4. What is your Company's direct contribution to community development projects - Amount in INR and the details of
`the projects undertaken?
`During the year ended March 31, 2015, an amount of $183.6 million was spent on various community development
`projects namely economic advancement through Education and training, Agricultural development, Animal husbandry,
`Women empowerment, Sports activities, Community health management, Infrastructure development, Flood and fire relief
`activities, Natural resource management, Promotion of rural industries and Learn and earn activities.
`
`5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community?
`Please explain in 50 words, or so.
`Public Private and Community Partnership model is followed in the CSR activities by actively involving the community in the
`decision making process. Before initiating any CSR activity, needs of the community are identified. The Company implements
`its CSR activities through community groups such as Lupin Gram Vikas Panchayat, farmer clubs, women self—help groups and
`village development communities.
`
`Principle 9
`
`1. What percentage of customer complaints/consumer cases are pending as on the end of financial year?
`As on March 31, 2015, about 1% of customer complaints received during the year, were pending, which have since been
`resolved.
`
`2. Does the Company display product information on the product label, over and above what is mandated as per local
`laws? Yes/No/N.A./Remarks (additional information).
`
`The Company follows all legal statutes with respect to product labeling and displaying of product information.
`
`3.
`
`irresponsible
`Is there any case filed by any stakeholder against the Company regarding unfair trade practices,
`advertising and/or anti-competitive behaviour during the last five years and pending as on end of financial year. If so,
`provide details thereof, in about 50 words or so.
`Nil.
`
`4. Did your Company carry out any consumer survey/consumer satisfaction trends?
`Consumer surveys are regularly carried out by the Company at doctor level.
`
`For and on behalf of the Board of Directors
`
`Dr. Desh Bandhu Gupta
`Chairman
`
`Mumbai, May 13,2015
`
`106 | Lupin Limited
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 107 of 212)
`
`

`
`CONSOLIDATED
`
`ACCOUNTS
`
`Annual Report 2015 | 107
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 108 of 212)
`
`

`
`INDEPENDENT AUDITORS’ REPORT
`
`TO THE MEMBERS OF LUPIN LIMITED
`
`Report on the Consolidated Financial Statements
`We have audited the accompanying consolidated financial
`statements of LUPIN LIMITED ("the Holding Company") and its
`subsidiaries (the Holding Company and its subsidiaries constitute
`”the Group"), and its jointly controlled entity, comprising of
`the Consolidated Balance Sheet as at March 31, 2015,
`the
`Consolidated Statement of Profit and Loss, the Consolidated
`
`Cash Flow Statement for the year then ended, and a summary
`of the significant accounting policies and other explanatory
`information ("the consolidated financial statements”).
`
`Management's Responsibility for the Consolidated Financial
`Statements
`
`The Holding Company's Board of Directors is responsible for
`the preparation of these consolidated financial statements in
`terms of the requirements of the Companies Act, 2013 ("the
`Act") that give a true and fair view of the consolidated financial
`position, consolidated financial performance and consolidated
`cash flows of the Group including its jointly controlled entity in
`accordance with the accounting principles generally accepted
`"n
`India,
`including the Accounting
`Standards
`specified
`under Section
`133 of
`the Act,
`read with Rule 7 of
`the
`
`Companies (Accounts) Rules, 2014. The respective Board of
`Directors of the companies included in the Group and its jointly
`controlled entity are responsible for maintenance of adequate
`accounting records in accordance with the provisions of the Act
`or safeguarding the assets of the Group and for preventing
`and detecting frauds and other irregularities;
`the selection
`and application of appropriate accounting policies; making
`'udgments and estimates that are reasonable and prudent;
`and the design, implementation and maintenance of adequate
`'nternal financial controls, that were operating effectively for
`ensuring the accuracy and completeness of the accounting
`ecords, relevant to the preparation and presentation of the
`inancial statements that give a true and fair view and are free
`rom material misstatement, whether due to fraud or error,
`which have been used for the preparation of the consolidated
`inancial statements by the Directors of the Holding Company,
`as aforesaid.
`
`Auditors’ Responsibility
`Our responsibility is to express an opinion on these consolidated
`financial statements based on our audit.
`
`While conducting the audit, we have taken into account the
`provisions of the Act, the accounting and auditing standards
`and matters which are required to be included in the audit
`report under the provisions of the Act and the Rules made
`thereunder.
`
`108 | Lupin Limited
`
`We conducted our audit in accordance with the Standards on
`
`Auditing specified under Section 143(10) of the Act. Those
`Standards require that we comply with ethical requirements
`and plan and perform the audit to obtain reasonable assurance
`about whether the consolidated financial statements are free
`from material misstatement.
`
`involves performing procedures to obtain audit
`An audit
`evidence about
`the amounts and the disclosures
`in
`the
`
`consolidated financial statements. The procedures selected
`depend on the auditor's judgment,
`including the assessment
`of the risks of material misstatement of the consolidated
`
`In making
`financial statements, whether due to fraud or error.
`those risk assessments, the auditor considers internal financial
`
`cont ol relevant to the Holding Company's preparation of the
`consolidated financial statements that give a true and fair view
`in o der to design audit procedures that are appropriate in
`the circumstances, but not for the purpose of expressing an
`opin'on on whether the Holding Company has an adequate
`internal financial controls system over financial reporting in
`place and the operating effectiveness of such controls. An audit
`also 'ncludes evaluating the appropriateness of the accounting
`polices used and the reasonableness ofthe accounting estimates
`made by the Holding Company's Board of Directors, as well as
`evaluating the overall presentation of the consolidated financial
`statements.
`
`We believe that the audit evidence obtained by us and the audit
`evidence obtained by the other auditors in terms of their reports
`referred to in the Other Matters paragraph below,
`is sufficient
`and appropriate to provide a basis for our audit opinion on the
`consolidated financial statements.
`
`Opinion
`In our opinion and to the best of our information and according
`to the explanations given to us,
`the aforesaid consolidated
`financial statements give the information required by the Act
`in the manner so required and give a true and fair view in
`conformity with the accounting principles generally accepted
`in India, of the consolidated state of affairs of the Group and
`its jointly controlled entity as at March 31, 2015, and their
`consolidated profit and their consolidated cash flows for the
`year ended on that date.
`
`Other Matter
`
`We did not audit the financial statements/financial information
`
`of 20 subsidiaries and 1 jointly controlled entity, whose financial
`statements / financial
`information reflect total assets (net) of
`? 22,330.5 million as at March 31, 2015, total revenues of
`
`? 24,0801 million and net cash inflows amounting to ? 327.7
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 109 of 212)
`
`

`
`million fo the year ended on that date, as considered in the
`consolida ed financial statements. These financial statements
`/ financia information have been audited by other auditors,
`whose reports have been furnished to us by the Management
`and our opinion, on the consolidated financial statements, in
`so far as "t relates to the amounts and disclosures included in
`respect o these subsidiaries and jointly controlled entity, and
`our repor
`in terms of sub—sections (3) and (1 1) of Section 143
`of the Act, insofar as it relates to the aforesaid subsidiaries and
`
`is based solely on the reports of the
`
`jointly controlled entity,
`Orher aUOlrrOr5-
`Our opinion on the consolidated financial statements and our
`report on Other Legal and Regulatory Requirements below,
`is
`not modified in respect of the above matter with respect to our
`reliance on the work done and the reports of the other auditors.
`
`Report on other Legal and Regulatory Requirements
`1. As required by the Companies (Auditor's Report) Order,
`2015 ("the Order") issued by the Central Government in
`terms of sub—section (11) of Section 143 of the Act, based
`on the comments in the auditors’ reports of the Holding
`Company and the subsidiary company incorporated in
`India, we give in the Annexure a statement on the matters
`specified in paragraphs 3 and 4 of the Order, to the extent
`applicable.
`
`2. As required by Section 143(3) of the Act, we report, to the
`exteht epprreebre, that:
`(a) We have sought and obtained all the information and
`explanations which to the best of our knowledge and
`belief were necessary forthe purposes of our audi of
`the aforesaid consolidated financial statements.
`
`(b)
`
`In our opinion, proper books of account as requi ed
`by law relating to the preparation of the aforesaid
`consolidated financial statements have been kept by
`the company so far as it appears from our examinaton
`of those books and the reports of the other auditors.
`
`the Consolida ed
`(c) The Consolidated Balance Sheet,
`Statement of Profit and Loss, and the Consolida ed
`
`Cash Flow Statement dealt with by this Report are
`in agreement with the relevant books of account
`maintained for the purpose of preparation of
`he
`consolidated financial statements.
`
`(d)
`
`the aforesaid consolidated financial
`In our opinion,
`statements comply with the Accounting Standards
`specified under Section 133 of the Act, read with Rule
`7 of the Companies (Accounts) Rules, 2014.
`
`(e) On the basis of the written representations received
`fromthe directors ofthe Holding Company as on March
`31, 2015 taken on record by the Board of Directors of
`the Holding Company and the report of the statutory
`auditors of its subsidiary company incorporated in
`India, none of the directors of the Group companies
`incorporated in India is disqualified as on March 31,
`2015 from being appointed as a director in terms of
`Section 164(2) of the Act.
`
`he) Wrth respect to the other rhetters to he rheruded rh
`the Auditor's Report
`in accordance with Rule 11 of
`the Companies (Audit and Auditors) Rules, 2014,
`in
`our opinion and to the best of our information and
`according to the explanations given to us:
`r.
`The eohsorrdeted trheherer steterhehts drserose the
`
`ii.
`
`impact of pending litigations on the consolidated
`rrheheral hosrrroh or rhe Group ahel
`rrs
`lorhrly
`eohrrolleel ehrrry ' Rerer Nore 32(3)’ (b)! (C)! ahel
`re) re rhe eohsolrelereel rrhaherel Srarerhehrsi
`3rovision has been made in the consolidated
`inancial
`statements,
`as
`required under
`the
`applicable
`law or accounting standards,
`for
`haterial foreseeable losses,
`if any, on long—term
`contracts including derivative contracts — Refer
`
`Ores 40 (ll ahel 4l re rhe eohsolrelereel rrhaherel
`statements, in respect ofsuch items as it relates to
`he Group and lrs lolhtly Controlled ehmyr
`rrr- There has beeh he delay rh rrahsrerrrhg erhouhrsl
`equrreel
`re
`be
`rrahsrerreell
`re
`rhe
`lhvesror
`Zelueerloh ahel Proreerroh ruhel by rhe rlolelrhg
`Company. There were
`no
`amounts which
`were required to be transferred to the Investor
`Education and Protection Fund by its subsidiary
`company incorporated in India.
`
`For D9l°ltte Hasklhs 8‘ Sells l-l-P
`Chartered Accouhrahrs
`(Flrm'5 Reglsrlarloh N0 ll7366VV/VV'lOO0l8)
`
`Place : Mumbai
`Dated : May 13, 2015
`
`K.A. Katki
`Partner
`(Membership No.: 038568)
`
`Annual Report 2015 | 109
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 110 of 212)
`
`

`
`AN NEXU RE TO
`
`THE INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
`
`(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
`Requirements’ section of our report of even date)
`
`Our reporting on the Order includes 1 subsidiary company incorporated
`in India, to which the Order is applicable, which has been audited by
`other auditor and our report in respect of this entity is based solely on
`the report of the other auditor, to the extent considered applicable
`for reporting under the Order in the case of the consolidated financial
`statements.
`
`(i)
`
`respect of the fixed assets of the Holding Company and
`In
`subsidiary company incorporated in India:
`
`records
`(a) The respective entities have maintained proper
`showing full particulars,
`including quantitative details and
`situation of fixed assets.
`
`(b) The Holding Company has a program of verification of
`fixed assets to cover all the items in a phased manner over
`a period of three years which,
`in our opinion, is reasonable
`having regard to the size of the respective entities and the
`nature of their assets. Pursuant to the program, certain fixed
`assets were physically verified by the Management of the
`entity during the year. According to the information and
`explanations given to us, no material discrepancies were
`noticed on such verification.
`
`The fixed assets were physically verified during the year by
`the Management of the subsidiary company incorporated in
`India. According to the information and explanations given
`to the other auditor, no discrepancies were noticed on such
`verification.
`
`(ii)
`
`In respect of the inventories of the Holding Company:
`
`(a) As explained to us, the inventories were physically verified
`during the year by the Management of
`the entity at
`reasonable intervals.
`
`(b)
`
`(c)
`
`In our opinion and according to the information and
`explanations given to us,
`the procedures of physical
`verification of inventories followed by the Management of
`the entity were reasonable and adequate in relation to the
`size of the entity and the nature of their business.
`
`In our opinion and according to the information and
`explanations given
`to us,
`the Holding Company has
`maintained proper records of its inventories and no material
`discrepancies were noticed on physical verification.
`
`Having regard to the nature of the business /activities of the
`subsidiary company incorporated in India, clause (ii) of para
`3 of the order is not applicable to the subsidiary company, as
`reported by the other auditor.
`
`(iii) The Holding Company and subsidiary company incorporated
`in
`India have not granted any loans, secured or unsecured,
`to companies,
`firms or other parties covered in the Register
`maintained under Section 189 of the Companies Act, 2013 by the
`respective entities.
`
`(iv)
`
`In our opinion and according to the information and explanations
`
`110 | Lupin Limited
`
`given to us, having regard to the explanations that some of the
`items purchased are of special nature and suitable alternative
`sources are not
`readily available for obtaining comparable
`quotations, there is an adequate internal control system in the
`Holding Company commensurate with the size of the respective
`entities and the nature of their business with regard to purchases
`of inventory and fixed assets and the sale of goods and services,
`and in respect of the subsidiary company incorporated in India, in
`respect of purchase of asset. The subsidiary company incorporated
`in India does not have any inventory, sale of goods and services.
`During the course of our and the other auditors’ audit, no major
`weakness in such internal control system has been observed.
`
`According to the information and explanations given to us, the
`Holding Company and subsidiary company incorporated in
`India have not accepted any deposit during the year in terms of
`provisions of Sections 73 to 76 or any other relevant provisions
`of the Companies Act, 2013. There were no unclaimed deposits
`as at the year end. The other auditor has not commented in
`respect of unclaimed deposit in respect of the subsidiary company
`incorporated in India.
`
`in
`According to the information and explanations given to us,
`our opinion, the Holding Company has, prima facie, made and
`maintained the prescribed cost records pursuant to the Companies
`(Cost Records and Audit) Rules, 2014, as amended, prescribed by
`the Central Government under subsection (1) of Section 148 of
`the Companies Act, 2013. We have, however, not made a detailed
`examination of the cost records with a view to determine whether
`
`they are accurate or complete.
`
`Having regard to the nature ofthe nature ofthe business/activities
`of the subsidiary company incorporated in India, clause (vi) of para
`3 of the order is not applicable to the subsidiary company, as
`reported by the other auditor.
`
`in
`According to the information and explanations given to us,
`respect of statutory dues of the Holding Company and subsidiary
`company incorporated in India:
`
`in
`respective entities have generally been regular
`(a) The
`depositing undisputed statutory dues,
`including Provident
`Fund, Employees’ State Insurance,
`lncome—tax, Sales Tax,
`Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value
`Added Tax, Cess and other material statutory dues applicable
`to the respective entities with the appropriate authorities.
`
`(b) There were no undisputed amounts payable by the respective
`entities in
`respect of Provident Fund, Employees’ State
`Insurance,
`lncome—tax, Sales Tax, Wealth Tax, Service Tax,
`Customs Duty, Excise Duty, Value Added Tax, Cess and other
`material statutory dues in arrears as at March 31, 2015 for a
`period of more than six months from the date they became
`payable.
`
`(c) Details of dues of lncome—tax, Sales Tax, Service Tax and
`Excise Duty which have not been deposited as on March 31,
`2015 on account of disputes by the Holding Company are
`given below:
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 111 of 212)
`
`

`
`Name of Statute
`Nature of Dues
`Forum where Dispute is Pending
`Period to which the
`Amount Involved
`
`Amount Relates
`R In million)
`
`Income-tax
`Act’ 1961
`
`Income tax
`
`Commissioner of Income-tax (Appeals) —
`LTU
`
`l
`
`C
`
`en ra
`t
`.
`Excise Act, 1944
`
`Excise duty
`
`Service tax credit
`matters
`
`Customs, Excise and Service Tax Appellate
`Tribunal (CESTAT)
`.
`.
`.
`Commissioner of Central Excise (Appeals)
`Customs, Excise and Service Tax Appellate
`.
`Tribunal (CESTAT)
`Sales Tax Tribunal
`
`Central and
`
`Vallous States’ Sales
`Tax Acts
`
`Sales tax
`
`Commissioner of Sales Tax (Appeals)
`
`Assistant Commissioner of Sales
`Tax (Investigations)
`.
`.
`.
`.
`Additional Commissioner
`Deputy Commissioner
`
`2006-2008
`
`l996_l 997'
`l998'ZOOO'
`Zool-Z0l0
`1997-1998
`ZOOZ_ZOO7
`
`2005-2008
`
`2006-2009
`
`2004-2005,
`2006-2007,
`ZOO8'ZOl4
`
`200620“
`2002-2003,
`201 LZO13
`2000-2001
`
`55.5
`
`486
`
`1.1
`
`202.3
`
`21.0
`
`25.0
`
`Z07
`
`4.8
`0.3
`
`There are no dues ofWealth Tax, Customs Duty, Value Added
`Tax and Cess which have not been deposited as on March 31,
`2015 on account of disputes by the Holding Company.
`In respect of the subsidiary company incorporated in India,
`there are no dues of Income- ax, Sales Tax, Wealth Tax,
`Service tax, Customs Duty, Excise Duty, Value Added Tax and
`Cess which have not been deposited as on March 31, 2015
`on account of disputes, as repor ed by the other auditor.
`
`(d) The Company has been regular in transferring amounts to
`the Investor Education and Pro ection Fund in accordance
`
`with the relevant provisions of the Companies Act, 1956
`(1 of 1956) and Rules made thereunderwithin time. There are
`no amounts that are due to be ransferred by the subsidiary
`company incorporated in India to the Investor Education and
`Protection Fund in accordance with the relevant provisions
`of the Companies Act, 1956 (
`of 1956) and Rules made
`thereunder as reported by the 0 her auditor.
`
`(viii) The Group does not have consolidated accumulated losses at the
`end of the financial year and the Group has not incurred cash
`losses on a consolidated basis during the financial year covered by
`our audit and in the immediately preceding financial year.
`
`In our opinion and according to the information and explanations
`given to us,
`the Holding Company has not defaulted in the
`repayment of dues to banks. The Holding Company has not
`obtained loans from financial institutions or by way of debentures.
`The subsidiary company incorporated in India has not borrowed
`from any financial Institution or banks issued any debenture as
`reported by the other auditor.
`
`In our opinion and according to the information and explanations
`given to us, the terms and conditions of the guarantees given by
`the Holding Company for loans taken by others outside of the
`
`Group and its jointly controlled entity from financial insititutions
`are not, prima facie, prejudicial to the interests of the Group and
`its jointly controlled entity. According to the information and
`explanations given to us, the Holding Company has not given
`guarantees for loans taken by others outside of the Group and its
`jointly controlled entity from banks. According to the information
`and explanations given to us, the subsidiary company incorporated
`in India has not given guarantees for loans taken by others from
`banks and financial institutions.
`
`In our opinion and according to the information and explanations
`given to us,
`the term loans have been applied by the Holding
`Company during the year for the purposes for which they were
`obtained, other than temporary deployment pending application.
`The subsidiary company incorporated in India has not taken any
`loans as reported by the other auditor.
`
`To the best of our knowledge and according to the information
`and explanations given to us and the other auditor, no fraud by
`the Holding Company and its subsidiary company incorporated
`in India and no material fraud on the Holding Company and
`subsidiary company incorporated in India has been noticed or
`reported during the year.
`
`For Deloitte Haskins & Sells LLP
`Chartered Accountants
`
`(Firm’s Registration No. 117366W/\N-100018)
`
`Place :Mumbai
`
`K.A. Katki
`Partner
`
`Dated : May 13,
`
`2015
`
`(Membership No.: 038568)
`
`Annual Report 2015 | 111
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 112 of 212)
`
`

`
`CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2015
`
`Note
`
`As at 31.03.2015
`? in million
`
`As at31.03.2014
`? in million
`
`EQUITY AND LIABILITIES
`Shareholders’ Funds
`Share Capital
`Reserves and Surplus
`
`Minority Interest
`
`Non—Current Liabilities
`Long—Term Borrowings
`Deferred Tax Liabilities (net)
`Other Long—Term Liabilities
`Long—Term Provisions
`
`Current Liabilities
`Short—Term Borrowings
`Trade Payables
`Other Current Liabilities
`Short—Term Provisions
`
`ASSETS
`Non—Current Assets
`Fixed Assets
`Tangible Assets
`Intangible Assets — Acquired
`Capital Work—in—Progress
`Intangible Assets Under Development
`
`Goodwill on Consolidation
`Non—Current Investments
`Deferred Tax Assets (net)
`Long—Term Loans and Advances
`Other Non—Current Assets
`
`Current Assets
`Current Investments
`Inventories
`Trade Receivables
`Cash and Cash Equivalents
`Short—Term Loans and Advances
`Other Current Assets
`
`2
`3
`
`45
`
`4
`5
`6
`7
`
`8
`9
`10
`11
`
`TOTAL
`
`12
`
`43 (f)
`13
`14
`15
`16
`
`17
`18
`19
`20
`21
`22
`
`TOTAL
`
`899.0
`87,841.6
`88,740.6
`241.0
`
`1,018.3
`2,024.1
`440.8
`1,620.3
`5,103.5
`
`3,691.5
`19,560.6
`8,297.6
`5,742.6
`37,292.3
`131,377.4
`
`26,271.4
`929.4
`5,196.9
`562.8
`32,960.5
`16,481.1
`25.1
`842.0
`2,742.0
`3.2
`53,053.9
`
`16,558.9
`25,035.6
`26,565.7
`4,813.5
`3,420.6
`1,929.2
`78,3235
`131,377.4
`
`896.8
`68,418.9
`69,315.7
`669.4
`
`1,509.6
`2,486.6
`458.6
`1,324.9
`5,779.7
`
`4,023.8
`15,941.3
`2,876.4
`3,454.0
`26,295.5
`102,060.3
`
`26,038.3
`939.0
`2,842.6
`198.6
`30,018.5
`6,578.7
`20.6
`708.1
`3,729.9
`—
`41,055.8
`
`1,764.1
`21,294.5
`24,641.0
`7,975.0
`3,016.9
`2,313.0
`61,0045
`102,060.3
`
`See accompanying notes forming part of the consolidated financial statements
`
`In terms of our report attached
`For Deloitte Haskins 84 Sells LLP
`Chartered Accountants
`
`K.A. Katki
`Partner
`
`For Lupin Limited
`
`Dr. Desh Bandhu Gupta
`Chairman
`DIN: 00209378
`
`Dr. Kamal K. Sharma
`Vice Chairman
`DIN: 00209430
`
`Vinita Gupta
`Chief Executive Officer
`DIN: 00058631
`
`Nilesh Gupta
`Managing Director
`DIN: 01734642
`Richard Zahn
`Director
`DIN: 02937226
`
`Dileep C. Choksi
`Director
`DIN: OOO16322
`Ramesh Swaminathan
`Chief Financial Officer
`
`M. D. Gupta
`Executive Director
`DIN: 00209461
`R. A. Shah
`Director
`DIN: 00009851
`
`R. V. Satam
`Company Secretary
`ACS — 11973
`
`Dr. Vijay Kelkar
`Director
`DIN: 00011991
`Dr. K. U. Mada
`Director
`DIN: 00011395
`
`: Mumbai
`Place
`Dated : May 13,2015
`
`112 | Lupin Limited
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 113 of 212)
`
`

`
`CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2015
`For the Current
`For the Previous
`Year ended
`Year ended
`31.03.2015
`31.03.2014
`
`Note
`
`? in million
`
`? in million
`
`INCOME:
`
`Revenue from Operations (Gross)
`Less 1 Excise Duty
`Revenue from Operations (Net)
`Other Income
`Total Revenue
`EXPENSES:
`
`Cost of Raw and Packing Materials Consumed
`Purchases of Stock—in—Trade
`
`Changes in Inventories
`of Finished Goods, Work—in—Process and Stock—in—Trade
`
`Employee Benefits Expense
`Finance Costs
`
`Depreciation and Amortisation Expense
`Other Expenses
`Total Expenses
`Profit before Tax
`
`Tax Expense/ (Benefit):
`— CurrentTax Expense
`— Tax Benefit for Prior Years
`
`Add 1 Share of Joint Venture — jointly controlled entity
`Net Current Tax Expense
`— Deferred Tax (net)
`
`Add 1 Share of Joint Venture — jointly controlled entity
`Profit after Tax before Minority Interest
`Less 1 Share of profit attributable to Minority Interest
`Profit for the year attributable to Shareholders of the Company
`Earnings per equity share (in ?)
`Basic
`Diluted
`
`Face Value of Equity Share (in ?)
`See accompanying notes forming part of the consolidated financial statements
`
`23
`
`24
`
`25
`
`26
`
`27
`28
`
`12
`29
`
`35
`
`128,635.2
`935.1
`127,700.1
`2,397.5
`130,097.6
`
`25,194.2
`17,833.1
`
`(1,456.9)
`
`17,473.4
`98.1
`
`4,347.0
`32,460.4
`95,949.3
`34,148.3
`
`10,061.7
`(26.4)
`
`6.3
`10,041.6
`(337.1)
`
`(0.5)
`24,444.3
`411.9
`24,032.4
`
`53.54
`53.20
`
`2.00
`
`113,670.5
`804.8
`112,865.7
`1,164.8
`114,030.5
`
`24,213.6
`15,964.3
`
`(2,004.1)
`
`14,646.5
`266.5
`
`2,609.7
`30,017.5
`85,714.0
`28,316.5
`
`9,551.7
`(15.7)
`
`—
`9,536.0
`85.5
`
`—
`18,695.0
`331.3
`18,363.7
`
`40.99
`40.79
`
`2.00
`
`In terms of our report attached
`For Deloitte Haskins 84 Sells LLP
`Chartered Accountants
`
`K.A. Katki
`Partner
`
`For Lupin Limited
`
`Dr. Desh Bandhu Gupta
`Chairman
`DIN: 00209378
`
`Dr. Kamal K. Sharma
`Vice Chairman
`DIN: 00209430
`
`Vinita Gupta
`Chief Executive Officer
`DIN: 00058631
`
`Nilesh Gupta
`Managing Director
`DIN: 01734642
`Richard Zahn
`Director
`DIN: 02937226
`
`Dileep C. Choksi
`Director
`DIN1OOO16322
`Ramesh Swaminathan
`Chief Financial Officer
`
`M. D. Gupta
`Executive Director
`DIN: 00209461
`R. A. Shah
`Director
`DIN: 00009851
`
`R. V. Satam
`Company Secretary
`ACS — 11973
`
`Dr. Vijay Kelkar
`Director
`DIN: 00011991
`Dr. K. U. Mada
`Director
`DIN: 00011395
`
`1 Mumbai
`Place
`Dated 1 May 13,2015
`
`Annual Report 2015 | 113
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 114 of 212)
`
`

`
`CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2015
`For the Current
`Year ended
`31.03.2015
`
`? in million
`
`For the Previous
`Year ended
`31.03.2014
`
`? in million
`
`A. Cash Flow from Operating Activities
`Profit before Tax
`
`Adjustments for:
`Depreciation and Amortisation Expense
`_oss on sale /write—off of Fixed Assets (net)
`Zinance Costs
`
`et Gain on Sale of Current Investments
`
`nterest on Deposits with Banks
`Dividend on Current Investments
`
`Dividend on Long—Term Investment
`Drovision for Doubtful Trade Receivables /Advances / Deposits
`Excess of carrying cost over fair value of Current Investments
`Drovision for Doubtful Trade Receivables / Deposits written back
`Credit Balances Written Back
`
`Expenses on Employees Stock Options / Stock Appreciation Rights
`mpairment of Assets
`Jnrealised Exchange (gain) / loss on revaluation (net)
`et unrealised exchange difference during the year
`Operating Profit before Working Capital Changes
`Changes in working capital:
`Adjustments for (increase) / decrease in operating assets:
`Inventories
`Trade Receivables
`Short—Term Loans and Advances
`
`Long—”erm Loans and Advances
`Other Current Assets
`
`Adjustments for increase / (decrease) in operating liabilities:
`Trade Dayables
`Other Current Liabilities
`
`Other _ong—Term Liabilities
`Short—”erm Provisions
`
`Long—Term Provisions
`Cash Generated from Operations
`Net Incosne tax paid
`Net Cash Flow from Operating Activities
`B. Cash Flow from Investing Activities
`Capital expenditure on fixed assets, including capital advances
`Proceeds from sale of fixed assets
`
`Purchase of Non—Current Investments
`Net Gain on sale of Current Investments
`
`Consideration for acquisition of subsidiary companies
`Bank balances not considered as Cash and Cash Equivalents (net)
`Interest on Deposits with Banks
`Dividend on Current Investments
`
`Dividend on Long—term Investments
`Net Cash used in Investing Activities
`
`114 | Lupin Limited
`
`34,148.3
`
`28,316.5
`
`4,347.0
`43.1
`98.1
`
`(4.0)
`
`(74.7)
`(650.8)
`
`(0.2)
`1.8
`2.5
`(119.4)
`—
`
`676.8
`—
`(182.9)
`(570.0)
`37,715.6
`
`(3,366.4)
`(1,236.2)
`(193.4)
`
`248.0
`468.0
`
`3,224.5
`(215.9)
`
`(21.7)
`(126.6)
`
`270.6
`36,766.5
`(9,436.0)
`27,330.5
`
`(8,711.8)
`36.0
`
`(4.5)
`4.0
`
`(6,294.1)
`3,699.6
`74.7
`650.8
`
`0.2
`(10,545.1)
`
`2,609.7
`1 19.4
`266.5
`
`(5.5)
`
`(138.6)
`(26.0)
`
`(0.2)
`273.7
`—
`(7.3)
`(176.8)
`
`211.0
`429.0
`595.5
`(45.4)
`32,421.5
`
`(1,563.3)
`(3,360.3)
`415.8
`
`(858.5)
`111.3
`
`256.5
`311.7
`
`(71.7)
`(82.9)
`
`178.3
`27,758.4
`(7,719.1)
`20,039.3
`
`(5,286.4)
`34.0
`
`—
`5.5
`
`(886.8)
`(2,616.5)
`138.6
`26.0
`
`0.2
`(8,585.4)
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 115 of 212)
`
`

`
`C. Cash Flow from Financing Activities
`
`Repayment of Long—Term Borrowings (net)
`
`Repayment of Short—Term Borrowings — Loans from banks (net)
`
`Proceeds from issue of equity shares (ESOPs)
`Securities Premium Received (ESOPs)
`
`Finance Costs
`
`Dividend paid
`
`Corporate Tax on Dividend
`Net Cash used in Financing Activities
`
`Net increase in Cash and Cash Equivalents
`
`Cash and Cash Equivalents as at the beginning of the year
`
`Cash and Cash Equivalents taken over on acquisition of subsidiary companies
`Cash and Cash Equivalents as at the end of the year
`
`Reconciliation of Cash and Cash Equivalents with the Balance Sheet
`
`Cash and Cash Equivalents as per Balance Sheet (Refer note 20)
`
`Unrealised loss/(gain) on foreign currency Cash and Cash Equivalents
`
`Less: Bank balances not considered as Cash and Cash Equivalents as defined
`in AS—3 — Cash Flow Statements (Refer note 20)
`
`Add: Current investments considered as part of Cash and Cash Equivalents
`(Refer note 17)
`
`For the Current
`Year ended
`31.03.2015
`
`? in million
`
`For the Previous
`Year ended
`31.03.2014
`
`? in million
`
`(690.2)
`
`(9.3)
`
`2.2
`410.8
`
`(109.2)
`
`(1,344.5)
`
`(228.7)
`(1,968.9)
`
`14,816.5
`
`6,066.2
`
`201.6
`21 ,084.3
`
`4,813.5
`
`14.1
`
`304.7
`
`(1 ,984.6)
`
`(3,313.6)
`
`1.7
`237.7
`
`(278.2)
`
`(3,214.9)
`
`(19.2)
`(8,571 .1)
`
`2,882.8
`
`3,109.3
`
`74.1
`6,066.2
`
`7,975.0
`
`180.1
`
`3,853.0
`
`16,561.4
`
`1,764.1
`
`Cash and Cash Equivalents as restated as at the year end
`
`21 ,084.3
`
`6,066.2
`
`Notes :
`
`1.
`
`The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Accounting Standard 3 (AS—3),
`"Cash Flow Statements".
`
`2. Consideration for acquisition of subsidiary companies and Other Current Liabilities exclude investments of ? 5,977.6 million
`(previous year ? nil) [Refer note 43 (d) (iv)]
`
`3. Cash comprises cash on hand, Current Accounts and deposits with banks. Cash equivalents are short—term balances (with an
`original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into
`known amounts of cash and which are subject to insignificant risk of changes in value.
`
`In terms of our report attached
`For Deloitte Haskins 84 Sells LLP
`Chartered Accou ntants
`
`K.A. Katki
`Partner
`
`: Mumbai
`Place
`Dated : May 13,2015
`
`For Lupin Limited
`
`Dr. Desh Bandhu Gupta
`Chairman
`DIN: 00209378
`
`Nilesh Gupta
`Managing Director
`DIN: 01734642
`Richard Zahn
`Director
`DIN: 02937226
`
`Dileep C. Choksi
`Director
`DIN: 00016322
`Ramesh Swaminathan
`Chief Financial Officer
`
`Dr. Kamal K. Sharma
`Vice Chairman
`DIN: 00209430
`
`M. D. Gupta
`Executive Director
`DIN: OOZO9461
`R. A. Shah
`Director
`DIN: 00009851
`
`R. V. Satam
`Company Secretary
`ACS — 11973
`
`Vinita Gupta
`Chief Executive Officer
`DIN: 00058631
`
`Dr. Vijay Kelkar
`Director
`DIN: 00011991
`Dr. K. U. Mada
`Director
`DIN: 00011395
`
`Annual Report 2015 | 115
`
`Janssen Ex. 2002
`
`Lupin Ltd. v. Janssen Sciences Ireland UC
`|PR2015-01030
`
`(Page 116 of 212)
`
`

`
`NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STAT