INTAS PHARMACEUTICALS LIMITED

Board of Directors : Mr. Hasmukh Chudgar - Chairman

Mr. Binish Chudgar - Vice Chairman & Managing Director

Mr. Nimish Chudgar - Managing Director & CEO

Dr. Urmish Chudgar - Managing Director

Mr. Sanjiv Kaul - Nominee Director of CARAVAGGIO

Mr. Nitin Potdar - Independent Non Executive Director

Mr. Surender K Tuteja - Independent Non Executive Director

Mr. John Goddard - Independent Non Executive Director

Mr. Tilokchand Ostwal - Independent Non Executive Director

Mr. Hemant Sheth - Independent Non Executive Director

Chief Finance Officer : Mr. Jayesh Shah

Company Secretary : Mr. Manoj Nair

Registered Office : 2nd Floor, Chinubhai Centre,

Off. Nehru Bridge, Ashram Road,

Ahmedabad - 380 009.

Telephone : 079 - 26576655

Fax : 079 - 26578862

Auditors : M/s Apaji Amin & Co., Chartered Accountants,

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

Bankers : State Bank of India DBS Bank Limited IDBI Bank Standard Chartered Bank

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

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

Yes Bank Corporation Bank

Website : http://www.intaspharma.com

Manufacturing Facilities :

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

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

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

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

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

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

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

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

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

Annual Report 2013-2014

CONSOLIDATED FINANCIAL STATEMENTSConsolidated Financial Statements for the year ended March 31, 2014, forms part of the Annual Report.

2. REVIEW OF OPERATIONS

During the year under review, your company has achieved sales of Rs. 411015.21 lacs as compared to Rs.

341328.13 lacs in the previous year representing a growth of 20%.

The EBIDTA was Rs. 85540.28 lacs increased from Rs. 76472.21 lacs in the previous year representing a

growth of 12%. The PBT was Rs. 72409.34 lacs increased from Rs. 63036.59 lacs in the previous year

representing a growth of 15%. The Net profit was Rs. 60725.23 lacs increased from Rs. 54699.52 lacs in the

previous year representing a growth of 11% The Earning Per Share was Rs. 55.02 as compared to Rs. 48.41.

DOMESTIC BUSINESS

Your Company retained its leading position in the domestic market and has maintained its current ranking

of the 12th largest pharmaceutical company in India in terms of market share, based on domestic sales of

formulations (Source: IMS March 2014) and has presence in various major therapy areas with a strong focus

on growth oriented therapy areas relating to neurology, psychiatry, cardiology diabetology, urology,

nephrology and pain management. Your company enjoys a dominant position in chronic therapy segments

which contributes around 60% of our domestic sales and has scaled up its strategy in oncology, biosimilar

and critical care segments.Your Company is focussed on growing organically in areas where they are

currently present and intend to introduce new therapies to complement its existing product basket.

DIRECTORS’ REPORTYour Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the

stCompany for the financial year ended 31 March, 2014.

1. FINANCIAL HIGHLIGHTSThe financial performance of the Company, for the year ended March 31, 2014 is summarized below:

(Amt in Lacs)

Consolidated Standalone

2013-14 2012-13 2013-14 2012-13

Sales and Other Income 4,26,148.14 3,57,604.03 4,15,477.14 3,41,179.69

Profit before Interest, Depreciation and Tax 79,224.20 74,035.26 85,540.28 76,472.21

Interest & Finance Cost 4000.71 6,044.30 3400.19 5,889.92

Depreciation 11,267.35 9,119.53 9,730.75 7,545.70

Profit before Tax 72,019.57 51,643.12 72,409.34 63,036.59

Provision for Tax 18,444.82 11,845.62 11,684.11 8,337.07

Net Profit 52,639.22 38,921.51 60,725.23 54,699.52

Add: Balance as per last Balance Sheet 62,016.81 26,117.67 1,08,976.46 56,300.35

Arise on scheme of merger - 5,782.87 - 6,654.29

Balance available for appropriations 1,14,655.99 70,694.53 1,69,701.69 1,17,653.81

Appropriations :

Proposed Equity Dividend 2,860.91 2,288.73 2,860.91 2,288.73

Corporate Dividend Tax 486.21 388.97 486.21 388.97

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

Transfer to Capital Redemption Reserve - - - -

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

Balance carried forward 99,808.87 62,016.83 1,54,854.57 1,08,976.46

1

Annual Report 2013-2014

CONSOLIDATED FINANCIAL STATEMENTSConsolidated Financial Statements for the year ended March 31, 2014, forms part of the Annual Report.

2. REVIEW OF OPERATIONS

During the year under review, your company has achieved sales of Rs. 411015.21 lacs as compared to Rs.

341328.13 lacs in the previous year representing a growth of 20%.

The EBIDTA was Rs. 85540.28 lacs increased from Rs. 76472.21 lacs in the previous year representing a

growth of 12%. The PBT was Rs. 72409.34 lacs increased from Rs. 63036.59 lacs in the previous year

representing a growth of 15%. The Net profit was Rs. 60725.23 lacs increased from Rs. 54699.52 lacs in the

previous year representing a growth of 11% The Earning Per Share was Rs. 55.02 as compared to Rs. 48.41.

DOMESTIC BUSINESS

Your Company retained its leading position in the domestic market and has maintained its current ranking

of the 12th largest pharmaceutical company in India in terms of market share, based on domestic sales of

formulations (Source: IMS March 2014) and has presence in various major therapy areas with a strong focus

on growth oriented therapy areas relating to neurology, psychiatry, cardiology diabetology, urology,

nephrology and pain management. Your company enjoys a dominant position in chronic therapy segments

which contributes around 60% of our domestic sales and has scaled up its strategy in oncology, biosimilar

and critical care segments.Your Company is focussed on growing organically in areas where they are

currently present and intend to introduce new therapies to complement its existing product basket.

DIRECTORS’ REPORTYour Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the

stCompany for the financial year ended 31 March, 2014.

1. FINANCIAL HIGHLIGHTSThe financial performance of the Company, for the year ended March 31, 2014 is summarized below:

(Amt in Lacs)

Consolidated Standalone

2013-14 2012-13 2013-14 2012-13

Sales and Other Income 4,26,148.14 3,57,604.03 4,15,477.14 3,41,179.69

Profit before Interest, Depreciation and Tax 79,224.20 74,035.26 85,540.28 76,472.21

Interest & Finance Cost 4000.71 6,044.30 3400.19 5,889.92

Depreciation 11,267.35 9,119.53 9,730.75 7,545.70

Profit before Tax 72,019.57 51,643.12 72,409.34 63,036.59

Provision for Tax 18,444.82 11,845.62 11,684.11 8,337.07

Net Profit 52,639.22 38,921.51 60,725.23 54,699.52

Add: Balance as per last Balance Sheet 62,016.81 26,117.67 1,08,976.46 56,300.35

Arise on scheme of merger - 5,782.87 - 6,654.29

Balance available for appropriations 1,14,655.99 70,694.53 1,69,701.69 1,17,653.81

Appropriations :

Proposed Equity Dividend 2,860.91 2,288.73 2,860.91 2,288.73

Corporate Dividend Tax 486.21 388.97 486.21 388.97

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

Transfer to Capital Redemption Reserve - - - -

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

Balance carried forward 99,808.87 62,016.83 1,54,854.57 1,08,976.46

1

Annual Report 2013-2014

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

197815.58 lacs as compared to Rs. 168861.37 lacs in the previous year representing a growth of 17%.

Recently your company has launched Nanosomal Docetaxel Lipid Suspension (NDLS), DoceAqualip,

created using the Nano Aqualip Technology. It is designed to reduce significantly the hypersensitivity of

the drug among the patients. This has received very good response from medical fraternity.

Your company has developed several product brands under each of the therapy areas. Our leading top

brands are ZORYL M, LEVERA, LIPICURE, LOOZ, VALPROL CR, ZORYL, HIFENAC-P, GABAPIN NT,

CEFTAS, VELTAM PLUS.

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

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

product launches for the last several years. During the year, your company has initiated several new

launches.

The fastest growing top brands of your company are ESPIN, ESPIN AT, MECOFOL PLUS-NF, ANTIPREG-

KIT, I-KUL PLUS, HALD, URIBID, LUKOTAS 3D, TERIFRAC, KULFDRYL, ZORYL-M FORTE, LOOZ,

GABAPIN NT, TAH, LOPEZ.

Your company has a well diversified portfolio of products featuring in first 3 ranks in the industry. These

products portfolio contribute to about 46 % of the total domestic sales.

BIOSIMILARS

Your Company has a dedicated research and manufacturing facility for Biosimilars in India which is

amongst the first European approved facilities, approved in 2007. Your company has successfully

commercialized 7 products in India and a subset of that in new emerging markets. Your Company has a

pipeline of 13 products at various stages of development / approval.

Your company is the only Indian company to have successfully launched their first molecule GCSF in

European Union which establishes company’s clear vision to take the biosimilar products in regulated

market.

INTERNATIONAL BUSINESS

Your company's international pharmaceutical sales contributed Rs. 181970.90 lacs as compared to

Rs. 141328.63 lacs which represents 29% growth over the previous year. Your company has a strong

presence across US, Europe and the rest of the world. Your company already has a strong product basket,

pipeline and marketing infrastructure in place. The company is present in over 70 countries across the

globe and the international sales have been growing at a CAGR of 36% in last 5 years.

UNITED STATES OF AMERICA

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

pharmaceutical chains. Company's focus is on medicines for hospitals and clinics with an emphasis on

therapy areas such as oncology, immuno-suppressants and other critical care therapy areas and on retail

and mail order pharmacies. The company has 29 paragraph IV filings as well as two 505(b)(2).

Your company has established a strong presence in the injectable market in the United States and is one of

the largest Indian Company in the United States in generic injectable space. During the year your company

has achieved sales of Rs. 61005.00 lacs as compared to Rs. 55531.85 lacs in the previous year which

represent 10% growth over the previous year.

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

Simvastatin, Gemcitabine, Mycophenolate Mofetil & Finasteride. Your company has a large basket of

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

2

EUROPE

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

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

pan European presence. In rest of Europe, the company’s products are either marketed through Franchise or

Distribution model.

The Strategy of the Company at Europe is to leverage pan European hospital network for own/ in licensed

pipeline of injectables, target own marketing of oral generics in markets of North-West Europe and

Outlicensing/partnership with global players in branded generic markets of South East Europe.

The total sales from the European market were Rs. 107586.00 lacs as compared to Rs. 68904.94 lacs in the

previous year representing a growth of 56%.

The current key contributors of Europe business are Quetiapine, Carboplatin, Fluorouracil, Gemcitabine,

Doxorubicin, Cisplatin, Simvastatin, Sertraline, Oxaliplatin & Naproxen. The Company has a large basket

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

REST OF THE WORLD

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

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

Africa. The focus remains on expanding business in pharmerging market with the help its strong product

basket and pipeline. Each country is supported with local marketing team for catering to the needs of the

customers and regulatory team for registration of products.

3. MANUFACTURING FACILITY

Your company operates nine manufacturing facilities, of which seven are located in India, one is in U.K.

and one at Mexico. It also operates two API and intermediate manufacturing facilities, each of which

complies with the regulatory requirements in the jurisdictions in which it operates. During the year under

review, your company has successfully completed the USFDA Audit at its Matoda plant and SEZ plant. The

company also has successfully completed MHRA audit at its SEZ plant.

PLASMA FRACTIONALISATION

During the year under review, your company undertook the setting up of Plasma Fractionation Plant at

Matoda, based on the technology developed in in-house R&D laboratory. When fully operational, the said

plant will process approx. 1,50,000 litres of plasma per annum sourced from licensed blood banks across

the country. Most of the equipment have been procured and installed and the regulatory clearances are

awaited for commissioning the plant. At present, the plasma products are being manufactured on contract

manufacturing basis from a party abroad. The commissioning of the Plant will result in conserving the

precious foreign exchange which at present is being spent on contract fractionation of the products.

4. SUBSIDIARIES

In accordance with the General Circular No. 51/12/2007-CL-III dated February 8, 2011 issued by the

Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and

other documents of the subsidiary companies are not being attached with the Balance Sheet of the

Company. The Company has complied with the requirements as prescribed under the said circular. The

consolidated financial statements prepared in accordance with Accounting Standard – 21 issued by the

Institute of Chartered Accountants of India forming part of this Annual Report include the financial

information of the subsidiary companies. The Company will make available the Annual Accounts of the

subsidiary companies and the related detailed information to any member of the Company, who may be

interested in obtaining the same. The Annual Accounts of the subsidiary companies will also be kept open

for inspection at the Registered Office of the Company and that of the respective subsidiary Company.

3

Annual Report 2013-2014

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

197815.58 lacs as compared to Rs. 168861.37 lacs in the previous year representing a growth of 17%.

Recently your company has launched Nanosomal Docetaxel Lipid Suspension (NDLS), DoceAqualip,

created using the Nano Aqualip Technology. It is designed to reduce significantly the hypersensitivity of

the drug among the patients. This has received very good response from medical fraternity.

Your company has developed several product brands under each of the therapy areas. Our leading top

brands are ZORYL M, LEVERA, LIPICURE, LOOZ, VALPROL CR, ZORYL, HIFENAC-P, GABAPIN NT,

CEFTAS, VELTAM PLUS.

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

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

product launches for the last several years. During the year, your company has initiated several new

launches.

The fastest growing top brands of your company are ESPIN, ESPIN AT, MECOFOL PLUS-NF, ANTIPREG-

KIT, I-KUL PLUS, HALD, URIBID, LUKOTAS 3D, TERIFRAC, KULFDRYL, ZORYL-M FORTE, LOOZ,

GABAPIN NT, TAH, LOPEZ.

Your company has a well diversified portfolio of products featuring in first 3 ranks in the industry. These

products portfolio contribute to about 46 % of the total domestic sales.

BIOSIMILARS

Your Company has a dedicated research and manufacturing facility for Biosimilars in India which is

amongst the first European approved facilities, approved in 2007. Your company has successfully

commercialized 7 products in India and a subset of that in new emerging markets. Your Company has a

pipeline of 13 products at various stages of development / approval.

Your company is the only Indian company to have successfully launched their first molecule GCSF in

European Union which establishes company’s clear vision to take the biosimilar products in regulated

market.

INTERNATIONAL BUSINESS

Your company's international pharmaceutical sales contributed Rs. 181970.90 lacs as compared to

Rs. 141328.63 lacs which represents 29% growth over the previous year. Your company has a strong

presence across US, Europe and the rest of the world. Your company already has a strong product basket,

pipeline and marketing infrastructure in place. The company is present in over 70 countries across the

globe and the international sales have been growing at a CAGR of 36% in last 5 years.

UNITED STATES OF AMERICA

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

pharmaceutical chains. Company's focus is on medicines for hospitals and clinics with an emphasis on

therapy areas such as oncology, immuno-suppressants and other critical care therapy areas and on retail

and mail order pharmacies. The company has 29 paragraph IV filings as well as two 505(b)(2).

Your company has established a strong presence in the injectable market in the United States and is one of

the largest Indian Company in the United States in generic injectable space. During the year your company

has achieved sales of Rs. 61005.00 lacs as compared to Rs. 55531.85 lacs in the previous year which

represent 10% growth over the previous year.

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

Simvastatin, Gemcitabine, Mycophenolate Mofetil & Finasteride. Your company has a large basket of

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

2

EUROPE

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

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

pan European presence. In rest of Europe, the company’s products are either marketed through Franchise or

Distribution model.

The Strategy of the Company at Europe is to leverage pan European hospital network for own/ in licensed

pipeline of injectables, target own marketing of oral generics in markets of North-West Europe and

Outlicensing/partnership with global players in branded generic markets of South East Europe.

The total sales from the European market were Rs. 107586.00 lacs as compared to Rs. 68904.94 lacs in the

previous year representing a growth of 56%.

The current key contributors of Europe business are Quetiapine, Carboplatin, Fluorouracil, Gemcitabine,

Doxorubicin, Cisplatin, Simvastatin, Sertraline, Oxaliplatin & Naproxen. The Company has a large basket

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

REST OF THE WORLD

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

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

Africa. The focus remains on expanding business in pharmerging market with the help its strong product

basket and pipeline. Each country is supported with local marketing team for catering to the needs of the

customers and regulatory team for registration of products.

3. MANUFACTURING FACILITY

Your company operates nine manufacturing facilities, of which seven are located in India, one is in U.K.

and one at Mexico. It also operates two API and intermediate manufacturing facilities, each of which

complies with the regulatory requirements in the jurisdictions in which it operates. During the year under

review, your company has successfully completed the USFDA Audit at its Matoda plant and SEZ plant. The

company also has successfully completed MHRA audit at its SEZ plant.

PLASMA FRACTIONALISATION

During the year under review, your company undertook the setting up of Plasma Fractionation Plant at

Matoda, based on the technology developed in in-house R&D laboratory. When fully operational, the said

plant will process approx. 1,50,000 litres of plasma per annum sourced from licensed blood banks across

the country. Most of the equipment have been procured and installed and the regulatory clearances are

awaited for commissioning the plant. At present, the plasma products are being manufactured on contract

manufacturing basis from a party abroad. The commissioning of the Plant will result in conserving the

precious foreign exchange which at present is being spent on contract fractionation of the products.

4. SUBSIDIARIES

In accordance with the General Circular No. 51/12/2007-CL-III dated February 8, 2011 issued by the

Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and

other documents of the subsidiary companies are not being attached with the Balance Sheet of the

Company. The Company has complied with the requirements as prescribed under the said circular. The

consolidated financial statements prepared in accordance with Accounting Standard – 21 issued by the

Institute of Chartered Accountants of India forming part of this Annual Report include the financial

information of the subsidiary companies. The Company will make available the Annual Accounts of the

subsidiary companies and the related detailed information to any member of the Company, who may be

interested in obtaining the same. The Annual Accounts of the subsidiary companies will also be kept open

for inspection at the Registered Office of the Company and that of the respective subsidiary Company.

3

Annual Report 2013-2014

The statement containing the list of subsidiaries along with brief financial details of the subsidiaries is given

in this Annual Report separately.

5. DIVIDEND

Your directors recommend for consideration of the shareholders at the Annual General Meeting, payment

of 25% dividend i.e. Rs. 2.5/- per equity share of Rs. 10/- each, involving total payout of Rs. 2860.91/- lacs,

including corporate dividend tax of Rs. 486.21/- lacs.

6. DEPOSITS

Your Company has not accepted any Deposits from the public during the year and hence details required to

be given under Section 58A of the Companies Act, 1956 are not applicable to the Company.

7. NON CONVERTIBLE DEBENTURES

During the year under review, out of the total of Rs. 70 crores outstanding Non-Convertible Debentures

(NCD), NCDs amounting to Rs. 35 crore have been redeemed and the outstanding NCDs aggregate to Rs.

35 crores.

During the year under review, your Company has issued 900 secured, redeemable, non-convertible

debentures of face value of Rs. 10,00,000 (“2013 NCDs”) through ICICI Bank Limited and Yes Bank

Limited as arrangers. The NCDs aggregate to Rs. 90 Cr and are proposed to be issued at an interest rate of

9% p.a. payable semi-annually.

8. INSURANCE

The Company’s plant, property, equipments and stocks are adequately insured against major risks. After

taking into account all the relevant factors, including the risk benefit trade-off, the Company has

consciously decided not to take insurance cover for loss of profit under the Consequential Loss (Fire) Policy.

The Company also has appropriate liability insurance covers particularly for product liability and clinical

trials. The Company has also taken Directors’ and Officers’ Liability Policy to provide coverage against the

liabilities arising on them.

9. DIRECTORS

Pursuant to the provisions of the Companies Act, 2013, Dr. Urmish Chudgar, Director of the Company, is

liable to retire by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for

re-appointment.

In terms of Sections 149, 152, Schedule IV and other applicable provisions, if any, of the Companies Act,

2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent

Directors can hold office for a term of up to five (5) consecutive years on the Board of Directors of your

Company and are not liable to retire by rotation. Accordingly, it is proposed to appoint Mr. Nitin Potdar,

Mr. SK Tuteja, Mr. TP Ostwal, Mr. John Goddard and Mr. Hemant Sheth as Independent Directors of your

Company up to 5 (five) consecutive years from the date of Annual general meeting.

Appropriate resolutions for the appointment of Directors are being placed before you for your approval at

the ensuing Annual General Meeting. The brief resume of the aforesaid Directors and other information

have been detailed in the Notice. Your Directors recommend their appointment/reappointment as

Directors of your Company.

Details of the proposal for appointment of Mr. Nitin Potdar, Mr. SK Tuteja, Mr. TP Ostwal, Mr. John

Goddard and Mr. Hemant Sheth are mentioned in the Explanatory Statement under Section 102 of the

Companies Act, 2013 of the Notice of the Annual General Meeting.

4

10. 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 that:

1. in the preparation of the annual accounts, the applicable accounting standards have been followed

along with proper explanation relating to material departures;

2. the Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of

affairs of the Company at the end of the financial year and of the Profit of the Company for the year under

review;

3. 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 for safeguarding the assets of the

Company and for preventing and detecting frauds and other irregularities;

4. the Directors have prepared the Annual Accounts on a going concern basis.

11. AUDITORS

Statutory Auditors of the Company, M/s. Apaji Amin & Co., Chartered Accountants, (Firm Registration No.

133793W), retire at the conclusion of the forthcoming Annual General Meeting. They will be completing

10 consecutive years as Statutory Auditors of the Company.

Pursuant to the provisions of Section 139 of the Companies Act, 2013, read with Rule 6 of the Companies

(Audit and Auditors) Rules 2014, they will be re-appointed for a period of three years from the conclusion of

this Annual General Meeting till the conclusion of consecutive Fourth Annual General Meeting of the

Company.

The Audit Committee and the Board of Directors recommend their re-appointment as Statutory Auditors of

your Company.

12. CORPORATE SOCIAL RESPONSIBILITY [CSR]

In compliance of the provisions of section 135 of the Companies Act, 2013, the Board of Directors has

formed a CSR Committee comprising four Directors namely Mr. SK Tuteja, Mr. Binish Chudgar, Mr. Nimish

Chudgar and Dr. Urmish Chudgar. Mr. SK Tuteja, an Independent Director is the Chairman of the

Committee.

13. AUDITORS’ REPORT AND NOTES ON ACCOUNTS

The Board has duly reviewed the Statutory Auditor’s Report on the Accounts. The observations and

comments, appearing in the Auditor’s Report are self-explanatory and do not call for any further

explanation / clarification by the Board of Directors under section 217(3) of the Companies Act, 1956.

14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, read with

Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in

Annexure “A” forming part of this report.

15. PARTICULARS OF EMPLOYEES

The statement of particulars of employees, providing information as per section 217(2A) of the Companies

Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, forms part of this report.

5

Annual Report 2013-2014

The statement containing the list of subsidiaries along with brief financial details of the subsidiaries is given

in this Annual Report separately.

5. DIVIDEND

Your directors recommend for consideration of the shareholders at the Annual General Meeting, payment

of 25% dividend i.e. Rs. 2.5/- per equity share of Rs. 10/- each, involving total payout of Rs. 2860.91/- lacs,

including corporate dividend tax of Rs. 486.21/- lacs.

6. DEPOSITS

Your Company has not accepted any Deposits from the public during the year and hence details required to

be given under Section 58A of the Companies Act, 1956 are not applicable to the Company.

7. NON CONVERTIBLE DEBENTURES

During the year under review, out of the total of Rs. 70 crores outstanding Non-Convertible Debentures

(NCD), NCDs amounting to Rs. 35 crore have been redeemed and the outstanding NCDs aggregate to Rs.

35 crores.

During the year under review, your Company has issued 900 secured, redeemable, non-convertible

debentures of face value of Rs. 10,00,000 (“2013 NCDs”) through ICICI Bank Limited and Yes Bank

Limited as arrangers. The NCDs aggregate to Rs. 90 Cr and are proposed to be issued at an interest rate of

9% p.a. payable semi-annually.

8. INSURANCE

The Company’s plant, property, equipments and stocks are adequately insured against major risks. After

taking into account all the relevant factors, including the risk benefit trade-off, the Company has

consciously decided not to take insurance cover for loss of profit under the Consequential Loss (Fire) Policy.

The Company also has appropriate liability insurance covers particularly for product liability and clinical

trials. The Company has also taken Directors’ and Officers’ Liability Policy to provide coverage against the

liabilities arising on them.

9. DIRECTORS

Pursuant to the provisions of the Companies Act, 2013, Dr. Urmish Chudgar, Director of the Company, is

liable to retire by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for

re-appointment.

In terms of Sections 149, 152, Schedule IV and other applicable provisions, if any, of the Companies Act,

2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent

Directors can hold office for a term of up to five (5) consecutive years on the Board of Directors of your

Company and are not liable to retire by rotation. Accordingly, it is proposed to appoint Mr. Nitin Potdar,

Mr. SK Tuteja, Mr. TP Ostwal, Mr. John Goddard and Mr. Hemant Sheth as Independent Directors of your

Company up to 5 (five) consecutive years from the date of Annual general meeting.

Appropriate resolutions for the appointment of Directors are being placed before you for your approval at

the ensuing Annual General Meeting. The brief resume of the aforesaid Directors and other information

have been detailed in the Notice. Your Directors recommend their appointment/reappointment as

Directors of your Company.

Details of the proposal for appointment of Mr. Nitin Potdar, Mr. SK Tuteja, Mr. TP Ostwal, Mr. John

Goddard and Mr. Hemant Sheth are mentioned in the Explanatory Statement under Section 102 of the

Companies Act, 2013 of the Notice of the Annual General Meeting.

4

10. 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 that:

1. in the preparation of the annual accounts, the applicable accounting standards have been followed

along with proper explanation relating to material departures;

2. the Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of

affairs of the Company at the end of the financial year and of the Profit of the Company for the year under

review;

3. 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 for safeguarding the assets of the

Company and for preventing and detecting frauds and other irregularities;

4. the Directors have prepared the Annual Accounts on a going concern basis.

11. AUDITORS

Statutory Auditors of the Company, M/s. Apaji Amin & Co., Chartered Accountants, (Firm Registration No.

133793W), retire at the conclusion of the forthcoming Annual General Meeting. They will be completing

10 consecutive years as Statutory Auditors of the Company.

Pursuant to the provisions of Section 139 of the Companies Act, 2013, read with Rule 6 of the Companies

(Audit and Auditors) Rules 2014, they will be re-appointed for a period of three years from the conclusion of

this Annual General Meeting till the conclusion of consecutive Fourth Annual General Meeting of the

Company.

The Audit Committee and the Board of Directors recommend their re-appointment as Statutory Auditors of

your Company.

12. CORPORATE SOCIAL RESPONSIBILITY [CSR]

In compliance of the provisions of section 135 of the Companies Act, 2013, the Board of Directors has

formed a CSR Committee comprising four Directors namely Mr. SK Tuteja, Mr. Binish Chudgar, Mr. Nimish

Chudgar and Dr. Urmish Chudgar. Mr. SK Tuteja, an Independent Director is the Chairman of the

Committee.

13. AUDITORS’ REPORT AND NOTES ON ACCOUNTS

The Board has duly reviewed the Statutory Auditor’s Report on the Accounts. The observations and

comments, appearing in the Auditor’s Report are self-explanatory and do not call for any further

explanation / clarification by the Board of Directors under section 217(3) of the Companies Act, 1956.

14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, read with

Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is given in

Annexure “A” forming part of this report.

15. PARTICULARS OF EMPLOYEES

The statement of particulars of employees, providing information as per section 217(2A) of the Companies

Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, forms part of this report.

5

Annual Report 2013-2014

16. COST AUDITORS

The Board of Directors of the Company appointed M/s. Kirit Mehta & Co., Cost Accountants, as the Cost

Auditor of the Company for the year ended March 31, 2014. The Cost Auditor has filed the cost audit

reports for the financial year ended on March 31, 2013 for Pharmaceutical Products within the due date on

September 28, 2013. The due date of filing the cost audit report in XBRL was September 30, 2013.The

Audit report of the cost accounts of the Company for the year ended March 31, 2014, will be submitted to

the Central Government in due course. In terms of Section 148(3) of the Companies Act, 2013 and Rule 14

of the Companies (Audit & Auditors) Rules, 2014, it is proposed by the Board to recommend the

remuneration approved in its meeting, for ratification by the shareholders in the ensuing Annual General

Meeting of the Company.

17. HUMAN RESOURCE

Company's industrial relations continued to be harmonious during the year under review.

18. ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the significant contribution made by the

employees at all levels through their dedication, hard work and commitment and look forward to their

continued support. Your Company has been hugely benefited by the support and patronage of its large

number of customers and is deeply indebted to them for their encouragement. Your Directors also wish to

place on record their appreciation and acknowledge with gratitude the support and co-operation extended

by banks, financial institutions, the government and look forward to having the same support in all future

endeavours.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 10 September, 2014 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

6

ANNEXURE – ‘A’ TO THE DIRECTOR’S REPORTInformation pursuant to Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988

and forming part of the Report of the Directors for the year ended 31st March, 2014.

A. Conservation of Energy

a) Energy conservation measures taken:

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

consumption, to endeavour to ensure the optimal use of energy with minimum extent possible wastage

as far as possible. The day to day consumption is monitored and various ways and means are adopted to

reduce the power consumption in an effort to save energy. The office area is designed in such a way that

during day time not much artificial lighting is necessary in the office.

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

requirement.

II. Keeping lights and Air Conditioning systems off during non-working hours

b) Additional investment and proposals, if any, being implemented for reduction of consumption of

energy and other raw materials.

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

ensures to conserve energy during routine operations itself. There is no specific investment plan for

energy conservation. Regular Annual Maintenance Contract is awarded to ensure that the equipments

systems, UPS, Air Conditioning systems, electrification runs smoothly and any faulty parts are resulting

in saving energy and increasing the efficiency.

c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent

impact on the cost of production of goods.

Impact of the measures mentioned here in above in point (a) and (b) certainly reduces the energy

consumption and consequent impact on the cost of production of services.

d) Total energy consumption and energy consumption per unit of production as per Form A of the

Annexure:

7

Annual Report 2013-2014

16. COST AUDITORS

The Board of Directors of the Company appointed M/s. Kirit Mehta & Co., Cost Accountants, as the Cost

Auditor of the Company for the year ended March 31, 2014. The Cost Auditor has filed the cost audit

reports for the financial year ended on March 31, 2013 for Pharmaceutical Products within the due date on

September 28, 2013. The due date of filing the cost audit report in XBRL was September 30, 2013.The

Audit report of the cost accounts of the Company for the year ended March 31, 2014, will be submitted to

the Central Government in due course. In terms of Section 148(3) of the Companies Act, 2013 and Rule 14

of the Companies (Audit & Auditors) Rules, 2014, it is proposed by the Board to recommend the

remuneration approved in its meeting, for ratification by the shareholders in the ensuing Annual General

Meeting of the Company.

17. HUMAN RESOURCE

Company's industrial relations continued to be harmonious during the year under review.

18. ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the significant contribution made by the

employees at all levels through their dedication, hard work and commitment and look forward to their

continued support. Your Company has been hugely benefited by the support and patronage of its large

number of customers and is deeply indebted to them for their encouragement. Your Directors also wish to

place on record their appreciation and acknowledge with gratitude the support and co-operation extended

by banks, financial institutions, the government and look forward to having the same support in all future

endeavours.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 10 September, 2014 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

6

ANNEXURE – ‘A’ TO THE DIRECTOR’S REPORTInformation pursuant to Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988

and forming part of the Report of the Directors for the year ended 31st March, 2014.

A. Conservation of Energy

a) Energy conservation measures taken:

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

consumption, to endeavour to ensure the optimal use of energy with minimum extent possible wastage

as far as possible. The day to day consumption is monitored and various ways and means are adopted to

reduce the power consumption in an effort to save energy. The office area is designed in such a way that

during day time not much artificial lighting is necessary in the office.

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

requirement.

II. Keeping lights and Air Conditioning systems off during non-working hours

b) Additional investment and proposals, if any, being implemented for reduction of consumption of

energy and other raw materials.

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

ensures to conserve energy during routine operations itself. There is no specific investment plan for

energy conservation. Regular Annual Maintenance Contract is awarded to ensure that the equipments

systems, UPS, Air Conditioning systems, electrification runs smoothly and any faulty parts are resulting

in saving energy and increasing the efficiency.

c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent

impact on the cost of production of goods.

Impact of the measures mentioned here in above in point (a) and (b) certainly reduces the energy

consumption and consequent impact on the cost of production of services.

d) Total energy consumption and energy consumption per unit of production as per Form A of the

Annexure:

7

Annual Report 2013-2014

8

Form – A

Form for disclosure of particulars with respect to the conservation of energy

a. Power and Fuel Consumption

Sr. No. Particulars 2013-14 2012-13

1. Electricity

(i) Purchased

Units ( KWH in lacs) 521.14 450.28

Total Amount (INR. in lacs) 3,266.12 2,891.97

Average Rate / Unit (INR.) 6.27 6.42

(ii) Own Generation

( through Diesel Generator)

Units ( KWH in lacs) 5.77 4.63

KWH /Units generated per litre of Diesel 4.40 3.25

Cost of Diesel per KWH / Unit 12.87 11.65

(iii) Windmill

Units ( KWH in lacs) 35.34 42.63

Total Maintenance expenses (INR. in lacs) 29.22 26.99

Cost of Maintenance/Unit (INR.) 0.83 0.63

2. Furnace Oil

Quantity (Litres in lacs) 3.96 2.80

Total Amount (INR. in lacs) 173.59 113.61

Average Rate (INR. / Litre) 43.79 40.52

3. Solid Fuels

Quantity (Kgs in lacs) 109.89 91.52

Total Amount (Rs. In lacs) 710.39 449.53

Average Rate (Rs. / Kgs) 6.46 4.91

4. High Speed Diesel

Quantity (Litres in lacs) 1.31 1.33

Total Amount (INR. in lacs) 74.31 59.31

Average Rate (INR. / Litre) 56.65 44.75

b. Consumption per unit of production

The Company manufactures several drug formulations in different pack sizes. It is therefore impractical

to apportion the consumption and cost of utilities to each product and formulation.

B. Research & Development (R&D)

We intend to continue to drive our R&D initiatives towards the development of innovative formulations for

securing future growth.

a. Specific areas in which R&D is carried out

Our focus on research is primarily directed towards API development, complex pharmaceutical

formulation development, Novel Drug Delivery systems (NDDS) and biosimilars development.

9

As part of our long term strategy to continuously improve our R&D capabilities, with a focus on

capturing more high-value first-to-market opportunities in key markets, our Company proposes to

expand our R&D infrastructure by setting up a new research and development facility.

b. Benefits derived as a result of the above R&D

a) New intellectual property developed and filed several patents, in which 19 patents are granted. The

Company has made 126 live applications in India and 96 live applications internationally.

b) Launch of new products in domestic markets, including few first of its kind in the country.

c) Quality improvement through continuous up-gradation and developing new technology.

d) Better production process and better yields of the end product.

e) Commercialized 4 pharmaceuticals formulations in India using NDDS technology i.e. Nanosomal

Tacrolimus, Amphotericin B, Docetaxel Inj and a Minoxidil+Finasteride lipid solution.

f) Developed lipid based formulations using patented Nanoaqualip technology.

c. Future plan of action

We intend to increase our patent filings through the development of Para IV, NDDS as well as NCEs. The

Company will continue its R&D efforts in the various areas indicated above and would also continue

R&D efforts in Biologics and Oncology. The major focus will be on developing new products and drug

delivery systems.

d. Total expenditure incurred on R&D during the year is as under:

(INR. in lacs)

Particulars Year endedst31 March 2014

Capital 3,433.94

Recurring 20,939.99

Total 24,283.93

Total R & D expenditure as a percentage of total turnover 6.27%

C. Technology Absorption, Adaptation and Innovation

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

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

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

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

scientifically skilled manpower.

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

development, import substitution etc.

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

image.

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

the financial year), following information may be furnished:

a. Technology imported Not applicable

b. Year of import Not applicable

c. Has technology been fully absorbed Not applicable

d. If not fully absorbed, areas where this has not taken place, Not applicable

reasons therefore and future plans of action:

Annual Report 2013-2014

8

Form – A

Form for disclosure of particulars with respect to the conservation of energy

a. Power and Fuel Consumption

Sr. No. Particulars 2013-14 2012-13

1. Electricity

(i) Purchased

Units ( KWH in lacs) 521.14 450.28

Total Amount (INR. in lacs) 3,266.12 2,891.97

Average Rate / Unit (INR.) 6.27 6.42

(ii) Own Generation

( through Diesel Generator)

Units ( KWH in lacs) 5.77 4.63

KWH /Units generated per litre of Diesel 4.40 3.25

Cost of Diesel per KWH / Unit 12.87 11.65

(iii) Windmill

Units ( KWH in lacs) 35.34 42.63

Total Maintenance expenses (INR. in lacs) 29.22 26.99

Cost of Maintenance/Unit (INR.) 0.83 0.63

2. Furnace Oil

Quantity (Litres in lacs) 3.96 2.80

Total Amount (INR. in lacs) 173.59 113.61

Average Rate (INR. / Litre) 43.79 40.52

3. Solid Fuels

Quantity (Kgs in lacs) 109.89 91.52

Total Amount (Rs. In lacs) 710.39 449.53

Average Rate (Rs. / Kgs) 6.46 4.91

4. High Speed Diesel

Quantity (Litres in lacs) 1.31 1.33

Total Amount (INR. in lacs) 74.31 59.31

Average Rate (INR. / Litre) 56.65 44.75

b. Consumption per unit of production

The Company manufactures several drug formulations in different pack sizes. It is therefore impractical

to apportion the consumption and cost of utilities to each product and formulation.

B. Research & Development (R&D)

We intend to continue to drive our R&D initiatives towards the development of innovative formulations for

securing future growth.

a. Specific areas in which R&D is carried out

Our focus on research is primarily directed towards API development, complex pharmaceutical

formulation development, Novel Drug Delivery systems (NDDS) and biosimilars development.

9

As part of our long term strategy to continuously improve our R&D capabilities, with a focus on

capturing more high-value first-to-market opportunities in key markets, our Company proposes to

expand our R&D infrastructure by setting up a new research and development facility.

b. Benefits derived as a result of the above R&D

a) New intellectual property developed and filed several patents, in which 19 patents are granted. The

Company has made 126 live applications in India and 96 live applications internationally.

b) Launch of new products in domestic markets, including few first of its kind in the country.

c) Quality improvement through continuous up-gradation and developing new technology.

d) Better production process and better yields of the end product.

e) Commercialized 4 pharmaceuticals formulations in India using NDDS technology i.e. Nanosomal

Tacrolimus, Amphotericin B, Docetaxel Inj and a Minoxidil+Finasteride lipid solution.

f) Developed lipid based formulations using patented Nanoaqualip technology.

c. Future plan of action

We intend to increase our patent filings through the development of Para IV, NDDS as well as NCEs. The

Company will continue its R&D efforts in the various areas indicated above and would also continue

R&D efforts in Biologics and Oncology. The major focus will be on developing new products and drug

delivery systems.

d. Total expenditure incurred on R&D during the year is as under:

(INR. in lacs)

Particulars Year endedst31 March 2014

Capital 3,433.94

Recurring 20,939.99

Total 24,283.93

Total R & D expenditure as a percentage of total turnover 6.27%

C. Technology Absorption, Adaptation and Innovation

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

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

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

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

scientifically skilled manpower.

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

development, import substitution etc.

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

image.

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

the financial year), following information may be furnished:

a. Technology imported Not applicable

b. Year of import Not applicable

c. Has technology been fully absorbed Not applicable

d. If not fully absorbed, areas where this has not taken place, Not applicable

reasons therefore and future plans of action:

Annual Report 2013-2014

10 11

D. Foreign Exchange earnings and outgo

(INR. in lacs)

Particulars Year ended

31st March, 2014

Earnings in Foreign Currency 1,85,690.39

Outgo in Foreign Currency 13,440.33

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 10 September, 2014 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

Annual Report 2013-2014

10 11

D. Foreign Exchange earnings and outgo

(INR. in lacs)

Particulars Year ended

31st March, 2014

Earnings in Foreign Currency 1,85,690.39

Outgo in Foreign Currency 13,440.33

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

thDate : 10 September, 2014 HASMUKH K. CHUDGAR

Place : Ahmedabad CHAIRMAN

Annual Report 2013-2014

STANDALONE FINANCIAL STATEMENTS

12

Report on the Financial Statements

We have audited the accompanying financial statements of Intas Pharmaceuticals Limited ('the Company'),

which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow

Statement for the year then ended and a summary of significant accounting policies and other explanatory

information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the

financial position, financial performance and cash flows of the Company in accordance with the accounting

principles generally accepted in India including Accounting Standards referred to in sub-section (3C) of Section

211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and

maintenance of internal control relevant to the preparation and presentation of the financial statements that give a

true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our

audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of

the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes

evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial

statements give the information required by the Act in the manner so required and give a true and fair view in

conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order, 2003 (“the Order”) issued by the Central

Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we give in the

Annexure, a statement on the matters specified in paragraphs 4 and 5 of the Order.

AUDITORS’ REPORT

13

Annual Report 2013-2014

STANDALONE FINANCIAL STATEMENTS

12

Report on the Financial Statements

We have audited the accompanying financial statements of Intas Pharmaceuticals Limited ('the Company'),

which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow

Statement for the year then ended and a summary of significant accounting policies and other explanatory

information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the

financial position, financial performance and cash flows of the Company in accordance with the accounting

principles generally accepted in India including Accounting Standards referred to in sub-section (3C) of Section

211 of the Companies Act, 1956 (“the Act”). This responsibility includes the design, implementation and

maintenance of internal control relevant to the preparation and presentation of the financial statements that give a

true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our

audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of

the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes

evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial

statements give the information required by the Act in the manner so required and give a true and fair view in

conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order, 2003 (“the Order”) issued by the Central

Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we give in the

Annexure, a statement on the matters specified in paragraphs 4 and 5 of the Order.

AUDITORS’ REPORT

13

Annual Report 2013-2014

2. As required by Section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purpose of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as

appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in

agreement with the books of account.

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with

the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on March 31, 2014, and taken on

record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014 from being

appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,

1956.

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

14

Annexure referred to in Paragraph 1 under the heading of “Report on

Other Legal and Regulatory Requirements” of our report of even date

1. In respect of its fixed assets:

i) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets on the basis of available information.

ii) As explained to us, the fixed assets have been physically verified by the management, in a phased

periodical manner set out by the Company, which in our opinion is reasonable, having regard to the

size of the Company and nature of its assets. According to the information and explanations given to us,

no material discrepancies were noticed on such physical verification.

iii) Fixed assets have been sold/disposed of during the year, do not constitute a substantial part of the total

fixed assets of the Company, hence the going concern concept has not been affected.

2. In respect of its inventories:

i) Inventories have been physically verified by the management at regular intervals during the year. In

our opinion, the frequency of such verification is reasonable.

ii) In our opinion and according to the information and explanations given to us, the procedures of

physical verification of inventories followed by the management are reasonable and adequate in

relation to the size of the Company and the nature of its business.

iii) The Company has maintained proper records of inventories. As explained to us, no material

discrepancies were noticed on physical verification of inventories.

3. In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firms or

other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

i) According to the information and explanations given to us, the Company has granted loans to

subsidiaries covered in the register maintained under Section 301 of the Companies Act, 1956. The

maximum amount involved during the year was ̀ 33,441 lacs (March 31, 2013: 25,915 lacs) and the

year-end balance of loans granted to such parties was ̀ 19,110 lacs (March 31, 2013: ̀ 22,370 lacs).

ii) According to the information and explanations given to us, the Company has not taken loans from a

director and from companies covered in the register maintained under Section 301 of the Companies

Act, 1956. The maximum amount involved during the year was ̀ 6,252 lacs (March 31, 2013: ̀ 5,145

lacs) and the year-end balance of loans taken from such parties was Nil (March 31, 2013: ̀ 4,810 lacs).

iii) Based on the information and explanations given to us, the rate of interest, wherever applicable and

other terms and conditions are not prima facie prejudicial to the interest of the Company.

iv) Based on the information and explanations given to us, the loans given and taken are re-payable on

demand. As informed, the Company/Lenders have not demanded repayment of any such loans during

the year. Thus, there has been no default on part of such parties and on the part of the Company.

v) There is no overdue amount in excess of Rs. 1 lakh in respect of loans granted to companies covered in

the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal

control system commensurate with the size of the Company and the nature of its business, for the purchase

of inventories, fixed assets and for the sale of goods. During the course of our audit, we have not observed

any major weakness or continuing failure to correct major weakness in internal control system of the

Company in respect of these areas.

`

15

Annual Report 2013-2014

2. As required by Section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purpose of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as

appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in

agreement with the books of account.

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with

the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the Directors as on March 31, 2014, and taken on

record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014 from being

appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,

1956.

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

14

Annexure referred to in Paragraph 1 under the heading of “Report on

Other Legal and Regulatory Requirements” of our report of even date

1. In respect of its fixed assets:

i) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets on the basis of available information.

ii) As explained to us, the fixed assets have been physically verified by the management, in a phased

periodical manner set out by the Company, which in our opinion is reasonable, having regard to the

size of the Company and nature of its assets. According to the information and explanations given to us,

no material discrepancies were noticed on such physical verification.

iii) Fixed assets have been sold/disposed of during the year, do not constitute a substantial part of the total

fixed assets of the Company, hence the going concern concept has not been affected.

2. In respect of its inventories:

i) Inventories have been physically verified by the management at regular intervals during the year. In

our opinion, the frequency of such verification is reasonable.

ii) In our opinion and according to the information and explanations given to us, the procedures of

physical verification of inventories followed by the management are reasonable and adequate in

relation to the size of the Company and the nature of its business.

iii) The Company has maintained proper records of inventories. As explained to us, no material

discrepancies were noticed on physical verification of inventories.

3. In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firms or

other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

i) According to the information and explanations given to us, the Company has granted loans to

subsidiaries covered in the register maintained under Section 301 of the Companies Act, 1956. The

maximum amount involved during the year was ̀ 33,441 lacs (March 31, 2013: 25,915 lacs) and the

year-end balance of loans granted to such parties was ̀ 19,110 lacs (March 31, 2013: ̀ 22,370 lacs).

ii) According to the information and explanations given to us, the Company has not taken loans from a

director and from companies covered in the register maintained under Section 301 of the Companies

Act, 1956. The maximum amount involved during the year was ̀ 6,252 lacs (March 31, 2013: ̀ 5,145

lacs) and the year-end balance of loans taken from such parties was Nil (March 31, 2013: ̀ 4,810 lacs).

iii) Based on the information and explanations given to us, the rate of interest, wherever applicable and

other terms and conditions are not prima facie prejudicial to the interest of the Company.

iv) Based on the information and explanations given to us, the loans given and taken are re-payable on

demand. As informed, the Company/Lenders have not demanded repayment of any such loans during

the year. Thus, there has been no default on part of such parties and on the part of the Company.

v) There is no overdue amount in excess of Rs. 1 lakh in respect of loans granted to companies covered in

the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal

control system commensurate with the size of the Company and the nature of its business, for the purchase

of inventories, fixed assets and for the sale of goods. During the course of our audit, we have not observed

any major weakness or continuing failure to correct major weakness in internal control system of the

Company in respect of these areas.

`

15

Annual Report 2013-2014

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

i) According to the information and explanations provided by the management, we are of the opinion

that the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956

that need to be entered into the register maintained under Section 301 have been so entered.

ii) In our opinion and according to the information and explanations given to us, transactions made in

pursuance of such contracts or arrangements and exceeding Rs. five lacs, in respect of any party during

the year, have been made at prices, which are reasonable having regard to prevailing market price at

the relevant time.

6. The Company has not accepted any deposits from the public as per the provisions of sections 58A, 58AA or

other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. The Company has an internal audit system, which in our opinion is commensurate with the size and nature

of its business.

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made

by the Central Government for the maintenance of cost records clause (g) of sub-section (1) of Section 209

of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records

have been maintained by the Company. We have not, however, carried out a detailed examination of the

same.

9. According to the information and explanation given to us, in respect of statutory dues:

(i) The Company is regular in depositing with appropriate authorities undisputed statutory dues including

Provident Fund, Employees State Insurance, Service Tax, Income Tax, Sales Tax, Wealth Tax, Customs

Duty, Excise Duty, Cess and other material statutory dues applicable to it.

(ii) According to the information and explanations given to us, no undisputed amounts payable in respect

of the aforesaid dues were outstanding as at the year-end for a period of more than six months from the

date they become payable.

9. According to the information and explanation given to us, in respect of statutory dues (contd…):

(iii) According to the information and explanations given to us, there are no dues outstanding for Sales Tax,

Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess and other statutory dues except mentioned

below:

Name of the Statute Nature of Dues Years to which Forum where Amt.

matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE/Joint 1,295.08

Excise Act, 1944 1997-98 to 2012-13 Commissioner

CESTAT 2,257.56

Government of India 180.78

Supreme Court 10.46

Income Tax Income Tax 2005-06 to 2011-12 Commissioner 8,173.85

Act, 1961

Sales Tax Act Sales Tax 2007-08 to 2009-10 Commissioner (A) 373.62

16

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

10. The Company does not have accumulated losses at the end of the financial year. The Company has not

incurred cash losses during the financial year covered by the audit and in the immediately preceding

financial year.

11. Based on our audit procedures and according to the information and explanations given to us, the

Company has not defaulted in repayment of dues to any financial institution, banks or debenture holders

during the year.

12. In our opinion and according to the information and explanations given to us, the company has not granted

any loans and advances on the basis of security by way of pledge of Shares, debentures and other securities.

Therefore, the provisions of clause 4(xii) of the Companies (Auditor’s Report) Order, 2003 (as amended)

are not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the

provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not

applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer

or trader in securities. The Company has invested surplus funds in mutual funds and disposed the same

during the year. Proper records have been maintained of the transactions and contracts and timely entries

have been made therein. The investments have been held by the Company in its own name.

15. The Company has given guarantees for loans taken by subsidiary companies from banks. According to the

information and explanations given to us, we are of the opinion that the terms and conditions thereof are

not prima-facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis Term

Loans obtained by the Company were applied for the purposes for which the loans were obtained.

17. According to the information and explanations given to us and on an overall examination of the Balance

Sheet of the Company, we report that no funds raised on short term basis have been used for long term

investments during the year.

18. The Company has not made any preferential allotment of shares to parties covered in the register

maintained under Section 301 of the Companies Act, 1956 during the year.

19. The Company has created securities / charges in respect of the secured non-convertible debentures issued.

20. The Company has not raised any money by way of public issue during the year.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the

financial statements and as per the information and explanations given by the management, which have

been relied upon by us, we report that no fraud on or by the Company has been noticed or reported during

the course of our audit.

17

Annual Report 2013-2014

5. In respect of transactions covered under Section 301 of the Companies Act, 1956:

i) According to the information and explanations provided by the management, we are of the opinion

that the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956

that need to be entered into the register maintained under Section 301 have been so entered.

ii) In our opinion and according to the information and explanations given to us, transactions made in

pursuance of such contracts or arrangements and exceeding Rs. five lacs, in respect of any party during

the year, have been made at prices, which are reasonable having regard to prevailing market price at

the relevant time.

6. The Company has not accepted any deposits from the public as per the provisions of sections 58A, 58AA or

other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. The Company has an internal audit system, which in our opinion is commensurate with the size and nature

of its business.

8. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made

by the Central Government for the maintenance of cost records clause (g) of sub-section (1) of Section 209

of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records

have been maintained by the Company. We have not, however, carried out a detailed examination of the

same.

9. According to the information and explanation given to us, in respect of statutory dues:

(i) The Company is regular in depositing with appropriate authorities undisputed statutory dues including

Provident Fund, Employees State Insurance, Service Tax, Income Tax, Sales Tax, Wealth Tax, Customs

Duty, Excise Duty, Cess and other material statutory dues applicable to it.

(ii) According to the information and explanations given to us, no undisputed amounts payable in respect

of the aforesaid dues were outstanding as at the year-end for a period of more than six months from the

date they become payable.

9. According to the information and explanation given to us, in respect of statutory dues (contd…):

(iii) According to the information and explanations given to us, there are no dues outstanding for Sales Tax,

Income Tax, Customs Duty, Wealth Tax, Excise Duty, Cess and other statutory dues except mentioned

below:

Name of the Statute Nature of Dues Years to which Forum where Amt.

matter pertains Dispute is pending (Rs. in Lacs)

The Central Excise Duty Various years from CCE/ACCE/Joint 1,295.08

Excise Act, 1944 1997-98 to 2012-13 Commissioner

CESTAT 2,257.56

Government of India 180.78

Supreme Court 10.46

Income Tax Income Tax 2005-06 to 2011-12 Commissioner 8,173.85

Act, 1961

Sales Tax Act Sales Tax 2007-08 to 2009-10 Commissioner (A) 373.62

16

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

10. The Company does not have accumulated losses at the end of the financial year. The Company has not

incurred cash losses during the financial year covered by the audit and in the immediately preceding

financial year.

11. Based on our audit procedures and according to the information and explanations given to us, the

Company has not defaulted in repayment of dues to any financial institution, banks or debenture holders

during the year.

12. In our opinion and according to the information and explanations given to us, the company has not granted

any loans and advances on the basis of security by way of pledge of Shares, debentures and other securities.

Therefore, the provisions of clause 4(xii) of the Companies (Auditor’s Report) Order, 2003 (as amended)

are not applicable to the Company.

13. In our opinion, the Company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the

provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 (as amended) are not

applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer

or trader in securities. The Company has invested surplus funds in mutual funds and disposed the same

during the year. Proper records have been maintained of the transactions and contracts and timely entries

have been made therein. The investments have been held by the Company in its own name.

15. The Company has given guarantees for loans taken by subsidiary companies from banks. According to the

information and explanations given to us, we are of the opinion that the terms and conditions thereof are

not prima-facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis Term

Loans obtained by the Company were applied for the purposes for which the loans were obtained.

17. According to the information and explanations given to us and on an overall examination of the Balance

Sheet of the Company, we report that no funds raised on short term basis have been used for long term

investments during the year.

18. The Company has not made any preferential allotment of shares to parties covered in the register

maintained under Section 301 of the Companies Act, 1956 during the year.

19. The Company has created securities / charges in respect of the secured non-convertible debentures issued.

20. The Company has not raised any money by way of public issue during the year.

21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the

financial statements and as per the information and explanations given by the management, which have

been relied upon by us, we report that no fraud on or by the Company has been noticed or reported during

the course of our audit.

17

Annual Report 2013-2014

Notes March 31, 2014 March 31, 2013EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 3 11,443.63 11,037.51(b) Equity Share Suspense - 406.11(c) Reserves and Surplus 4 2,68,901.48 2,11,523.37

2,80,345.10 2,22,966.99Non-current Liabilities

(a) Long-Term Borrowings 5 10,238.75 11,668.29(b) Deferred Tax Liabilities (net) 6 7,304.97 6,323.67(c) Other Long Term Liabilities 7 1,984.53 1,977.95(d) Long-term Provisions 8 4,103.86 3,559.29

23,632.11 23,529.20Current Liabilities

(a) Short Term Borrowings 9 46,314.83 55,396.66(b) Trade Payables 10 60,716.07 73,115.08(c) Other Current Liabilities 10 7,614.76 13,179.70(d) Short Term Provisions 8 3,347.12 2,677.70

1,17,992.78 1,44,369.14

TOTAL LIABILITIES 4,21,970.00 3,90,865.33

ASSETS

Non-Current Assets(a) Fixed assets

(i) Tangible assets 11 79,085.66 66,458.33 (ii) Intangible assets 12 15,414.45 16,800.20(iii) Capital Work-in-Progress 11 4,564.98 3,857.97(iv) Intangible Assets under Development 12 28,205.99 35,350.83

(b) Non-Current Investments 13 56,771.56 52,566.87(c) Long-Term Loans and Advances 14 24,932.94 33,915.04(d) Other Non-Current Assets 15 63.07 598.93

2,09,038.66 2,09,548.17Current Assets

(a) Current Investments 13A - 441.11(b) Inventories 16 62,708.65 61,610.53(c) Trade Receivables 17 1,28,961.68 98,753.15(d) Cash and Bank Balances 18 2,874.00 2,433.81(e) Short-Term Loans and Advances 14 18,387.02 18,078.56

2,12,931.35 1,81,317.16

TOTAL ASSETS 4,21,970.00 3,90,865.33

Summary of Significant Accounting Policies 2Notes are an integral part of Financial Statements

Balance Sheet as at March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

18

Notes March 31, 2014 March 31, 2013

Revenue :

Revenue from Operations (Gross) 19 4,11,015.21 3,41,328.13

Less: Duties and Taxes (1,435.32) (1,561.36)

Revenue from Operations (Net) 4,09,579.89 3,39,766.77

Other Income 20 5,897.25 1,412.92

Total Revenue 4,15,477.14 3,41,179.69

Expenses :

Cost of Materials Consumed 21 1,02,482.14 77,609.83

Purchases of Stock-in-Trade 94,667.28 82,005.14

Changes in Inventories Finished goods, 22 1,360.46 998.38

Work-In-Progress and Stock-in-Trade

Employee Benefits Expenses 23 34,218.21 29,790.93

Finance Cost 24 3,400.19 5,889.92

Depreciation and Amortization Expenses 9,730.75 7,545.70

Other Expenses 25 97,208.77 74,303.20

Total Expenses 3,43,067.80 2,78,143.10

Profit Before Tax 72,409.34 63,036.59

Tax Expenses :

Current Tax 10,702.81 8,429.73

Deferred Tax 981.30 620.45

Excess Provision of Earlier Years - (713.11)

Net Profit for the Year 60,725.23 54,699.52

Earning per Share Basic and Diluted (in Rs.) 55.02 48.41

[Nominal value of Share Rs. 10 (March 31, 2013: Rs. 10] 10.00 10.00

Summary of Significant Accounting Policies 2

Notes are an integral part of Financial Statements

Statement of Profit and Loss Account for the year ended March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

19

Annual Report 2013-2014

Notes March 31, 2014 March 31, 2013EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 3 11,443.63 11,037.51(b) Equity Share Suspense - 406.11(c) Reserves and Surplus 4 2,68,901.48 2,11,523.37

2,80,345.10 2,22,966.99Non-current Liabilities

(a) Long-Term Borrowings 5 10,238.75 11,668.29(b) Deferred Tax Liabilities (net) 6 7,304.97 6,323.67(c) Other Long Term Liabilities 7 1,984.53 1,977.95(d) Long-term Provisions 8 4,103.86 3,559.29

23,632.11 23,529.20Current Liabilities

(a) Short Term Borrowings 9 46,314.83 55,396.66(b) Trade Payables 10 60,716.07 73,115.08(c) Other Current Liabilities 10 7,614.76 13,179.70(d) Short Term Provisions 8 3,347.12 2,677.70

1,17,992.78 1,44,369.14

TOTAL LIABILITIES 4,21,970.00 3,90,865.33

ASSETS

Non-Current Assets(a) Fixed assets

(i) Tangible assets 11 79,085.66 66,458.33 (ii) Intangible assets 12 15,414.45 16,800.20(iii) Capital Work-in-Progress 11 4,564.98 3,857.97(iv) Intangible Assets under Development 12 28,205.99 35,350.83

(b) Non-Current Investments 13 56,771.56 52,566.87(c) Long-Term Loans and Advances 14 24,932.94 33,915.04(d) Other Non-Current Assets 15 63.07 598.93

2,09,038.66 2,09,548.17Current Assets

(a) Current Investments 13A - 441.11(b) Inventories 16 62,708.65 61,610.53(c) Trade Receivables 17 1,28,961.68 98,753.15(d) Cash and Bank Balances 18 2,874.00 2,433.81(e) Short-Term Loans and Advances 14 18,387.02 18,078.56

2,12,931.35 1,81,317.16

TOTAL ASSETS 4,21,970.00 3,90,865.33

Summary of Significant Accounting Policies 2Notes are an integral part of Financial Statements

Balance Sheet as at March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

18

Notes March 31, 2014 March 31, 2013

Revenue :

Revenue from Operations (Gross) 19 4,11,015.21 3,41,328.13

Less: Duties and Taxes (1,435.32) (1,561.36)

Revenue from Operations (Net) 4,09,579.89 3,39,766.77

Other Income 20 5,897.25 1,412.92

Total Revenue 4,15,477.14 3,41,179.69

Expenses :

Cost of Materials Consumed 21 1,02,482.14 77,609.83

Purchases of Stock-in-Trade 94,667.28 82,005.14

Changes in Inventories Finished goods, 22 1,360.46 998.38

Work-In-Progress and Stock-in-Trade

Employee Benefits Expenses 23 34,218.21 29,790.93

Finance Cost 24 3,400.19 5,889.92

Depreciation and Amortization Expenses 9,730.75 7,545.70

Other Expenses 25 97,208.77 74,303.20

Total Expenses 3,43,067.80 2,78,143.10

Profit Before Tax 72,409.34 63,036.59

Tax Expenses :

Current Tax 10,702.81 8,429.73

Deferred Tax 981.30 620.45

Excess Provision of Earlier Years - (713.11)

Net Profit for the Year 60,725.23 54,699.52

Earning per Share Basic and Diluted (in Rs.) 55.02 48.41

[Nominal value of Share Rs. 10 (March 31, 2013: Rs. 10] 10.00 10.00

Summary of Significant Accounting Policies 2

Notes are an integral part of Financial Statements

Statement of Profit and Loss Account for the year ended March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

19

Annual Report 2013-2014

A CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit Before Tax 72,409.34 63,036.59

Adjustments for :

Depreciation and Amortisation 9,730.75 7,545.70

Product Development Exp Written-off 4,113.58 2,611.34

Intangible assets / Investment Written-off 3,783.47 22.83

Dimunition in Investment 1,100.00 -

(Profit) / Loss on Sale of Assets (2,934.81) 81.94

Interest Expenses 2,802.11 5,356.84

Interest Income (991.79) (608.57)

IPO Expense Written off 830.46 -

Loss on Fire - 331.55

Excess Provision Written back - (359.17)

Miscellaneous Expenses Written-off - 94.51

Operating Profit before Working Capital Changes 90,843.10 78,113.56

Adjustments for :

Inventories (1,098.12) (5,981.95)

Trade Receivables (30,208.53) (20,916.32)

Short Term Loans and Advances (308.45) 9,191.89

Long Term Loans and Advances 9,783.07 (20,188.45)

Other Non Current Assets - (834.78)

Other Long Term Liabilities 6.58 276.15

Other Long Term Provision 544.57 827.87

Trade Payables (12,399.02) 22,635.02

Other Current Liabilities (5,589.01) 9,475.96

Cash generated from Operations 51,574.19 72,598.95

Direct Taxes paid (11,504.77) (8,601.92)

Net Cash from Operating Activities 40,069.42 63,997.03

B CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (23,237.27) (45,447.93)

Sale of Fixed Assets 3,740.52 190.93

Interest Received 993.58 1,395.19

Increase in Investments (4,863.57) (7,930.67)

Net Cash Flows used in Investing Activities (23,366.76) (51,792.50)

Cash Flow Statements for the year ended on March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

20

C CASH FLOWS FROM FINANCING ACTIVITIES

Redemption of Preference shares / Issue of Equity Shares 0.01 30,000.00

Share issue expenses (295.35) (34.49)

Proceeds from / Repayments of Short Term Borrowings (1,429.54) (29,973.20)

Proceeds from / Repayments of Long Term Borrowings (9,081.83) (3,642.94)

Interest paid (2,778.06) (5,715.72)

Dividend paid including Tax on Dividend (2,677.70) (2,405.26)

Net Cash Flows generated from / (used in) Financing Activities (16,262.47) (11,771.61)

Net (Decrease) / Increase in Cash or Cash Equivalents (A+B+C) 440.19 432.92

Cash and Cash Equivalents at the Beginning of the Year 2,433.81 1,893.09

Cash and Cash Equivalents Received due to Merger - 107.80

Cash and Cash Equivalents at the End of the Period 2,874.00 2,433.81

Components of Cash and Cash Equivalents:

Cash on Hand 33.12 36.90

Balances with Banks - On Current Accounts 2,654.97 1,997.22

- On Deposit Accounts 185.91 399.69

2,874.00 2,433.81

Cash Flow Statements for the year ended on March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

21

Annual Report 2013-2014

A CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit Before Tax 72,409.34 63,036.59

Adjustments for :

Depreciation and Amortisation 9,730.75 7,545.70

Product Development Exp Written-off 4,113.58 2,611.34

Intangible assets / Investment Written-off 3,783.47 22.83

Dimunition in Investment 1,100.00 -

(Profit) / Loss on Sale of Assets (2,934.81) 81.94

Interest Expenses 2,802.11 5,356.84

Interest Income (991.79) (608.57)

IPO Expense Written off 830.46 -

Loss on Fire - 331.55

Excess Provision Written back - (359.17)

Miscellaneous Expenses Written-off - 94.51

Operating Profit before Working Capital Changes 90,843.10 78,113.56

Adjustments for :

Inventories (1,098.12) (5,981.95)

Trade Receivables (30,208.53) (20,916.32)

Short Term Loans and Advances (308.45) 9,191.89

Long Term Loans and Advances 9,783.07 (20,188.45)

Other Non Current Assets - (834.78)

Other Long Term Liabilities 6.58 276.15

Other Long Term Provision 544.57 827.87

Trade Payables (12,399.02) 22,635.02

Other Current Liabilities (5,589.01) 9,475.96

Cash generated from Operations 51,574.19 72,598.95

Direct Taxes paid (11,504.77) (8,601.92)

Net Cash from Operating Activities 40,069.42 63,997.03

B CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (23,237.27) (45,447.93)

Sale of Fixed Assets 3,740.52 190.93

Interest Received 993.58 1,395.19

Increase in Investments (4,863.57) (7,930.67)

Net Cash Flows used in Investing Activities (23,366.76) (51,792.50)

Cash Flow Statements for the year ended on March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

20

C CASH FLOWS FROM FINANCING ACTIVITIES

Redemption of Preference shares / Issue of Equity Shares 0.01 30,000.00

Share issue expenses (295.35) (34.49)

Proceeds from / Repayments of Short Term Borrowings (1,429.54) (29,973.20)

Proceeds from / Repayments of Long Term Borrowings (9,081.83) (3,642.94)

Interest paid (2,778.06) (5,715.72)

Dividend paid including Tax on Dividend (2,677.70) (2,405.26)

Net Cash Flows generated from / (used in) Financing Activities (16,262.47) (11,771.61)

Net (Decrease) / Increase in Cash or Cash Equivalents (A+B+C) 440.19 432.92

Cash and Cash Equivalents at the Beginning of the Year 2,433.81 1,893.09

Cash and Cash Equivalents Received due to Merger - 107.80

Cash and Cash Equivalents at the End of the Period 2,874.00 2,433.81

Components of Cash and Cash Equivalents:

Cash on Hand 33.12 36.90

Balances with Banks - On Current Accounts 2,654.97 1,997.22

- On Deposit Accounts 185.91 399.69

2,874.00 2,433.81

Cash Flow Statements for the year ended on March 31, 2014(All the amount rupees in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

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Annual Report 2013-2014

1 CORPORATE INFORMATION

Intas Pharmaceuticals Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is a leading vertically integrated Indian pharmaceutical company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulations. The Company has manufacturing locations situated at Gujarat, i.e. Matoda, Vatva, Sanand Valia, Moraiya, Intas SEZ - Matoda and CBL Plant.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

(b) Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets and liabilities in future periods.

(c) Tangible Fixed Assets

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises Purchase Price, Borrowing Costs if capitalization criteria are met and any other directly attributable cost of bringing the asset to its working condition for the intended use, net off of any trade discounts and rebates.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

Capital assets under erection/installation are stated at cost in the Balance Sheet as "Capital Work-in-Progress".

(d) Research and Development Costs

Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under relevant head.

Revenue expenditure incurred is charged to revenue in the year in which it is incurred and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.

(e) Intangible Assets

Intangible Assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset will not exceed 10 years from the date when the asset is available for use.

Notes to the Financial Statements as at March 31, 2014

22

(f) Depreciation

(i) Depreciation is provided using the Straight Line Method as per the useful lives of the assets estimated by the management, or at the rates prescribed under schedule XIV of the Companies Act, 1956 whichever is higher, except for leasehold land and Intangible Assets.

(ii) Depreciation on assets acquired / sold during the year has been provided on pro-rata basis.

(iii) Leasehold Land is amortised over the period of the lease.

(iv) Assets costing individually Rs 5,000 or less are depreciated fully in the year of acquisition.

(g) Impairment of Assets

(i) The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

(h) Leases

Where the Company is the Lessee

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term. All leases are cancellable in nature and subject to renewal each year.

Where the Company is the lessor

Assets subject to operating leases are included in fixed assets. Lease income is recognised in the Statement of Profit and Loss on a straight-line basis over the lease term. Costs, including depreciation are recognised as an expense in the Statement of Profit and Loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognised immediately in the Statement of Profit and Loss.

(i) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

(j) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net realizable value. Cost includes Purchase Price and other directly attributable costs incidental thereto. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a weighted average basis.

Notes to the Financial Statements as at March 31, 2014

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Annual Report 2013-2014

1 CORPORATE INFORMATION

Intas Pharmaceuticals Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is a leading vertically integrated Indian pharmaceutical company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulations. The Company has manufacturing locations situated at Gujarat, i.e. Matoda, Vatva, Sanand Valia, Moraiya, Intas SEZ - Matoda and CBL Plant.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Preparation

The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

(b) Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management’s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets and liabilities in future periods.

(c) Tangible Fixed Assets

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises Purchase Price, Borrowing Costs if capitalization criteria are met and any other directly attributable cost of bringing the asset to its working condition for the intended use, net off of any trade discounts and rebates.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

Capital assets under erection/installation are stated at cost in the Balance Sheet as "Capital Work-in-Progress".

(d) Research and Development Costs

Capital expenditure on Research and Development is reported as Tangible/Intangible Assets under relevant head.

Revenue expenditure incurred is charged to revenue in the year in which it is incurred and the same is grouped under the respective head of expenses in the Statement of Profit and Loss.

(e) Intangible Assets

Intangible Assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible Assets are amortized on a Straight-line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an Intangible Asset will not exceed 10 years from the date when the asset is available for use.

Notes to the Financial Statements as at March 31, 2014

22

(f) Depreciation

(i) Depreciation is provided using the Straight Line Method as per the useful lives of the assets estimated by the management, or at the rates prescribed under schedule XIV of the Companies Act, 1956 whichever is higher, except for leasehold land and Intangible Assets.

(ii) Depreciation on assets acquired / sold during the year has been provided on pro-rata basis.

(iii) Leasehold Land is amortised over the period of the lease.

(iv) Assets costing individually Rs 5,000 or less are depreciated fully in the year of acquisition.

(g) Impairment of Assets

(i) The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased.

(ii) After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

(h) Leases

Where the Company is the Lessee

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term. All leases are cancellable in nature and subject to renewal each year.

Where the Company is the lessor

Assets subject to operating leases are included in fixed assets. Lease income is recognised in the Statement of Profit and Loss on a straight-line basis over the lease term. Costs, including depreciation are recognised as an expense in the Statement of Profit and Loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognised immediately in the Statement of Profit and Loss.

(i) Investments

Investments, which are readily realisable and intended to be held for not more than a year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. Investments in share of foreign subsidiaries are reported in Indian Currency at the rate of exchange prevailing on the date of transaction. However, provision for diminution in value is made to recognise a decline other than temporary in the value of the investments.

(j) Inventories

(i) Raw materials, Packing materials, fuel, stores and spares are valued at lower of cost and net realizable value. Cost includes Purchase Price and other directly attributable costs incidental thereto. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis.

(ii) Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined on a weighted average basis.

Notes to the Financial Statements as at March 31, 2014

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Annual Report 2013-2014

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminution in value of inventories has been made for expired, obsolete, non-moving and slow-moving inventories as per the management's estimate.

(k) Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

(i) Sale of Goods

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of goods. Excise duty is accounted on the basis of both, payments made in respect of goods cleared and also provision made for goods lying in bonded warehouse deducted from Gross Turnover. VAT and Sales Tax are charged to Statement of Profit and Loss.

(ii) Interest

Interest income is accounted on accrual basis at applicable rate.

(iii) Other Income

Other incomes are accounted as and when the right to receive arises.

(iii) Export Incentives

Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.

(l) Miscellaneous Expenditure Not Written-off

Miscellaneous Expenditure represents the expenses incurred on Initial Public Offer and the same need to be adjusted against Securities Premium Account as permitted under Section 78 of the Companies Act, 1956.

(m) Foreign Currency Translation

(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of transactions.

(ii) Loans denominated in foreign currencies are translated at the rates prevailing on the date of the Balance Sheet; the resultant exchange gains/losses are dealt with in the Statement of Profit and Loss.

(iii) Monetary items denominated in foreign currencies at the year end are restated at the year end rates.

(iv) Exchange differences that arise on settlement in respect of liabilities incurred for the purpose of acquiring fixed assets are recognized in the Statement of Profit and Loss.

(v) The difference in translation of monetary assets and liabilities, and realized gains and losses on foreign exchange transactions are recognized in the Statement of Profit and Loss.

(vi) Non monetary items other than fixed assets are carried in terms of historical cost denominated in a foreign currency using the exchange rate at the date of transactions.

Notes to the Financial Statements as at March 31, 2014

24

(n) Retirement and Other Employee Benefits

(i) Defined Contribution Plan

Company’s contribution paid/payable during the year to retirement benefit in the form of Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are recognized in the Statement of Profit and Loss. The Company has no obligation, other than the contribution paid/payable.

(ii) Defined Benefit Plan

The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave Encashment. The costs of providing benefits under these plans are determined on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(o) Income Taxes

Tax Expense comprises of Current and Deferred Tax. Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India. Deferred Income Taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Income Taxes reflect the impact of Timing Differences between Taxable Income and Accounting Income originating during the Current Year and reversal of timing differences for the earlier years. Deferred Tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.

(p) Earnings Per Share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Notes to the Financial Statements as at March 31, 2014

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Annual Report 2013-2014

(iii) Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

(iv) Provision for diminution in value of inventories has been made for expired, obsolete, non-moving and slow-moving inventories as per the management's estimate.

(k) Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

(i) Sale of Goods

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of goods. Excise duty is accounted on the basis of both, payments made in respect of goods cleared and also provision made for goods lying in bonded warehouse deducted from Gross Turnover. VAT and Sales Tax are charged to Statement of Profit and Loss.

(ii) Interest

Interest income is accounted on accrual basis at applicable rate.

(iii) Other Income

Other incomes are accounted as and when the right to receive arises.

(iii) Export Incentives

Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.

(l) Miscellaneous Expenditure Not Written-off

Miscellaneous Expenditure represents the expenses incurred on Initial Public Offer and the same need to be adjusted against Securities Premium Account as permitted under Section 78 of the Companies Act, 1956.

(m) Foreign Currency Translation

(i) Transactions in the foreign currencies are recorded at the exchange rate in force on the date of transactions.

(ii) Loans denominated in foreign currencies are translated at the rates prevailing on the date of the Balance Sheet; the resultant exchange gains/losses are dealt with in the Statement of Profit and Loss.

(iii) Monetary items denominated in foreign currencies at the year end are restated at the year end rates.

(iv) Exchange differences that arise on settlement in respect of liabilities incurred for the purpose of acquiring fixed assets are recognized in the Statement of Profit and Loss.

(v) The difference in translation of monetary assets and liabilities, and realized gains and losses on foreign exchange transactions are recognized in the Statement of Profit and Loss.

(vi) Non monetary items other than fixed assets are carried in terms of historical cost denominated in a foreign currency using the exchange rate at the date of transactions.

Notes to the Financial Statements as at March 31, 2014

24

(n) Retirement and Other Employee Benefits

(i) Defined Contribution Plan

Company’s contribution paid/payable during the year to retirement benefit in the form of Provident Fund, Employees state Insurance Corporation and Labour Welfare Fund are recognized in the Statement of Profit and Loss. The Company has no obligation, other than the contribution paid/payable.

(ii) Defined Benefit Plan

The Company operates two defined benefit plans for its employees, viz., Gratuity and Leave Encashment. The costs of providing benefits under these plans are determined on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the Statement of Profit and Loss.

(o) Income Taxes

Tax Expense comprises of Current and Deferred Tax. Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India. Deferred Income Taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred Income Taxes reflect the impact of Timing Differences between Taxable Income and Accounting Income originating during the Current Year and reversal of timing differences for the earlier years. Deferred Tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.

(p) Earnings Per Share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on Earning Per Share.

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period are adjusted for events of bonus and preferential issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Notes to the Financial Statements as at March 31, 2014

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Annual Report 2013-2014

(q) Cash and Cash Equivalents

Cash and cash equivalents in the cash flow statement comprise cash on hand, cash at bank, short-term investments with an original maturity of three months or less and remittances in transit.

(r) Derivative Instruments

(i) The premium or discount arising at the inception of forward exchange contracts is amortised as expense or income during the same period in which transaction occurs. Exchange differences on such contracts are recognised in the Statement of Profit and Loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or as expense for the year. The Company does not enter into forward contracts for trading or speculation purpose.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the underlying hedged item, is ignored. The Company does not enter into derivative contracts for trading or speculation purpose.

(s) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(t) Contingent Liabilities

A Contingent Liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A Contingent Liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

(u) Segment Reporting

Identification of Segment

The Company’s operating businesses are organized and managed separately according to the nature of products and activities, with each segment representing a strategic business unit that has different products and activities through similar market operations. The analysis of geographical segments is based on the geographical location of the customers.

(v) Measurement of EBITDA

As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act, 1956, the Company has elected to present Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) as a separate line item on the face of the Statement of Profit and Loss. The Company measures EBITDA on the basis of Profit / (Loss) from continuing operations. In its measurement, the Company does not include Depreciation and Amortization expense, Finance Costs and Tax expenses.

Notes to the Financial Statements as at March 31, 2014

26

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

No. of shares Amount No. of shares Amount

3 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168916752 16,891.68 154999000 15,499.90

Equity Shares with differential voting

rights of Rs.10/- each - - 1000 0.10

168916752 16,891.68 155000000 15,500.00

Preference Shares

Redeemable Preference Shares of Rs.10/- each - - 500000 50.00

Series A Redeemable Optionally Convertible

Cummulative Preference Shares of Rs.10/- each - - 7166000 716.60

Series B Compulsorily Convertible

Cummulative Preference Shares of Rs.10/- each - - 6250752 625.08

- - 13916752 1,391.68

168916752 16,891.68 168916752 16,891.68

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

No. of shares Amount No. of shares Amount

Issued, Subscribed and Fully Paid-up Shares

Equity Shares of Rs. 10/- each 114436276 11,443.63 110375145 11,037.51

Equity Share Suspense - 406.11

114436276 11,443.63 110375145 11,443.63

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year

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

Equity Shares No. of shares Amount No. of shares Amount

At the beginning of the year 110375145 11,037.51 103476698 10,347.67

Add : Issued during the year 4061131 406.11 6898447 689.84

Outstanding at the end of the year 114436276 11,443.63 110375145 11,037.51

(b) Aggregate Number of Bonus Shares issued during the period of five years immediately preceding the

reporting date:

Equity Shares: 2010-11

Alloted as Fully paid bonus shares by capitalisation of Security Premium 51738349

(c) Details of Shareholders holding more than 5% equity shares in the company

March 31, 2014 March 31, 2013

Name of the Shareholders No. of Shares % Holding No. of Shares % Holding

Equatorial Pvt. Ltd 47432000 41.45 46200000 41.86

Mozart Ltd. 11621100 10.16 11621100 10.53

Mrs. Parulben U Chudgar 6994369 6.11 6889116 6.24

Mrs. Bindiben B Chudgar 6906389 6.04 6813816 6.17

CARAVAGGIO 6898447 6.03 6898447 6.25

Mr. Nimish H Chudgar 6438707 5.63 6261080 5.67

Mr. Binish H Chudgar 6209147 5.43 6037480 5.47

92500159 80.85 90721039 82.19

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

27

Annual Report 2013-2014

(q) Cash and Cash Equivalents

Cash and cash equivalents in the cash flow statement comprise cash on hand, cash at bank, short-term investments with an original maturity of three months or less and remittances in transit.

(r) Derivative Instruments

(i) The premium or discount arising at the inception of forward exchange contracts is amortised as expense or income during the same period in which transaction occurs. Exchange differences on such contracts are recognised in the Statement of Profit and Loss in the year in which the exchange rates change. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or as expense for the year. The Company does not enter into forward contracts for trading or speculation purpose.

(ii) As per the ICAI Announcement, derivative contracts, other than foreign currency forward contracts covered under AS-11, are marked to market on a portfolio basis, and the net loss, if any, after considering the offsetting effect of gain on the underlying hedge item, is charged to the Statement of Profit and Loss. Net gain, if any, after considering the offsetting effect of loss on the underlying hedged item, is ignored. The Company does not enter into derivative contracts for trading or speculation purpose.

(s) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(t) Contingent Liabilities

A Contingent Liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A Contingent Liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

(u) Segment Reporting

Identification of Segment

The Company’s operating businesses are organized and managed separately according to the nature of products and activities, with each segment representing a strategic business unit that has different products and activities through similar market operations. The analysis of geographical segments is based on the geographical location of the customers.

(v) Measurement of EBITDA

As permitted by the Guidance Note on the Revised Schedule VI to the Companies Act, 1956, the Company has elected to present Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) as a separate line item on the face of the Statement of Profit and Loss. The Company measures EBITDA on the basis of Profit / (Loss) from continuing operations. In its measurement, the Company does not include Depreciation and Amortization expense, Finance Costs and Tax expenses.

Notes to the Financial Statements as at March 31, 2014

26

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

No. of shares Amount No. of shares Amount

3 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168916752 16,891.68 154999000 15,499.90

Equity Shares with differential voting

rights of Rs.10/- each - - 1000 0.10

168916752 16,891.68 155000000 15,500.00

Preference Shares

Redeemable Preference Shares of Rs.10/- each - - 500000 50.00

Series A Redeemable Optionally Convertible

Cummulative Preference Shares of Rs.10/- each - - 7166000 716.60

Series B Compulsorily Convertible

Cummulative Preference Shares of Rs.10/- each - - 6250752 625.08

- - 13916752 1,391.68

168916752 16,891.68 168916752 16,891.68

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

No. of shares Amount No. of shares Amount

Issued, Subscribed and Fully Paid-up Shares

Equity Shares of Rs. 10/- each 114436276 11,443.63 110375145 11,037.51

Equity Share Suspense - 406.11

114436276 11,443.63 110375145 11,443.63

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year

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

Equity Shares No. of shares Amount No. of shares Amount

At the beginning of the year 110375145 11,037.51 103476698 10,347.67

Add : Issued during the year 4061131 406.11 6898447 689.84

Outstanding at the end of the year 114436276 11,443.63 110375145 11,037.51

(b) Aggregate Number of Bonus Shares issued during the period of five years immediately preceding the

reporting date:

Equity Shares: 2010-11

Alloted as Fully paid bonus shares by capitalisation of Security Premium 51738349

(c) Details of Shareholders holding more than 5% equity shares in the company

March 31, 2014 March 31, 2013

Name of the Shareholders No. of Shares % Holding No. of Shares % Holding

Equatorial Pvt. Ltd 47432000 41.45 46200000 41.86

Mozart Ltd. 11621100 10.16 11621100 10.53

Mrs. Parulben U Chudgar 6994369 6.11 6889116 6.24

Mrs. Bindiben B Chudgar 6906389 6.04 6813816 6.17

CARAVAGGIO 6898447 6.03 6898447 6.25

Mr. Nimish H Chudgar 6438707 5.63 6261080 5.67

Mr. Binish H Chudgar 6209147 5.43 6037480 5.47

92500159 80.85 90721039 82.19

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

27

Annual Report 2013-2014

(d) The Company has issued only one class of equity shares having a par value of Rs. 10 per share. Each

equity shareholder is entitled to one vote per share. The Dividend proposed by the Board of Directors is

subject to the approval of the Shareholders in the ensuing Annual General Meeting and Company pays

the same in Indian Rupees. During the year ended March 31, 2014, the amount of per share dividend

recognised as distributions to equity shareholders was Rs. 2.50/- (March 31, 2013: Rs. 2/-). In the event

of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the

Company, after distribution of all preferential amounts. The distribution will be in proportion to the

number of equity shares held by the shareholders.

(e) The Hon’ble High Court of Gujarat have approved the scheme of Amalgamation ("Scheme") in the

nature of merger of Intas Biopharmaceuticals Limited (IBPL), Celestial Biologicals Limited (CBL), Astron

Research Limited and Intas Pharma Limited (“collectively referred to as Transferor Company”). The

Scheme of Amalgamation (the Scheme) was sanctioned by the Hon’ble High Court of Gujarat vide its

Order dated 22nd April 2013. The Scheme became effective on 23rd May 2013, the appointed date of

the Scheme being 1st April, 2012, hereinafter referred as effective date.

i) The assets, liabilities, rights and obligations of erstwhile Intas Biopharmaceuticals Limited (IBPL),

Celestial Biologicals Limited (CBL), Astron Research Limited and Intas Pharma Limited have been

transferred to and vested with the Company with effect from 1st April, 2012 and the transactions have

been recorded in compliance with the Pooling of Interest method for accounting of amalgamation.

Accordingly all the assets and all the liabilities, as also Reserves and Surplus (including the Share

Premium) appearing in the books of respective Transferor Companies has been transferred to the

Transferee Company at the same value at which they appear in the books of the Transferor Companies.

ii) 40,61,131 Equity shares of Rs 10/- each fully paid up are to be issued to the equity share holders of the

erstwhile shareholders of IBPL, without payment being received in cash. Pending allotment, the face

value of such shares has been shown as “Equity Share Suspense”. The Company has allotted the shares

on 5th June 2013.

iii) 4,878,885 Equity shares of erstwhile Intas Biopharmaceuticals Ltd, 10,000,000 Equity shares of

erstwhile Intas Pharma Ltd and 577,800 Equity shares of erstwhile Astron Research Ltd held by the

Company have been cancelled.

iv) 4,871,150 Equity shares of erstwhile Celestial Biologicals Ltd held by the Intas Biopharmaceuticals Ltd

have been cancelled.

v) To the extent the premium is paid by the transferee companies for subscribing to the shares of the

Transferor Companies, the amount of share premium transferred to the Transferee Company have been

set off against the value of investments in the books of the Transferee Company.

vi) From the effective date the authorised share capital will stand at Rs. 16891.68 Lacs.

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

28

March 31, March 31,

2014 2013

4. RESERVES AND SURPLUS

(a) Capital Reserve

Balance as per Last Financial Statements 443.74 443.74

Closing Balance 443.74 443.74

(b) Preference Share Capital Redemption Reserve

Balance as per Last Financial Statements 4,033.00 4,033.00

Closing Balance 4,033.00 4,033.00

(c) Security Premium Account

Balance as per Last Financial Statements 39,752.86 4,347.66

Add: Arise in scheme of Merger - 6,095.04

Add: Security premium credited on Issue of Equity Shares - 29,310.16

Closing Balance 39,752.86 39,752.86

(d) Debenture Redemption Reserve

Balance as per Last Financial Statements 10,500.00 10,500.00

Less: Transferred to General Reserve Account (7,000.00) -

Add: Transferred from Statement of Profit and Loss 4,500.00 -

Closing Balance 8,000.00 10,500.00

(e) General Reserve

Balance as per Last Financial Statements 47,817.31 45,147.09

Add: Transferred from Statement of Profit and Loss 7,000.00 6,000.00

Add: Transferred from Debenture Redemption Reserve 7,000.00

Add: Arise in scheme of Merger - (3,329.78)

Closing Balance 61,817.31 47,817.31

(f) Surplus

Balance as per Last Financial Statements 1,08,976.46 56,300.35

Add: Arise in scheme of Merger - 6,654.29

Net Profit for the year 60,725.23 54,699.52

Less: Appropriations :

Proposed Dividend on Equity Shares

(Rs.2.50 each (March 31, 2013 : Rs.2 each) (2,860.91) (2,288.73)

Tax on Proposed Dividend on Equity Shares (486.21) (388.97)

Transfer to General Reserve (7,000.00) (6,000.00)

Transfer to Debenture Redemption Reserve (4,500.00) -

Net Surplus in the Statement of Profit and Loss 1,54,854.57 1,08,976.46

GRAND TOTAL 2,68,901.48 2,11,523.37

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

29

Annual Report 2013-2014

(d) The Company has issued only one class of equity shares having a par value of Rs. 10 per share. Each

equity shareholder is entitled to one vote per share. The Dividend proposed by the Board of Directors is

subject to the approval of the Shareholders in the ensuing Annual General Meeting and Company pays

the same in Indian Rupees. During the year ended March 31, 2014, the amount of per share dividend

recognised as distributions to equity shareholders was Rs. 2.50/- (March 31, 2013: Rs. 2/-). In the event

of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the

Company, after distribution of all preferential amounts. The distribution will be in proportion to the

number of equity shares held by the shareholders.

(e) The Hon’ble High Court of Gujarat have approved the scheme of Amalgamation ("Scheme") in the

nature of merger of Intas Biopharmaceuticals Limited (IBPL), Celestial Biologicals Limited (CBL), Astron

Research Limited and Intas Pharma Limited (“collectively referred to as Transferor Company”). The

Scheme of Amalgamation (the Scheme) was sanctioned by the Hon’ble High Court of Gujarat vide its

Order dated 22nd April 2013. The Scheme became effective on 23rd May 2013, the appointed date of

the Scheme being 1st April, 2012, hereinafter referred as effective date.

i) The assets, liabilities, rights and obligations of erstwhile Intas Biopharmaceuticals Limited (IBPL),

Celestial Biologicals Limited (CBL), Astron Research Limited and Intas Pharma Limited have been

transferred to and vested with the Company with effect from 1st April, 2012 and the transactions have

been recorded in compliance with the Pooling of Interest method for accounting of amalgamation.

Accordingly all the assets and all the liabilities, as also Reserves and Surplus (including the Share

Premium) appearing in the books of respective Transferor Companies has been transferred to the

Transferee Company at the same value at which they appear in the books of the Transferor Companies.

ii) 40,61,131 Equity shares of Rs 10/- each fully paid up are to be issued to the equity share holders of the

erstwhile shareholders of IBPL, without payment being received in cash. Pending allotment, the face

value of such shares has been shown as “Equity Share Suspense”. The Company has allotted the shares

on 5th June 2013.

iii) 4,878,885 Equity shares of erstwhile Intas Biopharmaceuticals Ltd, 10,000,000 Equity shares of

erstwhile Intas Pharma Ltd and 577,800 Equity shares of erstwhile Astron Research Ltd held by the

Company have been cancelled.

iv) 4,871,150 Equity shares of erstwhile Celestial Biologicals Ltd held by the Intas Biopharmaceuticals Ltd

have been cancelled.

v) To the extent the premium is paid by the transferee companies for subscribing to the shares of the

Transferor Companies, the amount of share premium transferred to the Transferee Company have been

set off against the value of investments in the books of the Transferee Company.

vi) From the effective date the authorised share capital will stand at Rs. 16891.68 Lacs.

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

28

March 31, March 31,

2014 2013

4. RESERVES AND SURPLUS

(a) Capital Reserve

Balance as per Last Financial Statements 443.74 443.74

Closing Balance 443.74 443.74

(b) Preference Share Capital Redemption Reserve

Balance as per Last Financial Statements 4,033.00 4,033.00

Closing Balance 4,033.00 4,033.00

(c) Security Premium Account

Balance as per Last Financial Statements 39,752.86 4,347.66

Add: Arise in scheme of Merger - 6,095.04

Add: Security premium credited on Issue of Equity Shares - 29,310.16

Closing Balance 39,752.86 39,752.86

(d) Debenture Redemption Reserve

Balance as per Last Financial Statements 10,500.00 10,500.00

Less: Transferred to General Reserve Account (7,000.00) -

Add: Transferred from Statement of Profit and Loss 4,500.00 -

Closing Balance 8,000.00 10,500.00

(e) General Reserve

Balance as per Last Financial Statements 47,817.31 45,147.09

Add: Transferred from Statement of Profit and Loss 7,000.00 6,000.00

Add: Transferred from Debenture Redemption Reserve 7,000.00

Add: Arise in scheme of Merger - (3,329.78)

Closing Balance 61,817.31 47,817.31

(f) Surplus

Balance as per Last Financial Statements 1,08,976.46 56,300.35

Add: Arise in scheme of Merger - 6,654.29

Net Profit for the year 60,725.23 54,699.52

Less: Appropriations :

Proposed Dividend on Equity Shares

(Rs.2.50 each (March 31, 2013 : Rs.2 each) (2,860.91) (2,288.73)

Tax on Proposed Dividend on Equity Shares (486.21) (388.97)

Transfer to General Reserve (7,000.00) (6,000.00)

Transfer to Debenture Redemption Reserve (4,500.00) -

Net Surplus in the Statement of Profit and Loss 1,54,854.57 1,08,976.46

GRAND TOTAL 2,68,901.48 2,11,523.37

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

29

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Mar 31, 2014 Mar 31, 2013 Mar 31, 2014 Mar 31, 2013

Rs. in Lacs Rs. in Lacs Rs. in Lacs Rs. in Lacs

5 LONG TERM BORROWINGS Non-current Portion Current Portion

Non-convertible Debentures (Secured) 9,000.00 3,500.00 3,500.00 3,500.00

Term Loans from Banks

Rupee Loans (Secured) - 561.26 - 3,678.28

Foreign Currency Loans (Secured) - 1,829.06 1,866.32 3,058.89

Hire Purchase Vehicle Loans from Banks - 0.97 0.93 18.83

Dues from Related Parties - Unsecured - 4,560.00 - 250.00

Other Loans

Secured 480.00 480.00 - -

Unsecured 758.75 737.00 - 35.00

10,238.75 11,668.29 5,367.25 10,541.00

The above amount includes:

Secured Borrowings 9,480.00 5,891.29 5,367.25 10,255.99

Unsecured Borrowings 758.75 5,777.00 - 285.01

Amount disclosed under the head

"Other Current Liabilities" (Note 10) - - (5,367.25) (10,541.00)

Net Amount 10,238.75 11,668.29 - -

1 1,050 (Previous Year: 1,050) Secured Non-convertible Debentures (NCD I) of Rs. 10 Lacs each redeemable at par from the end of third year to five year from the date of allotment viz. 06.11.2009 in equal installments. Out of this 700 Nos agreegating Rs. 7000 lacs has been redeemed till date and Balance will fall due in FY 2014-15.

2 During the year , the Company has issued 900 Secured Non-convertible Debentures (NCD II) of Rs. 10 Lacs each. The same are redeemable at par from the end of third year to five year from the date of allotment viz. 14.06.2013 in equal installments.

3 The Non Covertible Debentures (NCD I) are secured by first pari-passu charge on the movable and certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd) and a partnership firm M/s Intas Pharmaceutcials.

4 'The Non Convertible Debentures (NCD II ) are secured by first pari-passu charge on the movable and immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

5 The Term Laons and other secured borrowings are secured by first pari-passu charge on the movable and certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd), Bio-Pharma Division (erstwhile Intas Biopharma Ltd), Plasma Division (erstwhile Celestial Biologicals Ltd) and a partnership firm M/s Intas Pharmaceutcials.

6 Obligation of Hire Purchase arrangement are secured against assets purchased under agreement.

March 31, 2014 March 31, 2013

6 DEFERRED TAX LIABILITIES (NET) Long Term

Deferred Tax Liability

Impact of Difference between depreciation / amortisation 8,818.04 7,849.68

as per Income Tax

Gross Deferred Tax Liabilities 8,818.04 7,849.68

Deferred Tax Asset

Impact of Expenditure charged to the Statement of 1,513.07 1,526.01

Profit and Loss in the Current Year, but allowed for tax

purposes in following years on payment basis

Gross Deferred Tax Assets 1,513.07 1,526.01

Deferred Tax Liabilities (Net) 7,304.97 6,323.67 30

March 31, 2014 March 31, 2013

7 OTHER LONG-TERM LIABILITIES

Deposits from C & F Agents 1,984.53 1,977.95

1,984.53 1,977.95

As at March 31 As at March 31

2014 2013 2014 2013

8 PROVISIONS Non-Current Current

Provision for Employee Benefits

Provision for Gratuity 2,587.13 2,240.68 - -

Provision for Leave Encashment 1,516.73 1,318.61 - -

4,103.86 3,559.29 - -

Other Provisions

Proposed Equity Dividend - - 2,860.91 2,288.73

Provision for Tax on Proposed Equity Dividend - - 486.21 388.97

- - 3,347.12 2,677.70

4,103.86 3,559.29 3,347.12 2,677.70

* First pari-passu charge on the entire current assets and fixed assets at Vatva facility, on certain office premises

and second charge on movable & immovable assets of the company. Exclusive charge by way of

hypothecation on the entire current assets of Intas Pharma existing and future. First pari passu charge over the

entire movable properties and immovable properties of IBPL. First pari passu mortgage over immovable

property of the Celestial. First pari passu charge on the whole of the moveable properties of the Astron

Research both present and future.

2014 2013

9 SHORT-TERM BORROWINGS*

Secured Borrowings From Banks:

Rupee Loans from Banks 6,810.62 7,341.25

Foreign Currency Loans from Banks 14,125.97 22,975.02

Unsecured Borrowings From Banks:

Rupee Loans from Banks 2,168.68 3,159.61

Foreign Currency Loans from Banks 23,209.56 21,920.78

46,314.83 55,396.66

The above amount includes :

Secured Borrowings 20,936.59 30,316.27

Unsecured Borrowings 25,378.24 25,080.39

46,314.83 55,396.66

As at March 31

31

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Mar 31, 2014 Mar 31, 2013 Mar 31, 2014 Mar 31, 2013

Rs. in Lacs Rs. in Lacs Rs. in Lacs Rs. in Lacs

5 LONG TERM BORROWINGS Non-current Portion Current Portion

Non-convertible Debentures (Secured) 9,000.00 3,500.00 3,500.00 3,500.00

Term Loans from Banks

Rupee Loans (Secured) - 561.26 - 3,678.28

Foreign Currency Loans (Secured) - 1,829.06 1,866.32 3,058.89

Hire Purchase Vehicle Loans from Banks - 0.97 0.93 18.83

Dues from Related Parties - Unsecured - 4,560.00 - 250.00

Other Loans

Secured 480.00 480.00 - -

Unsecured 758.75 737.00 - 35.00

10,238.75 11,668.29 5,367.25 10,541.00

The above amount includes:

Secured Borrowings 9,480.00 5,891.29 5,367.25 10,255.99

Unsecured Borrowings 758.75 5,777.00 - 285.01

Amount disclosed under the head

"Other Current Liabilities" (Note 10) - - (5,367.25) (10,541.00)

Net Amount 10,238.75 11,668.29 - -

1 1,050 (Previous Year: 1,050) Secured Non-convertible Debentures (NCD I) of Rs. 10 Lacs each redeemable at par from the end of third year to five year from the date of allotment viz. 06.11.2009 in equal installments. Out of this 700 Nos agreegating Rs. 7000 lacs has been redeemed till date and Balance will fall due in FY 2014-15.

2 During the year , the Company has issued 900 Secured Non-convertible Debentures (NCD II) of Rs. 10 Lacs each. The same are redeemable at par from the end of third year to five year from the date of allotment viz. 14.06.2013 in equal installments.

3 The Non Covertible Debentures (NCD I) are secured by first pari-passu charge on the movable and certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd) and a partnership firm M/s Intas Pharmaceutcials.

4 'The Non Convertible Debentures (NCD II ) are secured by first pari-passu charge on the movable and immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

5 The Term Laons and other secured borrowings are secured by first pari-passu charge on the movable and certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd), Bio-Pharma Division (erstwhile Intas Biopharma Ltd), Plasma Division (erstwhile Celestial Biologicals Ltd) and a partnership firm M/s Intas Pharmaceutcials.

6 Obligation of Hire Purchase arrangement are secured against assets purchased under agreement.

March 31, 2014 March 31, 2013

6 DEFERRED TAX LIABILITIES (NET) Long Term

Deferred Tax Liability

Impact of Difference between depreciation / amortisation 8,818.04 7,849.68

as per Income Tax

Gross Deferred Tax Liabilities 8,818.04 7,849.68

Deferred Tax Asset

Impact of Expenditure charged to the Statement of 1,513.07 1,526.01

Profit and Loss in the Current Year, but allowed for tax

purposes in following years on payment basis

Gross Deferred Tax Assets 1,513.07 1,526.01

Deferred Tax Liabilities (Net) 7,304.97 6,323.67 30

March 31, 2014 March 31, 2013

7 OTHER LONG-TERM LIABILITIES

Deposits from C & F Agents 1,984.53 1,977.95

1,984.53 1,977.95

As at March 31 As at March 31

2014 2013 2014 2013

8 PROVISIONS Non-Current Current

Provision for Employee Benefits

Provision for Gratuity 2,587.13 2,240.68 - -

Provision for Leave Encashment 1,516.73 1,318.61 - -

4,103.86 3,559.29 - -

Other Provisions

Proposed Equity Dividend - - 2,860.91 2,288.73

Provision for Tax on Proposed Equity Dividend - - 486.21 388.97

- - 3,347.12 2,677.70

4,103.86 3,559.29 3,347.12 2,677.70

* First pari-passu charge on the entire current assets and fixed assets at Vatva facility, on certain office premises

and second charge on movable & immovable assets of the company. Exclusive charge by way of

hypothecation on the entire current assets of Intas Pharma existing and future. First pari passu charge over the

entire movable properties and immovable properties of IBPL. First pari passu mortgage over immovable

property of the Celestial. First pari passu charge on the whole of the moveable properties of the Astron

Research both present and future.

2014 2013

9 SHORT-TERM BORROWINGS*

Secured Borrowings From Banks:

Rupee Loans from Banks 6,810.62 7,341.25

Foreign Currency Loans from Banks 14,125.97 22,975.02

Unsecured Borrowings From Banks:

Rupee Loans from Banks 2,168.68 3,159.61

Foreign Currency Loans from Banks 23,209.56 21,920.78

46,314.83 55,396.66

The above amount includes :

Secured Borrowings 20,936.59 30,316.27

Unsecured Borrowings 25,378.24 25,080.39

46,314.83 55,396.66

As at March 31

31

Annual Report 2013-2014

As at March 31

2014 2013

10 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

Trade Payables

Dues to Related Parties 24,322.25 37,618.43

Other Payables 36,393.82 35,496.65

Other Liabilities

Current Maturities of Long Term Borrowings 5,367.25 10,541.00

Advance from Customers 386.04 790.73

Interest Accrued but not due on loans 455.73 431.68

Others

- TDS 527.70 640.24

- Others 878.04 776.06

7,614.76 13,179.71

TOTAL 68,330.83 86,294.79

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

32

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ld L

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ical

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w 4

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5

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(1

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Cap

ital

Wo

rk-I

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rogr

ess

35

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3

4,7

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(

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6,9

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2

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D T

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5

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vio

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6

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Ad

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ss B

lock

Dep

reci

atio

n B

lock

33

Annual Report 2013-2014

As at March 31

2014 2013

10 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

Trade Payables

Dues to Related Parties 24,322.25 37,618.43

Other Payables 36,393.82 35,496.65

Other Liabilities

Current Maturities of Long Term Borrowings 5,367.25 10,541.00

Advance from Customers 386.04 790.73

Interest Accrued but not due on loans 455.73 431.68

Others

- TDS 527.70 640.24

- Others 878.04 776.06

7,614.76 13,179.71

TOTAL 68,330.83 86,294.79

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

32

11

. F

IXED

ASS

ETS

- T

AN

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LE A

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S

Net

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ck

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Pre

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(

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5

19

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19

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7

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3

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4

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13

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Pat

ents

/ T

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ks 1

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3

-

-

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1,8

23

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1 7

44

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mp

ute

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04

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1

32

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-

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36

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41

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34

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76

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1

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ical

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ow

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w 4

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3

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59

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2

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01

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44

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3

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tal

26

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9.2

4

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(

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5.2

3)

(9

80

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)3

0,5

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1

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59

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5

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2.0

9

(1

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) 1

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1

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14

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Cap

ital

Wo

rk-I

n-P

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ess

35

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0.8

3

4,7

32

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(

4,9

60

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6,9

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3

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2

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05

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GR

AN

D T

OT

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62

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0.0

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(

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1

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59

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5

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(1

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4

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Pre

vio

us

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s 2

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(

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) -

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0.0

6

6,3

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3

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51

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5

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Ad

dit

ion

Gro

ss B

lock

Dep

reci

atio

n B

lock

33

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

13. INVESTMENTS As At March 31

NON CURRENT INVESTMENTS Nos. of Shares Face Value 2014 2013

(a) Unquoted

Investment in Shares

(i) Subsidiary Companies

Accord Healthcare Limited 50,000 `10 5.00 5.00

Accord Healthcare Limited, UK 38,815,674 GBP 1 30,306.88 30,306.88

Accord Healthcare (Pty) Limited,

South Africa 25,636,256 SAR 1 2,846.29 1,478.23

Accord Healthcare NZ Limited, 5,888,286 NZ $ 1 2,099.35 1,885.04

New Zealand

Accord Farmaceutica Ltda, Brazil 13,414,484 BR 1 3,417.19 3,417.19

Accord Healthcare Inc., NC, USA 9,325,400 US $ 1 5,382.14 2,741.72

Accord Healthcare Inc., Canada 1,757,905 CN $ 1 1,812.65 731.25

Accord Healthcare Inc., Canada 2,286,142 CN $ 1 964.77 964.77

(Preference Shares)

Accord Healthcare S.A.C., Peru 2,065,820 PS 1 278.53 278.53

Accord Farma S.A. DE C.V., Mexico 267,804 MP 1 5,083.48 5,083.48

Intas Medi Devices Limited 550,000 ` 10 1,050.00 1,050.00

Astron Research Limited UK 100,000 GBP 1 80.58 80.58

(ii) Joint Venture

Alvi-Intas Medical Devices Private Limited 5,000 ` 10 0.50 -

(b) Unquoted

Investment in Equity Shares

Prime Paediatrics Pvt. Ltd. 100 10.00 0.01 0.01

(c) Investment in Partnership Firm

Capital of Intas Pharmaceuticals 3,120.00 3,120.00

(d) Investment : Quoted

Common Stock - Viopro Inc 1,81,766,666 US $ 0.001 1,424.19 1,424.19

57,871.56 52,566.87

Less : Provision for Diminution of Investment (Note e below) (1,100.00) -

56,771.56 52,566.87

Notes :

(a) Aggregate amount of Unquoted Investments - At Book Value 56,447.37 51,142.69

(b) Aggregate Market Value of Quoted Investments 393.27 1,743.96

(c) Investment in the Capital of a Partnership Firm:

Name of the Firm: Intas Pharmaceuticals

Total Capital of the Firm 3,250.00 3,250.00

Name of the Partners and their Profit-sharing Ratio:

(i) Intas Pharmaceuticals Limited 96% 96%

(ii) Intas Welfare Trust * 2% 2%

(iii) Intas Enterprise Private Limited * 2% 2%

*Enterprises Having Significant Influence (EHSI) by

Key Management Personnel of the Company

(d) Accord Healthcare INC NJ has been desolved on 23rd May 2013 and therefore Investment of Rs. 22.83 Lacs

made in the Company has been written off.

(e) Investment -Quoted in common stock of Viropro has been diminished by Rs. 1100 Lacs based on the marked

value as on 31st March 2014.

34

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As At March 31

2014 2013

15 OTHER NON-CURRENT ASSETS

Unsecured, considered good unless stated otherwise

Unamortised Expenditure, to the extent not written-off

Unamortised Miscellaneous Expenditure* - 535.06

Others

Interest accrued on Fixed Deposits 63.07 63.87

63.07 598.93

*Unamortized IPO Expenses has been charged off in

Profit and Loss Account

Long Term Short Term

As at March 31 As at March 31

2014 2013 2014 2013

14 LONG-TERM LOANS AND ADVANCES

Capital Advances

Unsecured, considered good (A) 2,976.80 9,636.26 - -

Security deposit

Secured, considered good (B) 934.56 797.64 - -

Loans and Advances to

Related Parties (note 33)

Unsecured, considered good (C) 19,109.55 22,370.08 - -

Advances recoverable in Cash or Kind

Unsecured, considered good (D) - - 12,829.13 13,126.38

Other Loans and Advances

Advance Tax (net of provisions) 1,912.03 1,111.06 - -

Prepaid expenses - - 1,277.95 893.49

Loans to employees - - 497.37 250.26

Balances with Statutory Authorities - - 3,782.57 3,808.43

(E) 1,912.03 1,111.06 5,557.89 4,952.18

Total (A+B+C+D+E) 24,932.94 33,915.04 18,387.02 18,078.56

As At March 31

2014 2013

13A CURRENT INVESTMENTS

Investment : Quoted

Reliance Liquid fund - Growth Plan - 441.11

(Aggregate Market value : Rs.NIL, Previous Year : Rs.458.33 Lacs) - 441.11

35

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

13. INVESTMENTS As At March 31

NON CURRENT INVESTMENTS Nos. of Shares Face Value 2014 2013

(a) Unquoted

Investment in Shares

(i) Subsidiary Companies

Accord Healthcare Limited 50,000 `10 5.00 5.00

Accord Healthcare Limited, UK 38,815,674 GBP 1 30,306.88 30,306.88

Accord Healthcare (Pty) Limited,

South Africa 25,636,256 SAR 1 2,846.29 1,478.23

Accord Healthcare NZ Limited, 5,888,286 NZ $ 1 2,099.35 1,885.04

New Zealand

Accord Farmaceutica Ltda, Brazil 13,414,484 BR 1 3,417.19 3,417.19

Accord Healthcare Inc., NC, USA 9,325,400 US $ 1 5,382.14 2,741.72

Accord Healthcare Inc., Canada 1,757,905 CN $ 1 1,812.65 731.25

Accord Healthcare Inc., Canada 2,286,142 CN $ 1 964.77 964.77

(Preference Shares)

Accord Healthcare S.A.C., Peru 2,065,820 PS 1 278.53 278.53

Accord Farma S.A. DE C.V., Mexico 267,804 MP 1 5,083.48 5,083.48

Intas Medi Devices Limited 550,000 ` 10 1,050.00 1,050.00

Astron Research Limited UK 100,000 GBP 1 80.58 80.58

(ii) Joint Venture

Alvi-Intas Medical Devices Private Limited 5,000 ` 10 0.50 -

(b) Unquoted

Investment in Equity Shares

Prime Paediatrics Pvt. Ltd. 100 10.00 0.01 0.01

(c) Investment in Partnership Firm

Capital of Intas Pharmaceuticals 3,120.00 3,120.00

(d) Investment : Quoted

Common Stock - Viopro Inc 1,81,766,666 US $ 0.001 1,424.19 1,424.19

57,871.56 52,566.87

Less : Provision for Diminution of Investment (Note e below) (1,100.00) -

56,771.56 52,566.87

Notes :

(a) Aggregate amount of Unquoted Investments - At Book Value 56,447.37 51,142.69

(b) Aggregate Market Value of Quoted Investments 393.27 1,743.96

(c) Investment in the Capital of a Partnership Firm:

Name of the Firm: Intas Pharmaceuticals

Total Capital of the Firm 3,250.00 3,250.00

Name of the Partners and their Profit-sharing Ratio:

(i) Intas Pharmaceuticals Limited 96% 96%

(ii) Intas Welfare Trust * 2% 2%

(iii) Intas Enterprise Private Limited * 2% 2%

*Enterprises Having Significant Influence (EHSI) by

Key Management Personnel of the Company

(d) Accord Healthcare INC NJ has been desolved on 23rd May 2013 and therefore Investment of Rs. 22.83 Lacs

made in the Company has been written off.

(e) Investment -Quoted in common stock of Viropro has been diminished by Rs. 1100 Lacs based on the marked

value as on 31st March 2014.

34

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As At March 31

2014 2013

15 OTHER NON-CURRENT ASSETS

Unsecured, considered good unless stated otherwise

Unamortised Expenditure, to the extent not written-off

Unamortised Miscellaneous Expenditure* - 535.06

Others

Interest accrued on Fixed Deposits 63.07 63.87

63.07 598.93

*Unamortized IPO Expenses has been charged off in

Profit and Loss Account

Long Term Short Term

As at March 31 As at March 31

2014 2013 2014 2013

14 LONG-TERM LOANS AND ADVANCES

Capital Advances

Unsecured, considered good (A) 2,976.80 9,636.26 - -

Security deposit

Secured, considered good (B) 934.56 797.64 - -

Loans and Advances to

Related Parties (note 33)

Unsecured, considered good (C) 19,109.55 22,370.08 - -

Advances recoverable in Cash or Kind

Unsecured, considered good (D) - - 12,829.13 13,126.38

Other Loans and Advances

Advance Tax (net of provisions) 1,912.03 1,111.06 - -

Prepaid expenses - - 1,277.95 893.49

Loans to employees - - 497.37 250.26

Balances with Statutory Authorities - - 3,782.57 3,808.43

(E) 1,912.03 1,111.06 5,557.89 4,952.18

Total (A+B+C+D+E) 24,932.94 33,915.04 18,387.02 18,078.56

As At March 31

2014 2013

13A CURRENT INVESTMENTS

Investment : Quoted

Reliance Liquid fund - Growth Plan - 441.11

(Aggregate Market value : Rs.NIL, Previous Year : Rs.458.33 Lacs) - 441.11

35

Annual Report 2013-2014

16 INVENTORIES

[Valued at lower of cost and net realisable value]

Raw Materials and Packing Materials 30,374.91 27,953.29

Finished Goods 11,440.56 10,434.37

Traded Goods [Includes in Transit Rs. 1105.66 Lacs

(March 31, 2013: 1,438.70 Lacs)] 13,189.78 15,093.39

Work-in-progress 7,278.54 7,741.56

Fuel, Stores, Spares and Others 424.86 387.92

Total 62,708.65 61,610.53

17 TRADE RECEIVABLES

Outstanding for a period exceeding six months

Unsecured, considered good 2,384.61 695.19

Other receivables

Dues from Related Parties (Note 33) 99,643.13 72,842.72

Unsecured, considered good 26,933.94 25,215.24

1,26,577.07 98,057.96

Total 1,28,961.68 98,753.15

18 CASH AND CASH EQUIVALENTS

Balances with Schedule Banks:

On Current Accounts 2,654.97 1,997.22

On Deposits with Original Maturity for more

than 12 months (including lien and margin money

deposits Rs. 178.22 Lacs - PY Rs. 399.59 Lacs) 185.91 399.69

Cash on Hand 33.12 36.90

Total 2,874.00 2,433.81

Year ended March 31

2014 2013

19 REVENUE FROM OPERATIONS

Sale of Finished Goods

Domestic 32,100.67 18,994.64

Exports 1,76,796.22 1,38,336.43

Sale of Traded Goods

Domestic 1,65,714.91 1,49,866.73

Exports 5,174.68 2,992.20

Sale of Services 5,819.90 7,095.04

Other Operating Revenue

Share of Profit from Partnership Firm 22,452.60 21,023.84

Export Incentives 2,956.23 3,019.25

Revenue from Operations (Gross) 4,11,015.21 3,41,328.13

Less: Excise Duty * (1,435.32) (1,561.36)

4,09,579.89 3,39,766.77

Revenue from Operations (Net) 4,09,579.89 3,39,766.77

* Excise Duty on Sales amounting to Rs. 1435.32 lacs (March 31, 2013: Rs. 1561.36 lacs) has been reduced

from sales in Statement of Profit and Loss and Excise Duty on decrease/(increase) in inventories amounting to

Rs. 268.81 lacs (March 31, 2013: Rs. 188.02 lacs) has been considered as expense/(income).

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As At March 31

20132014

36

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

Sale of Finished Goods

Bulk Drug 1,638.60 1,161.24

Tablet 1,13,981.29 87,981.65

Capsule 17,789.75 13,917.48

Injection 69,527.88 47,483.84

Liquid 5,153.75 6,263.07

Powder 805.61 523.79

2,08,896.88 1,57,331.07

Sale of Traded Goods

Tablet 1,16,649.53 1,00,477.53

Capsule 16,882.50 16,079.49

Injection 18,262.96 20,174.93

Liquid 14,888.23 12,882.67

Powder 4,206.37 3,239.32

Others - 5.00

1,70,889.59 1,52,858.94

20 OTHER INCOME

Interest Income on - Bank Deposits 69.44 38.34

- Others 922.35 570.23

Insurance Claims Received 184.87 131.24

Gain on Sale of Fixed Investment 0.44 37.74

Profit on sale of Assets 2,934.81 -

Other Non-operating Income 1,785.34 635.37

5,897.25 1,412.92

21 COST OF RAW MATERIALS AND

PACKING MATERIALS CONSUMED

Inventory at the beginning of the Year 27,953.29 20,876.68

Add: Purchases 1,04,903.76 84,686.44

1,32,857.05 1,05,563.12

Less : Inventory at the end of the Year 30,374.91 27,953.29

Cost of Raw Materials and Packing Materials Consumed 1,02,482.14 77,609.83

Consumption of Raw Materials and Packing Materials

(a) Mycophenolate Mofetil 5,347.16 4,038.01

(b) Gemcitabine 5,184.62 557.09

(c) Irinotecan 5,024.80 1,228.25

(d) Capecitabine 4,766.11 215.18

(e) Simvastatin 4,533.07 2,367.35

(f) Finasteride 3,817.53 4,898.00

(g) Carboplatin 3,272.89 2,533.75

(h) Oxaliplatin 3,211.94 1,259.16

(i) Quetiapine Hemi Fumarate 2,810.50 3,194.12

(j) Tacrolimus Monohydrate 2,560.72 2,057.99

(k) Naltrexone Hydrochloride 2,270.64 1,204.52

(l) Docetaxel 1,954.77 945.17

(m) Paclitaxel 1,385.50 311.79 37

Annual Report 2013-2014

16 INVENTORIES

[Valued at lower of cost and net realisable value]

Raw Materials and Packing Materials 30,374.91 27,953.29

Finished Goods 11,440.56 10,434.37

Traded Goods [Includes in Transit Rs. 1105.66 Lacs

(March 31, 2013: 1,438.70 Lacs)] 13,189.78 15,093.39

Work-in-progress 7,278.54 7,741.56

Fuel, Stores, Spares and Others 424.86 387.92

Total 62,708.65 61,610.53

17 TRADE RECEIVABLES

Outstanding for a period exceeding six months

Unsecured, considered good 2,384.61 695.19

Other receivables

Dues from Related Parties (Note 33) 99,643.13 72,842.72

Unsecured, considered good 26,933.94 25,215.24

1,26,577.07 98,057.96

Total 1,28,961.68 98,753.15

18 CASH AND CASH EQUIVALENTS

Balances with Schedule Banks:

On Current Accounts 2,654.97 1,997.22

On Deposits with Original Maturity for more

than 12 months (including lien and margin money

deposits Rs. 178.22 Lacs - PY Rs. 399.59 Lacs) 185.91 399.69

Cash on Hand 33.12 36.90

Total 2,874.00 2,433.81

Year ended March 31

2014 2013

19 REVENUE FROM OPERATIONS

Sale of Finished Goods

Domestic 32,100.67 18,994.64

Exports 1,76,796.22 1,38,336.43

Sale of Traded Goods

Domestic 1,65,714.91 1,49,866.73

Exports 5,174.68 2,992.20

Sale of Services 5,819.90 7,095.04

Other Operating Revenue

Share of Profit from Partnership Firm 22,452.60 21,023.84

Export Incentives 2,956.23 3,019.25

Revenue from Operations (Gross) 4,11,015.21 3,41,328.13

Less: Excise Duty * (1,435.32) (1,561.36)

4,09,579.89 3,39,766.77

Revenue from Operations (Net) 4,09,579.89 3,39,766.77

* Excise Duty on Sales amounting to Rs. 1435.32 lacs (March 31, 2013: Rs. 1561.36 lacs) has been reduced

from sales in Statement of Profit and Loss and Excise Duty on decrease/(increase) in inventories amounting to

Rs. 268.81 lacs (March 31, 2013: Rs. 188.02 lacs) has been considered as expense/(income).

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As At March 31

20132014

36

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

Sale of Finished Goods

Bulk Drug 1,638.60 1,161.24

Tablet 1,13,981.29 87,981.65

Capsule 17,789.75 13,917.48

Injection 69,527.88 47,483.84

Liquid 5,153.75 6,263.07

Powder 805.61 523.79

2,08,896.88 1,57,331.07

Sale of Traded Goods

Tablet 1,16,649.53 1,00,477.53

Capsule 16,882.50 16,079.49

Injection 18,262.96 20,174.93

Liquid 14,888.23 12,882.67

Powder 4,206.37 3,239.32

Others - 5.00

1,70,889.59 1,52,858.94

20 OTHER INCOME

Interest Income on - Bank Deposits 69.44 38.34

- Others 922.35 570.23

Insurance Claims Received 184.87 131.24

Gain on Sale of Fixed Investment 0.44 37.74

Profit on sale of Assets 2,934.81 -

Other Non-operating Income 1,785.34 635.37

5,897.25 1,412.92

21 COST OF RAW MATERIALS AND

PACKING MATERIALS CONSUMED

Inventory at the beginning of the Year 27,953.29 20,876.68

Add: Purchases 1,04,903.76 84,686.44

1,32,857.05 1,05,563.12

Less : Inventory at the end of the Year 30,374.91 27,953.29

Cost of Raw Materials and Packing Materials Consumed 1,02,482.14 77,609.83

Consumption of Raw Materials and Packing Materials

(a) Mycophenolate Mofetil 5,347.16 4,038.01

(b) Gemcitabine 5,184.62 557.09

(c) Irinotecan 5,024.80 1,228.25

(d) Capecitabine 4,766.11 215.18

(e) Simvastatin 4,533.07 2,367.35

(f) Finasteride 3,817.53 4,898.00

(g) Carboplatin 3,272.89 2,533.75

(h) Oxaliplatin 3,211.94 1,259.16

(i) Quetiapine Hemi Fumarate 2,810.50 3,194.12

(j) Tacrolimus Monohydrate 2,560.72 2,057.99

(k) Naltrexone Hydrochloride 2,270.64 1,204.52

(l) Docetaxel 1,954.77 945.17

(m) Paclitaxel 1,385.50 311.79 37

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

(n) Levetiracetam 1,230.91 1,270.72

(o) Packing Materials 14,409.36 11,002.86

(p) Others 40,701.62 40,525.88

1,02,482.14 77,609.82

Inventories of Raw Materials and Packing Materials

(a) Mycophenolate Mofetil 861.91 524.68

(b) Finasteride 817.85 583.84

(c) Irinotecan 682.28 885.99

(d) Levetiracetam 172.61 303.72

(e) Montelukast Sodium 447.47 829.05

(f) Tacrolimus Monohydrate 166.38 789.75

(g) 5-Deoxy-1,2,3-Tri-O-Acetyl-D-Ribofuranos 244.41 519.47

(h) Quetiapine Hemi Fumarate 328.28 418.25

(i) Tri Methyl Silyl Triflate 137.78 326.07

(j) Clopidogrel Bisulfate 352.31 892.46

(k) Simvastatin 1,458.12 182.78

(l) Mitomycin 747.37 1,306.50

(m) Paclitaxel 363.99 281.24

(r) Plasma 975.50 346.94

(s) Packing Materials 5,540.01 4,311.44

(t) Others 17,078.64 15,451.10

30,374.91 27,953.29

21A Purchase of Trading Goods

Inventory at the beginning of the Year 15,093.39 17,865.44

Add: Purchases 94,667.28 82,005.14

1,09,760.67 99,870.58

Less: Inventory at the end of the Year 13,189.78 15,093.39

Cost of Traded Goods 96,570.90 84,777.18

22 (INCREASE) / DECREASE IN INVENTORIES

Inventory at the end of the Year

Traded Goods 13,189.78 15,093.39

Work-in-progress (*) 7,278.54 7,741.56

Finished Goods 11,440.56 10,434.37

31,908.88 33,269.32

Inventory at the beginning of the Year

Traded Goods 15,093.39 17,865.44

Work-in-progress (*) 7,741.56 6,491.22

Finished Goods 10,434.37 9,911.04

33,269.32 34,267.70

1,360.46 998.38

Purchases of Traded Goods

(a) Tablet 64,879.59 50,495.83

(b) Capsule 8,333.65 8,083.16

(c) Injection 10,269.20 13,220.60

(d) Liquid 8,713.11 8,234.56

(f) Powder 2,471.73 1,970.99

94,667.28 82,005.14

Year ended March 31

20132014

38

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Inventories of Traded Goods

(a) Tablet 7,506.13 9,390.50

(b) Capsule 1,390.67 1,437.98

(c) Injection 2,143.67 2,146.81

(d) Liquid 1,644.01 1,677.43

(f) Powder 505.30 440.67

13,189.78 15,093.39

Inventories of Finished Goods

(a) Bulk Drugs 1,410.71 863.48

(b) Tablet 4,379.59 4,455.42

(c) Capsule 680.23 1,269.61

(d) Injection 3,135.77 3,508.07

(e) Liquid 1,805.38 306.82

(f) Powder 28.88 30.97

11,440.56 10,434.37

*As per Company's management, it is not possible to give the details of Inventories of Work-in-Progress as the

Company uses the same materials for different kinds of products and hence, the same is difficult to bifurcate at any

point of time given.

Year ended March 31

23 EMPLOYEE BENEFIT EXPENSES 2014 2013

Salaries, Wages and Bonus 31,309.04 27,082.37

Contribution to Provident and Other Fund 1,679.40 1,464.28

Gratuity Expense 543.92 707.89

Staff Welfare Expenses 685.85 536.39

34,218.21 29,790.93

24 FINANCE COSTS

Interest 2,802.11 5,356.84

Bank Charges 598.08 533.08

3,400.19 5,889.92

25 OTHER EXPENSES

(a) Other Operating and Manufacturing Expenses

Consumption of Stores and Spares 4,870.34 3,579.38

Power and Fuel 4,637.00 4,142.51

Processing Charges 5,375.98 4,770.94

Laboratory Expenses 2,836.52 1,821.16

Plasma Procurement Expenses 53.31 -

Repairs and Maintenance

- Building 159.51 119.00

- Plant and Machineries 628.84 543.02

- Others 618.08 631.06

(b) General Expenses

Rent, Rates and Taxes 606.71 604.97

Insurance - Plant & Machinery 90.19 118.49

Insurance - Others 839.95 712.18

Year ended March 31

20132014

39

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

(n) Levetiracetam 1,230.91 1,270.72

(o) Packing Materials 14,409.36 11,002.86

(p) Others 40,701.62 40,525.88

1,02,482.14 77,609.82

Inventories of Raw Materials and Packing Materials

(a) Mycophenolate Mofetil 861.91 524.68

(b) Finasteride 817.85 583.84

(c) Irinotecan 682.28 885.99

(d) Levetiracetam 172.61 303.72

(e) Montelukast Sodium 447.47 829.05

(f) Tacrolimus Monohydrate 166.38 789.75

(g) 5-Deoxy-1,2,3-Tri-O-Acetyl-D-Ribofuranos 244.41 519.47

(h) Quetiapine Hemi Fumarate 328.28 418.25

(i) Tri Methyl Silyl Triflate 137.78 326.07

(j) Clopidogrel Bisulfate 352.31 892.46

(k) Simvastatin 1,458.12 182.78

(l) Mitomycin 747.37 1,306.50

(m) Paclitaxel 363.99 281.24

(r) Plasma 975.50 346.94

(s) Packing Materials 5,540.01 4,311.44

(t) Others 17,078.64 15,451.10

30,374.91 27,953.29

21A Purchase of Trading Goods

Inventory at the beginning of the Year 15,093.39 17,865.44

Add: Purchases 94,667.28 82,005.14

1,09,760.67 99,870.58

Less: Inventory at the end of the Year 13,189.78 15,093.39

Cost of Traded Goods 96,570.90 84,777.18

22 (INCREASE) / DECREASE IN INVENTORIES

Inventory at the end of the Year

Traded Goods 13,189.78 15,093.39

Work-in-progress (*) 7,278.54 7,741.56

Finished Goods 11,440.56 10,434.37

31,908.88 33,269.32

Inventory at the beginning of the Year

Traded Goods 15,093.39 17,865.44

Work-in-progress (*) 7,741.56 6,491.22

Finished Goods 10,434.37 9,911.04

33,269.32 34,267.70

1,360.46 998.38

Purchases of Traded Goods

(a) Tablet 64,879.59 50,495.83

(b) Capsule 8,333.65 8,083.16

(c) Injection 10,269.20 13,220.60

(d) Liquid 8,713.11 8,234.56

(f) Powder 2,471.73 1,970.99

94,667.28 82,005.14

Year ended March 31

20132014

38

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Inventories of Traded Goods

(a) Tablet 7,506.13 9,390.50

(b) Capsule 1,390.67 1,437.98

(c) Injection 2,143.67 2,146.81

(d) Liquid 1,644.01 1,677.43

(f) Powder 505.30 440.67

13,189.78 15,093.39

Inventories of Finished Goods

(a) Bulk Drugs 1,410.71 863.48

(b) Tablet 4,379.59 4,455.42

(c) Capsule 680.23 1,269.61

(d) Injection 3,135.77 3,508.07

(e) Liquid 1,805.38 306.82

(f) Powder 28.88 30.97

11,440.56 10,434.37

*As per Company's management, it is not possible to give the details of Inventories of Work-in-Progress as the

Company uses the same materials for different kinds of products and hence, the same is difficult to bifurcate at any

point of time given.

Year ended March 31

23 EMPLOYEE BENEFIT EXPENSES 2014 2013

Salaries, Wages and Bonus 31,309.04 27,082.37

Contribution to Provident and Other Fund 1,679.40 1,464.28

Gratuity Expense 543.92 707.89

Staff Welfare Expenses 685.85 536.39

34,218.21 29,790.93

24 FINANCE COSTS

Interest 2,802.11 5,356.84

Bank Charges 598.08 533.08

3,400.19 5,889.92

25 OTHER EXPENSES

(a) Other Operating and Manufacturing Expenses

Consumption of Stores and Spares 4,870.34 3,579.38

Power and Fuel 4,637.00 4,142.51

Processing Charges 5,375.98 4,770.94

Laboratory Expenses 2,836.52 1,821.16

Plasma Procurement Expenses 53.31 -

Repairs and Maintenance

- Building 159.51 119.00

- Plant and Machineries 628.84 543.02

- Others 618.08 631.06

(b) General Expenses

Rent, Rates and Taxes 606.71 604.97

Insurance - Plant & Machinery 90.19 118.49

Insurance - Others 839.95 712.18

Year ended March 31

20132014

39

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Travelling and Conveyance 2,128.11 1,747.30

Communication Costs 941.20 849.93

Printing and Stationery 387.91 390.70

Legal and Professional Fees 6,119.68 2,177.94

Exchange Differences (Net) (6,305.24) (1,745.18)

Payment to Auditor (Refer details below) 135.82 127.70

Donations 193.47 24.95

Product Development Expenses 10,044.09 4,468.48

Product Development Expenses W/off 4,113.58 2,611.34

Intangible assets / Investment written-off 3,783.47 22.83

IPO Expenses written-off 830.46 -

Overseas / Branch Office Expenses 430.92 1,892.25

Diminution in Investment 1,100.00 -

Loss on Sale of Fixed Assets (Net) - 81.94

Commission on Sales 5,103.24 2,869.82

Freight and Forwarding on Sales 11,004.06 9,222.50

Representative Expenses, Allowances and Incentives 13,270.35 9,402.08

Other Marketing Expenses 22,055.67 22,453.75

Miscellaneous Expenses 1,155.54 662.15

97,208.77 74,303.20

Payment to Auditor:

As Auditor:

Audit Fee 63.50 79.23

Tax Audit Fee 15.91 12.48

In Other Capacity:

Management Services 16.85 -

Other Services (Certification Fees) 23.44 22.05

Other Audit Fees 16.11 13.94

135.82 127.70

26 COMMITMENTS

(a) Capital Commitments

Estimated amount of contracts remaining to be executed

on capital account and not provided for [Net of advance

Rs. 1094.12 Lacs (March 31, 2013: Rs. 406.78 Lacs)] 5,007.14 4,141.47

(b) Other Commitments

Estimated amount of obligation on account of non-fulfillment

of export commitments under various advance licenses 3,707.50 2,840.26

8,714.64 6,981.73

* The company had obtained duty free/concessional duty licenses for import of capital goods by

undertaking export obligations under the “Export Promotion of Capital Goods (EPCG) Scheme”.

Company need to fulfill all these export obligations and has to apply for redemption of licenses on

completion of the same as at March 31, 2014.

Year ended March 31

20132014

40

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

27 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Bank Guarantees issued by the Bankers 1,310.73 1,177.97

(b) Corporate Guarantees (including given on behalf of Subsidiaries) 8,571.67 6,741.20

(c) Letter of Credit 2,154.67 2,465.66

(d) Custom Duty Liability under EPCG and Advance Licenses 2,024.11 1,132.21

(e) Claims against the Company not acknowledged as debts*

Income Tax * 5,462.90 4,515.50

Excise Duty ** 3,743.85 2,833.47

Sales Tax *** 373.61 125.53

23,641.54 18,991.53

* Claims against the company not acknowledged as debts include demand from the Indian Income Tax

authorities for payment of additional tax of Rs. 1,350.00 lacs (Previous Year : Rs. 4,515.50 Lacs) for the

assessment year 2009-10 and Rs.100 Lacs (Previous Year : NIL) of TDS demand raised during the

survey for A.Y.2011-12 & 2012-13. During the year, the claim for AY 2006-07 for Rs. 1,577.79 lacs has

been decided in favour of the Company by CIT (Appeal) vide order dated 28.03.2014. Based on various

decisions of the Appellate Authorities in similar matter and the interpretations of relevant provisions, the

Company has been legally advised that the demand is likely to be either deleted or substantially

reduced and accordingly no provision has been made in the financial statements. The matter is pending

with the appellate authority and yet not heard.

** Towards levy of Excise duty, including penalty but other than interest thereof on account of issues

relating to classification, valuation, cenvat credit on capital goods and input services, etc. under

Central Excise Act, 1944 against which Company has appealed before CCE/ACCE/CESTAT/High

Court/Supreme Court. As per the opinion obtained from various counsels, the Company does not

anticipate any liabilities against the above claims.

*** Sales Tax Assessments have been completed up to year ended on March 31, 2010. Claims against the

company not acknowledged as debts include demand from the commercial tax authorities for payment

of tax of Rs. 373.61 lacs (Previous year Rs.125.53 lacs), which has arisen due to late submission of

declaration forms to the authorities.

Year ended March 31

28 EARNINGS PER SHARE (EPS) 2014 2013

Net Profit as per Statement of Profit and Loss 60,725.23 54,699.52

Opening number of Equity Shares 1,06,314,014 1,03,476,698

Equity Shares issued during the year 4,061,131 6,898,447

Equity Shares issued due to Merger* - 4,061,131

Weighted Average Number of Equity Shares in calculating Basic EPS 1,10,375,145 1,12,999,887

Weighted Average Number of Equity Shares in calculating Diluted EPS 1,10,375,145 1,12,999,887

Basic and Diluted Earning Per Share 55.02 48.41

Nominal Value of Shares 10.00 10.00

* Equity shares issued to the share holders of erstwhile Intas Bio Pharmaceuticals Limited shown under

Equity Suspense Account, has been considered for calculation of weighted average of number of equity

shares as Merger appointment date was 1st April, 2012.

Year ended March 31

20132014

41

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Travelling and Conveyance 2,128.11 1,747.30

Communication Costs 941.20 849.93

Printing and Stationery 387.91 390.70

Legal and Professional Fees 6,119.68 2,177.94

Exchange Differences (Net) (6,305.24) (1,745.18)

Payment to Auditor (Refer details below) 135.82 127.70

Donations 193.47 24.95

Product Development Expenses 10,044.09 4,468.48

Product Development Expenses W/off 4,113.58 2,611.34

Intangible assets / Investment written-off 3,783.47 22.83

IPO Expenses written-off 830.46 -

Overseas / Branch Office Expenses 430.92 1,892.25

Diminution in Investment 1,100.00 -

Loss on Sale of Fixed Assets (Net) - 81.94

Commission on Sales 5,103.24 2,869.82

Freight and Forwarding on Sales 11,004.06 9,222.50

Representative Expenses, Allowances and Incentives 13,270.35 9,402.08

Other Marketing Expenses 22,055.67 22,453.75

Miscellaneous Expenses 1,155.54 662.15

97,208.77 74,303.20

Payment to Auditor:

As Auditor:

Audit Fee 63.50 79.23

Tax Audit Fee 15.91 12.48

In Other Capacity:

Management Services 16.85 -

Other Services (Certification Fees) 23.44 22.05

Other Audit Fees 16.11 13.94

135.82 127.70

26 COMMITMENTS

(a) Capital Commitments

Estimated amount of contracts remaining to be executed

on capital account and not provided for [Net of advance

Rs. 1094.12 Lacs (March 31, 2013: Rs. 406.78 Lacs)] 5,007.14 4,141.47

(b) Other Commitments

Estimated amount of obligation on account of non-fulfillment

of export commitments under various advance licenses 3,707.50 2,840.26

8,714.64 6,981.73

* The company had obtained duty free/concessional duty licenses for import of capital goods by

undertaking export obligations under the “Export Promotion of Capital Goods (EPCG) Scheme”.

Company need to fulfill all these export obligations and has to apply for redemption of licenses on

completion of the same as at March 31, 2014.

Year ended March 31

20132014

40

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

27 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Bank Guarantees issued by the Bankers 1,310.73 1,177.97

(b) Corporate Guarantees (including given on behalf of Subsidiaries) 8,571.67 6,741.20

(c) Letter of Credit 2,154.67 2,465.66

(d) Custom Duty Liability under EPCG and Advance Licenses 2,024.11 1,132.21

(e) Claims against the Company not acknowledged as debts*

Income Tax * 5,462.90 4,515.50

Excise Duty ** 3,743.85 2,833.47

Sales Tax *** 373.61 125.53

23,641.54 18,991.53

* Claims against the company not acknowledged as debts include demand from the Indian Income Tax

authorities for payment of additional tax of Rs. 1,350.00 lacs (Previous Year : Rs. 4,515.50 Lacs) for the

assessment year 2009-10 and Rs.100 Lacs (Previous Year : NIL) of TDS demand raised during the

survey for A.Y.2011-12 & 2012-13. During the year, the claim for AY 2006-07 for Rs. 1,577.79 lacs has

been decided in favour of the Company by CIT (Appeal) vide order dated 28.03.2014. Based on various

decisions of the Appellate Authorities in similar matter and the interpretations of relevant provisions, the

Company has been legally advised that the demand is likely to be either deleted or substantially

reduced and accordingly no provision has been made in the financial statements. The matter is pending

with the appellate authority and yet not heard.

** Towards levy of Excise duty, including penalty but other than interest thereof on account of issues

relating to classification, valuation, cenvat credit on capital goods and input services, etc. under

Central Excise Act, 1944 against which Company has appealed before CCE/ACCE/CESTAT/High

Court/Supreme Court. As per the opinion obtained from various counsels, the Company does not

anticipate any liabilities against the above claims.

*** Sales Tax Assessments have been completed up to year ended on March 31, 2010. Claims against the

company not acknowledged as debts include demand from the commercial tax authorities for payment

of tax of Rs. 373.61 lacs (Previous year Rs.125.53 lacs), which has arisen due to late submission of

declaration forms to the authorities.

Year ended March 31

28 EARNINGS PER SHARE (EPS) 2014 2013

Net Profit as per Statement of Profit and Loss 60,725.23 54,699.52

Opening number of Equity Shares 1,06,314,014 1,03,476,698

Equity Shares issued during the year 4,061,131 6,898,447

Equity Shares issued due to Merger* - 4,061,131

Weighted Average Number of Equity Shares in calculating Basic EPS 1,10,375,145 1,12,999,887

Weighted Average Number of Equity Shares in calculating Diluted EPS 1,10,375,145 1,12,999,887

Basic and Diluted Earning Per Share 55.02 48.41

Nominal Value of Shares 10.00 10.00

* Equity shares issued to the share holders of erstwhile Intas Bio Pharmaceuticals Limited shown under

Equity Suspense Account, has been considered for calculation of weighted average of number of equity

shares as Merger appointment date was 1st April, 2012.

Year ended March 31

20132014

41

Annual Report 2013-2014

29 RESEARCH AND DEVELOPMENT EXPENDITURE

Capital Expenditure 3,343.94 2,978.02

Revenue Expenditure 20,939.99 15,957.49

24,283.94 18,935.51

30 DERIVATIVE INSTRUMENTS AND

UNHEDGED FOREIGN CURRENCY EXPOSURES

Derivative Instruments

Currency Options 1,834.66 2,419.19

Forward Contract to sell US$ 601.00 -

2,435.66 2,419.19

Unhedged Foreign Currency Exposures

Receivables 1,13,095.93 87,757.50

Payables 19,678.42 36,243.73

Loans (including ECB) 38,585.15 45,506.16

Loans given to Subsidiaries 14,861.79 22,370.08

1,86,221.29 1,91,877.47

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

31 DETAILS OF EMPLOYEE BENEFITS

The following tables summarise the components of net benefit expense recognised in the Statement of Profit

and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

Gratuity Leave Pay

Year ended March 31 Year ended March 31

2014 2013 2014 2013

STATEMENT OF PROFIT AND LOSS

Net employee benefit expense

(recognised in employee cost):

Current Service Cost 380.75 547.60 183.08 142.90

Interest Cost on Benefit Obligation 161.62 134.80 102.44 84.05

Net Actuarial (Gain) / Loss recognised in the year (9.79) 164.88 87.35 284.44

Net Benefit Expense 532.58 847.28 372.87 511.39

BALANCE SHEET

Details of provision

Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

Plan (Asset) / Liability 2,587.12 2,240.67 1,516.72 1,318.62

Changes in the present value of the defined

benefit obligation are as follows:

Opening Defined Benefit Obligation 2,240.67 1,577.31 1,318.61 861.39

Current Service Cost 380.75 547.60 183.08 142.90

Interest Cost on Benefit Obligation 161.62 134.80 102.44 84.05

Benefits paid (186.13) (183.92) (174.76) (54.16)

Actuarial (Gains) / Losses on Obligation (9.79) 164.88 87.35 284.44

Closing Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

The overall expected rate of return on assets is determined based on the market price prevailing on that

date, applicable to the period over which the obligation is to be settled.42

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

The principle assumption used in determining Gratuity Obligation

for the Company's plan are shown below:

Discount Rate 9.22 8.00 9.22 8.00

Increase in compensation cost 8.00 7.00 8.00 7.00

Amounts for the Current Year and

Previous Year are as follows:

Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

Surplus / (Deficit) (2,587.12) (2,240.67) (1,516.72) (1,318.62)

The company has a defined benefit gratuity plan. Every employee who has completed five years or more of

service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The

leave pay is payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death

or on resignation or upon retirement at attaining superannuation age.

32 DUES TO MICRO, SMALL AND MEDIUM

ENTERPRISES AS PER MSMED ACT, 2006

(i) The principal amount and the interest due thereon remaining 115.07 177.31

unpaid to any supplier as at the end of each accounting year;

(ii) The amount of interest paid by the buyer in terms of Section 16, - -

of the Micro, Small and Medium Enterprise Development Act, 2006

along with the amounts of the payment made to the supplier beyond

the appointed day during each accounting year;

(iii) The amount of interest due and payable for the period of delay in - -

making payment (which have been paid but beyond the appointed

day during the year) but without adding the interest specified

under Micro, Small and Medium Enterprise Development Act, 2006;

(iv) The amount of interest accrued and remaining unpaid at the end - -

of each accounting year; and

(v) The amount of further interest remaining due and payable even - -

in the succeeding years, until such date when the interest dues as

above are actually paid to the small enterprise for the purpose of

disallowance as a deductible expenditure under section 23 of

the Micro, Small and Medium Enterprise Development Act, 2006.

115.07 177.31

Year ended March 31

20132014

43

Annual Report 2013-2014

29 RESEARCH AND DEVELOPMENT EXPENDITURE

Capital Expenditure 3,343.94 2,978.02

Revenue Expenditure 20,939.99 15,957.49

24,283.94 18,935.51

30 DERIVATIVE INSTRUMENTS AND

UNHEDGED FOREIGN CURRENCY EXPOSURES

Derivative Instruments

Currency Options 1,834.66 2,419.19

Forward Contract to sell US$ 601.00 -

2,435.66 2,419.19

Unhedged Foreign Currency Exposures

Receivables 1,13,095.93 87,757.50

Payables 19,678.42 36,243.73

Loans (including ECB) 38,585.15 45,506.16

Loans given to Subsidiaries 14,861.79 22,370.08

1,86,221.29 1,91,877.47

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

31 DETAILS OF EMPLOYEE BENEFITS

The following tables summarise the components of net benefit expense recognised in the Statement of Profit

and Loss and the funded status and amounts recognised in the Balance Sheet for the plan.

Gratuity Leave Pay

Year ended March 31 Year ended March 31

2014 2013 2014 2013

STATEMENT OF PROFIT AND LOSS

Net employee benefit expense

(recognised in employee cost):

Current Service Cost 380.75 547.60 183.08 142.90

Interest Cost on Benefit Obligation 161.62 134.80 102.44 84.05

Net Actuarial (Gain) / Loss recognised in the year (9.79) 164.88 87.35 284.44

Net Benefit Expense 532.58 847.28 372.87 511.39

BALANCE SHEET

Details of provision

Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

Plan (Asset) / Liability 2,587.12 2,240.67 1,516.72 1,318.62

Changes in the present value of the defined

benefit obligation are as follows:

Opening Defined Benefit Obligation 2,240.67 1,577.31 1,318.61 861.39

Current Service Cost 380.75 547.60 183.08 142.90

Interest Cost on Benefit Obligation 161.62 134.80 102.44 84.05

Benefits paid (186.13) (183.92) (174.76) (54.16)

Actuarial (Gains) / Losses on Obligation (9.79) 164.88 87.35 284.44

Closing Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

The overall expected rate of return on assets is determined based on the market price prevailing on that

date, applicable to the period over which the obligation is to be settled.42

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

The principle assumption used in determining Gratuity Obligation

for the Company's plan are shown below:

Discount Rate 9.22 8.00 9.22 8.00

Increase in compensation cost 8.00 7.00 8.00 7.00

Amounts for the Current Year and

Previous Year are as follows:

Defined Benefit Obligation 2,587.12 2,240.67 1,516.72 1,318.62

Surplus / (Deficit) (2,587.12) (2,240.67) (1,516.72) (1,318.62)

The company has a defined benefit gratuity plan. Every employee who has completed five years or more of

service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The

leave pay is payable to all eligible employees at the rate of daily salary for each day of accumulated leave on death

or on resignation or upon retirement at attaining superannuation age.

32 DUES TO MICRO, SMALL AND MEDIUM

ENTERPRISES AS PER MSMED ACT, 2006

(i) The principal amount and the interest due thereon remaining 115.07 177.31

unpaid to any supplier as at the end of each accounting year;

(ii) The amount of interest paid by the buyer in terms of Section 16, - -

of the Micro, Small and Medium Enterprise Development Act, 2006

along with the amounts of the payment made to the supplier beyond

the appointed day during each accounting year;

(iii) The amount of interest due and payable for the period of delay in - -

making payment (which have been paid but beyond the appointed

day during the year) but without adding the interest specified

under Micro, Small and Medium Enterprise Development Act, 2006;

(iv) The amount of interest accrued and remaining unpaid at the end - -

of each accounting year; and

(v) The amount of further interest remaining due and payable even - -

in the succeeding years, until such date when the interest dues as

above are actually paid to the small enterprise for the purpose of

disallowance as a deductible expenditure under section 23 of

the Micro, Small and Medium Enterprise Development Act, 2006.

115.07 177.31

Year ended March 31

20132014

43

Annual Report 2013-2014

44 45

Notes to the Financial Statements as at March 31, 2014

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bo

rato

ry L

imit

edEH

SI -

-

0

.14

2

0.8

6

-

-

0.1

4

20

.86

Ast

ron

Pac

kagi

ng

Lim

ited

EHSI

-

-

1,9

54

.31

1

,46

7.5

5

-

-

1,9

54

.31

1

,46

7.5

5

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 0

.05

0

.09

-

-

-

-

0

.05

0

.09

33 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

A Subsidiary Companies

Accord Farma SA DE CV, Mexico

Accord Farmaceutica Ltda., Brazil

Accord Healthcare Inc., North Carolina, USA

Accord Healthcare (Pty) Ltd., South Africa

Accord Healthcare Inc., Canada

Accord Healthcare Limited

Accord Healthcare Limited, UK

Accord Healthcare NZ Ltd., New Zealand

Accord Healthcare SAC, Peru

Intas Medi Devices Limited

Intas Pharmaceuticals (Partnership Firm)

Andre Laboratories Limited

Astron Research Limited, UK

Step-down Subsidiary Companies

Accord Healthcare Pty. Ltd., Australia

Accord Healthcare SAS, France

Accord Healthcare BV, Netherlands

Accord Healthcare Italia SRL, Italy

Accord Healthcare Sociedad Limitada, Spain

Accord Healthcare Polska Spolka Z Ograniczona

Odpowiedzialnoscia, Poland

Farmabiot SA DE CV, Mexico

Accord Healthcare AB, Sweden

Accord Healthcare BVPA, Belgium

Accord Healthcare OY, Finland

Accord Healthcare GMBH, Austria

Accord Healthcare Ireland Limited, Ireland

Accord Healthcare Limited, Malta

Accord Healthcare SDN BHD Malaysia

Accord Healthcare OU (Estonia)

Accord Healthcare GmbH, Germany

Accord Healthcare MENA JLT, UAE

B Joint Venture

Alvi-Intas Medical Devices Pvt. Ltd.

C Enterprises Having Significant Influence (EHSI)*

Advanced Transfusion Medicine Research Foundation

Arron Fresh Private Limited

Astron Packaging Limited

Cytas Research Limited

Epsilon Marketing and Consultancy Private Limited

Equatorial Private Limited

Intas Enterprise Private Limited

Jina Pharmaceuticals Inc., USA

Jina Pharmaceuticals Limited. India

Lambda Therapeutic Research Limited

Lambda Therapeutic Research Sp. Z.o.o.Poland

Lambda Therapeutic Limited, UK

One Advertising & Communication Services Limited

Oncology Services India Limited

Pharm V Solutions Limited, UK

Prime Paediatrics Private Limited

MPR Pharma Sp. Z.o.o, Poland

Lambda Therapeutic Research Inc., USA

Lambda Therapeutic Research Inc., Canada

Unipath Specialty Laboratory Limited

Intas Welfare Trust

D Key Management Personnel (KMP)**

Mr. Hasmukh K. Chudgar

Mr. Binish H. Chudgar

Mr. Nimish H. Chudgar

Dr. Urmish H. Chudgar

E Relative of Key Management Personnel

Ms. Ruchi Chudgar

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company

Annual Report 2013-2014

44 45

Notes to the Financial Statements as at March 31, 2014

No

te :

33

: N

ote

s to

Acc

ou

nts

(co

ntd

…)

Info

rmat

ion

in

res

pec

t o

f R

elat

ed P

arti

es (

con

td…

)

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

(a)

Sale

of

Fin

ish

ed G

oo

ds

/ Se

rvic

es

1

,24

,00

4.3

4

90

,90

0.7

7

-

0

.08

-

-1

,24

,00

4.3

49

0,9

00

.85

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 5

2,2

11

.33

3

9,2

50

.55

-

-

-

-

5

2,2

11

.33

3

9,2

50

.55

Acc

ord

Hea

lth

care

In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

59

,99

9.8

7

42

,58

6.7

7

-

-

-

-

59

,99

9.8

7

42

,58

6.7

7

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

5,4

95

.55

3

,77

2.5

0

-

-

-

-

5,4

95

.55

3

,77

2.5

0

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 2

,39

4.4

6

1,5

93

.05

-

-

-

-

2

,39

4.4

6

1,5

93

.05

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

2,2

61

.20

1

,74

9.5

2

-

-

-

-

2,2

61

.20

1

,74

9.5

2

Acc

ord

Hea

lth

care

SA

C,

Per

uSu

bsi

dia

ry 6

14

.28

4

57

.66

-

-

-

-

6

14

.28

4

57

.66

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 9

36

.36

8

64

.17

-

-

-

-

9

36

.36

8

64

.17

Acc

ord

Hea

lth

care

Ltd

, M

alta

Sub

sid

iary

91

.29

6

26

.55

-

-

-

-

9

1.2

9

62

6.5

5

Un

ipat

h S

pec

ialt

y La

bo

rato

ry L

imit

edEH

SI -

-

-

0.0

8

-

-

-

0

.08

(b)

Sale

of

Mat

eria

ls a

nd

Co

nsu

mab

les

42

4.0

6

21

6.7

0

-

-

-

-

42

4.0

6

21

6.7

0

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 4

24

.06

2

16

.70

-

-

-

-

4

24

.06

2

16

.70

(c)

Sale

of

DEP

B L

icen

ses

-

1

3.6

5

-

-

-

-

-

1

3.6

5

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry -

8.5

4

-

-

-

-

-

8

.54

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

-

5

.11

-

-

-

-

-

5.1

1

(d)

Sale

of

Fixe

d A

sset

s

4

7.0

0

13

.11

-

-

-

-

4

7.0

0

13

.11

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 4

7.0

0

13

.11

-

-

-

-

4

7.0

0

13

.11

(e)

Ren

der

ing

of

Serv

ices

42

5.8

5

34

7.3

9

-

-

-

-

42

5.8

5

34

7.3

9

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 4

25

.85

3

12

.04

-

-

-

-

4

25

.85

3

12

.04

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

-

3

5.3

5

-

-

-

-

-

3

5.3

5

(f)

Pu

rch

ase

of

Fin

ish

ed G

oo

ds

5

2,0

67

.84

4

6,3

06

.96

-

-

-

-

5

2,0

67

.84

4

6,3

06

.96

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 5

1,7

88

.04

4

6,3

06

.96

-

-

-

-

5

1,7

88

.04

4

6,3

06

.96

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

27

9.8

0

-

-

-

-

-

2

79

.80

-

(g)

Pu

rch

ase

of

Fixe

d A

sset

s

-

3

1,4

03

.23

-

26

.40

-

-

-

31

,42

9.6

3

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry -

31

,40

3.2

3

-

-

-

-

-

3

1,4

03

.23

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

-

26

.40

-

-

-

26

.40

(h)

Rec

eivi

ng

of

Mat

eria

ls a

nd

Ser

vice

s2

,33

6.9

7

51

.28

8

,98

6.7

1

5,8

09

.83

6

.00

6

.00

1

1,3

29

.68

5

,86

7.1

1

On

e A

dve

rtis

ing

& C

om

mu

nic

atio

n S

ervi

ces

Lim

ited

EHSI

-

-

52

3.2

0

45

2.0

7

-

-

52

3.2

0

45

2.0

7

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

6

,49

4.0

5

3,6

49

.97

-

-

6

,49

4.0

5

3,6

49

.97

Lam

bd

a T

her

apeu

tic

Res

earc

h I

nc.

, C

anad

aEH

SI -

-

1

5.0

1

21

9.3

8

-

-

15

.01

2

19

.38

Un

ipat

h S

pec

ialt

y La

bo

rato

ry L

imit

edEH

SI -

-

0

.14

2

0.8

6

-

-

0.1

4

20

.86

Ast

ron

Pac

kagi

ng

Lim

ited

EHSI

-

-

1,9

54

.31

1

,46

7.5

5

-

-

1,9

54

.31

1

,46

7.5

5

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 0

.05

0

.09

-

-

-

-

0

.05

0

.09

33 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

A Subsidiary Companies

Accord Farma SA DE CV, Mexico

Accord Farmaceutica Ltda., Brazil

Accord Healthcare Inc., North Carolina, USA

Accord Healthcare (Pty) Ltd., South Africa

Accord Healthcare Inc., Canada

Accord Healthcare Limited

Accord Healthcare Limited, UK

Accord Healthcare NZ Ltd., New Zealand

Accord Healthcare SAC, Peru

Intas Medi Devices Limited

Intas Pharmaceuticals (Partnership Firm)

Andre Laboratories Limited

Astron Research Limited, UK

Step-down Subsidiary Companies

Accord Healthcare Pty. Ltd., Australia

Accord Healthcare SAS, France

Accord Healthcare BV, Netherlands

Accord Healthcare Italia SRL, Italy

Accord Healthcare Sociedad Limitada, Spain

Accord Healthcare Polska Spolka Z Ograniczona

Odpowiedzialnoscia, Poland

Farmabiot SA DE CV, Mexico

Accord Healthcare AB, Sweden

Accord Healthcare BVPA, Belgium

Accord Healthcare OY, Finland

Accord Healthcare GMBH, Austria

Accord Healthcare Ireland Limited, Ireland

Accord Healthcare Limited, Malta

Accord Healthcare SDN BHD Malaysia

Accord Healthcare OU (Estonia)

Accord Healthcare GmbH, Germany

Accord Healthcare MENA JLT, UAE

B Joint Venture

Alvi-Intas Medical Devices Pvt. Ltd.

C Enterprises Having Significant Influence (EHSI)*

Advanced Transfusion Medicine Research Foundation

Arron Fresh Private Limited

Astron Packaging Limited

Cytas Research Limited

Epsilon Marketing and Consultancy Private Limited

Equatorial Private Limited

Intas Enterprise Private Limited

Jina Pharmaceuticals Inc., USA

Jina Pharmaceuticals Limited. India

Lambda Therapeutic Research Limited

Lambda Therapeutic Research Sp. Z.o.o.Poland

Lambda Therapeutic Limited, UK

One Advertising & Communication Services Limited

Oncology Services India Limited

Pharm V Solutions Limited, UK

Prime Paediatrics Private Limited

MPR Pharma Sp. Z.o.o, Poland

Lambda Therapeutic Research Inc., USA

Lambda Therapeutic Research Inc., Canada

Unipath Specialty Laboratory Limited

Intas Welfare Trust

D Key Management Personnel (KMP)**

Mr. Hasmukh K. Chudgar

Mr. Binish H. Chudgar

Mr. Nimish H. Chudgar

Dr. Urmish H. Chudgar

E Relative of Key Management Personnel

Ms. Ruchi Chudgar

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company

Annual Report 2013-2014

46 47

Acc

ord

Hea

lth

care

Lim

ited

, U

K.

Sub

sid

iary

1,1

07

.33

--

--

-1

,10

7.3

3-

Ru

chi

Ch

ud

gar

KM

P -

-

-

-

6

.00

6

.00

6

.00

6

.00

Ast

ron

Res

earc

h L

imit

ed U

KSu

bsi

dia

ry 2

9.5

9

51

.19

-

-

-

-

2

9.5

9

51

.19

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

1,2

00

.00

-

-

-

-

-

1,2

00

.00

-

(i)

Pu

rch

ase

of

DEP

B L

icen

ce 6

.18

-

-

-

-

-

6.1

8

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

6.1

8

-

-

-

-

-

6

.18

-

(j)

Rei

mb

urs

emen

t o

f Ex

pen

ses

8

,52

9.9

0

4,8

13

.09

1

3.6

3

-

-

-

8

,54

3.5

3

4,8

13

.09

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 7

,83

6.5

3

2,7

29

.19

-

-

-

-

7

,83

6.5

3

2,7

29

.19

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

61

6.2

0

46

5.5

7

-

-

-

-

61

6.2

0

46

5.5

7

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

47

.08

6

6.4

3

-

-

-

-

47

.08

6

6.4

3

Acc

ord

Hea

lth

care

SA

C,

Per

uSu

bsi

dia

ry 2

6.5

6

-

-

-

-

-

2

6.5

6

-

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 3

.53

1

,55

0.5

7

-

-

-

-

3.5

3

1,5

50

.57

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

-

1

.33

-

-

-

-

-

1.3

3

Un

ipat

h S

pec

ialt

y La

bo

rato

ry L

imit

edEH

SI -

-

1

3.6

3

-

-

-

1

3.6

3

-

(k)

Rec

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t o

f R

eim

bu

rsem

ent

of

Exp

ense

s 1

,80

5.3

6

48

1.1

9

-

5

3.8

2

-

-

1,8

05

.36

5

35

.01

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 1

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5.3

6

-

-

-

-

-

1

,80

5.3

6

-

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

-

4

81

.19

-

-

-

-

-

48

1.1

9

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

-

53

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-

-

-

53

.82

(l)

Ren

t /

Inte

rest

Pai

d -

74

7.8

7

-

-

23

.33

2

0.2

3

23

.33

7

68

.10

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

3.0

0

3.0

0

3.0

0

3.0

0

Acc

ord

Hea

lth

care

Lim

ited

, U

K-

-

7

47

.87

-

-

-

-

-

74

7.8

7

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

2

0.3

3

17

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2

0.3

3

17

.23

(m)

Ren

t /

Inte

rest

Rec

eive

d 9

32

.78

3

96

.17

-

94

.58

-

-

9

32

.78

4

90

.75

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 6

51

.73

1

86

.28

-

-

-

-

6

51

.73

1

86

.28

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

31

.02

2

6.2

2

-

-

-

-

31

.02

2

6.2

2

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 7

8.3

2

60

.00

-

-

-

-

7

8.3

2

60

.00

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

49

.45

4

3.6

1

-

-

-

-

49

.45

4

3.6

1

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 9

7.2

6

55

.06

-

-

-

-

9

7.2

6

55

.06

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

5.0

0

25

.00

-

-

-

-

2

5.0

0

25

.00

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

-

90

.00

-

-

-

90

.00

Ad

van

ced

Tra

nsf

usi

on

Med

icin

e R

esea

rch

Fo

un

dat

ion

EHSI

-

-

-

4

.58

-

-

-

4.5

8

(n)

Div

iden

d P

aid

-

-

1,0

60

.95

1

,00

4.0

0

32

7.1

8

31

7.8

4

1,3

88

.13

1

,32

1.8

4

Inta

s En

terp

rise

Pri

vate

Ltd

.EH

SI -

-

8

2.1

3

80

.00

-

-

8

2.1

3

80

.00

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

94

8.6

4

92

4.0

0

-

-

94

8.6

4

92

4.0

0

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

71

.95

6

9.8

7

71

.95

6

9.8

7

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

2

.27

2

.00

2

.27

2

.00

Mr.

Nim

ish

H.

Ch

ud

gar

KM

P -

-

-

-

1

28

.77

1

25

.22

1

28

.77

1

25

.22

Mr.

Bin

ish

H.

Ch

ud

gar

KM

P -

-

-

-

1

24

.18

1

20

.75

1

24

.18

1

20

.75

Cyt

as R

esea

rch

Lim

ited

EHSI

-

-

30

.18

-

-

-

30

.18

-

(o)

Rem

un

erat

ion

Pai

d

-

-

-

-

2,8

06

.64

2

,07

1.2

0

2,8

06

.64

2

,07

1.2

0

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

55

1.6

6

35

8.8

0

55

1.6

6

35

8.8

0

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

8

51

.66

3

94

.80

8

51

.66

3

94

.80

Mr.

Nim

ish

H.

Ch

ud

gar

KM

P -

-

-

-

5

51

.66

3

58

.80

5

51

.66

3

58

.80

Mr.

Bin

ish

H.

Ch

ud

gar

KM

P -

-

-

-

8

51

.66

9

58

.80

8

51

.66

9

58

.80

(p)

Shar

e o

f P

rofi

t fr

om

Par

tner

ship

Fir

m 2

2,4

52

.60

2

1,0

23

.84

-

-

-

-

2

2,4

52

.60

2

1,0

23

.84

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

2,4

52

.60

2

1,0

23

.84

-

-

-

-

2

2,4

52

.60

2

1,0

23

.84

(q)

Inve

stm

ent

in P

artn

ersh

ip F

irm

3

,12

0.0

0

-

-

-

-

-

3

,12

0.0

0

-

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 3

,12

0.0

0

-

-

-

-

-

3

,12

0.0

0

-

(r)

Inve

stm

ent

in E

qu

ity

Shar

es

(in

cl.

Shar

e A

pp

lica

tio

n M

on

ey P

end

ing

All

otm

ent&

Pre

f sh

are)

5,3

04

.70

7

,59

2.9

9

-

1

,42

4.2

0

-

-

5,3

04

.70

9

,01

7.1

9

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

-

2

,70

9.4

0

-

-

-

-

-

2

,70

9.4

0

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry -

3,6

59

.37

-

-

-

-

-

3,6

59

.37

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 1

,36

8.0

6

77

2.5

2

-

-

-

-

1,3

68

.06

7

72

.52

Acc

ord

Hea

lth

care

NZ

Ltd

., N

ew Z

eala

nd

Sub

sid

iary

21

4.3

2

28

6.1

3

-

-

-

-

21

4.3

2

28

6.1

3

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

2,6

40

.42

-

-

-

-

-

2,6

40

.42

-

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

1,0

81

.40

-

-

-

-

-

1,0

81

.40

-

AC

CO

RD

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry -

84

.99

-

-

-

-

-

84

.99

Ast

ron

Res

earc

h L

imit

ed U

KSu

bsi

dia

ry -

80

.58

-

-

-

-

-

80

.58

Vir

o P

ro I

nc.

- U

SAEH

SI -

-

-

1,4

24

.19

-

-

-

1,4

24

.19

Pri

me

Pae

dia

tric

s P

riva

te L

imit

ed

EHSI

-

-

-

0

.01

-

-

-

0.0

1

Alv

i-In

tas

Med

ical

Dev

ices

Pri

vate

Ltd

.Jo

int

Ven

ture

0.5

0

-

-

-

-

-

0

.50

-

(s)

Loan

s an

d A

dva

nce

s R

ecei

ved

Bac

k 2

0,9

75

.55

5

99

.17

3

,77

9.4

0

14

6.2

6

-

-

24

,75

4.9

5 7

45

.43

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

78

7.7

9

-

-

-

-

-

7

87

.79

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

18

7.7

6

59

9.1

7

-

-

-

-

18

7.7

6

59

9.1

7

Ad

van

ced

Tra

nsf

usi

on

Med

icin

e

Res

earc

h F

ou

nd

atio

nEH

SI -

-

-

14

6.2

6

-

-

-

1

46

.26

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

0,0

00

.00

-

-

-

-

-

20

,00

0.0

0

-

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

Annual Report 2013-2014

46 47

Acc

ord

Hea

lth

care

Lim

ited

, U

K.

Sub

sid

iary

1,1

07

.33

--

--

-1

,10

7.3

3-

Ru

chi

Ch

ud

gar

KM

P -

-

-

-

6

.00

6

.00

6

.00

6

.00

Ast

ron

Res

earc

h L

imit

ed U

KSu

bsi

dia

ry 2

9.5

9

51

.19

-

-

-

-

2

9.5

9

51

.19

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

1,2

00

.00

-

-

-

-

-

1,2

00

.00

-

(i)

Pu

rch

ase

of

DEP

B L

icen

ce 6

.18

-

-

-

-

-

6.1

8

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

6.1

8

-

-

-

-

-

6

.18

-

(j)

Rei

mb

urs

emen

t o

f Ex

pen

ses

8

,52

9.9

0

4,8

13

.09

1

3.6

3

-

-

-

8

,54

3.5

3

4,8

13

.09

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 7

,83

6.5

3

2,7

29

.19

-

-

-

-

7

,83

6.5

3

2,7

29

.19

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

61

6.2

0

46

5.5

7

-

-

-

-

61

6.2

0

46

5.5

7

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

47

.08

6

6.4

3

-

-

-

-

47

.08

6

6.4

3

Acc

ord

Hea

lth

care

SA

C,

Per

uSu

bsi

dia

ry 2

6.5

6

-

-

-

-

-

2

6.5

6

-

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 3

.53

1

,55

0.5

7

-

-

-

-

3.5

3

1,5

50

.57

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

-

1

.33

-

-

-

-

-

1.3

3

Un

ipat

h S

pec

ialt

y La

bo

rato

ry L

imit

edEH

SI -

-

1

3.6

3

-

-

-

1

3.6

3

-

(k)

Rec

eip

t o

f R

eim

bu

rsem

ent

of

Exp

ense

s 1

,80

5.3

6

48

1.1

9

-

5

3.8

2

-

-

1,8

05

.36

5

35

.01

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 1

,80

5.3

6

-

-

-

-

-

1

,80

5.3

6

-

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

-

4

81

.19

-

-

-

-

-

48

1.1

9

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

-

53

.82

-

-

-

53

.82

(l)

Ren

t /

Inte

rest

Pai

d -

74

7.8

7

-

-

23

.33

2

0.2

3

23

.33

7

68

.10

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

3.0

0

3.0

0

3.0

0

3.0

0

Acc

ord

Hea

lth

care

Lim

ited

, U

K-

-

7

47

.87

-

-

-

-

-

74

7.8

7

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

2

0.3

3

17

.23

2

0.3

3

17

.23

(m)

Ren

t /

Inte

rest

Rec

eive

d 9

32

.78

3

96

.17

-

94

.58

-

-

9

32

.78

4

90

.75

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 6

51

.73

1

86

.28

-

-

-

-

6

51

.73

1

86

.28

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

31

.02

2

6.2

2

-

-

-

-

31

.02

2

6.2

2

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 7

8.3

2

60

.00

-

-

-

-

7

8.3

2

60

.00

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

49

.45

4

3.6

1

-

-

-

-

49

.45

4

3.6

1

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 9

7.2

6

55

.06

-

-

-

-

9

7.2

6

55

.06

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

5.0

0

25

.00

-

-

-

-

2

5.0

0

25

.00

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

-

90

.00

-

-

-

90

.00

Ad

van

ced

Tra

nsf

usi

on

Med

icin

e R

esea

rch

Fo

un

dat

ion

EHSI

-

-

-

4

.58

-

-

-

4.5

8

(n)

Div

iden

d P

aid

-

-

1,0

60

.95

1

,00

4.0

0

32

7.1

8

31

7.8

4

1,3

88

.13

1

,32

1.8

4

Inta

s En

terp

rise

Pri

vate

Ltd

.EH

SI -

-

8

2.1

3

80

.00

-

-

8

2.1

3

80

.00

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

94

8.6

4

92

4.0

0

-

-

94

8.6

4

92

4.0

0

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

71

.95

6

9.8

7

71

.95

6

9.8

7

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

2

.27

2

.00

2

.27

2

.00

Mr.

Nim

ish

H.

Ch

ud

gar

KM

P -

-

-

-

1

28

.77

1

25

.22

1

28

.77

1

25

.22

Mr.

Bin

ish

H.

Ch

ud

gar

KM

P -

-

-

-

1

24

.18

1

20

.75

1

24

.18

1

20

.75

Cyt

as R

esea

rch

Lim

ited

EHSI

-

-

30

.18

-

-

-

30

.18

-

(o)

Rem

un

erat

ion

Pai

d

-

-

-

-

2,8

06

.64

2

,07

1.2

0

2,8

06

.64

2

,07

1.2

0

Mr.

Has

mu

kh K

. C

hu

dga

rK

MP

-

-

-

-

55

1.6

6

35

8.8

0

55

1.6

6

35

8.8

0

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

8

51

.66

3

94

.80

8

51

.66

3

94

.80

Mr.

Nim

ish

H.

Ch

ud

gar

KM

P -

-

-

-

5

51

.66

3

58

.80

5

51

.66

3

58

.80

Mr.

Bin

ish

H.

Ch

ud

gar

KM

P -

-

-

-

8

51

.66

9

58

.80

8

51

.66

9

58

.80

(p)

Shar

e o

f P

rofi

t fr

om

Par

tner

ship

Fir

m 2

2,4

52

.60

2

1,0

23

.84

-

-

-

-

2

2,4

52

.60

2

1,0

23

.84

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

2,4

52

.60

2

1,0

23

.84

-

-

-

-

2

2,4

52

.60

2

1,0

23

.84

(q)

Inve

stm

ent

in P

artn

ersh

ip F

irm

3

,12

0.0

0

-

-

-

-

-

3

,12

0.0

0

-

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 3

,12

0.0

0

-

-

-

-

-

3

,12

0.0

0

-

(r)

Inve

stm

ent

in E

qu

ity

Shar

es

(in

cl.

Shar

e A

pp

lica

tio

n M

on

ey P

end

ing

All

otm

ent&

Pre

f sh

are)

5,3

04

.70

7

,59

2.9

9

-

1

,42

4.2

0

-

-

5,3

04

.70

9

,01

7.1

9

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

-

2

,70

9.4

0

-

-

-

-

-

2

,70

9.4

0

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry -

3,6

59

.37

-

-

-

-

-

3,6

59

.37

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 1

,36

8.0

6

77

2.5

2

-

-

-

-

1,3

68

.06

7

72

.52

Acc

ord

Hea

lth

care

NZ

Ltd

., N

ew Z

eala

nd

Sub

sid

iary

21

4.3

2

28

6.1

3

-

-

-

-

21

4.3

2

28

6.1

3

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

2,6

40

.42

-

-

-

-

-

2,6

40

.42

-

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

1,0

81

.40

-

-

-

-

-

1,0

81

.40

-

AC

CO

RD

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry -

84

.99

-

-

-

-

-

84

.99

Ast

ron

Res

earc

h L

imit

ed U

KSu

bsi

dia

ry -

80

.58

-

-

-

-

-

80

.58

Vir

o P

ro I

nc.

- U

SAEH

SI -

-

-

1,4

24

.19

-

-

-

1,4

24

.19

Pri

me

Pae

dia

tric

s P

riva

te L

imit

ed

EHSI

-

-

-

0

.01

-

-

-

0.0

1

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i-In

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Med

ical

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ices

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vate

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.Jo

int

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ture

0.5

0

-

-

-

-

-

0

.50

-

(s)

Loan

s an

d A

dva

nce

s R

ecei

ved

Bac

k 2

0,9

75

.55

5

99

.17

3

,77

9.4

0

14

6.2

6

-

-

24

,75

4.9

5 7

45

.43

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

78

7.7

9

-

-

-

-

-

7

87

.79

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

18

7.7

6

59

9.1

7

-

-

-

-

18

7.7

6

59

9.1

7

Ad

van

ced

Tra

nsf

usi

on

Med

icin

e

Res

earc

h F

ou

nd

atio

nEH

SI -

-

-

14

6.2

6

-

-

-

1

46

.26

Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 2

0,0

00

.00

-

-

-

-

-

20

,00

0.0

0

-

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

Annual Report 2013-2014

48

Cyt

as R

esea

rch

Lim

ited

EHSI

-

-

2,7

79

.40

-

-

-

2,7

79

.40

-

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

1

,00

0.0

0

-

-

-

1

,00

0.0

0

-

(t)

Loan

s an

d A

dva

nce

s G

iven

9,3

78

.86

4

,95

8.1

8

-

-

-

-

9,3

78

.86

4

,95

8.1

8

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 8

65

.09

9

19

.08

-

-

-

-

8

65

.09

9

19

.08

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 2

75

.27

1

3.6

7

-

-

-

-

27

5.2

7

13

.67

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 6

,06

7.1

7

3,5

47

.05

-

-

-

-

6

,06

7.1

7

3,5

47

.05

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

1,8

41

.39

-

-

-

-

-

1,8

41

.39

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

18

7.7

6

47

8.3

8

-

-

-

-

18

7.7

6

47

8.3

8

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

14

2.1

8

-

-

-

-

-

1

42

.18

-

(u)

Inte

rco

rpo

rate

Dep

osi

t R

epay

men

t -

-

7

,40

0.6

3

-

1

94

.60

-

7,5

95

.23

-

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

4,3

03

.50

-

-

-

4,3

03

.50

-

Inta

s En

terp

rise

Pri

vate

Ltd

.EH

SI -

-

3

,09

7.1

3

-

-

-

3

,09

7.1

3

-

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

1

94

.60

-

19

4.6

0

-

(v)

Loan

Tak

en

/ In

terc

orp

ora

te D

epo

sit

Tak

en -

-

2

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0.6

3

-

3

2.3

0

-

2

,75

2.9

3

-

Inta

s En

terp

rise

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vate

Ltd

.EH

SI -

-

1

,72

2.1

3

-

-

-

1

,72

2.1

3

-

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

99

8.5

0

-

-

-

9

98

.50

-

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

3

2.3

0

-

3

2.3

0

-

(w)

Loan

rep

aym

ent

-

3

01

.16

-

-

-

-

-

30

1.1

6

Ast

ron

Res

earc

h L

imit

ed U

KSu

bsi

dia

ry -

30

1.1

6

-

-

-

-

-

3

01

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ASu

nd

ry D

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r's

Bal

ance

s at

th

e en

d o

f th

e p

erio

d 9

9,3

62

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7

2,8

42

.64

0

.56

0

.08

-

-

9

9,3

63

.25

7

2,8

42

.72

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 8

61

.43

5

25

.49

-

-

-

-

8

61

.43

5

25

.49

Acc

ord

Hea

lth

care

Ltd

, M

alta

Sub

sid

iary

26

.16

3

25

.32

-

-

-

-

2

6.1

6

32

5.3

2

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

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sid

iary

4,3

93

.58

2

,60

1.6

6

-

-

-

-

4,3

93

.58

2

,60

1.6

6

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

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sid

iary

44

,83

1.7

3

31

,34

9.4

6

-

-

-

-

44

,83

1.7

3

31

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9.4

6

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

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dia

ry 2

,05

4.4

2

1,5

04

.88

-

-

-

-

2

,05

4.4

2

1,5

04

.88

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

78

3.5

1

84

4.4

5

-

-

-

-

78

3.5

1

84

4.4

5

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 4

4,7

94

.49

3

4,4

89

.96

-

-

-

-

4

4,7

94

.49

3

4,4

89

.96

Acc

ord

Hea

lth

care

SA

C,

Per

uSu

bsi

dia

ry 3

17

.26

2

54

.57

-

-

-

-

3

17

.26

2

54

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Inta

s P

har

mac

euti

cals

(P

artn

ersh

ip F

irm

)Su

bsi

dia

ry 1

,30

0.1

1

94

6.8

5

-

-

-

-

1,3

00

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9

46

.85

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

0

.56

-

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0.5

6

-

Un

ipat

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pec

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bo

rato

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imit

edEH

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-

-

0.0

8

-

-

-

0

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(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

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sid

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Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

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Sign

ific

ant

Infl

uen

ce (EH

SI)

49

BC

red

ito

rs

(A)

Bal

ance

s at

th

e en

d o

f th

e p

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d 2

3,9

29

.32

3

6,8

81

.56

1

,56

4.5

67

36

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-

-

2

5,4

93

.88

3

7,6

18

.47

Inta

s P

har

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artn

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ip F

irm

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bsi

dia

ry 6

,27

9.7

5

4,1

99

.20

-

-

-

-

6

,27

9.7

5

4,1

99

.20

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

28

5.9

8

-

-

-

-

-

2

85

.98

-

Acc

ord

Hea

lth

care

SA

C,

Per

uSu

bsi

dia

ry 2

.25

2

2.1

4

-

-

-

-

2.2

5

22

.14

Acc

ord

Hea

lth

care

In

c.,

Can

ada

Sub

sid

iary

7.1

9

93

.98

-

-

-

-

7

.19

9

3.9

8

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 1

7,3

54

.15

3

2,5

66

.24

-

-

-

-

1

7,3

54

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3

2,5

66

.24

Ast

ron

Pac

kagi

ng

Lim

ited

EHSI

-

-

27

1.5

4

99

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-

-

2

71

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9

9.9

6

La

mb

da

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Lim

ited

EHSI

-

-

73

3.1

3

21

8.7

0

-

-

73

3.1

3

21

8.7

0

On

e A

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& C

om

mu

nic

atio

n S

ervi

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Lim

ited

EHSI

-

-

55

2.2

5

41

8.2

5

-

-

55

2.2

5

41

8.2

5

Un

ipat

h S

pec

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y La

bo

rato

ry L

imit

edEH

SI -

-

7

.64

-

-

-

7.6

4

-

(B)

Bal

ance

of

Ad

van

ce t

o C

red

ito

rs (

1,1

71

.63

) -

-

-

-

-

(1

,17

1.6

3)

-

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

(1

,08

2.7

6)

-

-

-

-

-

(

1,0

82

.76

) -

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry (1

55

.77

) -

-

-

-

-

(1

55

.77

) -

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 1

63

.28

-

-

-

-

-

16

3.2

8

-

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

(9

6.3

7)

-

-

-

-

-

(

96

.37

) -

CO

ther

Pay

able

s: -

-

-

-

-

34

.50

-

34

.50

Dr.

Urm

ish

Ch

ud

gar-

In

tere

st P

ayab

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MP

-

-

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-

-

3

2.3

0

-

3

2.3

0

Dr.

Urm

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Ch

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gar-

Rem

un

erat

ion

Pay

able

KM

P -

-

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2.2

0

-

2

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DLo

ans

& a

dva

nce

s

Bal

ance

s at

th

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d o

f th

e p

erio

d 1

9,1

09

.54

8

,25

3.6

3

-

3

,77

9.4

0

-

-

19

,10

9.5

4

12

,03

3.0

3

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 3

,17

3.1

2

2,3

08

.03

-

-

-

-

3

,17

3.1

2

2,3

08

.03

Acc

ord

Far

mac

euti

ca L

tda.

,Bra

zil

Sub

sid

iary

1,4

96

.46

1

,35

4.2

8

-

-

-

-

1,4

96

.46

1

,35

4.2

8

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

1,6

48

.77

5

95

.17

-

-

-

-

1

,64

8.7

7

59

5.1

7

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 2

,38

1.1

1

2,1

05

.84

-

-

-

-

2

,38

1.1

1

2,1

05

.84

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 7

,95

0.6

4

1,8

83

.47

-

-

-

-

7

,95

0.6

4

1,8

83

.47

Inta

s P

har

mac

euti

cals

(P

artn

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ip F

irm

)Su

bsi

dia

ry 2

,45

9.4

5

6.8

5

-

-

-

-

2,4

59

.45

6

.85

Cyt

as R

esea

rch

Lim

ited

EHSI

-

-

-

2

,77

9.4

0

-

-

-

2

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9.4

0

Lam

bd

a T

her

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tic

Res

earc

h L

imit

edEH

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-

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1,0

00

.00

-

-

-

1,0

00

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(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)

Annual Report 2013-2014

48

Cyt

as R

esea

rch

Lim

ited

EHSI

-

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2,7

79

.40

-

-

-

2,7

79

.40

-

Lam

bd

a T

her

apeu

tic

Res

earc

h L

imit

edEH

SI -

-

1

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0.0

0

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1

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0.0

0

-

(t)

Loan

s an

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nce

s G

iven

9,3

78

.86

4

,95

8.1

8

-

-

-

-

9,3

78

.86

4

,95

8.1

8

Acc

ord

Far

ma

S.A

. D

E C

.V.

- M

exic

oSu

bsi

dia

ry 8

65

.09

9

19

.08

-

-

-

-

8

65

.09

9

19

.08

Acc

ord

Hea

lth

care

(P

ty)

Ltd

., S

ou

th A

fric

aSu

bsi

dia

ry 2

75

.27

1

3.6

7

-

-

-

-

27

5.2

7

13

.67

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 6

,06

7.1

7

3,5

47

.05

-

-

-

-

6

,06

7.1

7

3,5

47

.05

Acc

ord

Hea

lth

Car

e In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

1,8

41

.39

-

-

-

-

-

1,8

41

.39

-

Inta

s M

edi

Dev

ices

Lim

ited

Sub

sid

iary

18

7.7

6

47

8.3

8

-

-

-

-

18

7.7

6

47

8.3

8

Acc

ord

Far

mac

euti

ca L

tda.

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zil

Sub

sid

iary

14

2.1

8

-

-

-

-

-

1

42

.18

-

(u)

Inte

rco

rpo

rate

Dep

osi

t R

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men

t -

-

7

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0.6

3

-

1

94

.60

-

7,5

95

.23

-

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

4,3

03

.50

-

-

-

4,3

03

.50

-

Inta

s En

terp

rise

Pri

vate

Ltd

.EH

SI -

-

3

,09

7.1

3

-

-

-

3

,09

7.1

3

-

Dr

Urm

ish

Ch

ud

gar

KM

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28

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8

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1

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Inta

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ty T

ran

sact

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ory

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-14

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-14

Mar

-13

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-14

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son

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Ente

rpri

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Hav

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Sign

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ant

Infl

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SI)

Annual Report 2013-2014

50

EIn

terc

orp

ora

te D

epo

sit

Bal

ance

s at

th

e en

d o

f th

e p

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-

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4

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0

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1

30

.00

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4,8

10

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Equ

ato

rial

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vate

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ited

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-

-

-

3

,30

5.0

0

-

-

-

3

,30

5.0

0

Inta

s En

terp

rise

Pri

vate

Ltd

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SI -

-

-

1,3

75

.00

-

-

-

1,3

75

.00

Dr

Urm

ish

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ud

gar

KM

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13

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0

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1

30

.00

FG

uar

ante

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iven

Bal

ance

s at

th

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d o

f th

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d

8,5

71

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6

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1.2

0

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-

-

8,5

71

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6

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1.2

0

Acc

ord

Hea

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care

Lim

ited

, U

KSu

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6.5

3

5,8

89

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-

-

-

-

5

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6.5

3

5,8

89

.72

Inta

s P

har

mac

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cals

(P

artn

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ip F

irm

)Su

bsi

dia

ry 6

7.2

3

85

1.4

8

-

-

-

-

67

.23

8

51

.48

Acc

ord

Hea

lth

care

In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

2,9

87

.90

-

-

-

-

-

2,9

87

.90

-

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

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Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (

EHSI

)

51

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

34 EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Exports at FOB basis 1,76,777.84 1,32,321.26

Income from Sale of Licenses 6,415.32 3,574.62

Others 2,497.23 101.21

1,85,690.39 1,35,997.09

35 VALUE OF IMPORTS ON CIF BASIS

Raw and Packing Materials 32,567.60 25,607.98

Capital Goods 2,245.30 2,594.47

Others 2,213.44 995.06

37,026.34 29,197.51

36 EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Travelling Expenses 52.96 148.37

Legal & Professional 4,966.21 893.46

Product Registration Fees 291.80 289.14

Manufacturing Charges 2,054.13 1,283.00

Patent Review Expenses 77.72 -

Testing Charges 44.24 50.22

Interest and Finance Charges 795.42 2,247.39

Sales Commission 1,801.22 -

Overseas Office Expenses (including Salaries) 395.60 2,106.38

Royalty 301.87 155.89

Marketing and Business Promotion Expenses 1,218.57 572.11

Others 1,440.59 1,952.50

13,440.33 9,698.46

* Net of tax deducted at source, wherever applicable

37 IMPORTED AND INDIGENEOUS MATERIALS CONSUMED

(i) Raw Materials

(a) Imported 29,666.80 22,597.24

(b) Indigenous 58,862.66 43,335.63

88,529.46 65,932.87

(ii) Packing Materials

(a) Imported 2,138.19 2,491.68

(b) Indigenous 12,271.17 9,185.27

14,409.36 11,676.95

1,02,938.82 77,609.82

Annual Report 2013-2014

50

EIn

terc

orp

ora

te D

epo

sit

Bal

ance

s at

th

e en

d o

f th

e p

erio

d

-

-

-

4

,68

0.0

0

-

1

30

.00

-

4,8

10

.00

-

-

Equ

ato

rial

Pri

vate

Lim

ited

EHSI

-

-

-

3

,30

5.0

0

-

-

-

3

,30

5.0

0

Inta

s En

terp

rise

Pri

vate

Ltd

.EH

SI -

-

-

1,3

75

.00

-

-

-

1,3

75

.00

Dr

Urm

ish

Ch

ud

gar

KM

P -

-

-

-

-

13

0.0

0

-

1

30

.00

FG

uar

ante

e G

iven

Bal

ance

s at

th

e en

d o

f th

e p

erio

d

8,5

71

.66

6

,74

1.2

0

-

-

-

-

8,5

71

.66

6

,74

1.2

0

Acc

ord

Hea

lth

care

Lim

ited

, U

KSu

bsi

dia

ry 5

,51

6.5

3

5,8

89

.72

-

-

-

-

5

,51

6.5

3

5,8

89

.72

Inta

s P

har

mac

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cals

(P

artn

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ip F

irm

)Su

bsi

dia

ry 6

7.2

3

85

1.4

8

-

-

-

-

67

.23

8

51

.48

Acc

ord

Hea

lth

care

In

c.,

No

rth

Car

oli

na,

USA

Sub

sid

iary

2,9

87

.90

-

-

-

-

-

2,9

87

.90

-

(ii)

Rel

ated

Par

ty T

ran

sact

ion

sC

ateg

ory

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Mar

-14

Mar

-13

Sub

sid

iari

es in

clu

din

g St

ep-d

ow

n S

ub

sid

iari

es/

Join

t V

entu

re

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (

EHSI

)

51

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

Year ended March 31

20132014

34 EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Exports at FOB basis 1,76,777.84 1,32,321.26

Income from Sale of Licenses 6,415.32 3,574.62

Others 2,497.23 101.21

1,85,690.39 1,35,997.09

35 VALUE OF IMPORTS ON CIF BASIS

Raw and Packing Materials 32,567.60 25,607.98

Capital Goods 2,245.30 2,594.47

Others 2,213.44 995.06

37,026.34 29,197.51

36 EXPENDITURE IN FOREIGN CURRENCY (ON ACCRUAL BASIS)

Travelling Expenses 52.96 148.37

Legal & Professional 4,966.21 893.46

Product Registration Fees 291.80 289.14

Manufacturing Charges 2,054.13 1,283.00

Patent Review Expenses 77.72 -

Testing Charges 44.24 50.22

Interest and Finance Charges 795.42 2,247.39

Sales Commission 1,801.22 -

Overseas Office Expenses (including Salaries) 395.60 2,106.38

Royalty 301.87 155.89

Marketing and Business Promotion Expenses 1,218.57 572.11

Others 1,440.59 1,952.50

13,440.33 9,698.46

* Net of tax deducted at source, wherever applicable

37 IMPORTED AND INDIGENEOUS MATERIALS CONSUMED

(i) Raw Materials

(a) Imported 29,666.80 22,597.24

(b) Indigenous 58,862.66 43,335.63

88,529.46 65,932.87

(ii) Packing Materials

(a) Imported 2,138.19 2,491.68

(b) Indigenous 12,271.17 9,185.27

14,409.36 11,676.95

1,02,938.82 77,609.82

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

38 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and

Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet.

Balances are subject to confirmation, are included in Sundry Debtors, Sundry Creditors and Other

Advances.

39 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th

February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with

Section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The

Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption.

Necessary Information relating to the subsidiaries has been included in the Consolidated Financial

Statements.

5352

CONSOLIDATED FINANCIAL STATEMENTS

Annual Report 2013-2014

Notes to the Financial Statements as at March 31, 2014(All the amount Rupees in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

38 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and

Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet.

Balances are subject to confirmation, are included in Sundry Debtors, Sundry Creditors and Other

Advances.

39 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th

February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with

Section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The

Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption.

Necessary Information relating to the subsidiaries has been included in the Consolidated Financial

Statements.

5352

CONSOLIDATED FINANCIAL STATEMENTS

Annual Report 2013-2014

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Intas Pharmaceuticals Limited (‘the

Company’) and its subsidiaries and joint venture (together referred to as the ‘the Group’), which comprise the

Consolidated Balance Sheet as at March 31, 2014, the Consolidated Statement of Profit and Loss and the

Consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and

other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation of these consolidated financial statements that give a true and fair

view of the consolidated financial position, consolidated financial performance and consolidated cash flows of

the Group in accordance with the accounting principles generally accepted in India. This responsibility includes

the design, implementation and maintenance of internal control relevant to the preparation and presentation of

the consolidated financial statements that give a true and fair view and are free from material misstatement,

whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We

conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered

Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance about whether the consolidated financial statements are free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the

assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the Company’s

preparation and fair presentation of the consolidated financial statements that give a true and fair view in order to

design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the

appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by

management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the

consideration of the reports of the other auditors on the financial statements of the subsidiaries as noted below,

the consolidated financial statements give a true and fair view in conformity with the accounting principles

generally accepted in India:

(a) In the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2014;

(b) In the case of the Consolidated Statement of Profit and Loss, of the Profit of the Group for the year ended on

that date; and

(c) In the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on

that date.

AUDITORS' REPORT

Other Matters

We did not audit the financial statements of certain subsidiaries, whose financial statements reflect total assets of

` 112,182 lacs as at March 31, 2014, total revenues of 98,853 lacs and net cash inflows amounting to 1,097

lacs for the year then ended, whose financial statements and other financial information, have been audited by

other auditors and whose reports have been furnished to us. Our opinion, in so far as it relates to the affairs of such

subsidiaries are based solely on the report of other auditors.

We have relied on the unaudited financial statements of certain subsidiaries whose financial statements reflect

total assets of ̀ 52,512 lacs as at March 31, 2014, total revenues of ̀ 64,905 lacs and net cash inflows amounting

to ̀ 2,392 lacs for the year then ended. These unaudited financial statements have been furnished to us and our

report in so far as it relates to the amounts included in respect of these subsidiaries is solely based on these

financial statements certified by the management.

Our opinion is not qualified in respect of this matter.

` `

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

5554

Annual Report 2013-2014

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Intas Pharmaceuticals Limited (‘the

Company’) and its subsidiaries and joint venture (together referred to as the ‘the Group’), which comprise the

Consolidated Balance Sheet as at March 31, 2014, the Consolidated Statement of Profit and Loss and the

Consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and

other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation of these consolidated financial statements that give a true and fair

view of the consolidated financial position, consolidated financial performance and consolidated cash flows of

the Group in accordance with the accounting principles generally accepted in India. This responsibility includes

the design, implementation and maintenance of internal control relevant to the preparation and presentation of

the consolidated financial statements that give a true and fair view and are free from material misstatement,

whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We

conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered

Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform

the audit to obtain reasonable assurance about whether the consolidated financial statements are free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the

assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the Company’s

preparation and fair presentation of the consolidated financial statements that give a true and fair view in order to

design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the

appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by

management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the

consideration of the reports of the other auditors on the financial statements of the subsidiaries as noted below,

the consolidated financial statements give a true and fair view in conformity with the accounting principles

generally accepted in India:

(a) In the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2014;

(b) In the case of the Consolidated Statement of Profit and Loss, of the Profit of the Group for the year ended on

that date; and

(c) In the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on

that date.

AUDITORS' REPORT

Other Matters

We did not audit the financial statements of certain subsidiaries, whose financial statements reflect total assets of

` 112,182 lacs as at March 31, 2014, total revenues of 98,853 lacs and net cash inflows amounting to 1,097

lacs for the year then ended, whose financial statements and other financial information, have been audited by

other auditors and whose reports have been furnished to us. Our opinion, in so far as it relates to the affairs of such

subsidiaries are based solely on the report of other auditors.

We have relied on the unaudited financial statements of certain subsidiaries whose financial statements reflect

total assets of ̀ 52,512 lacs as at March 31, 2014, total revenues of ̀ 64,905 lacs and net cash inflows amounting

to ̀ 2,392 lacs for the year then ended. These unaudited financial statements have been furnished to us and our

report in so far as it relates to the amounts included in respect of these subsidiaries is solely based on these

financial statements certified by the management.

Our opinion is not qualified in respect of this matter.

` `

For APAJI AMIN & CO.Chartered AccountantsFirm Registration No.: 100513W

Place : AhmedabadDate : September 10, 2014

Tehmul SethnaPartnerMembership No: 35476

5554

Annual Report 2013-2014

Consolidated Balance Sheet as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

Notes March 31, 2014 March 31, 2013 EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 4 11,443.63 11,037.51(b) Equity Share Suspense - 406.11 (c) Reserves and Surplus 5 2,11,838.08 1,64,466.84

2,23,281.67 1,75,910.46

Minority Interest 2,891.83 2,136.60Non-current Liabilities

(a) Long Term Borrowings 6 12,966.54 15,745.81(b) Deferred Tax Liabilities (net) 7 7,830.92 6,746.95(c) Other Long Term Liabilities 8 1,987.03 1,977.95(d) Long Term Provisions 9 4,216.08 3,649.17

27,000.57 28,119.88

Current Liabilities(a) Short Term Borrowings 10 49,976.48 57,476.93(b) Trade Payables 11 58,181.15 56,364.21(c) Other Current Liabilities 11 11,787.19 18,696.68(d) Short Term Provisions 9 3,412.78 2,710.32

1,23,357.60 1,35,248.14

TOTAL LIABILITIES 3,76,531.67 3,41,415.08

ASSETSNon-Current Assets

(a) Fixed Assets(i) Tangible Assets 12 93,256.72 78,502.63(ii) Intangible Assets 13 18,586.59 17,159.21(iii) Capital Work-In-Progress 12 4,564.99 5,463.65(iv) Intangible Assets under Development 13 29,943.96 36,886.01

(b) Non-current Investments 14 440.68 1,532.81(c) Deferred Tax Assets (net) 7 7,024.07 5,907.70(d) Long Term Loans and Advances 15 6,920.06 16,941.49(e) Other Non-current Assets 17 64.76 600.48

1,60,801.83 1,62,993.98Current Assets

(a) Current Investments 14 - 441.11(b) Inventories 18 93,661.29 81,359.49(c) Trade Receivables 16 86,340.31 67,010.66(d) Cash and Cash Equivalents 19 8,927.89 5,655.98(e) Short Term Loans and Advances 15 26,800.35 23,953.86

2,15,729.84 1,78,421.10

TOTAL ASSETS 3,76,531.67 3,41,415.08

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements

Year Ended March 31Revenue : Notes 2014 2013

Revenue from Operations (Gross) 20 4,22,743.88 3,58,024.69 Less: Duties and Taxes 1730.36 1772.23 Revenue from Operations (Net) 4,21,013.52 3,56,252.46 Other Income 21 5134.62 1351.57

Total Revenue 4,26,148.14 3,57,604.03

Expenses:Cost of Materials Consumed 22 1,16,150.82 89,359.53 Purchases of Stock-in-Trade 56,463.70 46,479.08 Changes in Inventories of Finished goods,Work-In-Progress and Stock-in-Trade 23 (9,409.76) (1,007.39)Employee Benefits Expenses 24 53,104.90 44,282.82 Finance Costs 25 4,000.71 6,044.30 Depreciation and Amortisation Expenses 11,267.35 9,119.53 Other Expenses 26 1,30,614.28 1,04,454.73

Total Expenses 3,62,192.00 2,98,732.60

Profit Before Tax, Prior Period Items and Exceptional Item 63,956.14 58,871.43 Less : Exceptional Item 27 (8,086.05) 7,237.98 Less : Prior Period Adjusments 22.62 (9.67)

Profit Before Tax 72,019.57 51,643.12 Tax Expenses:

Current Tax 17,317.55 13,747.30 Deferred Tax 1,127.27 (1,189.12)Excess Provision for Earlier Years - (712.56)

Profit for the Period 53,574.75 39,797.50

Less : Minority interest 935.53 875.99

Net Profit for the Year 52,639.22 38,921.51

Earning per Share Basic and Diluted (in Rs.) 46.00 34.44[Nominal value of Share Rs. 10 (March 31, 2013: Rs. 10] 10.00 10.00

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements.

Consolidated Statement of Profit and Loss for the Year Ended March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

5756

Annual Report 2013-2014

Consolidated Balance Sheet as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

Notes March 31, 2014 March 31, 2013 EQUITIES AND LIABILITIES

Shareholders' Funds(a) Share Capital 4 11,443.63 11,037.51(b) Equity Share Suspense - 406.11 (c) Reserves and Surplus 5 2,11,838.08 1,64,466.84

2,23,281.67 1,75,910.46

Minority Interest 2,891.83 2,136.60Non-current Liabilities

(a) Long Term Borrowings 6 12,966.54 15,745.81(b) Deferred Tax Liabilities (net) 7 7,830.92 6,746.95(c) Other Long Term Liabilities 8 1,987.03 1,977.95(d) Long Term Provisions 9 4,216.08 3,649.17

27,000.57 28,119.88

Current Liabilities(a) Short Term Borrowings 10 49,976.48 57,476.93(b) Trade Payables 11 58,181.15 56,364.21(c) Other Current Liabilities 11 11,787.19 18,696.68(d) Short Term Provisions 9 3,412.78 2,710.32

1,23,357.60 1,35,248.14

TOTAL LIABILITIES 3,76,531.67 3,41,415.08

ASSETSNon-Current Assets

(a) Fixed Assets(i) Tangible Assets 12 93,256.72 78,502.63(ii) Intangible Assets 13 18,586.59 17,159.21(iii) Capital Work-In-Progress 12 4,564.99 5,463.65(iv) Intangible Assets under Development 13 29,943.96 36,886.01

(b) Non-current Investments 14 440.68 1,532.81(c) Deferred Tax Assets (net) 7 7,024.07 5,907.70(d) Long Term Loans and Advances 15 6,920.06 16,941.49(e) Other Non-current Assets 17 64.76 600.48

1,60,801.83 1,62,993.98Current Assets

(a) Current Investments 14 - 441.11(b) Inventories 18 93,661.29 81,359.49(c) Trade Receivables 16 86,340.31 67,010.66(d) Cash and Cash Equivalents 19 8,927.89 5,655.98(e) Short Term Loans and Advances 15 26,800.35 23,953.86

2,15,729.84 1,78,421.10

TOTAL ASSETS 3,76,531.67 3,41,415.08

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements

Year Ended March 31Revenue : Notes 2014 2013

Revenue from Operations (Gross) 20 4,22,743.88 3,58,024.69 Less: Duties and Taxes 1730.36 1772.23 Revenue from Operations (Net) 4,21,013.52 3,56,252.46 Other Income 21 5134.62 1351.57

Total Revenue 4,26,148.14 3,57,604.03

Expenses:Cost of Materials Consumed 22 1,16,150.82 89,359.53 Purchases of Stock-in-Trade 56,463.70 46,479.08 Changes in Inventories of Finished goods,Work-In-Progress and Stock-in-Trade 23 (9,409.76) (1,007.39)Employee Benefits Expenses 24 53,104.90 44,282.82 Finance Costs 25 4,000.71 6,044.30 Depreciation and Amortisation Expenses 11,267.35 9,119.53 Other Expenses 26 1,30,614.28 1,04,454.73

Total Expenses 3,62,192.00 2,98,732.60

Profit Before Tax, Prior Period Items and Exceptional Item 63,956.14 58,871.43 Less : Exceptional Item 27 (8,086.05) 7,237.98 Less : Prior Period Adjusments 22.62 (9.67)

Profit Before Tax 72,019.57 51,643.12 Tax Expenses:

Current Tax 17,317.55 13,747.30 Deferred Tax 1,127.27 (1,189.12)Excess Provision for Earlier Years - (712.56)

Profit for the Period 53,574.75 39,797.50

Less : Minority interest 935.53 875.99

Net Profit for the Year 52,639.22 38,921.51

Earning per Share Basic and Diluted (in Rs.) 46.00 34.44[Nominal value of Share Rs. 10 (March 31, 2013: Rs. 10] 10.00 10.00

Summary of Significant Accounting Policies 3Notes are an integral part of the Financial Statements.

Consolidated Statement of Profit and Loss for the Year Ended March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

5756

Annual Report 2013-2014

A. CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit Before Tax 72,019.57 51,643.12

Adjustments for:

Depreciation and Amortisation 11,267.35 9,119.53

Product Development Expenses written off 4,116.52 1,944.96

Intangible assets /Investment written off 3,783.47 -

Diminution in Investment 1,100.00 -

(Profit) / Loss on sale of assets (2,931.48) 81.94

Interest Expenses 3,316.34 5,439.07

Interest Income (100.21) (241.59)

IPO Expenses written-off 830.46 -

Loss on Fire - 331.55

Excess liability written back - (359.17)

Provision for Doubtful Debts and Advances 262.02 1,243.62

Operating Profit before working capital changes 93,664.04 69,203.03

Adjustments for:

Inventories (12,301.80) (7,944.62)

Trade Receivables (19,591.67) (15,373.95)

Short Term Loans and Advances (2,862.18) 68.26

Long Term loans and advances 3,641.50 2.67

Other Non Current Assets (0.13) 0.24

Trade Payables 1,816.94 8,617.93

Other Current Liabilities (1,376.68) (756.02)

Other Long Term Liabilities 9.08 254.14

Provisions 608.02 855.00

Cash generated from Operations 63,607.12 54,926.68

Direct Taxes paid (17,579.29) (14,340.47)

Net cash from operating activities 46,027.83 40,586.21

Exchange rate Fluctuation arising on Consolidation (3,080.51) 792.05

NET CASH FROM OPERATING ACTIVITIES (A) 42,947.32 41,378.26

B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (22,616.60) (30,129.44)

Sale of Fixed Assets 4,689.22 396.88

Investment (Net) 433.24 (549.72)

Interest received 101.00 190.53

NET CASH USED IN INVESTING ACTIVITIES (B) (17,393.14) (30,091.75)

Consolidated Cash Flow Statement for the year ended March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

Year ended March 31

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

C. CASH FLOWS FROM FINANCING ACTIVITIES

Issue of Equity Shares - 30,000.00

Share issue Expenses (295.40) (34.50)

Proceeds/(Repayments) from long-term borrowings (8,333.00) (25,719.83)

Proceeds/(Repayments) from short-term borrowings (7,500.45) (4,571.44)

Finance cost (3,295.42) (6,071.11)

Capital Withdrawn by Minorities (180.30) (379.55)

Dividends paid including Tax on Dividend (2,677.70) (2,405.26)

NET CASH FLOWS GENERATED FROM/(USED IN)

FINANCING ACTIVITIES (C) (22,282.27) (9,181.69)

NET INCREASE / (DECREASE) IN

CASH AND CASH EQUIVALENTS (A+B+C) 3,271.91 2,104.82

Cash and Cash Equivalents at the Beginning of the Year 5,655.98 3,551.16

Cash and Cash Equivalents at the End of the Year 8,927.89 5,655.98

Components of Cash and Cash Equivalents:

Cash on Hand 38.42 40.67

Balance with Banks - On Current Accounts 8,553.14 5,140.87

- On Deposit Accounts 336.33 474.44

8,927.89 5,655.98

Consolidated Cash Flow Statement for the Year ended on March 31,2014(All the amount Rupee in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

5958

Annual Report 2013-2014

A. CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit Before Tax 72,019.57 51,643.12

Adjustments for:

Depreciation and Amortisation 11,267.35 9,119.53

Product Development Expenses written off 4,116.52 1,944.96

Intangible assets /Investment written off 3,783.47 -

Diminution in Investment 1,100.00 -

(Profit) / Loss on sale of assets (2,931.48) 81.94

Interest Expenses 3,316.34 5,439.07

Interest Income (100.21) (241.59)

IPO Expenses written-off 830.46 -

Loss on Fire - 331.55

Excess liability written back - (359.17)

Provision for Doubtful Debts and Advances 262.02 1,243.62

Operating Profit before working capital changes 93,664.04 69,203.03

Adjustments for:

Inventories (12,301.80) (7,944.62)

Trade Receivables (19,591.67) (15,373.95)

Short Term Loans and Advances (2,862.18) 68.26

Long Term loans and advances 3,641.50 2.67

Other Non Current Assets (0.13) 0.24

Trade Payables 1,816.94 8,617.93

Other Current Liabilities (1,376.68) (756.02)

Other Long Term Liabilities 9.08 254.14

Provisions 608.02 855.00

Cash generated from Operations 63,607.12 54,926.68

Direct Taxes paid (17,579.29) (14,340.47)

Net cash from operating activities 46,027.83 40,586.21

Exchange rate Fluctuation arising on Consolidation (3,080.51) 792.05

NET CASH FROM OPERATING ACTIVITIES (A) 42,947.32 41,378.26

B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (22,616.60) (30,129.44)

Sale of Fixed Assets 4,689.22 396.88

Investment (Net) 433.24 (549.72)

Interest received 101.00 190.53

NET CASH USED IN INVESTING ACTIVITIES (B) (17,393.14) (30,091.75)

Consolidated Cash Flow Statement for the year ended March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

Year ended March 31

As per our report of even date For and on behalf of the Board of Directors of

For APAJI AMIN & CO. Intas Pharmaceuticals LimitedChartered AccountantsFirm Registration No. : 100513W Hasmukh Chudgar Binish Chudgar

Chairman Vice-Chairman & MD

Tehmul Sethna Nimish Chudgar Urmish ChudgarPartner Managing Director & CEO Managing DirectorMembership No.: 35476

Place : Ahmedabad Manoj Nair Place : AhmedabadDate : Sept. 10, 2014 Company Secretary Date : Sept. 10, 2014

C. CASH FLOWS FROM FINANCING ACTIVITIES

Issue of Equity Shares - 30,000.00

Share issue Expenses (295.40) (34.50)

Proceeds/(Repayments) from long-term borrowings (8,333.00) (25,719.83)

Proceeds/(Repayments) from short-term borrowings (7,500.45) (4,571.44)

Finance cost (3,295.42) (6,071.11)

Capital Withdrawn by Minorities (180.30) (379.55)

Dividends paid including Tax on Dividend (2,677.70) (2,405.26)

NET CASH FLOWS GENERATED FROM/(USED IN)

FINANCING ACTIVITIES (C) (22,282.27) (9,181.69)

NET INCREASE / (DECREASE) IN

CASH AND CASH EQUIVALENTS (A+B+C) 3,271.91 2,104.82

Cash and Cash Equivalents at the Beginning of the Year 5,655.98 3,551.16

Cash and Cash Equivalents at the End of the Year 8,927.89 5,655.98

Components of Cash and Cash Equivalents:

Cash on Hand 38.42 40.67

Balance with Banks - On Current Accounts 8,553.14 5,140.87

- On Deposit Accounts 336.33 474.44

8,927.89 5,655.98

Consolidated Cash Flow Statement for the Year ended on March 31,2014(All the amount Rupee in Lacs unless otherwise mentioned)

March 31, 2014 March 31, 2013

5958

Annual Report 2013-2014

1 Nature of Operations

Intas Pharmaceuticals Limited (‘the Company’) is a leading vertically integrated Indian Pharmaceutical

Company with global operations, engaged in the development, manufacture and marketing of

pharmaceutical formulations and are headquartered in India. Company operates nine formulation

manufacturing facilities, of which seven are located in Gujarat, India - i.e. Matoda, Vatva, Sanand Valia,

Moraiya, Intas SEZ - Matoda and CBL Plant and the rest in the U.K. and Mexico. The consolidated financial

statements comprise the financial statements of Intas Pharmaceuticals Limited (hereinafter referred to as

“the Holding Company” or “The Company”) and its subsidiaries (together referred to as 'the Group').

2 Principles of Consolidation

(i) Subsidiaries are fully consolidated from the date of acquisition / incorporation, being the date on

which the Group obtains control and continue to be consolidated until the date that such control

ceases.

(ii) The financial statements of the Company and its subsidiaries have been combined on a line-by-line

basis by adding together the book values of like items of assets, liabilities, income and expenses, after

eliminating intra group balances and intra group transactions. The unrealised profits or losses

resulting from the intra group transactions and intra group balances have been eliminated.

(iii) The excess of the cost to the Company of its investment in the subsidiaries over the Company's

portion of equity on the acquisition date is recognised in the financial statements as “Goodwill” and

is tested for impairment annually. The excess of Company's portion of equity of the Subsidiary over

the cost of investment therein is treated as “Capital Reserve”. The Company's portion of the equity in

the subsidiaries at the date of acquisition is determined after realigning the material accounting

policies of the subsidiaries to that of the holding company and the charge/(reversal) on account of

realignment is adjusted to the accumulated reserves and surplus of the subsidiaries at the date of

acquisition.

(iv) As far as possible, the Consolidated financial statements are prepared using uniform accounting

policies for like transactions and other events in similar circumstances and are presented in the same

manner as the Company's separate financial statements.

(v) If the Group loses control over a subsidiary, it :

a) derecognises the assets (including goodwill) and liabilities of the subsidiary;

b) derecognises the carrying amount of any minority interest;

c) derecognises the cumulative translation differences, recorded in foreign currency translation

reserve;

d) recognises the value of the consideration received;

e) recognises the value of any investment retained;

f) recognises any surplus or deficit in profit or losses.

3 Statement of Significant Accounting Policies

(a) Basis of Preparation

(i) The consolidated financial statements of the Group are prepared in accordance with

Accounting Standard 21 – 'Consolidated Financial Statements' as notified by the Companies

(Accounting Standards) Rules, 2006, (as amended). The financial statements have been

prepared under the historical cost convention on an accrual basis to the extent possible in the

same format as that adopted by the Holding Company for its separate financial statements. The

Notes to the Consolidated Financial Statements as at March 31, 2014

accounting policies have been consistently applied by the Company and are consistent with

those used in the previous year(s), and any deviation in accounting policies is disclosed

separately.

The financial statements of the subsidiaries used in the consolidation are drawn upto the same

reporting date as that of the Holding Company.

(ii) In case of foreign subsidiaries, being non-integral foreign operations, revenue items are

consolidated at the average rate prevailing during the year. All assets and liabilities are

converted at rates prevailing at the end of the year. Any exchange difference arising on

consolidation is recognised in the "Foreign Exchange Fluctuation Reserve".

(iii) Minority Interest's share of net profit of consolidated subsidiaries for the year is identified and

adjusted against the income of the group in order to arrive at the net income attributable to

shareholders of the Company.

(iv) Minority Interest's share of net assets of consolidated subsidiaries is identified and presented in

the consolidated balance sheet separate from liabilities and the equity of the Company's

shareholders.

(b) Depreciation

(i) Goodwill arising on consolidation has not been amortised, instead it is evaluated for

impairment whenever events or changes in circumstances indicate that its carrying amount may

be impaired.

(ii) Depreciation on fixed assets of Subsidiaries are provided on straight line method (SLM) over the

useful life as shown in table below:

Buildings 10-50 years

Plant & Machineries 5-20 years

Furniture, Fixtures and Office Equipments 3-10 years

Vehicles 3-10 years

(c) Other Significant Accounting Policies

Accounting Policies and Notes to Financial Statements of the Holding Company and its Subsidiaries

are set out in their respective Financial Statements. However, the company has disclosed such notes

and details which represent the needed disclosure to serve as a guide for better understanding of the

Group`s position.

Notes to the Consolidated Financial Statements as at March 31, 2014

6160

Annual Report 2013-2014

1 Nature of Operations

Intas Pharmaceuticals Limited (‘the Company’) is a leading vertically integrated Indian Pharmaceutical

Company with global operations, engaged in the development, manufacture and marketing of

pharmaceutical formulations and are headquartered in India. Company operates nine formulation

manufacturing facilities, of which seven are located in Gujarat, India - i.e. Matoda, Vatva, Sanand Valia,

Moraiya, Intas SEZ - Matoda and CBL Plant and the rest in the U.K. and Mexico. The consolidated financial

statements comprise the financial statements of Intas Pharmaceuticals Limited (hereinafter referred to as

“the Holding Company” or “The Company”) and its subsidiaries (together referred to as 'the Group').

2 Principles of Consolidation

(i) Subsidiaries are fully consolidated from the date of acquisition / incorporation, being the date on

which the Group obtains control and continue to be consolidated until the date that such control

ceases.

(ii) The financial statements of the Company and its subsidiaries have been combined on a line-by-line

basis by adding together the book values of like items of assets, liabilities, income and expenses, after

eliminating intra group balances and intra group transactions. The unrealised profits or losses

resulting from the intra group transactions and intra group balances have been eliminated.

(iii) The excess of the cost to the Company of its investment in the subsidiaries over the Company's

portion of equity on the acquisition date is recognised in the financial statements as “Goodwill” and

is tested for impairment annually. The excess of Company's portion of equity of the Subsidiary over

the cost of investment therein is treated as “Capital Reserve”. The Company's portion of the equity in

the subsidiaries at the date of acquisition is determined after realigning the material accounting

policies of the subsidiaries to that of the holding company and the charge/(reversal) on account of

realignment is adjusted to the accumulated reserves and surplus of the subsidiaries at the date of

acquisition.

(iv) As far as possible, the Consolidated financial statements are prepared using uniform accounting

policies for like transactions and other events in similar circumstances and are presented in the same

manner as the Company's separate financial statements.

(v) If the Group loses control over a subsidiary, it :

a) derecognises the assets (including goodwill) and liabilities of the subsidiary;

b) derecognises the carrying amount of any minority interest;

c) derecognises the cumulative translation differences, recorded in foreign currency translation

reserve;

d) recognises the value of the consideration received;

e) recognises the value of any investment retained;

f) recognises any surplus or deficit in profit or losses.

3 Statement of Significant Accounting Policies

(a) Basis of Preparation

(i) The consolidated financial statements of the Group are prepared in accordance with

Accounting Standard 21 – 'Consolidated Financial Statements' as notified by the Companies

(Accounting Standards) Rules, 2006, (as amended). The financial statements have been

prepared under the historical cost convention on an accrual basis to the extent possible in the

same format as that adopted by the Holding Company for its separate financial statements. The

Notes to the Consolidated Financial Statements as at March 31, 2014

accounting policies have been consistently applied by the Company and are consistent with

those used in the previous year(s), and any deviation in accounting policies is disclosed

separately.

The financial statements of the subsidiaries used in the consolidation are drawn upto the same

reporting date as that of the Holding Company.

(ii) In case of foreign subsidiaries, being non-integral foreign operations, revenue items are

consolidated at the average rate prevailing during the year. All assets and liabilities are

converted at rates prevailing at the end of the year. Any exchange difference arising on

consolidation is recognised in the "Foreign Exchange Fluctuation Reserve".

(iii) Minority Interest's share of net profit of consolidated subsidiaries for the year is identified and

adjusted against the income of the group in order to arrive at the net income attributable to

shareholders of the Company.

(iv) Minority Interest's share of net assets of consolidated subsidiaries is identified and presented in

the consolidated balance sheet separate from liabilities and the equity of the Company's

shareholders.

(b) Depreciation

(i) Goodwill arising on consolidation has not been amortised, instead it is evaluated for

impairment whenever events or changes in circumstances indicate that its carrying amount may

be impaired.

(ii) Depreciation on fixed assets of Subsidiaries are provided on straight line method (SLM) over the

useful life as shown in table below:

Buildings 10-50 years

Plant & Machineries 5-20 years

Furniture, Fixtures and Office Equipments 3-10 years

Vehicles 3-10 years

(c) Other Significant Accounting Policies

Accounting Policies and Notes to Financial Statements of the Holding Company and its Subsidiaries

are set out in their respective Financial Statements. However, the company has disclosed such notes

and details which represent the needed disclosure to serve as a guide for better understanding of the

Group`s position.

Notes to the Consolidated Financial Statements as at March 31, 2014

6160

Annual Report 2013-2014

March 31, 2014 March 31, 2013

No. of Shares Rs. in Lacs No. of Shares Rs. in Lacs

4 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168916752 16,891.68 154999000 15,499.90

Equity Shares with differential voting 1000 0.10

rights of Rs.10/- each

168916752 16,891.68 155000000 15,500.00

Preference Shares

Redeemable Preference Shares of Rs. 10/- each - - 500000 50.00

Series A Redeemable Optionally Convertible

Cummulative Preference Shares of Rs. 10/- each - - 7166000 716.60

Series B Compulsorily Convertible

Cummulative Preference Shares of Rs. 10/- each - - 6250752 625.08

- - 13916752 1,391.68

168916752 16,891.68 168916752 16,891.68

Issued, Subscribed and Fully Paid-up Shares

Equity Shares of Rs. 10/- each 114436276 11,443.63 110375145 11,037.51

114436276 11,443.63 110375145 11,037.51

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year

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

Equity Shares No. of Shares Rs. in Lacs No. of Shares Rs. in Lacs

At the beginning of the Year 110375145 11,037.51 103476698 10,347.67

Add : Issued during the Year 4061131 406.12 6898447 689.84

Outstanding at the End of the Year 114436276 11,443.63 110375145 11,037.51

(b) Aggregate Number of Bonus Shares issued during the period of five years immediately preceding the

reporting date:

Equity Shares: 2010 - 11

Alloted as Fully paid bonus shares by capitalisation of Security Premium 51738349

(c) Details of Shareholders holding more than 5% equity shares in the company

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

No. of Shares % Holding No. of Shares % Holding

Name of Shareholders

Equatorial Pvt. Ltd 47432000 41.45 46200000 41.86

Mozart Ltd. 11621100 10.16 11621100 10.53

Parulben U Chudgar 6994369 6.11 6889116 6.24

Bindiben B Chudgar 6906389 6.04 6813816 6.17

CARAVAGGIO 6898447 6.03 6898447 6.25

Nimish H Chudgar 6438707 5.63 6261080 5.67

Binish H Chudgar 6209147 5.43 6037480 5.47

92500159 80.85 90721039 82.19

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

5 RESERVES AND SURPLUS

(a) Capital Reserve

Balance as per Last Financial Statements 443.74 3,293.94

Arise in Scheme of merger - (2,850.20)

Closing Balance 443.74 443.74

(b) Preference Share Capital Redemption Reserve

Balance as per Last Financial Statements 4,033.00 4,033.00

Closing Balance 4,033.00 4,033.00

(c) Security Premium Account

Balance as per Last Financial Statements 39,752.86 18,399.29

Additional Premium on issue of shares - 29,310.16

Arise in Scheme of merger - (7,956.59)

Closing Balance 39,752.86 39,752.86

(d) Debenture Redemption Reserve

Balance as per Last Financial Statements 10,500.00 10,500.00

Transferred from Statement of Profit and Loss 4,500.00 -

Transferred to General Reserve Account (7,000.00) -

Closing Balance 8,000.00 10,500.00

(e) General Reserve

Balance as per Last Financial Statements 47,821.17 46,650.97

Arise in Scheme of merger - (4,829.80)

Transferred from Statement of Profit and Loss 7,000.00 6,000.00

Transferred from Debenture Redemption Reserve 7,000.00

Closing Balance 61,821.17 47,821.17

(f) Foreign Currency Translation Reserve

Balance as per Last Financial Statements (100.76) (1,053.02)

Additions during the year (1,920.84) 952.26

Closing Balance (2,021.60) (100.76)

(g) Surplus

Balance as per Last Financial Statements 62,016.81 26,117.67

Add: Arise in Scheme of merger - 5,782.87

Net Profit for the year 52,639.22 38,921.50

Transfer from Reserve - (127.53)

Transfer to General Reserve (7,000.00) (6,000.00)

Transfer to Debenture Redemption Reserve (4,500.00) -

Appropriations:

Proposed Dividend

On Equity Shares [Rs. 2.50 each (March 31, 2013: Rs. 2 each)] (2,860.91) (2,288.73)

Tax on Proposed Dividend on Equity Shares (486.21) (388.97)

Net Surplus in the Statement of Profit and Loss 99,808.87 62,016.81

GRAND TOTAL 211,838.04 164,466.82

As at March 31

6362

Annual Report 2013-2014

March 31, 2014 March 31, 2013

No. of Shares Rs. in Lacs No. of Shares Rs. in Lacs

4 SHARE CAPITAL

Authorised Shares

Equity Shares

Equity Shares of Rs.10/- each 168916752 16,891.68 154999000 15,499.90

Equity Shares with differential voting 1000 0.10

rights of Rs.10/- each

168916752 16,891.68 155000000 15,500.00

Preference Shares

Redeemable Preference Shares of Rs. 10/- each - - 500000 50.00

Series A Redeemable Optionally Convertible

Cummulative Preference Shares of Rs. 10/- each - - 7166000 716.60

Series B Compulsorily Convertible

Cummulative Preference Shares of Rs. 10/- each - - 6250752 625.08

- - 13916752 1,391.68

168916752 16,891.68 168916752 16,891.68

Issued, Subscribed and Fully Paid-up Shares

Equity Shares of Rs. 10/- each 114436276 11,443.63 110375145 11,037.51

114436276 11,443.63 110375145 11,037.51

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the year

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

Equity Shares No. of Shares Rs. in Lacs No. of Shares Rs. in Lacs

At the beginning of the Year 110375145 11,037.51 103476698 10,347.67

Add : Issued during the Year 4061131 406.12 6898447 689.84

Outstanding at the End of the Year 114436276 11,443.63 110375145 11,037.51

(b) Aggregate Number of Bonus Shares issued during the period of five years immediately preceding the

reporting date:

Equity Shares: 2010 - 11

Alloted as Fully paid bonus shares by capitalisation of Security Premium 51738349

(c) Details of Shareholders holding more than 5% equity shares in the company

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

No. of Shares % Holding No. of Shares % Holding

Name of Shareholders

Equatorial Pvt. Ltd 47432000 41.45 46200000 41.86

Mozart Ltd. 11621100 10.16 11621100 10.53

Parulben U Chudgar 6994369 6.11 6889116 6.24

Bindiben B Chudgar 6906389 6.04 6813816 6.17

CARAVAGGIO 6898447 6.03 6898447 6.25

Nimish H Chudgar 6438707 5.63 6261080 5.67

Binish H Chudgar 6209147 5.43 6037480 5.47

92500159 80.85 90721039 82.19

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

5 RESERVES AND SURPLUS

(a) Capital Reserve

Balance as per Last Financial Statements 443.74 3,293.94

Arise in Scheme of merger - (2,850.20)

Closing Balance 443.74 443.74

(b) Preference Share Capital Redemption Reserve

Balance as per Last Financial Statements 4,033.00 4,033.00

Closing Balance 4,033.00 4,033.00

(c) Security Premium Account

Balance as per Last Financial Statements 39,752.86 18,399.29

Additional Premium on issue of shares - 29,310.16

Arise in Scheme of merger - (7,956.59)

Closing Balance 39,752.86 39,752.86

(d) Debenture Redemption Reserve

Balance as per Last Financial Statements 10,500.00 10,500.00

Transferred from Statement of Profit and Loss 4,500.00 -

Transferred to General Reserve Account (7,000.00) -

Closing Balance 8,000.00 10,500.00

(e) General Reserve

Balance as per Last Financial Statements 47,821.17 46,650.97

Arise in Scheme of merger - (4,829.80)

Transferred from Statement of Profit and Loss 7,000.00 6,000.00

Transferred from Debenture Redemption Reserve 7,000.00

Closing Balance 61,821.17 47,821.17

(f) Foreign Currency Translation Reserve

Balance as per Last Financial Statements (100.76) (1,053.02)

Additions during the year (1,920.84) 952.26

Closing Balance (2,021.60) (100.76)

(g) Surplus

Balance as per Last Financial Statements 62,016.81 26,117.67

Add: Arise in Scheme of merger - 5,782.87

Net Profit for the year 52,639.22 38,921.50

Transfer from Reserve - (127.53)

Transfer to General Reserve (7,000.00) (6,000.00)

Transfer to Debenture Redemption Reserve (4,500.00) -

Appropriations:

Proposed Dividend

On Equity Shares [Rs. 2.50 each (March 31, 2013: Rs. 2 each)] (2,860.91) (2,288.73)

Tax on Proposed Dividend on Equity Shares (486.21) (388.97)

Net Surplus in the Statement of Profit and Loss 99,808.87 62,016.81

GRAND TOTAL 211,838.04 164,466.82

As at March 31

6362

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As at March 31 As at March 31

2014 2013 2014 2013

6 LONG TERM BORROWINGS Non-current Portion Current Portion

Non-convertible Debentures (Secured) 9,000.00 3,500.00 3,500.00 3,500.00

Term Loans from Banks

Rupee Loans (Secured) - 561.26 - 4,428.28

Foreign Currency Loans (Secured) 2,727.79 5,906.56 4,048.55 4,871.11

Hire Purchase Vehicle Loans

from Banks (Secured) - 0.97 0.93 18.83

Dues from Related Parties -

(Unsecured) (Refer note 34) - 4,560.00 - 250.00

Other Loans

Secured 480.00 480.00 - -

Unsecured 758.75 737.02 - 35.00

12,966.54 15,745.81 7,549.48 13,103.22

The above amount includes:

Secured Borrowings 12,207.79 10,448.79 7,549.48 12,818.22

Unsecured Borrowings 758.75 5,297.02 - 285.00

Amount disclosed under the head

"Other Current Liabilities" (note 11) (7,549.48) (13,103.22)

Net Amount 12,966.54 15,745.81 - -

1 1,050 (Previous Year: 1,050) Secured Non-convertible Debentures (NCD I) of Rs. 10 Lacs each

redeemable at par from the end of third year to five year from the date of allotment viz. 06.11.2009 in

equal installments. Out of this 700 Nos agreegating Rs. 7000 lacs has been redeemed till date and

Balance will fall due in FY 2014-15.

2 During the year , the Company has issued 900 Secured Non-convertible Debentures (NCD II) of Rs. 10

Lacs each. The same are redeemable at par from the end of third year to five year from the date of

allotment viz. 14.06.2013 in equal installments.

3 The Non Covertible Debentures (NCD I) are secured by first pari-passu charge on the movable and

certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd)

and a partnership firm M/s Intas Pharmaceutcials.

4 'The Non Convertible Debentures (NCD II ) are secured by first pari-passu charge on the movable and

immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

5 Obligation of Hire Purchase arrangement are secured against assets purchased under agreement.

6 "The Term Loans and other secured borrowings are secured by first pari-passu charge on the movable

and immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd), Bio-

Pharma Division (erstwhile Intas Biopharmaceuticals Ltd), Plasma Division (erstwhile Celestial

Biologicals Ltd) and a partnership firm M/s Intas Pharmaceutcials"

7 Loan taken in UK is secured by guarantees and indemnnities of Accord UK and Intas Pharmaceuticals

Limited

As at March 31 As at March 31

2014 2013 2014 2013

9 PROVISION Non-current Portion Current Portion

Provision for Employee Benefits

Provision for Gratuity 2,662.43 2,294.83 - -

Provision for Leave Encashment 1,553.65 1,346.27 65.66 32.62

4,216.08 3,641.10 65.66 32.62

Other Provisions

Provision for Tax (net of advances) - 8.07 - -

Proposed Equity Dividend - - 2,860.91 2,288.73

Provision for Tax on Proposed Equity Dividend - - 486.21 388.97

- 8.07 3,347.12 2,677.70

4,216.08 3,649.17 3,412.78 2,710.32

As at March 31

2014 2013

7 DEFERRED TAX LIABILITIES (NET)

Deferred Tax Liability

Impact of Difference between depreciation/ amortisation

as per Income Tax and charged for the Financial Reporting 7,830.92 6,746.95

Gross Deferred Tax Liabilities 7,830.92 6,746.95

Deferred Tax Asset

Impact of Expenditure charged to the Statement of

Profit and Loss in the Current Year, but allowed for tax

purposes in following years on payment basis 7,024.07 5,907.70

Gross Deferred Tax Asset 7,024.07 5,907.70

Deferred Tax Liabilities (Net) 806.85 839.25

8 OTHER LONG-TERM LIABILITIES

Deposits from C & F Agents 1,987.03 1,977.95

1,987.03 1,977.95

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

10 SHORT-TERM BORROWINGS

Secured Borrowings from Bank*

Cash Credit from Banks (Secured) 7,484.37 9,421.52

Short Term Loans (Secured) 17,113.87 22,975.02

Unsecured Borrowings from Bank

Cash Credit Facilities (Unsecured) 2,168.68 642.81

Short Term Loans (Unsecured) 23,209.56 24,437.58

49,976.48 57,476.93

The above amount includes:

Secured Borrowings 24,598.24 32,396.54

Unsecured Borrowings 25,378.24 25,080.39

49,976.48 57,476.93

As at March 31

6564

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

As at March 31 As at March 31

2014 2013 2014 2013

6 LONG TERM BORROWINGS Non-current Portion Current Portion

Non-convertible Debentures (Secured) 9,000.00 3,500.00 3,500.00 3,500.00

Term Loans from Banks

Rupee Loans (Secured) - 561.26 - 4,428.28

Foreign Currency Loans (Secured) 2,727.79 5,906.56 4,048.55 4,871.11

Hire Purchase Vehicle Loans

from Banks (Secured) - 0.97 0.93 18.83

Dues from Related Parties -

(Unsecured) (Refer note 34) - 4,560.00 - 250.00

Other Loans

Secured 480.00 480.00 - -

Unsecured 758.75 737.02 - 35.00

12,966.54 15,745.81 7,549.48 13,103.22

The above amount includes:

Secured Borrowings 12,207.79 10,448.79 7,549.48 12,818.22

Unsecured Borrowings 758.75 5,297.02 - 285.00

Amount disclosed under the head

"Other Current Liabilities" (note 11) (7,549.48) (13,103.22)

Net Amount 12,966.54 15,745.81 - -

1 1,050 (Previous Year: 1,050) Secured Non-convertible Debentures (NCD I) of Rs. 10 Lacs each

redeemable at par from the end of third year to five year from the date of allotment viz. 06.11.2009 in

equal installments. Out of this 700 Nos agreegating Rs. 7000 lacs has been redeemed till date and

Balance will fall due in FY 2014-15.

2 During the year , the Company has issued 900 Secured Non-convertible Debentures (NCD II) of Rs. 10

Lacs each. The same are redeemable at par from the end of third year to five year from the date of

allotment viz. 14.06.2013 in equal installments.

3 The Non Covertible Debentures (NCD I) are secured by first pari-passu charge on the movable and

certain immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd)

and a partnership firm M/s Intas Pharmaceutcials.

4 'The Non Convertible Debentures (NCD II ) are secured by first pari-passu charge on the movable and

immovable assets situated at 404, 4th Floor, Chinubhai Centre, Ashram Road, Ahmedabad

5 Obligation of Hire Purchase arrangement are secured against assets purchased under agreement.

6 "The Term Loans and other secured borrowings are secured by first pari-passu charge on the movable

and immovable assets of the Company (except Vatva Plant), SEZ unit (erstwhile Intas Pharma Ltd), Bio-

Pharma Division (erstwhile Intas Biopharmaceuticals Ltd), Plasma Division (erstwhile Celestial

Biologicals Ltd) and a partnership firm M/s Intas Pharmaceutcials"

7 Loan taken in UK is secured by guarantees and indemnnities of Accord UK and Intas Pharmaceuticals

Limited

As at March 31 As at March 31

2014 2013 2014 2013

9 PROVISION Non-current Portion Current Portion

Provision for Employee Benefits

Provision for Gratuity 2,662.43 2,294.83 - -

Provision for Leave Encashment 1,553.65 1,346.27 65.66 32.62

4,216.08 3,641.10 65.66 32.62

Other Provisions

Provision for Tax (net of advances) - 8.07 - -

Proposed Equity Dividend - - 2,860.91 2,288.73

Provision for Tax on Proposed Equity Dividend - - 486.21 388.97

- 8.07 3,347.12 2,677.70

4,216.08 3,649.17 3,412.78 2,710.32

As at March 31

2014 2013

7 DEFERRED TAX LIABILITIES (NET)

Deferred Tax Liability

Impact of Difference between depreciation/ amortisation

as per Income Tax and charged for the Financial Reporting 7,830.92 6,746.95

Gross Deferred Tax Liabilities 7,830.92 6,746.95

Deferred Tax Asset

Impact of Expenditure charged to the Statement of

Profit and Loss in the Current Year, but allowed for tax

purposes in following years on payment basis 7,024.07 5,907.70

Gross Deferred Tax Asset 7,024.07 5,907.70

Deferred Tax Liabilities (Net) 806.85 839.25

8 OTHER LONG-TERM LIABILITIES

Deposits from C & F Agents 1,987.03 1,977.95

1,987.03 1,977.95

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

2014 2013

10 SHORT-TERM BORROWINGS

Secured Borrowings from Bank*

Cash Credit from Banks (Secured) 7,484.37 9,421.52

Short Term Loans (Secured) 17,113.87 22,975.02

Unsecured Borrowings from Bank

Cash Credit Facilities (Unsecured) 2,168.68 642.81

Short Term Loans (Unsecured) 23,209.56 24,437.58

49,976.48 57,476.93

The above amount includes:

Secured Borrowings 24,598.24 32,396.54

Unsecured Borrowings 25,378.24 25,080.39

49,976.48 57,476.93

As at March 31

6564

Annual Report 2013-2014

* First pari-passu charge on the entire current assets and fixed assets at Vatva facility, on certain office

premises and second charge on movable & immovable assets of the company. Exclusive charge by way

of hypothecation on the entire current assets of Intas Pharma existing and future. First pari passu charge

over the entire movable properties and immovable properties of Intas Biopharmaceuticals. First pari

passu mortgage over immovable property of Celestial Biologicals. First pari passu charge on the whole

of the moveable properties of the Astron Research both present and future.

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

11 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

Trade Payables - Due to Related Parties (Refer Note 34) 411.18 771.42

- Others Payables 57,769.97 55,592.79

Other Liabilities - -

Current Maturities of Long Term Borrowings 7,549.49 13,103.22

Interest accrued but not due on loans 455.73 434.81

Advance from Customers 1,042.70 923.45

Others - TDS Payable 598.61 664.22

- Others 2,140.62 3,570.98

11,787.19 18,696.68

69,968.34 75,060.89

14 INVESTMENTS

(a) Non Currrent Investments

Non Traded (Quoted)

181766666 Common Stock of Viropro Inc. (USA) of par

value of USD 0.001 each fully Paid up

(Market Value Rs. 393.27 lacs, P.Y. Rs. 1680.67 Lacs) 1,424.19 1,424.19

Less: Provision for diminution of Investment (1,100.00) -

324.19 1,424.19

Non Traded ( Un-quoted)

152 Common Units of Mobius Therapeutics LLC, USA 116.48 108.61

100 Equity Shares of Prime Paediatrics Pvt Ltd of Rs.10/- fully paid up 0.01 0.01

116.49 108.62

440.68 1,532.81

(b) Current Investments

Investment in Mutual Funds (Debt Schemes)

(Market Value Nil, P.Y. Rs.458.33 Lacs) - 441.11

- 441.11

As At March 31

20132014

12

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6766

Annual Report 2013-2014

* First pari-passu charge on the entire current assets and fixed assets at Vatva facility, on certain office

premises and second charge on movable & immovable assets of the company. Exclusive charge by way

of hypothecation on the entire current assets of Intas Pharma existing and future. First pari passu charge

over the entire movable properties and immovable properties of Intas Biopharmaceuticals. First pari

passu mortgage over immovable property of Celestial Biologicals. First pari passu charge on the whole

of the moveable properties of the Astron Research both present and future.

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

11 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

Trade Payables - Due to Related Parties (Refer Note 34) 411.18 771.42

- Others Payables 57,769.97 55,592.79

Other Liabilities - -

Current Maturities of Long Term Borrowings 7,549.49 13,103.22

Interest accrued but not due on loans 455.73 434.81

Advance from Customers 1,042.70 923.45

Others - TDS Payable 598.61 664.22

- Others 2,140.62 3,570.98

11,787.19 18,696.68

69,968.34 75,060.89

14 INVESTMENTS

(a) Non Currrent Investments

Non Traded (Quoted)

181766666 Common Stock of Viropro Inc. (USA) of par

value of USD 0.001 each fully Paid up

(Market Value Rs. 393.27 lacs, P.Y. Rs. 1680.67 Lacs) 1,424.19 1,424.19

Less: Provision for diminution of Investment (1,100.00) -

324.19 1,424.19

Non Traded ( Un-quoted)

152 Common Units of Mobius Therapeutics LLC, USA 116.48 108.61

100 Equity Shares of Prime Paediatrics Pvt Ltd of Rs.10/- fully paid up 0.01 0.01

116.49 108.62

440.68 1,532.81

(b) Current Investments

Investment in Mutual Funds (Debt Schemes)

(Market Value Nil, P.Y. Rs.458.33 Lacs) - 441.11

- 441.11

As At March 31

20132014

12

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6766

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Current Portion

As at March 31

2014 2013

16 TRADE RECEIVABLES

Outstanding for a period exceeding six months

Unsecured, considered good 5,631.71 889.89

Unsecured, considered doubtful 806.73 420.73

6,438.44 1,310.62

Less: Provision for doubtful receivables (806.73) (420.73)

(A) 5,631.71 889.89

Other receivables

Unsecured, considered good 80,708.60 66,120.77

Unsecured, considered doubtful - 16.71

80,708.60 66,137.48

Less: Provision for doubtful receivables - (16.71)

(B) 80,708.60 66,120.77

Total (A+B) 86,340.31 67,010.66

Non-current Portion Current Portion

As at March 31 As at March 31

2014 2013 2014 2013

15 LOANS AND ADVANCES

Capital Advances

Unsecured, considered good 3,026.58 9,675.87 - -

(A) 3,026.58 9,675.87 - -

Security deposit

Secured, considered good 934.56 797.64 - -

Unsecured, considered good 4.56 3.58 40.84 27.70

(B) 939.12 801.22 40.84 27.70

Loans and Advances to Related Parties

Unsecured, considered good - 3,779.40 - -

(C) - 3,779.40 - -

Advances recoverable in Cash or Kind

Unsecured, considered good - - 13,660.35 13,667.34

(D) - - 13,660.35 13,667.34

Other Loans and Advances

Advance income-tax

(net of provision for taxation) 2,954.36 2,685.00 - 15.69

Prepaid expenses - - 3,975.04 1,211.36

Loans to employees - - 514.13 268.22

Balances with Statutory Authorities - - 7,329.37 6,654.44

Others - - 1,280.62 2,109.11

(E) 2,954.36 2,685.00 13,099.16 10,258.82

Total (A+B+C+D+E) 6,920.06 16,941.49 26,800.35 23,953.86

17 OTHER NON-CURRENT ASSETS

Unamortised Expenditure to the extent not written off

Unamortised Miscellaneous expenses - 535.06

Interest accrued on Fixed Deposits 63.08 63.87

Others 1.68 1.55

Total 64.76 600.48

As at March 31

2014 2013

18 INVENTORIES

[Valued at lower of cost and net realisable value]

Raw Materials and Packing Materials 33,308.02 30,454.14

Finished and Traded Goods 52,303.11 42,531.99

Work-in-progress 7,597.23 7,958.59

Fuel, Stores, Spares and Others 452.93 414.77

Total 93,661.29 81,359.49

19 CASH AND CASH EQUIVALENTS

Balances with Banks:

On Current Accounts 8,553.14 5,140.87

On Deposits with Original Maturity for more than 12 months 336.33 474.44

Cash on Hand 38.42 40.67

Total 8,927.89 5,655.98

20 REVENUE FROM OPERATIONS

Sale of Finished Goods

Domestic 1,97,490.00 1,68,967.48

Exports 2,14,329.68 1,77,659.00

Sale of Services 6,628.80 7,979.92

Export Incentives 2,956.23 3,019.25

Other Operating Revenue 1,339.17 399.04

Revenue from Operations (Gross) 4,22,743.88 3,58,024.69

Less: Excise Duty /ICMS 1,730.36 1,772.23

Revenue from Operations (Net) 4,21,013.52 3,56,252.46

21 OTHER INCOME

Interest Income on - Bank Deposits 70.77 39.95

- Others 29.44 201.64

Insurance Claims Received 185.19 131.24

Profit on Sale of Assets 2,934.81 -

Other Non-operating Income 1,914.41 978.74

5,134.62 1,351.57

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Non-current Portion

As At March 31

20132014

Year ended March 31

20132014

68 69

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Current Portion

As at March 31

2014 2013

16 TRADE RECEIVABLES

Outstanding for a period exceeding six months

Unsecured, considered good 5,631.71 889.89

Unsecured, considered doubtful 806.73 420.73

6,438.44 1,310.62

Less: Provision for doubtful receivables (806.73) (420.73)

(A) 5,631.71 889.89

Other receivables

Unsecured, considered good 80,708.60 66,120.77

Unsecured, considered doubtful - 16.71

80,708.60 66,137.48

Less: Provision for doubtful receivables - (16.71)

(B) 80,708.60 66,120.77

Total (A+B) 86,340.31 67,010.66

Non-current Portion Current Portion

As at March 31 As at March 31

2014 2013 2014 2013

15 LOANS AND ADVANCES

Capital Advances

Unsecured, considered good 3,026.58 9,675.87 - -

(A) 3,026.58 9,675.87 - -

Security deposit

Secured, considered good 934.56 797.64 - -

Unsecured, considered good 4.56 3.58 40.84 27.70

(B) 939.12 801.22 40.84 27.70

Loans and Advances to Related Parties

Unsecured, considered good - 3,779.40 - -

(C) - 3,779.40 - -

Advances recoverable in Cash or Kind

Unsecured, considered good - - 13,660.35 13,667.34

(D) - - 13,660.35 13,667.34

Other Loans and Advances

Advance income-tax

(net of provision for taxation) 2,954.36 2,685.00 - 15.69

Prepaid expenses - - 3,975.04 1,211.36

Loans to employees - - 514.13 268.22

Balances with Statutory Authorities - - 7,329.37 6,654.44

Others - - 1,280.62 2,109.11

(E) 2,954.36 2,685.00 13,099.16 10,258.82

Total (A+B+C+D+E) 6,920.06 16,941.49 26,800.35 23,953.86

17 OTHER NON-CURRENT ASSETS

Unamortised Expenditure to the extent not written off

Unamortised Miscellaneous expenses - 535.06

Interest accrued on Fixed Deposits 63.08 63.87

Others 1.68 1.55

Total 64.76 600.48

As at March 31

2014 2013

18 INVENTORIES

[Valued at lower of cost and net realisable value]

Raw Materials and Packing Materials 33,308.02 30,454.14

Finished and Traded Goods 52,303.11 42,531.99

Work-in-progress 7,597.23 7,958.59

Fuel, Stores, Spares and Others 452.93 414.77

Total 93,661.29 81,359.49

19 CASH AND CASH EQUIVALENTS

Balances with Banks:

On Current Accounts 8,553.14 5,140.87

On Deposits with Original Maturity for more than 12 months 336.33 474.44

Cash on Hand 38.42 40.67

Total 8,927.89 5,655.98

20 REVENUE FROM OPERATIONS

Sale of Finished Goods

Domestic 1,97,490.00 1,68,967.48

Exports 2,14,329.68 1,77,659.00

Sale of Services 6,628.80 7,979.92

Export Incentives 2,956.23 3,019.25

Other Operating Revenue 1,339.17 399.04

Revenue from Operations (Gross) 4,22,743.88 3,58,024.69

Less: Excise Duty /ICMS 1,730.36 1,772.23

Revenue from Operations (Net) 4,21,013.52 3,56,252.46

21 OTHER INCOME

Interest Income on - Bank Deposits 70.77 39.95

- Others 29.44 201.64

Insurance Claims Received 185.19 131.24

Profit on Sale of Assets 2,934.81 -

Other Non-operating Income 1,914.41 978.74

5,134.62 1,351.57

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Non-current Portion

As At March 31

20132014

Year ended March 31

20132014

68 69

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

22 COST OF RAW MATERIALS AND PACKING MATERIALS CONSUMED

Inventory at the beginning of the Year 30,454.14 23,761.03

Add: Purchases 1,19,038.03 96,056.13

1,49,492.17 1,19,817.16

Less: Sale of Materials 33.33 3.49

Less: Inventory at the end of the Year 33,308.02 30,454.14

Cost of Raw Materials and Packing Materials Consumed 1,16,150.82 89,359.53

23 (INCREASE) / DECREASE IN INVENTORIES

Inventory at the end of the Year

Work-in-progress 7,597.23 7,958.59

Finished and Traded Goods 52,303.11 42,531.99

59,900.34 50,490.58

Inventory at the beginning of the Year

Work-in-progress 7,958.59 6,744.65

Finished and Traded Goods 42,531.99 42,738.54

50,490.58 49,483.19

(9,409.76) (1,007.39)

24 EMPLOYEE BENEFIT EXPENSES

Salaries, Wages and Bonus 47,713.22 39,994.49

Contribution to Provident and Other Funds 3,464.49 2,663.72

Gratuity Expense 616.53 768.09

Staff Welfare Expenses 1,310.66 856.52

53,104.90 44,282.82

25 FINANCE COSTS

Interest 3,316.34 5,439.07

Bank Charges 684.37 605.23

4,000.71 6,044.30

26 OTHER EXPENSES

(a) Other Operating and Manufacturing Expenses

Consumption of Stores and Spares 5,133.25 4,129.74

Power and Fuel 5,300.79 4,638.50

Processing Charges 5,783.68 5,079.20

Laboratory Expenses 5,421.79 4,254.99

Freight and Forwarding Charges 53.31 -

Insurance 95.69 123.69

Repairs and Maintenance

- Buildings 172.92 133.88

- Plant & Machinery 873.79 765.78

- Others 937.62 903.77

23,772.84 20,029.55

(b) General Expenses

Rent, Rates and Taxes 1,616.83 1,572.21

Insurance 1,166.81 978.72

Travelling and Conveyance 3,626.58 2,922.06

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

Communication Costs 1,275.28 1,108.91

Printing and Stationery 690.53 611.13

Legal and Professional Fees 11,248.25 7,088.72

Payment to Auditor 264.14 245.69

Donations 218.27 30.07

Net Foreign exchange gain (loss) (3,879.39) 394.65

Product Development Expenses 11,806.71 6,005.58

Overseas / Branch Office Expenses 492.14 1,892.25

IPO Expenses written-off 830.46 -

Bad Debts/ Advances / Sundry Balances written off 83.55 121.38

Product Development Expenses written off 4,116.52 2,611.34

Intangible assets /Investment written off 3,783.47 22.83

Diminution in Investment 1,100.00 -

Provision for Doubtful Debts and Advances 178.47 455.86

Loss on Sale of Fixed Assets 3.33 81.94

Commission on Sales 4,543.51 4,878.74

Freight and Forwarding on Sales 17,491.47 13,218.16

Representative Expenses, Allowances and Incentives 13,366.90 9,497.05

Other Marketing Expenses 28,750.91 28,828.83

Miscellaneous Expenses 4,066.70 1,859.06

1,30,614.28 1,04,454.73

Payment to Auditor:

As Auditor:

Audit Fee 134.75 146.58

Tax Audit Fee 21.73 17.00

In Other Capacity:

Taxation Matters 0.71 0.59

Management Services 66.91 44.78

Other Services (Certification Fees) 23.93 22.80

Other Audit Fees 16.11 13.94

248.03 231.75

27 EXCEPTIONAL ITEM

The exceptional gain of Rs. 8,086.05 Lacs is in relation to the reversal of provision made at the year end st 31 March 2013. The original provision was made in respect of a litigation concerning patents for a

pharmaceutical product against a major pharmaceutical company along with the legal costs associated

therewith. Although provided in the previous year however the outcome of the litigation resulted in favour of

the company hence same is being reversed in the current financial year.

28 COMMITMENTS

(a) Capital Commitments

Estimated amount of contracts remaining to be

executed on capital account and not provided for 5,007.14 4,141.47

(b) Other Commitments

Export Commitments 3,707.50 2,840.26

8,714.64 6,981.73

7170

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

22 COST OF RAW MATERIALS AND PACKING MATERIALS CONSUMED

Inventory at the beginning of the Year 30,454.14 23,761.03

Add: Purchases 1,19,038.03 96,056.13

1,49,492.17 1,19,817.16

Less: Sale of Materials 33.33 3.49

Less: Inventory at the end of the Year 33,308.02 30,454.14

Cost of Raw Materials and Packing Materials Consumed 1,16,150.82 89,359.53

23 (INCREASE) / DECREASE IN INVENTORIES

Inventory at the end of the Year

Work-in-progress 7,597.23 7,958.59

Finished and Traded Goods 52,303.11 42,531.99

59,900.34 50,490.58

Inventory at the beginning of the Year

Work-in-progress 7,958.59 6,744.65

Finished and Traded Goods 42,531.99 42,738.54

50,490.58 49,483.19

(9,409.76) (1,007.39)

24 EMPLOYEE BENEFIT EXPENSES

Salaries, Wages and Bonus 47,713.22 39,994.49

Contribution to Provident and Other Funds 3,464.49 2,663.72

Gratuity Expense 616.53 768.09

Staff Welfare Expenses 1,310.66 856.52

53,104.90 44,282.82

25 FINANCE COSTS

Interest 3,316.34 5,439.07

Bank Charges 684.37 605.23

4,000.71 6,044.30

26 OTHER EXPENSES

(a) Other Operating and Manufacturing Expenses

Consumption of Stores and Spares 5,133.25 4,129.74

Power and Fuel 5,300.79 4,638.50

Processing Charges 5,783.68 5,079.20

Laboratory Expenses 5,421.79 4,254.99

Freight and Forwarding Charges 53.31 -

Insurance 95.69 123.69

Repairs and Maintenance

- Buildings 172.92 133.88

- Plant & Machinery 873.79 765.78

- Others 937.62 903.77

23,772.84 20,029.55

(b) General Expenses

Rent, Rates and Taxes 1,616.83 1,572.21

Insurance 1,166.81 978.72

Travelling and Conveyance 3,626.58 2,922.06

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

Communication Costs 1,275.28 1,108.91

Printing and Stationery 690.53 611.13

Legal and Professional Fees 11,248.25 7,088.72

Payment to Auditor 264.14 245.69

Donations 218.27 30.07

Net Foreign exchange gain (loss) (3,879.39) 394.65

Product Development Expenses 11,806.71 6,005.58

Overseas / Branch Office Expenses 492.14 1,892.25

IPO Expenses written-off 830.46 -

Bad Debts/ Advances / Sundry Balances written off 83.55 121.38

Product Development Expenses written off 4,116.52 2,611.34

Intangible assets /Investment written off 3,783.47 22.83

Diminution in Investment 1,100.00 -

Provision for Doubtful Debts and Advances 178.47 455.86

Loss on Sale of Fixed Assets 3.33 81.94

Commission on Sales 4,543.51 4,878.74

Freight and Forwarding on Sales 17,491.47 13,218.16

Representative Expenses, Allowances and Incentives 13,366.90 9,497.05

Other Marketing Expenses 28,750.91 28,828.83

Miscellaneous Expenses 4,066.70 1,859.06

1,30,614.28 1,04,454.73

Payment to Auditor:

As Auditor:

Audit Fee 134.75 146.58

Tax Audit Fee 21.73 17.00

In Other Capacity:

Taxation Matters 0.71 0.59

Management Services 66.91 44.78

Other Services (Certification Fees) 23.93 22.80

Other Audit Fees 16.11 13.94

248.03 231.75

27 EXCEPTIONAL ITEM

The exceptional gain of Rs. 8,086.05 Lacs is in relation to the reversal of provision made at the year end st 31 March 2013. The original provision was made in respect of a litigation concerning patents for a

pharmaceutical product against a major pharmaceutical company along with the legal costs associated

therewith. Although provided in the previous year however the outcome of the litigation resulted in favour of

the company hence same is being reversed in the current financial year.

28 COMMITMENTS

(a) Capital Commitments

Estimated amount of contracts remaining to be

executed on capital account and not provided for 5,007.14 4,141.47

(b) Other Commitments

Export Commitments 3,707.50 2,840.26

8,714.64 6,981.73

7170

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

29 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Bank Guarantees issued by the Bankers 1,326.14 1,184.30

(b) Letter of Credit 2,154.67 2,576.23

(c) Custom Duty Liability under EPCG and Advance Licenses 2,024.11 1,132.21

(d) Claims against the Company not acknowledged as debts

Income Tax 5,462.90 4,515.50

Excise Duty 5,397.39 2,833.47

Sales Tax / IVA 423.68 125.53

16,788.89 12,367.23

30 EARNINGS PER SHARE (EPS)

Net Profit as per Statement of Profit and Loss 52,639.22 38,921.51

Opening number of Equity Shares Nos. 1,14,436,276 1,03,476,698

Equity Shares issued during the year Nos. - 6,898,447

Equity Shares to be issued due to merger Nos. - 4,061,131

Weighted Average Number of Equity Shares in calculating Basic EPS Nos. 1,14,436,276 1,12,999,887

Weighted Average Number of Equity Shares in calculating Diluted EPS Nos. 1,14,436,276 1,12,999,887

Basic and Diluted Earning Per Share Rs. 46.00 34.44

Nominal Value of Shares Rs. 10.00 10.00

31 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and

Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet.

Balances are subject to confirmation, are included in Trade Receivable, Trade Payable and Other Advances.

32 SEGMENT INFORMATION

(i) Business Segment

The Company’s business consists of pharmaceuticals, comprising mainly of manufacture of branded

formulations. Since the Company’s business falls within a single reportable business segment,

disclosure requirements of Accounting Standard (AS) 17 – Segment Reporting are not reported upon

separately.

(ii) Geographical Segment

Secondary segmental reporting is based on the geographical location of customers. The geographical

segments have been identified based on revenues within India (sales to customers within India, i.e.

Domestic) and revenues outside India (sales to customers located outside India, i.e. Export). Please

Refer "Note 20 - Revenue from Operations.

(iii) Other Segmental Information

Carrying amount of Segment Assets

Within India 2,13,386.18 2,35,823.90

Outside India 1,63,145.49 1,05,591.18

3,76,531.67 3,41,415.08

Additions to Fixed Assets

Within India 22,665.55 10,525.93

Outside India 5,236.04 3,564.08

27,901.60 14,090.01

33 Previous Period Comparatives

The figures of the Previous Period have been regrouped/rearranged wherever necessary to conform to

Current year’s classifications.

Notes to the Consolidated Financial Statements as at March 31, 2014

34 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

A Subsidiary Companies

Accord Farma SA DE CV, Mexico

Accord Farmaceutica Ltda., Brazil

Accord Healthcare Inc., North Carolina, USA

Accord Healthcare (Pty) Ltd., South Africa

Accord Healthcare Inc., Canada

Accord Healthcare Limited

Accord Healthcare Limited, UK

Accord Healthcare NZ Ltd., New Zealand

Accord Healthcare SAC, Peru

Intas Medi Devices Limited

Intas Pharmaceuticals (Partnership Firm)

Andre Laboratories Limited

Astron Research Limited, UK

Step-down Subsidiary Companies

Accord Healthcare Pty. Ltd., Australia

Accord Healthcare SAS, France

Accord Healthcare BV, Netherlands

Accord Healthcare Italia SRL, Italy

Accord Healthcare Sociedad Limitada, Spain

Accord Healthcare Polska Spolka Z Ograniczona

Odpowiedzialnoscia, Poland

Farmabiot SA DE CV, Mexico

Accord Healthcare AB, Sweden

Accord Healthcare BVPA, Belgium

Accord Healthcare OY, Finland

Accord Healthcare GMBH, Austria

Accord Healthcare Ireland Limited, Ireland

Accord Healthcare Limited, Malta

Accord Healthcare SDN BHD Malaysia

Accord Healthcare OU (Estonia)

Accord Healthcare GmbH, Germany

Accord Healthcare MENA JLT, UAE

B Joint Venture

Alvi-Intas Medical Devices Pvt. Ltd.

C Enterprises Having Significant Influence (EHSI)*

Advanced Transfusion Medicine Research Foundation

Arron Fresh Private Limited

Astron Packaging Limited

Cytas Research Limited

Epsilon Marketing and Consultancy Private Limited

Equatorial Private Limited

Intas Enterprise Private Limited

Jina Pharmaceuticals Inc., USA

Jina Pharmaceuticals Limited. India

Lambda Therapeutic Research Limited

Lambda Therapeutic Research Sp. Z.o.o.Poland

Lambda Therapeutic Limited, UK

One Advertising & Communication Services Limited

Oncology Services India Limited

Pharm V Solutions Limited, UK

Prime Paediatrics Private Limited

MPR Pharma Sp. Z.o.o, Poland

Lambda Therapeutic Research Inc., USA

Lambda Therapeutic Research Inc., Canada

Unipath Specialty Laboratory Limited

Intas Welfare Trust

D Key Management Personnel (KMP)**

Mr. Hasmukh K. Chudgar

Mr. Binish H. Chudgar

Mr. Nimish H. Chudgar

Dr. Urmish H. Chudgar

E Relative of Key Management Personnel

Ms. Ruchi Chudgar

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company7372

Annual Report 2013-2014

Notes to the Consolidated Financial Statements as at March 31, 2014(All the amount Rupee in Lacs unless otherwise mentioned)

Year ended March 31

20132014

29 CONTINGENT LIABILITIES NOT PROVIDED FOR

(a) Bank Guarantees issued by the Bankers 1,326.14 1,184.30

(b) Letter of Credit 2,154.67 2,576.23

(c) Custom Duty Liability under EPCG and Advance Licenses 2,024.11 1,132.21

(d) Claims against the Company not acknowledged as debts

Income Tax 5,462.90 4,515.50

Excise Duty 5,397.39 2,833.47

Sales Tax / IVA 423.68 125.53

16,788.89 12,367.23

30 EARNINGS PER SHARE (EPS)

Net Profit as per Statement of Profit and Loss 52,639.22 38,921.51

Opening number of Equity Shares Nos. 1,14,436,276 1,03,476,698

Equity Shares issued during the year Nos. - 6,898,447

Equity Shares to be issued due to merger Nos. - 4,061,131

Weighted Average Number of Equity Shares in calculating Basic EPS Nos. 1,14,436,276 1,12,999,887

Weighted Average Number of Equity Shares in calculating Diluted EPS Nos. 1,14,436,276 1,12,999,887

Basic and Diluted Earning Per Share Rs. 46.00 34.44

Nominal Value of Shares Rs. 10.00 10.00

31 In the opinion of the Board of Directors, the aggregate value of Current Assets, Current Liabilities, Loans and

Advances on its realization will not be less than the amount at which these are stated in the Balance Sheet.

Balances are subject to confirmation, are included in Trade Receivable, Trade Payable and Other Advances.

32 SEGMENT INFORMATION

(i) Business Segment

The Company’s business consists of pharmaceuticals, comprising mainly of manufacture of branded

formulations. Since the Company’s business falls within a single reportable business segment,

disclosure requirements of Accounting Standard (AS) 17 – Segment Reporting are not reported upon

separately.

(ii) Geographical Segment

Secondary segmental reporting is based on the geographical location of customers. The geographical

segments have been identified based on revenues within India (sales to customers within India, i.e.

Domestic) and revenues outside India (sales to customers located outside India, i.e. Export). Please

Refer "Note 20 - Revenue from Operations.

(iii) Other Segmental Information

Carrying amount of Segment Assets

Within India 2,13,386.18 2,35,823.90

Outside India 1,63,145.49 1,05,591.18

3,76,531.67 3,41,415.08

Additions to Fixed Assets

Within India 22,665.55 10,525.93

Outside India 5,236.04 3,564.08

27,901.60 14,090.01

33 Previous Period Comparatives

The figures of the Previous Period have been regrouped/rearranged wherever necessary to conform to

Current year’s classifications.

Notes to the Consolidated Financial Statements as at March 31, 2014

34 INFORMATION IN RESPECT OF RELATED PARTIES

(i) List of Related Parties and their Relationships

A Subsidiary Companies

Accord Farma SA DE CV, Mexico

Accord Farmaceutica Ltda., Brazil

Accord Healthcare Inc., North Carolina, USA

Accord Healthcare (Pty) Ltd., South Africa

Accord Healthcare Inc., Canada

Accord Healthcare Limited

Accord Healthcare Limited, UK

Accord Healthcare NZ Ltd., New Zealand

Accord Healthcare SAC, Peru

Intas Medi Devices Limited

Intas Pharmaceuticals (Partnership Firm)

Andre Laboratories Limited

Astron Research Limited, UK

Step-down Subsidiary Companies

Accord Healthcare Pty. Ltd., Australia

Accord Healthcare SAS, France

Accord Healthcare BV, Netherlands

Accord Healthcare Italia SRL, Italy

Accord Healthcare Sociedad Limitada, Spain

Accord Healthcare Polska Spolka Z Ograniczona

Odpowiedzialnoscia, Poland

Farmabiot SA DE CV, Mexico

Accord Healthcare AB, Sweden

Accord Healthcare BVPA, Belgium

Accord Healthcare OY, Finland

Accord Healthcare GMBH, Austria

Accord Healthcare Ireland Limited, Ireland

Accord Healthcare Limited, Malta

Accord Healthcare SDN BHD Malaysia

Accord Healthcare OU (Estonia)

Accord Healthcare GmbH, Germany

Accord Healthcare MENA JLT, UAE

B Joint Venture

Alvi-Intas Medical Devices Pvt. Ltd.

C Enterprises Having Significant Influence (EHSI)*

Advanced Transfusion Medicine Research Foundation

Arron Fresh Private Limited

Astron Packaging Limited

Cytas Research Limited

Epsilon Marketing and Consultancy Private Limited

Equatorial Private Limited

Intas Enterprise Private Limited

Jina Pharmaceuticals Inc., USA

Jina Pharmaceuticals Limited. India

Lambda Therapeutic Research Limited

Lambda Therapeutic Research Sp. Z.o.o.Poland

Lambda Therapeutic Limited, UK

One Advertising & Communication Services Limited

Oncology Services India Limited

Pharm V Solutions Limited, UK

Prime Paediatrics Private Limited

MPR Pharma Sp. Z.o.o, Poland

Lambda Therapeutic Research Inc., USA

Lambda Therapeutic Research Inc., Canada

Unipath Specialty Laboratory Limited

Intas Welfare Trust

D Key Management Personnel (KMP)**

Mr. Hasmukh K. Chudgar

Mr. Binish H. Chudgar

Mr. Nimish H. Chudgar

Dr. Urmish H. Chudgar

E Relative of Key Management Personnel

Ms. Ruchi Chudgar

*Enterprises Having Significant Influence (EHSI) by Key Management Personnel (KMP **) of the Company7372

Annual Report 2013-2014

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Rel

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ty T

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Key

Man

agem

ent

Per

son

nel

To

tal

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rpri

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Hav

ing

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ific

ant

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uen

ce (EH

SI)*

34

. In

form

atio

n in

res

pec

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f R

elat

ed P

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on

td...)

74 75

Annual Report 2013-2014

(ii)

Rel

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Par

ty T

ran

sact

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s

2

01

3-1

42

01

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42

01

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42

01

2-1

32

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2-1

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01

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3

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)*

34

. In

form

atio

n in

res

pec

t o

f R

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on

td...)

Sale

s o

f M

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vice

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mit

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mb

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Lam

bd

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imit

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56

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53

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Ren

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94

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94

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La

mb

da

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90

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0

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Inta

s En

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rise

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vate

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80

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48

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h H

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24

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20

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24

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20

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Rem

un

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-

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2,8

06

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06

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2

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0

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mu

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58

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58

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U

rmis

h H

. C

hu

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51

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3

94

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51

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3

94

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58

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s an

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ved

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k 3

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79

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mb

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In

tas

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03

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-

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94

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Bal

ance

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1

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Lam

bd

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nip

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La

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A

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mit

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La

mb

da

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73

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0

On

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dve

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& C

om

mu

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ited

55

2.2

5

41

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55

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5

41

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5

Un

ipat

h S

pec

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y La

bo

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imit

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.64

7

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gar

34

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-

34

.50

(ii)

Rel

ated

Par

ty T

ran

sact

ion

s

2

01

3-1

42

01

3-1

42

01

3-1

42

01

2-1

32

01

2-1

32

01

2-1

3

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)*

34

. In

form

atio

n in

res

pec

t o

f R

elat

ed P

arti

es (C

on

td...)

74 75

Annual Report 2013-2014

(ii)

Rel

ated

Par

ty T

ran

sact

ion

s

2

01

3-1

42

01

3-1

42

01

3-1

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01

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32

01

2-1

32

01

2-1

3

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

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Hav

ing

Sign

ific

ant

Infl

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SI)*

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ou

r re

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rt o

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ate

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and

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of

For

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IN &

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. :

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Ch

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Acc

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Hea

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Pty

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Acc

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Acc

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Far

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Acc

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SA

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Acc

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Far

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84

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01

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Acc

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Hea

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care

Inc.

, Can

ada

CA

D5

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1,9

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Ast

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2

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01

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9.2

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1.9

4)

Acc

ord

Hea

lth

care

Lim

ited

, UK

GB

P9

9.4

23

8,5

89

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P9

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74

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Acc

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Hea

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P9

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Sum

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31

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14

as

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Act

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are

as

un

de

r :

(Rs.

In L

acs)

7776

Annual Report 2013-2014

(ii)

Rel

ated

Par

ty T

ran

sact

ion

s

2

01

3-1

42

01

3-1

42

01

3-1

42

01

2-1

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01

2-1

32

01

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3

Key

Man

agem

ent

Per

son

nel

To

tal

Ente

rpri

ses

Hav

ing

Sign

ific

ant

Infl

uen

ce (EH

SI)*

As

per

ou

r re

po

rt o

f ev

en d

ate

For

and

on

beh

alf o

f th

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oar

d o

f D

irec

tors

of

For

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AM

IN &

CO

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Ph

arm

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imit

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cco

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trat

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No

. :

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asm

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34

. In

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50

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45

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6.8

3

60

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9.9

8

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9.7

4)

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8)

36

5.5

5

Acc

ord

Hea

lth

care

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Lim

ited

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4

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55

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3

-

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3)

Acc

ord

Hea

lth

care

Pty

, Ltd

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stra

liaA

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55

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1,7

55

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2,2

45

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53

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Acc

ord

Hea

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care

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ty)

Lim

ited

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uth

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5.6

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3

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86

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5,5

56

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5,2

78

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69

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1)

Acc

ord

Far

mac

euti

ca L

tda.

, Bra

zil

BR

L2

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73

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7.5

6

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53

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)

5,7

20

.57

5,6

36

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7,8

39

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8.2

3)

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28

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)

Acc

ord

Hea

lth

care

SA

C, P

eru

PEN

20

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43

0.7

2

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)

70

3.4

8

30

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5

1,4

00

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15

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26

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Acc

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ma

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9

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56

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31

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14

as

req

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lar

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Act

, 19

56

are

as

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de

r :

(Rs.

In L

acs)

7776