭǔʊƬƞŘʊŘȭƬ˾ɡƬȭʊƬǔȭǜǒƬɡƬʁǔɁƞǔȭ˹ǒǔƋǒǜǒƬ˿ŘʁƬǔȭƋˁʁʁƬƞƖ

XIV Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised only when there is a present obligation as a result of past events and it is probable
ǜǒŘǜŘȭɁˁǜǡɁ˹ɁnjʁƬʊɁˁʁƋƬʊ˹ǔǚǚŽƬʁƬɴˁǔʁƬƞǜɁʊƬǜǜǚƬǜǒƬɁŽǚǔǷŘǜǔɁȭǔȭʁƬʊɡƬƋǜɁnj˹ǒǔƋǒŘʁƬǚǔŘŽǚƬƬʊǜǔȧŘǜƬɁnjǜǒƬ
ŘȧɁˁȭǜɁnjǜǒƬɁŽǚǔǷŘǜǔɁȭƋŘȭŽƬȧŘƞƬƖ,ɁȭǜǔȭǷƬȭǜǚǔŘŽǔǚǔǜ˿ǔʊƞǔʊƋǚɁʊƬƞnjɁʁɤǔɦñɁʊʊǔŽǚƬɁŽǚǔǷŘǜǔɁȭʊ˹ǒǔƋǒ˹ǔǚǚŽƬ
ƋɁȭǞʁȧƬƞɁȭǚ˿Ž˿njˁǜˁʁƬƬ˸ƬȭǜʊȭɁǜ˹ǒɁǚǚ˿˹ǔǜǒǔȭǜǒƬƋɁȭǜʁɁǚɁnjǜǒƬ,ɁȧɡŘȭ˿ɁʁɤǔǔɦñʁƬʊƬȭǜɁŽǚǔǷŘǜǔɁȭʊŘʁǔʊǔȭǷ
njʁɁȧɡŘʊǜƬ˸Ƭȭǜʊ˹ǒƬʁƬǔǜǔʊȭɁǜɡʁɁŽŘŽǚƬǜǒŘǜŘȭɁˁǜǡɁ˹ɁnjʁƬʊɁˁʁƋƬʊ˹ǔǚǚŽƬʁƬɴˁǔʁƬƞǜɁʊƬǜǜǚƬǜǒƬɁŽǚǔǷŘǜǔɁȭ
ɁʁŘʁƬǚǔŘŽǚƬƬʊǜǔȧŘǜƬɁnjǜǒƬŘȧɁˁȭǜɁnjǜǒƬɁŽǚǔǷŘǜǔɁȭƋŘȭȭɁǜŽƬȧŘƞƬƖ,ɁȭǜǔȭǷƬȭǜÄʊʊƬǜʊŘʁƬȭɁǜʁƬƋɁǷȭǔʊƬƞǔȭ
ǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ƶʯ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
XV Government Grants / Subsidy
  
 Ɂ˸ƬʁȭȧƬȭǜǷʁŘȭǜʊƙǔnjŘȭ˿ƙŘʁƬŘƋƋɁˁȭǜƬƞ˹ǒƬȭǜǒƬʁƬǔʊʁƬŘʊɁȭŘŽǚƬŘʊʊˁʁŘȭƋƬǜǒŘǜǜǒƬƬȭǜƬʁɡʁǔʊƬ˹ǔǚǚƋɁȧɡǚ˿
˹ǔǜǒǜǒƬƋɁȭƞǔǜǔɁȭʊŘǜǜŘƋǒƬƞǜɁǜǒƬȧŘȭƞǔǜǔʊʁƬŘʊɁȭŘŽǚ˿ƋƬʁǜŘǔȭǜǒŘǜǜǒƬˁǚǜǔȧŘǜƬƋɁǚǚƬƋǜǔɁȭ˹ǔǚǚŽƬȧŘƞƬƖ
,ŘɡǔǜŘǚʊˁŽʊǔƞ˿ǔȭȭŘǜˁʁƬɁnjǷɁ˸ƬʁȭȧƬȭǜǷʁŘȭǜʊʁƬǚŘǜƬƞǜɁʊɡƬƋǔǞƋǞ˾ƬƞŘʊʊƬǜʊǔʊŘƋƋɁˁȭǜƬƞnjɁʁ˹ǒƬʁƬƋɁǚǚƬƋǜǔɁȭ
is reasonably certain and the same is shown as a deduction from the gross value of the asset concerned in
Řʁʁǔ˸ǔȭǷŘǜǔǜʊŽɁɁǘ˸ŘǚˁƬŘȭƞŘƋƋɁʁƞǔȭǷǚ˿ǜǒƬƞƬɡʁƬƋǔŘǜǔɁȭǔʊɡʁɁ˸ǔƞƬƞɁȭǜǒƬʁƬƞˁƋƬƞŽɁɁǘ˸ŘǚˁƬƖ

XVI Impairment of Assets

  ďǒƬ,ɁȧɡŘȭ˿ŘʊʊƬʊʊƬʊƙŘǜƬŘƋǒ*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬƙ˹ǒƬǜǒƬʁǜǒƬʁƬǔʊŘȭ˿ǔȭƞǔƋŘǜǔɁȭǜǒŘǜŘȭŘʊʊƬǜȧŘ˿ŽƬ
ǔȧɡŘǔʁƬƞƖ“njŘȭ˿ʊˁƋǒǔȭƞǔƋŘǜǔɁȭƬ˾ǔʊǜʊƙǜǒƬ,ɁȧɡŘȭ˿ƬʊǜǔȧŘǜƬʊǜǒƬʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜɁnjǜǒƬŘʊʊƬǜƖ“njʊˁƋǒ
recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset
ŽƬǚɁȭǷʊǔʊǚƬʊʊǜǒŘȭǔǜʊƋŘʁʁ˿ǔȭǷŘȧɁˁȭǜƙǜǒƬƋŘʁʁ˿ǔȭǷŘȧɁˁȭǜǔʊʁƬƞˁƋƬƞǜɁǔǜʊʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜƖďǒƬ
ʁƬƞˁƋǜǔɁȭǔʊǜʁƬŘǜƬƞŘʊŘȭǔȧɡŘǔʁȧƬȭǜǚɁʊʊŘȭƞǔʊʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ“njŘǜǜǒƬ
*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬǜǒƬʁƬǔʊŘȭǔȭƞǔƋŘǜǔɁȭǜǒŘǜǔnjŘɡʁƬ˸ǔɁˁʊǚ˿ŘʊʊƬʊʊƬƞǔȧɡŘǔʁȧƬȭǜǚɁʊʊȭɁǚɁȭǷƬʁƬ˾ǔʊǜʊɁʁȧŘ˿
ǒŘ˸ƬƞƬƋʁƬŘʊƬƞƙǜǒƬʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜǔʊʁƬŘʊʊƬʊʊƬƞŘȭƞǜǒƬŘʊʊƬǜǔʊʁƬǡƬƋǜƬƞŘǜǜǒƬǚɁ˹ƬʁɁnjʁƬƋɁ˸ƬʁŘŽǚƬ
ŘȧɁˁȭǜŘȭƞǜǒƬƋŘʁʁ˿ǔȭǷŘȧɁˁȭǜǜǒŘǜ˹ɁˁǚƞǒŘ˸ƬŽƬƬȭƞƬǜƬʁȧǔȭƬƞǒŘƞȭɁǔȧɡŘǔʁȧƬȭǜǚɁʊʊŽƬǔȭǷʁƬƋɁǷȭǔʊƬƞƖ
ăˁƋǒʁƬ˸ƬʁʊŘǚɁnjǔȧɡŘǔʁȧƬȭǜǚɁʊʊǔʊʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
28 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT
NOT PROVIDED FOR)
i Contingent Liabilities
A Claims against the Company not acknowledged as debts ʹǮƖ̋ ʯǮƖȴ
B ˁŘʁŘȭǜƬƬʊƕ
ˁŘʁŘȭǜƬƬʊǷǔ˸ƬȭŽ˿ǜǒƬŽŘȭǘƬʁʊɁȭŽƬǒŘǚnjɁnjǜǒƬ,ɁȧɡŘȭ˿ ʯʕǮƖʹ ʹʹʕƖǮ
,ɁʁɡɁʁŘǜƬˁŘʁŘȭǜƬƬʊ ƶȴƖ̋ ɍǮȳƖʹ
C ÏǜǒƬʁʊƕ
³ƬǜǜƬʁʊɁnj,ʁƬƞǔǜnjɁʁ“ȧɡɁʁǜʊ ʹƙɍ̋ʯƖʹ ǮȴʯƖʹ
³ǔŘŽǔǚǔǜǔƬʊ<ǔʊɡˁǜƬƞȊÄɡɡƬŘǚʊǞǚƬƞ˹ǔǜǒʁƬʊɡƬƋǜǜɁƕ
“ȭƋɁȧƬďŘ˾ɁȭŘƋƋɁˁȭǜɁnj<ǔʊŘǚǚɁ˹ŘȭƋƬʊʤÄƞƞǔǜǔɁȭʊ ǮƙȳʹʕƖƶ ʹʕʕɍƖʹ
ăŘǚƬʊďŘ˾ɁȭŘƋƋɁˁȭǜɁnjõƬŽŘǜƬʤ,ǚŘʊʊǔǞƋŘǜǔɁȭ ǮƶƖǣ ǮƶƖǮ
F˾ƋǔʊƬ<ˁǜ˿ɁȭŘƋƋɁˁȭǜɁnjĴŘǚˁŘǜǔɁȭʤ,Ƭȭ˸Řǜ,ʁƬƞǔǜ ȳʯƖȴ ʯʹʹƖʹ
ESIC Contribution on account of applicability ̋Ɩʹ ̋Ɩʹ
<ʁˁǷñʁǔƋƬFɴˁŘǚǔʊŘǜǔɁȭÄƋƋɁˁȭǜƅ<ñFÄƇɁȭŘƋƋɁˁȭǜɁnjƞƬȧŘȭƞǜɁ˹Řʁƞʊ ɍǮƖ̋ ɍǮƖ̋
ˁȭǔȭǜƬȭƞƬƞŽƬȭƬǞǜƙǔȭƋǚˁƞǔȭǷǔȭǜƬʁƬʊǜǜǒƬʁƬɁȭƙƬȭǖɁ˿ƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿
<ƬȧŘȭƞŽ˿•<hďǔȧɡɁʁǜƞˁǜ˿˹ǔǜǒʁƬʊɡƬƋǜǜɁǔȧɡɁʁǜŘǚǚƬǷƬƞǜɁŽƬǔȭ ɍǮƖȴ ɍʯƖȳ
Ƭ˾ƋƬʊʊɁnjƬȭǜǔǜǚƬȧƬȭǜŘʊɡƬʁǜǒƬÄƞ˸ŘȭƋƬƞ³ǔƋƬȭƋƬăƋǒƬȧƬ
ii Commitments
a FʊǜǔȧŘǜƬƞŘȧɁˁȭǜɁnjƋɁȭǜʁŘƋǜʊʁƬȧŘǔȭǔȭǷǜɁŽƬƬ˾ƬƋˁǜƬƞɁȭƋŘɡǔǜŘǚ ȴƙʹʕȳƖʹ ʹƙȴǮʕƖ̋
ŘƋƋɁˁȭǜƅȭƬǜɁnjŘƞ˸ŘȭƋƬʊƇƖ
b Uncalled liability on partly paid investments ̋Ɩǣ ̋ƖǮ
c <Ƭʁǔ˸Řǜǔ˸ƬʁƬǚŘǜƬƞ,ɁȧȧǔǜȧƬȭǜʊȊhɁʁ˹ŘʁƞhɁʁƬǔǷȭF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ Ǯƙʹ̋̋Ɩ̋ ǮƙʯǮʹƖǮ

ANNUAL REPORT 2013-14

 ƶǮ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
29 DISCLOSURES RELATING TO SHARE CAPITAL
i Rights, Preferences and Restrictions attached to Equity Shares
   ǒƬFɴˁǔǜ˿ăǒŘʁƬʊɁnjǜǒƬ,ɁȧɡŘȭ˿ƙǒŘ˸ǔȭǷɡŘʁ˸ŘǚˁƬɁnj`ɍɡƬʁʊǒŘʁƬƙʁŘȭǘɡŘʁǔɡŘʊʊˁǔȭŘǚǚʁƬʊɡƬƋǜʊǔȭƋǚˁƞǔȭǷ˸ɁǜǔȭǷ
ď
ʁǔǷǒǜʊŘȭƞƬȭǜǔǜǚƬȧƬȭǜǜɁƞǔ˸ǔƞƬȭƞƖ

ii Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of reporting period
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Fɴˁǔǜ˿ʊǒŘʁƬʊɁnj` 1 each No. of Shares ` in Million ÂɁƖɁnjăǒŘʁƬʊ ` in Million
Opening Balance ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ
Äƞƞƕ*ɁȭˁʊʊǒŘʁƬʊǔʊʊˁƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ Ȋ Ȋ
Closing Balance ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ ʹƙ̋ʕɍƖʹ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ

iii ɍƙ̋ʯǣƙǣƶɍƙȳǣǣɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦFɴˁǔǜ˿ăǒŘʁƬʊɁnj` 1 each have been allotted as fully paid up bonus shares during
ǜǒƬɡƬʁǔɁƞɁnjǞ˸Ƭ˿ƬŘʁʊǔȧȧƬƞǔŘǜƬǚ˿ɡʁƬƋƬƞǔȭǷǜǒƬƞŘǜƬŘǜ˹ǒǔƋǒǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜǔʊɡʁƬɡŘʁƬƞƖ

iv Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company are as
follows:
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
No. of % of ÂɁƖɁnj ɩɁnj
Name of Shareholders Shares held Holding Shares held Holding
<ǔǚǔɡăǒŘȭǜǔǚŘǚăǒŘȭǷǒ˸ǔ ʹʯɍƙɍǮ̋ƙǮƶ̋ ɍɍƖʹ ɍɍǣƙǣʕ̋ƙʹǮ̋ ɍɍƖʹ
Ĵǔƞǔǜǔ“ȭ˸ƬʊǜȧƬȭǜʊñ˸ǜƖ³ǜƞƖ ʹ̋ɍƙʯƶǣƙʯʹ̋ ȳƖʕ ɍ̋̋ƙȴȳʹƙȴȴ̋ ȳƖʕ
ďƬǖŘʊǘǔʁŘȭñǒŘʁȧŘƋǒƬȧ“ȭƞˁʊǜʁǔƬʊñ˸ǜƖ³ǜƞƖ ɍȳǣƙʯǮʯƙʕȴ̋ ȳƖǮ ȳʕƙȴʕɍƙƶƶ̋ ȳƖǮ
hŘȧǔǚ˿“ȭ˸ƬʊǜȧƬȭǜñ˸ǜƖ³ǜƞƖ ɍƶʹƙȳʹʕƙǮǮ̋ ƶƖƶ ȳɍƙǮȴʯƙʕʹ̋ ƶƖƶ
óˁŘǚǔǜ˿“ȭ˸ƬʊǜȧƬȭǜñ˸ǜƖ³ǜƞƖ ɍƶʹƙƶȴƶƙȴǮ̋ ƶƖƶ ȳɍƙǮʯǮƙʯʹ̋ ƶƖƶ

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
30 RESEARCH AND DEVELOPMENT EXPENDITURE
õƬ˸ƬȭˁƬɤF˾ƋǚˁƞǔȭǷ<ƬɡʁƬƋǔŘǜǔɁȭɦ ʹƙȳƶʕƖɍ ʹƙʯǣƶƖǣ
Capital ǮʕɍƖȴ ʯʕʕƖʹ
Total 3,458.7 2,735.8

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ƶǣ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million

Year ended Year ended

31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
31 INFORMATION RELATING TO CONSUMPTION
OF MATERIALS
Raw and Packing Materials
Raw Materials ʕƙ̋ʕǣƖ̋ ǣƙƶʯȳƖ̋
Packing Materials ɍƙƶʕɍƖʹ ɍƙʹɍƶƖȳ
Total 8,946.2 7,057.9

ÂɁȭƬɁnjǜǒƬǔǜƬȧʊǔȭƞǔ˸ǔƞˁŘǚǚ˿ŘƋƋɁˁȭǜnjɁʁȧɁʁƬǜǒŘȭɍ̋ɩɁnjǜɁǜŘǚƋɁȭʊˁȧɡǜǔɁȭƖ

Imported and Indigenous ɩ ɩ

Raw and Packing Materials
Imported ǮȴƖƶȳ ǮƙɍȳǣƖ̋ ǣǮƖǮʕ ʯƙƶǮǮƖǣ
Indigenous ǣʯƖɍɍ ǮƙʕǣɍƖʹ ǮǣƖǣʯ ʯƙʹɍʯƖǮ
Total 100.00 8,946.2 100.00 7,057.9
Stores and Spare Parts and Other Materials
Imported ʹƶƖɍȳ ǣʹɍƖʯ ʯ̋ƖʕǮ ǣʹȴƖ̋
Indigenous ʕɍƖƶɍ ɍƙʯʹƶƖ̋ ȴȳƖʹȴ ɍƙɍƶǣƖʹ
Total 100.00 1,849.3 100.00 1,711.2

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
32 INFORMATION RELATING TO PURCHASES OF STOCK-IN-TRADE
Formulations ɍƙƶǮʯƖƶ ɍƙȳʹʹƖɍ
*ˁǚǘ<ʁˁǷʊ ǮƖȳ ǮƶƖʕ
Others ɍƖʕ ʯƶƖƶ
Total 1,850.4 2,009.6

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
33 INFORMATION RELATING TO SALE OF PRODUCTS
Formulations ʹ̋ƙʯʹȴƖǣ ɍȴƙǣƶ̋Ɩʹ
*ˁǚǘ<ʁˁǷʊ ʕƙƶʹʕƖȳ ȴƙȴɍƶƖƶ
Others ƶʯƖʯ ȳƶƖǣ
Total 28,237.7 23,297.5

ANNUAL REPORT 2013-14

 ƶȴ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Finished ĶɁʁǘȊǔȭȊ Finished ĶɁʁǘȊǔȭȊ
Goods Progress ɁɁƞʊ Progress
34 INFORMATION RELATING TO INVENTORIES OF
FINISHED GOODS, WORK-IN-PROGRESS AND
STOCK-IN-TRADE
Formulations ʹɍǮƖʕ ǮƶƶƖʕ ʹȳʕƖʹ ǮȳʕƖʕ
*ˁǚǘ<ʁˁǷʊ ʕǮƶƖȳ ʹƙʹʹȴƖƶ ɍƙɍȴǮƖ̋ ɍƙǣʕǮƖȳ
Total 963.6 2,715.5 1,461.2 2,072.6

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
35 INCOME/EXPENDITURE IN FOREIGN CURRENCY
Income
F˾ɡɁʁǜʊɤhÏ*ŽŘʊǔʊɦ ʹʹƙʕɍʯƖʯ ɍȳƙʹʯƶƖ̋
Interest Ȋ ǮƖɍ
Royalty ǣ̋Ɩʯ ʯƖʯ
Others Ǯ̋ǮƖǮ ʯȴȳƖƶ
F˾ɡƬȭƞǔǜˁʁƬ
õŘ˹ÀŘǜƬʁǔŘǚʊɤ,“hŽŘʊǔʊɦ ʹƙƶȳǮƖʕ ʹƙȴȳʹƖ̋
ñŘƋǘǔȭǷÀŘǜƬʁǔŘǚʊɤ,“hŽŘʊǔʊɦ ȳ̋̋Ɩƶ ȳǮǮƖǮ
,ŘɡǔǜŘǚɁɁƞʊɤ,“hŽŘʊǔʊɦ ɍƙǮƶȳƖǮ ɍƙʹɍʕƖȴ
ăɡŘʁƬʊŘȭƞ,ɁȧɡɁȭƬȭǜʊɤ,“hŽŘʊǔʊɦ ǮȳʯƖƶ ǮȳƶƖȴ
Professional Charges ɍƙʕǮʕƖʯ ɍƙ̋ʹǣƖȴ
Overseas Travel ɍɍȴƖƶ ɍɍ̋Ɩ̋
Interest ɍǣƶƖʹ Ȋ
Others ǮƙƶʹʕƖȴ ɍƙʯƶƶƖǮ

36 ďǒƬȭƬǜF˾ƋǒŘȭǷƬ³ɁʊʊɁnj`ɍƙʕǮ̋Ɩ̋ÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ³ɁʊʊɁnj`ʯȳƖȳÀǔǚǚǔɁȭɦǔʊǔȭƋǚˁƞƬƞǔȭõƬ˸ƬȭˁƬnjʁɁȧÏɡƬʁŘǜǔɁȭʊƙ
,ɁʊǜɁnjÀŘǜƬʁǔŘǚʊ,ɁȭʊˁȧƬƞŘȭƞÏǜǒƬʁF˾ɡƬȭʊƬʊǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙŘʊŘɡɡǚǔƋŘŽǚƬƖ

37 DISCLOSURES UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT,
2006:
 ɤŘɦ Ä
 ȭŘȧɁˁȭǜɁnj`ȴȳƖʕÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȴȴƖʹÀǔǚǚǔɁȭɦŘȭƞ`“³ɤñʁƬ˸ǔɁˁʊłƬŘʁ`“³ɦ˹ŘʊƞˁƬŘȭƞ
ɁˁǜʊǜŘȭƞǔȭǷǜɁʊˁɡɡǚǔƬʁʊŘʊŘǜǜǒƬƬȭƞɁnjǜǒƬŘƋƋɁˁȭǜǔȭǷ˿ƬŘʁɁȭŘƋƋɁˁȭǜɁnjñʁǔȭƋǔɡŘǚŘȭƞ“ȭǜƬʁƬʊǜʁƬʊɡƬƋǜǔ˸Ƭǚ˿Ɩ

 ɤŽɦ ÂɁǔȭǜƬʁƬʊǜ˹ŘʊɡŘǔƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ƶʕ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
 ɤƋɦ ÂɁǔȭǜƬʁƬʊǜǔʊɡŘ˿ŘŽǚƬŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁˁȭƞƬʁÀǔƋʁɁƙăȧŘǚǚŘȭƞÀƬƞǔˁȧFȭǜƬʁɡʁǔʊƬʊ<Ƭ˸ƬǚɁɡȧƬȭǜÄƋǜƙʹ̋̋ȴƖ

 ɤƞɦ ÂɁŘȧɁˁȭǜɁnjǔȭǜƬʁƬʊǜ˹ŘʊŘƋƋʁˁƬƞŘȭƞˁȭɡŘǔƞŘǜǜǒƬƬȭƞɁnjǜǒƬŘƋƋɁˁȭǜǔȭǷ˿ƬŘʁƖ

   ǒƬŘŽɁ˸ƬǔȭnjɁʁȧŘǜǔɁȭŘȭƞǜǒŘǜǷǔ˸ƬȭǔȭÂɁǜƬƶɼďʁŘƞƬñŘ˿ŘŽǚƬʊɾʁƬǷŘʁƞǔȭǷÀǔƋʁɁŘȭƞăȧŘǚǚFȭǜƬʁɡʁǔʊƬʊǒŘʊ
ď
ŽƬƬȭƞƬǜƬʁȧǔȭƬƞǜɁǜǒƬƬ˾ǜƬȭǜʊˁƋǒɡŘʁǜǔƬʊǒŘ˸ƬŽƬƬȭǔƞƬȭǜǔǞƬƞɁȭǜǒƬŽŘʊǔʊɁnjǔȭnjɁʁȧŘǜǔɁȭŘ˸ŘǔǚŘŽǚƬ˹ǔǜǒǜǒƬ
,ɁȧɡŘȭ˿ƖďǒǔʊǒŘʊŽƬƬȭʁƬǚǔƬƞˁɡɁȭŽ˿ǜǒƬŘˁƞǔǜɁʁʊƖ

38 RELATED PARTY DISCLOSURE (AS-18) - AS PER ANNEXURE ‘A’

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
39 ACCOUNTING STANDARD (AS-20) ON EARNINGS PER SHARE
ɤ³ɁʊʊɦʤñʁɁǞǜÄǢƬʁďŘ˾ȊˁʊƬƞŘʊÂˁȧƬʁŘǜɁʁnjɁʁƋŘǚƋˁǚŘǜǔȭǷFŘʁȭǔȭǷʊɡƬʁʊǒŘʁƬ ɤʹƶƙʹƶǣƖʹɦ ǣƙɍȴǣƖǣ
Weighted Average number of Shares used in computing basic and diluted ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋
earnings per share
ÂɁȧǔȭŘǚĴŘǚˁƬñƬʁăǒŘʁƬɤǔȭ`ɦ 1 1
*ŘʊǔƋŘȭƞ<ǔǚˁǜƬƞFŘʁȭǔȭǷʊñƬʁăǒŘʁƬɤǔȭ`ɦ ɤɍʯƖʕɦ ʹƖǣ

 “ ȭǜƬʁȧʊɁnjǜǒƬʁƬʊɁǚˁǜǔɁȭɡŘʊʊƬƞŽ˿ǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊŽ˿˹Ř˿ɁnjñɁʊǜŘǚ*ŘǚǚɁǜɁȭɍǣǜǒ•ˁǚ˿ƙʹ̋ɍʯƙǜǒƬ,ɁȧɡŘȭ˿ǒŘʊ
ŘǚǚɁǜǜƬƞɍƙ̋ʯǣƙǣƶɍƙȳǣǣŽɁȭˁʊƬɴˁǔǜ˿ʊǒŘʁƬʊɁȭʯʁƞÄˁǷˁʊǜƙʹ̋ɍʯǔȭǜǒƬʁŘǜǔɁɁnjɍƬɴˁǔǜ˿ʊǒŘʁƬɁnj` 1 each fully paid up for
Ƭ˸Ƭʁ˿Ƭɴˁǔǜ˿ʊǒŘʁƬɁnj`ɍƬŘƋǒǒƬǚƞƖ,ɁȭʊƬɴˁƬȭǜǚ˿ƙǜǒƬFŘʁȭǔȭǷʊñƬʁăǒŘʁƬɁnj` 1 each for the previous year have been
ʁƬʊǜŘǜƬƞŽŘʊƬƞɁȭǜǒƬȭˁȧŽƬʁɁnjƬɴˁǔǜ˿ʊǒŘʁƬʊɡɁʊǜŽɁȭˁʊǔʊʊˁƬƙǔƖƬƖʹƙ̋ʕɍƙɍȴʯƙȳɍ̋Ƭɴˁǔǜ˿ʊǒŘʁƬʊƙǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒ
ÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɤÄăȊʹ̋ɦɁȭɽFŘʁȭǔȭǷʊñƬʁăǒŘʁƬɻƖ
` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
40 ACCOUNTING STANDARD (AS-17) ON SEGMENT REPORTING
ɤŘɦ Primary Segment
ďǒƬ,ɁȧɡŘȭ˿ǒŘʊǔƞƬȭǜǔǞƬƞɷñǒŘʁȧŘƋƬˁǜǔƋŘǚʊɷŘʊǜǒƬɁȭǚ˿ɡʁǔȧŘʁ˿
ʁƬɡɁʁǜŘŽǚƬŽˁʊǔȭƬʊʊʊƬǷȧƬȭǜƖ
ɤŽɦ ăƬƋɁȭƞŘʁ˿ăƬǷȧƬȭǜɤŽ˿ƬɁǷʁŘɡǒǔƋŘǚăƬǷȧƬȭǜɦ
India ǮƙʕǮʹƖʕ ʯƙʯɍƶƖȳ
Outside India ʹʯƙǮȳǣƖ̋ ɍȳƙȳʕƶƖȴ
Sale of Products 28,237.7 23,297.5

ANNUAL REPORT 2013-14

 ƶƶ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
 “ ȭ˸ǔƬ˹ɁnjǜǒƬǔȭǜƬʁ˹Ɂ˸ƬȭʤǔȭǜƬʁȧǔ˾ȭŘǜˁʁƬɁnjŽˁʊǔȭƬʊʊŘȭƞȧŘȭˁnjŘƋǜˁʁǔȭǷnjŘƋǔǚǔǜ˿ƙɁǜǒƬʁʊƬǷȧƬȭǜŘǚǔȭnjɁʁȧŘǜǔɁȭǔʊȭɁǜ
ŘʊƋƬʁǜŘǔȭŘŽǚƬƖ

41 ACCOUNTING STANDARD (AS-15) ON EMPLOYEE BENEFITS

  ɁȭǜʁǔŽˁǜǔɁȭʊŘʁƬȧŘƞƬǜɁõƬƋɁǷȭǔʊƬƞñʁɁ˸ǔƞƬȭǜhˁȭƞƙhŘȧǔǚ˿ñƬȭʊǔɁȭhˁȭƞƙFă“,ŘȭƞɁǜǒƬʁăǜŘǜˁǜɁʁ˿hˁȭƞʊ˹ǒǔƋǒ
,
ƋɁ˸ƬʁʊŘǚǚʁƬǷˁǚŘʁƬȧɡǚɁ˿ƬƬʊƖĶǒǔǚƬŽɁǜǒǜǒƬƬȧɡǚɁ˿ƬƬʊŘȭƞǜǒƬ,ɁȧɡŘȭ˿ȧŘǘƬɡʁƬƞƬǜƬʁȧǔȭƬƞƋɁȭǜʁǔŽˁǜǔɁȭʊǜɁǜǒƬ
ñʁɁ˸ǔƞƬȭǜhˁȭƞŘȭƞFă“,ƙƋɁȭǜʁǔŽˁǜǔɁȭǜɁǜǒƬhŘȧǔǚ˿ñƬȭʊǔɁȭhˁȭƞŘʁƬȧŘƞƬɁȭǚ˿Ž˿ǜǒƬ,ɁȧɡŘȭ˿ƖďǒƬƋɁȭǜʁǔŽˁǜǔɁȭʊ
ŘʁƬȭɁʁȧŘǚǚ˿ŽŘʊƬƞɁȭŘƋƬʁǜŘǔȭɡʁɁɡɁʁǜǔɁȭɁnjǜǒƬƬȧɡǚɁ˿ƬƬɻʊʊŘǚŘʁ˿ƖÄȧɁˁȭǜʁƬƋɁǷȭǔʊƬƞŘʊƬ˾ɡƬȭʊƬǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬ
ƞƬǞȭƬƞƋɁȭǜʁǔŽˁǜǔɁȭɡǚŘȭʊƙŘǷǷʁƬǷŘǜƬǜɁ`ɍɍƶƖǣÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊ˿ƬŘʁ`ȳǮƖƶÀǔǚǚǔɁȭɦ

` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Contribution to Provident Fund ɍɍ̋Ɩǣ ƶʕƖȴ
,ɁȭǜʁǔŽˁǜǔɁȭǜɁFȧɡǚɁ˿ƬƬʊăǜŘǜƬ“ȭʊˁʁŘȭƋƬăƋǒƬȧƬɤFă“,ɦŘȭƞ ʕƖȳ ʕƖɍ
FȧɡǚɁ˿ƬƬʊ<ƬɡɁʊǔǜ³ǔȭǘƬƞ“ȭʊˁʁŘȭƋƬɤF<³“ɦ
,ɁȭǜʁǔŽˁǜǔɁȭǜɁ³ŘŽɁˁʁĶƬǚnjŘʁƬhˁȭƞ ̋Ɩɍ ̋Ɩɍ

  “ȭʁƬʊɡƬƋǜɁnjʁŘǜˁǔǜ˿ƙ,ɁȭǜʁǔŽˁǜǔɁȭʊŘʁƬȧŘƞƬǜɁ³“,ɻʊõƬƋɁǷȭǔʊƬƞʁɁˁɡʁŘǜˁǔǜ˿hˁȭƞăƋǒƬȧƬŽŘʊƬƞɁȭ
ŘȧɁˁȭǜƞƬȧŘȭƞƬƞŽ˿³“,Ɂnj“ȭƞǔŘƖñʁɁ˸ǔʊǔɁȭnjɁʁʁŘǜˁǔǜ˿ǔʊŽŘʊƬƞɁȭŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭƞɁȭƬŽ˿ǔȭƞƬɡƬȭƞƬȭǜ
ŘƋǜˁŘʁ˿ŘʊŘǜǜǒƬ˿ƬŘʁƬȭƞƖÄƋǜˁŘʁǔŘǚĴŘǚˁŘǜǔɁȭnjɁʁ,ɁȧɡƬȭʊŘǜƬƞÄŽʊƬȭƋƬʊǔʊƞɁȭƬŘʊŘǜǜǒƬ˿ƬŘʁƬȭƞŘȭƞ
ǜǒƬɡʁɁ˸ǔʊǔɁȭǔʊȧŘƞƬŘʊɡƬʁ,ɁȧɡŘȭ˿ʁˁǚƬʊ˹ǔǜǒƋɁʁʁƬʊɡɁȭƞǔȭǷƋǒŘʁǷƬǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
amounting to `ǮɍƖȳÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʕǣƖǣÀǔǚǚǔɁȭɦŘȭƞǔǜƋɁ˸ƬʁʊŘǚǚʁƬǷˁǚŘʁƬȧɡǚɁ˿ƬƬʊƖÀŘǖɁʁƞʁǔ˸Ƭʁʊǔȭ
ŘƋǜˁŘʁǔŘǚŘʊʊˁȧɡǜǔɁȭʊƙǜ˿ɡǔƋŘǚǚ˿ƙŘʁƬ˿ƬŘʁʊɁnjʊƬʁ˸ǔƋƬŘȭƞƬȧɡǚɁ˿ƬƬƋɁȧɡƬȭʊŘǜǔɁȭƖ,ɁȧȧǔǜȧƬȭǜʊŘʁƬŘƋǜˁŘʁǔŘǚǚ˿
ƞƬǜƬʁȧǔȭƬƞˁʊǔȭǷǜǒƬɽñʁɁǖƬƋǜƬƞĘȭǔǜ,ʁƬƞǔǜɻȧƬǜǒɁƞƖŘǔȭʊŘȭƞǚɁʊʊƬʊɁȭƋǒŘȭǷƬʊǔȭŘƋǜˁŘʁǔŘǚŘʊʊˁȧɡǜǔɁȭʊŘʁƬ
ŘƋƋɁˁȭǜƬƞnjɁʁǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

Category of Plan Assets :ďǒƬ,ɁȧɡŘȭ˿ɻʊñǚŘȭÄʊʊƬǜʊǔȭʁƬʊɡƬƋǜɁnjʁŘǜˁǔǜ˿ŘʁƬnjˁȭƞƬƞǜǒʁɁˁǷǒǜǒƬʁɁˁɡ

ăƋǒƬȧƬɁnjǜǒƬ³“,Ɂnj“ȭƞǔŘƖ
` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
“ȭʁƬʊɡƬƋǜɁnjǷʁŘǜˁǔǜ˿ɤnjˁȭƞƬƞɦƕ
õƬƋɁȭƋǔǚǔŘǜǔɁȭɁnjǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ
ñʁƬʊƬȭǜ˸ŘǚˁƬɁnjƋɁȧȧǔǜȧƬȭǜʊɤŘʊɡƬʁÄƋǜˁŘʁǔŘǚĴŘǚˁŘǜǔɁȭɦ ʯ̋ǣƖʕ ʹǣȴƖȳ
Fair value of plan assets ɤʹǮƶƖʹɦ ɤʹǮȳƖʯɦ
ÂƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ ǣʕƖǣ ʕƖȴ
ÀɁ˸ƬȧƬȭǜǔȭȭƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ
ÂƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦŘʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ ʕƖȴ ɤʯǮƖʹɦ
Net plan assets transferred ǮʕƖȳ ɍʹƖɍ
ÂƬǜƬ˾ɡƬȭʊƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ ʯȳƖƶ ȴȴƖǣ
Contribution during the year ɤʯʕƖƶɦ ɤʯȴƖƶɦ
ÂƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ ǣʕƖǣ ʕƖȴ
F˾ɡƬȭʊƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
Current service cost ʹȳƖƶ ʹ̋Ɩɍ
Interest cost ʹɍƖʹ ɍǣƖ̋
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ ɤʹ̋Ɩȴɦ ɤɍȴƖȳɦ
Actuarial loss ȳƖǮ ǮƶƖʯ
F˾ɡƬȭʊƬƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ ʯȳƖƶ ȴȴƖǣ
Return on plan assets
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ ʹ̋Ɩȴ ɍȴƖȳ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ƶȳ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
` in Million
Year ended Year ended
31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Actuarial gain ̋Ɩɍ ǮƖʕ
Actual return on plan assets ʹ̋Ɩʕ ʹɍƖȴ
õƬƋɁȭƋǔǚǔŘǜǔɁȭɁnjƞƬǞȭƬƞȊŽƬȭƬǞǜƋɁȧȧǔǜȧƬȭǜʊ
Commitments as at the beginning of the year ʹǣȴƖȳ ʹȳȳƖʹ
Commitments transferred ƶƖȴ ɤɍʹʹƖʯɦ
Current service cost ʹȳƖƶ ʹ̋Ɩɍ
Interest cost ʹɍƖʹ ɍǣƖ̋
ñŘǔƞŽƬȭƬǞǜʊ ɤʹ̋Ɩʯɦ ɤƶƖɍɦ
Actuarial loss ȳƖǣ ǣʯƖ̋
Commitments as at the year end ʯ̋ǣƖʕ ʹǣȴƖȳ
Reconciliation of plan assets
Plan assets as at the beginning of the year ʹǮȳƖʯ ʯʯʯƖǮ
Plan assets transferred ɤʯȳƖʯɦ ɤɍʯǮƖǮɦ
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ ʹ̋Ɩȴ ɍȴƖȳ
Contributions during the year ʯʕƖƶ ʯȴƖƶ
ñŘǔƞŽƬȭƬǞǜʊ ɤʹ̋Ɩʯɦ ɤƶƖɍɦ
Actuarial gain ̋Ɩɍ ǮƖʕ
Plan assets as at the year end ʹǮƶƖʹ ʹǮȳƖʯ

    ǒƬŘƋǜˁŘʁǔŘǚƋŘǚƋˁǚŘǜǔɁȭʊˁʊƬƞǜɁƬʊǜǔȧŘǜƬƋɁȧȧǔǜȧƬȭǜʊŘȭƞƬ˾ɡƬȭʊƬʊǔȭʁƬʊɡƬƋǜɁnjǷʁŘǜˁǔǜ˿Řȭƞ
ď
ƋɁȧɡƬȭʊŘǜƬƞŘŽʊƬȭƋƬʊŘʁƬŽŘʊƬƞɁȭǜǒƬnjɁǚǚɁ˹ǔȭǷŘʊʊˁȧɡǜǔɁȭʊ˹ǒǔƋǒǔnjƋǒŘȭǷƬƞƙ˹ɁˁǚƞŘǏƬƋǜǜǒƬ
ƋɁȧȧǔǜȧƬȭǜɻʊʊǔ˘ƬƙnjˁȭƞǔȭǷʁƬɴˁǔʁƬȧƬȭǜʊŘȭƞƬ˾ɡƬȭʊƬƕ
<ǔʊƋɁˁȭǜʁŘǜƬ ȳƖʯɍɩ ƶƖʹǣɩ
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ ȳƖʯɍɩ ƶƖʹǣɩ
F˾ɡƬƋǜƬƞʁŘǜƬɁnjʊŘǚŘʁ˿ǔȭƋʁƬŘʊƬ ʕƖ̋̋ɩ ʕƖ̋̋ɩ
Mortality Indian Assured Indian Assured
³ǔ˸ƬʊÀɁʁǜŘǚǔǜ˿ ³ǔ˸ƬʊÀɁʁǜŘǚǔǜ˿
ɤʹ̋̋ȴȊ̋ƶɦ ɤʹ̋̋ȴȊ̋ƶɦ
Ultimate Ultimate
    ǒƬƬʊǜǔȧŘǜƬʊɁnjnjˁǜˁʁƬʊŘǚŘʁ˿ǔȭƋʁƬŘʊƬʊƙƋɁȭʊǔƞƬʁƬƞǔȭǜǒƬŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭƙǜŘǘƬʊǔȭǜɁŘƋƋɁˁȭǜǔȭǡŘǜǔɁȭƙ
ď
ʊƬȭǔɁʁǔǜ˿ƙɡʁɁȧɁǜǔɁȭŘȭƞɁǜǒƬʁʁƬǚƬ˸ŘȭǜnjŘƋǜɁʁʊʊˁƋǒŘʊʊˁɡɡǚ˿ŘȭƞƞƬȧŘȭƞǔȭǜǒƬƬȧɡǚɁ˿ȧƬȭǜȧŘʁǘƬǜƖ

` in Million
Year ended
31st
ʯɍʊǜÀŘʁƋǒƙ ʯɍʊǜÀŘʁƋǒƙ ʯɍʊǜÀŘʁƋǒƙ ʯɍʊǜÀŘʁƋǒƙ
March,
ʹ̋ɍʯ ʹ̋ɍʹ ʹ̋ɍɍ ʹ̋ɍ̋
2014
F˾ɡƬʁǔƬȭƋƬŘƞǖˁʊǜȧƬȭǜ
On plan liabilities ǮǣƖʹ ʹ̋Ɩʹ ʹǣƖʹ ɍʕƖǣ ǣȴƖǣ
On plan assets ̋Ɩɍ ǮƖʕ ȴƖǮ ʯƖʯ ʯƖʯ
ñʁƬʊƬȭǜ˸ŘǚˁƬɁnjŽƬȭƬǞǜɁŽǚǔǷŘǜǔɁȭ ʯ̋ǣƖʕ ʹǣȴƖȳ ʹȳȳƖʹ ʹǮƶƖʯ ʹɍʹƖʕ
Fair value of plan assets ɤʹǮƶƖʹɦ ɤʹǮȳƖʯɦ ɤʯʯʯƖǮɦ ɤʹʕǮƖʹɦ ɤʹʹƶƖǣɦ
F˾ƋƬʊʊɁnjɁŽǚǔǷŘǜǔɁȭɁ˸ƬʁɡǚŘȭŘʊʊƬǜʊʤ ǣʕƖǣ ʕƖȴ ɤʯǮƖʹɦ ɤʹǣƖȳɦ ɤɍǣƖƶɦ
ɤɡǚŘȭŘʊʊƬǜʊɁ˸ƬʁɁŽǚǔǷŘǜǔɁȭɦ

    ǒƬƋɁȭǜʁǔŽˁǜǔɁȭƬ˾ɡƬƋǜƬƞǜɁŽƬȧŘƞƬŽ˿ǜǒƬ,ɁȧɡŘȭ˿ƞˁʁǔȭǷǞȭŘȭƋǔŘǚ˿ƬŘʁƬȭƞǔȭǷʯɍʊǜÀŘʁƋǒƙʹ̋ɍǣǔʊ
ď
`ƶʯƖʯÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ǮƶƖɍÀǔǚǚǔɁȭɦƖ

ANNUAL REPORT 2013-14

 ȳ̋

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
42 ACCOUNTING STANDARD (AS-19) ON LEASES
 ɤŘɦ ď
 ǒƬ,ɁȧɡŘȭ˿ǒŘʊǷǔ˸ƬȭƋƬʁǜŘǔȭɡʁƬȧǔʊƬʊnjɁʁǔǜʊɁɡƬʁŘǜǔɁȭʊŘȭƞñǚŘȭǜŘȭƞÀŘƋǒǔȭƬʁ˿ˁȭƞƬʁɁɡƬʁŘǜǔȭǷǚƬŘʊƬɁʁ
ǚƬŘ˸ƬŘȭƞǚǔƋƬȭʊƬŘǷʁƬƬȧƬȭǜʊƖďǒƬʊƬŘʁƬǷƬȭƬʁŘǚǚ˿ȭɁǜȭɁȭȊƋŘȭƋƬǚǚŘŽǚƬŘȭƞʁŘȭǷƬŽƬǜ˹ƬƬȭɍɍȧɁȭǜǒʊǜɁǣ˿ƬŘʁʊ
ˁȭƞƬʁǚƬŘ˸ƬŘȭƞǚǔƋƬȭʊƬƙɁʁǚɁȭǷƬʁnjɁʁɁǜǒƬʁǚƬŘʊƬŘȭƞŘʁƬʁƬȭƬ˹ŘŽǚƬŽ˿ȧˁǜˁŘǚƋɁȭʊƬȭǜɁȭȧˁǜˁŘǚǚ˿ŘǷʁƬƬŘŽǚƬ
ǜƬʁȧʊƖďǒƬ,ɁȧɡŘȭ˿ǒŘʊʁƬƋƬǔ˸ƬƞʁƬnjˁȭƞŘŽǚƬǔȭǜƬʁƬʊǜnjʁƬƬʊƬƋˁʁǔǜ˿ƞƬɡɁʊǔǜʊ˹ǒƬʁƬŘɡɡǚǔƋŘŽǚƬǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒ
ǜǒƬŘǷʁƬƬƞǜƬʁȧʊƖɤŽɦďǒƬ,ɁȧɡŘȭ˿ǒŘʊɁŽǜŘǔȭƬƞƋƬʁǜŘǔȭɡʁƬȧǔʊƬʊnjɁʁǔǜʊŽˁʊǔȭƬʊʊɁɡƬʁŘǜǔɁȭʊɤǔȭƋǚˁƞǔȭǷnjˁʁȭǔǜˁʁƬ
ŘȭƞǞǜǜǔȭǷʊƙǜǒƬʁƬǔȭŘʊŘɡɡǚǔƋŘŽǚƬɦˁȭƞƬʁɁɡƬʁŘǜǔȭǷǚƬŘʊƬɁʁǚƬŘ˸ƬŘȭƞǚǔƋƬȭʊƬŘǷʁƬƬȧƬȭǜʊƖďǒƬʊƬŘʁƬǷƬȭƬʁŘǚǚ˿
ȭɁǜȭɁȭȊƋŘȭƋƬǚǚŘŽǚƬŘȭƞʁŘȭǷƬŽƬǜ˹ƬƬȭɍɍȧɁȭǜǒʊǜɁǣ˿ƬŘʁʊˁȭƞƬʁǚƬŘ˸ƬŘȭƞǚǔƋƬȭʊƬƙɁʁǚɁȭǷƬʁnjɁʁɁǜǒƬʁǚƬŘʊƬ
ŘȭƞŘʁƬʁƬȭƬ˹ŘŽǚƬŽ˿ȧˁǜˁŘǚƋɁȭʊƬȭǜɁȭȧˁǜˁŘǚǚ˿ŘǷʁƬƬŘŽǚƬǜƬʁȧʊƖďǒƬ,ɁȧɡŘȭ˿ǒŘʊǷǔ˸ƬȭʁƬnjˁȭƞŘŽǚƬǔȭǜƬʁƬʊǜ
njʁƬƬʊƬƋˁʁǔǜ˿ƞƬɡɁʊǔǜʊǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬŘǷʁƬƬƞǜƬʁȧʊƖɤƋɦ³ƬŘʊƬʁƬƋƬǔɡǜʊʤɡŘ˿ȧƬȭǜʊŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬ
ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊˁȭƞƬʁɼõƬȭǜɾǔȭÂɁǜƬʹʹŘȭƞʹȴʁƬʊɡƬƋǜǔ˸Ƭǚ˿Ɩ

43 ÀǔʊƋƬǚǚŘȭƬɁˁʊF˾ɡƬȭʊƬʊǔȭƋǚˁƞƬʊ`ǮʯʯƖȳÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊ˿ƬŘʁÂǔǚɦǜɁ˹ŘʁƞʊñʁɁƞˁƋǜăƬǜǜǚƬȧƬȭǜF˾ɡƬȭʊƬƖ

` in Million
As at 31st Maximum As at 31st ÀŘ˾ǔȧˁȧ
March, 2014 *ŘǚŘȭƋƬ ÀŘʁƋǒƙʹ̋ɍʯ Balance
2013-14 ʹ̋ɍʹȊɍʯ
44 LOANS / ADVANCES DUE FROM SUBSIDIARIES
Loans
ʁƬƬȭFƋɁ<Ƭ˸ƬǚɁɡȧƬȭǜ,ƬȭǜʁƬ³ǜƞ ǮƖǮ ǮƖǮ ǮƖǮ ǮƖǮ
ăǘǔʊƬȭ³ŘŽʊñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ ʯǣȴƖ̋ ʯǣȴƖ̋ Ȋ Ȋ
ăˁȭñǒŘʁȧŘ<ʁˁǷʊñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞŹ Ȋ ɍƙƶȴǣƖǣ ɍƙƶȴǣƖǣ ʕƙƶʕȳƖɍ
ăˁȭñǒŘʁȧŘÀƬƞǔƋŘǜǔɁȭñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞŹ Ȋ ƶʯɍƖƶ ƶʯɍƖƶ ʕƙʯ̋ʹƖǮ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ Ȋ Ȋ Ȋ ǣ̋ʕƖɍ
Advances: Share Application Money to
ăˁȭñǒŘʁȧŘ<ƬÀƬ˾ǔƋɁƙăƖÄƖ<F,ƖĴƖ ƶ̋Ɩʕ ƶ̋Ɩʕ ʕʯƖ̋ ʕʯƖ̋
441.1 2,774.7

 ŹÄȧŘǚǷŘȧŘǜƬƞǔȭǜɁăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ˹ƖƬƖnjƖɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹɡˁʁʊˁŘȭǜǜɁŘ,ɁˁʁǜŘɡɡʁɁ˸ƬƞʊƋǒƬȧƬƖ

45 “ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊƋɁȭʊǔʊǜǔȭǷɁnjǜʁŘƞƬȧŘʁǘʊƙƞƬʊǔǷȭʊƙǜƬƋǒȭǔƋŘǚǘȭɁ˹ǒɁ˹ƙȭɁȭƋɁȧɡƬǜƬnjƬƬʊŘȭƞɁǜǒƬʁǔȭǜŘȭǷǔŽǚƬ
ŘʊʊƬǜʊŘʁƬʊǜŘǜƬƞŘǜƋɁʊǜɁnjŘƋɴˁǔʊǔǜǔɁȭŽŘʊƬƞɁȭǜǒƬǔʁŘǷʁƬƬȧƬȭǜʊŘȭƞŘʁƬŘ˸ŘǔǚŘŽǚƬǜɁǜǒƬ,ɁȧɡŘȭ˿ǔȭɡƬʁɡƬǜˁǔǜ˿ƖďǒƬ
depreciable amount of intangible assets is arrived at based on the management’s best estimates of useful lives of
ʊˁƋǒŘʊʊƬǜʊŘǢƬʁƞˁƬƋɁȭʊǔƞƬʁŘǜǔɁȭŘʊʁƬǷŘʁƞʊǜǒƬǔʁƬ˾ɡƬƋǜƬƞˁʊŘǷƬƙǜǒƬɡʁɁƞˁƋǜǚǔnjƬƋ˿ƋǚƬʊƙǜƬƋǒȭǔƋŘǚŘȭƞǜƬƋǒȭɁǚɁǷǔƋŘǚ
ɁŽʊɁǚƬʊƋƬȭƋƬƙȧŘʁǘƬǜƞƬȧŘȭƞnjɁʁɡʁɁƞˁƋǜʊƙƋɁȧɡƬǜǔǜǔɁȭŘȭƞǜǒƬǔʁƬ˾ɡƬƋǜƬƞnjˁǜˁʁƬŽƬȭƬǞǜʊǜɁǜǒƬ,ɁȧɡŘȭ˿Ɩ

46 LEGAL PROCEEDINGS
  ǒƬ,ɁȧɡŘȭ˿ŘȭƞʤɁʁǔǜʊʊˁŽʊǔƞǔŘʁǔƬʊŘʁƬǔȭ˸Ɂǚ˸Ƭƞǔȭ˸ŘʁǔɁˁʊǚƬǷŘǚɡʁɁƋƬƬƞǔȭǷʊǔȭƋǚˁƞǔȭǷɡʁɁƞˁƋǜǚǔŘŽǔǚǔǜ˿ƙƋɁȭǜʁŘƋǜʊƙ
ď
ƬȧɡǚɁ˿ȧƬȭǜƋǚŘǔȧʊŘȭƞɁǜǒƬʁʁƬǷˁǚŘǜɁʁ˿ȧŘǜǜƬʁʊʁƬǚŘǜǔȭǷǜɁƋɁȭƞˁƋǜɁnjǔǜʊŽˁʊǔȭƬʊʊƖďǒƬ,ɁȧɡŘȭ˿ƋŘʁʁǔƬʊɡʁɁƞˁƋǜ
ǚǔŘŽǔǚǔǜ˿ǔȭʊˁʁŘȭƋƬʤǔʊƋɁȭǜʁŘƋǜˁŘǚǚ˿ǔȭƞƬȧȭǔǞƬƞŽ˿ǜǒƬȧŘȭˁnjŘƋǜˁʁƬʁƙǔȭŘȭŘȧɁˁȭǜǔǜŽƬǚǔƬ˸ƬʊǔʊʊˁǓƋǔƬȭǜnjɁʁǔǜʊȭƬƬƞʊƖ
“ȭʁƬʊɡƬƋǜɁnjɁǜǒƬʁƋǚŘǔȧʊƙǜǒƬ,ɁȧɡŘȭ˿ŽƬǚǔƬ˸ƬʊƙǜǒƬʊƬƋǚŘǔȧʊƞɁȭɁǜƋɁȭʊǜǔǜˁǜƬȧŘǜƬʁǔŘǚǚǔǜǔǷŘǜǔɁȭȧŘǜǜƬʁʊŘȭƞ˹ǔǜǒ
ǔǜʊȧƬʁǔǜɁʁǔɁˁʊƞƬnjƬȭƋƬʊǜǒƬˁǚǜǔȧŘǜƬƞǔʊɡɁʊǔǜǔɁȭɁnjǜǒƬʊƬȧŘǜǜƬʁʊ˹ǔǚǚȭɁǜǒŘ˸ƬȧŘǜƬʁǔŘǚŘƞ˸ƬʁʊƬƬǏƬƋǜɁȭǔǜʊhǔȭŘȭƋǔŘǚ
ăǜŘǜƬȧƬȭǜʊƖ

47 ,ˁʁʁƬȭǜďŘ˾ǔʊȭƬǜɁnj˹ʁǔǜƬŽŘƋǘɁnjñʁɁ˸ǔʊǔɁȭnjɁʁhʁǔȭǷƬ*ƬȭƬǞǜďŘ˾ɤȭƬǜɦɁnjÂǔǚɤñʁƬ˸ǔɁˁʊłƬŘʁ`̋ƖʹÀǔǚǚǔɁȭɦɡƬʁǜŘǔȭǔȭǷǜɁ
ƬŘʁǚǔƬʁ˿ƬŘʁƖ

48 ñˁʁʊˁŘȭǜǜɁǜǒƬʊƋǒƬȧƬɁnjŘʁʁŘȭǷƬȧƬȭǜǔȭǜǒƬȭŘǜˁʁƬɁnjƞƬȧƬʁǷƬʁŘȭƞǜʁŘȭʊnjƬʁɁnjʊɡƬƋǔǞƬƞˁȭƞƬʁǜŘǘǔȭǷɁnj
ăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞʊˁŽʊǔƞǔŘʁ˿ƙǔȭǜɁǜǒƬ,ɁȧɡŘȭ˿˹ƖƬƖnjɍʊǜÀŘ˿ƙʹ̋ɍʯƙ˹ǔǜǒɁˁǜŘȭ˿ƋɁȭʊǔƞƬʁŘǜǔɁȭƙ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
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Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
ɁȭŘǷɁǔȭǷƋɁȭƋƬʁȭŽŘʊǔʊƋɁȭʊǔʊǜǔȭǷɁnjŘǚǚǜǒƬŘʊʊƬǜʊŘȭƞǚǔŘŽǔǚǔǜǔƬʊɡƬʁǜŘǔȭǔȭǷǜɁǜǒƬʊŘǔƞˁȭƞƬʁǜŘǘǔȭǷʊƙŽƬǔȭǷŘɡɡʁɁ˸Ƭƞ
Ž˿ʊǒŘʁƬǒɁǚƞƬʁʊɁnjŽɁǜǒǜǒƬƋɁȧɡŘȭǔƬʊŘȭƞʊˁŽʊƬɴˁƬȭǜǚ˿ŘɡɡʁɁ˸ƬƞŽ˿ǜǒƬŒɁȭɻŽǚƬŒǔǷǒ,ɁˁʁǜɁnjˁǖŘʁŘǜŘȭƞ
ƋɁȧɡǚƬǜǔɁȭɁnjɁǜǒƬʁʁƬǷˁǚŘǜɁʁ˿ƋɁȧɡǚǔŘȭƋƬʊƙǜǒƬʊƋǒƬȧƬǒŘʊŽƬƬȭǷǔ˸ƬȭƬǏƬƋǜǜɁǔȭǜǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘȭƞ
ŘƋƋɁʁƞǔȭǷǚ˿ƕ
 ǔƖ ďǒƬhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒʹ̋ɍǮ˹ǒǔƋǒ˹ƬʁƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞŽ˿*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊ
ɁȭʹȳǜǒÀŘ˿ƙʹ̋ɍǮŘȭƞŘˁƞǔǜƬƞŽ˿ǜǒƬʊǜŘǜˁǜɁʁ˿ŘˁƞǔǜɁʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǒŘ˸ƬŽƬƬȭʁƬ˸ǔʊƬƞƖ
 ǔǔƖ ÄǚǚǜǒƬŘʊʊƬǜʊŘȭƞǚǔŘŽǔǚǔǜǔƬʊɡƬʁǜŘǔȭǔȭǷǜɁǜǒƬʊŘǔƞˁȭƞƬʁǜŘǘǔȭǷɁnjăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFʊǜŘȭƞǜʁŘȭʊnjƬʁʁƬƞǜɁ
Řȭƞ˸ƬʊǜƬƞǔȭǜǒƬ,ɁȧɡŘȭ˿ŘʊŘǷɁǔȭǷƋɁȭƋƬʁȭƙŘʊŘǜɍʊǜÀŘ˿ƙʹ̋ɍʯŘǜƋŘʁʁ˿ǔȭǷ˸ŘǚˁƬʊŘʊƞǔʊƋǚɁʊƬƞǔȭǜǒƬȭɁǜƬʊǜɁ
ǜǒƬʁƬ˸ǔʊƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɁnjăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFɁȭ˹ǒǔƋǒǜǒƬǔʁŘˁƞǔǜɁʁʊǒŘ˸ƬǔʊʊˁƬƞŘʁƬ˸ǔʊƬƞŘˁƞǔǜ
ʁƬɡɁʁǜƞŘǜƬƞɍ̋ǜǒÄˁǷˁʊǜƙʹ̋ɍǮŘȭƞǜǒƬʁƬʊˁǚǜŘȭǜƞǔǏƬʁƬȭƋƬŘȧɁˁȭǜǔȭǷǜɁ`ʹƶƙɍ̋ȳƖȳÀǔǚǚǔɁȭŽƬǔȭǷǜǒƬƬ˾ƋƬʊʊɁnj
ŘʊʊƬǜʊɁ˸ƬʁǚǔŘŽǔǚǔǜǔƬʊǒŘʊŽƬƬȭƋʁƬƞǔǜƬƞǜɁ,ŘɡǔǜŘǚõƬʊƬʁ˸ƬÄƋƋɁˁȭǜƖ

 ǔǔǔƖ Ïȭɍɍǜǒ•ˁȭƬƙʹ̋ɍʯƙăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFɤăñɦƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞʊˁŽʊǔƞǔŘʁ˿ǒŘʊƬȭǜƬʁƬƞǔȭǜɁʊƬǜǜǚƬȧƬȭǜ
ŘǷʁƬƬȧƬȭǜnjɁʁĘă<ǣǣ̋Ɩ̋ÀǔǚǚǔɁȭɤǔȭƋǚˁƞǔȭǷĘă<ǮǮƖ̋ÀǔǚǚǔɁȭŽɁʁȭƬŽ˿,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ
³ǜƞɦ˹ǔǜǒñǞ˘Ƭʁ“ȭƋƖƙĘăÄʒĶ˿Ƭǜǒ³³,ĘăÄŘȭƞÂ˿ƋɁȧƬƞȧŽŒƙƬʁȧŘȭ˿ǔȭʊƬǜǜǚƬȧƬȭǜɁnjǜǒƬƋǚŘǔȧɁnjɡŘǜƬȭǜ
ǔȭnjʁǔȭǷƬȧƬȭǜǚǔǜǔǷŘǜǔɁȭʁƬǚŘǜƬƞǜɁǷƬȭƬʁǔƋ˸ƬʁʊǔɁȭɁnjɼñʁɁǜɁȭǔ˾ɾƖăñǒŘʊƬȭǜƬʁƬƞǔȭǜɁŘȭŘǷʁƬƬȧƬȭǜ˹ǔǜǒŘǜǒǔʁƞ
party in terms of which the said party has agreed to bear damages on account of patent infringement to the
Ƭ˾ǜƬȭǜɁnjĘă<Ǯ̋̋Ɩ̋ÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹǮƙ̋̋ʹƖ̋ÀǔǚǚǔɁȭɦǔȭƋɁȭʊǔƞƬʁŘǜǔɁȭɁnjăñŘǷʁƬƬǔȭǷǜɁʊƬǚǚǜǒƬȧ
ɡǒŘʁȧŘƋƬˁǜǔƋŘǚɡʁɁƞˁƋǜʊŘǜŘȭƬǷɁǜǔŘǜƬƞƞǔʊƋɁˁȭǜƬƞɡʁǔƋƬnjɁʁŘʊɡƬƋǔǞƬƞɡƬʁǔɁƞƖÄƋƋɁʁƞǔȭǷǚ˿ƙŘɡʁɁ˸ǔʊǔɁȭɁnj
Ęă<ǮʯƶƖǣÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹȴƙʯɍʹƖʹÀǔǚǚǔɁȭɦƅɤǔȭƋǚˁƞǔȭǷɁǜǒƬʁʁƬǚŘǜƬƞƬ˾ɡƬƋǜƬƞƞǔʊƋɁˁȭǜŘȭƞǔȭƋǔƞƬȭǜŘǚ
Ƭ˾ɡƬȭʊƬʊɁnjĘă<ʯƶƖǣÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹƙʯɍ̋ƖʹÀǔǚǚǔɁȭɦƇǜɁ˹ŘʁƞʊƬʊǜǔȧŘǜƬƞƬ˾ɡƬƋǜƬƞǚǔŘŽǔǚǔǜ˿Ɂȭǜǒǔʊ
ŘƋƋɁˁȭǜƙǒŘʊŽƬƬȭŘƋƋɁˁȭǜƬƞnjɁʁŘȭƞǷǔ˸ƬȭƬǏƬƋǜǔȭǜǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖďǒƬŘŽɁ˸ƬƋǒŘʁǷƬɁnjĘă<ǣ̋ȴƖ̋
ÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹƶƙʕǣȴƖ̋ÀǔǚǚǔɁȭɦǒŘʊŽƬƬȭƋɁȭʊǔƞƬʁƬƞŘʊƬ˾ƋƬɡǜǔɁȭŘǚǔǜƬȧŘȭƞ`ʹƙʯƶɍƖʹÀǔǚǚǔɁȭǒŘʊŽƬƬȭ
ǔȭƋǚˁƞƬƞǔȭȧǔʊƋƬǚǚŘȭƬɁˁʊƬ˾ɡƬȭʊƬʊƖ

49 “ȭÀŘʁƋǒʹ̋ɍǮƙǜǒƬĘăh<ÄǔʊʊˁƬƞŘȭǔȧɡɁʁǜŘǚƬʁǜǜɁǜǒƬ,ɁȧɡŘȭ˿njɁʁǔǜʊƋƬɡǒŘǚɁʊɡɁʁǔȭnjŘƋǔǚǔǜ˿ǚɁƋŘǜƬƞŘǜ°ŘʁǘǒŘƞǔƙ
ˁǖŘʁŘǜǔȭ“ȭƞǔŘƖďǒƬ˹ŘʁȭǔȭǷǚƬǜǜƬʁɡƬʁǜŘǔȭǔȭǷǜɁǜǒǔʊǔȧɡɁʁǜŘǚƬʁǜ˹ŘʊǔʊʊˁƬƞŽ˿ǜǒƬĘăh<ÄǔȭÀŘ˿ʹ̋ɍǮƖďǒƬ
ǚƬǜǜƬʁǔƞƬȭǜǔǞƬʊɡʁŘƋǜǔƋƬʊŘǜǜǒƬnjŘƋǔǚǔǜ˿˹ǒǔƋǒŘʁƬȭɁȭȊƋɁȧɡǚǔŘȭǜ˹ǔǜǒƋˁʁʁƬȭǜɁɁƞÀŘȭˁnjŘƋǜˁʁǔȭǷñʁŘƋǜǔƋƬɤƋÀñɦ
ʁƬǷˁǚŘǜǔɁȭʊƖďǒƬ,ɁȧɡŘȭ˿ʁƬȧŘǔȭʊnjˁǚǚ˿ƋɁȧȧǔǜǜƬƞǜɁƋɁȧɡǚǔŘȭƋƬŘȭƞǒŘʊŘǚʁƬŘƞ˿ǔȭǔǜǔŘǜƬƞʊƬ˸ƬʁŘǚƋɁʁʁƬƋǜǔ˸ƬʊǜƬɡʊ
ǜɁŘƞƞʁƬʊʊǜǒƬɁŽʊƬʁ˸ŘǜǔɁȭʊȧŘƞƬŽ˿ǜǒƬĘăh<ÄƖ“ǜǔʊƋɁȧȧǔǜǜƬƞǜɁ˹ɁʁǘǔȭǷƋɁȊɁɡƬʁŘǜǔ˸Ƭǚ˿ŘȭƞƬ˾ɡƬƞǔǜǔɁˁʊǚ˿˹ǔǜǒ
ǜǒƬĘăh<ÄǜɁʁƬʊɁǚ˸ƬǜǒƬȧŘǜǜƬʁʊǔȭƞǔƋŘǜƬƞǔȭǔǜʊǚƬǜǜƬʁƖĘȭǜǔǚǜǒƬʊƬȧŘǜǜƬʁʊŘʁƬʁƬʊɁǚ˸ƬƞǜɁǜǒƬʊŘǜǔʊnjŘƋǜǔɁȭɁnjǜǒƬĘă
h<ÄƙǜǒƬĘăh<ÄȧŘ˿ƙǔȭǜǒƬȭƬŘʁǜƬʁȧƙ˹ǔǜǒǒɁǚƞŘɡɡʁɁ˸ŘǚɁnjɡƬȭƞǔȭǷȭƬ˹ƞʁˁǷŘɡɡǚǔƋŘǜǔɁȭʊnjʁɁȧǜǒǔʊnjŘƋǔǚǔǜ˿Ɩ
ďǒƬƋɁȭǜʁǔŽˁǜǔɁȭɁnjǜǒǔʊnjŘƋǔǚǔǜ˿ǜɁ,ɁȧɡŘȭ˿ɻʊʁƬ˸ƬȭˁƬʊǔʊȭɁǜʊǔǷȭǔǞƋŘȭǜƖ

50 ,ɁȭʊƬɴˁƬȭǜǜɁǷǔ˸ǔȭǷƬǏƬƋǜǜɁǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜŘʊʁƬnjƬʁʁƬƞǔȭÂɁǜƬǮƶŘŽɁ˸ƬƙʁƬʊˁǚǜǔȭǷǔȭǜǒƬŘŽʊƬȭƋƬ
ɁnjȭƬǜɡʁɁǞǜʊǔȭǜǒƬƋɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁʒɤǔɦʁƬȧˁȭƬʁŘǜǔɁȭǜɁǜǒƬÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁŘȭƞǜǒƬĶǒɁǚƬȊǜǔȧƬ<ǔʁƬƋǜɁʁʊ
ɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǒŘʊƬ˾ƋƬƬƞƬƞǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞˁȭƞƬʁăƋǒƬƞˁǚƬŀ“““ǜɁǜǒƬ
,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴŽ˿`ǮǮƖʕÀǔǚǚǔɁȭʒŘȭƞɤǔǔɦƋɁȧȧǔʊʊǔɁȭɁnj`ȴƖǮÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǜɁǜǒƬ
ÂɁȭȊF˾ƬƋˁǜǔ˸Ƭ<ǔʁƬƋǜɁʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǒŘʊƬ˾ƋƬƬƞƬƞǔȭǜƬʁȧʊɁnjʊƬƋǜǔɁȭʯ̋ȳɤǮɦʁƬŘƞ˹ǔǜǒʊƬƋǜǔɁȭʯ̋ȳɤǣɦɁnjǜǒƬ
,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴƖďǒƬ,ɁȧɡŘȭ˿ǔʊǔȭǜǒƬɡʁɁƋƬʊʊɁnjʊƬƬǘǔȭǷŘɡɡʁɁ˸ŘǚnjʁɁȧǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿Řȭƞ
ǜǒƬ,ƬȭǜʁŘǚɁ˸ƬʁȭȧƬȭǜɁnj“ȭƞǔŘǔȭʁƬʊɡƬƋǜɁnjǜǒƬŘnjɁʁƬʊŘǔƞŘȧɁˁȭǜʊƖ

51 ďǒƬ,ɁȧɡŘȭ˿ƬȭǜƬʁʊǔȭǜɁhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊŽƬǔȭǷƞƬʁǔ˸Řǜǔ˸ƬǔȭʊǜʁˁȧƬȭǜʊƙ˹ǒǔƋǒŘʁƬȭɁǜǔȭǜƬȭƞƬƞnjɁʁ
ǜʁŘƞǔȭǷɁʁʊɡƬƋˁǚŘǜǔ˸ƬɡˁʁɡɁʊƬʊƙŽˁǜnjɁʁǒƬƞǷƬɡˁʁɡɁʊƬʊƙǜɁƬʊǜŘŽǚǔʊǒǜǒƬŘȧɁˁȭǜɁnjʁƬɡɁʁǜǔȭǷƋˁʁʁƬȭƋ˿ʁƬɴˁǔʁƬƞɁʁ
Ř˸ŘǔǚŘŽǚƬŘǜǜǒƬʊƬǜǜǚƬȧƬȭǜƞŘǜƬƖ

 Äɦ ďǒƬnjɁǚǚɁ˹ǔȭǷŘʁƬǜǒƬɁˁǜʊǜŘȭƞǔȭǷhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊƬȭǜƬʁƬƞǔȭǜɁŽ˿ǜǒƬ,ɁȧɡŘȭ˿ŘʊɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ

Amount in Million
Currency *ˁ˿ʤăƬǚǚ Cross Currency 31st March, 2014 ʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Ęă<ɁǚǚŘʁ Sell ` ƨʹǮ̋Ɩ̋ ƨʹǣ̋Ɩ̋

ANNUAL REPORT 2013-14

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NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
 *ɦ  ǒƬ˿ƬŘʁƬȭƞnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿Ƭ˾ɡɁʊˁʁƬʊǜǒŘǜǒŘ˸ƬȭɁǜŽƬƬȭǒƬƞǷƬƞŽ˿ŘƞƬʁǔ˸Řǜǔ˸ƬǔȭʊǜʁˁȧƬȭǜɁʁɁǜǒƬʁ˹ǔʊƬ
ď
ŘʁƬǷǔ˸ƬȭŽƬǚɁ˹ƕ

 Řɦ ÄȧɁˁȭǜʊʁƬƋƬǔ˸ŘŽǚƬǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ɁȭŘƋƋɁˁȭǜɁnjǜǒƬnjɁǚǚɁ˹ǔȭǷƕ

Amount in Million
Currency As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ
Exports of Goods and Services Ęă<ɁǚǚŘʁ ƨʯǣǮƖȴ ` ʹɍƙʹʕȳƖ̋ ƨɍʕƖȴ ` ȳǣǣƖȴ
Euro fȴƖ̋ ` ǮȳʹƖ̋ fʯƖȳ ` ʹȴȳƖʯ
British Pound ʨ̋Ɩǣ ` ǮȴƖɍ ʨ̋Ɩʕ ` ǣȴƖǣ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ,Œhɍǣƙ̋̋̋ɦ Swiss Franc Ȋ Ȋ ,Œh̋Ɩ̋ `̋Ɩȳ
Russian Ruble õĘ*ǮɍǮƖȳ ` ʕȴ̋Ɩʯ õĘ*ʯʹɍƖȳ ` ǣȴȴƖȴ
Bangladesh Taka *<ďɍǣʹƖʹ ` ɍɍʕƖƶ Ȋ Ȋ

 Žɦ ÄȧɁˁȭǜʊɡŘ˿ŘŽǚƬǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ɁȭŘƋƋɁˁȭǜɁnjǜǒƬnjɁǚǚɁ˹ǔȭǷƕ
Amount in Million

Currency As at 31st March, 2014 ÄʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯ

Import of Goods and Services Ęă<ɁǚǚŘʁ ƨɍɍƖ̋ ` ȴȴʹƖǮ ƨʕƖǣ ` Ǯ̋ʕƖȴ

Euro fɍƖʯ ` ɍɍ̋Ɩȴ f̋Ɩƶ ` ǣʕƖ̋
British Pound ʨ̋Ɩɍ ` ɍ̋Ɩɍ ʨ̋Ɩɍ ` ƶƖǮ
,ŒhɍȳƙȳȴɍɤñʁƬ˸ǔɁˁʊłƬŘʁ,ŒhʯʯƙʹɍǮɦ Swiss Franc ,Œh̋Ɩ̋ ` ɍƖǮ ,Œh̋Ɩ̋ ` ɍƖȳ
Japanese Yen Ȋ Ȋ •ñłǣʹƖʯ ` ʯ̋Ɩʹ
ɤñʁƬ˸ǔɁˁʊłƬŘʁ“³ăʯ̋ƙɍȳɍɦ Israel Shakel “³ă̋Ɩȴ ` ȳƖǣ “³ă̋Ɩ̋ ` ̋Ɩʯ
,Ä<ɍȴƙ̋ɍʹ ,ŘȭŘƞǔŘȭ<ɁǚǚŘʁ ,Ä<̋Ɩ̋ ` ̋Ɩȳ Ȋ Ȋ
Russian Ruble õĘ*̋Ɩʯ ` ̋ƖǮ Ȋ Ȋ
ăF°ʹƙʕǮǣ` ʹǣƙʹʹʕ Swedish Kroner ăF°̋Ɩ̋ ` ̋Ɩ̋ Ȋ Ȋ
South African ŎÄõ̋ƖǮ ` ʹƖʹ Ȋ Ȋ
Rand
ÄĘ<ȳƙʹȴ̋ ÄˁʊǜʁŘǚǔŘȭ<ɁǚǚŘʁ ÄĘ<̋Ɩ̋ ` ̋Ɩǣ Ȋ Ȋ

Commission Payable Ęă<ɁǚǚŘʁ ƨǣƖȳ ` ʯǣɍƖƶ ƨȴƖ̋ ` ʯʹʯƖȴ

Euro f̋Ɩƶ ` ȴǣƖʹ f̋Ɩȳ ` ȴʹƖʹ
Loan Ęă<ɁǚǚŘʁ ƨǮ̋̋Ɩ̋ ` ʹǮƙ̋̋ʹƖ̋ Ȋ Ȋ

52 ñʁƬ˸ǔɁˁʊ˿ƬŘʁʊɻǞǷˁʁƬʊŘʁƬʁƬǷʁɁˁɡƬƞ˹ǒƬʁƬ˸ƬʁȭƬƋƬʊʊŘʁ˿Ɩ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ȳʯ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

ACCOUNTING STANDARD (AS-18) “RELATED PARTY DISCLOSURE” ANNEXURE ’A’

Names of related parties and description of relationship as on 31st March , 2014

1 Subsidiaries ʯăǘ˿ǚǔȭƬ³³,
Äƞǔǜ˿ŘÄƋɴˁǔʊǔǜǔɁȭ,ɁȧɡŘȭ˿³ǜƞƖ
Aditya Pharma Private limited
ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƖ
Alkaloida Sweden AB
ÄõăƋǔƬȭǜǔǞƋƖ“ȭƋ
Caraco Pharma Inc
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊñ˸ǜƖ³ǜƞ
Chattem Chemicals Inc
<ˁȭǷŘȭÀˁǜˁŘǚÄʊʊɁƋǔŘǜƬʊƙ³³,
<ˁʊŘñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ȭƋ
<ˁʊŘñǒŘʁȧŘƋƬˁǜǔƋŘǚʊÂƬ˹łɁʁǘ“ȭƋ
hŘʊǜʊǜɁȭƬÀƬʁƋŘȭǜǔǚƬ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ
ʁƬƬȭFƋɁ<Ƭ˸ƬǚɁɡȧƬȭǜ,ƬȭǜʁƬ³ǜƞƖ
°ǒ˿ŘǜǔõƬŘǚǜ˿ÀF³ǜƞ
Morley and Company Inc
ÀˁǜˁŘǚñǒŘʁȧŘƋƬˁǜǔƋŘǚ,ɁȧɡŘȭ˿ƙ“ȭƋƖ
ÂƬƬǜȭŘ˸õƬŘǚFʊǜŘǜƬñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ
ŹŹ Nogad Holdings
ÏȭƬ,ɁȧȧƬʁƋƬ<ʁǔ˸Ƭ³³,
ÏÏÏɷăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɷ³ǜƞƖ
ÏʁǜŘ³ǜƞƖ
õƬŘǚʊǜɁȭƬÀˁǚǜǔǜʁŘƞƬñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ
ăǔʁǔˁʊ³ŘŽɁʁŘǜɁʁǔƬʊ“ȭƋ
ăǘǔʊƬȭ³ŘŽʊñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ
ăɁǢƞƬŘǚďʁŘƞǔȭǷ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ
ăñ“³<ƬÀƬ˾ǔƋɁăƖÄƖ<F,ƖĴƖ
ăˁȭǚɁŽŘǚ,ŘȭŘƞŘñǜ˿Ɩ³ǜƞƖ
ăˁȭǚɁŽŘǚ<Ƭ˸ƬǚɁɡȧƬȭǜhŎF
ăˁȭ³ŘŽɁʁŘǜɁʁǔƬʊhŎF
ăˁȭñǒŘʁȧŘ<ƬÀƬ˾ǔƋɁăƖÄƖ<F,ƖĴƖ
ăˁȭñǒŘʁȧŘ<ƬĴƬȭƬ˘ˁƬǚŘƙ,ÄƖ
ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ
ăˁȭñǒŘʁȧŘǚɁŽŘǚ“ȭƋƖ
ăˁȭñǒŘʁȧŘŒƬŘǚǜǒƋŘʁƬhŎF
Ź ăˁȭñǒŘʁȧŘÀƬƞǔƋŘǜǔɁȭñ˸ǜ³ǜƞƖɤăñ<ñ³ɦ
Ź ăˁȭñǒŘʁȧŘ<ʁˁǷʊñ˸ǜ³ǜƞƖɤăñÀñ³ɦ

ANNUAL REPORT 2013-14

 ȳǮ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

ACCOUNTING STANDARD (AS-18) “RELATED PARTY DISCLOSURE” ANNEXURE ’A’

Names of related parties and description of relationship as on 31st March , 2014

ăˁȭñǒŘʁȧŘ•ŘɡŘȭ³ǜƞ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞ
ăˁȭñǒŘʁȧŘÀFÄ•³ď
ăˁȭñǒŘʁȧŘñǒǔǚǔɡɡǔȭƬʊ“ȭƋƖ
ŹŹ ăˁȭñǒŘʁȧŘă˹ǔǜ˘ƬʁǚŘȭƞ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɤFˁʁɁɡƬɦ*ƖĴƖ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚɤ*ŘȭǷǚŘƞƬʊǒɦ³ǜƞƖ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɤÄˁʊǜʁŘǚǔŘɦñǜ˿Ɩ³ǜƞƖ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚñƬʁˁăƖÄƖ,Ɩ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚăɡŘǔȭƙăƖ³ƖĘ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚĘ°³ǜƞƖ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊɤăÄɦɤñǜ˿ɦ³ǜƞƖ
Sun Pharmaceuticals France
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊƬʁȧŘȭ˿ȧŽŒ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ǜŘǚǔŘăƖõƖ³Ɩ
ŹŹ ăǔǚ˸ƬʁʊǜʁƬƬǜ<Ƭ˸ƬǚɁɡƬʁʊ³³ñ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ°ɁʁƬŘ³ǜƞƖ
ăˁȭĘȭǔ˸ƬʁʊŘǚ³ǜƞ
ďŘʁɁ<Ƭ˸ƬǚɁɡȧƬȭǜ,ɁʁɡɁʁŘǜǔɁȭ
ďŘʁɁŒˁȭǷŘʁ˿“ȭǜƬǚǚƬƋǜˁŘǚñʁɁɡƬʁǜ˿³ǔƋƬȭʊǔȭǷ³³,Ɩ
ďŘʁɁ“ȭǜƬʁȭŘǜǔɁȭŘǚ³ǜƞƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞǔŘñʁǔ˸ŘǜƬ³ǜƞƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ“Â,
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ,ŘȭŘƞŘƙ³ǜƞƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊFˁʁɁɡƬ*ƖĴƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ȭƋƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ʁƬǚŘȭƞ³ǜƞƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊÂɁʁǜǒÄȧƬʁǔƋŘƙ“ȭƋƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊĘƖăƖÄƖƙ“ȭƋƖ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊĘ°³ǜƞƖ
ďŘʁɁƋǒƬȧ³ǜƞƖ
ď°ăhŘʁȧŘƋƬˁǜǔƋŘ³ǜƞŘ
ĘȭǔǜƬƞõƬʊƬŘʁƋǒ³ŘŽɁʁŘǜɁʁǔƬʊƙ³ǜƞƖ
Ęȭǔ˸ƬʁʊŘǚFȭǜƬʁɡʁǔʊƬʊɤñ˸ǜɦ³ǜƞɤ˹ƖƬƖnjƖʯɍʊǜÄˁǷˁʊǜƙʹ̋ɍʹɦ
Ęõ³ñǒŘʁȧŘ“ȭƋ
Ęõ³ñǒŘʁȧñʁɁƙ³³,

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ȳǣ
Notes

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014

ACCOUNTING STANDARD (AS-18) “RELATED PARTY DISCLOSURE” ANNEXURE ’A’

Names of related parties and description of relationship as on 31st March , 2014

ŎÄÏăˁȭñǒŘʁȧŘ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖɤ³ǔɴˁǔƞŘǜƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁɦ
2 Controlled Entity Ź Sun Pharmaceutical Industries
Ź Sun Pharma Sikkim
ăˁȭñǒŘʁȧŘ<ʁˁǷʊ
Ęȭǔ˸ƬʁʊŘǚFȭǜƬʁɡʁǔʊƬñ˸ǜ³ǜƞɤˁɡǜɁʯɍʊǜÄˁǷˁʊǜƙʹ̋ɍʹɦ

3 Key Management ÀʁƖ<ǔǚǔɡăƖăǒŘȭǷǒ˸ǔ ÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ

Personnel ÀʁƖăˁƞǒǔʁĴƖĴŘǚǔŘ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ
ÀʁƖăŘǔǚƬʊǒďƖ<ƬʊŘǔ ĶǒɁǚƬǜǔȧƬ<ǔʁƬƋǜɁʁ

4 Relatives of Key ÀʁƖÄŘǚɁǘăǒŘȭǷǒ˸ǔ ăɁȭɁnjÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ

Management
ÀʊƖĴǔƞǒǔăǒŘȭǷǒ˸ǔ <ŘˁǷǒǜƬʁɁnjÀŘȭŘǷǔȭǷ
Personnel
<ǔʁƬƋǜɁʁ

5 Enterprise under ăˁȭñƬǜʁɁƋǒƬȧǔƋŘǚʊñ˸ǜ³ǜƞ

ʊǔǷȭǔǞƋŘȭǜ“ȭǡˁƬȭƋƬ
ÂŘ˸ǖǔ˸ŘȭõŘʊŘ˿ŘȭɤˁǖŘʁŘǜɦñ˸ǜ³ǜƞ
of Key Management
Personnel or their ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ
relatives

Ź ,ɁȭǜʁɁǚǚƬƞƬȭǜǔǜǔƬʊƋɁȭ˸ƬʁǜƬƞǔȭǜɁɡʁǔ˸ŘǜƬǚǔȧǔǜƬƞƋɁȧɡŘȭǔƬʊˁȭƞƬʁñŘʁǜ“ŀɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴ˹ƖƬƖnjƖʯɍʊǜÄˁǷˁʊǜƙ
ʹ̋ɍʹƖƕÄȧŘǚǷŘȧŘǜƬƞǔȭǜɁăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǔȧǔǜƬƞ˹ƖƬƖnjƖɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹ
ŹŹ “ȭƋɁʁɡɁʁŘǜƬƞʤÄƋɴˁǔʁƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ

ANNUAL REPORT 2013-14

 ȳȴ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
ANNEXURE ‘A’
ACCOUNTING STANDARD (AS-18) "RELATED PARTY DISCLOSURE” ` in Million
Enterprise
Relatives ˁȭƞƬʁʊǔǷȭǔǞƋŘȭǜ
Key
Controlled of Key “ȭǡˁƬȭƋƬɁnj°Ƭ˿
Subsidiaries Management Total
Entity Management Management
Personnel
Personnel Personnel or
their relatives
31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ

SUN PHARMACEUTICAL INDUSTRIES LTD.

Purchases of goods 1,961.0 ɍƙɍȳƶƖƶ - ȴȴƶƖɍ - Ȋ - Ȋ - Ȋ 1,961.0 ɍƙƶȴȴƖȳ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ɍƙʕʹǣƖǣ ɍƙ̋ǮȳƖʹ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƙʕʹǣƖǣ ɍƙ̋ǮȳƖʹ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ȴǣ̋Ɩʕ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ȴǣ̋Ɩʕ
ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿Ŏʁǜ ʹʯǮƖʹ ɍǮȳƖȴ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹʯǮƖʹ ɍǮȳƖȴ
Others ɍƖʯ Ȋ Ȋ ɍʕƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƖʯ ɍʕƖǮ
Purchase of Fixed Assets 3.9 ʹʕƖȳ - Ȋ - Ȋ - Ȋ - ̋ƖǮ 3.9 ʹƶƖʯ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ʯƖȳ ʹǣƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯƖȳ ʹǣƖǮ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞ Ȋ ʹƖǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹƖǣ
Others Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋ƖǮ Ȋ ̋ƖǮ
Sale of goods 16,361.1 ɍʹƙɍǣǮƖȴ - ȴǣʹƖȴ - Ȋ - Ȋ 16.7 ʹʯƖǣ 16,377.8 ɍʹƙƶʯ̋Ɩʕ
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞ ʕƙɍɍ̋Ɩȳ ȴƙʯʯʯƖʹ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʕƙɍɍ̋Ɩȳ ȴƙʯʯʯƖʹ
ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ ǮƙǮȴʯƖǮ ʯƙʯƶȳƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮƙǮȴʯƖǮ ʯƙʯƶȳƖɍ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ʹƙȴƶƶƖɍ ȳǮȳƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹƙȴƶƶƖɍ ȳǮȳƖɍ
Others ʹƙ̋ȳƶƖʕ ɍƙǮƶʯƖʹ Ȋ ȴǣʹƖȴ Ȋ Ȋ Ȋ Ȋ ɍȴƖʕ ʹʯƖǣ ʹƙɍɍǣƖǮ ʹƙɍǣȳƖʯ
Sale of Fixed Assets 4.5 ȴƖʕ - Ȋ - Ȋ - Ȋ 0.4 Ȋ 4.9 ȴƖʕ
ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿Ŏʁǜ ǮƖǮ ȴƖʕ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮƖǮ ȴƖʕ
Others ̋Ɩɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋ƖǮ Ȋ ̋Ɩǣ Ȋ
Receiving of Service
Services 37.5 Ȋ - Ȋ - Ȋ - Ȋ 5.2 ɍƖʯ 42.7 ɍƖʯ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣƖʹ ɍƖʯ ǣƖʹ ɍƖʯ
Äƞǔǜ˿ŘÄƋɴˁǔʊǔǜǔɁȭ,ɁȧɡŘȭ˿³ǜƞ ʯʕƖǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯʕƖǣ Ȋ
Reimbursement of Expenses 366.0 ʯƶȴƖȴ - Ȋ - Ȋ - Ȋ 9.0 ʯɍƖ̋ 375.0 ǮɍʕƖȴ
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞ ʹɍʯƖƶ ʹǣ̋Ɩȳ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹɍʯƖƶ ʹǣ̋Ɩȳ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɤFˁʁɁɡƬɦ*ƖĴƖ ǣɍƖǣ ʕƶƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣɍƖǣ ʕƶƖɍ
ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞ ʹǣƖʹ ǮʯƖƶ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹǣƖʹ ǮʯƖƶ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ǣȴƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣȴƖǮ Ȋ
 NOTES FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31st March, 2014
ANNEXURE ‘A’
ACCOUNTING STANDARD (AS-18) "RELATED PARTY DISCLOSURE” ` in Million
Enterprise
Relatives ˁȭƞƬʁʊǔǷȭǔǞƋŘȭǜ
Key
Controlled of Key “ȭǡˁƬȭƋƬɁnj°Ƭ˿
Subsidiaries Management Total
Entity Management Management
Personnel
Personnel Personnel or
their relatives
31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ
Others ɍȳƖɍ ɍʯƖƶ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ȳƖ̋ ʯɍƖ̋ ʹƶƖɍ ǮǮƖƶ
Rendering of Service
Services 606.6 ʯʯʕƖ̋ - Ȋ - Ȋ - Ȋ 0.2 Ȋ 606.8 ʯʯʕƖ̋
Corporate Overview

ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ǣʯȴƖɍ ʹʕʯƖȴ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣʯȴƖɍ ʹʕʯƖȴ

ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚɤ*ŘȭǷǚŘƞƬʊǒɦ³ǜƞ ǮȴƖȳ ȴʯƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮȴƖȳ ȴʯƖǮ
Others ʹʯƖȴ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩʹ Ȋ ʹʯƖƶ Ȋ
Reimbursement of Expenses 195.4 ɍǣȳƖȴ - ̋Ɩǣ - Ȋ - Ȋ 47.7 ʯǣƖȳ 243.1 ɍȳȴƖ̋
ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ ɍƶʹƖǮ ɍǣɍƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƶʹƖǮ ɍǣɍƖǮ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮʕƖʕ ʯǣƖȳ ǮʕƖʕ ʯǣƖȳ
Others ɍʯƖ̋ ƶƖʹ Ȋ ̋Ɩǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍʯƖ̋ ƶƖʕ
Finance (including loans, Investment and equity Ȋ Ȋ
contributions)
Statutory Reports

Capital Contribution / (Withdrawal) 6,162.1 ɍʯƙɍʕǣƖ̋ - ɤʹɍƙȳȴȳƖǣɦ - Ȋ - Ȋ - Ȋ 6,162.1 ɤƶƙʕȳǮƖǣɦ

ăˁȭñǒŘʁȧŘǚɁŽŘǚ“ȭƋ Ȋ ɍʯƙɍȴǮƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍʯƙɍȴǮƖɍ
Sun Pharma Sikkim Ȋ Ȋ Ȋ ɤɍʹƙƶƶǮƖ̋ɦ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤɍʹƙƶƶǮƖ̋ɦ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ɤȳƙ̋ƶǣƖǣɦ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤȳƙ̋ƶǣƖǣɦ
ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ ȴƙɍǣʯƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ȴƙɍǣʯƖǮ Ȋ
Others ƶƖʕ ɍ̋Ɩȳ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ƶƖʕ ɍ̋Ɩȳ
Loans given 356.1 ɍƙǣɍʹƖʹ - Ȋ - Ȋ - Ȋ 311.0 ʕƶ̋Ɩ̋ 667.1 ʹƙʹȳʹƖʹ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯɍɍƖ̋ ʕƶ̋Ɩ̋ ʯɍɍƖ̋ ʕƶ̋Ɩ̋
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞ Ȋ ǣ̋ƶƖʹ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣ̋ƶƖʹ
ʁƬƬȭFƋɁ<Ƭ˸ƬǚɁɡȧƬȭǜ,ƬȭǜʁƬ³ǜƞ Ȋ ɍƖǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƖǣ
Financial Statements

ăǘǔʊƬȭ³ŘŽʊñ˸ǜ³ǜƞƖ ʯǣȴƖɍ ʹ̋̋ƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯǣȴƖɍ ʹ̋̋ƖǮ

Notes
ȳʕ

ANNUAL REPORT 2013-14

 ȳƶ

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

For the year ended 31st March, 2014
ANNEXURE ‘A’
ACCOUNTING STANDARD (AS-18) "RELATED PARTY DISCLOSURE” ` in Million
Enterprise
Relatives ˁȭƞƬʁʊǔǷȭǔǞƋŘȭǜ
Key
Controlled of Key “ȭǡˁƬȭƋƬɁnj°Ƭ˿
Subsidiaries Management Total
Entity Management Management
Personnel
Personnel Personnel or
their relatives
31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ

SUN PHARMACEUTICAL INDUSTRIES LTD.

Others Ȋ ƶ̋ʹƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ƶ̋ʹƖɍ
Loans Received back 0.1 ɍƙǣ̋ʕƖȳ - Ȋ - Ȋ - Ȋ 1,049.4 ʕǣƖ̋ 1,049.5 ɍƙǣƶʹƖȳ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ Ȋ ǣ̋ǣƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣ̋ǣƖǮ
ăɁǢƞƬŘǚďʁŘƞǔȭǷñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ Ȋ ʹ̋̋Ɩȳ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹ̋̋Ɩȳ
hŘʊǜʊǜɁȭƬÀƬʁƋŘȭǜǔǚƬ,ɁȧɡŘȭ˿ñ˸ǜ³ǜƞ Ȋ ʹ̋̋ƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹ̋̋ƖǮ
ÂƬƬǜȭŘ˸õƬŘǚFʊǜŘǜƬñ˸ǜ³ǜƞƖ Ȋ ʹ̋̋ƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹ̋̋ƖǮ
õƬŘǚʊǜɁȭƬÀˁǚǜǔǜʁŘƞƬñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ Ȋ ʹ̋̋ƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹ̋̋ƖǮ
ăǘǔʊƬȭ³ŘŽʊñ˸ǜ³ǜƞƖ ̋Ɩɍ ʹ̋̋ƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩɍ ʹ̋̋ƖǮ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƙ̋ǮȳƖǮ ʕǣƖ̋ ɍƙ̋ǮȳƖǮ ʕǣƖ̋
Corporate Guarantees Given / (Released) on behalf of (558.7) ʯƖȴ - Ȋ - Ȋ - Ȋ - Ȋ (558.7) ʯƖȴ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ǜŘǚǔŘăƖõƖ³Ɩ ǮɍƖʯ ɍǣȴƖʹ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮɍƖʯ ɍǣȴƖʹ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ɤȴ̋̋Ɩ̋ɦ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤȴ̋̋Ɩ̋ɦ Ȋ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚɤ*ŘȭǷǚŘƞƬʊǒɦ³ǜƞ Ȋ ɤɍǣʹƖȴɦ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤɍǣʹƖȴɦ
Interest Income - ǮƖɍ - ǮƖʹ - Ȋ - Ȋ 53.8 ʯʕƖɍ 53.8 ǮǣƖǮ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǣʯƖƶ ʯʕƖɍ ǣʯƖƶ ʯʕƖɍ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ʹƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹƖɍ
Sun Pharma Sikkim Ȋ Ȋ Ȋ ʹƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹƖɍ
ăˁȭñǒŘʁȧŘǚɁŽŘǚ“ȭƋ Ȋ ǮƖɍ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮƖɍ
Rent Income 13.2 ɍƖǣ - ɍƖʯ - Ȋ - Ȋ 1.5 ɍƖǣ 14.7 ǮƖʯ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ̋Ɩʕ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩʕ
Sun Pharma Sikkim Ȋ Ȋ Ȋ ̋Ɩȴ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩȴ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƖǮ ɍƖǮ ɍƖǮ ɍƖǮ
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ɍʯƖʹ ɍƖǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍʯƖʹ ɍƖǣ
Others Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩɍ ̋Ɩɍ ̋Ɩɍ ̋Ɩɍ
Director's Remuneration - Ȋ - Ȋ 63.3 ǣʯƖ̋ - Ȋ - Ȋ 63.3 ǣʯƖ̋
ÀʁƖ<ǔǚǔɡăƖăǒŘȭǷǒ˸ǔ Ȋ Ȋ Ȋ Ȋ ʹƶƖʯ ʹʹƖʯ Ȋ Ȋ Ȋ Ȋ ʹƶƖʯ ʹʹƖʯ
ÀʁƖăˁƞǒǔʁĴƖĴŘǚǔŘ Ȋ Ȋ Ȋ Ȋ ʹǣƖȴ ʹʹƖʹ Ȋ Ȋ Ȋ Ȋ ʹǣƖȴ ʹʹƖʹ
 NOTES FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31st March, 2014
ANNEXURE ‘A’
ACCOUNTING STANDARD (AS-18) "RELATED PARTY DISCLOSURE” ` in Million
Enterprise
Relatives ˁȭƞƬʁʊǔǷȭǔǞƋŘȭǜ
Key
Controlled of Key “ȭǡˁƬȭƋƬɁnj°Ƭ˿
Subsidiaries Management Total
Entity Management Management
Personnel
Personnel Personnel or
their relatives
31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ 31-03-14 ʯɍȊ̋ʯȊɍʯ
ÀʁƖăŘǔǚƬʊǒďƖ<ƬʊŘǔ Ȋ Ȋ Ȋ Ȋ ȳƖǮ ƶƖǣ Ȋ Ȋ Ȋ Ȋ ȳƖǮ ƶƖǣ
Apprenticeship Stipend / Remuneration - Ȋ - Ȋ - Ȋ 3.5 ʯƖʯ - Ȋ 3.5 ʯƖʯ
Corporate Overview

ÀʁƖÄŘǚɁǘăǒŘȭǷǒ˸ǔ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹƖȳ ʯƖɍ Ȋ Ȋ ʹƖȳ ʯƖɍ

ÀʊƖĴǔƞǒǔăǒŘȭǷǒ˸ǔ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ̋Ɩȴ ̋Ɩʹ Ȋ Ȋ ̋Ɩȴ ̋Ɩʹ
Remuneration received from Partnership Firms - Ȋ - ƶʹƖȳ - Ȋ - Ȋ - Ȋ - ƶʹƖȳ
Sun Pharma Sikkim Ȋ Ȋ Ȋ ǮȴƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮȴƖǮ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ʯȴƖǣ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯȴƖǣ
ăǒŘʁƬɁnjɡʁɁǞǜnjʁɁȧñŘʁǜȭƬʁʊǒǔɡhǔʁȧʊ - Ȋ - ȳɍȳƖƶ - Ȋ - Ȋ - Ȋ - ȳɍȳƖƶ
Sun Pharma Sikkim Ȋ Ȋ Ȋ ǮǮɍƖȳ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮǮɍƖȳ
Sun Pharmaceutical Industries Ȋ Ȋ Ȋ ǮʕʕƖȳ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ǮʕʕƖȳ
Outstanding Corporate Guarantee to Bank 247.8 ʕʕǮƖ̋ - Ȋ - Ȋ - Ȋ - Ȋ 247.8 ʕʕǮƖ̋
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖƁÄƋǜˁŘǚĘǜǔǚǔʊƬƞÂǔǚ
Statutory Reports

Ȋ ȴ̋̋Ɩ̋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ȴ̋̋Ɩ̋
ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɍƶɍƖǣÀǔǚǚǔɁȭɦƃ
ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ǜŘǚǔŘăƖõƖ³ƖƁÄƋǜˁŘǚĘǜǔǚǔʊƬƞ`
ʹǮʕƖƶ ɍʕǮƖ̋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʹǮʕƖƶ ɍʕǮƖ̋
ƶȴƖ̋ÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦƃ
Outstanding Receivables / Payables (Net) as on (2,282.9) ǮƙƶʕȳƖʕ - Ȋ (18.7) ɤɍǣƖɍɦ (0.7) ɤ̋Ɩƶɦ 61.3 ʕǣǣƖȴ (2,241.0) ǣƙȴɍȳƖǮ
,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞ ɍƙǮǮʹƖƶ ȳǣƶƖƶ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɍƙǮǮʹƖƶ ȳǣƶƖƶ
ÏÏÏɷăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɷ³ǜƞŹ ʕʕ̋Ɩƶ ʕȴƶƖǮ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʕʕ̋Ɩƶ ʕȴƶƖǮ
ăˁȭñǒŘʁȧŘÄƞ˸ŘȭƋƬƞõƬʊƬŘʁƋǒ,ɁȧɡŘȭ˿³ǜƞ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ȴ̋Ɩƶ ʕǣǣƖȴ ȴ̋Ɩƶ ʕǣǣƖȴ
ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ ɤǮƙ̋̋ʕƖǣɦ ʕɍƶƖ̋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤǮƙ̋̋ʕƖǣɦ ʕɍƶƖ̋
ăˁȭñǒŘʁȧŘ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖ ɤɍƙǣɍǮƖʯɦ ʹƙ̋ɍȳƖʯ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ɤɍƙǣɍǮƖʯɦ ʹƙ̋ɍȳƖʯ
ăǘǔʊƬȭ³ŘŽʊñ˸ǜ³ǜƞƖ ʯǣȴƖ̋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ Ȋ ʯǣȴƖ̋ Ȋ
Financial Statements

Others ȴȴȳƖʯ ǮɍǣƖʹ Ȋ Ȋ ɤɍƶƖʕɦ ɤɍǣƖɍɦ ɤ̋Ɩʕɦ ɤ̋Ɩƶɦ ̋Ɩǣ Ȋ ȴǣ̋ƖǮ ʯȳȳƖʯ
Notes

Ź ÂƬǜ˹ʁǔǜƬɁǏɁnj`ƶȳƖȴÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦ
 hǔǷˁʁƬʊnjɁʁɡʁƬ˸ǔɁˁʊ˿ƬŘʁǔȭƋǚˁƞƬʊƋɁʁʁƬʊɡɁȭƞǔȭǷǞǷˁʁƬʊǔȭʁƬʊɡƬƋǜɁnjăñ<ñ³ŘȭƞăñÀñ³˹ǒǔƋǒǒŘƞŘȧŘǚǷŘȧŘǜƬƞǔȭǜɁăñ³³˹ƖƬƖnjƖɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹƖ
ȳȳ

ANNUAL REPORT 2013-14

 100

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF

SUN PHARMACEUTICAL INDUSTRIES LIMITED

Report on the Consolidated Financial Statements

ĶƬǒŘ˸ƬŘˁƞǔǜƬƞǜǒƬŘƋƋɁȧɡŘȭ˿ǔȭǷƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjăĘÂñŒÄõÀÄ,FĘď“,ij“Â<Ęăďõ“Fă³“À“ďF<
(the “Company”), its subsidiaries and jointly controlled entities (the Company, its subsidiaries and jointly controlled
entities constitute “the Group”), which comprise the Consolidated Balance Sheet as at 31st March, 2014, the Consolidated
ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊŘȭƞǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜnjɁʁǜǒƬ˿ƬŘʁǜǒƬȭƬȭƞƬƞƙŘȭƞŘʊˁȧȧŘʁ˿ɁnjǜǒƬ
ʊǔǷȭǔǞƋŘȭǜŘƋƋɁˁȭǜǔȭǷɡɁǚǔƋǔƬʊŘȭƞɁǜǒƬʁƬ˾ɡǚŘȭŘǜɁʁ˿ǔȭnjɁʁȧŘǜǔɁȭƖ

Management’s Responsibility for the Consolidated Financial Statements

ďǒƬ,ɁȧɡŘȭ˿ɻʊÀŘȭŘǷƬȧƬȭǜǔʊʁƬʊɡɁȭʊǔŽǚƬnjɁʁǜǒƬɡʁƬɡŘʁŘǜǔɁȭɁnjǜǒƬʊƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǜǒŘǜǷǔ˸ƬŘǜʁˁƬ
ŘȭƞnjŘǔʁ˸ǔƬ˹ɁnjǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚɡɁʊǔǜǔɁȭƙƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚɡƬʁnjɁʁȧŘȭƋƬŘȭƞƋɁȭʊɁǚǔƞŘǜƬƞƋŘʊǒǡɁ˹ʊɁnj
the Group in accordance with the accounting principles generally accepted in India. This responsibility includes the design,
ǔȧɡǚƬȧƬȭǜŘǜǔɁȭŘȭƞȧŘǔȭǜƬȭŘȭƋƬɁnjǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʁƬǚƬ˸ŘȭǜǜɁǜǒƬɡʁƬɡŘʁŘǜǔɁȭŘȭƞɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞ
ǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǜǒŘǜǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ˸ǔƬ˹ŘȭƞŘʁƬnjʁƬƬnjʁɁȧȧŘǜƬʁǔŘǚȧǔʊʊǜŘǜƬȧƬȭǜƙ˹ǒƬǜǒƬʁƞˁƬǜɁnjʁŘˁƞɁʁƬʁʁɁʁƖ

Auditors’ Responsibility
ÏˁʁʁƬʊɡɁȭʊǔŽǔǚǔǜ˿ǔʊǜɁƬ˾ɡʁƬʊʊŘȭɁɡǔȭǔɁȭɁȭǜǒƬʊƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŽŘʊƬƞɁȭɁˁʁŘˁƞǔǜƖĶƬƋɁȭƞˁƋǜƬƞ
ɁˁʁŘˁƞǔǜǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬăǜŘȭƞŘʁƞʊɁȭÄˁƞǔǜǔȭǷǔʊʊˁƬƞŽ˿ǜǒƬ“ȭʊǜǔǜˁǜƬɁnj,ǒŘʁǜƬʁƬƞÄƋƋɁˁȭǜŘȭǜʊɁnj“ȭƞǔŘʁƬŘƞ
ǜɁǷƬǜǒƬʁ˹ǔǜǒɁˁʁʁƬȧŘʁǘʊǔȭɡŘʁŘǷʁŘɡǒɤƋɦˁȭƞƬʁǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŽƬǚɁ˹ƖďǒɁʊƬăǜŘȭƞŘʁƞʊʁƬɴˁǔʁƬǜǒŘǜ
˹ƬƋɁȧɡǚ˿˹ǔǜǒƬǜǒǔƋŘǚʁƬɴˁǔʁƬȧƬȭǜʊŘȭƞɡǚŘȭŘȭƞɡƬʁnjɁʁȧǜǒƬŘˁƞǔǜǜɁɁŽǜŘǔȭʁƬŘʊɁȭŘŽǚƬŘʊʊˁʁŘȭƋƬŘŽɁˁǜ˹ǒƬǜǒƬʁǜǒƬ
ƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬnjʁƬƬnjʁɁȧȧŘǜƬʁǔŘǚȧǔʊʊǜŘǜƬȧƬȭǜƖ

ÄȭŘˁƞǔǜǔȭ˸Ɂǚ˸ƬʊɡƬʁnjɁʁȧǔȭǷɡʁɁƋƬƞˁʁƬʊǜɁɁŽǜŘǔȭŘˁƞǔǜƬ˸ǔƞƬȭƋƬŘŽɁˁǜǜǒƬŘȧɁˁȭǜʊŘȭƞǜǒƬƞǔʊƋǚɁʊˁʁƬʊǔȭǜǒƬ
ƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖďǒƬɡʁɁƋƬƞˁʁƬʊʊƬǚƬƋǜƬƞƞƬɡƬȭƞɁȭǜǒƬŘˁƞǔǜɁʁɻʊǖˁƞǷȧƬȭǜƙǔȭƋǚˁƞǔȭǷŘʊʊƬʊʊȧƬȭǜɁnj
ǜǒƬʁǔʊǘʊɁnjȧŘǜƬʁǔŘǚȧǔʊʊǜŘǜƬȧƬȭǜɁnjǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƙ˹ǒƬǜǒƬʁƞˁƬǜɁnjʁŘˁƞɁʁƬʁʁɁʁƖ“ȭȧŘǘǔȭǷǜǒɁʊƬ
ʁǔʊǘŘʊʊƬʊʊȧƬȭǜʊƙǜǒƬŘˁƞǔǜɁʁƋɁȭʊǔƞƬʁʊǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚʁƬǚƬ˸ŘȭǜǜɁǜǒƬ,ɁȧɡŘȭ˿ɻʊɡʁƬɡŘʁŘǜǔɁȭŘȭƞɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬ
ƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǜǒŘǜǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ˸ǔƬ˹ǔȭɁʁƞƬʁǜɁƞƬʊǔǷȭŘˁƞǔǜɡʁɁƋƬƞˁʁƬʊǜǒŘǜŘʁƬŘɡɡʁɁɡʁǔŘǜƬǔȭ
ǜǒƬƋǔʁƋˁȧʊǜŘȭƋƬʊƙŽˁǜȭɁǜnjɁʁǜǒƬɡˁʁɡɁʊƬɁnjƬ˾ɡʁƬʊʊǔȭǷŘȭɁɡǔȭǔɁȭɁȭǜǒƬƬǏƬƋǜǔ˸ƬȭƬʊʊɁnjǜǒƬ,ɁȧɡŘȭ˿ɻʊǔȭǜƬʁȭŘǚƋɁȭǜʁɁǚƖ
ÄȭŘˁƞǔǜŘǚʊɁǔȭƋǚˁƞƬʊƬ˸ŘǚˁŘǜǔȭǷǜǒƬŘɡɡʁɁɡʁǔŘǜƬȭƬʊʊɁnjǜǒƬŘƋƋɁˁȭǜǔȭǷɡɁǚǔƋǔƬʊˁʊƬƞŘȭƞǜǒƬʁƬŘʊɁȭŘŽǚƬȭƬʊʊɁnjǜǒƬ
ŘƋƋɁˁȭǜǔȭǷƬʊǜǔȧŘǜƬʊȧŘƞƬŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜƙŘʊ˹ƬǚǚŘʊƬ˸ŘǚˁŘǜǔȭǷǜǒƬɁ˸ƬʁŘǚǚɡʁƬʊƬȭǜŘǜǔɁȭɁnjǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚ
statements.

ĶƬŽƬǚǔƬ˸ƬǜǒŘǜǜǒƬŘˁƞǔǜƬ˸ǔƞƬȭƋƬ˹ƬǒŘ˸ƬɁŽǜŘǔȭƬƞǔʊʊˁǓƋǔƬȭǜŘȭƞŘɡɡʁɁɡʁǔŘǜƬǜɁɡʁɁ˸ǔƞƬŘŽŘʊǔʊnjɁʁɁˁʁŘˁƞǔǜɁɡǔȭǔɁȭƖ

Opinion
“ȭɁˁʁɁɡǔȭǔɁȭŘȭƞǜɁǜǒƬŽƬʊǜɁnjɁˁʁǔȭnjɁʁȧŘǜǔɁȭŘȭƞŘƋƋɁʁƞǔȭǷǜɁǜǒƬƬ˾ɡǚŘȭŘǜǔɁȭʊǷǔ˸ƬȭǜɁˁʊƙʁƬŘƞ˹ǔǜǒǜǒƬɽFȧɡǒŘʊǔʊ
ɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŽƬǚɁ˹ƙŘȭƞŽŘʊƬƞɁȭǜǒƬƋɁȭʊǔƞƬʁŘǜǔɁȭɁnjǜǒƬʁƬɡɁʁǜʊɁnjǜǒƬɁǜǒƬʁŘˁƞǔǜɁʁʊɁȭǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊ
ʤƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭɁnjǜǒƬʊˁŽʊǔƞǔŘʁǔƬʊƙǖɁǔȭǜǚ˿ƋɁȭǜʁɁǚǚƬƞƬȭǜǔǜǔƬʊŘȭƞŘɡŘʁǜȭƬʁʊǒǔɡ
ǞʁȧƙʁƬnjƬʁʁƬƞǜɁŽƬǚɁ˹ǔȭǜǒƬÏǜǒƬʁÀŘǜǜƬʁʊƬƋǜǔɁȭƙǜǒƬŘnjɁʁƬʊŘǔƞƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǷǔ˸ƬŘǜʁˁƬŘȭƞnjŘǔʁ˸ǔƬ˹
ǔȭƋɁȭnjɁʁȧǔǜ˿˹ǔǜǒǜǒƬŘƋƋɁˁȭǜǔȭǷɡʁǔȭƋǔɡǚƬʊǷƬȭƬʁŘǚǚ˿ŘƋƋƬɡǜƬƞǔȭ“ȭƞǔŘƕ

Řɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞ*ŘǚŘȭƋƬăǒƬƬǜƙɁnjǜǒƬʊǜŘǜƬɁnjŘǏŘǔʁʊɁnjǜǒƬʁɁˁɡŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮʒ
Žɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙɁnjǜǒƬɡʁɁǞǜɁnjǜǒƬʁɁˁɡnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜ
ƞŘǜƬʒŘȭƞ
Ƌɦ ǔȭǜǒƬƋŘʊƬɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞ,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜƙɁnjǜǒƬƋŘʊǒǡɁ˹ʊɁnjǜǒƬʁɁˁɡnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬƖ

Emphasis of Matter
ɤŘɦ ĶƬƞʁŘ˹ŘǜǜƬȭǜǔɁȭǜɁÂɁǜƬǣʹɤŘɦǜɁǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖÄʊʁƬnjƬʁʁƬƞǜɁǔȭǜǒƬʊŘǔƞÂɁǜƬƙǜǒƬ
ƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ˹ƬʁƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞŽ˿
ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊŘǜǜǒƬǔʁȧƬƬǜǔȭǷǒƬǚƞɁȭʹȳǜǒÀŘ˿ƙʹ̋ɍǮ˹ǒǔƋǒ˹ƬʁƬʊˁŽǖƬƋǜǜɁʁƬ˸ǔʊǔɁȭŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜ
ɁnjǜǒƬ,ɁȧɡŘȭ˿ʊɁŘʊǜɁǷǔ˸ƬƬǏƬƋǜǜɁǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜnjɁʁƞƬȧƬʁǷƬʁɁnjǜǒƬʊɡƬƋǔǞƬƞˁȭƞƬʁǜŘǘǔȭǷʊɁnj
ăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFɤăñɦƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞʊˁŽʊǔƞǔŘʁ˿ƙǔȭǜɁǜǒƬ,ɁȧɡŘȭ˿˹ƖƬƖnjɍʊǜÀŘ˿ƙʹ̋ɍʯƖďǒɁʊƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊ˹ƬʁƬŘˁƞǔǜƬƞŽ˿ˁʊŘȭƞɁˁʁʁƬɡɁʁǜƞŘǜƬƞʹȳǜǒÀŘ˿ƙʹ̋ɍǮƙŘƞƞʁƬʊʊƬƞǜɁǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊɁnjǜǒƬ
,ɁȧɡŘȭ˿ƙƬ˾ɡʁƬʊʊƬƞŘȭˁȭɴˁŘǚǔǞƬƞɁɡǔȭǔɁȭɁȭǜǒɁʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊ˹ǔǜǒŘȭFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɡŘʁŘǷʁŘɡǒ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
101
Independent Auditors’ Report

ƞʁŘ˹ǔȭǷŘǜǜƬȭǜǔɁȭǜɁǜǒƬnjɁʁƬǷɁǔȭǷȧŘǜǜƬʁƖ,ɁȭʊƬɴˁƬȭǜǜɁǜǒƬ,ɁȧɡŘȭ˿ɁŽǜŘǔȭǔȭǷǜǒƬʁƬɴˁǔʁƬƞŘɡɡʁɁ˸ŘǚʊƙǜǒƬ
ǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙnjɁʁŽɁǜǒƙǜǒƬ,ɁȧɡŘȭ˿Řȭƞăñ˹ƬʁƬʁƬ˸ǔʊƬƞǜɁǷǔ˸ƬƬǏƬƋǜ
ǜɁǜǒƬʊŘǔƞăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜƖ“ȭ˸ǔƬ˹ɁnjǜǒƬŘŽɁ˸ƬƙǜǒƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬ
ʁƬ˸ǔʊƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿ǜɁǔȭƋɁʁɡɁʁŘǜƬǜǒƬʁƬ˸ǔʊƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞăñƖ
ɤŽɦ ĶƬƞʁŘ˹ŘǜǜƬȭǜǔɁȭǜɁÂɁǜƬǣǮǜɁǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖÄʊʁƬnjƬʁʁƬƞǜɁǔȭǜǒƬʊŘǔƞÂɁǜƬƙƋɁȭʊƬɴˁƬȭǜǜɁ
Ƿǔ˸ǔȭǷƬǏƬƋǜǜɁǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜƕɤǔɦʁƬȧˁȭƬʁŘǜǔɁȭǜɁǜǒƬÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁŘȭƞǜǒƬĶǒɁǚƬȊǜǔȧƬ<ǔʁƬƋǜɁʁʊ
ɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǔʊǔȭƬ˾ƋƬʊʊɁnjǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞˁȭƞƬʁăƋǒƬƞˁǚƬŀ“““ǜɁǜǒƬ
,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴɤɼǜǒƬÄƋǜɾɦƙŽ˿` ǮǮƖʕÀǔǚǚǔɁȭʒŘȭƞɤǔǔɦƋɁȧȧǔʊʊǔɁȭɁnj`ȴƖǮÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙ
ʹ̋ɍǮǜɁǜǒƬÂɁȭȊF˾ƬƋˁǜǔ˸Ƭ<ǔʁƬƋǜɁʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǔʊǔȭƬ˾ƋƬʊʊƙʊǔȭƋƬǜǒƬʁƬǔʊŘŽʊƬȭƋƬɁnjȭƬǜɡʁɁǞǜʊnjɁʁǜǒƬ˿ƬŘʁǔȭ
ǜǒƬ,ɁȧɡŘȭ˿ˁȭƞƬʁʊƬƋǜǔɁȭʯ̋ȳɤǮɦʁƬŘƞ˹ǔǜǒʊƬƋǜǔɁȭʯ̋ȳɤǣɦɁnjǜǒƬÄƋǜƖ“ȭǜǒǔʊʁƬǷŘʁƞƙ˹ƬǒŘ˸ƬŽƬƬȭǔȭnjɁʁȧƬƞŽ˿ǜǒƬ
ÀŘȭŘǷƬȧƬȭǜɁnjǜǒƬ,ɁȧɡŘȭ˿ǜǒŘǜǜǒƬ˿ŘʁƬǔȭǜǒƬɡʁɁƋƬʊʊɁnjʊƬƬǘǔȭǷŘɡɡʁɁ˸ŘǚnjʁɁȧǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿
ŘȭƞǜǒƬ,ƬȭǜʁŘǚɁ˸ƬʁȭȧƬȭǜǔȭʁƬʊɡƬƋǜɁnjǜǒƬŘnjɁʁƬʊŘǔƞŘȧɁˁȭǜʊƖ
ɤƋɦ ÄɡŘʁǜnjʁɁȧǜǒƬnjɁʁƬǷɁǔȭǷȧŘǜǜƬʁʊŘȭƞǜǒƬɡʁɁ˸ǔʊǔɁȭnjɁʁɡʁɁɡɁʊƬƞƞǔ˸ǔƞƬȭƞƙǜǒƬŘǜǜŘƋǒƬƞƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊƞɁȭɁǜǜŘǘƬǔȭǜɁŘƋƋɁˁȭǜŘȭ˿Ƭ˸ƬȭǜʊʊˁŽʊƬɴˁƬȭǜǜɁǜǒƬƞŘǜƬɁȭ˹ǒǔƋǒǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊʁƬnjƬʁʁƬƞǜɁǔȭɤŘɦŘŽɁ˸Ƭ˹ƬʁƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞŽ˿ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊŘȭƞʁƬɡɁʁǜƬƞˁɡɁȭŽ˿ˁʊŘʊ
ŘnjɁʁƬʊŘǔƞƖ

ÏˁʁɁɡǔȭǔɁȭǔʊȭɁǜɴˁŘǚǔǞƬƞǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬȧŘǜǜƬʁʊƖ

Other Matter
ĶƬƞǔƞȭɁǜŘˁƞǔǜǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭɁnjʕʯʊˁŽʊǔƞǔŘʁǔƬʊƙ
ʯǖɁǔȭǜǚ˿ƋɁȭǜʁɁǚǚƬƞƬȭǜǔǜǔƬʊŘȭƞŘɡŘʁǜȭƬʁʊǒǔɡǞʁȧƅǚǔʊǜƬƞǔȭÂɁǜƬʯɍɤŘɦǜɁǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƇƙ˹ǒɁʊƬ
ǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭʁƬǡƬƋǜǜɁǜŘǚŘʊʊƬǜʊɁnj` 180,457.5 Million as
ŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙǜɁǜŘǚʁƬ˸ƬȭˁƬʊɁnj` ɍɍǣƙƶȳƶƖ̋ÀǔǚǚǔɁȭŘȭƞȭƬǜƋŘʊǒǔȭǡɁ˹ʊŘȧɁˁȭǜǔȭǷǜɁ` ʹʹƙǮ̋ɍƖʯÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁ
ƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬƙŘʊƋɁȭʊǔƞƬʁƬƞǔȭǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊƙƋɁȧɡʁǔʊǔȭǷƕ
Řɦ ďɁǜŘǚŘʊʊƬǜʊɁnj` ɍʕƶƙʹʯƶƖȳÀǔǚǚǔɁȭŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙǜɁǜŘǚʁƬ˸ƬȭˁƬʊɁnj` ɍɍʯƙʯǮʯƖǣÀǔǚǚǔɁȭŘȭƞȭƬǜƋŘʊǒǔȭǡɁ˹ʊ
amounting to ` ʹʹƙʹƶʕƖɍÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬǔȭʁƬʊɡƬƋǜɁnjȴʕʊˁŽʊǔƞǔŘʁǔƬʊƙʯǖɁǔȭǜǚ˿ƋɁȭǜʁɁǚǚƬƞ
ƬȭǜǔǜǔƬʊŘȭƞŘɡŘʁǜȭƬʁʊǒǔɡǞʁȧƙ˹ǒɁʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭ
ǒŘ˸ƬŽƬƬȭŘˁƞǔǜƬƞŽ˿ɁǜǒƬʁŘˁƞǔǜɁʁʊŘȭƞǜǒƬǔʁʁƬɡɁʁǜʊǒŘ˸ƬŽƬƬȭnjˁʁȭǔʊǒƬƞǜɁˁʊŽ˿ǜǒƬÀŘȭŘǷƬȧƬȭǜŘȭƞɁˁʁ
ɁɡǔȭǔɁȭƙǔȭʊɁnjŘʁŘʊǔǜʁƬǚŘǜƬʊǜɁǜǒƬŘȧɁˁȭǜʊŘȭƞƞǔʊƋǚɁʊˁʁƬʊǔȭƋǚˁƞƬƞǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬʊˁŽʊǔƞǔŘʁǔƬʊƙǖɁǔȭǜǚ˿
ƋɁȭǜʁɁǚǚƬƞƬȭǜǔǜ˿ŘȭƞɡŘʁǜȭƬʁʊǒǔɡǞʁȧǔʊŽŘʊƬƞʊɁǚƬǚ˿ɁȭǜǒƬʁƬɡɁʁǜʊɁnjǜǒƬɁǜǒƬʁŘˁƞǔǜɁʁʊƖ
Žɦ ďɁǜŘǚŘʊʊƬǜʊɁnj` ʹƙʹɍƶƖȴÀǔǚǚǔɁȭŘʊŘǜʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙǜɁǜŘǚʁƬ˸ƬȭˁƬʊɁnj` ʹƙǣǣǮƖǣÀǔǚǚǔɁȭŘȭƞȭƬǜƋŘʊǒǔȭǡɁ˹ʊ
amounting to ` ɍɍǮƖʹÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞɁȭǜǒŘǜƞŘǜƬǔȭʁƬʊɡƬƋǜɁnjȴʊˁŽʊǔƞǔŘʁǔƬʊƙ˹ǒɁʊƬʁƬɡɁʁǜǔȭǷƞŘǜƬǔʊɁnj
ʯɍʊǜ<ƬƋƬȧŽƬʁƙʹ̋ɍʯŘȭƞƞǔǏƬʁƬȭǜnjʁɁȧǜǒƬʁƬɡɁʁǜǔȭǷƞŘǜƬɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚ
ǔȭnjɁʁȧŘǜǔɁȭǒŘ˸ƬŽƬƬȭŘˁƞǔǜƬƞŽ˿ɁǜǒƬʁŘˁƞǔǜɁʁʊƖ“ȭǜƬʁȧʊɁnjÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʹɍǂɽ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚ
ăǜŘǜƬȧƬȭǜʊɻƙŘƞǖˁʊǜȧƬȭǜʊǒŘ˸ƬŽƬƬȭȧŘƞƬnjɁʁʊǔǷȭǔǞƋŘȭǜǜʁŘȭʊŘƋǜǔɁȭʊɁnjǜǒƬʊƬʊˁŽʊǔƞǔŘʁǔƬʊnjɁʁǜǒƬɡƬʁǔɁƞʊnjʁɁȧɍʊǜ
•ŘȭˁŘʁ˿ƙʹ̋ɍǮǜɁʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮŘȭƞɍʊǜ•ŘȭˁŘʁ˿ƙʹ̋ɍʯǜɁʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯƙɁȭǜǒƬŽŘʊǔʊɁnjǜǒƬǔʁˁȭŘˁƞǔǜƬƞǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭnjɁʁǜǒƬʊŘǔƞɡƬʁǔɁƞʊƖÏˁʁɁɡǔȭǔɁȭƙǔȭʊɁnjŘʁŘʊǔǜʁƬǚŘǜƬʊǜɁǜǒƬŘȧɁˁȭǜʊŘȭƞ
ƞǔʊƋǚɁʊˁʁƬʊǔȭƋǚˁƞƬƞǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬʊˁŽʊǔƞǔŘʁǔƬʊǔʊŽŘʊƬƞʊɁǚƬǚ˿ɁȭǜǒƬʁƬɡɁʁǜʊɁnjǜǒƬɁǜǒƬʁŘˁƞǔǜɁʁʊnjˁʁȭǔʊǒƬƞǜɁ
ˁʊŘȭƞǜǒƬˁȭŘˁƞǔǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊʤǞȭŘȭƋǔŘǚǔȭnjɁʁȧŘǜǔɁȭŘʊŘnjɁʁƬʊŘǔƞƖ

ÏˁʁɁɡǔȭǔɁȭǔʊȭɁǜɴˁŘǚǔǞƬƞǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬȧŘǜǜƬʁʊƖ

hɁʁDELOITTE HASKINS & SELLS LLP

Chartered Accountants
ɤhǔʁȧɻʊõƬǷǔʊǜʁŘǜǔɁȭÂɁƖɍɍʕʯȴȴĶʤĶȊɍ̋̋̋ɍƶɦ

RAJESH K.HIRANANDANI
Partner
 ɤÀƬȧŽƬʁʊǒǔɡÂɁƖʯȴȳʹ̋ɦ

ÀĘÀ*ēƙʹȳǜǒÀŘ˿ƙʹ̋ɍǮƅɍʹǜǒÄˁǷˁʊǜƙʹ̋ɍǮŘʊǜɁƬǏƬƋǜǜǒƬȧŘǜǜƬʁʊƞǔʊƋˁʊʊƬƞˁȭƞƬʁǜǒƬɽFȧɡǒŘʊǔʊɁnjÀŘǜǜƬʁɻʊƬƋǜǔɁȭŘŽɁ˸ƬƇ

ANNUAL REPORT 2013-14

 102

CONSOLIDATED BALANCE SHEET

as at 31st March, 2014
` in Million

Note No. As at 31st March, 2014 As at 31st March, 2013

EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 1 2,071.2 ɍƙ̋ʯǣƖȴ
Reserves and Surplus 2 183,178.3 ɍƶǣƙʹǮȳƖǣ ɍǮƶƙƶȴɍƖʕ ɍǮȳƙƶȳʕƖʯ
Minority Interest ɍȳƙʹɍɍƖƶ ɍȴƙʯǣ̋Ɩƶ
Non-current Liabilities
Long-term Borrowings 3 ǮƶȴƖʕ ɍƙɍǣʹƖȴ
<ƬnjƬʁʁƬƞďŘ˾³ǔŘŽǔǚǔǜǔƬʊɤÂƬǜɦ 4 ʹƙʕǣȴƖʕ 2,053.5
Other Long-term Liabilities 5 ȳɍƖǮ ƶȳƖǮ
Long-term Provisions ȴ ʹȴƙ̋ɍȴƖʹ ʹȳƙʯǣɍƖ̋ ʕƙƶʕ̋Ɩȴ ɍɍƙɍȴȴƖɍ
Current Liabilities
Short-term Borrowings 7 24,403.4 ƶʹȳƖǣ
Trade Payables 8 ɍʯƙʹƶʹƖȴ ɍ̋ƙǣʕȳƖȳ
Other Current Liabilities ȳ ʹƙȴ̋ǮƖɍ ʹƙɍƶȴƖǣ
Short-term Provisions 10 ɍȳƙȴ̋ǣƖƶ ǣȳƙƶȳǣƖȳ ɍǮƙƶɍȴƖȴ 28,412.5
Total 293,708.2 205,826.7
ASSETS
Non-current Assets
Fixed Assets
Tangible Assets 11A ʯǮƙȳƶɍƖƶ ʯɍƙȴ̋ǮƖʯ
Intangible Assets 11B 14,844.8 ɍʯƙǣǮ̋Ɩȳ
Capital Work-in-Progress 8,415.4 ǣƙȴʹȴƖɍ
58,242.0 50,771.3
Goodwill on Consolidation ʯȴ ɍƶƙʯǮȴƖʹ ɍɍƙʯʹȳƖǣ
Non-current Investments 12 ʕƙƶʕǣƖȴ ɍɍƙ̋ȴʯƖǣ
<ƬnjƬʁʁƬƞďŘ˾ÄʊʊƬǜʊ 13 ɍɍƙƶȴȴƖȳ ȳƙɍʕǣƖȳ
Long-term Loans and Advances 14 10,511.8 ƶƙʯʕʕƖȴ
Other Non-current Assets 15 1.1 ɍ̋ȴƙƶǮʯƖȴ ʕƶƖȴ ȳ̋ƙʕȳȴƖǮ
Current Assets
Current Investments ɍȴ ɍȳƙȳƶǮƖȴ 13,052.2
Inventories 17 31,230.1 ʹǣƙʕʕʕƖȴ
Trade Receivables 18 22,004.2 24,122.3
,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ ɍȳ ʕǣƙȳ̋ɍƖǣ 40,587.1
Short-term Loans and Advances 20 12,445.5 ɍ̋ƙʕȳȴƖ̋
Other Current Assets 21 ʹǣƙʹȳƶƖʕ ɍƶȴƙƶȴǮƖȴ ȴȳǣƖɍ 115,030.3
Total 293,708.2 205,826.7

ăƬƬŘƋƋɁȧɡŘȭ˿ǔȭǷȭɁǜƬʊnjɁʁȧǔȭǷɡŘʁǜɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊ
“ȭǜƬʁȧʊɁnjɁˁʁʁƬɡɁʁǜŘǜǜŘƋǒƬƞ

hɁʁDELOITTE HASKINS & SELLS LLP hɁʁŘȭƞɁȭŽƬǒŘǚnjɁnjǜǒƬ*ɁŘʁƞ

Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner Managing Director Wholetime Director Wholetime Director

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

Mumbai, 12th August, 2014 Mumbai, 12th August, 2014

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
103
Consolidated Balance Sheet /
,ɁȭʊɁǚǔƞŘǜƬƞăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ

,ÏÂăϳ“<ÄďF<ăďÄďFÀFÂďÏhñõÏh“ďÄÂ<³Ïăă
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million

Year ended Year ended

Note No.
31st March, 2014 31st March, 2013
õƬ˸ƬȭˁƬnjʁɁȧÏɡƬʁŘǜǔɁȭʊ 22 ɍȴʹƙʕǣǮƖƶ ɍɍǮƙȴȳȴƖƶ
³ƬʊʊƕF˾ƋǔʊƬ<ˁǜ˿ ɍƙȳǣɍƖʹ ɍƙȴȳƶƖʹ
ɍȴ̋ƙƶ̋ʯƖȴ ɍɍʹƙȳȳƶƖȴ
Other Income 23 5,522.3 ʯƙƶƶ̋Ɩȳ
Total Revenue 166,325.9 116,879.5

Expenses
,ɁʊǜɁnjÀŘǜƬʁǔŘǚʊ,ɁȭʊˁȧƬƞ 24 ʹʹƙǮʯʯƖȳ ɍȳƙǮȳȳƖƶ
ñˁʁƋǒŘʊƬʊɁnjăǜɁƋǘȊǔȭȊďʁŘƞƬ ȴƙɍʹǮƖʕ 3,518.4
,ǒŘȭǷƬʊǔȭ“ȭ˸ƬȭǜɁʁǔƬʊɁnjhǔȭǔʊǒƬƞɁɁƞʊƙ 25 ɤʕȴǣƖǮɦ (2,284.8)
Work-in-Progress and Stock-in-Trade
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊF˾ɡƬȭʊƬ ʹȴ 20,744.4 15,345.3
hǔȭŘȭƋƬ,Ɂʊǜʊ 27 ǮǮɍƖȳ ǮʯɍƖȴ
<ƬɡʁƬƋǔŘǜǔɁȭŘȭƞÄȧɁʁǜǔʊŘǜǔɁȭF˾ɡƬȭʊƬ 11 Ǯƙ̋ȳʹƖʯ ʯƙʯȴɍƖʕ
ÏǜǒƬʁF˾ɡƬȭʊƬʊ 28 ǮʹƙʹǮȳƖɍ ʹʕƙȳǣʕƖǣ
Total Expenses 95,320.9 67,829.5

ñʁɁǞǜ*ƬnjɁʁƬF˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧŘȭƞďŘ˾ 71,005.0 Ǯȳƙ̋ǣ̋Ɩ̋

F˾ƋƬɡǜǔɁȭŘǚ“ǜƬȧ 52(b) 25,174.1 5,835.8
ñʁɁǞǜ*ƬnjɁʁƬďŘ˾ Ǯǣƙƶʯ̋Ɩȳ 43,214.2
Tax Expense:
,ˁʁʁƬȭǜďŘ˾ ƶƙ̋ʕȳƖȴ 8,131.3
<ƬnjƬʁʁƬƞďŘ˾ɤ,ʁƬƞǔǜɦʤ,ǒŘʁǷƬ ɤɍƙ̋ǣʕƖȳɦ 7,021.7 324.2 8,455.5
ñʁɁǞǜnjʁɁȧ,ɁȭǜǔȭˁǔȭǷÏɡƬʁŘǜǔɁȭʊ ʯƶƙƶ̋ȳƖʹ 34,758.7
Loss from Discontinuing Operations Ǯȳ ɤɍȳƖʹɦ ɤȴǣƖʯɦ
ñʁɁǞǜŘǢƬʁǜŘ˾ŽƬnjɁʁƬÀǔȭɁʁǔǜ˿“ȭǜƬʁƬʊǜ ʯƶƙʕȳ̋Ɩ̋ ʯǮƙȴȳʯƖǮ
Minority Interest 7,375.3 ǮƙƶȴʹƖƶ
ñʁɁǞǜnjɁʁǜǒƬłƬŘʁ 31,414.7 29,830.6
Earnings per Share 38
Basic and Diluted (`ɦhŘƋƬĴŘǚˁƬɡƬʁFɴˁǔǜ˿ʊǒŘʁƬȊ` 1 15.2 14.4

ăƬƬŘƋƋɁȧɡŘȭ˿ǔȭǷȭɁǜƬʊnjɁʁȧǔȭǷɡŘʁǜɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊ

“ȭǜƬʁȧʊɁnjɁˁʁʁƬɡɁʁǜŘǜǜŘƋǒƬƞ

hɁʁDELOITTE HASKINS & SELLS LLP hɁʁŘȭƞɁȭŽƬǒŘǚnjɁnjǜǒƬ*ɁŘʁƞ

Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner Managing Director Wholetime Director Wholetime Director

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

Mumbai, 12th August, 2014 Mumbai, 12th August, 2014

ANNUAL REPORT 2013-14

 104

,ÏÂăϳ“<ÄďF<,ÄăŒh³ÏĶăďÄďFÀFÂď
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
A. CASH FLOW FROM OPERATING ACTIVITIES
ñʁɁǞǜ*ƬnjɁʁƬďŘ˾ 45,811.7 ǮʯƙɍǮƶƖȳ
ÄƞǖˁʊǜȧƬȭǜʊnjɁʁƕ
<ƬɡʁƬƋǔŘǜǔɁȭŘȭƞÄȧɁʁǜǔʊŘǜǔɁȭF˾ɡƬȭʊƬ Ǯƙ̋ȳʹƖʯ ʯƙʯȴɍƖʕ
ɤñʁɁǞǜɦʤ³ɁʊʊɁȭăŘǚƬʤĶʁǔǜƬɁǏɁnjhǔ˾ƬƞÄʊʊƬǜʊƙɤȭƬǜɦ ȳƖǮ (2.4)
hǔȭŘȭƋƬ,Ɂʊǜʊ ǮǮɍƖȳ ǮʯɍƖȴ
Interest Income ɤʹƙ̋ȴǮƖʹɦ ɤʹƙʯȴƶƖȳɦ
Dividend Income (37.3) (24.3)
ÂƬǜŘǔȭɁȭăŘǚƬɁnj“ȭ˸ƬʊǜȧƬȭǜʊ (2,875.4) (1,118.1)
Sundry balances written back (12.4) ɤȳƖɍɦ
ñʁɁ˸ǔʊǔɁȭʤĶʁǔǜƬɁǏnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʤÄƞ˸ŘȭƋƬʊ ɍǣƶƖȴ ɍʹǣƖȳ
ÂƬǜ³ɁʊʊʤɤŘǔȭɦɁȭ,ŘȭƋƬǚǚŘǜǔɁȭɁnjhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ - ɍȳ̋Ɩʕ
FǏƬƋǜɁnjƬ˾ƋǒŘȭǷƬʁŘǜƬƋǒŘȭǷƬʊ (114.4) ɍƙ̋ɍʹƖȳ
ÏɡƬʁŘǜǔȭǷñʁɁǞǜ*ƬnjɁʁƬĶɁʁǘǔȭǷ,ŘɡǔǜŘǚ,ǒŘȭǷƬʊ 45,410.2 44,748.9

,ǒŘȭǷƬʊǔȭ˹ɁʁǘǔȭǷƋŘɡǔǜŘǚƕ
Adjustments for (Increase) / Decrease in Operating Assets:
Inventories (5,452.5) ɤʯƙȳ̋ʹƖʹɦ
Trade Receivables ʹƙʹʹʹƖȴ (5,020.4)
Loans and Advances ʯƙʯȳǮƖɍ ɤȴʕʯƖƶɦ
Other Assets (24,404.0) 133.5

Adjustments for Increase / (Decrease) in Operating Liabilities:

Trade Payables ʹƙʕɍǣƖȴ ȴƶʯƖɍ
Other Liabilities ʹǣȴƖʹ (1,770.1)
Provisions ʹʯƙʯʯȳƖ̋ ɍ̋ƙɍ̋ɍƖȴ
Cash Generated from Operations 47,481.2 ǮǮƙʯ̋̋Ɩȴ
ÂƬǜ“ȭƋɁȧƬďŘ˾ñŘǔƞ ɤʕƙƶƶȳƖʹɦ (10,734.8)
Net Cash Flow from Operating Activities (A) 39,592.0 33,565.8

B. CASH FLOW FROM INVESTING ACTIVITIES

,ŘɡǔǜŘǚF˾ɡƬȭƞǔǜˁʁƬɁȭhǔ˾ƬƞÄʊʊƬǜʊƙǔȭƋǚˁƞǔȭǷ,ŘɡǔǜŘǚÄƞ˸ŘȭƋƬʊ ɤȳƙ̋ȴ̋Ɩ̋ɦ (8,454.5)
ñʁɁƋƬƬƞʊnjʁɁȧăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ ƶȳƖʹ ɍʯȴƖǮ
Short-term Loans / Inter Corporate Deposits
Given / Placed ɤɍǮƙɍƶʕƖȴɦ ɤɍ̋ƙɍȳǮƖɍɦ
Received back / Matured ƶƙƶǮȴƖȴ 10,413.8
ñˁʁƋǒŘʊƬɁnj“ȭ˸ƬʊǜȧƬȭǜʊ ɤʹƶʹƙȴǣ̋Ɩƶɦ ɤɍǣȴƙʕɍȳƖ̋ɦ
ñʁɁƋƬƬƞʊnjʁɁȧăŘǚƬɁnj“ȭ˸ƬʊǜȧƬȭǜʊ 281,855.1 ɍǣȴƙʹǮȳƖ̋
*Řȭǘ*ŘǚŘȭƋƬʊȭɁǜƋɁȭʊǔƞƬʁƬƞŘʊ,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ
hǔ˾Ƭƞ<ƬɡɁʊǔǜʊʤÀŘʁǷǔȭÀɁȭƬ˿ñǚŘƋƬƞ (38,148.5) ɤʯ̋ƙɍɍȳƖʯɦ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
105
,ŘʊǒhǚɁ˹ăǜŘǜƬȧƬȭǜ

,ÏÂăϳ“<ÄďF<,ÄăŒh³ÏĶăďÄďFÀFÂď
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
hǔ˾Ƭƞ<ƬɡɁʊǔǜʊʤÀŘʁǷǔȭÀɁȭƬ˿ÀŘǜˁʁƬƞ ʹʕƙȴ̋ȴƖʯ ʹȴƙȴʕǮƖʯ
ÂƬǜɤ³ɁʊʊɦʤŘǔȭɁȭ,ŘȭƋƬǚǚŘǜǔɁȭɁnjhɁʁ˹ŘʁƞF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ - ɤɍȳ̋Ɩʕɦ
ÄƋɴˁǔʊǔǜǔɁȭɁnjăˁŽʊǔƞǔŘʁǔƬʊ - ɤɍȴƙǮɍǮƖȴɦ
Interest Received ɍƙȳǮʹƖɍ 2,572.1
ñˁʁƋǒŘʊƬɁnjÄʊʊƬǜʊǔ˸ƬȭˁȭƞƬʁhǔȭŘȭƋƬ³ƬŘʊƬ - (331.0)
õƬƋƬǔɡǜɁnjʁƬȭǜŘǚɁȭÄʊʊƬǜʊǔ˸ƬȭˁȭƞƬʁhǔȭŘȭƋƬ³ƬŘʊƬ 2.7 2.8
Dividend Received 37.3 24.3
ÂƬǜ,ŘʊǒhǚɁ˹ˁʊƬƞǔȭ“ȭ˸ƬʊǜǔȭǷÄƋǜǔ˸ǔǜǔƬʊɤ*ɦ (23,667.6) (26,350.5)

C. CASH FLOW FROM FINANCING ACTIVITIES

ñʁɁƋƬƬƞʊnjʁɁȧ*ɁʁʁɁ˹ǔȭǷʊ 24,038.0 141.8
õƬɡŘ˿ȧƬȭǜɁnj*ɁʁʁɁ˹ǔȭǷʊ (885.0) ɤɍƙɍ̋ȳƖʯɦ
Net Increase / (Decrease) in Working Capital Borrowings (403.8) ʹɍȳƖ̋
ñʁɁƋƬƬƞʊnjʁɁȧǔʊʊˁƬɁnjʊǒŘʁƬʊǜɁÀǔȭɁʁǔǜ˿Ž˿ăˁŽʊǔƞǔŘʁ˿ 182.4 357.4
ñŘ˿ȧƬȭǜǜɁÀǔȭɁʁǔǜ˿ȊõƬɡˁʁƋǒŘʊƬɁnjʊǒŘʁƬʊŽ˿ʊˁŽʊǔƞǔŘʁ˿ʤÏǜǒƬʁʊ ɤɍɍƙǣƶ̋Ɩȳɦ ɤʕȴʕƖ̋ɦ
hǔȭŘȭƋƬ,Ɂʊǜʊ ɤʹʹȳƖȴɦ ɤʯʕȴƖȴɦ
Dividends Paid (5,175.4) (4,401.2)
ďŘ˾Ɂȭ<ǔ˸ǔƞƬȭƞ (880.0) (714.0)
Net Cash Flow from / (used in) Financing Activities (C) 5,065.7 (6,649.9)

ÂƬǜ“ȭƋʁƬŘʊƬǔȭ,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊɤÄɯ*ɯ,ɦ 20,990.1 565.4

,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊǜŘǘƬȭɁ˸ƬʁɁȭŘƋɴˁǔʊǔǜǔɁȭɁnjăˁŽʊǔƞǔŘʁǔƬʊ - ɍƙȴ̋ʕƖʯ
,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊŘǜǜǒƬ*ƬǷǔȭȭǔȭǷɁnjǜǒƬłƬŘʁ ʹ̋ƙȴȳɍƖɍ ɍʕƙǣʹȴƖʕ
FǏƬƋǜɁnjF˾ƋǒŘȭǷƬ<ǔǏƬʁƬȭƋƬʊɁȭõƬʊǜŘǜƬȧƬȭǜɁnjhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ ɍƙȳ̋ǣƖƶ ȳȳɍƖʕ
,ŘʊǒŘȭƞ,ŘʊǒFɴˁǔ˸ŘǚƬȭǜʊ
Cash and Cash Equivalents at the end of the Year (Refer Note 19) 43,587.0 20,691.1

ăƬƬŘƋƋɁȧɡŘȭ˿ǔȭǷȭɁǜƬʊnjɁʁȧǔȭǷɡŘʁǜɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊ

“ȭǜƬʁȧʊɁnjɁˁʁʁƬɡɁʁǜŘǜǜŘƋǒƬƞ

hɁʁDELOITTE HASKINS & SELLS LLP hɁʁŘȭƞɁȭŽƬǒŘǚnjɁnjǜǒƬ*ɁŘʁƞ

Chartered Accountants

RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI

Partner Managing Director Wholetime Director Wholetime Director

UDAY V. BALDOTA SUNIL R. AJMERA

,ǒǔƬnjhǔȭŘȭƋǔŘǚÏǓƋƬʁ Company Secretary

Mumbai, 12th August, 2014 Mumbai, 12th August, 2014

ANNUAL REPORT 2013-14

ɍ̋ȴ

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014

As at 31st March, 2014 As at 31st March, 2013

Number of ÂˁȧŽƬʁɁnj
1 SHARE CAPITAL Equity Shares
` in Million
Fɴˁǔǜ˿ăǒŘʁƬʊ
` in Million

Authorised
Fɴˁǔǜ˿ăǒŘʁƬʊɁnj` 1 each 3,000,000,000 3,000.0 1,500,000,000 1,500.0
3,000,000,000 3,000.0 1,500,000,000 1,500.0

Issued, Subscribed and Fully Paid Up

Fɴˁǔǜ˿ăǒŘʁƬʊɁnj`ɍƬŘƋǒɤõƬnjƬʁÂɁǜƬʯǮɦ ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ 2,071.2 ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ
2,071,163,910 2,071.2 1,035,581,955 1,035.6

` in Million
As at 31st March, 2014 As at 31st March, 2013
2 RESERVES AND SURPLUS
Capital Reserve
As per Last Balance Sheet ʹǣȳƖɍ ʹǣȳƖɍ
Capital Redemption Reserve
Opening Balance 154.5 154.5
³ƬʊʊƕĘǜǔǚǔʊƬƞnjɁʁǔʊʊˁƬɁnj*ɁȭˁʊʊǒŘʁƬʊ 154.5 -
Closing Balance - 154.5
Securities Premium Account
Opening Balance ɍǣƙ̋ȳȳƖɍ ɍǣƙ̋ȳȳƖɍ
³ƬʊʊƕĘǜǔǚǔʊƬƞnjɁʁǔʊʊˁƬɁnj*ɁȭˁʊʊǒŘʁƬʊ 881.1 -
Closing Balance 14,218.0 ɍǣƙ̋ȳȳƖɍ
General Reserve
Opening Balance 31,041.2 30,521.2
ÄƞƞƕďʁŘȭʊnjƬʁʁƬƞnjʁɁȧăˁʁɡǚˁʊǔȭăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ - 520.0
Closing Balance 31,041.2 31,041.2
Legal Reserve (Refer Note 48)
Opening Balance ̋Ɩȳ -
ÄƞƞƕďʁŘȭʊnjƬʁʁƬƞnjʁɁȧăˁʁɡǚˁʊǔȭăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ - ̋Ɩȳ
Closing Balance ̋Ɩȳ ̋Ɩȳ
Foreign Currency Translation Reserve
Opening Balance 12,327.4 ƶƙǣȴ̋Ɩȴ
Äƞƞʤɤ³ƬʊʊɦƕFǏƬƋǜɁnjhɁʁƬǔǷȭF˾ƋǒŘȭǷƬʁŘǜƬ˸ŘʁǔŘǜǔɁȭʊ 7,572.2 ʯƙʕȴȴƖƶ
during the year
Closing Balance ɍȳƙƶȳȳƖȴ 12,327.4
ăˁʁɡǚˁʊǔȭăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
Opening Balance ƶȳƙȳʕȳƖǣ ȴȴƙʕʹʕƖʕ
ÄƞƞƕñʁɁǞǜnjɁʁǜǒƬ˿ƬŘʁ 31,414.7 ʹȳƙƶʯ̋Ɩȴ
³Ƭʊʊƕ<ǔ˸ǔƞƬȭƞɡʁɁɡɁʊƬƞǜɁŽƬƞǔʊǜʁǔŽˁǜƬƞǜɁFɴˁǔǜ˿
ʯƙɍ̋ȴƖʕ ǣƙɍʕʕƖȳ
ăǒŘʁƬǒɁǚƞƬʁʊƅ` 1.5 (Previous Year `ǣɦɡƬʁʊǒŘʁƬƇ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
107
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at 31st March, 2014 As at 31st March, 2013
,ɁʁɡɁʁŘǜƬ<ǔ˸ǔƞƬȭƞďŘ˾ 528.0 880.0
ďʁŘȭʊnjƬʁʁƬƞǜɁ³ƬǷŘǚõƬʊƬʁ˸Ƭ - ̋Ɩȳ
ďʁŘȭʊnjƬʁʁƬƞǜɁƬȭƬʁŘǚõƬʊƬʁ˸Ƭ - 520.0
3,634.7 6,578.8
Closing Balance ɍɍʕƙʕǣȳƖǣ ƶȳƙȳʕȳƖǣ
183,178.3 148,861.7

3 LONG-TERM BORROWINGS
ăƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
Term Loans
hʁɁȧ*Řȭǘʊ ʯƶȳƖʹ ʯʕʹƖȴ
hʁɁȧÏǜǒƬʁñŘʁǜǔƬʊ ǮȴƖǮ ǮʯǣƖȴ ǮȴƖǮ ǮɍȳƖ̋
ĘȭʊƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
<ƬŽƬȭǜˁʁƬʊɤÀŘǜˁʁƬʊǔȭÂɁ˸ƬȧŽƬʁʹ̋ɍǮȊõŘǜƬɁnj“ȭǜƬʁƬʊǜ - 571.2
5.8% Plus CPI)
³ɁȭǷȊďƬʁȧÀŘǜˁʁǔǜǔƬʊɁnjhǔȭŘȭƋƬ³ƬŘʊƬÏŽǚǔǷŘǜǔɁȭ 2.0 ɍƖȳ
ďƬʁȧ³ɁŘȭʊnjʁɁȧÏǜǒƬʁñŘʁǜǔƬʊ ǮȳƖɍ ɍȴ̋Ɩǣ
486.7 1,152.6

4 DEFERRED TAX LIABILITIES (NET)

Deferred Tax Liabilities
<ƬɡʁƬƋǔŘǜǔɁȭɁȭhǔ˾ƬƞÄʊʊƬǜʊ ʹƙȴȳ̋Ɩƶ ʹƙɍʹȳƖȳ
Others ɍȳƶƖʕ ʹƙƶƶȳƖǣ 24.3 2,154.2
Less :
Deferred Tax Assets
Unpaid Liabilities ƶǮƖȴ 51.8
Others 48.2 132.8 ǮƶƖȳ 100.7
2,756.7 2,053.5

5 OTHER LONG-TERM LIABILITIES

Trade / Security Deposits Received ƶƶƖȴ 88.0
Interest Accrued but not Due on Borrowings 2.8 1.4
91.4 89.4

6 LONG-TERM PROVISIONS
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊɤõƬnjƬʁÂɁǜƬǮʹūǮʯɦ 177.2 173.5
ñʁɁƞˁƋǜõƬǜˁʁȭʊƙõƬŽŘǜƬʊƙÀƬƞǔƋŘǔƞʊƬǜƋƖɤõƬnjƬʁÂɁǜƬǣɍɦ ȴǮ̋Ɩƶ ǣȳʹƖǮ
ÀďÀ³ɁʊʊɁȭɁˁǜʊǜŘȭƞǔȭǷhɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ 2,032.7 ɍƙʹȳʯƖǮ
ñʁɁ˸ǔʊǔɁȭȊÏǜǒƬʁƅõƬnjƬʁÂɁǜƬǣʹɤŽɦƇ ʹʯƙɍȴɍƖȳ 5,808.0
“ȭƋɁȧƬďŘ˾ɤÂƬǜɁnjÄƞ˸ŘȭƋƬ“ȭƋɁȧƬďŘ˾ɦ ʯƖȴ 3.3
26,016.2 7,870.6

ANNUAL REPORT 2013-14

 108

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014

` in Million

As at 31st March, 2014 As at 31st March, 2013

7 SHORT-TERM BORROWINGS
ăƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
Loans Repayable on Demand
hʁɁȧ*Řȭǘʊƕ
,Řʊǒ,ʁƬƞǔǜhŘƋǔǚǔǜ˿ 311.8 ȴʯ̋Ɩʹ
Others - 311.8 50.1 ȴƶ̋Ɩʯ
ĘȭʊƬƋˁʁƬƞ*ɁʁʁɁ˹ǔȭǷʊ
³ɁŘȭʊõƬɡŘ˿ŘŽǚƬɁȭ<ƬȧŘȭƞƕ
,Řʊǒ,ʁƬƞǔǜhŘƋǔǚǔǜ˿njʁɁȧŽŘȭǘ ƶȳƖȴ ɍǮȳƖʹ
ďƬʁȧ³ɁŘȭnjʁɁȧŽŘȭǘ 24,002.0 ʹǮƙ̋ȳɍƖȴ - ɍǮȳƖʹ
24,403.4 829.5

8 TRADE PAYABLES
Acceptances - ʕȴƖȴ
ÏǜǒƬʁǜǒŘȭÄƋƋƬɡǜŘȭƋƬʊƕ
Due to Micro and Small Enterprises ȳʹƖǮ ʕȴ̋Ɩƶ
Other Payables ɍʯƙɍȳ̋Ɩʹ ȳƙʕǮʹƖǣ
13,282.6 10,579.9

9 OTHER CURRENT LIABILITIES

,ˁʁʁƬȭǜÀŘǜˁʁǔǜǔƬʊɁnj³ɁȭǷȊǜƬʁȧ<ƬŽǜ 718.5 ȴɍǣƖ̋
Interest Accrued but not Due on Borrowings ɍȳƖʯ ʹȴƖǣ
“ȭ˸ƬʊǜɁʁFƞˁƋŘǜǔɁȭŘȭƞñʁɁǜƬƋǜǔɁȭhˁȭƞʊǒŘǚǚŽƬƋʁƬƞǔǜƬƞŽ˿
52.4 45.1
Unpaid Dividends (not due)
Statutory Remittances ƶʹƶƖȴ ȴ̋ʕƖʹ
ñŘ˿ŘŽǚƬʊɁȭñˁʁƋǒŘʊƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ ȴʕɍƖȳ ȴɍʯƖȴ
Trade / Security Deposits Received 13.0 ȳƖǣ
Äƞ˸ŘȭƋƬʊnjʁɁȧ,ˁʊǜɁȧƬʁʊ 100.3 87.8
Temporary Overdrawn Bank Balance as per books ʹƶƖȴ 24.0
Others 171.5 157.8
2,604.1 2,186.5
10 SHORT-TERM PROVISIONS
FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊɤõƬnjƬʁÂɁǜƬǮʹɦ 1,101.7 ȳʹ̋Ɩɍ
ñʁɁƞˁƋǜõƬǜˁʁȭʊƙõƬŽŘǜƬʊƙÀƬƞǔƋŘǔƞʊƬǜƋƖɤõƬnjƬʁÂɁǜƬǣɍɦ ƶƙȳɍɍƖʕ ȴƙʯɍ̋Ɩȴ
ÀďÀ³ɁʊʊɁȭɁˁǜʊǜŘȭƞǔȭǷhɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ ɍȳʹƖƶ 71.5
“ȭƋɁȧƬďŘ˾ƅÂƬǜɁnjÄƞ˸ŘȭƋƬ“ȭƋɁȧƬďŘ˾Ƈ ʹƙȴɍǮƖȴ ɍƙǮǣȴƖǣ
ñʁɁɡɁʊƬƞFɴˁǔǜ˿<ǔ˸ǔƞƬȭƞ ʯƙɍ̋ȴƖʕ ǣƙɍʕʕƖȳ
,ɁʁɡɁʁŘǜƬ<ǔ˸ǔƞƬȭƞďŘ˾ 528.0 880.0
ñʁɁ˸ǔʊǔɁȭȊÏǜǒƬʁƅõƬnjƬʁÂɁǜƬǣʹɤŽɦƇ 3,150.3 -
19,605.8 14,816.6

SUN PHARMACEUTICAL INDUSTRIES LTD.

 ÂÏďFăhÏõÀ“ÂñÄõďÏhďŒF,ÏÂăϳ“<ÄďF<h“ÂÄÂ,“ijăďÄďFÀFÂďă
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
11 FIXED ASSETS ` in Million
Gross Block (At Cost) Depreciation / Amortisation / Impairment Net Block
Particulars As at Consolidation Taken Additions Deletions As at As at Consolidation Taken hɁʁǜǒƬ On As at As at As at
01.04.13 Adjustments over on during during 31.03.14 01.04.13 Adjustments over on year Deletions 31.03.14 31.03.14 31.03.13
ŘƋɴˁǔʊǔǜǔɁȭɤƋɦ the Year the Year ŘƋɴˁǔʊǔǜǔɁȭ njɁʁǜǒƬ
(c) year
A. TANGIBLE ASSETS
hʁƬƬǒɁǚƞ³Řȭƞ ɍƙ̋ʹɍƖȳ ʕȴƖʯ - 7.7 - ɍƙɍ̋ǣƖȳ - - - - - - ɍƙɍ̋ǣƖȳ ɍƙ̋ʹɍƖȳ
(824.4) (35.7) ɤɍʕȳƖʹɦ (15.3) (32.7) ɤɍƙ̋ʹɍƖȳɦ (-) (-) (-) (-) (-) (-) ɤɍƙ̋ʹɍƖȳɦ (824.4)
Leasehold Land 1,117.2 ȳɍƖǮ - ȳʕƖɍ - 1,305.7 137.0 13.0 - ɍȴƖʕ - ɍȴȴƖʕ ɍƙɍʯȳƖ̋ ȳƶ̋Ɩʹ
ɤɍƙ̋ȴʹƖʕɦ (54.5) (-) (-) (-) (1,117.2) (114.8) (7.0) (-) (15.2) (-) (137.0) ɤȳƶ̋Ɩʹɦ ɤȳǮʕƖȳɦ
Buildings ɍʕƙǮȴ̋Ɩʯ ɍƙʯǣȴƖǮ - ƶǮȴƖʹ 33.2 ɍȳƙȴʹȳƖʕ 4,517.3 ʯƶȳƖʹ - ȴ̋ǣƖʯ 33.2 ǣƙǮʕƶƖȴ 14,151.1 ɍʹƙȳǮʯƖ̋
(a)
ɤɍǮƙȴȳǮƖƶɦ ɤȴʕʕƖȴɦ ɤɍƙȴɍȴƖ̋ɦ ɤǣȴȴƖʕɦ ɤȳǮƖƶɦ ɤɍʕƙǮȴ̋Ɩʯɦ ɤʯƙƶƶʯƖȳɦ ɤɍȳʹƖƶɦ (44.7) (451.4) (55.5) (4,517.3) ɤɍʹƙȳǮʯƖ̋ɦ ɤɍ̋ƙƶɍ̋Ɩȳɦ
Leasehold Improvement on Building ɍɍɍƖȳ 11.8 - ʯʹƖȴ - ɍǣȴƖʯ 13.7 1.4 - 3.4 - 18.5 137.8 ȳƶƖʹ
ɤɍ̋ǮƖȳɦ (7.0) (-) (-) (-) ɤɍɍɍƖȳɦ (10.1) (0.7) (-) ɤʹƖȳɦ (-) (13.7) ɤȳƶƖʹɦ ɤȳǮƖƶɦ
Corporate Overview

Buildings Given under operating 357.4 17.3 - 2.8 - 377.5 ʕȳƖǣ 3.1 - ȴƖʯ - ƶƶƖȳ ʹƶƶƖȴ ʹʕʕƖȳ
lease *
(347.1) (10.3) (-) (-) (-) (357.4) ɤȴʕƖȴɦ ɤɍƖȴɦ (-) (10.3) (-) ɤʕȳƖǣɦ ɤʹʕʕƖȳɦ ɤʹʕȳƖǣɦ
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜ ʯʯƙǣȴʯƖʕ ɍƙȴǣȳƖʕ - 3,510.4 ʹǮȴƖʹ ʯƶƙǮƶʕƖȴ 18,280.4 1,112.4 - ʹƙʹȴǮƖƶ ɍȴʯƖɍ ʹɍƙǮȳǮƖǣ ɍȴƙȳȳʯƖɍ 15,283.3
(b)
ɤʹʕƙȴȳǮƖʯɦ ɤȳƶȳƖɍɦ ɤɍƙʕ̋ȴƖǮɦ ɤʯƙʯǣȴƖȴɦ (182.7) ɤʯʯƙǣȴʯƖʕɦ (15,333.3) ɤȴƶ̋Ɩʹɦ (478.0) ɤɍƙȳɍƶƖʹɦ ɤɍʹȳƖʯɦ (18,280.4) (15,283.3) ɤɍʹƙʯȴɍƖ̋ɦ
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜȊ³ƬŘʊƬƞŹ 25.3 - - - - 25.3 ʹƖȳ - - 1.2 - 4.1 21.2 22.4
(25.3) (-) (-) (-) (-) (25.3) (1.7) (-) (-) (1.2) (-) ɤʹƖȳɦ (22.4) ɤʹʯƖȴɦ
ĴƬǒǔƋǚƬʊ 418.2 13.3 - ɍȴ̋Ɩ̋ 34.7 ǣǣȴƖƶ ɍʯȳƖȴ ǣƖȳ - ȴɍƖʹ 20.4 ɍƶȴƖʯ 370.5 ʹʕƶƖȴ
ɤʯʹǮƖȴɦ (7.7) (0.4) (117.8) (32.3) (418.2) (115.7) (3.7) (0.1) (45.0) ɤʹǮƖȳɦ ɤɍʯȳƖȴɦ ɤʹʕƶƖȴɦ ɤʹ̋ƶƖȳɦ
ÏǓƋƬFɴˁǔɡȧƬȭǜ ȴʕȴƖʹ 30.7 - ȳʯƖǣ 1.3 ʕȳȳƖɍ ǮǮƶƖȴ 25.0 - ȴɍƖǮ 0.5 534.5 ʹȴǮƖȴ ʹʹʕƖȴ
(b)
(410.8) (5.1) ɤɍȳǣƖǣɦ ɤȴʕƖʕɦ ɤʹƖȳɦ ɤȴʕȴƖʹɦ ɤʹʯǮƖȴɦ (3.3) ɤɍʕɍƖȴɦ (41.7) ɤʹƖȴɦ ɤǮǮƶƖȴɦ ɤʹʹʕƖȴɦ ɤɍʕȴƖʹɦ
hˁʁȭǔǜˁʁƬŘȭƞhǔ˾ǜˁʁƬʊ ɍƙʹʕʯƖȴ 70.7 - ȳƶƖʹ 0.7 1,441.8 802.4 55.4 - 74.3 0.3 ȳʯɍƖƶ 510.0 471.2
Statutory Reports

(b)
(1,053.4) (40.4) (80.0) (101.5) (1.7) ɤɍƙʹʕʯƖȴɦ ɤȴǮǣƖǣɦ (30.4) ɤȴȴƖƶɦ ɤȴ̋Ɩǣɦ (0.8) (802.4) (471.2) ɤǮ̋ʕƖȳɦ
Total Tangible Assets 56,025.7 3,327.6 - 4,848.5 316.1 63,885.7 24,421.4 1,605.4 - 3,094.6 217.5 28,903.9 34,981.8 31,604.3
Previous Year ɤǮȴƙǣǮʹƖʯɦ (1,827.4) (3,777.5) ɤǮƙʹʹǣƖȴɦ (347.1) ɤǣȴƙ̋ʹǣƖʕɦ (20,407.2) ɤȳɍȳƖʕɦ ɤʕȴɍƖʹɦ ɤʹƙǣǮȴƖǮɦ (213.1) (24,421.4) ɤʯɍƙȴ̋ǮƖʯɦ ɤʹȴƙɍʯǣƖɍɦ
B. INTANGIBLE ASSETS
Goodwill ȳƙʕǮƶƖƶ 1,028.2 - - - 10,777.0 - - - - - - 10,777.0 ȳƙʕǮƶƖƶ
ɤȴʯɍƖȳɦ (42.4) ɤȳƙ̋ʕǮƖǣɦ (-) (-) ɤȳƙʕǮƶƖƶɦ (-) (-) (-) (-) (-) (-) ɤȳƙʕǮƶƖƶɦ ɤȴʯɍƖȳɦ
Trademarks, Designs and Other ȳƙȳƶƶƖʹ ȳǣȴƖʯ - ƶȳʕƖƶ - 11,842.3 ȴƙɍȳȴƖɍ 580.7 - ȳȳʕƖʕ - 7,774.5 Ǯƙ̋ȴʕƖƶ ʯƙʕȳʹƖɍ
Intangible Assets
(b)
ɤʕƙ̋ȳǮƖʯɦ (431.8) ɤɍƙɍȴɍƖȴɦ ɤɍƙʯ̋ȳƖƶɦ ɤȳƖʯɦ ɤȳƙȳƶƶƖʹɦ ɤǮƙǣȴǣƖȳɦ (277.1) (547.1) (815.3) ɤȳƖʯɦ ɤȴƙɍȳȴƖɍɦ ɤʯƙʕȳʹƖɍɦ (2,528.4)
Total Intangible Assets 19,737.0 1,984.5 - 897.8 - 22,619.3 6,196.1 580.7 - 997.7 - 7,774.5 14,844.8 13,540.9
Previous Year ɤʕƙʕʹȴƖʹɦ (474.2) ɤɍ̋ƙʹʯȴƖɍɦ ɤɍƙʯ̋ȳƖƶɦ ɤȳƖʯɦ ɤɍȳƙʕʯʕƖ̋ɦ ɤǮƙǣȴǣƖȳɦ (277.1) (547.1) (815.3) ɤȳƖʯɦ ɤȴƙɍȳȴƖɍɦ ɤɍʯƙǣǮ̋Ɩȳɦ ɤʯƙɍȴ̋Ɩʯɦ
Total Fixed Assets 75,762.7 5,312.1 - 5,746.3 316.1 86,505.0 30,617.5 2,186.1 - 4,092.3 217.5 36,678.4 49,826.6 45,145.2
Previous Year ɤǣǮƙʹȴƶƖǣɦ ɤʹƙʯ̋ɍƖȴɦ ɤɍǮƙ̋ɍʯƖȴɦ (5,535.4) ɤʯǣȴƖǮɦ ɤʕǣƙʕȴʹƖʕɦ ɤʹǮƙȳʕʯƖɍɦ ɤɍƙɍȳȴƖƶɦ (1,308.3) ɤʯƙʯȴɍƖʕɦ (222.4) ɤʯ̋ƙȴɍʕƖǣɦ (45,145.2) ɤʹȳƙʹȳǣƖǮɦ
Financial Statements

Footnotes:
Notes

(a) Buildings include `ƶƙȴʹ̋ɤñʁƬ˸ǔɁˁʊłƬŘʁ`ƶƙȴʹ̋ɦǜɁ˹ŘʁƞʊƋɁʊǜɁnjʊǒŘʁƬʊǔȭŘ,ɁȊɁɡƬʁŘǜǔ˸ƬŒɁˁʊǔȭǷăɁƋǔƬǜ˿Ɩ

ɤŽɦ“ȭƋǚˁƞƬʊ“ȧɡŘǔʁȧƬȭǜɁnj`ȴǮƖȳÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȴǮƖȳÀǔǚǚǔɁȭɦǔȭƋǚˁƞǔȭǷ` Nil (Previous Year `ʯǮƖɍÀǔǚǚǔɁȭɦɁȭŘƋƋɁˁȭǜɁnj“ȧɡŘǔʁȧƬȭǜnjɁʁǜǒƬ˿ƬŘʁƖ
ɤƋɦõƬɡʁƬʊƬȭǜʊŘʊʊƬǜʊŘȭƞŘƋƋˁȧˁǚŘǜƬƞƞƬɡʁƬƋǔŘǜǔɁȭɁnj<ĘăÄñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ȭƋƖŘȭƞĘõ³ñǒŘʁȧŘ“ȭƋƖ˹ǒǔƋǒǒŘʊŽƬƬȭŘƋɴˁǔʁƬƞǔȭɡʁƬ˸ǔɁˁʊ˿ƬŘʁƖ
ɤƞɦF˾ƋǚˁƞƬʊhǔ˾ƬƞÄʊʊƬǜʊŒƬǚƞnjɁʁăŘǚƬɤõƬnjƬʁÂɁǜƬʹɍɦƖ
ɍ̋ȳ

ɤƬɦñʁƬ˸ǔɁˁʊłƬŘʁǞǷˁʁƬʊŘʁƬǔȭŽʁŘƋǘƬǜʊƖ

ANNUAL REPORT 2013-14

ŹõƬnjƬʁÂɁǜƬǮ1(a)
 110

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at 31st March, 2014 As at 31st March, 2013

12 NON-CURRENT INVESTMENTS
Long Term Investments (At Cost) (Fully Paid Up)
Quoted
 “ȭFɴˁǔǜ˿“ȭʊǜʁˁȧƬȭǜʊ 4,253.7 ǮƙɍʕǮƖȳ
In Debentures 250.0 250.0
In Bonds ʯȴʕƖʯ ʯȴʕƖʯ
Unquoted
 “ȭFɴˁǔǜ˿“ȭʊǜʁˁȧƬȭǜʊɤŹɦ ɍƙƶǮǣƖȴ Ǯ̋ǣƖȴ
In Government Securities ` 10,000 ( Previous Year 0.0 0.0
` 10,000)
In Debentures 115.7 115.7
In Deposits - 500.0
 “ȭÀˁǜˁŘǚhˁȭƞʊɤŹŹɦ 1,000.0 5,250.0
In Limited Liability Partnerships 43.3 -
7,875.6 11,063.5

*ɁɁǘ ÀŘʁǘƬǜ Book Market

AGGREGATE VALUE OF INVESTMENTS Value Value ĴŘǚˁƬ ĴŘǚˁƬ
Quoted 4,871.0 7,733.8 ǮƙʕȳʹƖʹ ȴƙƶǣǣƖǮ
Unquoted ʯƙ̋̋ǮƖȴ ȴƙʹʕɍƖʯ

* Includes Investment in Associate ` 184.4 Million (Previous

Year `Âǔǚɦƅ“ȭƋǚˁƞǔȭǷǷɁɁƞ˹ǔǚǚ` 173.4 Million (Previous Year
`ÂǔǚɦƇ
** Listed

13 DEFERRED TAX ASSETS

Unpaid Liabilities ǣƙƶɍȴƖ̋ ǮƙʯǣȴƖʕ
ĘȭŘŽʊɁʁŽƬƞ³ɁʊʊɤõƬnjƬʁÂɁǜƬǮʕɦ 51.5 ɍƙȴʹʹƖʯ
Intangibles ʯƙɍʯȴƖȴ 1,415.1
Others ʹƙƶȴʹƖƶ 1,781.8
11,866.9 9,175.9

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Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at 31st March, 2014 As at 31st March, 2013

14 LONG-TERM LOANS AND ADVANCES

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞɦ
Capital Advances ʹƙȴƶ̋Ɩȴ ʹƙ̋ȳʕƖȳ
Security Deposits ɍʕǮƖȳ ɍǣƶƖȴ
Loans and Advances to Employees / Others ȳʯǣƖȴ 2,811.2
õƬƋƬǔ˸ŘŽǚƬɁȭÄƋƋɁˁȭǜɁnjÄʊʊƬǜʊˁȭƞƬʁhǔȭŘȭƋƬ³ƬŘʊƬƅõƬnjƬʁ 320.2 327.1
ÂɁǜƬǮɍɤƬɦƇ
ñʁƬɡŘǔƞF˾ɡƬȭʊƬʊ 21.8 ʹǮƖȳ
Äƞ˸ŘȭƋƬ“ȭƋɁȧƬďŘ˾ƅÂƬǜɁnjñʁɁ˸ǔʊǔɁȭʊƇ ǣƙȴƶȳƖǣ 2,448.0
Balances with Government Authorities ȴƶȳƖʹ ǣ̋ȳƖȳ
10,511.8 8,377.6

15 OTHER NON-CURRENT ASSETS

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞɦ
Interest Accrued on Investments - 77.0
Unamortised Premium on Investments 1.1 ɍƖȴ
1.1 78.6

16 CURRENT INVESTMENTS (AT COST) (FULLY PAID UP)

A) Current Portion of Long-term Investments
Unquoted
 “ȭÀˁǜˁŘǚhˁȭƞʊɤŹɦ 15,700.0 ʕƙƶȴ̋Ɩ̋
In Deposits 500.0 ɍȴƙʹ̋̋Ɩ̋ 750.0 ƶƙȴɍ̋Ɩ̋
*ɦ ÏǜǒƬʁ,ˁʁʁƬȭǜ“ȭ˸ƬʊǜȧƬȭǜʊ
Quoted
  “ȭFɴˁǔǜ˿“ȭʊǜʁˁȧƬȭǜʊ 18.0 2.8
In Bonds 171.3 ɍȴɍƖƶ
Unquoted
In Government Securities - 217.0
  “ȭÀˁǜˁŘǚhˁȭƞʊ ʯƙǣȳǣƖʯ ɍƙ̋ȳ̋Ɩɍ
In Deposits - 2,500.0
In Commercial Paper - ʯƙʕƶǮƖȴ 470.5 4,442.2
19,984.6 13,052.2

*ɁɁǘ ÀŘʁǘƬǜ Book Market

AGGREGATE VALUE OF INVESTMENTS Value Value ĴŘǚˁƬ ĴŘǚˁƬ
Quoted ɍƶȳƖʯ ɍȳǣƖʯ ɍȴǮƖȴ 172.8
ĘȭɴˁɁǜƬƞ ɍȳƙʕȳǣƖʯ ɍʹƙƶƶʕƖȴ
* Listed

ANNUAL REPORT 2013-14

 112

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million

As at 31st March, 2014 As at 31st March, 2013

17 INVENTORIES
Raw and Packing Materials 12,237.0 ȳƙƶ̋ȴƖɍ
Goods-in-Transit 382.5 ɍʹƙȴɍȳƖǣ 311.4 10,117.5
Work-in-Progress ǣƙȳʹʕƖȳ ǮƙȴǣʕƖǣ
hǔȭǔʊǒƬƞɁɁƞʊ 8,587.4 8,470.4
Goods-in-Transit ǣǮȳƖǣ ȳƙɍʯȴƖȳ ʯǮǣƖȴ ƶƙƶɍȴƖ̋
Stock-in-Trade 2,441.1 1,505.8
Goods-in-Transit 300.1 2,741.2 135.2 ɍƙȴǮɍƖ̋
Other Materials and Consumables 804.0 525.0
Goods-in-Transit ̋Ɩȴ ƶ̋ǮƖȴ ʹ̋Ɩȴ ǣǮǣƖȴ
31,230.1 25,777.6

18 TRADE RECEIVABLES
ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞˁȭǚƬʊʊʊǜŘǜƬƞɁǜǒƬʁ˹ǔʊƬɦ
Outstanding for a period exceeding Six Months from the
date they are due for payment
Considered Good ʹƙȴǣǮƖɍ 2,013.0
<ɁˁŽǜnjˁǚ ɍȴȴƖȳ 137.3
2,821.0 2,150.3
³ƬʊʊƕñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊ ɍȴȴƖȳ ʹƙȴǣǮƖɍ 137.3 2,013.0
Other Trade Receivables ɍȳƙʯǣ̋Ɩɍ ʹʹƙɍ̋ȳƖʯ
22,004.2 24,122.3

19 CASH AND CASH EQUIVALENTS

*ŘǚŘȭƋƬʊǜǒŘǜȧƬƬǜǜǒƬƞƬǞȭǔǜǔɁȭɁnj,ŘʊǒŘȭƞ,Řʊǒ
Equivalents as per AS3 Cash Flow Statement
Cash on Hand ǮȴƖȳ 7.5
,ǒƬɴˁƬʊƙ<ʁŘǢʊɁȭŒŘȭƞ 138.5 ƶȳƖǮ
Balances with Banks
In Current Accounts ʯȳƙʕɍǮƖʹ ɍǮƙʹ̋ǣƖȳ
“ȭ<ƬɡɁʊǔǜÄƋƋɁˁȭǜʊ˹ǔǜǒÏʁǔǷǔȭŘǚÀŘǜˁʁǔǜ˿ɁnjʯÀɁȭǜǒʊɁʁǚƬʊʊ ʯƙ̋ʹɍƖȳ ǮƙǮȴʕƖǮ
“ȭFFh,ÄƋƋɁˁȭǜʊ ȴȴǣƖǣ ǮʯƙǮ̋ɍƖȴ ɍƙȳʹ̋Ɩȳ ʹ̋ƙǣȳǮƖʹ
43,587.0 ʹ̋ƙȴȳɍƖɍ
ÏǜǒƬʁ*Řȭǘ*ŘǚŘȭƋƬʊ
“ȭ<ƬɡɁʊǔǜÄƋƋɁˁȭǜʊɤõƬnjƬʁhɁɁǜȭɁǜƬɦ 32,147.0 ɍȳƙʹʕɍƖȳ
“ȭFŘʁȧŘʁǘƬƞÄƋƋɁˁȭǜʊƕ
Unpaid Dividend Accounts 47.2 42.4
Balances held as Margin Money or Security against 120.3 32,314.5 581.7 ɍȳƙƶȳȴƖ̋
ˁŘʁŘȭǜƬƬʊŘȭƞÏǜǒƬʁ,ɁȧȧǔǜȧƬȭǜʊɤõƬnjƬʁhɁɁǜȭɁǜƬɦ
75,901.5 40,587.1

Footnote
Other Bank Balances include Deposits amounting to `ʹʹƙʯʹ̋ƖȴÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹƙʹǣȴƖʹÀǔǚǚǔɁȭɦŘȭƞÀŘʁǷǔȭÀɁȭǔƬʊ
amounting to `ɍ̋ȴƖʕÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ǣʯȴƖʕÀǔǚǚǔɁȭɦ˹ǒǔƋǒǒŘ˸ƬŘȭÏʁǔǷǔȭŘǚÀŘǜˁʁǔǜ˿ɁnjȧɁʁƬǜǒŘȭɍʹȧɁȭǜǒʊƖ

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113
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at 31st March, 2014 As at 31st March, 2013

20 SHORT-TERM LOANS AND ADVANCES

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞˁȭǚƬʊʊʊǜŘǜƬƞɁǜǒƬʁ˹ǔʊƬɦ
Security Deposits ǮȳƖʕ 775.1
³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊǜɁõƬǚŘǜƬƞñŘʁǜǔƬʊɤõƬnjƬʁÂɁǜƬʯʕɦ - 738.4
Loans and Advances to Employees / Others
Secured ʹȴɍƖȳ ʹȴɍƖƶ
Unsecured ǮƙǣǣȴƖʕ 2,144.1
,ɁȭʊǔƞƬʁƬƞ<ɁˁŽǜnjˁǚ 4.5 4.5
4,823.1 2,410.4
³ƬʊʊƕñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚ³ɁŘȭʊŘȭƞÄƞ˸ŘȭƋƬʊ 4.5 ǮƙƶɍƶƖȴ 4.5 ʹƙǮ̋ǣƖȳ
ñʁƬɡŘǔƞF˾ɡƬȭʊƬʊ 1,508.1 ɍƙʹȴȴƖʕ
Balances with Government Authorities Ǯƙʕ̋̋Ɩȳ ʹƙȴǣʯƖȴ
Äƞ˸ŘȭƋƬ“ȭƋɁȧƬďŘ˾ƅÂƬǜɁnjñʁɁ˸ǔʊǔɁȭʊƇ 0.3 2,273.8
Äƞ˸ŘȭƋƬʊnjɁʁăˁɡɡǚ˿ɁnjɁɁƞʊŘȭƞăƬʁ˸ǔƋƬʊ ɍƙʯǣȳƖƶ ȴʕƶƖȳ
õƬƋƬǔ˸ŘŽǚƬɁȭÄƋƋɁˁȭǜɁnjÄʊʊƬǜʊˁȭƞƬʁhǔȭŘȭƋƬ³ƬŘʊƬ 8.1 ʯƖȴ
ƅõƬnjƬʁÂɁǜƬǮɍɤƬɦƇ
12,445.5 10,796.0

21 OTHER CURRENT ASSETS

ɤĘȭʊƬƋˁʁƬƞǂ,ɁȭʊǔƞƬʁƬƞɁɁƞɦ
Interest Accrued on Investments / Balance with Bank 510.5 311.3
Unamortised Premium on Investments 0.3 0.3
F˾ɡɁʁǜ“ȭƋƬȭǜǔ˸Ƭʊ ȴƶɍƖʹ 353.5
Insurance Claims ʹȴƖǣ ʹȴƖʯ
hǔ˾ƬƞÄʊʊƬǜʊŒƬǚƞnjɁʁăŘǚƬ 4.4 3.7
Cenvat Credit available on payment 73.8 -
ÏǜǒƬʁƅõƬnjƬʁÂɁǜƬǣʹɤŽɦƇ 24,002.0 -
25,298.7 695.1

ANNUAL REPORT 2013-14

 114

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013

22 REVENUE FROM OPERATIONS

ăŘǚƬɁnjñʁɁƞˁƋǜʊ ɍȴɍƙȳȳǣƖɍ 114,087.1
Other Operating Revenues ʕǣȳƖʕ ȴ̋ȳƖʕ
162,754.8 114,696.8

23 OTHER INCOME
“ȭǜƬʁƬʊǜ“ȭƋɁȧƬƕ
Deposits with Banks 1,011.5 ɍƙʕǣȳƖʯ
Loans and Advances ǮǣȳƖȴ 421.7
Current Investments ʹʹʹƖȴ ǮȴƖȳ
Long-term Investments ʹʹȳƖʹ 75.3
Others 141.3 ʹƙ̋ȴǮƖʹ ȴǣƖʕ ʹƙʯȴƶƖȳ
Dividend Income on Long-term Investments 37.3 24.3
ÂƬǜŘǔȭɁȭăŘǚƬɁnjƕ
Current Investments 504.0 283.1
Long-term Investments 2,371.4 2,875.4 835.0 1,118.1
ñʁɁǞǜɁȭăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ 18.4 7.8
Sundry Balances Written Back 12.4 ȳƖɍ
Insurance Claims 1.4 ȴɍƖʹ
Lease Rental and Hire Charges ȳȴƖǮ ƶȳƖʹ
Miscellaneous Income ǮɍȴƖƶ 202.3
5,522.3 3,880.9

24 COST OF MATERIALS CONSUMED

Raw and Packing Materials
“ȭ˸ƬȭǜɁʁǔƬʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ 10,117.5 ƶƙǣʯɍƖȳ
Purchases during the year 24,577.8 ʹ̋ƙȳ̋ɍƖƶ
hɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ǜʁŘȭʊǚŘǜǔɁȭƞǔǏƬʁƬȭƋƬ 358.1 ɍƶʯƖȴ
“ȭ˸ƬȭǜɁʁǔƬʊŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁ ɤɍʹƙȴɍȳƖǣɦ (10,117.5)
22,433.9 19,499.8

25 CHANGES IN INVENTORIES OF FINISHED GOODS,

WORK- IN-PROGRESS AND STOCK-IN-TRADE
“ȭ˸ƬȭǜɁʁǔƬʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ 15,114.5 11,802.7
“ȭ˸ƬȭǜɁʁǔƬʊÄƋɴˁǔʁƬƞɁȭÄƋɴˁǔʊǔǜǔɁȭ - 557.4
hɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ǜʁŘȭʊǚŘǜǔɁȭƞǔǏƬʁƬȭƋƬ ɍƙȳʹȴƖɍ ǮȴȳƖȴ
“ȭ˸ƬȭǜɁʁǔƬʊŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁ ɤɍʕƙƶ̋ȴƖ̋ɦ (15,114.5)
(765.4) (2,284.8)

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Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
26 EMPLOYEE BENEFITS EXPENSE
Salaries and Wages 17,185.4 ɍʹƙǣȴƶƖƶ
,ɁȭǜʁǔŽˁǜǔɁȭǜɁñʁɁ˸ǔƞƬȭǜŘȭƞÏǜǒƬʁhˁȭƞʊ 1,745.1 1,432.1
ăǜŘǏĶƬǚnjŘʁƬF˾ɡƬȭʊƬʊ ɍƙƶɍʯƖȳ 1,344.4
20,744.4 15,345.3
27 FINANCE COSTS
“ȭǜƬʁƬʊǜF˾ɡƬȭʊƬɁȭƕ
Borrowings ɍȳȳƖȴ ʯɍƶƖȴ
Others 24.2 50.3
ÂƬǜ³ɁʊʊɁȭhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ďʁŘȭʊŘƋǜǔɁȭʊŘȭƞďʁŘȭʊǚŘǜǔɁȭ 218.1 ȴʹƖʕ
ɤƋɁȭʊǔƞƬʁƬƞŘʊhǔȭŘȭƋƬ,Ɂʊǜʊɦ
441.9 431.6

28 OTHER EXPENSES
,ɁȭʊˁȧɡǜǔɁȭɁnjÀŘǜƬʁǔŘǚʊƙăǜɁʁƬʊŘȭƞăɡŘʁƬñŘʁǜʊ ʯƙʯȳǣƖƶ 2,814.2
,Ɂȭ˸ƬʁʊǔɁȭŘȭƞÏǜǒƬʁÀŘȭˁnjŘƋǜˁʁǔȭǷ,ǒŘʁǷƬʊ 2,588.0 ɍƙʕȳʹƖǮ
ñɁ˹ƬʁŘȭƞhˁƬǚ 2,324.1 1,871.0
Rent 453.8 314.5
õŘǜƬʊŘȭƞďŘ˾Ƭʊ 488.4 ǮȳȴƖ̋
Insurance 505.0 ʯʯȴƖȴ
Selling and Distribution ɍɍƙʕȳǮƖȴ ǣƙȳʯʕƖʹ
Commission and Discount 2,153.2 ɍƙȴȳʹƖȳ
Repairs
Buildings ʯȳȴƖʯ 234.7
Machinery ɍƙʯ̋ȴƖȳ ȳʕƶƖʹ
Others ǮȴʕƖȳ 2,171.1 ʯȴǮƖƶ 1,577.7
Printing and Stationery 211.8 155.4
Travelling and Conveyance 800.7 ǮȳȴƖɍ
Ï˸ƬʁʊƬŘʊďʁŘ˸ƬǚŘȭƞF˾ɡɁʁǜñʁɁȧɁǜǔɁȭ ʹƙɍʹ̋Ɩȳ ɍƙȴʕƶƖʹ
Communication ʹȳʹƖǮ 211.7
ñʁɁ˸ǔʊǔɁȭʤĶʁǔǜƬɁǏnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʤÄƞ˸ŘȭƋƬʊ
ñʁɁ˸ǔʊǔɁȭnjɁʁ<ɁˁŽǜnjˁǚďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬ ʯȴƖʯ ȳǮƖɍ
ăˁȭƞʁ˿*ŘǚŘȭƋƬʊʤďʁŘƞƬõƬƋƬǔ˸ŘŽǚƬʊĶʁǔǜǜƬȭÏǏ 123.5 33.1
³ƬʊʊƕÄƞǖˁʊǜƬƞɁˁǜɁnjñʁɁ˸ǔʊǔɁȭnjɁʁƬŘʁǚǔƬʁ˿ƬŘʁʊ (1.2) ɍǣƶƖȴ (1.3) ɍʹǣƖȳ
ñʁɁnjƬʊʊǔɁȭŘǚŘȭƞ,ɁȭʊˁǚǜŘȭƋ˿ 4,807.2 4,175.5
Donations ɍȴƖȴ ǮʕƖȴ
³ɁʊʊɁȭăŘǚƬʤĶʁǔǜƬÏǏɁnjhǔ˾ƬƞÄʊʊƬǜʊ 27.8 5.4
ÂƬǜ³ɁʊʊɁȭhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ďʁŘȭʊŘƋǜǔɁȭʊŘȭƞďʁŘȭʊǚŘǜǔɁȭ ɍƙȳ̋ʕƖƶ ʕƶȴƖǮ
“ȭƋʁƬŘʊƬʤɤ<ƬƋʁƬŘʊƬɦɁnjF˾ƋǔʊƬ<ˁǜ˿Ɂȭ“ȭ˸ƬȭǜɁʁ˿ ɤɍȴƖǮɦ 30.2

ANNUAL REPORT 2013-14

 ɍɍȴ

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
Payment to Auditors
As Auditors 84.8 52.0
hɁʁďŘ˾ŘǜǔɁȭÀŘǜǜƬʁʊ ɍ̋Ɩȳ ʕƖȳ
hɁʁÏǜǒƬʁăƬʁ˸ǔƋƬʊ 8.7 0.7
õƬǔȧŽˁʁʊƬȧƬȭǜɁnjF˾ɡƬȭʊƬʊ 0.2 ɍ̋ǮƖȴ ȳƖʹ ȴȳƖƶ
ÀǔʊƋƬǚǚŘȭƬɁˁʊF˾ɡƬȭʊƬʊƅõƬnjƬʁÂɁǜƬǣʹɤŽɦƇ ȴƙʯǮǣƖǣ ʯƙȴƶʹƖȳ
42,651.5 28,297.6
³Ƭʊʊƕ
õƬƋƬǔɡǜʊnjʁɁȧõƬʊƬŘʁƋǒÄƋǜǔ˸ǔǜǔƬʊ (402.4) (340.1)
42,249.1 27,957.5

29 RESEARCH AND DEVELOPMENT EXPENDITURE

INCLUDED IN THE CONSOLIDATED STATEMENT OF
PROFIT AND LOSS
Salaries and Wages ʹƙȳʯƶƖʯ ɍƙȳȴɍƖɍ
,ɁȭǜʁǔŽˁǜǔɁȭǜɁñʁɁ˸ǔƞƬȭǜŘȭƞÏǜǒƬʁhˁȭƞʊ 281.2 202.5
ăǜŘǏĶƬǚnjŘʁƬF˾ɡƬȭʊƬʊ ʹʹȴƖɍ 130.4
,ɁȭʊˁȧɡǜǔɁȭɁnjÀŘǜƬʁǔŘǚʊƙăǜɁʁƬʊŘȭƞăɡŘʁƬñŘʁǜʊ ʹƙɍȴǮƖʯ ɍƙʕǮǮƖȴ
ñɁ˹ƬʁŘȭƞhˁƬǚ 111.4 ȳʕƖȴ
õŘǜƬʊŘȭƞďŘ˾Ƭʊ 30.2 148.2
Rent 41.5 ʹʹƖȴ
Insurance 18.5 8.2
Repairs
Buildings 33.8 27.2
Machinery ȳƶƖʯ ʕȳƖȳ
Others 84.0 ʹɍȴƖɍ ǣȳƖʕ ɍȴȴƖƶ
Printing and Stationery ʹʕƖȴ ʹɍƖȳ
Travelling and Conveyance 115.4 ȴʹƖǮ
Communication 31.3 21.1
ñʁɁnjƬʊʊǔɁȭŘǚŘȭƞ,ɁȭʊˁǚǜŘȭƋ˿ 2,510.3 ɍƙǮƶȴƖɍ
³ɁʊʊɁȭăŘǚƬɁnjhǔ˾ƬƞÄʊʊƬǜʊ 10.7 0.2
ÀǔʊƋƬǚǚŘȭƬɁˁʊF˾ɡƬȭʊƬʊ ɍƙɍʯȳƖɍ 541.8
9,862.0 6,615.5
³Ƭʊʊƕ
Interest Income 1.1 1.4
õƬƋƬǔɡǜʊnjʁɁȧõƬʊƬŘʁƋǒŘƋǜǔ˸ǔǜǔƬʊ 402.4 340.1
Miscellaneous Income 87.8 ǮȳɍƖʯ 25.0 ʯȴȴƖǣ
9,370.7 6,249.0

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
117
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
30 SIGNIFICANT ACCOUNTING POLICIES:
 “ *ŘʊǔʊɁnj,ɁȭʊɁǚǔƞŘǜǔɁȭƕ
  ď
 ǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊʁƬǚŘǜƬǜɁăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǔȧǔǜƬƞɤɽǜǒƬ,ɁȧɡŘȭ˿ɻɦƙ
ǔǜʊăˁŽʊǔƞǔŘʁǔƬʊŘȭƞ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊɤǜɁǷƬǜǒƬʁƋɁȭʊǜǔǜˁǜƬɽǜǒƬʁɁˁɡɻɦƖďǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚ
ăǜŘǜƬȧƬȭǜʊǒŘ˸ƬŽƬƬȭɡʁƬɡŘʁƬƞɁȭǜǒƬnjɁǚǚɁ˹ǔȭǷŽŘʊǔʊƕ

  ɤŘɦ ďǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞǔǜʊăˁŽʊǔƞǔŘʁǔƬʊǒŘ˸ƬŽƬƬȭƋɁȭʊɁǚǔƞŘǜƬƞɁȭǚǔȭƬȊŽ˿ȊǚǔȭƬ
ŽŘʊǔʊŽ˿ŘƞƞǔȭǷǜɁǷƬǜǒƬʁǜǒƬŽɁɁǘ˸ŘǚˁƬʊɁnjǚǔǘƬǔǜƬȧʊɁnjŘʊʊƬǜʊƙǚǔŘŽǔǚǔǜǔƬʊƙǔȭƋɁȧƬŘȭƞƬ˾ɡƬȭʊƬʊƙŘǢƬʁ
ƬǚǔȧǔȭŘǜǔȭǷǔȭǜʁŘȊǷʁɁˁɡŽŘǚŘȭƋƬʊƙǔȭǜʁŘȊǷʁɁˁɡǜʁŘȭʊŘƋǜǔɁȭʊŘȭƞˁȭʁƬŘǚǔʊƬƞɡʁɁǞǜʊɁʁǚɁʊʊƬʊŘʊɡƬʁ
ÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʹɍɽ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɻƙŘʊȭɁǜǔǞƬƞŽ˿ǜǒƬ,ɁȧɡŘȭǔƬʊɤÄƋƋɁˁȭǜǔȭǷ
ăǜŘȭƞŘʁƞʊɦõˁǚƬʊƙʹ̋̋ȴƖďǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǒŘ˸ƬŽƬƬȭɡʁƬɡŘʁƬƞˁʊǔȭǷˁȭǔnjɁʁȧŘƋƋɁˁȭǜǔȭǷɡɁǚǔƋǔƬʊ
njɁʁǚǔǘƬǜʁŘȭʊŘƋǜǔɁȭʊŘȭƞɁǜǒƬʁƬ˸ƬȭǜʊǔȭǜǒƬʊǔȧǔǚŘʁƋǔʁƋˁȧʊǜŘȭƋƬʊƖ

Interests in Jointly Controlled Entities has been accounted by using the proportionate consolidation
ȧƬǜǒɁƞŘʊɡƬʁÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɤÄăɦʹʕȊɼhǔȭŘȭƋǔŘǚõƬɡɁʁǜǔȭǷɁnj“ȭǜƬʁƬʊǜʊǔȭ•ɁǔȭǜĴƬȭǜˁʁƬʊɾƖ

  ɤŽɦ “ȭƋŘʊƬɁnjnjɁʁƬǔǷȭăˁŽʊǔƞǔŘʁǔƬʊʤ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊƙŽƬǔȭǷȭɁȭȊǔȭǜƬǷʁŘǚnjɁʁƬǔǷȭɁɡƬʁŘǜǔɁȭʊƙǜʁŘȭʊǚŘǜǔɁȭ
ɁnjǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊnjɁʁƋɁȭʊɁǚǔƞŘǜǔɁȭǔʊƞɁȭƬǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬɡɁǚǔƋ˿ʊǜŘǜƬƞǔȭÂɁǜƬŀŽƬǚɁ˹Ɩ

  ɤƋɦ ďǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɁnjǜǒƬʁɁˁɡǔȭƋǚˁƞƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjƋƬʁǜŘǔȭʊˁŽʊǔƞǔŘʁǔƬʊ
ɡʁƬɡŘʁƬƞŘʊɁnjŘƞǔǏƬʁƬȭǜƞŘǜƬnjʁɁȧǜǒŘǜɁnjǜǒƬ,ɁȧɡŘȭ˿ɻʊǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖÄƞǖˁʊǜȧƬȭǜʊnjɁʁƬǏƬƋǜʊ
ɁnjʊǔǷȭǔǞƋŘȭǜǜʁŘȭʊŘƋǜǔɁȭʊŘȭƞƬ˸ƬȭǜʊǜǒŘǜǒŘ˸ƬɁƋƋˁʁʁƬƞŽƬǜ˹ƬƬȭǜǒƬƞŘǜƬɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊ
ɁnjǜǒƬʊƬʊˁŽʊǔƞǔŘʁǔƬʊŘȭƞǜǒƬƞŘǜƬɁnjǜǒƬñŘʁƬȭǜ,ɁȧɡŘȭ˿ɻʊǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬȧŘƞƬǔȭǜǒƬ
,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊƖ

  ɤƞɦ ďǒƬƬ˾ƋƬʊʊɁnjƋɁʊǜɁnjǔȭ˸ƬʊǜȧƬȭǜǔȭăˁŽʊǔƞǔŘʁǔƬʊʤ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊɁ˸ƬʁǜǒƬʊǒŘʁƬɁnjƬɴˁǔǜ˿
ǔȭăˁŽʊǔƞǔŘʁǔƬʊʤ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊŘʊŘǜǜǒƬƞŘǜƬɁnjȧŘǘǔȭǷǜǒƬǔȭ˸ƬʊǜȧƬȭǜǔʊʁƬƋɁǷȭǔʊƬƞǔȭ
ǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʊɁɁƞ˹ǔǚǚɁȭ,ɁȭʊɁǚǔƞŘǜǔɁȭƖɁɁƞ˹ǔǚǚɁȭƋɁȭʊɁǚǔƞŘǜǔɁȭǔʊȭɁǜŘȧɁʁǜǔʊƬƞƖ
ŒɁ˹Ƭ˸ƬʁƙǜǒƬʊŘȧƬǔʊǜƬʊǜƬƞnjɁʁǔȧɡŘǔʁȧƬȭǜŘǜƬŘƋǒ*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬƖďǒƬƬ˾ƋƬʊʊɁnjʊǒŘʁƬɁnjƬɴˁǔǜ˿
ɁnjăˁŽʊǔƞǔŘʁǔƬʊʤ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊɁ˸ƬʁǜǒƬƋɁʊǜɁnjŘƋɴˁǔʊǔǜǔɁȭɁnjǜǒƬʁƬʊɡƬƋǜǔ˸Ƭǔȭ˸ƬʊǜȧƬȭǜʊŘʊ
ŘǜǜǒƬƞŘǜƬɁnjȧŘǘǔȭǷǜǒƬǔȭ˸ƬʊǜȧƬȭǜǔʊǜʁƬŘǜƬƞŘʊ,ŘɡǔǜŘǚõƬʊƬʁ˸ƬƖhɁʁǜǒǔʊɡˁʁɡɁʊƬƙʊǒŘʁƬɁnjƬɴˁǔǜ˿ǔʊ
ƞƬǜƬʁȧǔȭƬƞɁȭǜǒƬŽŘʊǔʊɁnjǜǒƬǚŘǜƬʊǜǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɡʁǔɁʁǜɁǜǒƬŘƋɴˁǔʊǔǜǔɁȭŘǢƬʁȧŘǘǔȭǷȭƬƋƬʊʊŘʁ˿
ŘƞǖˁʊǜȧƬȭǜʊnjɁʁȧŘǜƬʁǔŘǚƬ˸ƬȭǜʊŽƬǜ˹ƬƬȭǜǒƬƞŘǜƬɁnjʊˁƋǒǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘȭƞǜǒƬƞŘǜƬɁnjʁƬʊɡƬƋǜǔ˸Ƭ
ŘƋɴˁǔʊǔǜǔɁȭƖ

  ɤƬɦ ÀǔȭɁʁǔǜ˿“ȭǜƬʁƬʊǜǔȭǜǒƬȭƬǜŘʊʊƬǜʊɁnjăˁŽʊǔƞǔŘʁǔƬʊƋɁȭʊǔʊǜʊɁnjƕ
ǔƖ ǜǒƬŘȧɁˁȭǜɁnjƬɴˁǔǜ˿ŘǜǜʁǔŽˁǜŘŽǚƬǜɁǜǒƬȧǔȭɁʁǔǜǔƬʊŘǜǜǒƬƞŘǜƬɁȭ˹ǒǔƋǒǔȭ˸ƬʊǜȧƬȭǜǔȭăˁŽʊǔƞǔŘʁ˿ǔʊ
made, and

   ǔǔƖ ǜǒƬȧǔȭɁʁǔǜǔƬʊɻʊǒŘʁƬɁnjȧɁ˸ƬȧƬȭǜʊǔȭƬɴˁǔǜ˿ʊǔȭƋƬǜǒƬƞŘǜƬǜǒƬɡŘʁƬȭǜȊʊˁŽʊǔƞǔŘʁ˿ʁƬǚŘǜǔɁȭʊǒǔɡƋŘȧƬ
ǔȭǜɁƬ˾ǔʊǜƬȭƋƬƖ

 ““ *ŘʊǔʊɁnjÄƋƋɁˁȭǜǔȭǷ
  ď
 ǒƬʊƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǒŘ˸ƬŽƬƬȭɡʁƬɡŘʁƬƞˁȭƞƬʁǒǔʊǜɁʁǔƋŘǚƋɁʊǜƋɁȭ˸ƬȭǜǔɁȭɁȭŘȭŘƋƋʁˁŘǚŽŘʊǔʊŘȭƞ
ƋɁȧɡǚ˿˹ǔǜǒǜǒƬÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʊɤÄăɦŘʊȭɁǜǔǞƬƞˁȭƞƬʁăƬƋǜǔɁȭʹɍɍɤʯ,ɦɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴɤ˹ǒǔƋǒ
ƋɁȭǜǔȭˁƬǜɁŽƬŘɡɡǚǔƋŘŽǚƬǔȭʁƬʊɡƬƋǜɁnjʊƬƋǜǔɁȭɍʯʯɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙʹ̋ɍʯǔȭǜƬʁȧʊɁnjǷƬȭƬʁŘǚƋǔʁƋˁǚŘʁ
ɍǣʤʹ̋ɍʯƞŘǜƬƞɍʯǜǒăƬɡǜƬȧŽƬʁƙʹ̋ɍʯɁnjǜǒƬÀǔȭǔʊǜʁ˿Ɂnj,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊɦƖ

III Use of Estimates

  ď
 ǒƬɡʁƬʊƬȭǜŘǜǔɁȭɁnjǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǔȭƋɁȭnjɁʁȧǔǜ˿˹ǔǜǒǜǒƬǷƬȭƬʁŘǚǚ˿ŘƋƋƬɡǜƬƞŘƋƋɁˁȭǜǔȭǷɡʁǔȭƋǔɡǚƬʊ
ʁƬɴˁǔʁƬʊƬʊǜǔȧŘǜƬʊŘȭƞŘʊʊˁȧɡǜǔɁȭʊǜɁŽƬȧŘƞƬǜǒŘǜŘǏƬƋǜǜǒƬʁƬɡɁʁǜƬƞŘȧɁˁȭǜɁnjŘʊʊƬǜʊŘȭƞǚǔŘŽǔǚǔǜǔƬʊɁȭ
ǜǒƬƞŘǜƬɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘȭƞǜǒƬʁƬɡɁʁǜƬƞŘȧɁˁȭǜɁnjʁƬ˸ƬȭˁƬʊŘȭƞƬ˾ɡƬȭʊƬʊƞˁʁǔȭǷǜǒƬʁƬɡɁʁǜǔȭǷ
ɡƬʁǔɁƞƖ<ǔǏƬʁƬȭƋƬŽƬǜ˹ƬƬȭǜǒƬŘƋǜˁŘǚʁƬʊˁǚǜŘȭƞƬʊǜǔȧŘǜƬʊŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬɡƬʁǔɁƞǔȭ˹ǒǔƋǒǜǒƬʁƬʊˁǚǜʊŘʁƬ
known/materialised.

ANNUAL REPORT 2013-14

 118

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
IV Fixed Assets and Depreciation / Amortisation
  h
 ǔ˾ƬƞÄʊʊƬǜʊǔȭƋǚˁƞǔȭǷ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊŘʁƬʊǜŘǜƬƞŘǜǒǔʊǜɁʁǔƋŘǚƋɁʊǜɤÂƬǜɁnjƋƬȭ˸ŘǜƋʁƬƞǔǜɦǚƬʊʊŘƋƋˁȧˁǚŘǜƬƞ
ƞƬɡʁƬƋǔŘǜǔɁȭʤŘȧɁʁǜǔ˘ŘǜǔɁȭǜǒƬʁƬɁȭŘȭƞǔȧɡŘǔʁȧƬȭǜǚɁʊʊƬʊƙǔnjŘȭ˿Ɩ“ȭƋŘʊƬɁnjǜǒƬ,ɁȧɡŘȭ˿ƙăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ
Industries, Sun Pharma Sikkim and Sun Pharma Laboratories Limited assets costing ` 5,000 or less and in
ƋŘʊƬɁnjăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚăɡŘǔȭƙă³ƖŘȭƞăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ǜŘǚǔŘăƖõƖ³ŘʊʊƬǜʊƋɁʊǜǔȭǷfȴ̋ɍŘȭƞfǣɍȴƖǮɁʁ
ǚƬʊʊʁƬʊɡƬƋǜǔ˸Ƭǚ˿ŘʁƬƋǒŘʁǷƬƞɁǏŘʊƬ˾ɡƬȭʊƬǔȭǜǒƬ˿ƬŘʁɁnjɡˁʁƋǒŘʊƬƖ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊƋɁȭʊǔʊǜɁnjǜʁŘƞƬȧŘʁǘʊƙ
ƞƬʊǔǷȭʊƙǜƬƋǒȭǔƋŘǚǘȭɁ˹ȊǒɁ˹ƙȭɁȭƋɁȧɡƬǜƬnjƬƬʊƙɁǜǒƬʁǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊŘȭƞǷɁɁƞ˹ǔǚǚƖ

  <ƬɡʁƬƋǔŘǜǔɁȭʤŘȧɁʁǜǔʊŘǜǔɁȭǔʊɡʁɁ˸ǔƞƬƞɁȭďŘȭǷǔŽǚƬŘȭƞ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊɁȭʊǜʁŘǔǷǒǜǚǔȭƬȧƬǜǒɁƞŘʊnjɁǚǚɁ˹ʊƕ

Years
ďÄ“*³F
Leasehold Land ǣ̋Ȋɍȳȴ
Buildings 5-100
*ˁǔǚƞǔȭǷʊďŘǘƬȭˁȭƞƬʁǞȭŘȭƋƬǚƬŘʊƬ 40
Buildings Given under operating lease 30
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜ 3-21
ñǚŘȭǜŘȭƞFɴˁǔɡȧƬȭǜ³ƬŘʊƬƞ 3-21
ĴƬǒǔƋǚƬʊ 3-20
ÏǓƋƬFɴˁǔɡȧƬȭǜʊ 2-21
hˁʁȭǔǜˁʁƬŘȭƞhǔ˾ǜˁʁƬʊ 2-17
“ÂďÄ“*³F
ďʁŘƞƬȧŘʁǘʊƙ<ƬʊǔǷȭʊƙďƬƋǒȭǔƋŘǚǘȭɁ˹ȊǒɁ˹ƙÂɁȭƋɁȧɡƬǜƬnjƬƬʊŘȭƞÏǜǒƬʁ“ȭǜŘȭǷǔŽǚƬÄʊʊƬǜʊ 3-20

V Leases
  ³
 ƬŘʊƬŘʁʁŘȭǷƬȧƬȭǜʊ˹ǒƬʁƬǜǒƬʁǔʊǘʊŘȭƞʁƬ˹ŘʁƞʊǔȭƋǔƞƬȭǜŘǚǜɁɁ˹ȭƬʁʊǒǔɡɁnjŘȭŘʊʊƬǜʊˁŽʊǜŘȭǜǔŘǚǚ˿˸Ƭʊǜ˹ǔǜǒǜǒƬ
lessor are recognised as operating lease. Lease rentals under operating leases are recognised in the Statement
ɁnjñʁɁǞǜŘȭƞ³ɁʊʊɁȭŘʊǜʁŘǔǷǒǜȊǚǔȭƬŽŘʊǔʊƖhɁʁŘʊʊƬǜʊǷǔ˸ƬȭˁȭƞƬʁǞȭŘȭƋƬǚƬŘʊƬƙŘȧɁˁȭǜʊŘʁƬʁƬƋɁǷȭǔʊƬƞŘʊ
ʁƬƋƬǔ˸ŘŽǚƬʊŘǜŘȭŘȧɁˁȭǜƬɴˁŘǚǜɁǜǒƬȭƬǜǔȭ˸ƬʊǜȧƬȭǜǔȭǜǒƬǚƬŘʊƬŘȭƞǜǒƬǞȭŘȭƋƬǔȭƋɁȧƬǔʊʁƬƋɁǷȭǔʊƬƞŽŘʊƬƞ
ɁȭŘƋɁȭʊǜŘȭǜʁŘǜƬɁnjʁƬǜˁʁȭɁȭǜǒƬɁˁǜʊǜŘȭƞǔȭǷȭƬǜǔȭ˸ƬʊǜȧƬȭǜǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒÄƋƋɁˁȭǜǔȭǷ
ăǜŘȭƞŘʁƞɤÄăɦɍȳȊɼ³ƬŘʊƬʊɾƖ

VI Revenue Recognition
  ă
 ŘǚƬɁnjɡʁɁƞˁƋǜʊǔʊʁƬƋɁǷȭǔ˘Ƭƞ˹ǒƬȭʁǔʊǘʊŘȭƞʁƬ˹ŘʁƞʊɁnjɁ˹ȭƬʁʊǒǔɡɁnjǜǒƬɡʁɁƞˁƋǜʊŘʁƬɡŘʊʊƬƞɁȭǜɁǜǒƬ
ƋˁʊǜɁȧƬʁʊƙ˹ǒǔƋǒǔʊǷƬȭƬʁŘǚǚ˿ɁȭƞǔʊɡŘǜƋǒɁnjɡʁɁƞˁƋǜʊƖF˾ɡɁʁǜʊŘǚƬʊŘʁƬʁƬƋɁǷȭǔ˘ƬƞƞƬɡƬȭƞǔȭǷɁȭǜǒƬǜƬʁȧʊ
ɁnjƋˁʊǜɁȧƬʁŘʁʁŘȭǷƬȧƬȭǜʊƙ˹ǒǔƋǒǔʊʁƬƋɁǷȭǔ˘ƬƞƬǔǜǒƬʁ˹ǒƬȭǜǒƬɡʁɁƞˁƋǜǔʊʁƬƋƬǔ˸ƬƞŽ˿ǜǒƬƋˁʊǜɁȧƬʁŘǜǜǒƬ
ƞƬʊǜǔȭŘǜǔɁȭɡɁǔȭǜɁʁŘǜǜǒƬǜǔȧƬɁnjʊǒǔɡȧƬȭǜƖăŘǚƬʊǔȭƋǚˁƞƬƞƬǚŘ˿ƬƞɡŘ˿ȧƬȭǜƋǒŘʁǷƬʊƙŘȭƞŘʁƬʊǜŘǜƬƞȭƬǜɁnj
ʁƬǜˁʁȭʊƙĴÄďʤʊŘǚƬʊǜŘ˾ƙɡʁɁ˸ǔʊǔɁȭnjɁʁƋǒŘʁǷƬŽŘƋǘʊƙȧƬƞǔƋŘǔƞƙʁƬŽŘǜƬʊƙʊǒƬǚnjʊǜɁƋǘŘƞǖˁʊǜȧƬȭǜʊƙŽʁƬŘǘŘǷƬʊŘȭƞ
Ƭ˾ɡǔʁ˿ŘȭƞɁǜǒƬʁʊŘǚƬʊƞƬƞˁƋǜǔɁȭʊƙȧŘƞƬɁȭǜǒƬŽŘʊǔʊɁnjȧŘȭŘǷƬȧƬȭǜƬ˾ɡƬƋǜŘǜǔɁȭǜŘǘǔȭǷǔȭǜɁŘƋƋɁˁȭǜɡŘʊǜ
Ƭ˾ɡƬʁǔƬȭƋƬƙƋˁʊǜɁȧƬʁƬ˾ɡƬʁǔƬȭƋƬƙǜǒǔʁƞȊɡŘʁǜ˿ɡʁƬʊƋʁǔɡǜǔɁȭƞŘǜŘƙǔȭƞˁʊǜʁ˿ŘȭƞʁƬǷˁǚŘǜɁʁ˿ƋǒŘȭǷƬʊŘȭƞɁǜǒƬʁ
ʁƬǚƬ˸ŘȭǜǔȭnjɁʁȧŘǜǔɁȭ˹ǒǔƋǒŘʁƬʁƬ˸ǔʊƬƞŘʊȭƬƋƬʊʊŘʁ˿Ɩ

VII Investments
  “ ȭ˸ƬʊǜȧƬȭǜʊŘʁƬƋǚŘʊʊǔǞƬƞǔȭǜɁ,ˁʁʁƬȭǜŘȭƞ³ɁȭǷȊǜƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊƖ,ˁʁʁƬȭǜ“ȭ˸ƬʊǜȧƬȭǜʊŘʁƬ˸ŘǚˁƬƞŘǜǚɁ˹Ƭʁ
ɁnjƋɁʊǜŘȭƞnjŘǔʁ˸ŘǚˁƬƖ³ɁȭǷȊǜƬʁȧ“ȭ˸ƬʊǜȧƬȭǜʊŘʁƬʊǜŘǜƬƞŘǜƋɁʊǜǚƬʊʊɡʁɁ˸ǔʊǔɁȭƙǔnjŘȭ˿ƙnjɁʁɁǜǒƬʁǜǒŘȭǜƬȧɡɁʁŘʁ˿
diminution in their carrying amount.

VIII Inventories
  “ ȭ˸ƬȭǜɁʁǔƬʊƋɁȭʊǔʊǜǔȭǷɁnjʁŘ˹ŘȭƞɡŘƋǘǔȭǷȧŘǜƬʁǔŘǚʊƙɁǜǒƬʁȧŘǜƬʁǔŘǚʊŘȭƞƋɁȭʊˁȧŘŽǚƬʊǔȭƋǚˁƞǔȭǷõū<ȧŘǜƬʁǔŘǚʊƙ
˹ɁʁǘǔȭɡʁɁǷʁƬʊʊƙʊǜɁƋǘǔȭǜʁŘƞƬŘȭƞǞȭǔʊǒƬƞǷɁɁƞʊŘʁƬʊǜŘǜƬƞŘǜǚɁ˹ƬʁɁnjƋɁʊǜɤʁŘ˹ŘȭƞɡŘƋǘǔȭǷȧŘǜƬʁǔŘǚʊ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ɍɍȳ
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
ŘȭƞʊǜɁƋǘǔȭǜʁŘƞƬȊʊɡƬƋǔǞƋǔƞƬȭǜǔǞƋŘǜǔɁȭȧƬǜǒɁƞʒɁǜǒƬʁȧŘǜƬʁǔŘǚʊŘȭƞƋɁȭʊˁȧŘŽǚƬʊȊh“hÏŽŘʊǔʊʒ˹ɁʁǘȊǔȭȊ
ɡʁɁǷʁƬʊʊŘȭƞǞȭǔʊǒƬƞǷɁɁƞʊȊ˹ƬǔǷǒǜƬƞŘ˸ƬʁŘǷƬȧƬǜǒɁƞɦŘȭƞȭƬǜʁƬŘǚǔʊŘŽǚƬ˸ŘǚˁƬƖ“ȭʁƬʊɡƬƋǜɁnj,ŘʁŘƋɁƙƋɁʊǜǔʊ
ƞƬǜƬʁȧǔȭƬƞɁȭʊɡƬƋǔǞƋǔƞƬȭǜǔǞƋŘǜǔɁȭŽŘʊǔʊʒǔȭʁƬʊɡƬƋǜɁnjÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƙăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ
“ȭƞˁʊǜʁǔƬʊɤÄˁʊǜʁŘǚǔŘɦñǜ˿Ɩ³ǜƞƖŘȭƞăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚɤ*ŘȭǷǚŘƞƬʊǒɦ³ǜƞƖƙƋɁʊǜǔʊƞƬǜƬʁȧǔȭƬƞɁȭh“hÏŽŘʊǔʊŘȭƞ
ǔȭʁƬʊɡƬƋǜɁnjďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖƙƋɁʊǜǔʊƞƬǜƬʁȧǔȭƬƞɁȭÄ˸ƬʁŘǷƬƋɁʊǜŽŘʊǔʊƖ

IX Research and Development

  ď
 ǒƬʁƬʊƬŘʁƋǒŘȭƞƞƬ˸ƬǚɁɡȧƬȭǜƋɁʊǜǔʊŘƋƋɁˁȭǜƬƞǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞǂʹȴɽ“ȭǜŘȭǷǔŽǚƬ
ÄʊʊƬǜʊɻƖÄǚǚʁƬǚŘǜƬƞʁƬ˸ƬȭˁƬƬ˾ɡƬȭƞǔǜˁʁƬǔȭƋˁʁʁƬƞɁȭɁʁǔǷǔȭŘǚŘȭƞɡǚŘȭȭƬƞǔȭ˸ƬʊǜǔǷŘǜǔɁȭˁȭƞƬʁǜŘǘƬȭ˹ǔǜǒǜǒƬ
ɡʁɁʊɡƬƋǜɁnjǷŘǔȭǔȭǷȭƬ˹ʊƋǔƬȭǜǔǞƋɁʁǜƬƋǒȭǔƋŘǚǘȭɁ˹ǚƬƞǷƬŘȭƞˁȭƞƬʁʊǜŘȭƞǔȭǷˁɡǜɁǜǒƬǜǔȧƬ˹ǒƬȭǔǜǔʊɡɁʊʊǔŽǚƬ
ǜɁƞƬȧɁȭʊǜʁŘǜƬɡʁɁŽŘŽǚƬnjˁǜˁʁƬƬƋɁȭɁȧǔƋŽƬȭƬǞǜʊƙǔʊʁƬƋɁǷȭǔʊƬƞŘʊʁƬʊƬŘʁƋǒƬ˾ɡƬȭʊƬʊŘȭƞƋǒŘʁǷƬƞɁǏǜɁǜǒƬ
ăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƙŘʊǔȭƋˁʁʁƬƞƖÄǚǚʊˁŽʊƬɴˁƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬǔȭƋˁʁʁƬƞnjɁʁɡʁɁƞˁƋǜƞƬ˸ƬǚɁɡȧƬȭǜɁȭ
ǜǒƬŘɡɡǚǔƋŘǜǔɁȭɁnjʁƬʊƬŘʁƋǒǞȭƞǔȭǷʊɁʁɁǜǒƬʁǘȭɁ˹ǚƬƞǷƬˁɡɁȭƞƬȧɁȭʊǜʁŘǜǔɁȭɁnjɡʁɁŽŘŽǔǚǔǜ˿ɁnjnjˁǜˁʁƬƬƋɁȭɁȧǔƋ
ŽƬȭƬǞǜʊƙɡʁǔɁʁǜɁǜǒƬƋɁȧȧƬȭƋƬȧƬȭǜɁnjɡʁɁƞˁƋǜǔɁȭƙǜɁǜǒƬƬ˾ǜƬȭǜǔƞƬȭǜǔǞŘŽǚƬŘȭƞɡɁʊʊǔŽǚƬǜɁʊƬǷʁƬǷŘǜƬŘʁƬ
ŘƋƋˁȧˁǚŘǜƬƞŘȭƞƋŘʁʁǔƬƞnjɁʁ˹ŘʁƞŘʊƞƬ˸ƬǚɁɡȧƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬˁȭƞƬʁ“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊˁȭƞƬʁƞƬ˸ƬǚɁɡȧƬȭǜƙ
ǜɁŽƬƋŘɡǔǜŘǚǔʊƬƞŘʊŘȭǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜɁȭƋɁȧɡǚƬǜǔɁȭɁnjǜǒƬɡʁɁǖƬƋǜƖ“ȭƋŘʊƬŘɡʁɁǖƬƋǜƞɁƬʊȭɁǜɡʁɁƋƬƬƞŘʊɡƬʁ
Ƭ˾ɡƬƋǜŘǜǔɁȭʊʤɡǚŘȭʊƙǜǒƬʊŘȧƬǔʊŘŽŘȭƞɁȭƬƞŘȭƞǜǒƬŘȧɁˁȭǜƋǚŘʊʊǔǞƬƞŘʊƞƬ˸ƬǚɁɡȧƬȭǜƬ˾ɡƬȭƞǔǜˁʁƬˁȭƞƬʁ
“ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊˁȭƞƬʁƞƬ˸ƬǚɁɡȧƬȭǜǔʊƋǒŘʁǷƬƞɁǏǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

X Foreign Currency Transactions and Translation

  ď
 ʁŘȭʊŘƋǜǔɁȭʊƞƬȭɁȧǔȭŘǜƬƞǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋǔƬʊŘʁƬʁƬƋɁʁƞƬƞŘǜǜǒƬƬ˾ƋǒŘȭǷƬʁŘǜƬʊǜǒŘǜŘɡɡʁɁ˾ǔȧŘǜƬʊǜǒƬ
ŘƋǜˁŘǚʁŘǜƬɡʁƬ˸ŘǔǚǔȭǷŘǜǜǒƬƞŘǜƬɁnjǜʁŘȭʊŘƋǜǔɁȭƖÀɁȭƬǜŘʁ˿ǔǜƬȧʊƞƬȭɁȧǔȭŘǜƬƞǔȭnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ŘǜǜǒƬ
˿ƬŘʁƬȭƞŘʁƬǜʁŘȭʊǚŘǜƬƞŘǜ˿ƬŘʁƬȭƞʁŘǜƬʊƖÂɁȭȊȧɁȭƬǜŘʁ˿ǔǜƬȧʊƙ˹ǒǔƋǒŘʁƬƋŘʁʁǔƬƞǔȭǜƬʁȧʊɁnjǒǔʊǜɁʁǔƋŘǚƋɁʊǜ
ƞƬȭɁȧǔȭŘǜƬƞǔȭŘnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ƙŘʁƬʁƬɡɁʁǜƬƞˁʊǔȭǷǜǒƬƬ˾ƋǒŘȭǷƬʁŘǜƬŘǜǜǒƬƞŘǜƬɁnjǜʁŘȭʊŘƋǜǔɁȭƖ“ȭʁƬʊɡƬƋǜ
ɁnjȧɁȭƬǜŘʁ˿ǔǜƬȧʊ˹ǒǔƋǒŘʁƬƋɁ˸ƬʁƬƞŽ˿njɁʁ˹ŘʁƞƬ˾ƋǒŘȭǷƬƋɁȭǜʁŘƋǜʊƙǜǒƬƞǔǏƬʁƬȭƋƬŽƬǜ˹ƬƬȭǜǒƬ˿ƬŘʁƬȭƞʁŘǜƬ
ŘȭƞǜǒƬʁŘǜƬɁȭǜǒƬƞŘǜƬɁnjǜǒƬƋɁȭǜʁŘƋǜǔʊʁƬƋɁǷȭǔʊƬƞŘʊƬ˾ƋǒŘȭǷƬƞǔǏƬʁƬȭƋƬŘȭƞǜǒƬɡʁƬȧǔˁȧɁȭʊˁƋǒnjɁʁ˹Řʁƞ
ƋɁȭǜʁŘƋǜʊǔʊʁƬƋɁǷȭǔʊƬƞɁ˸ƬʁǜǒƬǚǔnjƬɁnjǜǒƬnjɁʁ˹ŘʁƞƋɁȭǜʁŘƋǜƖďǒƬƬ˾ƋǒŘȭǷƬƞǔǏƬʁƬȭƋƬʊŘʁǔʊǔȭǷɁȭʊƬǜǜǚƬȧƬȭǜʤ
ǜʁŘȭʊǚŘǜǔɁȭŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

  ďǒƬǜʁŘȭʊǚŘǜǔɁȭɁnjǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjȭɁȭǔȭǜƬǷʁŘǚnjɁʁƬǔǷȭɁɡƬʁŘǜǔɁȭʊǔʊŘƋƋɁˁȭǜƬƞnjɁʁŘʊˁȭƞƬʁƕ

   Řɦ ÄǚǚʁƬ˸ƬȭˁƬʊŘȭƞƬ˾ɡƬȭʊƬʊŘʁƬǜʁŘȭʊǚŘǜƬƞŘǜŘ˸ƬʁŘǷƬʁŘǜƬƖ

b) All monetary and non-monetary assets and liabilities are translated at the rate prevailing on the
balance sheet.

   Ƌɦ õƬʊˁǚǜǔȭǷƬ˾ƋǒŘȭǷƬƞǔǏƬʁƬȭƋƬǔʊŘƋƋˁȧˁǚŘǜƬƞǔȭhɁʁƬǔǷȭ,ˁʁʁƬȭƋ˿ďʁŘȭʊǚŘǜǔɁȭõƬʊƬʁ˸ƬɁȭ
,ɁȭʊɁǚǔƞŘǜǔɁȭˁȭǜǔǚǜǒƬƞǔʊɡɁʊŘǚɁnjǜǒƬȭƬǜǔȭ˸ƬʊǜȧƬȭǜǔȭǜǒƬʊŘǔƞȭɁȭǔȭǜƬǷʁŘǚnjɁʁƬǔǷȭɁɡƬʁŘǜǔɁȭƖ

XI Derivative Accounting
  h
 Ɂʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊǔȭǜǒƬȭŘǜˁʁƬɁnjǒǔǷǒǚ˿ɡʁɁŽŘŽǚƬnjɁʁƬƋŘʊǜƬƞǜʁŘȭʊŘƋǜǔɁȭʊʤǞʁȧƋɁȧȧǔǜȧƬȭǜʊƬȭǜƬʁƬƞǔȭǜɁnjɁʁ
ǒƬƞǷǔȭǷǜǒƬʁǔʊǘɁnjnjɁʁƬǔǷȭƋˁʁʁƬȭƋ˿Ƭ˾ɡɁʊˁʁƬŘȭƞɁǜǒƬʁƞƬʁǔ˸Řǜǔ˸ƬƋɁȭǜʁŘƋǜʊŘʁƬŘƋƋɁˁȭǜƬƞnjɁʁɁȭǜǒƬɡʁǔȭƋǔɡǚƬʊ
ɁnjɡʁˁƞƬȭƋƬŘʊƬȭˁȭƋǔŘǜƬƞǔȭÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɍɤÄăȊɍɦɼ<ǔʊƋǚɁʊˁʁƬɁnjÄƋƋɁˁȭǜǔȭǷñɁǚǔƋǔƬʊɾƖñˁʁʊˁŘȭǜǜɁǜǒǔʊƙ
ǚɁʊʊƬʊƙǔnjŘȭ˿ƙɁȭÀŘʁǘǜɁÀŘʁǘƬǜŽŘʊǔʊƙŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊŘȭƞǷŘǔȭʊŘʁƬȭɁǜ
recognised on prudent basis.

XII Taxes on Income

  ñ
 ʁɁ˸ǔʊǔɁȭnjɁʁǜŘ˾ƋɁȧɡʁǔʊƬʊɁnj,ˁʁʁƬȭǜďŘ˾Řȭƞ<ƬnjƬʁʁƬƞďŘ˾Ɩ,ˁʁʁƬȭǜďŘ˾ɡʁɁ˸ǔʊǔɁȭǒŘʊŽƬƬȭȧŘƞƬɁȭǜǒƬŽŘʊǔʊ
ɁnjʁƬǚǔƬnjʊŘȭƞƞƬƞˁƋǜǔɁȭʊŘ˸ŘǔǚŘŽǚƬˁȭƞƬʁʁƬǚƬ˸ŘȭǜďŘ˾ǚŘ˹ʊƖ<ƬnjƬʁʁƬƞǜŘ˾ʁƬʊˁǚǜǔȭǷnjʁɁȧɼǜǔȧǔȭǷƞǔǏƬʁƬȭƋƬʊɾ
ŽƬǜ˹ƬƬȭǜŘ˾ŘŽǚƬŘȭƞŘƋƋɁˁȭǜǔȭǷǔȭƋɁȧƬǔʊŘƋƋɁˁȭǜƬƞnjɁʁˁʊǔȭǷǜǒƬǜŘ˾ʁŘǜƬʊŘȭƞǚŘ˹ʊǜǒŘǜŘʁƬƬȭŘƋǜƬƞɁʁ
ʊˁŽʊǜŘȭǜǔ˸Ƭǚ˿ƬȭŘƋǜƬƞŘʊɁȭǜǒƬŽŘǚŘȭƋƬʊǒƬƬǜƞŘǜƬƖďǒƬƞƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜǔʊʁƬƋɁǷȭǔʊƬƞŘȭƞƋŘʁʁǔƬƞnjɁʁ˹Řʁƞ
njɁʁǜǔȧǔȭǷƞǔǏƬʁƬȭƋƬʊɁnjǔǜƬȧʊɁǜǒƬʁǜǒŘȭˁȭŘŽʊɁʁŽƬƞƞƬɡʁƬƋǔŘǜǔɁȭŘȭƞŘƋƋˁȧˁǚŘǜƬƞǚɁʊʊƬʊɁȭǚ˿ǜɁǜǒƬƬ˾ǜƬȭǜ
ǜǒŘǜǜǒƬʁƬǔʊŘʁƬŘʊɁȭŘŽǚƬƋƬʁǜŘǔȭǜ˿ǜǒŘǜǜǒƬŘʊʊƬǜʊƋŘȭŽƬʁƬŘǚǔʊƬƞǔȭnjˁǜˁʁƬƖŒɁ˹Ƭ˸ƬʁƙǔnjǜǒƬʁƬǔʊˁȭŘŽʊɁʁŽƬƞ
ƞƬɡʁƬƋǔŘǜǔɁȭɁʁƋŘʁʁ˿njɁʁ˹ŘʁƞɁnjǚɁʊʊƬʊƙƞƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜʊŘʁƬʁƬƋɁǷȭǔ˘ƬƞɁȭǚ˿ǔnjǜǒƬʁƬǔʊ˸ǔʁǜˁŘǚƋƬʁǜŘǔȭǜ˿ǜǒŘǜ

ANNUAL REPORT 2013-14

 120

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
ǜǒƬʁƬ˹ǔǚǚŽƬʊˁǓƋǔƬȭǜnjˁǜˁʁƬǜŘ˾ŘŽǚƬǔȭƋɁȧƬŘ˸ŘǔǚŘŽǚƬǜɁʁƬŘǚǔʊƬǜǒƬŘʊʊƬǜʊƖ<ƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜʊŘʁƬʁƬ˸ǔƬ˹ƬƞŘʊ
ŘǜƬŘƋǒŽŘǚŘȭƋƬʊǒƬƬǜƞŘǜƬnjɁʁǜǒƬǔʁʁƬŘǚǔʊŘŽǔǚǔǜ˿Ɩ

 ŀ“““ FȧɡǚɁ˿ƬƬ*ƬȭƬǞǜʊ
  ɤŘɦ ďǒƬʁɁˁɡɻʊƋɁȭǜʁǔŽˁǜǔɁȭǔȭʁƬʊɡƬƋǜɁnjɡʁɁ˸ǔƞƬȭǜnjˁȭƞŘȭƞɁǜǒƬʁnjˁȭƞʊǔʊƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnj
ñʁɁǞǜŘȭƞ³ɁʊʊƬŘƋǒ˿ƬŘʁƖ

  ɤŽɦ ĶǔǜǒʁƬʊɡƬƋǜǜɁǷʁŘǜˁǔǜ˿ǚǔŘŽǔǚǔǜ˿ƙʊɁȧƬɁnjǜǒƬƬȭǜǔǜǔƬʊǔȭǜǒƬʁɁˁɡƋɁȭǜʁǔŽˁǜƬʊǜɁ³ǔnjƬ“ȭʊˁʁŘȭƋƬ
,ɁʁɡɁʁŘǜǔɁȭɁnj“ȭƞǔŘɤ³“,ɦˁȭƞƬʁ³“,ɻʊʁɁˁɡʁŘǜˁǔǜ˿ɡɁǚǔƋ˿ƖʁŘǜˁǔǜ˿ǚǔŘŽǔǚǔǜ˿ŘʊƞƬǜƬʁȧǔȭƬƞɁȭŘƋǜˁŘʁǔŘǚ
ŽŘʊǔʊŽ˿ǜǒƬǔȭƞƬɡƬȭƞƬȭǜ˸ŘǚˁƬʁǔʊƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

  ɤƋɦ ³ǔŘŽǔǚǔǜ˿njɁʁŘƋƋˁȧˁǚŘǜƬƞƋɁȧɡƬȭʊŘǜƬƞŘŽʊƬȭƋƬʊɁnjƬȧɡǚɁ˿ƬƬʊǔʊŘʊƋƬʁǜŘǔȭƬƞnjɁʁɁȭŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭ
ŽŘʊǔʊŘȭƞɡʁɁ˸ǔƞƬƞnjɁʁŘʊɡƬʁǷʁɁˁɡʁˁǚƬʊƖ

 ŀ“Ĵ *ɁʁʁɁ˹ǔȭǷ,Ɂʊǜʊ
  *
 ɁʁʁɁ˹ǔȭǷƋɁʊǜʊŘǜǜʁǔŽˁǜŘŽǚƬǜɁǜǒƬŘƋɴˁǔʊǔǜǔɁȭɁʁƋɁȭʊǜʁˁƋǜǔɁȭɁnjɴˁŘǚǔnj˿ǔȭǷŘʊʊƬǜʊˁɡǜɁǜǒƬƞŘǜƬɁnj
ƋŘɡǔǜŘǚǔʊŘǜǔɁȭɁnjʊˁƋǒŘʊʊƬǜʊŘʁƬƋŘɡǔǜŘǚǔʊƬƞŘȭƞŘƞƞƬƞǜɁǜǒƬƋɁʊǜɁnjŘʊʊƬǜƖÏǜǒƬʁŽɁʁʁɁ˹ǔȭǷƋɁʊǜʊŘʁƬ
ʁƬƋɁǷȭǔʊƬƞŘʊŘȭƬ˾ɡƬȭʊƬǔȭǜǒƬɡƬʁǔɁƞǔȭ˹ǒǔƋǒǜǒƬ˿ŘʁƬǔȭƋˁʁʁƬƞƖ

XV Provisions, Contingent Liabilities and Contingent Assets

  ñ
 ʁɁ˸ǔʊǔɁȭʊŘʁƬʁƬƋɁǷȭǔʊƬƞɁȭǚ˿˹ǒƬȭǜǒƬʁƬǔʊŘɡʁƬʊƬȭǜɁŽǚǔǷŘǜǔɁȭŘʊŘʁƬʊˁǚǜɁnjɡŘʊǜƬ˸ƬȭǜʊŘȭƞǔǜǔʊɡʁɁŽŘŽǚƬ
ǜǒŘǜŘȭɁˁǜǡɁ˹ɁnjʁƬʊɁˁʁƋƬʊ˹ǔǚǚŽƬʁƬɴˁǔʁƬƞǜɁʊƬǜǜǚƬǜǒƬɁŽǚǔǷŘǜǔɁȭǔȭʁƬʊɡƬƋǜɁnj˹ǒǔƋǒŘʁƬǚǔŘŽǚƬƬʊǜǔȧŘǜƬɁnj
ǜǒƬŘȧɁˁȭǜɁnjǜǒƬɁŽǚǔǷŘǜǔɁȭƋŘȭŽƬȧŘƞƬƖ,ɁȭǜǔȭǷƬȭǜǚǔŘŽǔǚǔǜ˿ǔʊƞǔʊƋǚɁʊƬƞnjɁʁɤǔɦñɁʊʊǔŽǚƬɁŽǚǔǷŘǜǔɁȭʊ˹ǒǔƋǒ˹ǔǚǚ
ŽƬƋɁȭǞʁȧƬƞɁȭǚ˿Ž˿njˁǜˁʁƬƬ˸ƬȭǜʊȭɁǜ˹ǒɁǚǚ˿˹ǔǜǒǔȭǜǒƬƋɁȭǜʁɁǚɁnjǜǒƬʁɁˁɡɁʁɤǔǔɦñʁƬʊƬȭǜɁŽǚǔǷŘǜǔɁȭʊŘʁǔʊǔȭǷ
njʁɁȧɡŘʊǜƬ˸Ƭȭǜʊ˹ǒƬʁƬǔǜǔʊȭɁǜɡʁɁŽŘŽǚƬǜǒŘǜŘȭɁˁǜǡɁ˹ɁnjʁƬʊɁˁʁƋƬʊ˹ǔǚǚŽƬʁƬɴˁǔʁƬƞǜɁʊƬǜǜǚƬǜǒƬɁŽǚǔǷŘǜǔɁȭ
ɁʁŘʁƬǚǔŘŽǚƬƬʊǜǔȧŘǜƬɁnjǜǒƬŘȧɁˁȭǜɁnjǜǒƬɁŽǚǔǷŘǜǔɁȭƋŘȭȭɁǜŽƬȧŘƞƬƖ,ɁȭǜǔȭǷƬȭǜÄʊʊƬǜʊŘʁƬȭɁǜʁƬƋɁǷȭǔʊƬƞǔȭ
ǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖ

XVI Government Grants / Subsidy

  
 Ɂ˸ƬʁȭȧƬȭǜǷʁŘȭǜʊƙǔnjŘȭ˿ƙŘʁƬŘƋƋɁˁȭǜƬƞ˹ǒƬȭǜǒƬʁƬǔʊŘʁƬŘʊɁȭŘŽǚƬŘʊʊˁʁŘȭƋƬǜǒŘǜǜǒƬƬȭǜƬʁɡʁǔʊƬ˹ǔǚǚ
comply with the conditions attached to them and it is reasonably certain that the ultimate collection will be
ȧŘƞƬƖ,ŘɡǔǜŘǚʊˁŽʊǔƞ˿ǔȭǜǒƬȭŘǜˁʁƬɁnjǷɁ˸ƬʁȭȧƬȭǜǷʁŘȭǜʊʁƬǚŘǜƬƞǜɁʊɡƬƋǔǞƋǞ˾ƬƞŘʊʊƬǜʊǔʊŘƋƋɁˁȭǜƬƞnjɁʁ
˹ǒƬʁƬƋɁǚǚƬƋǜǔɁȭǔʊʁƬŘʊɁȭŘŽǚ˿ƋƬʁǜŘǔȭŘȭƞǜǒƬʊŘȧƬǔʊʊǒɁ˹ȭŘʊŘƞƬƞˁƋǜǔɁȭnjʁɁȧǜǒƬǷʁɁʊʊ˸ŘǚˁƬɁnjǜǒƬŘʊʊƬǜ
concerned in arriving at its book value and accordingly the depreciation is provided on the reduced book value.

XVII Impairment of Assets

The Group assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
“njŘȭ˿ʊˁƋǒǔȭƞǔƋŘǜǔɁȭƬ˾ǔʊǜʊƙǜǒƬʁɁˁɡƬʊǜǔȧŘǜƬʊǜǒƬʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜɁnjǜǒƬŘʊʊƬǜƖ“njʊˁƋǒʁƬƋɁ˸ƬʁŘŽǚƬ
ŘȧɁˁȭǜɁnjǜǒƬŘʊʊƬǜɁʁǜǒƬʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜɁnjǜǒƬƋŘʊǒǷƬȭƬʁŘǜǔȭǷˁȭǔǜǜɁ˹ǒǔƋǒǜǒƬŘʊʊƬǜŽƬǚɁȭǷʊǔʊǚƬʊʊ
than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as
ŘȭǔȧɡŘǔʁȧƬȭǜǚɁʊʊŘȭƞǔʊʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ“njŘǜǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜƞŘǜƬǜǒƬʁƬǔʊŘȭ
ǔȭƞǔƋŘǜǔɁȭǜǒŘǜǔnjŘɡʁƬ˸ǔɁˁʊǚ˿ŘʊʊƬʊʊƬƞǔȧɡŘǔʁȧƬȭǜǚɁʊʊȭɁǚɁȭǷƬʁƬ˾ǔʊǜʊɁʁȧŘ˿ǒŘ˸ƬƞƬƋʁƬŘʊƬƞƙǜǒƬʁƬƋɁ˸ƬʁŘŽǚƬ
ŘȧɁˁȭǜǔʊʁƬŘʊʊƬʊʊƬƞŘȭƞǜǒƬŘʊʊƬǜǔʊʁƬǡƬƋǜƬƞŘǜǜǒƬǚɁ˹ƬʁɁnjʁƬƋɁ˸ƬʁŘŽǚƬŘȧɁˁȭǜŘȭƞǜǒƬƋŘʁʁ˿ǔȭǷŘȧɁˁȭǜ
ǜǒŘǜ˹ɁˁǚƞǒŘ˸ƬŽƬƬȭƞƬǜƬʁȧǔȭƬƞǒŘƞȭɁǔȧɡŘǔʁȧƬȭǜǚɁʊʊŽƬƬȭʁƬƋɁǷȭǔʊƬƞƖăˁƋǒʁƬ˸ƬʁʊŘǚɁnjǔȧɡŘǔʁȧƬȭǜǚɁʊʊǔʊ
ʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
121
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
31 a) ďǒƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɡʁƬʊƬȭǜǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞŘƋƋɁˁȭǜʊɁnjăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ
³ǔȧǔǜƬƞ˹ǔǜǒǔǜʊnjɁǚǚɁ˹ǔȭǷăˁŽʊǔƞǔŘʁǔƬʊʤ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊʤÄʊʊɁƋǔŘǜƬƖ

ñʁɁɡɁʁǜǔɁȭɁnjɁ˹ȭƬʁʊǒǔɡǔȭǜƬʁƬʊǜ
,Ɂˁȭǜʁ˿Ɂnj njɁʁǜǒƬ˿ƬŘʁ
ÂŘȧƬɁnjăˁŽʊǔƞǔŘʁǔƬʊ
Incorporation
Year ended Year ended
31st March, 2014 31st March, 2013
Direct Subsidiaries
1 Green Eco Development Centre Ltd. India 100.00% 100.00%
2 Sun Pharma Global Inc. *ʁǔǜǔʊǒĴǔʁǷǔȭ“ʊǚŘȭƞʊ 100.00% 100.00%
ʯ ŎÄÏăˁȭñǒŘʁȧŘ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖ Russia (See Note e) 100.00%
4 Sun Pharmaceutical (Bangladesh) Ltd. Bangladesh 72.50% 72.50%
5 Caraco Pharmaceutical Laboratories Ltd. ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
(Caraco) America
ȴ ď°ăhŘʁȧŘƋƬˁǜǔƋŘ³ǜƞŘ Brazil 100.00% 100.00%
ʕ ăˁȭñǒŘʁȧŘ<ƬÀƬ˾ǔƋɁăƖÄƖ<F,ƖĴƖ ÀƬ˾ǔƋɁ 75.00% 75.00%
8 Sun Pharmaceutical Industries Inc. ĘȭǔǜƬƞăǜŘǜƬʊɁnj - ɤăƬƬÂɁǜƬnjɦ
America
ȳ ăñ“³<ƬÀƬ˾ǔƋɁăƖÄƖ<F,ƖĴƖ ÀƬ˾ǔƋɁ 100.00% 100.00%
10 Sun Pharmaceutical Peru S.A.C. Peru ȳȳƖʯʯɩ ȳȳƖʯʯɩ
11 OOO "Sun Pharmaceutical Industries" Ltd. Russia ȳȳƖ̋̋ɩ ȳȳƖ̋̋ɩ
ɍʹ ăˁȭñǒŘʁȧŘƞƬĴƬȭƬ˘ˁƬǚŘƙ,ÄƖ ĴƬȭƬ˘ˁƬǚŘ 100.00% 100.00%
13 Sun Pharma Laboratories Limited India 100.00% 100.00%
(See Note i)
ɍǮ hŘʊǜʊǜɁȭƬÀƬʁƋŘȭǜǔǚƬ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ India 100.00% 100.00%
Limited
15 Neetnav Real Estate Private Limited India 100.00% 100.00%
ɍȴ õƬŘǚʊǜɁȭƬÀˁǚǜǔǜʁŘƞƬñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ India 100.00% 100.00%
17 Skisen Labs Private Limited India 100.00% 100.00%
ɍƶ ăɁǢƞƬŘǚďʁŘƞǔȭǷ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ India 100.00% 100.00%
Step down Subsidiaries
ɍȳ ,ŘʁŘƋɁñǒŘʁȧŘ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
20 Chattem Chemicals Inc ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
21 Taro Development Corporation ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ʹʹ ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƖ Hungary ȳȳƖȳȳɩ ȳȳƖȳȳɩ
ʹʯ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚĘ°³ǜƞƖ ĘȭǔǜƬƞ°ǔȭǷƞɁȧ 100.00% 100.00%
24 Sun Pharmaceutical Industries (Australia) Australia 100.00% 100.00%
Pty. Ltd.
ʹǣ Äƞǔǜ˿ŘÄƋɴˁǔʊǔǜǔɁȭ,ɁȧɡŘȭ˿³ǜƞƖ Israel 100.00% 100.00%
ʹȴ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊɤFˁʁɁɡƬɦ*ƖĴƖ Netherlands 100.00% 100.00%
27 Sun Pharmaceuticals Italia S.R.L. Italy 100.00% 100.00%

ANNUAL REPORT 2013-14

 122

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014

ñʁɁɡɁʁǜǔɁȭɁnjɁ˹ȭƬʁʊǒǔɡǔȭǜƬʁƬʊǜ
,Ɂˁȭǜʁ˿Ɂnj njɁʁǜǒƬ˿ƬŘʁ
ÂŘȧƬɁnjăˁŽʊǔƞǔŘʁǔƬʊ
Incorporation
Year ended Year ended
31st March, 2014 31st March, 2013
28 Sun Pharmaceutical Spain, S.L.U Spain 100.00% 100.00%
ʹȳ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊƬʁȧŘȭ˿ȧŽŒ Germany 100.00% 100.00%
ʯ̋ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊhʁŘȭƋƬ hʁŘȭƋƬ 100.00% 100.00%
ʯɍ ăˁȭñǒŘʁȧŘǚɁŽŘǚɤhŎFɦ United Arab Emirates 100.00% 100.00%
32 Sun Pharmaceuticals (SA) (Pty) Ltd. ăɁˁǜǒÄnjʁǔƋŘ 100.00% 100.00%
33 Sun Global Canada Pty. Ltd. Canada 100.00% 100.00%
34 Sun Pharma Philippines Inc. Philippines 100.00% 100.00%
ʯǣ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ°ɁʁƬŘ³ǜƞƖ °ɁʁƬŘ 100.00% 100.00%
ʯȴ ăˁȭǚɁŽŘǚ<Ƭ˸ƬǚɁɡȧƬȭǜhŎF United Arab Emirates 100.00% 100.00%
37 Caraco Pharmaceuticals Pvt. Ltd. India 100.00% 100.00%
38 Sun Pharma Japan Ltd. Japan 100.00% 100.00%
ʯȳ ăˁȭñǒŘʁȧŘŒƬŘǚǜǒ,ŘʁƬhŎF United Arab Emirates 100.00% 100.00%
40 Sun Pharma MEA JLT United Arab Emirates 100.00% 100.00%
41 Morley and Company Inc ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
Ǯʹ ăˁȭ³ŘŽɁʁŘǜɁʁǔƬʊhŎF United Arab Emirates 100.00% 100.00%
43 Taro Pharmaceutical Industries Ltd. (TARO) Israel (See note g) ȴƶƖƶʕɩ ȴǣƖƶȳɩ
44 Taro Pharmaceuticals Inc. Canada ȴƶƖƶʕɩ ȴǣƖƶȳɩ
45 Taro Pharmaceuticals U.S.A., Inc. ĘȭǔǜƬƞăǜŘǜƬʊɁnj ȴƶƖƶʕɩ ȴǣƖƶȳɩ
America
Ǯȴ ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊÂɁʁǜǒÄȧƬʁǔƋŘƙ“ȭƋƖ Cayman Islands, ȴƶƖƶʕɩ ȴǣƖƶȳɩ
British West Indies
Ǯʕ ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊFˁʁɁɡƬ*ƖĴƖ Netherlands ȴƶƖƶʕɩ ȴǣƖƶȳɩ
48 Taro Pharmaceuticals Ireland Ltd. Ireland ȴƶƖƶʕɩ ȴǣƖƶȳɩ
Ǯȳ ďŘʁɁ“ȭǜƬʁȭŘǜǔɁȭŘǚ³ǜƞƖ Israel ȴƶƖƶʕɩ ȴǣƖƶȳɩ
ǣ̋ ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊĘ°³ǜƞƖ ĘȭǔǜƬƞ°ǔȭǷƞɁȧ ȴƶƖƶʕɩ ȴǣƖƶȳɩ
51 Taro Hungary Intellectual Property Hungary ȴƶƖƶʕɩ ȴǣƖƶȳɩ
Licensing LLC.
52 3 Skyline LLC ĘȭǔǜƬƞăǜŘǜƬʊɁnj ȴƶƖƶʕɩ ȴǣƖƶȳɩ
America
53 One Commerce Drive LLC ĘȭǔǜƬƞăǜŘǜƬʊɁnj ȴƶƖƶʕɩ ȴǣƖƶȳɩ
America
54 Tarochem Ltd. Israel ȴƶƖƶʕɩ ȴǣƖƶȳɩ
55 Taro Pharmaceutical Laboratories Inc ĘȭǔǜƬƞăǜŘǜƬʊɁnj ȴƶƖƶʕɩ ȴǣƖƶȳɩ
America
ǣȴ ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ,ŘȭŘƞŘ³ǜƞƖ Canada ȴƶƖƶʕɩ ȴǣƖƶȳɩ
57 Taro Pharmaceutical India Private Ltd. India ȴƶƖƶʕɩ ȴǣƖƶȳɩ
58 Orta Ltd. Israel ȴƶƖƶʕɩ ȴǣƖƶȳɩ
ǣȳ ăˁȭĘȭǔ˸ƬʁʊŘǚ³ǜƞƖ United Arab Emirates 100.00% 100.00%
ȴ̋ °ǒ˿ŘǜǔõƬŘǚǜ˿ÀF³ǜƞƖ United Arab Emirates 100.00% 100.00%

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
123
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014

ñʁɁɡɁʁǜǔɁȭɁnjɁ˹ȭƬʁʊǒǔɡǔȭǜƬʁƬʊǜ
,Ɂˁȭǜʁ˿Ɂnj njɁʁǜǒƬ˿ƬŘʁ
ÂŘȧƬɁnjăˁŽʊǔƞǔŘʁǔƬʊ
Incorporation
Year ended Year ended
31st March, 2014 31st March, 2013
ȴɍ Äƞǔǜ˿ŘñǒŘʁȧŘñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ Hungary 100.00% 100.00%
ȴʹ ÄǚǘŘǚɁǔƞŘă˹ƬƞƬȭÄ* Sweden 100.00% 100.00%
ȴʯ <ˁʊŘñǒŘʁȧŘƋƬˁǜǔƋŘǚʊ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴǮ <ˁʊŘñǒŘʁȧŘƋƬˁǜǔƋŘǚʊÂƬ˹łɁʁǘ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴǣ ăǔʁǔˁʊ³ŘŽɁʁŘǜɁʁǔƬʊ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴȴ Ęõ³ñǒŘʁȧŘ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴʕ ÄõăƋǔƬȭǜǔǞƋƖ“ȭƋ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴƶ ÀˁǜˁŘǚñǒŘʁȧŘƋƬˁǜǔƋŘǚ,ɁȧɡŘȭ˿ƙ“ȭƋƖ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
ȴȳ ĘȭǔǜƬƞõƬʊƬŘʁƋǒ³ŘŽɁʁŘǜɁʁǔƬʊƙ³ǜƞƖ ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
70 Dungan Mutual Associates, LLC ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
71 URL PharmPro, LLC ĘȭǔǜƬƞăǜŘǜƬʊɁnj 100.00% 100.00%
America
72 Universal Enterprises (Pvt) Ltd. India 100.00% 100%
(See Note i)
73 Sun Pharma Switzerland Ltd. Switzerland 100.00% -
74 Nogad Holdings Mauritius 100.00% -
75 Silverstreet Developers LLP India 100.00% -
Name of Partnership Firm
ʕȴ ăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ India - (See Note i)
77 Sun Pharma Sikkim India - (See Note i)
78 Sun Pharma Drugs India (See Note h) ȳƶƖ̋̋ɩ
Name of controlled Entity
ʕȳ Ęȭǔ˸ƬʁʊŘǚFȭǜƬʁɡʁǔʊƬʊɤñ˸ǜɦ³ǜƞƖ India - (See Note i)
Jointly Controlled Entity
80 MSD - Sun LLC ĘȭǔǜƬƞăǜŘǜƬʊɁnj 50.00% 50.00%
America
ƶɍ ăū“ÏɡǜǒŘǚȧǔƋ³³, ĘȭǔǜƬƞăǜŘǜƬʊɁnj 50.00% -
America
Name of Subsidiary of Jointly Controlled
Entity
ƶʹ Àă<ȊăˁȭhŎ³³, United Arab Emirates 50.00% 50.00%
Name of Associate
83 Artes Biotechnology GmbH Germany 45.00% -

ANNUAL REPORT 2013-14

 124

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
 Ž ďǒƬhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɁnjǜǒƬʊˁŽʊǔƞǔŘʁ˿ƋɁȧɡŘȭ˿ŘǜăʁƖȭɁƖɍʯŘʁƬŘˁƞǔǜƬƞŽ˿<ƬǚɁǔǜǜƬŒŘʊǘǔȭʊūăƬǚǚʊ³³ñƖ
ďǒƬhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊǔȭʁƬʊɡƬƋǜɁnjŘǚǚɁǜǒƬʁăˁŽʊǔƞǔŘʁǔƬʊƙŘñŘʁǜȭƬʁʊǒǔɡhǔʁȧŘȭƞ•Ɂǔȭǜǚ˿,ɁȭǜʁɁǚǚƬƞFȭǜǔǜǔƬʊ
are audited by other auditors.

 Ƌ “ȭʁƬʊɡƬƋǜɁnjƬȭǜǔǜǔƬʊŘǜăʁƖÂɁƖʯƙȴƙʕƙȳƙɍ̋ŘȭƞɍɍƙǜǒƬʁƬɡɁʁǜǔȭǷƞŘǜƬǔʊŘʊɁnjʯɍʊǜ<ƬƋƬȧŽƬʁƙʹ̋ɍʯŘȭƞƞǔǏƬʁƬȭǜ
njʁɁȧǜǒƬʁƬɡɁʁǜǔȭǷƞŘǜƬɁnjǜǒƬñŘʁƬȭǜ,ɁȧɡŘȭ˿ŘȭƞǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǒŘ˸ƬŽƬƬȭŘˁƞǔǜƬƞŽ˿ɁǜǒƬʁ
ŘˁƞǔǜɁʁʊƖ“ȭǜƬʁȧʊɁnjÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞʹɍƙŘƞǖˁʊǜȧƬȭǜʊǒŘ˸ƬŽƬƬȭȧŘƞƬnjɁʁʊǔǷȭǔǞƋŘȭǜǜʁŘȭʊŘƋǜǔɁȭʊɁnjǜǒƬʊƬ
ʊˁŽʊǔƞǔŘʁǔƬʊnjɁʁǜǒƬɡƬʁǔɁƞʊnjʁɁȧɍʊǜ•ŘȭˁŘʁ˿ƙʹ̋ɍʯǜɁʯɍʊǜÀŘʁƋǒƙʹ̋ɍʯŘȭƞɍʊǜ•ŘȭˁŘʁ˿ƙʹ̋ɍǮǜɁʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙ
ɁȭǜǒƬŽŘʊǔʊɁnjǜǒƬǔʁȧŘȭŘǷƬȧƬȭǜŘƋƋɁˁȭǜʊnjɁʁǜǒƬʊŘǔƞɡƬʁǔɁƞʊƖ

 ƞ FȭǜǔǜǔƬʊŘǜăʁƖÂɁƖʕʯƙʕǮƙʕǣƙƶɍŘȭƞƶʯǒŘ˸ƬŽƬƬȭǔȭƋɁʁɡɁʁŘǜƬƞʤŘƋɴˁǔʁƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƖ

 Ƭ ĶǔǜǒƬǏƬƋǜnjʁɁȧʹƶǜǒ•ŘȭˁŘʁ˿ƙʹ̋ɍǮŎÄÏăˁȭñǒŘʁȧŘ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖǒŘʊŽƬƬȭǚǔɴˁǔƞŘǜƬƞƖ

 nj ĶǔǜǒƬǏƬƋǜnjʁɁȧʹƶǜǒhƬŽʁˁŘʁ˿ƙʹ̋ɍʯăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ“ȭƋƖǒŘʊȧƬʁǷƬƞ˹ǔǜǒ,ŘʁŘƋɁƖ

g On 27th December, 2013, Taro Pharmaceutical Industries Ltd. (Taro), a subsidiary company through tender
ɁǏƬʁʁƬɡˁʁƋǒŘʊƬƞɍƙȳǣȳƙǣɍǮɁʁƞǔȭŘʁ˿ʊǒŘʁƬʊʁƬɡʁƬʊƬȭǜǔȭǷǮƖǮɩɁnjǔǜʊǔʊʊˁƬƞŘȭƞɁˁǜʊǜŘȭƞǔȭǷɁʁƞǔȭŘʁ˿ʊǒŘʁƬ
ƋŘɡǔǜŘǚŘȭƞƋɁȭʊƬɴˁƬȭǜǚ˿ǜǒƬʁɁˁɡǒɁǚƞʊȴƶƖƶʕɩŘȭƞʕȳƖʹǮɩɤñʁƬ˸ǔɁˁʊłƬŘʁȴǣƖƶȳɩŘȭƞʕʕƖʯ̋ɩɦɁnjŽƬȭƬǞƋǔŘǚ
Ɂ˹ȭƬʁʊǒǔɡŘȭƞ˸ɁǜǔȭǷɡɁ˹ƬʁʁƬʊɡƬƋǜǔ˸Ƭǚ˿ǔȭǜǒƬʊǒŘʁƬƋŘɡǔǜŘǚɁnjďÄõÏƖ

 ǒ ĶǔǜǒƬǏƬƋǜnjʁɁȧɍȳǜǒÄˁǷˁʊǜƙʹ̋ɍʯăˁȭñǒŘʁȧŘ<ʁˁǷʊǒŘʊŽƬƬȭƞǔʊʊɁǚ˸ƬƞƖ

 ǔ ĶǔǜǒƬǏƬƋǜnjʁɁȧʯɍʊǜÄˁǷˁʊǜƙʹ̋ɍʹƙñŘʁǜȭƬʁʊǒǔɡǞʁȧʊ˸ǔ˘ƖăˁȭñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊŘȭƞăˁȭñǒŘʁȧŘ
Sikkim have been converted into Pvt. Ltd. companies viz. Sun Pharma Medication Pvt. Ltd. and Sun Pharma
<ʁˁǷʊñ˸ǜƖ³ǜƞƖʁƬʊɡƬƋǜǔ˸Ƭǚ˿ƙˁȭƞƬʁñŘʁǜ“ŀɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴŘȭƞŘƋƋɁʁƞǔȭǷǚ˿ƙĘȭǔ˸ƬʁʊŘǚFȭǜƬʁɡʁǔʊƬʊ
ɤñ˸ǜɦ³ǜƞƖǒŘʊŽƬƋɁȧƬŘʊˁŽʊǔƞǔŘʁ˿ƋɁȧɡŘȭ˿njʁɁȧʯɍʊǜÄˁǷˁʊǜƙʹ̋ɍʹƖĶǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜăƬɡǜƬȧŽƬʁƙʹ̋ɍʹƙăˁȭ
Pharma Medication Pvt. Ltd. and Sun Pharma Drugs Pvt. Ltd. has amalgamated into Sun Pharma Laboratories
Limited.

 ǖ ăǔǷȭǔǞƋŘȭǜÄƋƋɁˁȭǜǔȭǷñɁǚǔƋǔƬʊŘȭƞɁǜǒƬʁÂɁǜƬʊǜɁǜǒƬʊƬ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊŘʁƬǔȭǜƬȭƞƬƞǜɁ
ʊƬʁ˸ƬŘʊŘȧƬŘȭʊɁnjǔȭnjɁʁȧŘǜǔ˸ƬƞǔʊƋǚɁʊˁʁƬŘȭƞŘǷˁǔƞƬnjɁʁŽƬǜǜƬʁˁȭƞƬʁʊǜŘȭƞǔȭǷɁnjǜǒƬƋɁȭʊɁǚǔƞŘǜƬƞɡɁʊǔǜǔɁȭɁnj
ǜǒƬʁɁˁɡƖõƬƋɁǷȭǔʊǔȭǷǜǒǔʊɡˁʁɡɁʊƬƙǜǒƬʁɁˁɡǒŘʊƞǔʊƋǚɁʊƬƞɁȭǚ˿ʊˁƋǒɡɁǚǔƋǔƬʊŘȭƞȭɁǜƬʊnjʁɁȧǜǒƬǔȭƞǔ˸ǔƞˁŘǚ
ǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊ˹ǒǔƋǒnjŘǔʁǚ˿ʁƬɡʁƬʊƬȭǜǜǒƬȭƬƬƞƬƞƞǔʊƋǚɁʊˁʁƬʊƖ³ŘƋǘɁnjǒɁȧɁǷƬȭƬǔǜ˿ŘȭƞɁǜǒƬʁʊǔȧǔǚŘʁ
ƋɁȭʊǔƞƬʁŘǜǔɁȭʊȧŘƞƬǔǜƞƬʊǔʁŘŽǚƬǜɁƬ˾ƋǚˁƞƬʊɁȧƬɁnjǜǒƬȧƙ˹ǒǔƋǒǔȭǜǒƬɁɡǔȭǔɁȭɁnjǜǒƬȧŘȭŘǷƬȧƬȭǜƙƋɁˁǚƞŽƬ
ŽƬǜǜƬʁ˸ǔƬ˹Ƭƞ˹ǒƬȭʁƬnjƬʁʁƬƞnjʁɁȧǜǒƬǔȭƞǔ˸ǔƞˁŘǚǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
125
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 31st March, 2013
32 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT
NOT PROVIDED FOR)
A) Contingent Liabilities
I) Claims against the Group not acknowledged as debts 844.8 ȴǣʯƖǣ
II ) ˁŘʁŘȭǜƬƬʊǷǔ˸ƬȭŽ˿ǜǒƬŽŘȭǘƬʁʊɁȭŽƬǒŘǚnjɁnjǜǒƬʁɁˁɡ ʕ̋ǮƖȴ 571.5
III ) ÏǜǒƬʁʊƕ
³ƬǜǜƬʁʊɁnj,ʁƬƞǔǜnjɁʁ“ȧɡɁʁǜʊ ʹƙɍȴʯƖɍ 548.8
³ǔŘŽǔǚǔǜǔƬʊ<ǔʊɡˁǜƬƞȊÄɡɡƬŘǚʊǞǚƬƞ˹ǔǜǒʁƬʊɡƬƋǜǜɁƕ
“ȭƋɁȧƬďŘ˾ɁȭŘƋƋɁˁȭǜɁnj<ǔʊŘǚǚɁ˹ŘȭƋƬʊʤÄƞƞǔǜǔɁȭʊ 12,114.8 ʕƙȴʹǮƖ̋
ăŘǚƬʊďŘ˾ɁȭŘƋƋɁˁȭǜɁnjõƬŽŘǜƬʤ,ǚŘʊʊǔǞƋŘǜǔɁȭ 48.5 48.4
F˾ƋǔʊƬ<ˁǜ˿ɁȭŘƋƋɁˁȭǜɁnjĴŘǚˁŘǜǔɁȭʤ,Ƭȭ˸Řǜ,ʁƬƞǔǜ ǣǣȴƖʕ ǮȴȴƖʕ
Fă“,,ɁȭǜʁǔŽˁǜǔɁȭɁȭŘƋƋɁˁȭǜɁnjŘɡɡǚǔƋŘŽǔǚǔǜ˿ 0.2 0.2
<ʁˁǷñʁǔƋƬFɴˁŘǚǔʊŘǜǔɁȭÄƋƋɁˁȭǜƅ<ñFÄƇɁȭŘƋƋɁˁȭǜɁnjƞƬȧŘȭƞǜɁ˹Řʁƞʊ 14.0 14.0
ˁȭǔȭǜƬȭƞƬƞŽƬȭƬǞǜƙǔȭƋǚˁƞǔȭǷǔȭǜƬʁƬʊǜǜǒƬʁƬɁȭƙƬȭǖɁ˿ƬƞŽ˿ǜǒƬʁɁˁɡ
<ƬȧŘȭƞŽ˿•<hďǔȧɡɁʁǜƞˁǜ˿˹ǔǜǒʁƬʊɡƬƋǜǜɁǔȧɡɁʁǜŘǚǚƬǷƬƞǜɁŽƬǔȭ ɍǮƖȴ ɍʯƖȳ
Ƭ˾ƋƬʊʊɁnjƬȭǜǔǜǚƬȧƬȭǜŘʊɡƬʁǜǒƬÄƞ˸ŘȭƋƬƞ³ǔƋƬȭƋƬăƋǒƬȧƬ
 *ɦ ,ɁȧȧǔǜȧƬȭǜʊ
I) FʊǜǔȧŘǜƬƞŘȧɁˁȭǜɁnjƋɁȭǜʁŘƋǜʊʁƬȧŘǔȭǔȭǷǜɁŽƬƬ˾ƬƋˁǜƬƞɁȭ,ŘɡǔǜŘǚ 7,877.5 3,051.1
ÄƋƋɁˁȭǜɤÂƬǜɁnjÄƞ˸ŘȭƋƬʊɦ
II ) <Ƭʁǔ˸Řǜǔ˸ƬʁƬǚŘǜƬƞƋɁȧȧǔǜȧƬȭǜʊȊhɁʁ˹ŘʁƞhɁʁƬǔǷȭF˾ƋǒŘȭǷƬ,ɁȭǜʁŘƋǜʊ 4,200.0 4,342.4
III ) ³ƬŘʊƬʁƬǚŘǜƬƞƋɁȧȧǔǜȧƬȭǜʊƅõƬnjƬʁÂɁǜƬƕǮɍɤƞɦɤǔɦƇ
“Ĵɦ Investment related commitments 2,815.8 -

33 LEGAL PROCEEDINGS
The Company and / or its subsidiaries are involved in various legal proceedings including product liability, contracts,
ƬȧɡǚɁ˿ȧƬȭǜƋǚŘǔȧʊŘȭƞɁǜǒƬʁʁƬǷˁǚŘǜɁʁ˿ȧŘǜǜƬʁʊʁƬǚŘǜǔȭǷǜɁƋɁȭƞˁƋǜɁnjǔǜʊŽˁʊǔȭƬʊʊƖďǒƬ,ɁȧɡŘȭ˿ʁƬƋɁʁƞʊŘ
ɡʁɁ˸ǔʊǔɁȭǔȭǜǒƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊǜɁǜǒƬƬ˾ǜƬȭǜǜǒŘǜǔǜƋɁȭƋǚˁƞƬʊǜǒŘǜŘǚǔŘŽǔǚǔǜ˿ǔʊɡʁɁŽŘŽǚƬŘȭƞƬʊǜǔȧŘŽǚƬŽŘʊƬƞɁȭ
ǜǒƬʊǜŘǜˁʊɁnjǜǒƬʊƬƋŘʊƬʊƙŘƞ˸ǔʊƬɁnjǜǒƬƋɁˁȭʊƬǚƙȧŘȭŘǷƬȧƬȭǜŘʊʊƬʊʊȧƬȭǜɁnjǜǒƬǚǔǘƬǚ˿ƞŘȧŘǷƬʊƬǜƋƖďǒƬʁɁˁɡƋŘʁʁǔƬʊ
ɡʁɁƞˁƋǜǚǔŘŽǔǚǔǜ˿ǔȭʊˁʁŘȭƋƬʤǔʊƋɁȭǜʁŘƋǜˁŘǚǚ˿ǔȭƞƬȧȭǔǞƬƞŽ˿ǜǒƬȧŘȭˁnjŘƋǜˁʁƬʁƙnjɁʁŘȭŘȧɁˁȭǜǔǜŽƬǚǔƬ˸ƬʊǔʊʊˁǓƋǔƬȭǜ
njɁʁǔǜʊȭƬƬƞʊƖ“ȭʁƬʊɡƬƋǜɁnjɁǜǒƬʁƋǚŘǔȧʊƙǜǒƬʁɁˁɡŽƬǚǔƬ˸ƬʊƙǜǒƬʊƬƋǚŘǔȧʊƞɁȭɁǜƋɁȭʊǜǔǜˁǜƬȧŘǜƬʁǔŘǚǚǔǜǔǷŘǜǔɁȭȧŘǜǜƬʁʊ
Řȭƞ˹ǔǜǒǔǜʊȧƬʁǔǜɁʁǔɁˁʊƞƬnjƬȭʊƬʊǜǒƬˁǚǜǔȧŘǜƬƞǔʊɡɁʊǔǜǔɁȭɁnjǜǒƬʊƬȧŘǜǜƬʁʊ˹ǔǚǚȭɁǜǒŘ˸ƬȧŘǜƬʁǔŘǚŘƞ˸ƬʁʊƬƬǏƬƋǜɁȭ
ǔǜʊhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊƖ

34 DISCLOSURES RELATING TO SHARE CAPITAL

i Rights, Preferences and Restrictions attached to Equity Shares
   ǒƬFɴˁǔǜ˿ăǒŘʁƬʊɁnjǜǒƬ,ɁȧɡŘȭ˿ƙǒŘ˸ǔȭǷɡŘʁ˸ŘǚˁƬɁnj` 1 per share, rank pari passu in all respects including
ď
voting rights and entitlement to dividend.

ANNUAL REPORT 2013-14

 ɍʹȴ

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
ii Reconciliation of the number of shares and amount outstanding at the beginning and at the end of
reporting period
` in Million
As at As at
31st March, 2014 31st March, 2013
No. of Shares ` in Million ÂɁƖɁnjăǒŘʁƬʊ ` in Million
Equity shares of ` 1 each
Opening Balance ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ
Äƞƞƕ*ɁȭˁʊʊǒŘʁƬʊǔʊʊˁƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ - -
Closing Balance ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ 2,071.2 ɍƙ̋ʯǣƙǣƶɍƙȳǣǣ ɍƙ̋ʯǣƖȴ

iii ɍƙ̋ʯǣƙǣƶɍƙȳǣǣɤñʁƬ˸ǔɁˁʊłƬŘʁÂǔǚɦFɴˁǔǜ˿ăǒŘʁƬʊɁnj`ɍƬŘƋǒǒŘ˸ƬŽƬƬȭŘǚǚɁǜǜƬƞŘʊnjˁǚǚ˿ɡŘǔƞˁɡŽɁȭˁʊʊǒŘʁƬʊ
ƞˁʁǔȭǷǜǒƬɡƬʁǔɁƞɁnjǞ˸Ƭ˿ƬŘʁʊǔȧȧƬƞǔŘǜƬǚ˿ɡʁƬƋƬƞǔȭǷǜǒƬƞŘǜƬŘǜ˹ǒǔƋǒǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜǔʊɡʁƬɡŘʁƬƞƖ

iv Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company
are as follows:

` in Million
As at As at
31st March, 2014 31st March, 2013
ÂŘȧƬɁnjăǒŘʁƬǒɁǚƞƬʁʊ
No. of Shares % of ÂɁƖɁnjăǒŘʁƬʊ ɩɁnj
held Holding held Holding
Dilip Shantilal Shanghvi 231,140,480 11.2 115,570,240 11.2
Ĵǔƞǔǜǔ“ȭ˸ƬʊǜȧƬȭǜʊñ˸ǜƖ³ǜƞƖ 201,385,320 ȳƖʕ ɍ̋̋ƙȴȳʹƙȴȴ̋ ȳƖʕ
Tejaskiran Pharmachem Industries Pvt. Ltd. ɍȳǣƙʯǮʯƙʕȴ̋ ȳƖǮ ȳʕƙȴʕɍƙƶƶ̋ ȳƖǮ
hŘȧǔǚ˿“ȭ˸ƬʊǜȧƬȭǜñ˸ǜƖ³ǜƞƖ ɍƶʹƙȳʹʕƙǮǮ̋ 8.8 ȳɍƙǮȴʯƙʕʹ̋ 8.8
Quality Investment Pvt. Ltd. ɍƶʹƙƶȴƶƙȴǮ̋ 8.8 ȳɍƙǮʯǮƙʯʹ̋ 8.8

` in Million
Year ended 31st Year ended 31st
March, 2014 March, 2013
35 RESEARCH AND DEVELOPMENT EXPENDITURE
õƬ˸ƬȭˁƬɤF˾ƋǚˁƞǔȭǷ<ƬɡʁƬƋǔŘǜǔɁȭɦ ȳƙʯʕ̋Ɩʕ ȴƙʹǮȳƖ̋
Capital ǣǣǣƖȳ ǮʹȴƖƶ
Total 9,926.6 6,675.8

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
127
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
As at As at
31st March, 2014 31st March, 2013
36 GOODWILL ON CONSOLIDATION (NET) COMPRISES OF:
A) Goodwill in respect of :
Caraco Pharmaceutical Laboratories Ltd. ʕƙʹȳʹƖ̋ ȴƙʕʕƶƖ̋
ď°ăhŘʁȧŘƋƬˁǜǔƋŘ³ǜƞŘ ǮʯȴƖʯ 421.5
Sun Pharma Japan Ltd. 114.4 75.0
Universal Enterprises (Pvt) Ltd. 7.5 7.5
Taro Pharmaceutical Industries Ltd. 11,378.5 Ǯƙȳʯ̋Ɩ̋
Total (A) 19,228.7 12,212.0
Less:
 *ɦ ,ŘɡǔǜŘǚõƬʊƬʁ˸ƬǔȭʁƬʊɡƬƋǜɁnjƕ
ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƖ 882.5 882.5
Total (B) 882.5 882.5
Total (A-B) 18,346.2 11,329.5

37 RELATED PARTY DISCLOSURE (AS-18) - AS PER ANNEXURE ‘A’

` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
38 ACCOUNTING STANDARD (AS-20) ON EARNINGS PER SHARE
ñʁɁǞǜnjɁʁǜǒƬ˿ƬŘʁȊˁʊƬƞŘʊÂˁȧƬʁŘǜɁʁnjɁʁƋŘǚƋˁǚŘǜǔȭǷFŘʁȭǔȭǷʊñƬʁăǒŘʁƬ 31,414.7 ʹȳƙƶʯ̋Ɩȴ
ĶƬǔǷǒǜƬƞÄ˸ƬʁŘǷƬȭˁȧŽƬʁɁnjăǒŘʁƬʊˁʊƬƞǔȭƋɁȧɡˁǜǔȭǷŽŘʊǔƋŘȭƞƞǔǚˁǜƬƞ ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋ ʹƙ̋ʕɍƙɍȴʯƙȳɍ̋
Earnings Per Share
Nominal value per share (in `) 1.0 1.0
Basic and Diluted Earnings Per Share (in `) 15.2 14.4
 “ȭǜƬʁȧʊɁnjǜǒƬʁƬʊɁǚˁǜǔɁȭɡŘʊʊƬƞŽ˿ǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊŽ˿˹Ř˿ɁnjñɁʊǜŘǚ*ŘǚǚɁǜɁȭɍǣǜǒ•ˁǚ˿ƙʹ̋ɍʯƙǜǒƬ,ɁȧɡŘȭ˿ǒŘʊ
ŘǚǚɁǜǜƬƞɍƙ̋ʯǣƙǣƶɍƙȳǣǣŽɁȭˁʊƬɴˁǔǜ˿ʊǒŘʁƬʊɁȭʯʁƞÄˁǷˁʊǜƙʹ̋ɍʯǔȭǜǒƬʁŘǜǔɁɁnjɍƬɴˁǔǜ˿ʊǒŘʁƬɁnj`ɍƬŘƋǒnjˁǚǚ˿ɡŘǔƞˁɡnjɁʁ
Ƭ˸Ƭʁ˿Ƭɴˁǔǜ˿ʊǒŘʁƬɁnj`ɍƬŘƋǒǒƬǚƞƖ,ɁȭʊƬɴˁƬȭǜǚ˿ƙǜǒƬFŘʁȭǔȭǷʊñƬʁăǒŘʁƬɁnj`ɍƬŘƋǒnjɁʁǜǒƬɡʁƬ˸ǔɁˁʊ˿ƬŘʁǒŘ˸ƬŽƬƬȭ
ʁƬʊǜŘǜƬƞŽŘʊƬƞɁȭǜǒƬȭˁȧŽƬʁɁnjƬɴˁǔǜ˿ʊǒŘʁƬʊɡɁʊǜŽɁȭˁʊǔʊʊˁƬƙǔƖƬƖʹƙ̋ʕɍƙɍȴʯƙȳɍ̋Ƭɴˁǔǜ˿ʊǒŘʁƬʊƙǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒ
Accounting Standard (AS-20) on ‘Earnings Per Share’.

` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
39 ACCOUNTING STANDARD (AS-17) ON SEGMENT REPORTING
a) Primary Segment
ďǒƬʁɁˁɡǒŘʊǔƞƬȭǜǔǞƬƞɷñǒŘʁȧŘƋƬˁǜǔƋŘǚʊɷŘʊǜǒƬɁȭǚ˿ɡʁǔȧŘʁ˿ʁƬɡɁʁǜŘŽǚƬ
business segment.
b) Secondary Segment (By Geographical Segment)
India ʯȳƙǮɍɍƖȴ ʯʹƙ̋ʹ̋Ɩȳ
Outside India 122,583.5 ƶʹƙ̋ȴȴƖʹ
ăŘǚƬɁnjñʁɁƞˁƋǜʊ ɍȴɍƙȳȳǣƖɍ 114,087.1
  “ȭ˸ǔƬ˹ɁnjǜǒƬǔȭǜƬʁ˹Ɂ˸ƬȭʤǔȭǜƬʁȧǔ˾ȭŘǜˁʁƬɁnjŽˁʊǔȭƬʊʊŘȭƞȧŘȭˁnjŘƋǜˁʁǔȭǷnjŘƋǔǚǔǜ˿ƙɁǜǒƬʁʊƬǷȧƬȭǜŘǚǔȭnjɁʁȧŘǜǔɁȭǔʊ
not ascertainable.

ANNUAL REPORT 2013-14

 128

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
40 “ȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊƋɁȭʊǔʊǜǔȭǷɁnjǜʁŘƞƬȧŘʁǘʊƙƞƬʊǔǷȭʊƙǜƬƋǒȭǔƋŘǚǘȭɁ˹ǒɁ˹ƙȭɁȭƋɁȧɡƬǜƬnjƬƬʊŘȭƞɁǜǒƬʁǔȭǜŘȭǷǔŽǚƬ
ŘʊʊƬǜʊŘʁƬʊǜŘǜƬƞŘǜƋɁʊǜɁnjŘƋɴˁǔʊǔǜǔɁȭŽŘʊƬƞɁȭǜǒƬǔʁŘǷʁƬƬȧƬȭǜʊŘȭƞŘʁƬŘ˸ŘǔǚŘŽǚƬǜɁǜǒƬʁɁˁɡǔȭɡƬʁɡƬǜˁǔǜ˿Ɩ
ďǒƬŘȧɁʁǜǔʊŘŽǚƬŘȧɁˁȭǜɁnjǔȭǜŘȭǷǔŽǚƬŘʊʊƬǜʊǔʊŘʁʁǔ˸ƬƞŘǜƙŽŘʊƬƞɁȭǜǒƬȧŘȭŘǷƬȧƬȭǜɻʊŽƬʊǜƬʊǜǔȧŘǜƬʊɁnjˁʊƬnjˁǚ
ǚǔ˸ƬʊɁnjʊˁƋǒŘʊʊƬǜʊŘǢƬʁƞˁƬƋɁȭʊǔƞƬʁŘǜǔɁȭŘʊʁƬǷŘʁƞʊǜǒƬǔʁƬ˾ɡƬƋǜƬƞˁʊŘǷƬƙǜǒƬɡʁɁƞˁƋǜǚǔnjƬƋ˿ƋǚƬʊƙǜƬƋǒȭǔƋŘǚŘȭƞ
ǜƬƋǒȭɁǚɁǷǔƋŘǚɁŽʊɁǚƬʊƋƬȭƋƬƙȧŘʁǘƬǜƞƬȧŘȭƞnjɁʁɡʁɁƞˁƋǜʊƙƋɁȧɡƬǜǔǜǔɁȭŘȭƞǜǒƬǔʁƬ˾ɡƬƋǜƬƞnjˁǜˁʁƬŽƬȭƬǞǜʊǜɁǜǒƬ
Group.

41 (a) The Group has given certain premises and Plant and Machinery under operating lease or leave and license
agreements. These are generally not non-cancellable and range between 11 months to 5 years under leave and
ǚǔƋƬȭʊƬƙɁʁǚɁȭǷƬʁnjɁʁɁǜǒƬʁǚƬŘʊƬŘȭƞŘʁƬʁƬȭƬ˹ŘŽǚƬŽ˿ȧˁǜˁŘǚƋɁȭʊƬȭǜɁȭȧˁǜˁŘǚǚ˿ŘǷʁƬƬŘŽǚƬǜƬʁȧʊƖďǒƬʁɁˁɡ
ǒŘʊʁƬƋƬǔ˸ƬƞʁƬnjˁȭƞŘŽǚƬǔȭǜƬʁƬʊǜnjʁƬƬʊƬƋˁʁǔǜ˿ƞƬɡɁʊǔǜʊƙ˹ǒƬʁƬŘɡɡǚǔƋŘŽǚƬƙǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒŘǷʁƬƬƞǜƬʁȧʊƖ

 ɤŽɦ ďǒƬʁɁˁɡǒŘʊɁŽǜŘǔȭƬƞƋƬʁǜŘǔȭɡʁƬȧǔʊƬʊnjɁʁǔǜʊŽˁʊǔȭƬʊʊɁɡƬʁŘǜǔɁȭʊɤǔȭƋǚˁƞǔȭǷnjˁʁȭǔǜˁʁƬŘȭƞǞǜǜǔȭǷʊƙǜǒƬʁƬǔȭŘʊ
applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and
ʁŘȭǷƬŽƬǜ˹ƬƬȭɍɍȧɁȭǜǒʊǜɁǣ˿ƬŘʁʊˁȭƞƬʁǚƬŘ˸ƬŘȭƞǚǔƋƬȭʊƬʊƙɁʁǚɁȭǷƬʁnjɁʁɁǜǒƬʁǚƬŘʊƬŘȭƞŘʁƬʁƬȭƬ˹ŘŽǚƬŽ˿
ȧˁǜˁŘǚƋɁȭʊƬȭǜɁȭȧˁǜˁŘǚǚ˿ŘǷʁƬƬŘŽǚƬǜƬʁȧʊƖďǒƬʁɁˁɡǒŘʊǷǔ˸ƬȭʁƬnjˁȭƞŘŽǚƬǔȭǜƬʁƬʊǜnjʁƬƬʊƬƋˁʁǔǜ˿ƞƬɡɁʊǔǜʊǔȭ
accordance with the agreed terms.

ɤƋɦ ³ƬŘʊƬʁƬƋƬǔɡǜʊʤɡŘ˿ȧƬȭǜʊŘʁƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊˁȭƞƬʁɼõƬȭǜɾǔȭÂɁǜƬʹʯŘȭƞÂɁǜƬʹƶƖ
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
(d) Operating lease
(i) Group as lessee
 ďǒƬnjˁǜˁʁƬȧǔȭǔȧˁȧǚƬŘʊƬɡŘ˿ȧƬȭǜʊˁȭƞƬʁȭɁȭȊƋŘȭƋƬǚǚŘŽǚƬɁɡƬʁŘǜǔȭǷǚƬŘʊƬ
not later than one year ʹȴʯƖʯ ʹǣȴƖʕ
ǚŘǜƬʁǜǒŘȭɁȭƬ˿ƬŘʁŘȭƞȭɁǜǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ ʯȴʯƖ̋ ǮȴʯƖǮ
ǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ 103.7 -

` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
(ii) Group as lessor
ďǒƬnjˁǜˁʁƬȧǔȭǔȧˁȧǚƬŘʊƬɡŘ˿ȧƬȭǜʊˁȭƞƬʁȭɁȭȊƋŘȭƋƬǚǚŘŽǚƬ
operating lease
not later than one year 55.0 50.7
ǚŘǜƬʁǜǒŘȭɁȭƬ˿ƬŘʁŘȭƞȭɁǜǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ 33.0 78.0
ǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ - -

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
ɍʹȳ
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
e) hǔȭŘȭƋƬǚƬŘʊƬ
Group as lessor
ďǒƬnjˁǜˁʁƬȧǔȭǔȧˁȧǚƬŘʊƬɡŘ˿ȧƬȭǜʊˁȭƞƬʁȭɁȭȊƋŘȭƋƬǚǚŘŽǚƬǞȭŘȭƋƬǚƬŘʊƬ
not later than one year ʯȳƖʕ ʯʯƖȳ
ǚŘǜƬʁǜǒŘȭɁȭƬ˿ƬŘʁŘȭƞȭɁǜǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ 180.5 ɍȴȳƖʯ
ǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ ȴ̋ȴƖɍ ȴǮ̋Ɩʕ
³ƬʊʊƕĘȭƬŘʁȭƬƞhǔȭŘȭƋƬ“ȭƋɁȧƬ ǮȳƶƖ̋ 513.2
ñʁƬʊƬȭǜ˸ŘǚˁƬɁnjȧǔȭǔȧˁȧǚƬŘʊƬɡŘ˿ȧƬȭǜʊʁƬƋƬǔ˸ŘŽǚƬŘǷǷʁƬǷŘǜƬ
not later than one year 8.1 ʯƖȴ
ǚŘǜƬʁǜǒŘȭɁȭƬ˿ƬŘʁŘȭƞȭɁǜǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ 35.1 ʹʯƖȳ
ǚŘǜƬʁǜǒŘȭǞ˸Ƭ˿ƬŘʁʊ 285.1 303.2

42 ACCOUNTING STANDARD (AS-15) ON EMPLOYEE BENEFITS

 ,ɁȭǜʁǔŽˁǜǔɁȭʊŘʁƬȧŘƞƬǜɁõƬƋɁǷȭǔʊƬƞñʁɁ˸ǔƞƬȭǜhˁȭƞʤɁ˸ƬʁȭȧƬȭǜñʁɁ˸ǔƞƬȭǜhˁȭƞƙhŘȧǔǚ˿ñƬȭʊǔɁȭhˁȭƞƙFă“,
ŘȭƞɁǜǒƬʁăǜŘǜˁǜɁʁ˿hˁȭƞʊ˹ǒǔƋǒƋɁ˸ƬʁʊŘǚǚʁƬǷˁǚŘʁƬȧɡǚɁ˿ƬƬʊƖĶǒǔǚƬŽɁǜǒǜǒƬƬȧɡǚɁ˿ƬƬʊŘȭƞǜǒƬʁɁˁɡȧŘǘƬ
ɡʁƬƞƬǜƬʁȧǔȭƬƞƋɁȭǜʁǔŽˁǜǔɁȭʊǜɁǜǒƬñʁɁ˸ǔƞƬȭǜhˁȭƞŘȭƞFă“,ƙƋɁȭǜʁǔŽˁǜǔɁȭǜɁǜǒƬhŘȧǔǚ˿ñƬȭʊǔɁȭhˁȭƞŘʁƬȧŘƞƬ
Ɂȭǚ˿Ž˿ǜǒƬʁɁˁɡƖďǒƬƋɁȭǜʁǔŽˁǜǔɁȭʊŘʁƬȭɁʁȧŘǚǚ˿ŽŘʊƬƞɁȭŘƋƬʁǜŘǔȭɡʁɁɡɁʁǜǔɁȭɁnjǜǒƬƬȧɡǚɁ˿ƬƬɻʊʊŘǚŘʁ˿ƖÄȧɁˁȭǜ
ʁƬƋɁǷȭǔʊƬƞŘʊƬ˾ɡƬȭʊƬǔȭʁƬʊɡƬƋǜɁnjǜǒƬʊƬƞƬǞȭƬƞƋɁȭǜʁǔŽˁǜǔɁȭɡǚŘȭʊƙŘǷǷʁƬǷŘǜƬǜɁ` 215.0 Million (Previous Year
`ɍʕǣƖȳÀǔǚǚǔɁȭɦƖ
` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
,ɁȭǜʁǔŽˁǜǔɁȭǜɁñʁɁ˸ǔƞƬȭǜhˁȭƞ 204.4 ɍȴʹƖ̋
Contribution to Employees State Insurance Scheme (ESIC) and 10.5 8.5
Employees Deposit Linked Insurance (EDLI)
,ɁȭǜʁǔŽˁǜǔɁȭǜɁ³ŘŽɁˁʁĶƬǚnjŘʁƬhˁȭƞ 0.1 0.1
FȧɡǚɁ˿Ƭʁɸʊ,ɁȭǜʁǔŽˁǜǔɁȭǜɁhŘȧǔǚ˿ñƬȭʊǔɁȭhˁȭƞɤ` 20,784) 0.0 5.3

 “ȭʁƬʊɡƬƋǜɁnjʁŘǜˁǔǜ˿ƙƋɁȭǜʁǔŽˁǜǔɁȭʊŘʁƬȧŘƞƬǜɁ³“,ɻʊõƬƋɁǷȭǔʊƬƞʁɁˁɡʁŘǜˁǔǜ˿hˁȭƞăƋǒƬȧƬŽŘʊƬƞɁȭŘȧɁˁȭǜ
ƞƬȧŘȭƞƬƞŽ˿³“,Ɂnj“ȭƞǔŘƖñʁɁ˸ǔʊǔɁȭnjɁʁʁŘǜˁǔǜ˿ǔʊŽŘʊƬƞɁȭŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭƞɁȭƬŽ˿ǔȭƞƬɡƬȭƞƬȭǜŘƋǜˁŘʁ˿ŘʊŘǜǜǒƬ
˿ƬŘʁƬȭƞƖÄƋǜˁŘʁǔŘǚĴŘǚˁŘǜǔɁȭnjɁʁ,ɁȧɡƬȭʊŘǜƬƞÄŽʊƬȭƋƬʊǔʊƞɁȭƬŘʊŘǜǜǒƬ˿ƬŘʁƬȭƞŘȭƞǜǒƬɡʁɁ˸ǔʊǔɁȭǔʊȧŘƞƬŘʊɡƬʁ
,ɁȧɡŘȭ˿ʁˁǚƬʊ˹ǔǜǒƋɁʁʁƬʊɡɁȭƞǔȭǷƋǒŘʁǷƬǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊŘȧɁˁȭǜǔȭǷǜɁ` 75.3 Million (Previous
Year ` 112.4 Million) and it covers all regular employees. Major drivers in actuarial assumptions, typically, are years
ɁnjʊƬʁ˸ǔƋƬŘȭƞƬȧɡǚɁ˿ƬƬƋɁȧɡƬȭʊŘǜǔɁȭƖ,ɁȧȧǔǜȧƬȭǜʊŘʁƬŘƋǜˁŘʁǔŘǚǚ˿ƞƬǜƬʁȧǔȭƬƞˁʊǔȭǷǜǒƬɽñʁɁǖƬƋǜƬƞĘȭǔǜ,ʁƬƞǔǜɻ
ȧƬǜǒɁƞƖŘǔȭʊŘȭƞǚɁʊʊƬʊɁȭƋǒŘȭǷƬʊǔȭŘƋǜˁŘʁǔŘǚŘʊʊˁȧɡǜǔɁȭʊŘʁƬŘƋƋɁˁȭǜƬƞnjɁʁǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊƖ

ANNUAL REPORT 2013-14

 130

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
Category of Plan Assets :ďǒƬʁɁˁɡɻʊñǚŘȭÄʊʊƬǜʊǔȭʁƬʊɡƬƋǜɁnjʁŘǜˁǔǜ˿ŘʁƬnjˁȭƞƬƞǜǒʁɁˁǷǒǜǒƬʁɁˁɡăƋǒƬȧƬ
ɁnjǜǒƬ³“,Ɂnj“ȭƞǔŘƖ

` in Million
Year ended Year ended
31st March, 2014 31st March, 2013
“ȭʁƬʊɡƬƋǜɁnjǷʁŘǜˁǔǜ˿ɤnjˁȭƞƬƞɦƕ
õƬƋɁȭƋǔǚǔŘǜǔɁȭɁnjǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ
ñʁƬʊƬȭǜ˸ŘǚˁƬɁnjƋɁȧȧǔǜȧƬȭǜʊɤŘʊɡƬʁÄƋǜˁŘʁǔŘǚĴŘǚˁŘǜǔɁȭɦ 515.3 ǮǣʕƖȳ
hŘǔʁ˸ŘǚˁƬɁnjɡǚŘȭŘʊʊƬǜʊ (514.7) ɤǮʯȴƖȴɦ
Net liability / (asset) in the Balance sheet ̋Ɩȴ 21.3
ÀɁ˸ƬȧƬȭǜǔȭȭƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬ*ŘǚŘȭƋƬăǒƬƬǜ
ÂƬǜǚǔŘŽǔǚǔǜ˿ʤɤŘʊʊƬǜɦŘʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ 21.3 ɤʯȴƖ̋ɦ
ÂƬǜ,ɁȧȧǔǜȧƬȭǜʊǜʁŘȭʊnjƬʁʁƬƞ ƶƖȴ -
ÂƬǜƬ˾ɡƬȭʊƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ 34.3 124.0
Contribution during the year ɤȴʯƖȴɦ ɤȴȴƖʕɦ
Net liability / (asset) in the Balance sheet ̋Ɩȴ 21.3
F˾ɡƬȭʊƬʁƬƋɁǷȭǔʊƬƞǔȭǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ
Current service cost 50.8 38.1
Interest cost ʯȴƖʹ ʹȴƖǣ
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ (34.5) ɤʹȳƖʕɦ
Actuarial loss/ (gain) (18.2) ƶȳƖɍ
F˾ɡƬȭʊƬƋǒŘʁǷƬƞǜɁǜǒƬăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³Ɂʊʊ 34.3 124.0
Return on plan assets
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ 34.5 ʹȳƖʕ
Actuarial gain 4.4 8.2
Actual return on plan assets ʯƶƖȳ ʯʕƖȳ
õƬƋɁȭƋǔǚǔŘǜǔɁȭɁnjƞƬǞȭƬƞȊŽƬȭƬǞǜƋɁȧȧǔǜȧƬȭǜʊ
,ɁȧȧǔǜȧƬȭǜʊŘʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ ǮǣʕƖȳ ʯɍɍƖȴ
ÂƬǜ,ɁȧȧǔǜȧƬȭǜʊǜʁŘȭʊnjƬʁʁƬƞ ƶƖȴ -
Current service cost 50.8 38.1
Interest cost ʯȴƖʹ ʹȴƖǣ
ñŘǔƞŽƬȭƬǞǜʊ (24.4) ɤɍǣƖȴɦ
Actuarial (gain) / loss (13.8) ȳʕƖʯ
Commitments as at the year end 515.3 ǮǣʕƖȳ
Reconciliation of plan assets
ñǚŘȭŘʊʊƬǜʊŘʊŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ ǮʯȴƖȴ ʯǮʕƖȴ
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ 34.5 ʹȳƖʕ
Contributions during the year ȴʯƖȴ ȴȴƖʕ
ñŘǔƞŽƬȭƬǞǜʊ (24.4) ɤɍǣƖȴɦ
Actuarial gain 4.4 8.2
Plan assets as at the year end 514.7 ǮʯȴƖȴ
 ďǒƬŘƋǜˁŘʁǔŘǚƋŘǚƋˁǚŘǜǔɁȭʊˁʊƬƞǜɁƬʊǜǔȧŘǜƬƋɁȧȧǔǜȧƬȭǜʊŘȭƞƬ˾ɡƬȭʊƬʊǔȭʁƬʊɡƬƋǜɁnjǷʁŘǜˁǔǜ˿ŘȭƞƋɁȧɡƬȭʊŘǜƬƞ
ŘŽʊƬȭƋƬʊŘʁƬŽŘʊƬƞɁȭǜǒƬnjɁǚǚɁ˹ǔȭǷŘʊʊˁȧɡǜǔɁȭʊ˹ǒǔƋǒǔnjƋǒŘȭǷƬƞƙ˹ɁˁǚƞŘǏƬƋǜǜǒƬƋɁȧȧǔǜȧƬȭǜɻʊʊǔ˘ƬƙnjˁȭƞǔȭǷ
ʁƬɴˁǔʁƬȧƬȭǜʊŘȭƞƬ˾ɡƬȭʊƬƖ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
131
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
Discount rate ȳƖʯɍɩ 8.25%-8.50%
F˾ɡƬƋǜƬƞʁƬǜˁʁȭɁȭɡǚŘȭŘʊʊƬǜʊ ȳƖʯɍɩ 8.25%-8.50%
F˾ɡƬƋǜƬƞʁŘǜƬɁnjʊŘǚŘʁ˿ǔȭƋʁƬŘʊƬ 7.00% ȴƖ̋̋ɩȊʕƖ̋̋ɩ
Mortality Indian Assured Lives Mortality
ɤʹ̋̋ȴȊ̋ƶɦĘǚǜǔȧŘǜƬ

 ďǒƬƬʊǜǔȧŘǜƬʊɁnjnjˁǜˁʁƬʊŘǚŘʁ˿ǔȭƋʁƬŘʊƬʊƙƋɁȭʊǔƞƬʁƬƞǔȭǜǒƬŘƋǜˁŘʁǔŘǚ˸ŘǚˁŘǜǔɁȭƙǜŘǘƬʊǔȭǜɁŘƋƋɁˁȭǜǔȭǡŘǜǔɁȭƙʊƬȭǔɁʁǔǜ˿ƙ
ɡʁɁȧɁǜǔɁȭŘȭƞɁǜǒƬʁʁƬǚƬ˸ŘȭǜnjŘƋǜɁʁʊʊˁƋǒŘʊʊˁɡɡǚ˿ŘȭƞƞƬȧŘȭƞǔȭǜǒƬƬȧɡǚɁ˿ȧƬȭǜȧŘʁǘƬǜƖ

` in Million
Year ended
31st 31st 31st 31st 31st
March, March, March, March, March,
2014 2013 2012 2011 2010
F˾ɡƬʁǔƬȭƋƬŘƞǖˁʊǜȧƬȭǜ
On plan liabilities 55.7 32.1 ʹȴƖǣ 18.1 57.2
On plan assets 4.4 8.2 ȴƖƶ 3.4 3.4
ñʁƬʊƬȭǜ˸ŘǚˁƬɁnjŽƬȭƬǞǜɁŽǚǔǷŘǜǔɁȭ 515.3 ǮǣʕƖȳ ʯɍɍƖȴ 257.3 ʹɍȳƖǣ
hŘǔʁ˸ŘǚˁƬɁnjɡǚŘȭŘʊʊƬǜʊ (514.7) ɤǮʯȴƖȴɦ ɤʯǮʕƖȴɦ (284.2) ɤʹʯȴƖʯɦ
F˾ƋƬʊʊɁnjɁŽǚǔǷŘǜǔɁȭɁ˸ƬʁɡǚŘȭŘʊʊƬǜʊʤɤɡǚŘȭ ̋Ɩȴ 21.3 ɤʯȴƖ̋ɦ (27.0) ɤɍȴƖƶɦ
assets over obligation)

 ďǒƬƋɁȭǜʁǔŽˁǜǔɁȭƬ˾ɡƬƋǜƬƞǜɁŽƬȧŘƞƬŽ˿ǜǒƬʁɁˁɡƞˁʁǔȭǷǞȭŘȭƋǔŘǚ˿ƬŘʁƬȭƞǔȭǷʯɍʊǜÀŘʁƋǒƙʹ̋ɍǣǔʊ` 117.5 Million

(Previous Year ` 88.5 Million).

 ÂɁǜƬƕ
 ďǒƬŘŽɁ˸ƬƞǔʊƋǚɁʊˁʁƬŘʁƬɡʁɁ˸ǔƞƬƞǜɁǜǒƬƬ˾ǜƬȭǜŘɡɡǚǔƋŘŽǚƬŘȭƞŘ˸ŘǔǚŘŽǚƬnjʁɁȧǜǒƬǔȭƞǔ˸ǔƞˁŘǚhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɁnj
Parent, subsidiaries and Jointly Controlled Entities.

43 ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖŘȭƞǔǜʊ“ʊʁŘƬǚǔʊˁŽʊǔƞǔŘʁǔƬʊŘʁƬʁƬɴˁǔʁƬƞǜɁȧŘǘƬʊƬ˸ƬʁŘȭƋƬɁʁɡƬȭʊǔɁȭɡŘ˿ȧƬȭǜʊ
to dismissed employees and to employees terminating employment under certain other circumstances. Deposits are
ȧŘƞƬ˹ǔǜǒŘɡƬȭʊǔɁȭnjˁȭƞɁʁɁǜǒƬʁǔȭʊˁʁŘȭƋƬɡǚŘȭʊǜɁʊƬƋˁʁƬɡƬȭʊǔɁȭŘȭƞʊƬ˸ƬʁŘȭƋƬʁǔǷǒǜʊnjɁʁǜǒƬƬȧɡǚɁ˿ƬƬʊǔȭ“ʊʁŘƬǚƖ

44 ăǜɁƋǘȊŽŘʊƬƞƋɁȧɡƬȭʊŘǜǔɁȭǔʊŘƋƋɁˁȭǜƬƞŘǜďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖɤďŘʁɁɦŽŘʊƬƞɁȭǜǒƬƬʊǜǔȧŘǜƬƞnjŘǔʁ
˸ŘǚˁƬɁnjʊǜɁƋǘɁɡǜǔɁȭʊǷʁŘȭǜƬƞˁʊǔȭǷǜǒƬ*ǚŘƋǘȊăƋǒɁǚƬʊȧɁƞƬǚƖďŘʁɁʁƬƋɁǷȭǔ˘ƬʊƋɁȧɡƬȭʊŘǜǔɁȭƬ˾ɡƬȭʊƬnjɁʁǜǒƬ˸ŘǚˁƬ
ɁnjǔǜʊŘ˹ŘʁƞʊǷʁŘȭǜƬƞʊˁŽʊƬɴˁƬȭǜǜɁ•ŘȭˁŘʁ˿ɍƙʹ̋̋ȴƙŽŘʊƬƞɁȭǜǒƬʊǜʁŘǔǷǒǜȊǚǔȭƬȧƬǜǒɁƞɁ˸ƬʁǜǒƬʁƬɴˁǔʊǔǜƬʊƬʁ˸ǔƋƬ
ɡƬʁǔɁƞɁnjƬŘƋǒɁnjǜǒƬŘ˹ŘʁƞʊƙȭƬǜɁnjƬʊǜǔȧŘǜƬƞnjɁʁnjƬǔǜˁʁƬʊƖďǒƬnjŘǔʁ˸ŘǚˁƬɁnjŘȭŘ˹ŘʁƞǔʊŘǏƬƋǜƬƞŽ˿ǜǒƬʊǜɁƋǘɡʁǔƋƬɁȭ
ǜǒƬƞŘǜƬɁnjǷʁŘȭǜŘȭƞɁǜǒƬʁŘʊʊˁȧɡǜǔɁȭʊƙǔȭƋǚˁƞǔȭǷǜǒƬƬʊǜǔȧŘǜƬƞ˸ɁǚŘǜǔǚǔǜ˿ɁnjʊǜɁƋǘɡʁǔƋƬɁ˸ƬʁǜǒƬǜƬʁȧɁnjǜǒƬŘ˹Řʁƞʊ
ŘȭƞǜǒƬƬʊǜǔȧŘǜƬƞɡƬʁǔɁƞɁnjǜǔȧƬǜǒŘǜďŘʁɁƬ˾ɡƬƋǜƬȧɡǚɁ˿ƬƬʊǜɁǒɁǚƞǜǒƬǔʁʊǜɁƋǘɁɡǜǔɁȭʊƖ

ANNUAL REPORT 2013-14

 132

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
 ÄʊˁȧȧŘʁ˿ɁnjďŘʁɁʊǜɁƋǘŘƋǜǔ˸ǔǜ˿ŘȭƞʁƬǚŘǜƬƞǔȭnjɁʁȧŘǜǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞÀŘʁƋǒʹ̋ɍǮƕ

ÂɁƖɁnj F˾ƬʁƋǔʊƬɡʁǔƋƬ Weighted Weighted Aggregate

Options (In USD) Average Average Intrinsic
F˾ƬʁƋǔʊƬƞ remaining ĴŘǚˁƬ
Price Contractual (In USD)
(In USD) Terms
(in Years)
ÏˁǜʊǜŘȭƞǔȭǷŘǜǜǒƬŽƬǷǔȭȭǔȭǷɁnjǜǒƬ˿ƬŘʁ 25,500 ƨʹǮƖʕȊƨȴƶƖǣ 52.3 ̋Ɩȳ 220.0
ɤʯʹȳƙ̋ǣǣɦ ɤƨʹƖǮȊƨȴƶƖǣɦ ɤʹȴƖ̋ɦ - -
F˾ƬʁƋǔʊƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ -23,700 ƨʹǮƖʕȊƨȴƶƖǣ 53.3 - -
ɤȊʹȳɍƙǣǣǣɦ ($2.4 - $54.5) ɤʹʹƖȴɦ - -
hɁʁnjƬǔǜƬƞƞˁʁǔȭǷǜǒƬ˿ƬŘʁ -800 ƨǣǣƖ̋Ȋƨȴ̋ƖǮ 57.0 - -
(-12,000) ɤƨʯȳƖ̋ȊƨȴƶƖǣɦ ɤǣʹƖȴɦ - -
ÏˁǜʊǜŘȭƞǔȭǷŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁ 1,000 ƨʹȴƖ̋ ʹȴƖ̋ ̋Ɩȴ 85.0
(25,500) ɤƨʹǮƖʕȊƨȴƶƖǣɦ (52.3) ɤ̋Ɩȳɦ (220.0)
F˾ƬʁƋǔʊŘŽǚƬŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁ 1,000 - ʹȴƖ̋ ̋Ɩȴ 85.0
(25,500) - (52.3) ɤ̋Ɩȳɦ (220.0)
ĴƬʊǜƬƞŘȭƞƬ˾ɡƬƋǜƬƞǜɁ˸ƬʊǜŘǜǜǒƬƬȭƞɁnjǜǒƬ˿ƬŘʁ 1,000 - ʹȴƖ̋ ̋Ɩȴ 85.0
(25,500) - (52.3) ɤ̋Ɩȳɦ (220.0)
ñʁƬ˸ǔɁˁʊłƬŘʁǞǷˁʁƬʊŘʁƬǔȭŽʁŘƋǘƬǜʊƖ

45 ďǒƬnjɁǚǚɁ˹ǔȭǷŘʁƬǜǒƬɁˁǜʊǜŘȭƞǔȭǷ<Ƭʁǔ˸Řǜǔ˸Ƭ,ɁȭǜʁŘƋǜʊƬȭǜƬʁƬƞŽ˿ǜǒƬ,ɁȧɡŘȭ˿ŘȭƞʊɁȧƬɁnjǔǜʊăˁŽʊǔƞǔŘʁǔƬʊŘʊɁȭ
ʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƕ

Currency Buy / Sell Cross As at As at

ÂŘǜˁʁƬɁnj<Ƭʁǔ˸Řǜǔ˸Ƭ,ɁȭǜʁŘƋǜ
Currency 31st March, 2014 31st March, 2013
Amount In Amount In
Million (USD) Million (USD)
hɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ US Dollar Sell INR 240.0 300.0
hɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ US Dollar Sell NIS 41.0 41.0
hɁʁ˹Řʁƞ,ɁȭǜʁŘƋǜʊ US Dollar Sell CAD ȴǣƖʯ ȳȴƖ̋
Cross Currency Swaps NIS Buy US Dollar ȳƖɍ 18.8
Interest Rate Swaps US Dollar Sell US Dollar 7.8 ȳƖɍ
ɤhǚɁŘǜǔȭǷǜɁhǔ˾Ƭƞɦ

46 ÄʊŘʁƬʊˁǚǜɁnjǜǒƬhɁɁƞŘȭƞ<ʁˁǷÄƞȧǔȭǔʊǜʁŘǜǔɁȭɤh<ÄɦŘƋǜǔɁȭɁȭʹȳǜǒăƬɡǜƬȧŽƬʁƙʹ̋̋ȳ,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ
³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞɤ,ŘʁŘƋɁɦǒŘƞ˸ɁǚˁȭǜŘʁǔǚ˿ƋƬŘʊƬƞȧŘȭˁnjŘƋǜˁʁǔȭǷɁɡƬʁŘǜǔɁȭʊŘǜǔǜʊ<ƬǜʁɁǔǜnjŘƋǔǚǔǜ˿Ɩ“ȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒ
ǜǒƬ,ɁȭʊƬȭǜ<ƬƋʁƬƬƙ,ŘʁŘƋɁƬȭǷŘǷƬƞʤƋɁȭʊǜǔǜˁǜƬƞŘƋɁȭʊˁǚǜǔȭǷǞʁȧ˹ǒǔƋǒƋɁȧɡʁǔʊƬƞɁnjƋˁʁʁƬȭǜɁɁƞÀŘȭˁnjŘƋǜˁʁǔȭǷ
ñʁŘƋǜǔƋƬɤɼƋÀñɾɦƬ˾ɡƬʁǜʊŘȭƞŘǢƬʁǜŘǘǔȭǷƋɁʁʁƬƋǜǔ˸ƬȧƬŘʊˁʁƬʊŘȭƞʁƬɴˁǔʁƬƞʁƬȧƬƞǔŘǚȧƬŘʊˁʁƬʊƙʊˁŽȧǔǜǜƬƞŘ˹Ɂʁǘ
ɡǚŘȭǜɁǜǒƬh<ÄƙǔȭÏƋǜɁŽƬʁʹ̋̋ȳǚƬŘƞǔȭǷǜɁʁƬʊˁȧɡǜǔɁȭɁnjǔǜʊȧŘȭˁnjŘƋǜˁʁǔȭǷɁɡƬʁŘǜǔɁȭʊƖďǒƬh<ÄŘɡɡʁɁ˸Ƭƞǜǒǔʊ
˹ɁʁǘɡǚŘȭɁȭɍʕǜǒÀŘʁƋǒƙʹ̋ɍ̋ŘȭƞǜǒƬɡʁɁǜɁƋɁǚǔȭǜǒǔʁƞɡŘʁǜ˿ƋƬʁǜǔǞƋŘǜǔɁȭʊˁŽȧǔǜǜƬƞɁȭǣǜǒÀŘ˿ƙʹ̋ɍ̋˹ŘʊŘƋƋƬɡǜƬƞ
Ž˿h<ÄɁȭʹǮǜǒ•ˁȭƬƙʹ̋ɍ̋ƖÏȭȳǜǒÀŘ˿ƙʹ̋ɍɍ,ŘʁŘƋɁʁƬƋƬǔ˸Ƭƞ˹ʁǔǜǜƬȭȭɁǜǔǞƋŘǜǔɁȭǜǒŘǜǔǜʊƋÀñƋɁȭʊˁǚǜŘȭǜʊǒŘƞ
ʊˁŽȧǔǜǜƬƞ˹ʁǔǜǜƬȭƋƬʁǜǔǞƋŘǜǔɁȭǜɁh<ÄɡˁʁʊˁŘȭǜǜɁɡŘʁŘǷʁŘɡǒʹɍhɁnjǜǒƬƋɁȭʊƬȭǜƞƬƋʁƬƬ˹ǔǜǒʁƬʊɡƬƋǜǜɁǜ˹ɁɡʁɁƞˁƋǜʊ
ǜǒŘǜǔǜƞƬƋǔƞƬƞǜɁȧŘȭˁnjŘƋǜˁʁƬƖh<ÄʊˁŽʊƬɴˁƬȭǜǚ˿ǔȭʊɡƬƋǜƬƞǜǒƬnjŘƋǔǚǔǜ˿ŘȭƞɁȭʹʕǜǒÄˁǷˁʊǜƙʹ̋ɍʹȭɁǜǔǞƬƞǜǒŘǜ
Caraco appears to be in compliance with the consent decree and it may resume operations. Independent audit and
njɁǚǚɁ˹ˁɡŘˁƞǔǜʊ˹ƬʁƬƋɁȭƞˁƋǜƬƞʊˁŽʊƬɴˁƬȭǜǚ˿ŘȭƞȧɁʊǜʁƬƋƬȭǜh<Ä“ȭʊɡƬƋǜǔɁȭǒŘʊŽƬƬȭƋɁȭƋǚˁƞƬƞ˹ǔǜǒȭɁh<ÄǮƶʯ
ɁŽʊƬʁ˸ŘǜǔɁȭʊŽƬǔȭǷǔʊʊˁƬƞƖ,ŘʁŘƋɁǔʊƋˁʁʁƬȭǜǚ˿ȧŘȭˁnjŘƋǜˁʁǔȭǷʊǔ˾ɡʁɁƞˁƋǜʊƖăˁŽʊƬɴˁƬȭǜǜɁʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮƙ,ŘʁŘƋɁ
ŘȭȭɁˁȭƋƬƞǔǜʊǔȭǜƬȭǜǔɁȭǜɁƋǚɁʊƬǜǒƬ<ƬǜʁɁǔǜȧŘȭˁnjŘƋǜˁʁǔȭǷnjŘƋǔǚǔǜ˿ǔȭǞȭŘȭƋǔŘǚ˿ƬŘʁʹ̋ɍǮȊɍǣƖ*ƬƋŘˁʊƬɁnjǜǒƬɡʁɁƋƬʊʊ
ɁnjȧɁ˸ǔȭǷɡʁɁƞˁƋǜǔɁȭǜɁɁǜǒƬʁʊǔǜƬʊŘȭƞƋˁʁʁƬȭǜƋŘɡŘƋǔǜǔƬʊ˹ǔǜǒɁǜǒƬʁnjŘƋǔǚǔǜǔƬʊƙ,ŘʁŘƋɁŽƬǚǔƬ˸ƬʊǔǜƞɁƬʊȭɁǜȧŘǘƬ
ƬƋɁȭɁȧǔƋʊƬȭʊƬǜɁƋɁȭǜǔȭˁƬǜɁɁɡƬʁŘǜƬǜǒǔʊnjŘƋǔǚǔǜ˿Ɩ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
133
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
47 <ƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜɁȭȭƬǜɁɡƬʁŘǜǔȭǷǚɁʊʊƬʊǔʊȧŘǔȭǚ˿ɡƬʁǜŘǔȭǔȭǷǜɁƋƬʁǜŘǔȭʊˁŽʊǔƞǔŘʁǔƬʊƖăˁƋǒɁɡƬʁŘǜǔȭǷǚɁʊʊƬʊǒŘƞ
ŘʁǔʊƬȭȧŘǔȭǚ˿ɁȭŘƋƋɁˁȭǜɁnjƬ˾ɡƬȭʊƬʊɁȭɡʁƬƋǚǔȭǔƋŘǚŘȭƞƋǚǔȭǔƋŘǚǜʁǔŘǚʊɡʁǔɁʁǜɁŘɡɡʁɁ˸ŘǚŘȭƞƋɁȧȧƬʁƋǔŘǚǚŘˁȭƋǒɁnj
ˁȭƞƬʁǚ˿ǔȭǷɡʁɁƞˁƋǜʊƖŒŘ˸ǔȭǷʁƬǷŘʁƞǜɁǜǒƬʁƬƋƬȭǜǒǔʊǜɁʁ˿ɁnjǷʁɁ˹ǜǒǔȭɁɡƬʁŘǜǔɁȭʊŘȭƞʁƬ˸ƬȭˁƬǜǒƬÀŘȭŘǷƬȧƬȭǜ
ŽƬǚǔƬ˸ƬʊǜǒŘǜʊˁƋǒƬ˸ƬȭǜʊʁƬɡʁƬʊƬȭǜ˸ǔʁǜˁŘǚƋƬʁǜŘǔȭǜ˿ʊˁɡɡɁʁǜƬƞŽ˿ƋɁȭ˸ǔȭƋǔȭǷƬ˸ǔƞƬȭƋƬǜǒŘǜʊˁǓƋǔƬȭǜnjˁǜˁʁƬǜŘ˾ŘŽǚƬ
ǔȭƋɁȧƬ˹ǔǚǚŽƬŘ˸ŘǔǚŘŽǚƬŘǷŘǔȭʊǜ˹ǒǔƋǒʊˁƋǒƞƬnjƬʁʁƬƞǜŘ˾ŘʊʊƬǜʊƋŘȭŽƬʁƬŘǚǔʊƬƞƖ

48 ³ƬǷŘǚʁƬʊƬʁ˸Ƭ˹ŘʊƋʁƬŘǜƬƞǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒǜǒƬʁƬɴˁǔʁƬȧƬȭǜɁnjÀƬ˾ǔƋŘȭƬȭƬʁŘǚ,ɁʁɡɁʁŘǜǔɁȭ³Ř˹ɁˁǜɁnjǜǒƬ
õƬʊƬʁ˸ƬʊɁnjƬŘʁǚǔƬʁ˿ƬŘʁƖ

49 ďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖǒŘƞƋǚɁʊƬƞƞˁʁǔȭǷʹ̋ɍ̋ƙǔƖƬƖƙɡʁǔɁʁǜɁŘƋɴˁǔʁǔȭǷƋɁȭǜʁɁǚŽ˿ǜǒƬ,ɁȧɡŘȭ˿ƙǜǒƬ
ȧŘȭˁnjŘƋǜˁʁǔȭǷnjŘƋǔǚǔǜ˿ɁnjǔǜʊʊˁŽʊǔƞǔŘʁ˿ǔȭ“ʁƬǚŘȭƞŘȭƞƞƬƋǔƞƬƞǜɁʊƬǚǚǜǒƬnjŘƋǔǚǔǜ˿ƖďǒƬȧŘȭŘǷƬȧƬȭǜɁnjǜǒƬʁɁˁɡǔʊɁnj
ǜǒƬ˸ǔƬ˹ǜǒŘǜǜǒƬƋǚɁʊˁʁƬƞɁƬʊȭɁǜǒŘ˸ƬȧŘǜƬʁǔŘǚǔȧɡŘƋǜɁȭǜǒƬʁɁˁɡɻʊǞȭŘȭƋǔŘǚʊƖďǒƬʁƬǚŘǜƬƞŘʊʊƬǜʊ` 108 Million
(Previous Year ` 118.7 Million), Liabilities ` Nil (Previous Year ` 3.8 Million), Revenues ` Nil (Previous Year `ʹʹƖȴÀǔǚǚǔɁȭɦ
and Losses `ɍȳƖʹÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ȴǣƖʯÀǔǚǚǔɁȭɦŘǜǜʁǔŽˁǜŘŽǚƬǜɁǔǜʊ“ʁǔʊǒăˁŽʊǔƞǔŘʁ˿ǒŘʊŽƬƬȭƋɁȭʊǔƞƬʁƬƞǔȭǜǒƬ
,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊƖ

50 Řɦ ÄǚǘŘǚɁǔƞŘ,ǒƬȧǔƋŘǚ,ɁȧɡŘȭ˿ŎʁǜƖƙŘʊˁŽʊǔƞǔŘʁ˿ɁnjǜǒƬ,ɁȧɡŘȭ˿ǒɁǚƞʊʹɍƖɍǮɩŘʊɁȭʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǔȭǜǒƬ

ƋŘɡǔǜŘǚɁnjõƬŘȭŘǚ³ǜƞƖŒɁ˹Ƭ˸ƬʁƙŘʊÄǚǘŘǚɁǔƞŘƞɁƬʊȭɁǜǒŘ˸ƬŘȭ˿ɽăǔǷȭǔǞƋŘȭǜ“ȭǡˁƬȭƋƬɻǔȭõƬŘȭŘǚ³ǜƞƖƙŘʊǔʊ
ʁƬɴˁǔʁƬƞˁȭƞƬʁÄăʹʯȊɼÄƋƋɁˁȭǜǔȭǷnjɁʁ“ȭ˸ƬʊǜȧƬȭǜʊǔȭÄʊʊɁƋǔŘǜƬʊǔȭ,ɁȭʊɁǚǔƞŘǜƬƞhǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɾƙǜǒƬ
said investment in Reanal Ltd has not been consolidated as an “Associate Entity”. Accordingly, the investment
ǔȭõƬŘȭŘǚ³ǜƞƖǔʊŘƋƋɁˁȭǜƬƞǔȭŘƋƋɁʁƞŘȭƋƬ˹ǔǜǒÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɍʯȊɼÄƋƋɁˁȭǜǔȭǷnjɁʁ“ȭ˸ƬʊǜȧƬȭǜʊɾƖ

 Žɦ ăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƙŘʊˁŽʊǔƞǔŘʁ˿ɁnjǜǒƬ,ɁȧɡŘȭ˿ǒɁǚƞʊʹʯƖʯǣɩǔȭǜǒƬƋŘɡǔǜŘǚɁnjFȭƋƬǚŘƞˁʊñǒŘʁȧŘƋƬˁǜǔƋŘǚ
*ƖĴƖŒɁ˹Ƭ˸ƬʁƙŘʊăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƞɁƬʊȭɁǜǒŘ˸ƬŘȭ˿ɽăǔǷȭǔǞƋŘȭǜ“ȭǡˁƬȭƋƬɻǔȭFȭƋƬǚŘƞˁʊ
ñǒŘʁȧŘƋƬˁǜǔƋŘǚ*ƖĴƖƙŘʊǔʊʁƬɴˁǔʁƬƞˁȭƞƬʁÄăʹʯȊɼÄƋƋɁˁȭǜǔȭǷnjɁʁ“ȭ˸ƬʊǜȧƬȭǜʊǔȭÄʊʊɁƋǔŘǜƬʊǔȭ,ɁȭʊɁǚǔƞŘǜƬƞ
hǔȭŘȭƋǔŘǚăǜŘǜƬȧƬȭǜʊɾƙǜǒƬʊŘǔƞǔȭ˸ƬʊǜȧƬȭǜǔȭFȭƋƬǚŘƞˁʊñǒŘʁȧŘƋƬˁǜǔƋŘǚ*ƖĴƖǒŘʊȭɁǜŽƬƬȭƋɁȭʊɁǚǔƞŘǜƬƞŘʊŘȭ
ɼÄʊʊɁƋǔŘǜƬFȭǜǔǜ˿ɾƖÄƋƋɁʁƞǔȭǷǚ˿ƙǜǒƬǔȭ˸ƬʊǜȧƬȭǜǔȭFȭƋƬǚŘƞˁʊñǒŘʁȧŘƋƬˁǜǔƋŘǚ*ƖĴƖǔʊŘƋƋɁˁȭǜƬƞǔȭŘƋƋɁʁƞŘȭƋƬ
˹ǔǜǒÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɍʯȊɼÄƋƋɁˁȭǜǔȭǷnjɁʁ“ȭ˸ƬʊǜȧƬȭǜʊɾƖ

51 ÄʊɡƬʁǜǒƬŽƬʊǜƬʊǜǔȧŘǜƬɁnjǜǒƬȧŘȭŘǷƬȧƬȭǜƙɡʁɁ˸ǔʊǔɁȭǒŘʊŽƬƬȭȧŘƞƬŘʊɡƬʁÄƋƋɁˁȭǜǔȭǷăǜŘȭƞŘʁƞɤÄăɦʹȳƙǔȭʁƬʊɡƬƋǜ
ɁnjŘȭ˿ɡʁƬʊƬȭǜɁŽǚǔǷŘǜǔɁȭŘʊŘʁƬʊˁǚǜɁnjŘɡŘʊǜƬ˸ƬȭǜǜǒŘǜƋɁˁǚƞǚƬŘƞǜɁŘɡʁɁŽŘŽǚƬɁˁǜǡɁ˹ɁnjʁƬʊɁˁʁƋƬʊƙ˹ǒǔƋǒ˹Ɂˁǚƞ
ŽƬʁƬɴˁǔʁƬƞǜɁʊƬǜǜǚƬǜǒƬɁŽǚǔǷŘǜǔɁȭƖ

` in Million
As at As at
31st March, 2014 31st March, 2013
Provision*
Opening balance ȳƙʹƶʯƖɍ ȴƙƶ̋ǣƖɍ
ÄƞƞƕñʁɁ˸ǔʊǔɁȭnjɁʁǜǒƬ˿ƬŘʁ ʕƙȳʕɍƖǣ ʕƙ̋ȴƶƖǮ
³ƬʊʊƕĘʊƬƞʤõƬ˸ƬʁʊƬƞ ɤǣƙƶȳǮƖɍɦ (4,587.3)
Äƞƞʤɤ³ƬʊʊɦƕhɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ǜʁŘȭʊǚŘǜǔɁȭƞǔǏƬʁƬȭƋƬ 578.5 (3.1)
Closing balance 11,939.0 9,283.1

 ŹďǒƬŘŽɁ˸ƬǔȭƋǚˁƞƬʊɡʁɁ˸ǔʊǔɁȭʊnjɁʁñʁɁƞˁƋǜʁƬǜˁʁȭʊƙ,ǒŘʁǷƬŽŘƋǘʊƙÀƬƞǔƋŘǔƞƙƋŘʊǒƞǔʊƋɁˁȭǜŘȭƞʁƬŽŘǜƬʊŘȭƞɡƬȭƞǔȭǷ
ǚŘ˹ʊˁǔǜʊƙɡƬȭŘǚǜǔƬʊŘȭƞǞȭƬʊƖ

 ñʁɁ˸ǔʊǔɁȭʊnjɁʁɡʁɁƞˁƋǜʁƬǜˁʁȭʊƙÀƬƞǔƋŘǔƞɤɡʁɁ˸ǔʊǔɁȭŘǜďÄõÏȧŘƞƬƞˁʁǔȭǷǜǒƬ˿ƬŘʁǔȭƋǚˁƞƬʊĘă<ʯʹƖǣÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊ
łƬŘʁĘă<ʯ̋Ɩ̋ÀǔǚǚǔɁȭɦƬɴˁǔ˸ŘǚƬȭǜǜɁ`ɍƙȳǮƶƖȳÀǔǚǚǔɁȭɤñʁƬ˸ǔɁˁʊłƬŘʁ`ɍƙȴʹƶƖǮÀǔǚǚǔɁȭɦǜɁ˹ŘʁƞʊƋǚŘǔȧˁȭƞƬʁʊǜŘǜƬ
medicaid programme) and indirect rebates are included in short and long term provisions. All other sales deduction
ŘǚǚɁ˹ŘȭƋƬʊŘʁƬʁƬƋɁʁƞƬƞŘʊŘƋƋɁˁȭǜʊʁƬƋƬǔ˸ŘŽǚƬʁƬʊƬʁ˸ƬʊʤɡʁɁ˸ǔʊǔɁȭʊŘȭƞʁƬƞˁƋƬƞnjʁɁȧǜʁŘƞƬʁƬƋƬǔ˸ŘŽǚƬƖďǒƬɡʁɁ˸ǔʊǔɁȭʊ
njɁʁʁƬǜˁʁȭʊǔʊǔȭƋǚˁƞƬƞǔȭʊǒɁʁǜŘȭƞǚɁȭǷǜƬʁȧɡʁɁ˸ǔʊǔɁȭʊŘʊʊˁŽʊǜŘȭǜǔŘǚǚ˿ŘǚǚɁnjǜǒƬʊƬʁƬǜˁʁȭʊ˹ǔǚǚȭɁǜŽƬʁƬŘǚǔ˘Ƭƞˁȭǜǔǚ
ŘǢƬʁǜǒƬ˿ƬŘʁȊƬȭƞŘƋƋɁˁȭǜʊʁƬƋƬǔ˸ŘŽǚƬŽŘǚŘȭƋƬʊŘʁƬʊƬǜǜǚƬƞƖÀƬƞǔƋŘǔƞŘȭƞǔȭƞǔʁƬƋǜʁƬŽŘǜƬʊŘʁƬǔȭƋǚˁƞƬƞǔȭʊǒɁʁǜŘȭƞ
ǚɁȭǷǜƬʁȧɡʁɁ˸ǔʊǔɁȭʊŽƬƋŘˁʊƬǜǒƬʁɁˁɡƞɁƬʊȭɁǜǒŘ˸ƬƞǔʁƬƋǜƋˁʊǜɁȧƬʁʁƬǚŘǜǔɁȭʊǒǔɡʊ˹ǔǜǒŘȭ˿ɁnjǜǒƬɡŘ˿ƬƬʊƖ

ANNUAL REPORT 2013-14

 134

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
52 Řɦ ďǒƬƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ˹ƬʁƬƬŘʁǚǔƬʁ
ŘɡɡʁɁ˸ƬƞŽ˿ǜǒƬ*ɁŘʁƞɁnj<ǔʁƬƋǜɁʁʊŘǜǜǒƬǔʁȧƬƬǜǔȭǷǒƬǚƞɁȭʹȳǜǒÀŘ˿ƙʹ̋ɍǮɁȭ˹ǒǔƋǒăǜŘǜˁǜɁʁ˿ÄˁƞǔǜɁʁʊɁnj
ǜǒƬ,ɁȧɡŘȭ˿ǒŘƞǔʊʊˁƬƞǜǒƬǔʁʁƬɡɁʁǜƞŘǜƬƞʹȳǜǒÀŘ˿ƙʹ̋ɍǮƖ,ɁȭʊƬɴˁƬȭǜǜɁǜǒƬÏʁƞƬʁɁnjǜǒƬŒɁȭɻŽǚƬŒǔǷǒ
,ɁˁʁǜɁnjˁǖŘʁŘǜʊŘȭƋǜǔɁȭǔȭǷǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜnjɁʁƞƬȧƬʁǷƬʁŘȭƞǜʁŘȭʊnjƬʁɁnjʊɡƬƋǔǞƬƞˁȭƞƬʁǜŘǘǔȭǷƙ
˹ǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜÀŘ˿ƙʹ̋ɍʯƙǜǒƬŘɡɡɁǔȭǜƬƞƞŘǜƬƙɁnjăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞʊˁŽʊǔƞǔŘʁ˿ǔȭǜɁ
ǜǒƬ,ɁȧɡŘȭ˿ƙ˹ǔǜǒɁˁǜŘȭ˿ƋɁȭʊǔƞƬʁŘǜǔɁȭɁȭŘǷɁǔȭǷƋɁȭƋƬʁȭŽŘʊǔʊƋɁȭʊǔʊǜǔȭǷɁnjŘǚǚǜǒƬŘʊʊƬǜʊŘȭƞǚǔŘŽǔǚǔǜǔƬʊ
ɡƬʁǜŘǔȭǔȭǷǜɁǜǒƬʊŘǔƞˁȭƞƬʁǜŘǘǔȭǷƙǜǒƬʊǜŘȭƞŘǚɁȭƬǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬ,ɁȧɡŘȭ˿ŘȭƞăˁȭñǒŘʁȧŘǚɁŽŘǚ
hŎF˹ƬʁƬʁƬ˸ǔʊƬƞǜɁǷǔ˸ƬƬǏƬƋǜǜɁǜǒƬʊŘǔƞʊƋǒƬȧƬɁnjŘʁʁŘȭǷƬȧƬȭǜ˹ǔǜǒƬǏƬƋǜnjʁɁȧɍʊǜÀŘ˿ƙʹ̋ɍʯƖ“ȭ˸ǔƬ˹Ɂnj
ǜǒƬŘŽɁ˸ƬƙǜǒƬƬŘʁǚǔƬʁŘɡɡʁɁ˸ƬƞƋɁȭʊɁǚǔƞŘǜƬƞǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊŘʁƬʁƬ˸ǔʊƬƞɁȭǚ˿ǜɁǔȭƋɁʁɡɁʁŘǜƬǜǒƬʁƬ˸ǔʊƬƞ
ǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊɁnjǜǒƬŘnjɁʁƬʊŘǔƞƬȭǜǔǜǔƬʊƖ

 Žɦ Ïȭɍɍǜǒ•ˁȭƬƙʹ̋ɍʯƙăˁȭñǒŘʁȧŘǚɁŽŘǚhŎFɤăñɦƙŘ˹ǒɁǚǚ˿Ɂ˹ȭƬƞʊˁŽʊǔƞǔŘʁ˿ǒŘʊƬȭǜƬʁƬƞǔȭǜɁʊƬǜǜǚƬȧƬȭǜ
ŘǷʁƬƬȧƬȭǜnjɁʁĘă<ǣǣ̋ȧǔǚǚǔɁȭ˹ǔǜǒñǞ˘Ƭʁ“ȭƋƖƙĘăÄʒĶ˿Ƭǜǒ³³,ĘăÄŘȭƞÂ˿ƋɁȧƬƞȧŽŒƙƬʁȧŘȭ˿ǔȭ
ʊƬǜǜǚƬȧƬȭǜɁnjǜǒƬƋǚŘǔȧɁnjɡŘǜƬȭǜǔȭnjʁǔȭǷƬȧƬȭǜǚǔǜǔǷŘǜǔɁȭʁƬǚŘǜƬƞǜɁǷƬȭƬʁǔƋ˸ƬʁʊǔɁȭɁnjɼñʁɁǜɁȭǔ˾ɾƖăñǒŘʊ
ƬȭǜƬʁƬƞǔȭǜɁŘȭŘǷʁƬƬȧƬȭǜ˹ǔǜǒŘǜǒǔʁƞɡŘʁǜ˿ǔȭǜƬʁȧʊɁnj˹ǒǔƋǒǜǒƬʊŘǔƞɡŘʁǜ˿ǒŘʊŘǷʁƬƬƞǜɁŽƬŘʁƞŘȧŘǷƬʊ
ɁȭŘƋƋɁˁȭǜɁnjɡŘǜƬȭǜǔȭnjʁǔȭǷƬȧƬȭǜǜɁǜǒƬƬ˾ǜƬȭǜɁnjĘă<Ǯ̋̋ÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ` 24,002.0 Million) in
ƋɁȭʊǔƞƬʁŘǜǔɁȭɁnjăñŘǷʁƬƬǔȭǷǜɁʊƬǚǚǜǒƬȧɡǒŘʁȧŘƋƬˁǜǔƋŘǚɡʁɁƞˁƋǜʊŘǜŘȭƬǷɁǜǔŘǜƬƞƞǔʊƋɁˁȭǜƬƞɡʁǔƋƬnjɁʁŘ
ʊɡƬƋǔǞƬƞɡƬʁǔɁƞƖÄƋƋɁʁƞǔȭǷǚ˿ƙŘɡʁɁ˸ǔʊǔɁȭɁnjĘă<ǮʯƶƖǣÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹȴƙʯɍʹƖʹÀǔǚǚǔɁȭɦƅǔȭƋǚˁƞǔȭǷ
ɁǜǒƬʁʁƬǚŘǜƬƞƬ˾ɡƬƋǜƬƞƞǔʊƋɁˁȭǜŘȭƞǔȭƋǔƞƬȭǜŘǚƬ˾ɡƬȭʊƬʊɁnjĘă<ʯƶƖǣÀǔǚǚǔɁȭɤƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʹƙʯɍ̋ƖʹÀǔǚǚǔɁȭɦƇ
ǜɁ˹ŘʁƞʊƬʊǜǔȧŘǜƬƞƬ˾ɡƬƋǜƬƞǚǔŘŽǔǚǔǜ˿ɁȭǜǒǔʊŘƋƋɁˁȭǜƙǒŘʊŽƬƬȭŘƋƋɁˁȭǜƬƞnjɁʁŘȭƞǷǔ˸ƬȭƬǏƬƋǜǔȭǜǒƬʊƬǞȭŘȭƋǔŘǚ
ʊǜŘǜƬȧƬȭǜʊƖďǒƬŘŽɁ˸ƬƋǒŘʁǷƬɁnjĘă<ǣǣ̋ÀǔǚǚǔɁȭƅƬɴˁǔ˸ŘǚƬȭǜǜɁ`ʯɍƙ̋̋ȳƖȳÀǔǚǚǔɁȭɤǔȭƋǚˁƞǔȭǷ` 5,835.8 Million
ɡʁɁ˸ǔƞƬƞƞˁʁǔȭǷɡʁƬ˸ǔɁˁʊ˿ƬŘʁɦƇǒŘʊŽƬƬȭƋɁȭʊǔƞƬʁƬƞŘʊƬ˾ƋƬɡǜǔɁȭŘǚǔǜƬȧŘȭƞ` 2,381.2 Million has been included
ǔȭȧǔʊƋƬǚǚŘȭƬɁˁʊƬ˾ɡƬȭʊƬʊƖÀɁ˸ƬȧƬȭǜǔȭɡʁɁ˸ǔʊǔɁȭƕÏɡƬȭǔȭǷŽŘǚŘȭƋƬ`ǣƙƶ̋ƶƖ̋ÀǔǚǚǔɁȭʒȧŘƞƬ`ʹʕƙǣǣǣƖʯÀǔǚǚǔɁȭʒ
used/reversed `ȳƙɍȳ̋ƖǣÀǔǚǚǔɁȭʒhɁʁƬǔǷȭƋˁʁʁƬȭƋ˿ǜʁŘȭʊǚŘǜǔɁȭʁƬʊƬʁ˸ƬʤF˾ƋǒŘȭǷƬǡˁƋǜˁŘǜǔɁȭ`ʹƙɍʯȳƖǮÀǔǚǚǔɁȭŘȭƞ
closing balance `ʹȴƙʯɍʹƖʹÀǔǚǚǔɁȭƖ

53 “ȭÀŘʁƋǒʹ̋ɍǮƙǜǒƬĘăh<ÄǔʊʊˁƬƞŘȭǔȧɡɁʁǜŘǚƬʁǜǜɁǜǒƬ,ɁȧɡŘȭ˿njɁʁǔǜʊƋƬɡǒŘǚɁʊɡɁʁǔȭnjŘƋǔǚǔǜ˿ǚɁƋŘǜƬƞŘǜ°ŘʁǘǒŘƞǔƙ
ˁǖŘʁŘǜǔȭ“ȭƞǔŘƖďǒƬ˹ŘʁȭǔȭǷǚƬǜǜƬʁɡƬʁǜŘǔȭǔȭǷǜɁǜǒǔʊǔȧɡɁʁǜŘǚƬʁǜ˹ŘʊǔʊʊˁƬƞŽ˿ǜǒƬĘăh<ÄǔȭÀŘ˿ʹ̋ɍǮƖďǒƬǚƬǜǜƬʁ
ǔƞƬȭǜǔǞƬʊɡʁŘƋǜǔƋƬʊŘǜǜǒƬnjŘƋǔǚǔǜ˿˹ǒǔƋǒŘʁƬȭɁȭȊƋɁȧɡǚǔŘȭǜ˹ǔǜǒƋˁʁʁƬȭǜɁɁƞÀŘȭˁnjŘƋǜˁʁǔȭǷñʁŘƋǜǔƋƬɤƋÀñɦ
ʁƬǷˁǚŘǜǔɁȭʊƖďǒƬ,ɁȧɡŘȭ˿ʁƬȧŘǔȭʊnjˁǚǚ˿ƋɁȧȧǔǜǜƬƞǜɁƋɁȧɡǚǔŘȭƋƬŘȭƞǒŘʊŘǚʁƬŘƞ˿ǔȭǔǜǔŘǜƬƞʊƬ˸ƬʁŘǚƋɁʁʁƬƋǜǔ˸ƬʊǜƬɡʊ
ǜɁŘƞƞʁƬʊʊǜǒƬɁŽʊƬʁ˸ŘǜǔɁȭʊȧŘƞƬŽ˿ǜǒƬĘăh<ÄƖ“ǜǔʊƋɁȧȧǔǜǜƬƞǜɁ˹ɁʁǘǔȭǷƋɁɁɡƬʁŘǜǔ˸Ƭǚ˿ŘȭƞƬ˾ɡƬƞǔǜǔɁˁʊǚ˿˹ǔǜǒ
ǜǒƬĘăh<ÄǜɁʁƬʊɁǚ˸ƬǜǒƬȧŘǜǜƬʁʊǔȭƞǔƋŘǜƬƞǔȭǔǜʊǚƬǜǜƬʁƖĘȭǜǔǚǜǒƬʊƬȧŘǜǜƬʁʊŘʁƬʁƬʊɁǚ˸ƬƞǜɁǜǒƬʊŘǜǔʊnjŘƋǜǔɁȭɁnjǜǒƬ
Ęăh<ÄƙǜǒƬĘăh<ÄȧŘ˿ƙǔȭǜǒƬȭƬŘʁǜƬʁȧƙ˹ǔǜǒǒɁǚƞŘɡɡʁɁ˸ŘǚɁnjɡƬȭƞǔȭǷȭƬ˹ƞʁˁǷŘɡɡǚǔƋŘǜǔɁȭʊnjʁɁȧǜǒǔʊnjŘƋǔǚǔǜ˿ƖďǒƬ
ƋɁȭǜʁǔŽˁǜǔɁȭɁnjǜǒǔʊnjŘƋǔǚǔǜ˿ǜɁăˁȭñǒŘʁȧŘɻʊƋɁȭʊɁǚǔƞŘǜƬƞʁƬ˸ƬȭˁƬʊǔʊȭɁǜʊǔǷȭǔǞƋŘȭǜƖ

54 ,ɁȭʊƬɴˁƬȭǜǜɁǷǔ˸ǔȭǷƬǏƬƋǜǜɁǜǒƬăƋǒƬȧƬɁnjÄʁʁŘȭǷƬȧƬȭǜŘʊʁƬnjƬʁʁƬƞǔȭÂɁǜƬǣʹɤŘɦŘŽɁ˸ƬƙʁƬʊˁǚǜǔȭǷǔȭǜǒƬŘŽʊƬȭƋƬ
ɁnjȭƬǜɡʁɁǞǜʊǔȭǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁʒɤǔɦʁƬȧˁȭƬʁŘǜǔɁȭǜɁǜǒƬÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁŘȭƞǜǒƬĶǒɁǚƬȊǜǔȧƬ<ǔʁƬƋǜɁʁʊ
ɁnjǜǒƬ,ɁȧɡŘȭ˿njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǒŘʊƬ˾ƋƬƬƞƬƞǜǒƬǚǔȧǔǜʊʊɡƬƋǔǞƬƞˁȭƞƬʁăƋǒƬƞˁǚƬŀ“““ǜɁǜǒƬ
,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴŽ˿`ǮǮƖʕÀǔǚǚǔɁȭʒŘȭƞɤǔǔɦƋɁȧȧǔʊʊǔɁȭɁnj`ȴƖǮÀǔǚǚǔɁȭnjɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮǜɁǜǒƬ
ÂɁȭȊF˾ƬƋˁǜǔ˸Ƭ<ǔʁƬƋǜɁʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿ǒŘʊƬ˾ƋƬƬƞƬƞǔȭǜƬʁȧʊɁnjʊƬƋǜǔɁȭʯ̋ȳɤǮɦʁƬŘƞ˹ǔǜǒʊƬƋǜǔɁȭʯ̋ȳɤǣɦɁnjǜǒƬ
,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴƖďǒƬ,ɁȧɡŘȭ˿ǔʊǔȭǜǒƬɡʁɁƋƬʊʊɁnjʊƬƬǘǔȭǷŘɡɡʁɁ˸ŘǚnjʁɁȧǜǒƬʊǒŘʁƬǒɁǚƞƬʁʊɁnjǜǒƬ,ɁȧɡŘȭ˿Řȭƞ
ǜǒƬ,ƬȭǜʁŘǚɁ˸ƬʁȭȧƬȭǜɁnj“ȭƞǔŘǔȭʁƬʊɡƬƋǜɁnjǜǒƬŘnjɁʁƬʊŘǔƞŘȧɁˁȭǜʊƖɤďǒƬ,ɁȧɡŘȭ˿ȧƬŘȭʊñŘʁƬȭǜ,ɁȧɡŘȭ˿ɦƖ

55 Dusa Pharmaceuticals Inc (Dusa) and URL Pharma Inc. (URL), pharmaceutical companies, both being incorporated
ǔȭĘȭǔǜƬƞăǜŘǜƬʊɁnjÄȧƬʁǔƋŘŽƬƋŘȧƬʊˁŽʊǔƞǔŘʁǔƬʊɁnjǜǒƬ,ɁȧɡŘȭ˿Ɂȭʹ̋ǜǒ<ƬƋƬȧŽƬʁƙʹ̋ɍʹŘȭƞǣǜǒhƬŽʁˁŘʁ˿ƙʹ̋ɍʯ
ʁƬʊɡƬƋǜǔ˸Ƭǚ˿ƖÄƋƋɁʁƞǔȭǷǚ˿ƙǜǒƬǞǷˁʁƬʊɁnjǜǒƬ,ɁȭʊɁǚǔƞŘǜƬƞăǜŘǜƬȧƬȭǜɁnjñʁɁǞǜŘȭƞ³ɁʊʊnjɁʁǜǒƬɡʁƬ˸ǔɁˁʊ˿ƬŘʁŘʁƬȭɁǜ
comparable with the current year.

56 ăǜŘǜƬȧƬȭǜʁƬǷŘʁƞǔȭǷʊˁŽʊǔƞǔŘʁ˿ƋɁȧɡŘȭǔƬʊŘʊʁƬɴˁǔʁƬƞˁȭƞƬʁăƬƋǜǔɁȭʹɍʹɤƶɦɁnjǜǒƬ,ɁȧɡŘȭǔƬʊÄƋǜƙɍȳǣȴɡˁʁʊˁŘȭǜǜɁ
ƬȭƬʁŘǚ,ǔʁƋˁǚŘʁÂɁƖʹʤʹ̋ɍɍƞŘǜƬƞƶǜǒhƬŽʁˁŘʁ˿ƙʹ̋ɍɍǔʊʊˁƬƞŽ˿ǜǒƬÀǔȭǔʊǜʁ˿Ɂnj,ɁʁɡɁʁŘǜƬÄǏŘǔʁʊȊÄʊɡƬʁÄȭȭƬ˾ˁʁƬɽ*ɻƖ

57 hǔǷˁʁƬʊɡƬʁǜŘǔȭǔȭǷǜɁǜǒƬʊˁŽʊǔƞǔŘʁ˿ƋɁȧɡŘȭǔƬʊǒŘ˸ƬŽƬƬȭʁƬƋǚŘʊʊǔǞƬƞ˹ǒƬʁƬ˸ƬʁȭƬƋƬʊʊŘʁ˿ǜɁŽʁǔȭǷǜǒƬȧǔȭǚǔȭƬ˹ǔǜǒ
ǜǒƬǷʁɁˁɡǞȭŘȭƋǔŘǚʊǜŘǜƬȧƬȭǜʊƖ

58 ñʁƬ˸ǔɁˁʊ˿ƬŘʁɻʊǞǷˁʁƬʊŘʁƬʁƬǷʁɁˁɡƬƞ˹ǒƬʁƬ˸ƬʁȭƬƋƬʊʊŘʁ˿Ɩ

SUN PHARMACEUTICAL INDUSTRIES LTD.

 Corporate Overview Statutory Reports Financial Statements
135
Notes

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31st March, 2014
ANNEXURE ’A’

ACCOUNTING STANDARD (AS-18) “RELATED PARTY DISCLOSURE”

Names of related parties and description of relationship

ɍƖ °Ƭ˿ÀŘȭŘǷƬȧƬȭǜ Mr. Dilip S. Shanghvi Managing Director
Personnel
ÀʁƖăˁƞǒǔʁĴƖĴŘǚǔŘ Wholetime Director
Mr. Sailesh T. Desai Wholetime Director
ʹƖ õƬǚŘǜǔ˸ƬʊɁnj°Ƭ˿ Mr. Aalok Shanghvi ăɁȭɁnjÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ
Management Personnel
ÀʊƖĴǔƞǒǔăǒŘȭǷǒ˸ǔ <ŘˁǷǒǜƬʁɁnjÀŘȭŘǷǔȭǷ<ǔʁƬƋǜɁʁ
3. Enterprise under Sun Petrochemicals Pvt Ltd
ʊǔǷȭǔǞƋŘȭǜǔȭǡˁƬȭƋƬɁnjǘƬ˿
Management Personnel or Navjivan Rasayan (Gujarat) Pvt Ltd
their relatives Sun Pharma Advanced Research
Company Ltd
Sugandh Management Consultancy (till
ʹƶǜǒhƬŽʁˁŘʁ˿ƙʹ̋ɍʯɦ

ANNUAL REPORT 2013-14

 ɍʯȴ

ÂÏďFăhÏõÀ“ÂñÄõďÏhďŒF,ÏÂăϳ“<ÄďF<h“ÂÄÂ,“ijăďÄďFÀFÂďă
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
ACCOUNTING STANDARD (AS-18) “ RELATED PARTY DISCLOSURE “ ` in Million

Particulars °Ƭ˿ÀŘȭŘǷƬȧƬȭǜ õƬǚŘǜǔ˸ƬʊɁnj°Ƭ˿ Enterprise under Total

Personnel Management Personnel ʊǔǷȭǔǞƋŘȭǜ“ȭǡˁƬȭƋƬ
Ɂnj°Ƭ˿ÀŘȭŘǷƬȧƬȭǜ
Personnel or their
relatives

31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013

Purchase of Fixed Assets - - - - 241.2 ʕȳǣƖɍ 241.2 ʕȳǣƖɍ

SUN PHARMACEUTICAL INDUSTRIES LTD.

Sun Pharma Advanced Research - - - - 241.2 ʕȳǣƖɍ 241.2 ʕȳǣƖɍ
Company Ltd
Sale of goods - - - - 17.5 24.1 17.5 24.1
Sun Pharma Advanced Research - - - - 17.5 24.1 17.5 24.1
Company Ltd
Sale of Fixed Assets - - - - 0.4 - 0.4 -
Sun Petrochemicals Pvt Ltd - - - - 0.4 - 0.4 -
Receiving of Service
Services - - - - 434.5 ɍʕȴƖʯ 434.5 ɍʕȴƖʯ
Sun Pharma Advanced Research - - - - 434.5 ɍʕȴƖʯ 434.5 ɍʕȴƖʯ
Company Ltd
Reimbursement of Expenses - - - - 13.7 1.3 13.7 1.3
Sun Pharma Advanced Research - - - - 13.7 1.3 13.7 1.3
Company Ltd
Loans given - - - - 311.0 ƶɍʹƖȳ 311.0 ƶɍʹƖȳ
Sugandh Management Consultancy - - - - - ʯʹƖȳ - ʯʹƖȳ
Sun Pharma Advanced Research - - - - 311.0 780.0 311.0 780.0
Company Ltd
Loans Received back - - - - ɍƙ̋ǮȳƖǮ 75.0 ɍƙ̋ǮȳƖǮ 75.0
Sun Pharma Advanced Research - - - - ɍƙ̋ǮȳƖǮ 75.0 ɍƙ̋ǮȳƖǮ 75.0
Company Ltd
Rendering of Service
Services - - - - 0.2 - 0.2 -
Sun Petrochemicals Pvt Ltd - - - - 0.2 - 0.2 -
Reimbursement of Expenses - - - - 47.7 ʯȴƖȳ 47.7 ʯȴƖȳ
Sun Pharma Advanced Research - - - - 47.7 ʯȴƖȳ 47.7 ʯȴƖȳ
Company Ltd
 ÂÏďFăhÏõÀ“ÂñÄõďÏhďŒF,ÏÂăϳ“<ÄďF<h“ÂÄÂ,“ijăďÄďFÀFÂďă
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
ACCOUNTING STANDARD (AS-18) “ RELATED PARTY DISCLOSURE “ ` in Million

Particulars °Ƭ˿ÀŘȭŘǷƬȧƬȭǜ õƬǚŘǜǔ˸ƬʊɁnj°Ƭ˿ Enterprise under Total

Personnel Management Personnel ʊǔǷȭǔǞƋŘȭǜ“ȭǡˁƬȭƋƬ
Ɂnj°Ƭ˿ÀŘȭŘǷƬȧƬȭǜ
Personnel or their
relatives

31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013

Interest Income - - - - 53.8 37.1 53.8 37.1
Sun Pharma Advanced Research - - - - 53.8 37.1 53.8 37.1
Company Ltd
Rent Income - - - - 1.5 1.5 1.5 1.5
Corporate Overview

Sun Pharma Advanced Research - - - - 1.4 1.4 1.4 1.4

Company Ltd
Navjivan Rasayan (Gujarat) Pvt Ltd - - - - 0.1 0.1 0.1 0.1
Director’s Remuneration ʹ̋ɍƖȴ ʕ̋Ɩȴ - - - - ʹ̋ɍƖȴ ʕ̋Ɩȴ
Mr. Dilip S. Shanghvi 104.2 10.3 - - - - 104.2 10.3
ÀʁƖăˁƞǒǔʁĴƖĴŘǚǔŘ 88.0 51.8 - - - - 88.0 51.8
Mr. Sailesh T. Desai ȳƖǮ 8.5 - - - - ȳƖǮ 8.5
Apprenticeship Stipend / Remuneration - - ɍȳƖȴ 32.8 - - ɍȳƖȴ 32.8
Mr. Aalok Shanghvi - - ɍȳƖ̋ ʯʹƖȴ - - ɍȳƖ̋ ʯʹƖȴ
Statutory Reports

ÀʊƖĴǔƞǒǔăǒŘȭǷǒ˸ǔ - - ̋Ɩȴ 0.2 - - ̋Ɩȴ 0.2

Outstanding Receivables / (Payables) ɤɍǣȴƖ̋ɦ (25.3) (0.7) (82.3) (210.2) 731.1 ɤʯȴȴƖȳɦ ȴʹʯƖǣ
(Net) as on
Sun Pharma Advanced Research - - - - (210.7) 731.1 (210.7) 731.1
Company Ltd
Sun Petrochemicals Pvt Ltd - - - - 0.5 - 0.5 -
Mr. Dilip S. Shanghvi (81.7) ɤȴƖʹɦ - - - - (81.7) ɤȴƖʹɦ
ÀʁƖăˁƞǒǔʁĴƖĴŘǚǔŘ ɤʕ̋Ɩȳɦ ɤɍȴƖǮɦ - - - - ɤʕ̋Ɩȳɦ ɤɍȴƖǮɦ
Mr. Aalok Shanghvi - - (1.1) (82.3) - - (1.1) (82.3)
Financial Statements

ÀʊƖĴǔƞǒǔăǒŘȭǷǒ˸ǔ - - 0.4 (0.0) - - 0.4 (0.0)

ƅɤñʁƬ˸ǔɁˁʊłƬŘʁ`ʹǮƙɍɍǣɦƇ
Notes

Mr. Sailesh T. Desai (3.4) (2.7) - - - - (3.4) (2.7)

137

ANNUAL REPORT 2013-14

 138

NOTES FORMING PART OF THE consolidated FINANCIAL STATEMENTS

for the year ended 31st March, 2014
Annexure ’B’

Statement regarding Subsidiary Companies as required under section 212 (8) of the companies
Act, 1956 pursuant to General Circular no. 2/2011 dated February 8th 2011 issued by the Ministry of
Corporate Affairs
` in Million
SR Name of the Subsidiary Company Reporting Rate Capital Reserve Total Total Investment Turnover Profit / Provision Profit / Proposed
NO Curency Assets Liabilities other than (Loss) before for Taxation (Loss) after Dividend
Investment in Taxation Taxation
Subsidiary

Sun Pharmaceutical Industries Ltd.

1 Green Eco Development Center Ltd. INR 1.00 1.0 (0.8) 4.6 4.4 - - (0.5) - (0.5) -
2 Sun Pharma Global Inc. USD 60.01 47,301.3 159,168.2 206,470.1 0.6 - - 150,815.0 - 150,815.0 -
3 Zao Sun Pharma Industries Ltd. RUB 1.71 0.0 (0.0) - - - - - - - -
4 Sun Pharmaceutical (Bangladesh) Ltd. BDT 0.77 46.4 387.8 764.6 330.4 - 769.1 124.5 54.9 69.6 -
5 Caraco Pharmaceutical Laboratories Ltd. USD 60.01 13,053.0 (6,889.4) 60,495.1 54,331.5 1,242.8 46,675.4 (837.0) (335.5) (501.5) -
6 TKS Farmaceutica Ltda BRL 26.40 147.1 (1,197.7) 2,009.5 3,060.1 - 799.9 (526.9) - (526.9) -
7 Sun Pharma De Mexico S.A. DE C.V. MXN 4.60 4.6 366.7 769.2 397.9 - 988.2 247.5 69.7 177.8 -
8 SPIL De Mexico S.A. DE C.V. MXN 4.60 0.2 - 0.2 - - - - - - -
9 Sun Pharmaceutical Peru S.A.C Soles 21.36 0.0 (73.0) 0.9 73.9 - - (20.4) - (20.4) -
10 OOO “Sun Pharmaceutical Industries” Ltd. RUB 1.71 0.1 (59.7) 836.4 896.0 - 731.4 (26.8) (4.7) (22.1) -
11 Sun Pharma de Venezuela, CA. VEF 9.55 0.5 (536.6) 10.5 546.6 - - (215.8) - (215.8) -
12 Chattem Chemicals Inc USD 60.01 2,066.2 1,102.8 3,310.2 141.2 - 1,809.8 247.7 45.2 202.5 -
13 Taro Development Corporation USD 60.01 0.0 (0.4) 1,191.7 1,192.1 - - - - - -
14 Alkaloida Chemical Company Zrt. USD 60.01 5,289.5 1,203.9 50,505.5 44,012.1 191.8 970.3 (1,065.9) - (1,065.9) -
15 Sun Pharmaceutical UK Ltd. GBP 99.98 - (628.5) 181.1 809.6 - 957.2 81.4 (0.3) 81.7 -
16 Sun Pharmaceutical Industries (Australia) Pty. Ltd. AUD 55.58 0.0 (50.6) 105.7 156.3 - 81.4 (45.6) - (45.6) -
17 Aditya Acquisition Company Ltd. ILS 17.25 0.0 (0.2) 60.2 60.4 - 82.3 (0.2) - (0.2) -
18 Sun Pharmaceutical Industries (Europe) B.V. EURO 82.63 1.5 (208.8) 643.7 851.0 - 907.7 3.9 - 3.9 -
19 Sun Pharmaceuticals Italia S.R.L. EURO 82.63 0.8 (372.0) 847.0 1,218.2 - 657.4 (29.7) - (29.7) -
20 Sun Pharmaceutical Spain, SL. EURO 82.63 0.2 (283.5) 201.5 484.8 - 155.1 (30.9) - (30.9) -
21 Sun Pharmaceuticals Germany GmbH EURO 82.63 2.1 (242.0) 310.2 550.1 - 500.3 (11.7) - (11.7) -
22 Sun Pharmaceuticals France EURO 82.63 3.1 (21.0) 298.3 316.2 - 510.5 1.3 - 1.3 -
23 Sun Pharma Global (FZE) USD 60.01 247.5 68,842.5 71,138.2 2,048.2 1,927.4 31,620.5 31,668.4 - 31,668.4 -
24 Sun Pharmaceuticals (SA) (Pty) Ltd. ZAR 5.69 0.0 (0.1) 0.0 0.1 - - (0.0) - (0.0) -
25 Sun Global Canada Pty. Ltd. USD 60.01 0.1 (0.9) - 0.8 - - (0.2) - (0.2) -
26 Sun Laboratories FZE USD 60.01 735.2 (1.9) 733.4 0.1 - - (0.6) - (0.6) -
27 Sun Global Development FZE USD 60.01 171.5 (1.8) 170.1 0.4 - - (0.6) - (0.6) -
28 Sun Pharma Japan Ltd. JPY 0.58 91.9 (226.0) 11.6 145.7 - - (121.4) 0.2 (121.6) -
 NOTES FORMING PART OF THE consolidated FINANCIAL STATEMENTS
for the year ended 31st March, 2014
Annexure ’B’

Statement regarding Subsidiary Companies as required under section 212 (8) of the companies
Act, 1956 pursuant to General Circular no. 2/2011 dated February 8th 2011 issued by the Ministry of
Corporate Affairs
` in Million
SR Name of the Subsidiary Company Reporting Rate Capital Reserve Total Total Investment Turnover Profit / Provision Profit / Proposed
NO Curency Assets Liabilities other than (Loss) before for Taxation (Loss) after Dividend
Investment in Taxation Taxation
Subsidiary
29 Sun Pharma Philippines Inc PHP 1.34 11.6 (90.5) 142.3 221.2 - 55.3 (65.7) - (65.7) -
30 Sun Pharma MEA JLT USD 60.01 163.4 31.0 225.7 31.3 - - (24.0) - (24.0) -
31 Sun Pharma Health Care FZE USD 60.01 171.5 (25.1) 146.5 0.1 - - 6.5 - 6.5 -
32 Sun Pharmaceuticals Korea Limited KRW 0.06 5.6 (1.0) 5.7 1.1 - - 0.0 - 0.0 -
Corporate Overview

33 Caraco Pharmaceuticals Private Limited INR 1.00 0.1 (0.2) (0.0) 0.1 - - (0.1) - (0.1) -
34 Sun Pharma Laboratories Limited INR 1.00 400.5 185,933.6 191,605.0 5,270.9 12,266.0 39,469.2 3,450.9 984.6 2,466.3 -
35 Morley and Company Inc USD 60.01 0.2 (0.1) 0.2 0.1 - - - - - -
36 Taro Pharmaceutical Industries Ltd.(TARO) USD 60.01 2,752.7 58,182.8 64,656.3 3,720.8 4.0 18,709.3 11,323.4 1,244.9 10,078.5 -
37 Taro Pharmaceuticals Inc. CAD 54.31 16.0 31,757.9 33,752.0 1,978.1 - 19,168.4 13,614.0 3,279.4 10,334.6 -
38 Taro Pharmaceuticals U.S.A.,Inc. USD 60.01 8.7 (1,871.9) 32,102.8 33,966.0 189.3 39,772.9 1,576.5 669.4 907.1 -
39 Taro Pharmaceuticals North America, Inc. USD 60.01 0.0 7,374.3 12,934.6 5,560.3 - 6,709.0 4,795.9 - 4,795.9 -
40 Taro Pharmaceuticals Europe B.V. EURO 82.63 1.5 (33.1) 4.3 35.9 - - (2.7) - (2.7) -
41 Taro Pharmaceuticals Ireland Ltd. EURO 82.63 165.3 5.9 109.1 (62.1) - - (7.8) - (7.8) -
Statutory Reports

42 Taro International Ltd. USD 60.01 30.1 (85.7) 79.3 134.9 - - (5.7) - (5.7) -
43 Taro Pharmaceuticals UK Ltd. GBP 99.98 - (628.5) 181.1 809.6 - 957.2 81.4 (0.3) 81.7 -
44 Taro Hungary Intellectual Property Licensing LLC. USD 60.01 6,102.2 0.5 6,108.3 5.6 - - 147.9 16.0 131.9 131.4
45 Taro Pharmaceuticals Canada, Ltd. CAD 54.31 0.0 (0.0) 0.1 0.1 - - - - - -
46 Taro Pharmaceutical India Private Ltd. INR 1.00 0.1 0.9 1.0 - - - (0.1) 0.0 (0.1) -
47 Sun Universal Ltd. USD 60.01 0.2 (1.1) 0.1 1.0 - - (0.3) - (0.3) -
48 Khyati Realty ME Ltd. USD 60.01 0.2 (1.0) - 0.8 - - (0.2) - (0.2) -
49 Aditya Pharma Private limited USD 60.01 0.2 (0.1) 0.1 - - - (0.1) - (0.1) -
50 Alkaloida Sweden AB SEK 9.27 33.7 (32.9) 4.5 3.7 - 5.1 (26.3) - (26.3) -
51 Dusa Pharmaceuticals Inc USD 60.01 0.6 (147.9) 11,200.1 11,347.4 - 4,232.3 (52.3) (289.6) 237.3 -
52 URL Pharma Inc USD 60.01 4,240.6 1,027.5 5,268.2 0.1 - - - - - -
Financial Statements

53 AR Scientific.Inc USD 60.01 80.4 10.0 (56.9) (147.3) - 283.0 34.0 13.4 20.6 -
54 Mutual Pharmaceutical Company, Inc. USD 60.01 5,183.0 6,592.9 13,939.3 2,163.4 - 17,698.6 9,642.4 3,594.3 6,048.1 -
Notes

55 United Research Laboratories, Ltd. USD 60.01 398.9 (31.1) 484.1 116.3 - 77.2 41.8 16.6 25.2 -
56 Dungan Mutual Associates, LLC USD 60.01 (74.0) 14.2 (59.0) 0.8 - - 18.1 7.1 11.0 -
139

Annual report 2013-14

 140

ÂÏďFăhÏõÀ“ÂñÄõďÏhďŒF,ÏÂăϳ“<ÄďF<h“ÂÄÂ,“ijăďÄďFÀFÂďă
njɁʁǜǒƬ˿ƬŘʁƬȭƞƬƞʯɍʊǜÀŘʁƋǒƙʹ̋ɍǮ
ANNEXURE ’B’

STATEMENT REGARDING SUBSIDIARY COMPANIES AS REQUIRED UNDER SECTION 212 (8) OF THE COMPANIES
ACT, 1956 PURSUANT TO GENERAL CIRCULAR NO. 2/2011 DATED FEBRUARY 8TH 2011 ISSUED BY THE MINISTRY OF
CORPORATE AFFAIRS
` in Million
SR ÂŘȧƬɁnjǜǒƬăˁŽʊǔƞǔŘʁ˿,ɁȧɡŘȭ˿ Reporting Rate Capital Reserve Total Total Investment Turnover ñʁɁǞǜʤ Provision ñʁɁǞǜʤ Proposed
NO Curency Assets Liabilities other than ɤ³ɁʊʊɦŽƬnjɁʁƬ njɁʁďŘ˾ŘǜǔɁȭ ɤ³ɁʊʊɦŘǢƬʁ Dividend
Investment in ďŘ˾ŘǜǔɁȭ ďŘ˾ŘǜǔɁȭ
Subsidiary

SUN PHARMACEUTICAL INDUSTRIES LTD.

57 URL PharmPro, LLC USD ȴ̋Ɩ̋ɍ ɤʯʯȴƖȳɦ (170.7) (501.8) 5.8 - - (232.3) ɤȳɍƖ̋ɦ (141.3) -
58 Dusa Pharmaceuticals New York Inc USD ȴ̋Ɩ̋ɍ - ɤʕɍƖȳɦ (55.7) ɍȴƖʹ - - ɤȴ̋Ɩȳɦ - ɤȴ̋Ɩȳɦ -
ǣȳ hŘʊǜʊǜɁȭƬÀƬʁƋŘȭǜǔǚƬ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ INR 1.00 0.1 ȳƖɍ ȳƖʹ 0.0 ȳƖʹ - (0.1) 0.0 (0.1) -
ȴ̋ Neetnav Real Estate Private Limited INR 1.00 0.1 ȳƖɍ ȳƖʹ 0.0 ȳƖʹ - (0.0) 0.0 (0.0) -
ȴɍ Realstone Multitrade Private Limited INR 1.00 0.1 ȳƖɍ ȳƖʹ 0.0 ȳƖʹ - (0.1) 0.0 (0.1) -
ȴʹ Skisen Labs Private Limited INR 1.00 0.1 ƶƖȳ ʯȴǣƖ̋ ʯǣȴƖ̋ ȳƖ̋ - (0.1) 0.0 (0.1) -
ȴʯ ăɁǢƞƬŘǚďʁŘƞǔȭǷ,ɁȧɡŘȭ˿ñʁǔ˸ŘǜƬ³ǔȧǔǜƬƞ INR 1.00 0.1 ƶƖȴ 8.7 0.0 8.7 - (0.1) 0.0 (0.1) -
ȴǮ Universal Enterprises (Pvt) Ltd. INR 1.00 4.5 0.8 5.3 0.0 - - 0.0 0.0 0.0 -
ȴǣ Sun Pharma Switzerland Ltd. ,Œh ȴʕƖƶǮ ȴƖƶ (0.4) ȴƖǣ 0.1 - - (0.4) - (0.4) -
ȴȴ Nogad Holdings USD ȴ̋Ɩ̋ɍ ʹ̋ǣƙʹȴǮƖȴ 3.5 ʹ̋ǣƙʹȴƶƖǣ 0.4 - - 3.5 - 3.5 -
ȴʕ Silverstreet Developers LLP INR 1.00 ʹƙʕʕȴƖǮ 0.0 ʹƙʕʕȴƖǣ 0.1 ʹƙʕʕǣƖȴ - 0.5 0.2 0.3 -

ÂɁǜƬƕ           
ɍ ̋Ɩ̋ɻʁƬɡʁƬʊƬȭǜʊŘȧɁˁȭǜǚƬʊʊǜǒŘȭ̋Ɩ̋ǣȧǔǚǚǔɁȭŘȭƞʁɁˁȭƞƬƞɁǏƖ
ʹ ďǒƬŘŽɁ˸ƬƞɁƬʊȭɁǜǔȭƋǚˁƞƬʯăǘ˿ǚǔȭƬ³³,ƙÏȭƬ,ɁȧȧƬʁƋƬ<ʁǔ˸Ƭ³³,ƙďŘʁɁƋǒƬȧ³ǜƞƙÏʁǜŘ³ǜƞƙăǔʁǔˁʊ³ŘŽɁʁŘǜɁʁǔƬʊ“ȭƋƙ,ŘʁŘƋɁñǒŘʁȧŘ“ȭƋƖŘȭƞďŘʁɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ“ȭƋŽƬǔȭǷʊˁŽʊǔƞǔŘʁǔƬʊɁnjďŘʁɁ
ñǒŘʁȧŘƋƬˁǜǔƋŘǚ“ȭƞˁʊǜʁǔƬʊ³ǜƞƖŘȭƞ,ŘʁŘƋɁñǒŘʁȧŘƋƬˁǜǔƋŘǚ³ŘŽɁʁŘǜɁʁǔƬʊ³ǜƞƖŘʊǜǒƬ˿ǒŘ˸ƬȭɁɁɡƬʁŘǜǔɁȭŘȭƞƞɁƬʊȭɁǜǒŘ˸ƬŘȭ˿ÄʊʊƬǜʊƙ³ǔŘŽǔǚǔǜǔƬʊɁʁFɴˁǔǜ˿ŘʊɁȭǜǒƬƋǚɁʊƬɁnjǜǒƬǔʁhǔȭŘȭƋǔŘǚłƬŘʁƖ
ʯ ăˁȭĘȭǔ˸ƬʁʊŘǚ³ǜƞŘȭƞ°ǒ˿ŘǜǔõƬŘǚǜ˿ÀF³ǜƞŘʁƬˁȭƞƬʁ˸ɁǚˁȭǜŘʁ˿ƋǚɁʊˁʁƬŘʊɡƬʁǜǒƬʁƬʊɁǚˁǜǔɁȭɡŘʊʊƬƞŽ˿ǜǒƬʁƬʊɡƬƋǜǔ˸ƬʊǒŘʁƬǒɁǚƞƬʁʊɁnjǜǒƬƋɁȧɡŘȭ˿Ɩ
CORPORATE INFORMATION
BOARD OF DIRECTORS PLANTS TKS Farmaceutica, Rodovia GO-080,
Israel Makov Survey No. 214, Plot No. 20, Govt. Km 02, Chacaras 01/02, Jardim Pompeia,
Chairman Industrial Area, Phase II, Piparia. Goiania/GO, Brazil
Silvassa - 396 230, U.T. of D & NH. CEP: 74690-170.
Dilip S. Shanghvi
Managing Director Halol-Baroda Highway, Near Anand Sun Pharma de Mexico S.A. de C.V, Av. Rio
Kendra, Halol, Dist. Panchmahal - Churubusco No. 658, Col. El Sifon, Del.
Sudhir V. Valia Iztapalapa, C.P 09400 Mexico, Distrito
389350, Gujarat.
Whole-time Director Federal.
Plot No. 24/2 & 25, GIDC, Phase-IV,
Sailesh T. Desai Chattem Chemicals, Inc., 3708, St. Elmo
Panoli - 394 116. Dist. Bharuch, Gujarat.
Whole-time Director Avenue, Chattanooga, TN 37409, USA
A-7 & A-8, MIDC Ind. Area, Ahmednagar -
S. Mohanchand Dadha Taro Pharmaceuticals Inc., 130 East Drive,
414111, Maharashtra.
Director Brampton, Ontario L6T 1C1, Canada.
Plot No. 4708, GIDC.
Hasmukh S. Shah Taro Pharmaceutical Industries Ltd.,
Ankleshwar - 393 002, Gujarat.
Director 14 Hakitor Street, P.O. Box 10347 Haifa Bay
Sathammai Village, Karunkuzhi Post, 2624761, Israel.
Keki M. Mistry
Maduranthakam TK, Kanchipuram
Director Dusa Pharmaceuticals Inc., 25, Upton
District, Tamil Nadu - 603 303.
Ashwin Dani Drive, Wilmington, Massachusetts, 01887,
Plot No. 817/A, Karkhadi, Taluka Padra, USA
Director
Dist. Vadodara - 391 450, Gujarat.
Rekha Sethi URL Pharmaceuticals Inc., 1100 Orthodox
Survey No. 259/15, Dadra - 396 191, Street, Philadelphia, PA 19124, USA
Director (w.e.f. February 13, 2014)
U.T. of D. & NH.
URL Pharmaceuticals Inc., 2500 Molitor
CHIEF FINANCIAL OFFICER Sun Pharma Laboratories Ltd., Road, Aurora, IL 60502, USA
Uday V. Baldota Plot No.754, Nandok Block, Setipool,
P.O. Ranipool, Sikkim – 737135. **Plant in operation till June 30, 2014.
COMPANY SECRETARY
Sun Pharma Laboratories Ltd., OFFICES
Sunil R. Ajmera Plot No. 107/108, Namli Block, Setipool,
email: secretarial@sunpharma.com õƬǷǔʊǜƬʁƬƞÏǓƋƬ
P.O. Ranipool, Sun Pharma Advanced Research Centre
Sikkim – 737135. (SPARC), Tandalja,
AUDITORS
Deloitte Haskins & Sells Sun Pharma Laboratories Ltd., Vadodara – 390 020, Gujarat.
Chartered Accountants, Mumbai 6-9 Export Promotion Industrial Park ,ɁʁɡɁʁŘǜƬÏǓƋƬ
(EPIP), Kartholi, Bari Brahmana, Acme Plaza, Andheri Kurla Road, Andheri
BANKERS Jammu - 181 133, J & K. (East), Mumbai – 400 059, Maharashtra.
Bank of Baroda
Sun Pharma Laboratories Ltd., I.G.C.
Bank of Nova Scotia RESEARCH CENTRES
Phase-I, Samba 184121 - J & K.
Citibank N.A. Sun Pharma Advanced Research Centre
ICICI Bank Ltd Sun Pharmaceutical Industries Inc., 705, E. (SPARC), Akota Road, Akota, Vadodara –
Mulberry Street, Bryan, 390 020, Gujarat.
Kotak Mahindra Bank Ltd
Ohio – 43506, USA.
Standard Chartered Bank F.P.27, Part Survey No. 27, C.S. No. 1050,
State Bank of India Sun Pharmaceutical Industries Inc., 270 TPS No. 24, Village Tandalja, District
Prospect Plains Road, Cranbury, New Vadodara - 390 020, Gujarat.
REGISTRARS & SHARE TRANSFER Jersey – 08512, USA.
AGENTS 17-B, Mahal Industrial Estate, Mahakali
Caraco Pharmaceutical Laboratories Ltd.,** Caves Road, Andheri (East),
Link Intime India Pvt. Ltd.
1150 Elijah McCoy Drive, Detroit –48202, Mumbai - 400 093, Maharashtra.
C/13, Kantilal Maganlal Estate,
Michigan, USA.
Pannalal Silk Mills Compound, Chemistry and Discovery Research Israel,
L B S Marg, Bhandup (West), Sun Pharmaceutical (Bangladesh) Ltd., 14 Hakitor Street,
Mumbai – 400 078 Chandana, Joydevpur, Gazipur, Bangladesh. P.O. Box 10347 Haifa Bay 2624761, Israel.
Tel: (022)-25946970
Fax: (022)-25946969 Alkaloida Chemical Company Zrt, H-4440
E-mail: sunpharma@linkintime.co.in Tiszavasvari , Kabay, Janos u.29,Hungary.
rnt.helpdesk@linkintime.co.in
 (info@aicl.in)

Acme Plaza,
Andheri - Kurla Rd, Andheri (E),
concept, content and design at

Mumbai - 400 059.

Tel: 91-22-66969696
Fax: 91-22-28212010
CIN: L24230GJ1993PLC019050
www.sunpharma.com