Beruflich Dokumente
Kultur Dokumente
Dr. K. A. Hamied
(1898-1972)
Chairman
Dr. Y. K. Hamied
Bankers
Bank of Baroda
Canara Bank
Corporation Bank
Indian Overseas Bank
Standard Chartered Bank
Vice-Chairman
Mr. M. K. Hamied
Auditors
V. Sankar Aiyar & Co.
R. G. N. Price & Co.
Cost Auditor
Mr. D. H. Zaveri
Secretarial Auditor
BNP & Associates
5HJLVWHUHG2FH
Cipla House
Peninsula Business Park,
Ganpatrao Kadam Marg,
Lower Parel, Mumbai 400 013
www.cipla.com
Tel.: (022) 2482 6000
Share Transfer Agents
Karvy Computershare Private Limited
(Unit: Cipla Limited)
Karvy Selenium Tower B,
Plot No. 31 & 32 Gachibowli,
Financial District, Nanakramguda,
Serilingampally, Hyderabad, Telangana 500 032
Tel.: (040) 6716 2222
Dear Shareholders
The developing
world has to
be viewed on
humanitarian
grounds as it
requires access
to medicines at
DRUGDEOHSULFHV
so that none
shall be denied
medication.
This is a basic
fundamental
human right.
in an environment of growing
healthcare costs. In this context, a
word of praise for the indigenous
pharma industry. India is regarded
as the pharmacy of the world.
Pharma exports have risen from
US$ 100 million in 1980 to US$ 15
billion in 2014, the target being
US$ 25 billion by 2025. India has a
larger number of US FDA-approved
factories than any other country.
In the USA alone, Indian pharma
companies have a 30-40% share
of the total generics market. Apart
from traditional generics, our
capabilities now extend to complex
drugs and newer delivery systems
in many areas such as oncology,
respiratory and HIV/AIDS. In
addition to the USA, the industry
has also made a major impact
WKURXJKRXWWKHUHVWRIWKHZRUOGb
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medicines here are the lowest in
the world even when compared to
countries like Pakistan, Bangladesh,
Indonesia and Philippines. In
India there is intense competition
and in certain products there are
PDQ\FRPSHWLQJEUDQGVb)UHH
competition is the only way to
achieve availability and low pricing.
compulsory or obligatory
OLFHQVLQJV\VWHPVSHFLFDOO\IRU
the developing world, for all
newer patented drugs and their
formulations. A reasonable royalty
payment should be provided for
WKHLQYHQWRUb7KHGHYHORSLQJZRUOG
has to be viewed on humanitarian
grounds as it requires access to
PHGLFLQHVDWDRUGDEOHSULFHV
so that none shall be denied
medication. This is a basic
fundamental human right.
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health of our countrymen. The
government should initiate
attractive market conditions by
supporting capital investment,
encouraging R&D, and creating a
favorable tax environment. Instead
of regulating prices in a highly
competitive market where prices
are already amongst the lowest in
the world, the Governments focus
should be to have no monopolies
and free competition in life-saving
drugs.
Cipla recognizes its obligations
to society and to you, our
shareholders. It is our sincere
endeavour to provide vital,
essential and life-saving medicines
DWDRUGDEOHSULFHVQRWRQO\LQ
India, but also worldwide. Cipla
has always followed a commercial
philosophy based on humanitarian
considerations. We strongly believe
we have the ability to demonstrate
and convey this globally. Cipla is
now better equipped in facilities,
manpower, products, and with
the experience to do more than
ever before for people around the
world in the area of healthcare.
We continue to strive to be at the
forefront of the pharmaceutical
industry, both in India and
internationally.
Y. K. Hamied
As we
celebrate
the 80th year
of Ciplas
existence,
I wish to
thank all
our Cipla
colleagues,
investors
and other
stakeholders
in India and
around the
world, for
their tireless
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continued
support.
/RRNLQJ$KHDGb
To summarize, we have spent the
year building a stronger foundation
and our goals this year will allow
XVWRIXOOORXUPLVVLRQIRUWKH
patients we serve and to continue
investing in our people.
Our priorities for the next year will
not only allow us to build business
momentum, but also help address
the challenges we faced with some
of the business operations
in FY 2014-15.
Our top priorities for FY 2015-16
are the following:
1
2
3
4
5
6
7
'HOLYHURXUQDQFLDO
commitments
Build and launch a robust
pipeline for today and the
future
Further strengthen
our operations across
manufacturing, supply chain
and procurement
Subhanu Saxena
Directors Report
The Directors take pleasure in presenting the Seventy-Ninth Annual Report of the Company along with the
DXGLWHGQDQFLDOVWDWHPHQWVIRUWKHQDQFLDO\HDUHQGHGst March 2015.
Financial Summary
` in crore
Year ended
31st March 2014
Standalone
9836
Year ended
31st March 2015
Consolidated b
10556 Gross total revenue
Standalone
Consolidated
10373
11620
1818
1880 3URWEHIRUHWD[
1540
1654
1389
1389 3URWIRUWKH\HDU
1181
1181
4269
5330
5412
5658
5740 3URWDYDLODEOHIRUDSSURSULDWLRQ
6511
6593
161
27
Appropriations:
161 Dividend
27 Tax on dividend
161
161
33
33
140
- Adjustment of depreciation
40
41
6277
6358
5330
'9'(1'
The Directors recommend a dividend of `2 per equity share (100%) for the year 2014-15. The dividend,
if sanctioned at the Annual General Meeting, will be paid to those members whose names appear in the
Companys Register of Members on Wednesday, 12th August 2015. In respect of shares held in dematerialised
IRUPWKHGLYLGHQGZLOOEHSD\DEOHRQWKHEDVLVRIEHQHFLDORZQHUVKLSDVSHUGHWDLOVIXUQLVKHGE\1DWLRQDO
Securities Depository Limited and Central Depository Services (India) Limited.
Directors Report
contd.
Global Business
Review
:LWKDIRRWSULQWDFURVVYH
continents, Cipla is moving
fast towards its goal of making
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to all.
(Standalone)
` in crore
10500
10000
9500
9000
8500
8000
7500
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
06
07
08
09
10
11
12
13
14
15
India
As one of Indias leading
pharmaceutical companies, Cipla
LVLQDVWURQJSRVLWLRQWRIXOOOLWV
commitment to provide modern
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patients. This year, despite the
challenges, as per IMS Health data,
Ciplas domestic business revenues
grew by 20% compared to the
industry growth of 12%.
India business contributed 42% to
overall Company revenues, with
new products contributing 3.2%.
Market share of our branded
generics currently stands at 5.27%.
Cipla continues to focus on
in-licensing opportunities.
In FY 2014-15, Cipla has in-licensed
darbepoetin.
Cipla successfully launched the
generic drug sofosbuvir in India
for the treatment of hepatitis-C
under the brand name HepCvir.
In India alone it is estimated that
12-18 million patients are infected
with hepatitis-C, of which up to
2 million may need treatment.
Sofosbuvir is a new antiviral drug
which in combination therapy has
shown to have higher cure rates. It
represents a breakthrough in the
treatment of hepatitis C.
In the coming years, the domestic
business will continue to focus on
these themes:
y Grow well ahead of market
growth
y Execute plans for the priority
business segments
y Strengthen our leadership in
therapy and geography
y Focus on building current and
future product pipeline
y Increase sales force productivity
with the rollout of Customer
Relationship Management (CRM)
and Sales Force Automation (SFA)
systems
Directors Report
contd.
*URZWKLQ3URWV
South Africa
(Standalone)
` in crore
2100
2000
1900
1800
1700
1600
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
06
07
08
09
10
11
12
13
14
15
Europe
Cipla is making innovative,
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over 20 countries across Europe.
The European business contributed
4% to the overall Company
revenues, recording a decline of
24% in revenues for the year. The
GURSZDVGULYHQE\DRQHRHYHQW
in the previous year, a decline
in partner based business and
some supply-related issues. Plans
have been put in place to address
these issues and regain business
momentum.
Cipla is focused on adding
innovative elements to products,
services and information through
research and partnerships. We
QRZKDYHVHYHQGLHUHQWLQKDOHU
products in the market in at least
RQH(XURSHDQFRXQWU\2XUDJVKLS
SURGXFWWKHVDOPHWHUROXWLFDVRQH
MDI, is now in the market in
Croatia, Germany, Czech Republic,
Slovakia, Belgium and Hungary. The
pricing level is set in accordance
with the rules set out by individual
countries, our estimation of
DRUGDELOLW\SHUFRXQWU\DQGRXU
FRVWRIJRRGVVRWKHSULFHGLHUV
somewhat from country to country.
Cipla Europe NV signed a
distribution agreement with Serum
Institute of India Ltd. (SII) to market
pediatric vaccines in Europe and
H[SHFWVWRFRPPHQFHOLQJVLQWKH
near future.
Cipla also signed an exclusive
partnership with BioQuiddity to
market OneDose ReadyfusORTM in
anesthetic applications for postsurgical pain management. Cipla
intends to launch the CE Marked
OneDose ReadyfusORTMSUHOOHG
Directors Report
1RUWK$PHULFD
business
contributed
8%
to overall
revenues
contd.
The European
business
contributed
4%
to overall
revenues
India business
contributed
42%
to overall
revenues
International
(Rest of the World)
contributes
25%
South Africa
contributes
of global
organisation
revenues
14%
to overall Cipla
revenues
7%
to revenues
1RUWK$PHULFD
The North American business
contributed 8% to overall revenues
and recorded 20% growth for the
\HDU&LSODPDGHOLQJVLQ1RUWK
America in FY 2014-15 with a focus
on respiratory, oncology and antiinfective therapies.
In the last quarter of FY 2014-15,
the Company achieved a big
milestone through the launch of its
own label products in the market,
including amlodipine, doxycycline,
lamotrigine, meloxicam, topiramate
and valacyclovir.
Cipla signed an agreement with
Salix Pharmaceuticals, Inc., a
US-based specialty pharmaceutical
company. Under the agreement,
Cipla has granted Salix exclusive
rights under certain patent
applications in the Rifaximin
Complexes patent family
controlled by Cipla. The grant is
International Rest of
the World
QWHUQDWLRQDOLVGHQHGDVDOOH[SRUW
markets for Cipla excluding North
America, Europe and South Africa.
With a diverse range of more than
1,000 products and 180 global
Directors Report
contd.
Core areas of
competence
Active Pharmaceutical
Ingredients (APIs)
Distribution of Revenue
(Standalone)
Excise Duty
1%
Material Cost
38%
Other
Expenses
26%
InterestFinance Costs
1%
Taxation
4%
Depreciation
4%
Dividend (including
dividend tax)
2%
Employee Cost
14%
Retained Earnings
10%
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companies to develop and
manufacture Active Pharmaceutical
Ingredients (APIs), the vital raw
materials for making drug products.
We currently have over 200 APIs in
our portfolio. Our state-of-the-art
API plants meet stringent quality
and current good manufacturing
practice (cGMP) requirements as
well as environmental and safety
standards. Our API plants are
approved by various international
regulatory agencies including the
US Food and Drug Administration
(US FDA).
During the year, Cipla
manufactured APIs for more
than 300 partners globally and a
VLJQLFDQWVKDUHZDVFRQVXPHG
internally to support Ciplas own
formulation requirements.
Captive API requirements increased
VLJQLFDQWO\RZLQJWRIURQWHQGLQJ
in several new markets and key
launches globally, witnessing a
more than 30% increase in captive
consumption over the previous
year, with the trend likely to
continue in the coming year.
External API revenues contributed
6% to the overall revenues, with
major contributions from the
antiretroviral, gastroenterology,
respiratory, neurology and
oncology segments.
Cipla has established a robust
portfolio selection process to
build a future-ready pipeline of
complex products which will help in
providing early launch capabilities
along with Intellectual Property (IP)
advantages.
In the past year, we have added
more than 70 new products to
our development pipeline and are
Respiratory
Cipla has been at the forefront of
innovation for inhalation therapy in
India. The Company has played a
leading role in educating the nation
on inhalation therapy and over the
coming years Cipla will continue
to work on topics such as patient
awareness, acceptance, compliance
and usage, physician training,
medical camps and counselling.
Strongly focused on access and
DRUGDELOLW\&LSOD5HVSLUDWRU\
FRQWLQXHGWRVWUHQJWKHQLWVHRUWV
through the BreatheFree patient
awareness and education programs
across markets, dedicated to
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patients and medical practitioners.
Over the last 40 years, the
Company has been focused on
bringing this innovation to markets
across the globe. Today, Cipla
Respiratory products are available
LQRYHUFRXQWULHV&LSODRHUV
the worlds largest portfolio of
inhalation products, with 27
molecules and combinations
across a range of devices, to
suit individual patient needs.
The Company manufactures
metered dose inhalers (pMDIs),
dry powder inhalers (DPIs), nasal
sprays, nebulisers and a range of
inhalation accessory devices.
7KHFRPSDQ\KDVYH
manufacturing facilities dedicated
Directors Report
to respiratory products and
is currently the third largest
manufacturer of pMDIs in the
world.
This year Cipla Respiratory
launched several inhalation
products across European markets.
QSDUDOOHOVLJQLFDQWSURJUHVVKDV
been made on the development
of critical new products for the US
and other priority markets. Ciplas
team of world-class specialists
continues to collaborate seamlessly
across functions to drive Cipla
Respiratory to new frontiers.
Competition remains aggressive
and the Company needs to
continue to maintain its agility to
retain leadership.
During the year under review,
Cipla acquired a 60% stake in Jay
contd.
Directors Report
institutions and funding agencies
that work towards this common
cause. Additionally, Cipla has
partnered with several global
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four therapeutic areas.
Cipla is among the leading
manufacturers of ARV drugs in the
ZRUOGQ&LSODZDVWKHUVW
pharmaceutical company to supply
ARVs to countries with a high HIV
burden at less than a dollar a day.
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2014-15 alone, our ARV
formulations covered nearly
two million HIV patients in 100
countries. The Cipla ARV portfolio
includes treatment for all age
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management of HIV. Cipla has
by far the highest number of
ARV products approved for
the treatment of both children
and adults. In addition, newer
molecules in novel dosage forms
such as pellets are being developed
to help optimise dosage for the
FXUUHQWUHJLPHQVbIRUWKHWUHDWPHQW
of children and also to reduce
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better adherence and success of
treatment. Cipla is adding new
capacity for the growing demand
for ARV products and expects the
expansion to be completed in
FY 2015-16.
Cipla is also one of the largest
suppliers of antimalarial drugs in
the world. This portfolio covered
treatment for more than 55
million malaria patients across
DOOWKHDHFWHGFRXQWULHV7KH
coverage is increasing every year
and thus saving millions of lives.
Cipla anti-malarial treatment costs
less than a dollar for the entire
course. Cipla has always been
at the forefront in initiatives to
identify, develop, manufacture and
supply low cost treatment with
contd.
the artemisinin-based
combination therapy
(ACTs). All the ACTs
supplied by Cipla are
approved by WHO.
Cipla is endeavouring
to expand its portfolio.
It will be expanded with
more potent and safer
antimalarials, using novel
drug delivery systems.
Cipla has a strong second
line TB drug (SLTB)
portfolio for treating
multidrug-resistant
TB (MDR TB). It is
aggressively expanding
its MDR TB portfolio to
meet the challenges of
resistance which develops
among TB patients due to
the high rate of dropout
from treatment. Till
now, Ciplas SLTB drugs
catered to a moderate
patient base globally, but
this is likely to increase
VLJQLFDQWO\ZLWKWKH
use of new diagnostic methods
of detection drug-resistant TB.
Future development in the MDR
TB therapy area will be focused
on newer molecules which can
VLJQLFDQWO\UHGXFHWUHDWPHQW
timelines. Currently, Cipla services
around 70 countries in this area.
Reproductive health and family
planning segment is an emerging
segment in which Cipla currently
caters to over 300,000 patients
worldwide. Cipla has aligned
its strategy with international
development initiatives to provide
VDIHDQGHHFWLYHFRQWUDFHSWLYH
drugs for 120 million more women
by 2020.
Cipla Global Access also provides
medications for helminthic
infections, schistosomiasis and
kala azar, which pose major health
threats in low and middle income
countries (LMIC).
Directors Report
contd.
Incubators of Growth
CNV has over the past year built
up four independent and strong
business streams, putting in
SODFHVSHFLFFDSDELOLWLHVDQG
technologies while building
a clear roadmap for each
business. Ranging across diverse
and promising areas such as
biologicals, small-molecule
innovation, consumer healthcare,
and regenerative medicine, CNVs
investments are poised to shape
the future of Cipla.
6WHPSHXWLFVDUVWLQ
innovative regenerative
medicine in India
Stempeutics Research is a group
company of Manipal Education
and Medical Group and a joint
venture with Cipla Ltd. This year,
Stempeutics Research got its novel
pool technology patent granted in
the USA as well as an Advanced
Therapy Medicinal Product (ATMP)
FODVVLFDWLRQIURPWKH(XURSHDQ
Medicines Agency for its lead
product, Stempeucel, for the
treatment of various indications
including Buergers disease, critical
limb ischemia and osteoarthritis.
Stempeutics has also received
LWVUVWFRPPHUFLDODSSURYDO
for Stempeucare for cosmetic
applications in India.
Cipla Consumer
Healthcare a Cipla
initiative towards
improving the lives of
Indian consumers
Through Cipla Consumer
Healthcare (CHC), Cipla has
entered the rapidly growing
over-the-counter (OTC) healthcare
market in India. The vision is
to improve the lives of Indian
consumers, making full use of
Ciplas strengths in bringing
good science to good medicine,
while also leveraging its market
outreach and equity with the Indian
healthcare system. The business
Directors Report
contd.
Investing in
knowledge
Growth in Fixed Assets
(Standalone)
` in crore
Gross Block
Net Block
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
06
07
08
09
10
11
12
13
14
15
Directors Report
contd.
MANUFACTURING
Taking it to the
next level
Cipla launched the second wave
of the Jaagruti transformation
programme aimed at reducing
business complexity and
strengthening operations. Under
this initiative the manufacturing
divisions freed up valuable
resources using strategies of
network optimisation, energy
HFLHQF\EHWWHUPDQDJHPHQWRI
human resources, and a review of
capital and operational expenses.
Ciplas operations in Cipla QCIL,
Uganda were also covered in the
second phase of Jaagruti.
During the year under review, the
Company commissioned additional
API manufacturing capacity of
60 MT/year at Kurkumbh. The
Company scaled up 20 key APIs
and undertook cycle time reduction
and cost improvement projects.
Serviceability of formulation
SURGXFWVZDVVLJQLFDQWO\
improved by formula
harmonisation, batch size
scale-ups and unit balancing.
The Company is continuously
upgrading all the manufacturing
facilities in terms of technology,
automation, safety, environment
and systems as well as
procedures for energy and
water conservation.
Growth in
Shareholders Funds
(Standalone)
` in crore
Share Capital
Net Worth
12000
10000
8000
6000
Regulatory Approvals
Several dosage forms and APIs
manufactured at the Companys
facilities continue to enjoy the
approval of major international
regulatory agencies. These agencies
include the US FDA, MHRA (UK),
PIC (Germany), MCC (South Africa),
TGA (Australia), APVMA (Australia),
the Department of Health (Canada),
ANVISA (Brazil), the Danish Medical
Agency, and the WHO.
4000
2000
0
06
07
08
09
10
11
12
13
14
15
Directors Report
Threats, Risks, Concerns
The pharmaceutical industry has
always been under intense scrutiny
by various regulatory authorities,
both Indian and international.
This trend continues resulting
in regulatory standards being
upgraded all the time. An overview
of the status of the industry is
referred to in the Chairmans letter
DWWKHEHJLQQLQJRIWKLVUHSRUWb7KH
Company continues to track all
these changes, increase vigilance,
and strives to maintain the highest
quality standards.
It is close to two years since
the new pricing regulation was
enacted in the Indian market. Over
the last one year, the Company
took various steps to mitigate
WKHbLQLWLDOLPSDFWRIWKHGHFOLQHLQ
prices. Since the pricing regulatory
authorities are reviewing the
existing pricing mechanism and are
considering expanding the scope,
the threat of future decline in price
remains.
Cipla has some pending legal cases
related to alleged overcharging
in respect of certain drugs under
the Drugs (Prices Control) Order,
1995. The aggregate amount of
the demand notices received is
about `1,768.51 crore (inclusive
of interest). The Company has
been legally advised that based on
several High Court decisions and
considering the totality of facts and
circumstances that these demand
notices may not be enforceable.
However, any unfavourable
outcome in these proceedings
could have an adverse impact on
the Company.
Cipla operates in a number of
markets where geo-political risks exist.
1RVLJQLFDQWRUPDWHULDO
orders have been passed by the
Regulators or Courts or Tribunals
which may impact the going
concern status of the Company and
its future operations.
contd.
Corporate Social
Responsibility (CSR)
The Board of Directors at its
meeting held on 14th August 2014
approved the Corporate Social
Responsibility (CSR) Policy as
required under Section 135 of the
Companies Act, 2013 read with
the Companies (Corporate Social
Responsibility Policy) Rules, 2014,
on the recommendations of the
CSR Committee. The CSR policy is
available on the Companys website
Directors Report
at http://www.cipla.com/CiplaSite/
Media/PDF/Corporate_Social_
Responsibility_Policy.pdf.
The Annual Report on CSR
initiatives as required under
Section 135 of the Companies Act,
2013 and Companies (Corporate
Social Responsibility Policy) Rules,
2014 as amended from time to
time forms part of this Report as
Annexure I.
Business Responsibility
Report
As mandated by the Securities and
Exchange Board of India (SEBI), a
standalone Business Responsibility
Report (BRR) forms part of the
Annual Report and is available
on the Companys website at
www.cipla.com. The BRR contains
a detailed report on Business
Responsibilities vis--vis the nine
principles of the National Voluntary
Guidelines on Social, Environmental
and Economic Responsibilities of
Business framed by the Union
0LQLVWU\RI&RUSRUDWH$DLUV$Q\
shareholder interested in obtaining
a copy may write to the Company
6HFUHWDU\DWWKH5HJLVWHUHG2FH
of the Company.
contd.
CORPORATE MATTERS
Directors Responsibility
Statement
Y ODLGGRZQLQWHUQDOQDQFLDO
controls to be followed by
the Company and that such
Pursuant to Section 134(3)(c) of the
LQWHUQDOQDQFLDOFRQWUROVDUH
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adequate and were operating
that the Directors have:
HHFWLYHO\DQG
i. followed applicable accounting
vi.
devised proper systems to
standards in the preparation of
ensure compliance with the
the annual accounts and there
provisions of all applicable
are no material departures for
laws and that such systems
the same;
were adequate and operating
ii. selected such accounting
HHFWLYHO\
policies and applied them
consistently and made
judgements and estimates that
are reasonable and prudent
so as to give a true and fair
YLHZRIWKHVWDWHRIDDLUVRI
the Company at the end of the
QDQFLDO\HDUHQGHGst March
DQGRIWKHSURWRIWKH
Company for that period;
Corporate Governance
The Company is committed to
good corporate governance
practices. The report on corporate
governance as stipulated under
Clause 49 of the Listing Agreement
forms part of this report.
LLL WDNHQSURSHUDQGVXFLHQW
care for maintenance of
adequate accounting records in
accordance with the provisions
of the Companies Act, 2013 for
safeguarding the assets of the
Company and for preventing
and detecting fraud and other
irregularities;
Directors Report
Conservation of Energy,
Technology Absorption,
Foreign Exchange
Earnings and Outgo
As required under section 134(3)(m)
of the Companies Act, 2013 read
with Rule 8(3) of the Companies
(Accounts) Rules, 2014, the relevant
information and data are annexed
to this report as Annexure II.
contd.
Human Resources
The Human Resources function
contributes to Ciplas growth story
by working as a strategic partner
to the business. The technical
and quality demands of pharma
combined with our own vision to
JURZVLJQLFDQWO\RYHUWKHQH[W
few years are driving the need for
us to build an agile, engaged, and
energized work force. While doing
this, your Company continues to
retain focus on Cipla values and its
core philosophy of placing people
EHIRUHSURWV
Our core objective has been to
build organizational capability
through skill enhancement across
levels, sales force training and
enhancing competencies in line
ZLWKFKDQJLQJEXVLQHVVQHHGVb
There has also been a focus on
strengthening existing, middle and
senior leadership.
The Company has institutionalized
a robust performance management
process; individual goals and key
performance indicators have been
aligned to organizational goals and
imperatives.
In making Caring for Life translate
to Caring for employees, various
employee centric interventions
like people friendly policies
Directors Report
Particulars of loans,
guarantees or
investments
Particulars of loans, guarantees
and investments under Section 186
of the Companies Act, 2013 are
provided in Notes 39 and 13 to the
QDQFLDOVWDWHPHQWV
contd.
Vigil Mechanism
Risk Management
Contract and
Arrangements with
Related Parties
All contracts / arrangements
/ transactions entered by the
Company with related parties
GXULQJWKHQDQFLDO\HDU
were in the ordinary course of
Board Evaluation
Deposits
'XULQJWKHQDQFLDO\HDU
your Company has not accepted
any deposit within the meaning
of Sections 73 and 74 of the
Companies Act, 2013 read together
with the Companies (Acceptance of
Deposits) Rules, 2014.
Directors Report
Directors and Key
Managerial Personnel
Mr. Pankaj Patel resigned from the
%RDUGRI'LUHFWRUVHHFWLYH
3rd September 2014 due to his
increasing professional
commitments. Dr. H. R. Manchanda
resigned from the Board of Directors
HHFWLYHth November 2014 due to
his advancing age. Mr. V. C. Kotwal
resigned from the Board of Directors
HHFWLYHth November 2014 due
to his commitments. The Directors
place on record their appreciation of
the contributions made by them as
members of the Board.
During the year under review,
the members approved the
appointments of Mr. Ashok Sinha,
Dr. Peter Mugyenyi and Mr. Adil
Zainulbhai as Independent Directors
who are not liable to retire by
rotation.
The members through Postal Ballot
approved appointment of Ms. Punita
Lal and Dr. Nachiket Mor appointed
DVQGHSHQGHQW'LUHFWRUVHHFWLYH
13th November 2014 who are not
liable to retire by rotation.
7KHIROORZLQJRFHUVKDYHEHHQ
designated as the Key Managerial
Personnel of the Company pursuant
to section 203(1) of the Companies
Act, 2013 read with the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014:
y Mr. Subhanu Saxena Managing
Director and Global Chief
([HFXWLYH2FHU
y Mr. Rajesh Garg Executive
Director and Global Chief
)LQDQFLDO2FHU
y Mr. Mital Sanghvi Company
Secretary
During the year under review, there
was no change in the Key Managerial
Personnel of your Company.
0U5DMHVK*DUJGHPLWWHGRFHDV
a Director, Whole-time Director and
&KLHI)LQDQFLDO2FHUZLWKHHFW
from close of business hours on
12th June 2015.
contd.
1XPEHURIPHHWLQJVRI
the Board
During the year under review, 8
Board Meetings were held. The
details of the Board Meetings are
stated in the Report on Corporate
Governance.
Composition of Audit
Committee
The details pertaining to
composition of Audit Committee
are included in the Report on
Corporate Governance.
Cost Auditor
Pursuant to the provisions of
Section 148 of the Companies
Act, 2013, Mr. D.H. Zaveri, a
practising Cost Accountant (Fellow
Membership No. 8971) has been
appointed to conduct the audit
of cost records of pharmaceutical
SURGXFWVIRUWKHQDQFLDO\HDU
ended 31st March 2015. The due
GDWHIRUOLQJ&RVW$XGLW5HSRUWIRU
the year ended 31st March 2014 was
27th September 2014 and the same
ZDVOHGRQth September 2014.
Auditors
Messrs V. Sankar Aiyar & Co.
and Messrs R.G.N. Price & Co.,
joint statutory auditors of the
company, retire at the conclusion
of the forthcoming Annual General
Meeting and are eligible for
re-appointment.
The Auditors Report does
QRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
On behalf of the Board
Y. K. Hamied
Chairman
9th July 2015
2YHUYLHZRI&RUSRUDWH6RFLDO5HVSRQVLELOLW\
a) Philosophy and Policy
Since its inception in 1935, Caring
for Life has been at the forefront
of the business philosophy of Cipla
Limited (Cipla or the Company)
and remains an important driver
for doing business. This philosophy
is seamlessly integrated into
Ciplas people, products and
processes. The CSR strategy of
the organization is incorporated
into and is an intrinsic part of its
business strategy. The initiatives
taken by the Company as a part
of its various CSR programmes,
HHFWLYHO\FRQWULEXWHWRGHYHORSLQJ
a sustainable and resilient
community.
CSR at Cipla is driven by a
principled approach. The
principled approach emanates
as a working philosophy of the
organization to conduct and govern
itself in an ethical, transparent
Environment sustainability;
Rural development and
creation of livelihood
opportunities; and
y Others including addressing
social inequalities.
The CSR Policy of Cipla has been
framed and made applicable in
accordance with Section 135 of the
Companies Act 2013 (Act) read
with the Companies (Corporate
Social Responsibility Policy) Rules,
2014 (CSR Rules) as amended
from time to time. The Policy
shall apply to the CSR Committee
and all CSR projects/programmes
undertaken by the Company in
accordance with Schedule VII of
the Act.
y
y
y
y
y
y
y
y
b) Activities Undertaken
The Company has developed
an appropriate organizational
structure, and positioned senior
level/functional representatives to
GULYH&65HHFWLYHO\
Through focused interventions, the
Company governs the functioning
and implementation of its CSR
policy. The CSR projects are
initiated through:
NGO Partners
c) Governance and
Monitoring Process
contd.
contd.
&RPSRVLWLRQRI&65&RPPLWWHH
The Composition of the CSR Committee as on the date of the Directors Report is as follows:
1DPH
Category
Non-Executive Vice-Chairman
Independent Director
Independent Director
Independent Director
Mr. S. Radhakrishnan
Whole-time Director
0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
The composition of the CSR Committee is compliant with the Act and the CSR Rules.
$YHUDJH1HW3URWRIWKH&RPSDQ\IRUODVWWKUHHQDQFLDO\HDUV$YHUDJH
1HW3URWFDOFXODWHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQRIWKH
Companies Act, 2013)
`1743.21 crore
93UHVFULEHG&65([SHQGLWXUHWZRSHUFHQWRIWKHDPRXQWDVLQLWHPDERYH
`34.86 crore
9 'HWDLOVRI&65VSHQWGXULQJWKHQDQFLDO\HDU
D 7RWDODPRXQWWREHVSHQWIRUWKHQDQFLDO\HDU`34.86 crore
b) Amount unspent, if any: `21.43 crore
F 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHQDQFLDO\HDULVGHWDLOHGEHORZ
` in crore
6U CSR project
1R or activity
LGHQWLHG
Sector in
which the
Project is
covered
Projects or Programs
(1) Local area or other
(2) State and district
Total
Amount spent
Amount in 2014-15 on
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
5.728
(1) 3.245
(2) 0.162
5.728 3.407
Cipla Cancer
and AIDS
Foundation
2 Promoting
Healthcare
including
Preventive
Healthcare
Health
1.504
(1) 0.973
(2) 0.049
1.393 1.022
Cipla
Foundation
3 Netradeep
Health
0.466
(1) 0.273
(2) 0.014
0.287 0.287
Cipla
Foundation
Sector in
which the
Project is
covered
Projects or Programs
(1) Local area or other
(2) State and district
contd.
Total
Amount spent
Amount in 2014-15 on
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
4 Healthcare
services to
schools
Health
0.126
(1) 0.061
(2) 0.003
0.070 0.064
Cipla
Foundation
5 Healthcare
services to
community
Health
0.374
(1) 0.321
(2) 0.016
0.347 0.337
Cipla
Foundation
6 Mobile
Healthcare
Services
Health
2.011
(1) 0.587
(2) 0.029
0.616 0.616
Cipla
Foundation
7 Nutrition
education and
Health Action
Health
(1) Mumbai
(2) Maharashtra
0.685
(1) 0.175
(2) 0.009
0.685 0.184
Cipla
Foundation
8 Residential
care and
rehabilitation
services
Health
(1) Mumbai
(2) Maharashtra
0.520
(1) 0.140
(2) 0.007
0.520 0.147
Cipla
Foundation
9 Developmental Health
Disabilities
0.396
(1) 0.332
(2) 0.017
0.349 0.349
Cipla
Foundation
0.038
(1) 0.015
(2) 0.001
0.025 0.016
Cipla
Foundation
11 Construction
of Sanitation
Blocks
2.501
(1) 1.296
(2) 0.065
1.843 1.361
Cipla
Foundation
Sanitation
Sector in
which the
Project is
covered
Projects or Programs
(1) Local area or other
(2) State and district
contd.
Total
Amount spent
Amount in 2014-15 on
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
12 Infrastructural
Support to
Schools
Education
4.436
(1) 2.417
(2) 0.121
4.013 2.538
Cipla
Foundation
13 Meritorious
Awards
Education
0.438
(1) 0.138
(2) 0.007
0.375 0.145
Cipla
Foundation
14 Hole in the
Wall
Education
0.824
(1) 0.564
(2) 0.028
0.773 0.592
Cipla
Foundation
15 Sponsorship to Education
Students
(1) Baddi
(2) Himachal Pradesh
0.391
(1) 0.227
(2) 0.011
0.238 0.238
Cipla
Foundation
16 E - Learning/
Reading
Initiative
Education
0.639
(1) 0.259
(2) 0.013
0.581 0.272
Cipla
Foundation
17 Bal Vatika
Education
(1) Baddi
(2) Himachal Pradesh
0.194
(1) 0.185
(2) 0.009
0.194 0.194
Cipla
Foundation
18 Education of
Education
underprivileged
children from
troubled
backgrounds
(1) Mumbai
(2) Maharashtra
0.201
(1) 0.135
(2) 0.007
0.201 0.142
Cipla
Foundation
19 Jidnyasa
workshop
Education
(1) Patalganga
(2) Maharashtra
0.207
(1) 0.062
(2) 0.003
0.169 0.065
Cipla
Foundation
20 Purna Shiksha
project
Education
(1) Mumbai
(2) Maharashtra
0.256
(1) 0.125
(2) 0.006
0.131 0.131
Cipla
Foundation
Sector in
which the
Project is
covered
Projects or Programs
(1) Local area or other
(2) State and district
contd.
Total
Amount spent
Amount in 2014-15 on
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
21 Others
(Education)
Education
0.544
(1) 0.427
(2) 0.021
0.490 0.448
Cipla Limited
Cipla
Foundation
22 Environmental
sustainability,
ecological
balance and
conservation
of natural
resources
Environment
1.168
(1) 0.434
(2) 0.022
0.677 0.456
Cipla
Foundation
23 Capacity
Building
initiatives
enhancing
Livelihood
Capacity
Building
0.085
(1) 0.045
(2) 0.002
0.047 0.047
Cipla
Foundation
24 Setting up
Community
(1) Bogmalo, Bandenallasandra,
old age and
Development Hennur Cross
community hall
(2) Goa, Karnataka
for socially and
economically
backward
groups
0.412
(1) 0.277
(2) 0.014
0.320 0.291
Cipla
Foundation
25 Livelihood
enhancement
projects
0.033
(1) 0.027
(2) 0.001
0.033 0.028
Cipla
Foundation
(1) Bengaluru
(2) Karnataka
0.128
(1) 0.050
(2) 0.003
0.128 0.053
Cipla
Foundation
Livelihood
26 Women
Women
Empowerment, EmpowerGirl Protection ment
and Education
Total
&LSOD)RXQGDWLRQKDVZRUNHGZLWKWKHIROORZLQJ1*2VIRUVSHFLFDFWLYLWLHVZLWKLQWKHSURMHFWVPHQWLRQHGDERYH
1) Vanarai Foundation, Pune (Maharashtra), 2) Stree Mukti Sanghatana, Mumbai (Maharashtra), 3) HelpAge India, New Delhi
(Delhi), 4) SNEHA, Mumbai (Maharashtra), 5) Manavya, Pune (Maharashtra), 6) Ummeed Child Development Center, Mumbai
(Maharashtra), 7) Mumbai Smiles, Mumbai (Maharashtra), 8) NIIT Foundation, New Delhi (Delhi), 9) Himalayan Social Institute,
Solan (Himachal Pradesh), 10) Ra Foundation, Mumbai (Maharashtra), 11) STEMI INDIA Charitable Trust, Coimbatore (Tamil
Nadu), 12) Oleander Charitable Trust, Mannagudi (Tamil Nadu), 13) Sai Bhajan Trust, Mumbai (Maharashtra), 14) CONSERVATION
WILDLANDS TRUST, Mumbai (Maharashtra), 15) green essentials, Goa, 16) The Vatsalya Foundation, Mumbai (Maharashtra),
17) CREST, Pune (Maharashtra), 18) Asian Society of Continuing Medical Education, Mumbai, (Maharashtra) 19) NATIONAL
ORGANIC SYMPOSIUM TRUST, Chennai (Tamil Nadu) 20) Indian Institute of Cerebral Palsy, Kolkata (West Bengal)
Annual Report 2014-15 | 29
contd.
Healthcare
One of Ciplas key CSR missions
is positive health for all. The
Company follows a pro-active,
preventive and promotive approach
that involves communities as a
whole. The focus remains, on
promoting awareness and selfVXFLHQF\WKURXJKFRPPXQLW\
involvement, dissemination of
information, health education and
medical assistance. Cipla provides
QDQFLDODVVLVWDQFHWRVXSSRUW
healthcare to needy patients from
underprivileged and economically
challenged sections of society.
1XWULWLYHKHDOWKDQG
education
SNEHA (Society for Nutrition,
Education and Health Action)
runs doorstep programs in the
most vulnerable slums of Mumbai
(including Dharavi, Govandi,
Annual Report 2014-15 | 30
Developmental Disabilities
Cipla has partnered with Ummeed,
a Mumbai based NGO to provide
early interventions to promote
child development in the short
term and, improve employability
and educational outcomes in
the long term, enhancing human
capital. Ciplas support has made
therapy accessible to children from
economically weaker backgrounds,
leading to a total of 579 sessions.
Cipla also supports the Indian
Institute of Cerebral Palsy, which
has been providing specialized and
comprehensive services to cerebral
palsy patients (children and adults).
The aim is to help individuals get
equal rights and opportunities and
foster an inclusive society, where
all are treated with the respect they
rightly deserve.
Sanitation
Safe sanitation is the foundation
of good health. The Company
has initiated projects in locations
around Patalganga, Goa, Bengaluru,
Kurkumbh and Vikhroli to provide
assistance in building and
renovating sanitation blocks. This
KDVEHQHWHGFRPPXQLWLHVJUHDWO\
and created awareness about
hygiene and sanitation.
Education
Cipla has embarked on a journey
to impart primary education to the
under privileged, with the vision
to improve access to and quality
of education. The following major
LQLWLDWLYHVZHUHWDNHQLQWKLVHOG
Bal Vatika and Bal Shiksha
Abhiyan - Cipla has partnered
with credible NGOs in Vikhroli
(Maharashtra) and Baddi (Himachal
Pradesh), to provide pre-primary
education to slum children.
In Vikhroli, with Mumbai Smiles,
we have set up two Balwadis, near
our establishment. The intent,
besides education, is on promoting
health awareness and nutrition,
through the involvement of parents.
In Baddi, with the Himalayan
Social Institute, we have
implemented Balvatika in three
slums to provide pre-school
education to 90 children in the age
group of 3-6 years, and linkages of
children in the age group of 6-14
years with government schools.
Jidnyasa - Life skills for personal
growth and excellence - Cipla,
with the support of Stree Mukti
Sanghatana, has conducted
training programmes for teenage
sensitization. It is the need of
the hour, educating teenage
students on Adolescence, Stress
management, Career guidance,
De-addiction information, Value
Education and Family Life
Education. Training sessions are
ongoing, and till date we have
completed 806 sessions in 16
GLHUHQWVFKRROVLQDQGDURXQG
Pen, Panvel, Karjat, Khalapur
and Patalganga in Maharashtra,
covering about 8500 students.
Environment
&LSODLQLWVPRGHVWHRUWV
to ensure ecological balance,
conservation of natural resources
and protection of the environment,
KDVFRQFHLYHGGLHUHQWSURMHFWV
at Kurkumbh, Patalganga and
Goa. These encompass water
conservation activities, horticulture,
vermi compost and compost pit,
animal husbandry, watershed
GHYHORSPHQWVRODUDQGbUDLQZDWHU
harvesting in various schools. Other
initiatives include Environment
Day celebration, organic gardening
workshops at Verna and
Rawanfond in Goa.
contd.
Subhanu Saxena
Managing Director and
*OREDO&KLHI([HFXWLYH2FHU
M. K. Hamied
Chairman - CSR Committee
9th July 2015
contd.
Annexure II
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
DQG2XWJR
The information under section 134(3) (m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies
(Accounts) Rules, 2014 for the year ended 31st March 2015 is given here below and forms part of the Directors
Report.
$ &RQVHUYDWLRQRI
Energy
I.
a.
b.
I.
II.
% 7HFKQRORJ\
Absorption
7KHHRUWVPDGHWRZDUGV
technology absorption:
i. Development of new
formulations for existing
and newer active drug
substances.
ii. Projects to develop APIs
and formulations jointly
with overseas companies.
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
iii. Patenting of newer
processes/newer products/
newer drug delivery
systems/newer medical
devices/newer usage of
drugs for both local and
international markets.
iv. Development of new
products, both in the
area of APIs as well as
IRUPXODWLRQVVSHFLFDOO\
for export.
v. Development of new
innovative technology
for the manufacture of
existing APIs and their
intermediates.
vi. Development of agro
technology, genetics
and biotechnology for
cultivation of medicinal
plants and isolation of
active ingredients from
plant materials.
vii. Development of new
drug delivery systems for
existing and newer active
drug substances as also
newer medical devices.
viii. Development of methods
to improve safety
SURFHGXUHVHXHQW
control, pollution control,
etc.
ix. Development of products
related to the indigenous
system of medicines.
7KHEHQHWVGHULYHGOLNH
SURGXFWLPSURYHPHQW
FRVWUHGXFWLRQSURGXFW
GHYHORSPHQWRULPSRUW
VXEVWLWXWLRQ
i. Successful commercial
scale up of several new
APIs and formulations.
ii. Development of new drug
delivery systems and
devices.
iii. Improved processes and
enhanced productivity in
iv. Improvement in
RSHUDWLRQDOHFLHQF\
through reduction in
batch hours, increase in
batch sizes, better solvent
UHFRYHU\DQGVLPSOLFDWLRQ
of processes.
v. Meeting norms of external
regulatory agencies to
facilitate more exports.
vi. Development of products
for import substitution.
vii. Maximum utilization of
indigenous raw materials.
7KHGHWDLOVRIPSRUWHG
7HFKQRORJ\LPSRUWHG
GXULQJWKHODVWWKUHH
\HDUVUHFNRQHGIURPWKH
EHJLQQLQJRIWKHQDQFLDO
\HDU
No expenditure has been
incurred on import of new
WHFKQRORJ\GXULQJWKHQDQFLDO
years 2012-13, 2013-14 and
2014-15.
9 7KHH[SHQGLWXUH
LQFXUUHGRQ5HVHDUFK
'HYHORSPHQW
contd.
2.
` in crore
a. Capital
130.10
b. Recurring
714.04
Total
844.14
C. Foreign Exchange
Earnings and Outgo
1.
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
Annexure III
Pursuant to the provisions of the Securities and Exchange Board of India (Share Based
(PSOR\HH%HQHWV5HJXODWLRQV
a.
Relevant disclosures in terms of the "Guidance Note on Accounting for Employee Share-based Payments"
issued by ICAI has been made in the Notes to Accounts attached to the Annual Report.
b.
The details of stock options as on 31st March 2015 under the Employee Stock Option Scheme 2013 (ESOS 2013);
Employee Stock Option Scheme 2013-A (ESOS 2013-A) and Employee Stock Option Scheme 2013-B (ESOS 2013-B)
are given below:
4
5
6
7
(626
8th April 2013
(626$
22nd August 2013
(626%
22nd August 2013
10,00,000
84,44,528
5,22,194
Primary
Not Applicable
Primary
Not Applicable
Primary
Not Applicable
Particulars
(626
No. of Options outstanding at the beginning of the year 10,00,000
No. of Options Granted during the year
No. of Options Forfeited/Lapsed during the year
No. of Options Vested during the year
No. of Options Exercised during the year
No. of Shares arising as a result of exercise of options
Money realized by exercise of options during the year
Nil
2014-15 (`)
Loan repaid by the trust during the year from the
Not
exercise price received
Applicable
No. of Options outstanding at the end of the year
10,00,000
No. of Options exercisable at the end of the year
-
(626$
14,71,797
10,79,626
2,81,313
2,57,097
39,083
39,083
78,166
(626%
5,22,194
Nil
Not
Applicable
22,31,027
2,18,014
Not
Applicable
5,22,194
-
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
% (PSOR\HHZLVH GHWDLOV RI RSWLRQV JUDQWHG GXULQJ WKH QDQFLDO \HDU XQGHU (626
$WR
L 6HQLRUPDQDJHULDOSHUVRQQHO
Name of employee
82,952
45,099
40,017
30,019
28,662
19,827
12,721
10,223
3,534
LL (PSOR\HHVZKRZHUHJUDQWHGGXULQJDQ\RQH\HDURSWLRQVDPRXQWLQJWRRUPRUH
RIWKHRSWLRQVJUDQWHGGXULQJWKH\HDU
Name of employee
LLL
82,952
69,699
56,184
None
GHQWLHGHPSOR\HHVZKRZHUHJUDQWHGRSWLRQ
GXULQJDQ\RQH\HDUHTXDOWRRUH[FHHGLQJRIWKH
LVVXHGFDSLWDOH[FOXGLQJRXWVWDQGLQJZDUUDQWVDQG
FRQYHUVLRQVRIWKHFRPSDQ\DWWKHWLPHRIJUDQW
(626
(626$
(626%
No options
granted during
the year
Nil
Nil
No options granted
during the year
631.48
(626
(626$
(626%
No options
granted during
the year
Nil
Nil
No options
granted during the
year
2.00
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
D.
Method
used to
account
for ESOS
contd.
The compensation cost of stock options granted to employees is calculated based on intrinsic
value method, i.e. the excess of the market price of shares immediately prior to date of grant
over the exercise price to be paid by the option holders. The compensation cost is amortised
WRWKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHYHVWLQJSHULRGRIWKHVWRFNRSWLRQ
The stock-based compensation cost calculated as per the intrinsic value method for the period 1st April 2014 to
31st March 2015 is `50.90 crore (Standalone `39.45 crore). If the stock-based compensation cost was calculated
DV SHU WKH IDLU YDOXH PHWKRG SUHVFULEHG E\ 6(% WKH WRWDO FRVW WR EH UHFRJQL]HG LQ WKH QDQFLDO VWDWHPHQWV
for the period 1st April 2014 to 31st March 2015 would be `53.99 crore (Standalone `FURUH7KHHHFWRI
adopting the fair value method on the net income and earnings per share is presented below:
$GMXVWHG1HWQFRPHDQG(DUQLQJ3HU6KDUH
` in crore
1180.77
50.90
53.99
1177.68
b
14.71
14.67
Particulars
b
Net Income as reported (Standalone `FURUH
Add: Intrinsic Value Compensation Cost (Standalone `39.45 crore)
Less: Fair Value Compensation Cost (Standalone `42.74 crore)
Adjusted Pro Forma Net Income (Standalone `FURUH
Earnings Per Share: Basic
b
As Reported (`)
(`)
Adjusted
Earnings Per Share: Diluted
b
As Reported (`)
(`)
Adjusted
14.66
14.62
( 0HWKRGDQG$VVXPSWLRQVXVHGWRHVWLPDWHWKHIDLUYDOXHRIRSWLRQVJUDQWHGGXULQJWKH\HDU
i.
The fair value has been calculated using the Black Scholes Option Pricing model. The assumptions used in
the model are as follows:
bVariables
1. Risk Free Interest Rate
2. Expected Life (in years)
3. Expected Volatility
4. Expected Dividend Yield
5. Price of the underlying share in market at the
time of the option grant.
(626
No Options
Granted
during the
year
(626$
8.34%
4.50
23.80%
0.31%
`641.78
(626%
No Options
Granted during
the year
ii.
The Company has estimated the expected life of the options on the basis of average of minimum and
maximum life of the options. Historical data for early exercise of options is not available, hence not
considered in expected life calculations.
LLL 9RODWLOLW\LVWKHPHDVXUHRIWKHDPRXQWE\ZKLFKWKHSULFHKDVXFWXDWHGRULVH[SHFWHGWRXFWXDWHGXULQJ
a period. The measure of volatility used in the Black-Scholes options pricing model in the annualised
standard deviation of the continuously compounded rates of return on the stock over a period of time.
For calculating volatility, the daily volatility of the stock prices on the National Stock Exchange of India
Limited, over a period prior to the date of grant, corresponding with the expected life of the options has
been considered.
iv. No other feature has been considered for fair valuation of options except as mentioned in point E(i) above.
On behalf of the Board,
Y. K. Hamied
Chairman
9th July 2015
Annual Report 2014-15 | 36
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
Annexure IV
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UHDGZLWK5XOHRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO
5XOHV
i. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company
IRUWKHQDQFLDO\HDU
Name
Designation
Dr. Y. K. Hamied
Mr. M. K. Hamied (1)
Mr. Ashok Sinha
Dr. Peter Mugyenyi (2)
Mr. Adil Zainulbhai (3)
Ms. Punita Lal (4)
Dr. Nachiket Mor (4)
Mr. M. R. Raghavan (5)
Mr. Pankaj Patel (6)
Dr. H. R. Manchanda (7)
Mr. V. C. Kotwal (7)
Mr. S. Radhakrishnan
Mr. Subhanu Saxena
Mr. Rajesh Garg (8)
Chairman
Vice-Chairman
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Whole-time Director
0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
5DWLRWRPHGLDQ
remuneration
68:1
69:1
15:1
14:1
10:1
4:1
4:1
4:1
5:1
7:1
7:1
125:1
453:1
169:1
LL 7KH SHUFHQWDJH LQFUHDVH LQ UHPXQHUDWLRQ RI HDFK 'LUHFWRU &KLHI )LQDQFLDO 2FHU DQG &RPSDQ\ 6HFUHWDU\
GXULQJWKHQDQFLDO\HDU
Name
Designation
Dr. Y. K. Hamied
Mr. M. K. Hamied (1)
Mr. Ashok Sinha
Dr. Peter Mugyenyi (2)
Mr. Adil Zainulbhai (3)
Ms. Punita Lal (4)
Dr. Nachiket Mor (4)
Mr. M. R. Raghavan (5)
Mr. Pankaj Patel (6)
Dr. H. R. Manchanda (7)
Mr. V. C. Kotwal (7)
Mr. S. Radhakrishnan
Mr. Subhanu Saxena
Mr. Rajesh Garg (8)
Mr. Mital Sanghvi
Chairman
Vice-Chairman
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Whole-time Director
0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
Company Secretary and Chief Internal Auditor
Notes:
(1)
(2)
% increase in remuneration
LQWKHQDQFLDO\HDU
0.25
(70.54)
198.02
1178.13
(30.24)
20.26
68.49
86.89
0.48
(38.64)
(32.02)
38.08
5HWLUHG DV :KROHWLPH 'LUHFWRU HHFWLYH st March 2014 and continues to be the Vice-Chairman in a nonH[HFXWLYHUROHHHFWLYHst April 2014;
Appointed w.e.f. 12th February 2014;
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
(3)
(4)
(5)
(6)
(7)
(8)
contd.
LLL 7KHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHQDQFLDO\HDU
iv. Number of permanent employees on the rolls of the Company as on 31st March 2015: 23,472.
v. The explanation on the relationship between average increase in remuneration and company performance:
y
7KHUHYHQXHJURZWKGXULQJQDQFLDO\HDURYHUQDQFLDO\HDUZDV
y
3URW EHIRUH WD[ IRU WKH QDQFLDO \HDU KDV GHFUHDVHG E\ DV FRPSDUHG WR QDQFLDO \HDU
3URWDIWHUWD[IRUWKHQDQFLDO\HDUKDVGHFUHDVHGE\DVFRPSDUHGWRQDQFLDO
year 2013-14.
y
7KHDYHUDJHLQFUHDVHLQUHPXQHUDWLRQGXULQJWKHQDQFLDO\HDUZDVDQGZDVLQOLQHZLWK
market trend and industry benchmarks.
vi. Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company are
as under:
Aggregate remuneration of Key Managerial Personnel (KMP)
`19.28 crore
0.19
1.25
1.63
vii. The market capitalisation as on 31st March 2015 was `57,206.92 crore and was `30,735.83 crore as on
31st March 2014. The price earnings ratio of the Company was 48.43 as at 31st March 2015 and was 22.14 as at
31st0DUFK7KH&RPSDQ\KDVQRWPDGHDQ\SXEOLFRHULQWKHUHFHQWSDVWDQGDFFRUGLQJO\FRPSDULVRQ
RI3XEOLF2HU3ULFHDQGWKHFXUUHQWPDUNHWSULFHRIWKH&RPSDQ\VVKDUHVZLOOQRWEHUHOHYDQW
YLLL 7KH DYHUDJH DQQXDO LQFUHDVH H[FOXGLQJ WKH PDQDJHULDO SHUVRQQHO LQ WKH QDQFLDO \HDU ZDV
7KHGHFUHDVHLQWKHDYHUDJHPDQDJHULDOUHPXQHUDWLRQIRUWKHQDQFLDO\HDUZDV
ix. Comparison of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company
are as under:
Name
Mr. Subhanu Saxena
5HPXQHUDWLRQ
` in crore
13.31
0.13
0.86
1.13
4.98
0.05
0.32
0.42
0.99
0.01
0.06
0.08
x. The key parameters for any variable component of remuneration availed by the directors are approved by the
Board of Directors based on the recommendation of Nomination & Remuneration Committee.
xi. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but
receive remuneration in excess of the highest paid director during the year: Not Applicable.
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$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
Annexure V
)250120*7
(;75$&72)$118$/5(7851
DVRQWKHQDQFLDO\HDUHQGHGRQVW0DUFK
[Pursuant to Section 92(3) of the Companies Act, 2013
and
Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
5HJLVWUDWLRQDQGRWKHU'HWDLOV
i. CIN
L24239MH1935PLC002380
Cipla Limited
iv. Category
Public Company
Limited by shares
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg,
Lower Parel, Mumbai 400 013
Tel: 022 2482 6000
Fax: 022 2482 6893
Email address: cosecretary@cipla.com
Website: www.cipla.com
Yes
1.
Pharmaceuticals
% to total turnover of
the company
b
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
3DUWLFXODUVRI+ROGLQJ6XEVLGLDU\DQG$VVRFLDWH&RPSDQLHV
Sr. Name & Address of the Company
No.
b 6XEVLGLDULHVKHOGGLUHFWO\
1. Cipla FZE
2FH1R/%-HEHO$OL)UHH=RQH'XEDL8$(
2. Goldencross Pharma Pvt. Ltd.
5HJLVWHUHG2FHDGGUHVVZHIst June 2015:
C1-Pooja Apartment, 17, Hariyali Estate, Vikhroli-West,
Mumbai-400083, Maharashtra, India
3. Cipla (Mauritius) Ltd.
c/o. CIM Corporate Services Ltd., Les Cascades Building,
Edith Cavell Street, Port Louis, Mauritius
4. Meditab Specialities Pvt. Ltd.
5HJLVWHUHG2FHDGGUHVVZHIst June 2015:
C1-Pooja Apartment, 17, Hariyali Estate, Vikhroli-West,
Mumbai-400083, Maharashtra, India
5. Cipla Medpro South Africa (Pty) Ltd.
1474, South Coast Road, Mobeni, Durban - 4052, South Africa
6. Cipla Holding B.V.
Schiphol, Boulevard 231, 118BH Schiphol, the Netherlands
Rotterdam, the Netherlands (corporate seat)
7. Cipla BioTec Pvt. Ltd.
(Formerly known as Mabpharm Pvt. Ltd.)
L-147 / B, Verna industrial area, Verna, Goa- 403722,
Goa, India
8. &LSOD(8/WG
Hillbrow House, Hillbrow Road, Esher, Surrey, KT10 9NW,
8QLWHG.LQJGRP
9. Saba Investment Ltd.
P.O Box 124600, Suite # 516, Sultan Business Centre, Oud
0HWKD'XEDL8$(
10. Jay Precision Pharmaceuticals Pvt. Ltd.
Government Indl Estate, Plot No. 40/41 ABCD, Charkop,
Kandivali (West), Mumbai-400067, Maharashtra, India
b 6XEVLGLDULHVKHOGLQGLUHFWO\
11. Four M Propack Pvt. Ltd.
5HJLVWHUHG2FHDGGUHVVZHIst June 2015:
C1-Pooja Apartment, 17, Hariyali Estate
Vikhroli-West, Mumbai-400083, Maharashtra, India
12. &LSOD8./WG
The Old Post House, 91 Heath Road, Weybridge Surrey,
.7768QLWHG.LQJGRP
13. Cipla Australia Pty. Ltd.
BSA Partnership Pty. Ltd., Level 15, 461 Bourke Street,
Melbourne, VIC, 3000, Australia
14. Medispray Laboratories Pvt. Ltd.
Plot No.344/345, Kundaim Industrial Estate, Kundaim,
Goa - 403115, Goa, India
&1*/1
b
NA
Holding/
% of Applicable
Subsidiary/ shares section of
Associate
held Companies
$FW
b
b
b
Subsidiary
100
2(87)
80+37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
80+37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
8*$37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
51
2(87)
80+37&
Subsidiary
60
2(87)
b
80+37&
b
Subsidiary
b
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
8*$37&
Subsidiary
100
2(87)
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr. Name & Address of the Company
No.
contd.
Holding/
% of Applicable
Subsidiary/ shares section of
Associate
held Companies
$FW
80+37& Subsidiary
100
2(87)
&1*/1
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
51.05
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr. Name & Address of the Company
No.
&1*/1
NA
contd.
Holding/
% of Applicable
Subsidiary/ shares section of
Associate
held Companies
$FW
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
80
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr. Name & Address of the Company
No.
&1*/1
contd.
Holding/
% of Applicable
Subsidiary/ shares section of
Associate
held Companies
$FW
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
50.49
2(87)
Subsidiary
50.49
2(87)
Subsidiary
60
2(87)
Subsidiary
100
2(87)
b
Associate
b
49.00
b
2(6)
Associate
25.00
2(6)
Associate
48.22
2(6)
b
Associate
b
50.00
b
2(6)
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
(TXLW\6KDUH&DSLWDO%UHDNXSDVDSHUFHQWDJHRI7RWDO(TXLW\
L&DWHJRU\ZLVH6KDUH+ROGLQJ
Category of
Shareholders
b
A. Promoters
QGLDQ
D QGLYLGXDO+8)
b) Central Govt.
c) State Govt(s)
d) Bodies Corp.
e) Banks / FI
f) Any other
6XEWRWDO$
)RUHLJQb
a) NRIs - Individuals
b) Other - Individuals
c) Bodies Corp.
d) Banks / FI
e) Any other
6XEWRWDO$
Total shareholding of
3URPRWHU$
$$
B. Public Shareholding
QVWLWXWLRQV
D0XWXDO)XQGV87
b) Banks / FI
c) Central Govt.
d) State Govt(s)
e) Venture Capital
Funds
f) Insurance
Companies
g) FIIs
h) Foreign Venture
Capital Funds
i) Others (specify)
x Foreign Portfolio
Investors
6XEWRWDO%
No. of Shares held at the beginning of No. of Shares held at the end of the year
%
the year (as on 1st$SULO
DVRQst0DUFK
Change
Demat
Physical
Total
% of
Demat
Physical
Total
% of during
the
Total
Total
Shares
Shares year
b
b
b
b
b
b
b
b
b
122720500
6022791
- 122720500
6022791
15.28 111781000
0.75
6022791
- 111781000
6022791
13.92
0.75
14.67
-1.36
166742687
- 166742687
20.77 177682187
- 177682187
22.13
1.36
35560020
2078371
-
74100
-
35560020
2152471
-
4.43
0.27
-
30823665
1554907
-
16600
-
30823665
1571507
-
3.84
0.20
-
-0.59
-0.07
-
54034329
54034329
6.73
45950769
45950769
5.72
-1.01
- 161846469
20.16
-3.16
- 42324517
5.27
5.27
187252746
-
- 187252746
-
23.32 161846469
-
- 42324517
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Category of
Shareholders
b
contd.
No. of Shares held at the beginning of No. of Shares held at the end of the year
%
the year (as on 1st$SULO
DVRQst0DUFK
Change
Demat
Physical
Total
% of
Demat
Physical
Total
% of during
the
Total
Total
Shares
Shares year
1RQQVWLWXWLRQV
a) Bodies Corp.
i) Indian
37351518
261057 37612575
4.68 31558192
261057 31819249
3.96
ii) Overseas
143297
143297
0.02
157358
157358
0.02
b) Individuals
i) Individual
shareholders
holding nominal
share capital upto
`1 lakh
49042156 4782234 53824390
6.71 46917123 4495034 51412157
6.40
ii) Individual shareholders holding
nominal share
capital in excess
of `1 lakh
58965355 38224674 97190029 12.11 59416064 34301974 93718038 11.67
c) Others (specify)
L 4XDOLHG)RUHLJQ
Investor
100
100
0.00
ii) Trusts
1468026
1468026
0.18
1395071
1395071
0.17
iii) Non Resident
Indians
5004880 22628900 27633780
3.44
4820324 23017100 27837424
3.47
iv) Clearing
1696036
1696036
0.21
1099418
1099418
0.14
Members
v) Foreign Nationals
209
209
0.00
vi) Overseas
Corporate Bodies
375
375
0.00
375
375
0.00
6XEWRWDO%
Total Public
Shareholding
% %%
C. Shares held by
&XVWRGLDQIRU*'5V
$'5V
*UDQG7RWDO$%&
-0.72
0.00
-0.31
-0.44
0.00
-0.01
0.03
-0.07
0.00
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
LL6KDUHKROGLQJRI3URPRWHUV
Sr.
No.
Shareholders Name
b
1. Dr. Y. K. Hamied
2. M. K. Hamied
39690000
4.94
39690000
4.94
3. Farida Hamied
41914937
5.22
41914937
5.22
4. Sophie Ahmed
45982000
5.73
45982000
5.73
5. Shirin Hamied
6363000
0.79
6363000
0.79
6. Kamil Hamied
10939500
1.36
10939500
1.36
9859500
1.23
9859500
1.23
7. Samina Vaziralli
8. Rumana Hamied
9886500
1.23
9886500
1.23
2601852
0.32
2601852
0.32
2434970
0.30
2434970
0.30
492985
0.06
492985
0.06
492602
0.06
492602
0.06
382
0.00
382
0.00
LLL&KDQJHLQ3URPRWHUV6KDUHKROGLQJ
Sr.
No.
1.
2.
3.
% of total
shares
of the
Company
No. of
shares
% of total
shares
of the
Company
7KHUHLVQRFKDQJHLQ3URPRWHUV6KDUHKROGLQJ
between 1st April 2014 to 31st March 2015
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
LY 6KDUHKROGLQJ3DWWHUQRIWRSWHQ6KDUHKROGHUV
RWKHUWKDQ'LUHFWRUV3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V
Sr.
No.
1.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
Life Insurance
52497490
Corporation of India b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
% of
total
shares
of the
Company
6.54
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
Date
Increase/
Decrease in
shareholding
01/04/2014 b
11/04/2014
18/04/2014
25/04/2014
02/05/2014
09/05/2014
16/05/2014
23/05/2014
30/05/2014
06/06/2014
13/06/2014
20/06/2014
30/06/2014
04/07/2014
11/07/2014
18/07/2014
25/07/2014
01/08/2014
15/08/2014
22/08/2014
29/08/2014
05/09/2014
12/09/2014
19/09/2014
30/09/2014
03/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
14/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
31/12/2014
02/01/2015
09/01/2015
16/01/2015
23/01/2015
30/01/2015
-150000
1430828
686692
773013
-495
1666386
3176967
156647
20000
-15311
-409039
-99767
-254507
-195000
-20000
-10000
-15000
142273
-129175
-129575
-495169
-327661
-462416
-100000
-50000
-130000
-156000
-80000
-362860
-1020464
-1500969
-505717
-50000
-50000
-243487
-440043
-861361
-1164273
-2180893
-964041
5HDVRQ
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
52347490
53778318
54465010
55238023
55237528
56903914
60080881
60237528
60257528
60242217
59833178
59733411
59478904
59283904
59263904
59253904
59238904
59381177
59252002
59122427
58627258
58299597
57837181
57737181
57687181
57557181
57401181
57321181
56958321
55937857
54436888
53931171
53881171
53831171
53587684
53147641
52286280
51122007
48941114
47977073
6.52
6.70
6.78
6.88
6.88
7.09
7.48
7.50
7.50
7.50
7.45
7.44
7.41
7.38
7.38
7.38
7.38
7.40
7.38
7.36
7.30
7.26
7.20
7.19
7.18
7.17
7.15
7.14
7.09
6.97
6.78
6.72
6.71
6.70
6.67
6.62
6.51
6.37
6.10
5.98
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr.
No.
2.
3.
4.
5.
Name of the
Shareholder
Oppenheimer
Developing Markets
Fund
Virtus Emerging
Markets
Opportunities Fund
Vontobel Fund Emerging Markets
(TXLW\
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
b
b
b
b
b
b
b
b
b
44213904
30788534
b
b
b
b
b
b
b
18613261
13185787
b
b
b
8180575
8596897
6.
% of
total
shares
of the
Company
b
b
b
b
b
b
b
b
b
5.51
3.83
b
b
b
b
b
b
b
2.32
1.64
13185787
8716775
b
b
b
b
b
b
b
b
b
b
b
10663285
8239459
b
b
b
b
b
b
Date
b
b
b
b
b
b
Increase/
Decrease in
shareholding
06/02/2015
13/02/2015
20/02/2015
27/02/2015
06/03/2015
13/03/2015
20/03/2015
27/03/2015
31/03/2015
31/03/2015 b
01/04/2014 b
30/09/2014
10/10/2014
17/10/2014
05/12/2014
06/02/2015
13/02/2015
20/02/2015
31/03/2015 b
01/04/2014
-849785
-59016
-47400
-456220
-150589
-1019313
-620785
-527904
-32157
1.64 31/03/2015
1.09 01/04/2014 b
04/04/2014
27/03/2015
31/03/2015
1.02 31/03/2015 b
1.07 01/04/2014 b
02/01/2015
09/01/2015
23/01/2015
30/01/2015
06/03/2015
13/03/2015
27/03/2015
31/03/2015
1.33 31/03/2015 b
1.03 01/04/2014 b
04/04/2014
11/04/2014
18/04/2014
25/04/2014
02/05/2014
09/05/2014
-2199408
-1588495
-1101211
-3738556
-438081
-3065958
-43564
-
-205500
-133300
-197400
232647
95253
1200000
250000
250000
261200
-89790
-132922
19742
-13636
18131
4749
-10168
-148204
contd.
5HDVRQ
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
Nil movement
during the
year
b
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
47127288
47068272
47020872
46564652
46414063
45394750
44773965
44246061
44213904
b
b
5.87
5.86
5.86
5.80
5.78
5.65
5.58
5.51
5.51
b
b
28589126
27000631
25899420
22160864
21722783
18656825
18613261
b
b
3.56
3.36
3.23
2.76
2.71
2.32
2.32
b
b
13185787
b
1.64
b
8511275
8377975
8180575
b
b
1.06
1.04
1.02
b
b
8829544
8924797
10124797
10374797
10624797
10885997
10796207
10663285
b
b
1.10
1.11
1.26
1.29
1.32
1.36
1.34
1.33
b
b
8259201
8245565
8263696
8268445
8258277
8110073
1.03
1.03
1.03
1.03
1.03
1.01
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr.
No.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
6695355
% of
total
shares
of the
Company
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
0.83
Date
Increase/
Decrease in
shareholding
16/05/2014
23/05/2014
30/05/2014
06/06/2014
13/06/2014
20/06/2014
30/06/2014
11/07/2014
18/07/2014
25/07/2014
08/08/2014
22/08/2014
05/09/2014
12/09/2014
19/09/2014
30/09/2014
03/10/2014
10/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
14/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
31/12/2014
02/01/2015
09/01/2015
23/01/2015
30/01/2015
06/02/2015
13/02/2015
20/02/2015
27/02/2015
06/03/2015
13/03/2015
20/03/2015
27/03/2015
31/03/2015
31/03/2015 b
-501873
17881
-351722
-58703
-78572
-18484
2116
132165
-70750
33109
-16793
66275
5067
-15388
-23628
687
-2010
362
-2442
-102480
-142950
-9666
-10670
-9588
-18137
-9641
-73171
-1996
-4278
-36511
-2985
30767
-11857
5444
145450
-633029
-1807
221296
-128797
37450
192462
32679
contd.
5HDVRQ
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
7608200
7626081
7274359
7215656
7137084
7118600
7120716
7252881
7182131
7215240
7198447
7264722
7269789
7254401
7230773
7231460
7229450
7229812
7227370
7124890
6981940
6972274
6961604
6952016
6933879
6924238
6851067
6849071
6844793
6808282
6805297
6836064
6824207
6829651
6975101
6342072
6340265
6561561
6432764
6470214
6662676
6695355
b
0.95
0.95
0.91
0.90
0.89
0.89
0.89
0.90
0.89
0.90
0.90
0.90
0.91
0.90
0.90
0.90
0.90
0.90
0.90
0.89
0.87
0.87
0.87
0.87
0.86
0.86
0.85
0.85
0.85
0.85
0.85
0.85
0.85
0.85
0.87
0.79
0.79
0.82
0.80
0.81
0.83
0.83
b
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr.
No.
7.
8.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
Vanguard Emerging
5995865
Markets Stock
b
Index Fund, Aseries b
of Vanguard
b
QWHUQDWLRQDO(TXLW\ b
Index Fund
b
b
b
b
b
b
b
b
b
b
b
b
b
5915268
Government of
5521803
Singapore
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
% of
total
shares
of the
Company
0.75
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
0.74
0.69
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
Date
Increase/
Decrease in
shareholding
01/04/2014 b
04/04/2014
11/04/2014
18/04/2014
23/05/2014
11/07/2014
25/07/2014
01/08/2014
22/08/2014
12/09/2014
28/11/2014
05/12/2014
09/01/2015
16/01/2015
23/01/2015
06/02/2015
13/02/2015
31/03/2015
31/03/2015 b
01/04/2014 b
04/04/2014
11/04/2014
02/05/2014
30/05/2014
06/06/2014
20/06/2014
30/06/2014
04/07/2014
11/07/2014
01/08/2014
29/08/2014
05/09/2014
12/09/2014
03/10/2014
10/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
28400
34790
4970
12780
24850
28400
45440
17750
19880
19880
17750
-29110
-12780
-12070
-3550
-267327
-10650
186868
-119966
-123733
-320024
-96604
-17127
-35290
-12399
-3410
-165586
-42919
-46048
3448
24429
43930
-3562
-2786
75265
149650
-4571
-11570
-24119
11309
-5404
contd.
5HDVRQ
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
6024265
6059055
6064025
6076805
6101655
6130055
6175495
6193245
6213125
6233005
6250755
6221645
6208865
6196795
6193245
5925918
5915268
b
b
0.75
0.75
0.76
0.76
0.76
0.76
0.77
0.77
0.77
0.78
0.78
0.77
0.77
0.77
0.77
0.74
0.74
b
b
5708671
5588705
5464972
5144948
5048344
5031217
4995927
4983528
4980118
4814532
4771613
4725565
4729013
4753442
4797372
4793810
4791024
4866289
5015939
5011368
4999798
4975679
4986988
4981584
0.71
0.70
0.68
0.64
0.63
0.63
0.62
0.62
0.62
0.60
0.59
0.59
0.59
0.59
0.60
0.60
0.60
0.61
0.62
0.62
0.62
0.62
0.62
0.62
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
Sr.
No.
Name of the
Shareholder
Shareholding
Date
Increase/
Decrease in
shareholding
contd.
5HDVRQ
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
% of
No. of shares at
total
the beginning
shares
(1st$SULO
of the
end of the year
st0DUFK Company
b
b
31/12/2014
-30909
Transfer
4950675
0.62
b
b
16/01/2015
106602
Transfer
5057277
0.63
b
b
13/02/2015
97536
Transfer
5154813
0.64
b
b
20/02/2015
-4587
Transfer
5150226
0.64
b
b
06/03/2015
5867
Transfer
5156093
0.64
b
b
27/03/2015
25671
Transfer
5181764
0.65
5181764
0.65 31/03/2015 b
b
b
b
9. Abu Dhabi
5069758
0.63 01/04/2014 b
b
Investment
b
b
06/06/2014
147074
Transfer
5216832
0.65
Authority - Gulab
b
b
30/06/2014
2630
Transfer
5219462
0.65
b
b
04/07/2014
8807
Transfer
5228269
0.65
b
b
11/07/2014
45295
Transfer
5273564
0.66
b
b
18/07/2014
24111
Transfer
5297675
0.66
b
b
19/09/2014
45866
Transfer
5343541
0.67
b
b
28/11/2014
81305
Transfer
5424846
0.68
b
b
12/12/2014
37043
Transfer
5461889
0.68
b
b
06/03/2015
-116865
Transfer
5345024
0.67
5345024
0.67 31/03/2015 b
b
b
b
10. Fidelity Funds
Nil
- 01/04/2014 b
b
b
b
Emerging Markets
b
b
12/12/2014
692653
Transfer
692653
0.09
Fund*
b
b
19/12/2014
923812
Transfer
1616465
0.20
b
b
31/12/2014
766098
Transfer
2382563
0.30
b
b
09/01/2015
270649
Transfer
2653212
0.33
b
b
16/01/2015
384022
Transfer
3037234
0.38
b
b
23/01/2015
21738
Transfer
3058972
0.38
b
b
30/01/2015
197011
Transfer
3255983
0.41
b
b
06/02/2015
74235
Transfer
3330218
0.41
b
b
13/02/2015
498029
Transfer
3828247
0.48
b
b
20/02/2015
894144
Transfer
4722391
0.59
b
b
27/02/2015
601241
Transfer
5323632
0.66
b
b
06/03/2015
147549
Transfer
5471181
0.68
b
b
13/03/2015
369683
Transfer
5840864
0.73
b
b
20/03/2015
468521
Transfer
6309385
0.79
b
b
27/03/2015
311372
Transfer
6620757
0.82
6620757
0.82 31/03/2015 b
b
b
b
4794659
0.60 01/04/2014 b
b
b
b
11. FIL Investments
(Mauritius) Limited# b
b
18/04/2014
-474257
Transfer
4320402
0.54
b
b
23/05/2014
-245268
Transfer
4075134
0.51
b
b
28/11/2014
-179704
Transfer
3895430
0.49
3895430
0.49 31/03/2015 b
b
b
b
* Not in the list of Top 10 shareholders as on 1st$SULO7KHVDPHKDVEHHQUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDVRQHRI
the Top 10 shareholders as on 31st March 2015.
# Ceased to be in the list of Top 10 shareholders as on 31st0DUFK7KHVDPHLVUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDV
one of the Top 10 shareholders as on 1st April 2014.
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
Y 6KDUHKROGLQJRI'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHO
Sr.
No.
Name
Shareholding
Date
Increase/
'HFUHDVH
No. of shares at
% of
the beginning
total
(1st$SULO shares
end of the year
of the
st0DUFK Company
1. Dr. Y. K. Hamied
124827750
15.55
1st April 2014
st
124827750
15.55 31 March 2015
2. Mr. M. K. Hamied
39690000
4.94
1st April 2014
39690000
4.94 31st March 2015
3. Mr. S. Radhakrishnan
38125
0.00
1st April 2014
st
(as joint holder)
38125
0.00 31 March 2015
Cumulative
Shareholding during
the year
(1st$SULOWR
st0DUFK
No. of
% of
shares
total
shares
of the
Company
5HDVRQ
Nil movement
during the year
124827750
15.55
Nil movement
during the year
39690000
4.94
Nil movement
during the year
38125
0.00
None of the other directors or KMP held any shares in the Company at the beginning, during or at the end of the
QDQFLDO\HDU
9 1'(%7('1(66
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
` in crore
b
6HFXUHG/RDQV
excluding deposits
Deposits
b
Total
Indebtedness
b
i) Principal Amount
b
b
7RWDOLLLLLL
b
b
b
0.67
b
3068.52
y Reduction
(2565.30)
(2565.30)
Net Change
0.67
b
503.22
y Addition
QGHEWHGQHVVDWWKHHQGRIWKHQDQFLDO
year
i) Principal Amount
b
b
b
b
0.64
b
7RWDOLLLLLL
#
8QVHFXUHG
/RDQV#
The above unsecured loans includes interest free sales tax deferral loans.
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
9 5(081(5$7212)'5(&7256$1'.(<0$1$*(5$/3(56211(/
L 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU
` in crore
Sr.
No.
Name of MD/WTD/Manager
3DUWLFXODUVRI5HPXQHUDWLRQ
Total
Amount
Mr. Subhanu
Saxena
Mr. S.
5DGKDNULVKQDQ
0U5DMHVK
*DUJ
8.68
2.12
3.81
14.61
E9DOXHRISHUTXLVLWHVXVRIWKH
Income-tax Act, 1961
1.03
0.01
0.49
1.53
F3URWVLQOLHXRIVDODU\XQGHU
section 17(3) of the Income-tax Act, 1961
2.
3.
6ZHDW(TXLW\
4.
&RPPLVVLRQDVRISURW
1.42
1.42
5.
Others
- Employer contribution to provident fund
and other funds
0.25
0.14
0.15
0.54
- Variable Bonus
3.35
0.53
3.88
7RWDO$
b
1.
Gross salary
LL 5HPXQHUDWLRQWRRWKHUGLUHFWRUV
` in crore
Sr.
No.
Commission
Others
Total
Amount
0.03
0.42
0.45
0.01
0.40
0.41
0.02
0.28
0.30
0.01
0.12
0.13
0.01
0.12
0.13
0.01
0.13
0.14
0.01
0.19
0.20
0.01
0.19
0.20
1. Independent Directors
Mr. M. R. Raghavan
0.00
0.11
0.11
7RWDO
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
` in crore
Sr.
No.
2.
Commission
Others
Total
Amount
0.01
2.00
2.01
2WKHU1RQ([HFXWLYH'LUHFWRUV
Dr. Y. K. Hamied
Mr. M. K. Hamied
0.03
2.00
2.03
7RWDO
7RWDO%
6.11
15.48
7RWDO0DQDJHULDO5HPXQHUDWLRQ$%
170.28
`40,000
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` in crore
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Gross salary
0.95
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Act, 1961
2.
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4.
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contd.
Annexure VI
6HFUHWDULDO$XGLW5HSRUW
)RUWKHQDQFLDO\HDUHQGHGst March 2015
[3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOH1RRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQ
RI0DQDJHULDO3HUVRQQHO5XOHV@
To
The Members
&LSOD/LPLWHG
Cipla House
Peninsula Business Park
Ganpatrao Kadam Marg
Lower Parel
Mumbai 400013
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by &LSOD/LPLWHGKHUHLQDIWHUFDOOHGWKH&RPSDQ\IRUWKHDXGLWSHULRGFRYHULQJWKH
QDQFLDO \HDU HQGHG RQ st March 2015 (hereinafter called audit period). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
%DVHG RQ RXU YHULFDWLRQ RI WKH &RPSDQ\V ERRNV SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV OHG DQG RWKHU
UHFRUGVPDLQWDLQHGE\WKH&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRFHUVDJHQWVDQG
authorized representatives during the conduct of Secretarial Audit; we hereby report that in our opinion, the
Company has, during the audit period generally complied with the statutory provisions listed hereunder and also
that the Company has proper Board-processes and compliance mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter.
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
&RPSDQ\IRUWKHQDQFLDO\HDUHQGHGRQst March 2015 according to the provisions of:
L
(ii)
The Securities Contracts (Regulation) Act, 1956 (SCRA) and the Rules made thereunder;
(iii)
The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv)
Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent
of Overseas Direct Investment;
(v)
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
6(%$FW
D 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD 6XEVWDQWLDO $FTXLVLWLRQ RI 6KDUHV DQG 7DNHRYHUV
Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
(c) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999 and The Securities and Exchange Board of India (Share Based
(PSOR\HH%HQHWV5HJXODWLRQVQRWLHGRQth October, 2014;
(d) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client;
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
We have also examined compliance with the applicable clauses of the Listing Agreement entered into by the
Company with the Stock Exchanges.
During the period under review, the Company has generally complied with the provisions of the Act, Rules,
Regulations, Guidelines etc. mentioned above.
We have also examined, on test check basis, the relevant documents and records maintained by the Company
DFFRUGLQJWRWKHIROORZLQJODZVDSSOLFDEOHVSHFLFDOO\WRWKH&RPSDQ\
(i)
Drugs and Cosmetics Act, 1940 and Drugs and Cosmetics Rules, 1945;
(ii)
The Narcotic Drugs and Psychotropic Substances Act, 1985 and the Rules made thereunder;
(iii)
Narcotic Drugs and Psychotropic Substances (Regulation of Controlled Substances) Order, 2013.
Based on such examination and having regard to the compliance system prevailing in the Company; the Company
has complied with the provisions of the above laws during the audit period.
During the period under review, provisions of the following regulations were not applicable to the Company:
L
(ii)
LLL
7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD VVXH RI &DSLWDO DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV
2009;
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
7KH6HFXULWLHVDQG([FKDQJH%RDUGRIQGLD'HOLVWLQJRI(TXLW\6KDUHV5HJXODWLRQV
(iv)
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(v)
:HIXUWKHUUHSRUWWKDW
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, NonExecutive Directors and Independent Directors. The changes in the composition of the Board of Directors that
took place during the period under review were carried out in compliance with the provisions of the Act.
7KH SURYLVLRQV SHUWDLQLQJ WR VHQGLQJ RI QRWLFHV DQG DJHQGD RI WKH %RDUG 0HHWLQJV WR WKH 'LUHFWRUV DV UHTXLUHG
under the Act have been complied with and a system exists for seeking and obtaining further information and
FODULFDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ
Decisions at the meetings of the Board of Directors of the Company were carried out unanimously. There were no
dissenting views by any member of the Board of Directors during the period under review.
:HIXUWKHUUHSRUWWKDW
7KHUH DUH DGHTXDWH V\VWHPV DQG SURFHVVHV LQ WKH &RPSDQ\ FRPPHQVXUDWH ZLWK WKH VL]H DQG RSHUDWLRQV RI WKH
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that GXULQJWKHDXGLWSHULRGWKHUHZDVQRVSHFLFHYHQWDFWLRQKDYLQJDPDMRUEHDULQJRQ
WKH&RPSDQ\VDDLUVLQSXUVXDQFHWRWKHODZVUXOHVUHJXODWLRQVJXLGHOLQHVHWFUHIHUUHGWRDERYH
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
contd.
Annexure VII
&RPSDQLHVZKLFKEHFDPHFHDVHGWREH&RPSDQ\V6XEVLGLDULHV-RLQW9HQWXUHVRU$VVRFLDWH
&RPSDQLHV
&RPSDQLHVZKLFKKDYHEHFRPHVXEVLGLDULHVGXULQJWKHQDQFLDO\HDU
Sr. No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
1RFRPSDQ\KDVFHDVHGWREHVXEVLGLDU\FRPSDQ\GXULQJWKHQDQFLDO\HDU
1RFRPSDQ\KDVEHFRPHMRLQWYHQWXUHRUDVVRFLDWHGXULQJWKHQDQFLDO\HDU
&RPSDQLHVZKLFKFHDVHGWREHMRLQWYHQWXUHRUDVVRFLDWHGXULQJWKHQDQFLDO\HDU
Sr. No.
1.
2.
3.
Annexure VIII
&ULWHULDIRU'HWHUPLQLQJ4XDOLFDWLRQV3RVLWLYH$WWULEXWHVDQGQGHSHQGHQFHRI'LUHFWRU
4XDOLFDWLRQV
D 7KH'LUHFWRUVKDOOEHIUHHIURPDQ\GLVTXDOLFDWLRQVDVVWLSXODWHGXQGHUWKH&RPSDQLHV$FWDQGUXOHV
made thereunder as well as Listing Agreement as amended from time to time.
E 7KH'LUHFWRUVKDOOSRVVHVVDSSURSULDWHH[SHUWLVHH[SHULHQFHDQGNQRZOHGJHLQRQHRUPRUHHOGVRIQDQFH
law, management, sales, marketing, administration, research, corporate governance, technical operations
or such other areas related to the Company's business as determined by Nomination and Remuneration
Committee.
3RVLWLYH$WWULEXWHV
QGHSHQGHQFH&ULWHULD
a.
b.
An Independent Director shall meet the criteria of independence as stipulated under the Companies Act,
2013 and rules made thereunder as well as Listing Agreement as amended from time to time.
An Independent Director shall be under the obligation to inform the Board of Directors of any change in
FLUFXPVWDQFHVZKLFKPD\DHFWKLVKHULQGHSHQGHQFH
Annual Report 2014-15 | 57
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
(Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges)
D &RPSDQ\V3KLORVRSK\RQ&RGHRI*RYHUQDQFH
The Company is committed to good corporate governance. The Company respects the rights of its shareholders
to obtain information on the performance of the Company. Its endeavour has always been to maximise the
long term value to the shareholders of the Company. The Compliance Report on Corporate Governance herein
VLJQLHVFRPSOLDQFHRIDOOPDQGDWRU\UHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW
b. Board of Directors
y
'XULQJ WKH QDQFLDO \HDU WKH &RPSDQ\ FRQWLQXHG LWV HPSKDVLV WR VWUHQJWKHQ DQG EURDG EDVH
the Board with the induction of new independent directors with diverse backgrounds. The independent
GLUHFWRUVDSSRLQWHGGXULQJWKHQDQFLDO\HDUZHUH0U$GLO=DLQXOEKDLIRUPHU&KDLUPDQ0FNLQVH\QGLD
Dr. Nachiket Mor (former Deputy Managing Director, ICICI Bank Limited) and Ms. Punita Lal (former CEO,
NourishCo, a JV between Pepsico and the Tatas). The independent directors have also been appointed on
various board committees based on their expertise. These independent directors have also undergone a
formal induction process to familiarise them with the business and operations of the Company. During the
QDQFLDO\HDUWKH&RPSDQ\DSSRLQWHG0U$VKRN6LQKDIRUPHU&KDLUPDQDQG0DQDJLQJ'LUHFWRU
Bharat Petroleum Corporation Limited) and Dr. Peter Mugyenyi (Director and Co-founder of Joint Clinical
5HVHDUFK&HQWUHEDVHGLQ.DPSDOD8JDQGDDQGDJOREDOO\UHQRZQHGUHVHDUFKHULQWKHHOGRI+9$'6
as independent directors. All independent directors are associated with the Company for a tenure of less
than 2 years.
The composition of Board and category of Directors as on date of this Report are as follows:
Category
Executive Directors
Non-Executive/Non-Independent Directors
Dr. Y. K. Hamied
Mr. M. K. Hamied
Independent Directors
(4)
'HPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZHI FORVH RI EXVLQHVV KRXUV RQ
12th June 2015
(2) Appointed as Independent Director w.e.f. 13th November 2014
(3) Resigned w.e.f. 3rd September 2014
(4) Resigned w.e.f. 13th November 2014
y
(LJKW%RDUG0HHWLQJVZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHPHHWLQJVZHUH
held are: 7th April 2014; 29th May 2014; 23rd July 2014; 14th August 2014; 3rd September 2014; 16th October
2014; 13th November 2014 and 12th February 2015.
In accordance with the provisions of Schedule IV to the Companies Act, 2013 (the Act) and Clause 49 of the
/LVWLQJ$JUHHPHQWDPHHWLQJRIWKHQGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\ZDVKHOGGXULQJWKHQDQFLDO
year 2014-15 without the attendance of the Non-Independent Directors and members of the management.
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
contd.
7KHLQIRUPDWLRQDERXWWKHDWWHQGDQFHRI'LUHFWRUVDWWKH%RDUG0HHWLQJVGXULQJWKHQDQFLDO\HDU
and at the last Annual General Meeting and the number of other directorships in Indian companies and
committee memberships held in Indian public companies as on 31st March 2015 is given below:
Name of the
Director
No. of
Board
Meetings
Attended
Attendance
DWODVW$*0
KHOGRQrd
September
No. of
Directorships
held in
other Indian
Companies
No. of Committee
Memberships/
Chairmanship held in
other Indian Public
Companies
Dr. Y. K. Hamied
Yes
Nil
Nil
Mr. M. K. Hamied
Yes
Nil
Yes
Nil
Nil
Mr. S. Radhakrishnan
Yes
Nil
Nil
(1)
(2)
(3)
(3)
Mr. M. R. Raghavan
Mr. Pankaj Patel
(4)
(5)
Dr. H. R. Manchanda
Mr. V. C. Kotwal
(6)
(6)
Yes
Nil
Nil
Yes
10
6 (including 3 as Chairman)
Yes
Nil
Nil
Yes
5 (including 4 as Chairman)
Not Applicable
Nil
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Yes
Not Applicable
Not Applicable
Yes
Not Applicable
Not Applicable
'HPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZHI FORVH RI EXVLQHVV KRXUV RQ
12th June 2015
(2) Appointed as Independent Director w.e.f. 23rd July 2014
(3) Appointed as Independent Director w.e.f. 13th November 2014
(4) Resigned w.e.f. 23rd July 2014
(5) Resigned w.e.f. 3rd September 2014
(6) Resigned w.e.f. 13th November 2014
None of the Directors is related to each other except for Dr. Y. K. Hamied and Mr. M. K. Hamied.
In terms of provisions of the Act read with the Rules made thereunder and Clause 49 of the Listing Agreement,
WKH SHUIRUPDQFH HYDOXDWLRQ RI QGLYLGXDO 'LUHFWRU DQG WKH &RPPLWWHHV IRU WKH QDQFLDO \HDU HQGHG
31st March 2015 was carried out by the Board of Directors.
The evaluation of the Executive Directors and Non-Executive/Non-Independent Directors was based on
FULWHULDZKLFKLQWHUDOLDLQFOXGHGOHDGHUVKLSTXDOLWLHVFRQWULEXWLRQLQVWUDWHJLFSODQQLQJEDODQFHGGHFLVLRQ
PDNLQJVDIHJXDUGRIFRQGHQWLDOLQIRUPDWLRQDGKHUHQFHWRFRGHRIFRQGXFWHWF
The evaluation of the Independent Directors was based on criteria which, inter-alia, included attendance
and participation in the meetings, decision making, independent judgement on issues of strategy,
performance, risk management, resources, key appointments and standards of conduct, safeguard of
FRQGHQWLDOLQIRUPDWLRQDGKHUHQFHWRFRGHRIFRQGXFWHWF
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
The evaluation of the Board constituted Committees was based on criteria which, inter-alia, included
roles and responsibilities, composition and balance of skill sets, number of meetings held, time spent
at the meetings, reporting of key issues and major recommendations to the Board of Directors, overall
contribution etc.
$ VWUXFWXUHG TXHVWLRQQDLUH FRYHULQJ YDULRXV DVSHFWV RI WKH IXQFWLRQLQJ RI WKH %RDUG RI 'LUHFWRUV ZDV
FLUFXODWHGWRWKH'LUHFWRUV7KH&RPSDQ\KDGHQJDJHGDFRQVXOWLQJUPRIUHSXWHIRUDGYLVLQJZLWKUHVSHFW
WRHYDOXDWLRQRIWKH%RDUG2QWKHEDVLVRIWKHUHFRPPHQGDWLRQRIWKHFRQVXOWLQJUPWKHSHUIRUPDQFH
evaluation of the Board as a whole was completed.
c. Audit Committee
y
The Audit Committee was constituted on 4th 6HSWHPEHU LQ FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI
Clause 49 of the Listing Agreement. The Audit Committee currently comprises of: Mr. Ashok Sinha Chairman, Mr. Adil Zainulbhai Member and Mr. S. Radhakrishnan Member.
y
7KH([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHUDQGRWKHUIXQFWLRQDOPDQDJHUVDORQJZLWKQWHUQDO
Auditors, Statutory Auditors and Cost Auditors are invited to attend the meetings of the Audit Committee,
as and when necessary. The Company Secretary acts as Secretary to the Committee.
The Audit Committee discharges such duties and functions generally indicated under Clause 49 of the
/LVWLQJ$JUHHPHQWDQGWKH$FWDQGDOVRVXFKRWKHUIXQFWLRQVDVPD\EHVSHFLFDOO\GHOHJDWHGWRLWE\WKH
Board from time to time.
y
2YHUVLJKWRIWKH&RPSDQ\VQDQFLDOUHSRUWLQJSURFHVVDQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQ
WRHQVXUHWKDWWKHQDQFLDOVWDWHPHQWLVFRUUHFWVXFLHQWDQGFUHGLEOH
5HYLHZLQJZLWKWKHPDQDJHPHQWWKHDQQXDOQDQFLDOVWDWHPHQWDQGDXGLWRUVUHSRUWWKHUHRQEHIRUH
submission to the Board for approval;
5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\ QDQFLDO VWDWHPHQW EHIRUH VXEPLVVLRQ WR WKH %RDUG
for approval;
$SSURYDORUDQ\VXEVHTXHQWPRGLFDWLRQRIWUDQVDFWLRQVRIWKHFRPSDQ\ZLWKUHODWHGSDUWLHV
0HHWLQJVDQGDWWHQGDQFHGXULQJWKHQDQFLDO\HDU
6L[$XGLW&RPPLWWHHPHHWLQJVZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 29th May 2014; 14th August 2014; 25th September 2014; 13th October 2014; 13th November
2014 and 10th February 2015. The members attended all the meetings held during their tenure as members
RIWKH&RPPLWWHHGXULQJWKHQDQFLDO\HDUH[FHSW0U65DGKDNULVKQDQZKRDWWHQGHGRXWRIPHHWLQJV
G 1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
y
The Committee currently comprises of: Mr. Adil Zainulbhai Chairman, Mr. Ashok Sinha Member,
Mr. M. K. Hamied - Member and Ms. Punita Lal Member.
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
contd.
PSOHPHQWDWLRQ DGPLQLVWUDWLRQ DQG VXSHULQWHQGHQFH RI WKH &RPSDQ\V (PSOR\HH 6WRFN 2SWLRQ
Schemes (ESOS) including:
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E $OORWPHQWRIHTXLW\VKDUHVSXUVXDQWWR(626
y
)RUPXODWHWKHFULWHULDIRUGHWHUPLQLQJTXDOLFDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRI'LUHFWRUV
Recommend to the Board a policy relating to the remuneration for the Directors, Key Managerial
Personnel and other employees;
5HFRPPHQGUHPXQHUDWLRQRI0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU([HFXWLYH'LUHFWRU
DQG*OREDO&KLHI)LQDQFLDO2FHU:KROHWLPH'LUHFWRUDQGUHODWLYHRISURPRWHUV
GHQWLI\ SHUVRQV ZKR DUH TXDOLHG WR EHFRPH 'LUHFWRUV DQG ZKR PD\ EH DSSRLQWHG LQ VHQLRU
management in accordance with the criteria laid down and recommend to the Board their appointment
and removal;
(YDOXDWLRQRIHDFK'LUHFWRUVSHUIRUPDQFH
Discharge such duties and functions as indicated in the listing agreement, the Act and the Rules made
thereunder from time to time.
0HHWLQJVDQGDWWHQGDQFHGXULQJWKHQDQFLDO\HDU
)LYHPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 29th May 2014; 23rd July 2014; 8th September 2014; 31st October 2014 and 11th February 2015.
0U$VKRN6LQKDDWWHQGHGRXWRIPHHWLQJVKHOGGXULQJWKHQDQFLDO\HDU7KHRWKHUPHPEHUVDWWHQGHG
all the meetings held during their tenure as members of the Committee except Mr. M. R. Raghavan who
attended 1 out of 2 meetings.
H 5HPXQHUDWLRQWR'LUHFWRUV
y
7KHGHWDLOVRIUHPXQHUDWLRQWR([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDUDUHJLYHQEHORZ
` in lakhs
Executive Directors
Salary
Commission
Perquisites
DQG$OORZDQFHV
5HWLUDO
%HQHWV
Sign on
Bonus
Variable
Bonus
208.58
Nil
762.26
25.03
Nil
334.92
Mr. S. Radhakrishnan
120.00
141.50
92.76
14.40
Nil
Nil
121.26
Nil
259.61
14.55
50.00
52.50
(1)
'HPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZHI FORVH RI EXVLQHVV KRXUV RQ
12th June 2015
(2) Exclusive of provision for leave encashment and contribution to the approved Group Gratuity Fund, which are
actuarially determined on an overall basis
Variable bonus is determined by the Board of Directors on the basis of recommendation of Nomination
and Remuneration Committee.
y
1RVWRFNRSWLRQVZHUHJUDQWHGWRWKH([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDU
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
writing to the other party or pro-rata basic salary in lieu of notice. The severance fees shall be as per the
terms and conditions laid down in the employment agreement entered into with him.
The period of appointment of Mr. S. Radhakrishnan is for a term of 5 years from the date of appointment.
7KHDSSRLQWPHQWFDQEHWHUPLQDWHGE\HLWKHUSDUW\E\JLYLQJQRWOHVVWKDQWKUHHPRQWKVSULRUQRWLFHLQ
writing to the other party. There is no separate provision for payment of severance fees.
Mr. Rajesh Garg was appointed as Whole-time Director of the Company designated as Executive Director
DQG*OREDO&KLHI)LQDQFLDO2FHUIRUDSHULRGRI\HDUVFRPPHQFLQJIURPst April 2014. Mr. Rajesh Garg
GHPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZLWK HHFW IURP FORVH RI
business hours on 12th-XQHb7KHVHYHUDQFHIHHVVKDOOEHDVSHUWKHWHUPVDQGFRQGLWLRQVODLGGRZQ
in the employment agreement entered into with him.
y
7KHGHWDLOVRIUHPXQHUDWLRQWR1RQ([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDUDUHJLYHQEHORZ
` in lakhs
1RQ([HFXWLYH'LUHFWRUV
Sitting Fees*
Commission
Dr. Y. K. Hamied
0.90
200.00
Mr. M. K. Hamied
2.80
200.00
2.90
42.25
0.90
40.00#
1.90
27.75
0.80
11.50
0.80
11.75
Dr. H. R. Manchanda
1.30
18.75
Mr. V. C. Kotwal
0.50
18.75
Mr. M. R. Raghavan
0.40
11.25
0.70
13.25
*7KHDERYHJXUHVDUHLQFOXVLYHRIIHHVSDLGIRUDWWHQGDQFHRIFRPPLWWHHPHHWLQJV
86'HTXLYDOHQWWR15DPRXQWSDLGWRWKH'LUHFWRU
The Commission payable to Non-Executive Directors is determined by the Board of Directors on the basis
of recommendation of the Nomination and Remuneration Committee.
Apart from sitting fees and commission, there are no pecuniary payments by the Company to
Non-Executive Directors during the year.
5HPXQHUDWLRQ3ROLF\
The Board of Directors approved the Remuneration Policy on the recommendation of the Nomination and
Remuneration Committee. The salient aspects of the Remuneration Policy are outlined below:
2EMHFWLYH
The primary objective of the Remuneration Policy is to ensure that:
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right talent at all levels to run the Company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks;
and
(c) remuneration to Directors, Key Managerial Personnel and Senior Management involves a balance
EHWZHHQ [HG DQG LQFHQWLYH SD\ UHHFWLQJ VKRUW DQG ORQJWHUP SHUIRUPDQFH REMHFWLYHV DSSURSULDWH
to the working of the Company and its goals.
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
6FRSH
The policy is divided into separate sections for Directors, Key Managerial Personnel, members of Senior
Management and other employees of the Company. It does not cover temporary or contractual employees,
trainees, apprentices, consultants engaged on a retainer basis or otherwise and casual labour.
'LUHFWRUV
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7KH 0DQDJLQJ 'LUHFWRU:KROHWLPH 'LUHFWRU DUH DSSRLQWHG IRU D [HG WHQXUH DV DSSURYHG E\
the shareholders and such appointments are renewable upon expiry of the tenure subject to
recommendation by the Nomination and Remuneration Committee and approval of the Board of
Directors, shareholders and other authorities as the case may be.
The remuneration to the Managing Director/Whole-time Director shall be in accordance with
their employment agreement/letter of appointment and within the overall limit prescribed under
the Act and approved by the shareholders. The key components of remuneration package shall
LQFOXGH [HG VDODU\ SHUTXLVLWHV DOORZDQFHV MRLQLQJ ERQXV YDULDEOH ERQXV FRPPLVVLRQ UHWLUDO
EHQHWV RWKHU EHQHWV LQ DFFRUGDQFH ZLWK WKH PDUNHW SUDFWLFH DQG LQGXVWU\ DQDO\VLV GHSHQGLQJ
upon the criticality of the role.
Managing Director/Whole-time Director are also eligible for grant of stock options under the
(PSOR\HH 6WRFN 2SWLRQ 6FKHPH IUDPHGWR EH IUDPHG ZKHUH GHHPHG W DV GHFLGHG E\ WKH
Nomination and Remuneration Committee from time to time.
7KH 0DQDJLQJ 'LUHFWRU:KROHWLPH 'LUHFWRU VKDOO EH FRYHUHG XQGHU WKH 'LUHFWRUV DQG 2FHUV
Liability Insurance (D&O) Policy.
Annual increments shall be linked to their overall performance, Company performance, future
plans, market practice and environment and any other relevant factors as per the recommendation
of the Nomination and Remuneration Committee and approval of the Board of Directors within
the limits approved by the shareholders.
% 5HPXQHUDWLRQWR1RQ([HFXWLYH'LUHFWRUV
Non-Executive Directors are paid sitting fees for attending meetings of the Board or the Committees
thereof at the rate of `50,000 per meeting or such fees as may be decided by the Board from time
to time within the limits prescribed under the Act.
1RQ([HFXWLYH 'LUHFWRUV PD\ EH HQWLWOHG WR &RPPLVVLRQ RQ SURWV ZLWKLQ WKH OLPLWV SUHVFULEHG
under the Act and approved by the shareholders as per the recommendation of the Nomination
and Remuneration Committee and approval of the Board of Directors.
As Non-Executive Chairman/Vice Chairman play a key role at the Board, are members of key
committees, contributes as a visionary and represents business interest of the Company at various
forums, they may be paid Commission higher than the other Non-Executive Directors as per the
recommendation of the Nomination and Remuneration Committee and approval of the Board of
Directors.
*UDQWRIVWRFNRSWLRQVZKHUHGHHPHGWXQGHUWKH(PSOR\HH6WRFN2SWLRQ6FKHPHIUDPHGWREH
framed and as decided by the Nomination and Remuneration Committee.
Non-Executive Independent Directors are not entitled to any stock options.
Non-Executive Directors shall be entitled to reimbursement of expenses for participation in the
Board and other meetings.
7KH1RQ([HFXWLYH'LUHFWRUVVKDOOEHFRYHUHGXQGHUWKH'LUHFWRUVDQG2FHUV/LDELOLW\QVXUDQFH
(D&O) Policy.
Annual Report 2014-15 | 63
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
5HPXQHUDWLRQWR.H\0DQDJHULDO3HUVRQQHOQRWEHLQJD%RDUGPHPEHU
The appointment and remuneration to Key Managerial Personnel of the Company (not being a Board
member) shall be decided by the Board of Directors as per the recommendation of the Nomination
DQG 5HPXQHUDWLRQ &RPPLWWHH DIWHU WDNLQJ LQWR DFFRXQW HGXFDWLRQDO DQG SURIHVVLRQDO TXDOLFDWLRQ
H[SHULHQFH H[SHUWLVH UROHV DQG UHVSRQVLELOLWLHV UHTXLUHG IRU WKH SRVLWLRQ DQG FRPSHWLWLYH PDUNHW
practices.
The key components of remuneration package of the Key Managerial Personnel shall inter-alia include
)L[HG 6DODU\ 3HUTXLVLWHV $OORZDQFHV DQG 5HWLUDO EHQHWV 3HUIRUPDQFHOLQNHG ERQXV E\ ZKDWHYHU
named called shall be a cumulative outcome of both the individual target achievement level as well as
WKH&RPSDQ\VSHUIRUPDQFH*UDQWRIVWRFNRSWLRQVDVGHFLGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHDQGVXFKRWKHUEHQHWVLQDFFRUGDQFHZLWKWKHPDUNHWSUDFWLFHV
7KH .H\ 0DQDJHULDO 3HUVRQQHO VKDOO EH FRYHUHG XQGHU WKH 'LUHFWRUV DQG 2FHUV /LDELOLW\ QVXUDQFH
(D&O) Policy.
Annual increments shall be linked to the Company's performance, individual performance, market
environment and as per the recommendation of the Nomination and Remuneration Committee and
approval of the Board of Directors.
5HPXQHUDWLRQWR6HQLRU0DQDJHPHQW
The appointment and remuneration of Senior Managerial personnel of the Company shall be
decided by the Nomination and Remuneration Committee after taking into account educational and
SURIHVVLRQDO TXDOLFDWLRQ H[SHULHQFH H[SHUWLVH UROHV DQG UHVSRQVLELOLWLHV UHTXLUHG IRU WKH SRVLWLRQ
and competitive market practices.
The key components of remuneration package of the Senior Management Personnel shall
LQWHUDOLDLQFOXGH)L[HG6DODU\3HUTXLVLWHV$OORZDQFHVDQG5HWLUDOEHQHWV3HUIRUPDQFHOLQNHGERQXV
by whatever named called shall be a cumulative outcome of both the individual target achievement
OHYHODVZHOODVWKH&RPSDQ\VSHUIRUPDQFH*UDQWRIVWRFNRSWLRQVDVGHFLGHGE\WKH1RPLQDWLRQDQG
5HPXQHUDWLRQ&RPPLWWHH6XFKRWKHUEHQHWVLQDFFRUGDQFHZLWKWKHPDUNHWSUDFWLFHV
Annual increments shall be linked to the Company's performance, individual performance, market
environment, future plans and as decided by the Nomination and Remuneration Committee in
consultation with the Managing Director or CEO as the case may be.
9 5HPXQHUDWLRQWRRWKHU(PSOR\HHV
7KHUHPXQHUDWLRQWRRWKHUHPSOR\HHVVKDOOEHEDVHGRQWKHH[SHULHQFHTXDOLFDWLRQH[SHUWLVHRIWKH
LQGLYLGXDOHPSOR\HHDVZHOODVWKHUROHVDQGUHVSRQVLELOLWLHVUHTXLUHGIRUWKHSRVLWLRQ
The elements of the remuneration structure of other employees inter-alia include Fixed Salary;
3HUTXLVLWHV $OORZDQFHV DQG 5HWLUDO EHQHWV 3HUIRUPDQFHOLQNHG ERQXV E\ ZKDWHYHU QDPHG FDOOHG
ZKHUH GHHPHG W *UDQW RI VWRFN RSWLRQV DV GHFLGHG E\ 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH
6XFKRWKHUEHQHWVLQDFFRUGDQFHZLWKPDUNHWSUDFWLFHVDQGUHOHYDQWIDFWRUVZKHUHGHHPHGW
$QQXDO LQFUHPHQWV IRU WKH RWKHU HPSOR\HHV VKDOO EH OLQNHG WR WKH LQGLYLGXDOV RYHUDOO SHUIRUPDQFH
and as decided by the Human Resources Department within the overall framework of performance
PDQDJHPHQW VFKHPHV DV DSSURYHG E\ WKH 0DQDJLQJ 'LUHFWRU&KLHI ([HFXWLYH 2FHU IURP WLPH
to time.
I 6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHH
y
The Company has a Stakeholders Relationship Committee to attend to and address the grievances of the
security holders as and when received. During the year under review, the Share Committee of the Company
was dissolved and the terms of reference of the Stakeholders Relationship Committee was expanded to
LQWHUDOLDDSSURYHWUDQVIHUWUDQVPLVVLRQLVVXHRIGXSOLFDWHVKDUHFHUWLFDWHVDQGDOOLHGPDWWHUV
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
The Executive Directors and the Company Secretary, under the authority of the Board, are severally
DXWKRULVHGWRDSSURYHWUDQVIHUWUDQVPLVVLRQWUDQVSRVLWLRQUHTXHVWVHWFXSWRDVSHFLHGOLPLWZKLFKDUH
QRWHGDWVXEVHTXHQWPHHWLQJVRIWKH6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHH
y
7KH&RPSDQ\V6KDUH7UDQVIHU$JHQWV.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGKDYHDGHTXDWHLQIUDVWUXFWXUH
to process the above matters.
y
Q FRPSOLDQFH ZLWK WKH UHTXLUHPHQW RI /LVWLQJ $JUHHPHQW SHULRGLF FHUWLFDWHV LVVXHG E\ D 3UDFWLVLQJ
&RPSDQ\6HFUHWDU\DUHOHGZLWKWKH6WRFN([FKDQJHV
Four meetings of the Stakeholders Relationship Committee were held during the year. The dates
on which the said meetings were held are: 15th May 2014; 14th August 2014; 13th November 2014 and
11th February 2015. The members attended all the meetings held during their tenure as members of the
Committee except Dr. H. R. Manchanda who attended 2 out of 3 meetings.
y
0U 0LWDO 6DQJKYL &RPSDQ\ 6HFUHWDU\ DFWV DV WKH &RPSDQ\V &RPSOLDQFH 2FHU 7KH &RPSDQ\ DWWHQGV
WRWKHVKDUHKROGHUVLQYHVWRUVJULHYDQFHVFRUUHVSRQGHQFHH[SHGLWLRXVO\'XULQJWKHQDQFLDO\HDUXQGHU
review, 44 investor grievances were received and all of them have been resolved.
J 5LVN0DQDJHPHQW&RPPLWWHH
y
The Risk Management Committee was constituted by the Board of Directors on 29th September 2014
DGKHULQJWRWKHUHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW7KH&RPPLWWHHVSULPHUHVSRQVLELOLW\
is to monitor and review the risk management plan and to discharge such other functions as may be
delegated to the Committee by the Board from time to time.
y
'XULQJ WKH QDQFLDO \HDU WKH &RPPLWWHH FRPSULVHG RI 0U 6XEKDQX 6D[HQD &KDLUPDQ
Mr. S. Radhakrishnan Member and Mr. Rajesh Garg Member.
y
K &RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHH
y
The Corporate Social Responsibility Committee was constituted by the Board of Directors on
13th0DUFKDGKHULQJWRWKHUHTXLUHPHQWVRIWKH$FW
Formulate and recommend to the Board, the Corporate Social Responsibility Policy and the activities
to be undertaken by the Company.
Discharge such duties and functions as indicated in Section 135 of the Act and Rules made thereunder
from time to time and such other functions as may be delegated to the Committee by the Board from
time to time.
7DNH DOO QHFHVVDU\ DFWLRQV DV PD\ EH QHFHVVDU\ RU GHVLUDEOH DQG DOVR WR VHWWOH DQ\ TXHVWLRQ RU
GLFXOW\ RU GRXEWV WKDW PD\ DULVH ZLWK UHJDUGV WR &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ DFWLYLWLHV3ROLF\ RI
the Company.
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
i.
contd.
7ZRPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 13th August 2014 and 11th February 2015. The members attended all the meetings held
during their tenure as members of the Committee.
y
7KHWHUPVRIUHIHUHQFHRIWKH&RPPLWWHHLQWHUDOLDLQFOXGHVJUDQWLQJLQSULQFLSOHDSSURYDOIRUDFTXLVLWLRQV
divestments to be made by the Company/subsidiary companies upto a certain limit, approval for setting
XSRIEUDQFKUHSUHVHQWDWLYHRFHDQGGLVFKDUJHVXFKRWKHUGXWLHVIXQFWLRQVDVPD\EHGHOHJDWHGWRWKH
Committee by the Board.
y
'XULQJ WKH QDQFLDO \HDU WKH &RPPLWWHH FRPSULVHG RI 0U 6XEKDQX 6D[HQD &KDLUPDQ
Mr. S. Radhakrishnan Member, Mr. Ashok Sinha Member and Mr. Rajesh Garg Member.
y
7KUHHPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 13th October 2014; 11th February 2015 and 30th March 2015. The members attended all the
PHHWLQJVKHOGGXULQJWKHQDQFLDO\HDUH[FHSW0U65DGKDNULVKQDQZKRDWWHQGHGRXWRIPHHWLQJV
M *HQHUDO%RG\0HHWLQJV
y
Date
Venue
Time
2011-12
17 August 2012
3.00 p.m.
2012-13
2013-14
th
No Special Resolution was passed at the Annual General Meeting of the Company held on 17th August 2012.
The following Special Resolutions were passed at the Annual General Meeting of the Company held on
22nd August 2013:
a)
Appointment of Mr. Subhanu Saxena as Managing Director of the Company designated as Managing
'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHUIRUDSHULRGRIYH\HDUVFRPPHQFLQJIURPth July 2013
and concluding on 15th July 2018.
Revision in terms of remuneration of Mr. Kamil Hamied, a relative of Mr. M. K. Hamied, Director.
d) Revision in terms of remuneration of Ms. Samina Vaziralli, a relative of Mr. M. K. Hamied, Director.
e)
Issuance of upto 84,44,528 stock options to the employees of the Company under Employee Stock
Option Scheme 2013-A (ESOS 2013-A).
f)
Issuance of stock options to the employees of Subsidiary Companies under Employee Stock Option
Scheme 2013-A (ESOS 2013-A).
g)
Issuance of 5,22,194 stock options to Mr. Rajesh Garg under Employee Stock Option Scheme 2013-B
(ESOS 2013-B).
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
K 3D\PHQWRI&RPPLVVLRQQRWH[FHHGLQJLQDJJUHJDWHSHUDQQXPRI&RPSDQ\V1HW3URWVWR1RQ
([HFXWLYH'LUHFWRUVRIWKH&RPSDQ\IRUDSHULRGRIYHQDQFLDO\HDUVFRPPHQFLQJIURPst April 2013.
y
No Special Resolution was passed at the Annual General Meeting of the Company held on 3rd September
2014.
Postal Ballot
During the year under review, the Company obtained the approval of the members, through postal
ballot on the following items:
Sr. No.
y
Description
7\SHRI5HVROXWLRQ
% of votes in
favour
% of votes
against
Ordinary Resolution
99.990%
0.010%
Ordinary Resolution
99.991%
0.009%
9RWLQJ ULJKWV ZHUH UHFNRQHG RQ WKH SDLGXS YDOXH RI HTXLW\ VKDUHV UHJLVWHUHG LQ WKH QDPH RI WKH
members as on Friday, 14th November 2014.
The voting period commenced from 10.00 a.m. on Wednesday, 10th December 2014 and ended on
6.00 p.m. on Thursday, 8th January 2015.
Mr. B. Narasimhan, Practising Company Secretary, was appointed as Scrutinizer for conducting the
postal ballot process.
1RQHRIWKHEXVLQHVVSURSRVHGWREHWUDQVDFWHGDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJUHTXLUHSDVVLQJ
of resolution through Postal Ballot.
N 'LVFORVXUHV
y
'XULQJWKHQDQFLDO\HDUWKHUHZDVQRPDWHULDOO\VLJQLFDQWWUDQVDFWLRQHQWHUHGLQWREHWZHHQWKH
Company and its Promoters, Directors or the Management, subsidiaries or relatives, etc. that may have
SRWHQWLDOFRQLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH)XUWKHUGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQV
DUHSUHVHQWHGLQ1RWHVWRWKHQDQFLDOVWDWHPHQWV
y
7KH &RPSDQ\ KDV FRPSOLHG ZLWK WKH UHTXLUHPHQWV RI WKH 6WRFN ([FKDQJHV 6(% DQG RWKHU VWDWXWRU\
authorities on all matters related to capital markets during the last three years. In absence of any noncompliance by the Company, there were neither any penalties imposed nor any strictures passed on the
Company by the Stock Exchanges, SEBI or any other statutory authority.
The Company always believes in upholding professional integrity and ethical behaviour in the conduct of its
business. To uphold and promote these standards, the Company has formulated Vigil Policy which serves
as a mechanism for its Directors and employees to report genuine concerns about unethical behaviour,
DFWXDORUVXVSHFWHGIUDXGRUYLRODWLRQRIWKH&RGHRI&RQGXFWZLWKRXWIHDURIUHSULVDO'XULQJWKHQDQFLDO
year, no employee was denied access to the Audit Committee.
y
7KH &RPSDQ\ KDV IXOOOHG WKH IROORZLQJ QRQPDQGDWRU\ UHTXLUHPHQWV DV SUHVFULEHG LQ &ODXVH RI WKH
Listing Agreement:
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
l.
contd.
7KH&RPSDQ\LVLQWKHUHJLPHRIXQTXDOLHGQDQFLDOVWDWHPHQWV
Dr. Y. K. Hamied is the Chairman of the Company and Mr. Subhanu Saxena is the Managing Director
DQG*OREDO&KLHI([HFXWLYH2FHURIWKH&RPSDQ\7KH&RPSDQ\KDVFRPSOLHGZLWKWKHUHTXLUHPHQW
of having separate persons to the post of Chairman and Managing Director/CEO.
Code of Conduct
The Code of Conduct for the Directors and Senior Management of the Company has been laid down by the
Board and the same is posted on the website of the Company. Mr. Subhanu Saxena, Managing Director and
*OREDO&KLHI([HFXWLYH2FHUKDVGHFODUHGWKDWWKH%RDUG0HPEHUVDQG6HQLRU0DQDJHPHQWKDYHDUPHG
compliance with the Code of Conduct of the Company.
P &(2DQG&)2&HUWLFDWLRQ
7KH &(2&)2 RI WKH &RPSDQ\ KDYH FHUWLHG SRVLWLYHO\ WR WKH %RDUG RQ WKH PDWWHUV VSHFLHG XQGHU &ODXVH
49(IX) of the Listing Agreement.
n. Means of Communication
y
The results are usually published in the following newspapers: The Economic Times; Navbharat Times; The
Financial Express; Business Standard; The Hindu Business Line; and Sakaal.
y
7KH DQQXDOKDOI \HDUO\TXDUWHUO\ UHVXOWV DQG RWKHU RFLDO QHZV UHOHDVHV DUH GLVSOD\HG RQ WKH ZHEVLWH RI
the Company www.cipla.com
y
3UHVHQWDWLRQVPDGHWRWKHLQVWLWXWLRQDOLQYHVWRUVDQGQDQFLDODQDO\VWVRQWKH&RPSDQ\VQDQFLDOUHVXOWV
DUHXSORDGHGRQWKH&RPSDQ\VZHEVLWH
y
7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV5HSRUWIRUPVSDUWRIWKH'LUHFWRUV5HSRUW
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
contd.
R *HQHUDO6KDUHKROGHUQIRUPDWLRQ
y
Financial Calendar
)RUWKHTXDUWHUDQGKDOI\HDUHQGLQJ
30th September 2015
)RUWKHTXDUWHUDQGQLQHPRQWKV
ending 31st December 2015
)RUWKHQDQFLDO\HDUHQGLQJ
31st March 2016
L24239MH1935PLC002380
(TXLW\6KDUHV%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI
India Limited.
Global Depository Receipts (GDRs): Luxembourg Stock
Exchange
7KH&RPSDQ\KDVSDLGWKHUHTXLVLWHDQQXDOOLVWLQJIHHVWR
WKHDERYHVWRFNH[FKDQJHVIRUWKHQDQFLDO\HDU
Stock Code
INE059A01026
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
Financial
year
%6(/LPLWHG
contd.
1DWLRQDO6WRFN([FKDQJHRIQGLD/LPLWHG
High (`
/RZ`
Number of
Shares Traded
High (`
/RZ`
Number of
Shares Traded
April
409.30
380.25
4224455
410.10
379.15
23448661
May
425.00
368.70
4974003
425.00
367.50
36170269
June
445.00
381.90
5838283
445.00
381.20
39710410
July
462.65
425.90
3188429
463.35
425.25
26215684
August
517.10
430.35
3212232
517.40
430.00
30315365
September
639.05
515.00
6540955
639.10
514.70
60134927
October
671.95
571.05
3018933
673.00
570.20
31542377
November
670.50
593.25
3683322
671.00
593.00
33966377
December
667.55
598.25
3441988
667.30
597.80
32937520
January
711.45
604.80
3150922
711.90
604.50
29556580
February
706.00
624.00
5252889
706.50
623.45
32411497
March
752.45
681.45
3870548
752.85
681.35
37380515
730
30000
680
580
26000
530
24000
480
430
22000
380
CIPLA SHARE PRICE
330
BSE SENSEX
20000
Apr
14
May
14
Jun
14
Jul
14
Aug
14
Sep
14
Oct
14
Month
Nov
14
Dec
14
Jan
15
Feb
15
Mar
15
28000
630
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
contd.
Company
: Shares Department
Cipla House,
Peninsula Business Park,
Ganpatrao Kadam Marg,
Lower Parel
Mumbai-400 013
Tel: (022) 24826000/24826951
Fax: (022) 24826893
E-mail: cosecretary@cipla.com
Website: www.cipla.com
No. of Folios
% of Total
No. of Shares
% of Total
159534
97.23
22960484
2.86
2501-5000
1523
0.93
5644179
0.70
5001-10000
912
0.55
6749814
0.84
10001-15000
419
0.26
5193525
0.65
15001-20000
222
0.14
3902494
0.49
20001-25000
182
0.11
4137296
0.52
25001-50000
419
0.26
15206383
1.89
Above 50000
861
0.52
739166265
92.05
Total
Physical Mode
Electronic Mode
1395
0.85
62091765
7.73
162677
99.15
740868675
92.27
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
contd.
Shares in transit
(Depository) 0.14%
Promoters and
Promoter Group 36.80%
Indian Public
18.24%
Bodies Corporate
3.96%
Mutual Funds and UTI
3.84%
Foreign Portfolio
Investors 5.27%
Foreign Institutional
Investors 20.16%
y
'HPDWHULDOLVDWLRQRI6KDUHVDQG/LTXLGLW\
As on 31st March 2015, 92.27 percent of the share capital was held in dematerialised form.
$V WR WKH OLTXLGLW\ HTXLW\ VKDUHV RI WKH &RPSDQ\ DUH WUDGHG LQ WKH $)RUZDUG JURXS DQG KDYH EHHQ
included in the SENSEX at BSE Limited. They are also included in S&P CNX NIFTY of National Stock Exchange
of India Limited. They are among the select scrips in which derivatives trading has been permitted in the
form of stock futures and stock options.
Outstanding GDRs/ADRs/Warrants
7KH *'5V DUH OLVWHG RQ /X[HPERXUJ 6WRFN ([FKDQJH DQG WKH XQGHUO\LQJ HTXLW\ VKDUHV DUH OLVWHG RQ %6(
/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRIQGLD/LPLWHG(DFK*'5UHSUHVHQWVRQHXQGHUO\LQJHTXLW\VKDUH
of the Company. As on 31st March 2015, 1,75,18,445 GDRs were outstanding.
The Company has not issued any American Depository Receipts (ADRs)/Warrants.
The Company has granted stock options to its employees and those of its subsidiaries under the Employee
6WRFN2SWLRQ6FKHPHV7KH&RPSDQ\DOORWVHTXLW\VKDUHVIURPWLPHWRWLPHRQH[HUFLVHRIVWRFNRSWLRQV
by the employees pursuant to the provisions of Securities and Exchange Board of India (Share Based
(PSOR\HH %HQHWV 5HJXODWLRQV DQG WKH WHUPV DQG FRQGLWLRQV RI WKH UHVSHFWLYH (PSOR\HH 6WRFN
Option Scheme(s).
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
y
contd.
Plant Locations
i.
ii.
iii.
iv.
v.
YL 9LOODJH0DOSXU8SSHU32%KXG1DODJDUK%DGGL
District: Solan, Himachal Pradesh
vii.
viii.
Y. K. Hamied
Chairman
9th July 2015
&HUWLFDWHRQ&RPSOLDQFHZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQW
To the Members of Cipla Limited,
KDYH H[DPLQHG WKH FRPSOLDQFH E\ &LSOD /LPLWHG WKH &RPSDQ\ RI WKH UHTXLUHPHQWV XQGHU &ODXVH RI WKH
Listing Agreement, entered into by the Company with the Stock Exchanges, for the year ended 31st March 2015.
In my opinion and to the best of my information and according to the explanations given to me, I certify that
the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing
Agreement.
The compliance of conditions of Corporate Governance is the responsibility of the management of the Company.
My examination was limited to procedures adopted, and implementation thereof, by the Company for ensuring
compliance with the conditions of Corporate Governance under Clause 49. The examination is neither an audit
QRUDQH[SUHVVLRQRIRSLQLRQRQWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
I further state that such compliance is neither an assurance as to the future viability of the Company nor the
HFLHQF\RUHHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
Dr. K. R. Chandratre
Practising Company Secretary
FCS No. 1370
&HUWLFDWHRI3UDFWLFH1R
Pune, 30th June 2015
Annual Report 2014-15 | 73
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
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WKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJWKRVH
ULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\VSUHSDUDWLRQRIWKH
QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH DSSURSULDWH
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account of dispute as at 31st0DUFKDQGWKHIRUXPZKHUHWKHVHGLVSXWHVDUHSHQGLQJDUHDVIROORZV
Name of the statute
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Commissioner
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11. The Company has not availed any term loan during the year.
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Balance Sheet
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As at 31st March 2015
Notes
2015
2014
2
3
160.59
10929.56
160.58
9931.06
Non-Current Liabilities
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4
5
6
7
0.41
330.59
40.00
151.93
0.43
311.20
30.00
73.99
Current Liabilities
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Other Current Liabilities
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8
9
10
11
1380.20
1496.60
352.42
349.52
15191.82
876.91
962.56
333.20
244.07
12924.00
12
12
3468.33
125.29
339.00
21.71
4036.99
576.71
65.13
3519.59
4.60
319.64
57.05
3328.28
535.30
61.57
384.11
3289.20
2058.91
82.76
589.96
153.72
15191.82
258.85
2511.16
1728.10
46.04
515.56
38.26
12924.00
Assets
Non-Current Assets
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Tangible Assets
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Long Term Loans and Advances
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Current Assets
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Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
Notes to the Accounts
13
14
15
16
17
18
19
20
21
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Managing Director and
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2015
2014
10224.72
9556.02
92.94
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10131.78
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280.28
10279.69
9737.18
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400.00
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Managing Director and
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2015
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1818.34
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10.23
27.54
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Rent income
8.01
6.95
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551.05
372.72
2091.02
2191.06
Adjustments for:
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590.25
252.54
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Net cash from operating activities
B
(A)
1399.82
2097.79
(348.41)
1051.41
1812.48
(532.63)
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Net cash used in investing activities
8.05
2.55
(581.85)
(12.70)
(20357.91)
20277.72
19750.42
5.97
15.74
21.00
71.41
3.07
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2015
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179.60
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cash equivalents
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costs incurred in bringing the inventories to their present location and condition.
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transaction.
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Non-monetary foreign currency items are carried at the rates prevailing on the date of the transaction.
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prevailing on the date of transaction. Monetary assets and liabilities of the branch are restated at the
year end rates.
2015
2014
175.00
175.00
175.00
175.00
160.79
160.79
160.78
160.78
160.59
160.59
160.58
160.58
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Authorised
(TXLW\6KDUHVRI`2 each
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFK
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3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFK
y Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
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2015
2014
80,29,21,357
39,083
80,29,60,440
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12,48,27,750
4,19,14,937
4,59,82,000
4,42,13,904
15.55
5.22
5.73
5.51
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15.55
5.22
5.73
6.54
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Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
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in proportion to the number of equity shares held by the shareholder.
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2015
2014
b
b
b
0.08
0.08
b
1428.96
1428.96
1.63
1430.59
1428.96
8.97
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92.05
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56.57
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92.05
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146.99
92.05
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70.40
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56.57
92.05
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50.88
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140.00
160.59
160.58
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27.29
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5329.97
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2015
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0.41
0.43
0.41
0.43
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the 10th year
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2014
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311.20
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30.00
40.00
30.00
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101.93
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Buyers' Credit from Banks
b
b
0.67
1156.25
223.28
876.91
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1380.20
876.91
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9
2015
2014
2.72
1493.88
7.28
955.28
1496.60
962.56
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10
2015
2014
0.01
13.29
40.18
83.35
61.93
0.01
2.20
46.89
103.89
0.67
352.42
0.06
15.87
42.94
89.17
44.35
0.01
1.97
38.94
99.85
0.04
333.20
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11
2015
2014
16.36
57.58
13.26
36.69
5.42
160.59
32.69
76.88
6.25
160.58
27.29
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349.52
244.07
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96.73
130.66
4.96
4.96
4.96
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0.88
0.88
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28.20
28.30
0.60
9.37
0.34
0.19
17.80
100.81
4.96
134.74
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0.36
0.36
8.83
25.10
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31.03.14
1565.52
1870.17
4.21
233.51
48.70
16.32
1554.36
13.07
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31.03.14
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31.03.15
5389.76
5810.34
9.11
1712.42
135.73
95.30
3748.65
76.40
32.73
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31.03.15
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earnings
60.86
0.15
2.75
2.13
14.72
41.11
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earnings
0.36
9.13
8.01
0.83
0.29
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year
2014-15
323.25
424.07
1.17
43.75
18.91
22.13
336.41
1.70
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2014-15
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)UHHKROG/DQGDW%HQJDOXUXZKLFKVWRRGDW`9.07 crore on the basis of valuation report of approved valuers resulting in increase in book
value by `8.97 crore.
4.60
4.60
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31.03.14
3519.59
5.05
1339.57
75.83
66.49
1937.63
62.29
32.73
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31.03.14
125.29
92.48
24.27
8.54
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31.03.15
3468.33
3.92
1433.30
66.18
42.29
1828.28
61.63
32.73
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1(7%/2&.
0.36
9.45
8.33
0.83
0.29
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31.03.15
1870.17
2342.01
5.19
279.12
69.55
53.01
1920.37
14.77
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0.04
0.04
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18.60
13.09
0.34
0.89
0.19
0.16
11.51
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434.15
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4983.81
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448.88
0.45
5389.76
148.71
9.26
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1573.08
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11.54
12.68
82.81
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124.53
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3491.99
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b
b
b
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fully paid
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3UHYLRXV\HDU(TXLW\VKDUHVRI0HGLWDE
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fully paid
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3UHYLRXV\HDU6KDUHVRI&LSOD+ROGLQJ%9RI(85
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Aggregate amount of unquoted investments `4036.66 crore
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2014
7UDGHQYHVWPHQWV
2015
18.69
18.69
191.12
191.12
155.72
133.72
129.42
8.08
37.76
2756.74
2756.74
172.69
53.07
105.81
51.74
257.69
96.24
b
114.78
b
114.78
0.00
0.00
b
0.00
b
b
b
0.33
4036.99
0.00
b
b
0.52
0.19
0.00
0.52
0.18
0.34
3328.28
14
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Secured, Considered Good
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2014
b
b
b
4.74
b
98.12
31.00
259.15
114.65
36.29
234.15
138.04
45.51
0.15
108.42
39.37
0.84
576.71
535.30
b
b
1.58
` in crore
2015
15
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Capital Subsidy Receivable
2014
b
b
b
3.89
61.24
0.33
61.24
65.13
61.57
16
Current Investments
b
b
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b
b
2014
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2,80,546
45.00
21.45
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3OXV*URZWK'LUHFW3ODQ
20,05,213
45.00
40.33
2,39,539
50.00
15.50
85,62,289
25.00
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21.41
-30RUJDQ0XWXDO)XQG-30RUJDQQGLD/LTXLG
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20.05
3HHUOHVV0XWXDO)XQG3HHUOHVV/LTXLG)XQG
'LUHFW3ODQ*URZWK
30.05
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2,11,177
44.50
20.04
20.00
92,339
28.51
40.02
1,73,22,750
51.10
3,30,391
50.00
20.00
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1470.28
1068.51
3UHYLRXV\HDU`FURUH
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874.31
641.69
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668.41
571.21
3UHYLRXV\HDU`FURUH
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248.98
27.22
229.75
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b
2014
b
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for payment
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for payment
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2015
163.53
1895.38
b
64.13
64.13
68.65
1659.45
57.79
57.79
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2058.91
1728.10
b
b
19
b
b
b
b
63.14
1.20
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82.76
2014
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1.46
15.87
0.60
46.04
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20
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0.80
2.25
3.05
2.25
0.36
0.46
0.82
0.46
209.38
209.38
-
2015
2014
b
b
b
b
b
b
b
b
b
0.80
b
b
b
b
b
b
0.36
b
12.69
366.73
b
b
b
b
b
209.38
164.34
4.59
168.93
4.59
164.34
589.96
515.56
0.80
2.25
3.05
2.25
0.80
0.36
0.46
0.82
0.46
0.36
350.06
21
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Other Current Assets*
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2015
2014
b
b
b
144.79
8.93
153.72
b
35.02
3.24
38.26
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2015
22
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b
b
9776.23
55.65
b
159.48
163.81
46.90
22.65
10224.72
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9210.68
40.89
47.62
202.52
39.12
15.19
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96.95
626.06
233.53
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63.57
162.41
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1282.18
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965.90
4870.22
271.81
146.57
952.01
874.76
72.67
8153.94
96.03
516.70
171.06
50.30
47.94
122.47
52.24
1056.74
9210.68
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4910.40
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280.28
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1058.84
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1068.51
3828.51
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1567.24
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2015
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b
b
72.65
405.08
166.31
48.06
51.79
144.13
15.39
903.41
104.93
345.27
144.09
32.86
34.42
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571.21
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1791.70
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1259.01
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25.80
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117.59
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53.16
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(Funded Plan) )XQGHG3ODQ
b
74.43
6.92
16.23
6.42
(4.64)
99.36
b
41.23
3.83
(0.16)
5.00
(3.48)
(4.64)
41.78
b
(99.36)
41.78
(57.58)
b
16.23
6.92
(3.83)
6.58
25.90
59.39
4.90
9.80
3.86
74.43
33.74
2.78
10.00
41.23
41.23
9.80
4.90
5.63
0.35
3.48
21.38
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b
2015
2014
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*UDWXLW\
(Funded Plan) )XQGHG3ODQ
b
3.83
(0.16)
3.67
b
100%
b
99.36
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57.58
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0.16
45.10
2.78
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74.43
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employment market.
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` in crore
2015
2014
2013
2012
2011
99.36
74.43
59.39
46.52
33.23
(41.78)
6XUSOXV'HFLW
57.58
33.20
25.65
17.49
6.87
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3.95
0.20
11.22
9.36
0.16
1.77
0.56
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2015
Provident Fund 3URYLGHQW)XQG
)XQGHG3ODQ
(Funded Plan)
b
b
392.12
283.12
36.65
26.71
40.89
40.48
71.22
60.03
8.44
7.50
(32.95)
516.37
392.12
b
397.84
287.57
36.65
26.71
2.33
1.26
112.20
100.52
8.44
7.50
(32.95)
524.51
397.84
b
(516.37)
524.51
397.84
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b
40.89
40.48
36.65
26.71
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40.89
40.48
b
36.65
(2.33)
34.32
26.71
25.45
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` in crore
b
2015
2014
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b
259.39
210.89
15.58
27.05
11.10
0.50
524.51
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516.37
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2.33
188.90
157.55
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392.12
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b
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39.32
1.04
95.69
37.83
15.38
74.65
136.05
127.86
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2015
2014
b
b
b
424.07
9.13
323.25
0.36
433.20
323.61
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2015
28
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5HVHDUFK&OLQLFDO7ULDOV6DPSOHVDQG*UDQWV
0LVFHOODQHRXV([SHQVHV
2014
b
b
b
349.64
84.22
198.19
b
51.01
28.50
278.25
229.90
214.21
35.04
197.46
46.78
19.81
51.37
29.92
264.39
199.62
234.12
39.45
165.47
44.09
16.49
0.67
0.22
0.21
330.53
22.08
0.14
120.91
12.79
0.09
10.23
8.01
128.06
316.84
0.67
0.05
0.30
344.55
21.74
0.08
88.64
9.98
27.54
6.95
94.36
256.02
2683.79
2422.00
250.31
84.05
191.84
29
2014
b
b
2015
127.61
197.64
27.70
28.70
23.95
74.09
76.48
74.95
1.92
13.58
67.42
128.25
127.61
75.16
158.99
130.10
b
5.58
b
b
b
b
b
b
b
b
b
b
b
714.04
844.14
b
b
72.88
148.95
21.38
24.23
21.82
46.38
39.29
62.92
1.73
8.97
63.38
511.93
517.51
39.93
b
b
b
b
b
490.01
4.95
70.35
72.88
62.92
86.17
292.32
529.94
297.27
` in crore
2015
2014
30
(55.86)
65.21
(55.86)
65.21
31
5DZ0DWHULDOVDQG3DFNLQJ0DWHULDOV
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2014
b
b
1515.43
1330.64
23.73
30.70
123.75
64.71
1662.91
1426.05
` in crore
2015
32
/HJDODQG3URIHVVLRQDOFKDUJHV
QWHUHVW
Commission
33
2WKHU0DWWHUV7UDYHOOLQJ5HJLVWUDWLRQIHHVHWF
2014
b
b
397.01
239.82
0.74
1.67
75.51
131.15
112.17
95.61
585.43
468.25
Lease Accounting
Where the Company is a Lessee
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arrangements can be terminated by either party after giving due notice. Lease payments are recognised in
WKH6WDWHPHQWRI3URWDQG/RVVXQGHU
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Where the Company is a Lessor
The Company has given certain premises under operating lease or leave and license agreement. The
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Cross Currency
2015
2014
)RUZDUGFRQWUDFWV6ROG
USD
15
b
799.43
1261.14
)RUZDUGFRQWUDFWV6ROG
=$5
15
225.99
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USD
15
535.78
826.83
Receivables
782.52
311.72
3D\DEOHV
548.06
452.70
843.75
1DWXUHRIQVWUXPHQW
8QKHGJHGIRUHLJQH[FKDQJHH[SRVXUHV
6KRUW7HUP%RUURZLQJV
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35
Segment Information
QDFFRUGDQFHZLWK$66HJPHQW5HSRUWLQJVHJPHQWLQIRUPDWLRQKDVEHHQJLYHQLQWKH&RQVROLGDWHG
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WKHVHQDQFLDOVWDWHPHQWV
` in crore
36
Commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVXQH[HFXWHGRQ&DSLWDO
Account
Other Commitments
2014
b
b
2015
15.85
126.95
49.30
b
b
b
b
4.82
152.38
9.32
108.42
b
b
2.95
100.29
108.47
5.66
b
b
414.65
b
80.93
5.46
356.15
367.10
978.61
b
b
1345.71
200.88
644.33
845.21
1760.36
1201.36
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Company. The Company has been legally advised that on the basis of these orders there is no probability of
demand crystallising. Hence no provision is considered necessary in respect of notice of demand received
by the Company up to date aggregating to `1768.51 crore.
39
1.
2.
3.
4.
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3YW/WG
Nature
Subsidiary
Subsidiary
Subsidiary
Subsidiary
As at
31st March
2015
Maximum
balance
during the
year
As at
31st March
2014
0D[LPXP
balance
during the
year
224.15
-
242.60
12.22
234.15
-
26.75
234.15
-
35.00
35.00
E/RDQVJLYHQWR2WKHU%RG\&RUSRUDWHV
Sr. Name of the Company
No.
1. %DNXO3KDUPD3YW/WG
2. 8 6\VWHP'HVLJQ/WG
As at
31st March
2015
b
0.80
2.25
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balance during
the year
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31st March
2014
` in crore
0D[LPXP
balance during
the year
0.80
2.25
0.80
2.25
0.80
2.25
* The loan is considered doubtful and has been fully provided for.
Notes L
LL
LLL
iv.
$OOWKHDERYHORDQVKDYHEHHQJLYHQIRUEXVLQHVVSXUSRVHV
7KHORDQVDQGDGYDQFHVVKRZQDERYHIDOOXQGHUWKHFDWHJRU\RI/RQJ7HUP/RDQV $GYDQFHVDQGDUH
UHSD\DEOHZLWKLQWR\HDUVH[FHSW6KRUW7HUP/RDQVDQG$GYDQFHVWR%DNXO3KDUPD3YW/WG
$OOWKHDERYH/RDQVDQG$GYDQFHVDUHLQWHUHVWEHDULQJH[FHSWIRUDQDPRXQWRI`224.15 crore given to
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Loans given to employees as per the Companys policy are not considered.
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40
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
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Cipla Kenya Ltd.
Cipla Malaysia Sdn. Bhd.
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2015
2014
2015
2014
2015
2014
2015
2014
2015
0.34
0.67
0.34
2014
0.67
30.67
34.65
30.67
34.65
708.72
57.19
708.72
57.19
55.67
117.57
55.67
117.57
21.98
36.10
21.98
36.10
303.50
287.21
66.44
303.50
353.65
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65.42
22.16
23.47
65.42
45.63
62.45
48.00
62.45
48.00
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0.99
1.57
0.99
1.57
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830.54
549.44
28.34
30.17
830.54
607.95
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1.42
1.90
1.17
1.42
3.07
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0.06
0.01
0.04
0.06
0.05
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3.64
2.40
0.71
3.64
3.11
158.60
167.94
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1.82
158.60
169.76
14.34
13.62
14.34
13.62
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9.28
9.59
9.28
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0.40
0.40
3.00
2.95
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3.00
2.95
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RSHUDWLQJRWKHUH[SHQVHV
0.46
0.04
0.47
0.46
0.51
13.22
8.03
0.08
0.03
13.22
8.14
46.21
52.51
0.02
0.02
19.93
46.23
72.46
874.82
619.43
14.39
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Dr. Y. K. Hamied5
Mr. M. K. Hamied4
Mr. S. Radhakrishnan
Mr. Kamil Hamied5
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0.02
0.19
0.13
0.34
b
18.45
12.22
30.67
b
121.34
119.62
54.07
37.76
257.69
22.00
96.24
708.72
b
35.00
8.45
12.22
55.67
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3.69
13.31
4.98
21.98
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237.18
33.49
0.24
10.41
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0.67
0.67
26.75
7.90
34.65
4.12
53.07
57.19
117.57
117.57
2.00
6.88
3.67
0.96
0.90
21.69
36.10
252.07
13.11
0.73
7.89
44.38
22.06
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0.42
0.31
9.59
11.86
303.50
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9.11
19.51
36.80
65.42
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62.45
62.45
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0.49
0.50
0.99
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2.16
6.62
16.31
11.21
0.02
95.34
5.57
41.68
5.33
511.95
7.76
0.85
36.60
31.77
57.37
830.54
12.34
1.07
353.65
3.23
5.42
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8.73
14.74
45.63
48.00
48.00
0.37
0.74
0.46
1.57
2.06
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12.82
27.64
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28.34
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3.52
0.54
17.78
2.57
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607.95
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0.79
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0.17
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0.26
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1.82
169.76
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0.40
0.40
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0.28
0.18
0.46
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0.01
0.01
0.28
0.39
2.12
1.07
4.91
0.01
0.04
0.01
4.21
0.16
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16.08
1.06
12.33
6.51
1.58
0.15
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2.95
2.95
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0.37
0.10
0.02
0.51
0.15
0.02
0.03
0.41
0.11
1.12
0.01
0.26
0.10
4.51
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1.29
0.01
0.04
0.04
8.14
23.21
0.55
7.55
19.93
4.87
0.69
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2014
0.34
0.04
0.30
2.86
2.81
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0.02
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0.53
2.49
12.04
0.51
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39.03
268.74
10.44
19.07
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4.82
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1.68
259.96
0.08
59.53
96.45
4.21
0.16
874.82
287.48
6.06
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1.66
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1
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paid on achievement of agreed milestones.
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2015
2014
b
1181.09
80,29,29,709
`14.71
26,58,008
80,55,87,717
`14.66
`2.00
1388.34
`17.29
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b
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Basic Weighted Average No. of Shares Outstanding
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Diluted Weighted Average No. of Shares Outstanding
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Shareholders on 8th$SULOnd August 2013 and 22nd August 2013 respectively. Details of the Options
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(626$
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Grant date
08-Sep-14
31-Oct-14
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No. of
Options
Granted
522
Exercise
Price (`) per
option
2.00
2.00
2.00
2.00
2.00
Vesting
period
1
1
1
1
1
to
to
to
to
to
2
2
2
2
2
years
years
years
years
years
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allotment of one equity share of `2 each.
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ESOS 2013
Particulars
No. of
options
-
Range of
Weighted
Exercise
Average
Exercise Price (`) per
option
Price (`) per
option
197.50
197.50
197.50
197.50
b
Weighted
Average
remaining
Contractual
life (years)
7.23
6.23
-
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Particulars
No. of
options
2.00
2.00
2.00
Weighted
Average
remaining
Contractual
life (years)
6.36
5.98
4.76
Range of
Weighted
Exercise
Average
Exercise Price (`) per
option
Price (`) per
option
220.78
220.78
220.78
220.78
b
Weighted
Average
remaining
Contractual
life (years)
7.67
6.67
-
Weighted
Average
Exercise
Price (`)
per option
2.00
2.00
2.00
Range of
Exercise
Price (`)
per option
(626%
Particulars
No. of
options
-
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Risk-free interest rate
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the Year
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0.31%
23.80%
8.34%
641.78
2.00
4.50
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631.48
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the Year
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The stock-based compensation cost calculated as per the intrinsic value method for the period 1st April
2014 to 31st March 2015 is `FURUHH[FOXGLQJ`11.45 crore pertaining to options granted to employees
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FDOFXODWHGDVSHUWKHIDLUYDOXHPHWKRGSUHVFULEHGE\6(%WKHWRWDOFRVWWREHUHFRJQLVHGLQWKHQDQFLDO
statements for the period 1st April 2014 to 31st 0DUFK ZRXOGEH`FURUH 7KH HHFW RIDGRSWLQJ
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` in crore
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2015
2014
1181.09
1388.34
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39.45
18.40
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42.74
21.26
1177.80
1385.48
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44
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`14.71
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`14.67
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`14.66
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`14.62
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handled by the trusts
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Amount
(` in crore)
12.79
0.64
13.43
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act
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committee.
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4.58
4.58
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8.21
8.21
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0.64
0.64
13.43
13.43
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Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
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Managing Director and
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5DMHVK*DUJ
Executive Director and
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Mital Sanghvi
Company Secretary
21
20
19
18
17
16
15
14
13
12
11
9
10
7
8
1
2
3
4
5
6
16.8750
62.5000
5.1175
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USD
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
23.9654
0.6761
TRY
KES
ZAR
47.5350
17.0150
AUD
AED
0.23
0.98
15.00
0.12
0.01
1.19
25.52
92.4700 32.64
62.5000 134.69
92.4700
1.39
4.82
257.86
0.27
132.67
7.85
0.21
39.57
304.40
0.27
(13.99)
0.10
0.06
0.74
(2.39)
(9.94)
2.53
3.30
GBP
USD
GBP
Reporting
Currency
4.82
281.89
0.27
134.75
7.86
0.21
71.41
770.34
1.31
106.51
0.34
0.91
2.34
23.24
140.69
137.30
10.35
24.03
2.08
0.01
31.84
465.71
0.06
105.50
0.12
0.84
0.41
0.11
117.99
0.07
5.66
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Total
Assets Liabilities
46.57
9.98
77.90
93.62
3.50
37.91
0.74
4.56
9.50
-
88.26
8.60
41.07
0.01
9.85
15.00
(15.85)
0.16
(23.92)
0.09
0.21
0.46
(0.02)
(13.32)
3.29
0.26
Investment Turnover
3URW
other than
before
Taxation
investment in
subsidiary
12.04
2.87
0.01
(0.02)
4.76
(3.36)
0.04
(8.44)
0.02
0.12
0.12
-
(0.56)
(0.01)
29.03
0.01
6.98
(0.01)
0.02
10.24
(12.49)
0.12
(15.48)
0.07
0.09
0.34
(0.02)
(12.76)
3.29
0.27
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Malaysia
U.S.A.
7XUNH\
Kenya
Australia
U.A.E.
U.K.
Mauritius
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Country
` in crore
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
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67.1900 144.71
67.1900 47.70
67.1900
0.02
47.8321
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
EUR
EUR
EUR
UGX
95.44
5.1175
72.76
(2.77)
(71.69)
5.14
5.11
7.01
(7.57)
194.88
155.37
78.20
19.31
318.31
7.01
4.52
392.81 1447.32
711.96
0.11
3.91
36.53
26.68
13.43
102.19
14.15
313.20
12.09
1054.51
684.70
0.01
3.63
2.56
Total
Total
Assets Liabilities
27.26
0.11
(0.01)
0.28
33.97
ZAR
Reporting
Currency
18.59
244.53
7.84
57.50
13.14
3.86
1187.05
32.57
22.97
70.38
(0.99)
(66.85)
(0.82)
0.13
(4.87)
64.76
(0.01)
12.15
Investment Turnover
3URW
other than
before
investment in
Taxation
subsidiary
0.02
-
(1.37)
22.97
0.03
2.49
70.38
(0.99)
(66.87)
(0.82)
0.13
(3.50)
41.79
(0.03)
(0.01)
9.66
51.05
100
100
100
100
100
100
100
100
80
100
100
100
100
100
100
100
100
100
100
Uganda
South Africa
Netherlands
Belgium
Croatia
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Country
` in crore
1.0000
1.0000
0.05
62.5000 278.88
5.1175
46.7600
1.0000
0.62
1.0000
0.01
1.0000 100.00
62.5000 190.63
1.0000
0.4669
49.0325
62.5000
0.2893
0.4669
0.3134
INR
INR
USD
ZAR
NZD
INR
INR
INR
USD
INR
LKR
CAD
USD
YR
LKR
NGN
0.05
1.45
26.45
6.07
-
4.01
0.29
0.05
0.05
1.0000
0.06
(3.26)
32.94
(23.93)
0.01
0.30
35.86
147.99
11.19
38.51
(0.11)
(0.22)
(0.05)
111.53
61.44
247.72
14.99
INR
Reporting
Currency
58.20
133.42
193.29
55.88
2.85
98.67
443.10
65.57
141.73
190.86
0.08
0.01
209.26
340.33
286.09
15.89
61.41
99.03
190.77
49.80
2.55
58.80
294.49
54.37
3.22
0.34
0.01
0.01
97.68
0.01
38.33
0.84
Total
Total
Assets Liabilities
42 )RXU03URSDFN3YW
Ltd.
43 Goldencross Pharma
Pvt. Ltd.
44 Medispray
Laboratories Pvt. Ltd.
45 Meditab Holdings Ltd.
46 Meditab
Pharmaceuticals South
Africa (Pty) Ltd.
47 Meditab Specialities
New Zealand Ltd.
48 Meditab Specialities
Pvt. Ltd.
49 Sitec Labs Pvt. Ltd.
50 Mabpharm Pvt. Ltd.
51 Saba Investment Ltd.
52 Jay Precision
Pharmaceuticals Pvt.
Ltd.
53 %UHDWKH)UHH/DQND
(Pvt.) Ltd.
54 Cipla Canada Inc.
55 Medica Pharmaceutical
Industries Company
Ltd.
56 Al-Jabal For Drugs and
Medical Appliances
Company Ltd.
57 &LSOD3KDUPD/DQND
(Pvt.) Ltd.
58 Cipla Pharma Nigeria
Ltd.
54.93
-
0.78
118.75
5.00
0.16
56.54
117.89
57.52
2.85
77.84
53.18
66.38
0.77
-
109.38
-
226.44
11.10
(3.30)
32.50
(7.55)
0.03
0.37
26.62
12.84
8.79
(21.49)
(0.11)
(0.05)
(0.01)
44.24
(9.37)
22.19
1.15
Investment Turnover
3URW
other than
before
Taxation
investment in
subsidiary
(0.04)
6.38
0.02
0.07
9.45
3.06
2.89
(7.01)
-
15.00
-
3.76
0.08
(3.26)
26.12
(7.55)
0.01
0.30
17.17
9.78
5.90
(14.48)
(0.11)
(0.05)
(0.01)
29.24
(9.37)
18.43
1.07
South Africa
India
Mauritius
India
India
Country
100
60
50.49
50.49
100
100
60
100
100
100
51
Nigeria
6UL/DQND
Yemen
Yemen
6UL/DQND
Canada
India
India
India
India
U.A.E.
100
100
100
100
100
` in crore
Name of
Associates/Joint
Ventures
31.03.2015
25.00
49.00
63.56
9.97
(0.76)
(2.62)
(3.00)
(18.92)
- Note - i
- Note - i
- Note - i
- Note - i
- Note - i
Reason why
the Associate/
Joint Venture
is not
consolidated
R. Rangarajan
Partner
Membership No. 41883
V. Mohan
Partner
Membership No. 17748
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg. No. 109208W
Subhanu Saxena
Managing Director and
*OREDO&KLHI([HFXWLYH2FHU
Mital Sanghvi
Company Secretary
Rajesh Garg
Executive Director and
*OREDO&KLHI)LQDQFLDO2FHU
7KHUHLVVLJQLFDQWLQXHQFHGXHWRSHUFHQWDJHRI6KDUH&DSLWDO
7KHDERYHVWDWHPHQWDOVRLQGLFDWHVSHUIRUPDQFHDQGQDQFLDOSRVLWLRQRIHDFKRIWKHDVVRFLDWHV
'LYHVWHGRQst March 2015
'XULQJWKH\HDUWKH&RPSDQ\DFTXLUHGDQDGGLWLRQDOVWDNHLQ0DSKDUP3YW/WG&RQVHTXHQWWRWKHDFTXLVLWLRQRIDIRUHVDLG
DGGLWLRQDOVWDNH0DESKDUP3YW/WGLVZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\
@
$SSOLFDWLRQIRUGHUHJLVWUDWLRQRIWKH&RPSDQ\ZDVPDGHGXULQJWKHQDQFLDO\HDUDQGWKH&RPSDQ\ZDVGHUHJLVWHUHGRQth April 2015.
UHSUHVHQWVDPRXQWVOHVVWKDQFURUHDQGURXQGHGR
31.12.2014
30.06.2014
107.63
87,33,333
31.12.2013
13.82
31.03.2014 1,84,23,578
Latest
audited
Balance
Sheet Date
v.
vi.
Notes L
LL
LLL
LY
1 Aspen-Cipla
Australia Pty.
Ltd.@
1 Stempeutics
Research Pvt.
Ltd.
2 Biomab Holding
Ltd.
3 Jiangsu Cdymax
Pharmaceuticals
&R/WG
4 Mabpharm Pvt.
Ltd.#
Joint Ventures
Associates
Sr.
No.
L LQ WKH FDVH RI WKH &RQVROLGDWHG %DODQFH 6KHHW RI WKH FRQVROLGDWHG VWDWH RI DDLUV RI WKH *URXS LWV
associates and jointly controlled entities as at 31st March 2015;
LL LQWKHFDVHRIWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVRIWKHFRQVROLGDWHGSURWRIWKH*URXSIRU
the year ended on that date, and
LLL LQWKHFDVHRIWKH&RQVROLGDWHG&DVK)ORZ6WDWHPHQWRIWKHFRQVROLGDWHGFDVKRZVRIWKH*URXSIRUWKH
year ended on that date.
Other Matters
)LQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKLFKUHHFWWRWDODVVHWVRI`954.38 crore as at 31st March 2015, total
revenue of `FURUHDQGQHWFDVKLQRZRI`62.99 crore for the year then ended, have been audited by
one of us.
:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKRVHQDQFLDO
VWDWHPHQWV UHHFW WRWDO DVVHWV RI `2315.94 crore as at 31st March 2015, total revenue of `2066.80 crore and
QHW FDVK LQRZ RI `248.82 crore for the year then ended on that date as considered in the consolidated
QDQFLDO VWDWHPHQWV 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DOVR LQFOXGH WKH *URXSV VKDUH RI ORVV RI `0.76
crore for the year ended 31st March 2015 in respect of 1 Associate for the period from 1st April 2014 upto
16th -XO\ UHVSHFWLYHO\ WKH GDWH RI FRQYHUVLRQ IURP DVVRFLDWH WR VXEVLGLDU\ ZKRVH QDQFLDO VWDWHPHQWV
KDYHQRWEHHQDXGLWHGE\XV7KHVHQDQFLDOVWDWHPHQWVFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHG
by other auditors (hereinafter referred to as "the other auditors") whose reports have been furnished to us
E\ WKH 0DQDJHPHQW DQG RXU RSLQLRQ RQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ VR IDU DV LW UHODWHV WR WKH
amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms
of sub-sections (3) and (11) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and
associates, is based solely on the reports of those other auditors.
:H GLG QRW DXGLW WKH QDQFLDO VWDWHPHQWVFRQVROLGDWHG QDQFLDO VWDWHPHQWV RI VXEVLGLDULHV DQG MRLQWO\
FRQWUROOHG HQWLW\ ZKRVH QDQFLDO VWDWHPHQWV UHHFW WRWDO DVVHWV RI `441.40 crore as at 31st March 2015,
total revenue of `FURUHDQGQHWFDVKLQRZVRI`43.30 crore for the year then ended on that date as
FRQVLGHUHG LQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DOVR LQFOXGH WKH
Groups share of loss of `24.53 crore for the year ended 31st March 2015 as is considered in the consolidated
QDQFLDO VWDWHPHQWV LQ UHVSHFW RI $VVRFLDWHV ZKRVH QDQFLDO VWDWHPHQWV KDYH QRW EHHQ DXGLWHG E\ XV
7KHVHQDQFLDOVWDWHPHQWVDUHXQDXGLWHGZKRVHUHSRUWVKDYHEHHQIXUQLVKHGWRXVE\WKH0DQDJHPHQWDQG
RXU RSLQLRQ RQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ VR IDU DV LW UHODWHV WR WKH DPRXQWV DQG GLVFORVXUHV
included in respect of these subsidiaries and associates, and our report in terms of sub-sections (3) and
(11) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, jointly controlled entities
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LQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVE\WKH0DQDJHPHQWWKHVHQDQFLDOVWDWHPHQWVDUHQRWPDWHULDOIRU
the Group.
2XURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGRXUUHSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
EHORZ LV QRW TXDOLHG LQ UHVSHFW RI WKH DERYH PDWWHUV ZLWK UHVSHFW WR RXU UHOLDQFH RQ WKH ZRUN GRQH DQG WKH
UHSRUWVRIRWKHUDXGLWRUVDQGWKHQDQFLDOVWDWHPHQWVQDQFLDOLQIRUPDWLRQFHUWLHGE\WKH0DQDJHPHQW
On the basis of the written representations received from the directors of the Holding Company as on
31st 0DUFK WDNHQ RQ UHFRUG E\ WKH %RDUG RI 'LUHFWRUV RI WKH +ROGLQJ &RPSDQ\ DQG WKH VWDWXWRU\
auditors of its subsidiary companies, associate companies incorporated in India, none of the directors of
WKHJURXSFRPSDQLHVLWVDVVRFLDWHVLQFRUSRUDWHGLQQGLDLVGLVTXDOLHGDVRQst March 2015 from being
appointed as a director in terms of sub-section (2) of section 164 of the Act.
f.
With respect to the other matters to be included in the Auditors 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:
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QDQFLDOSRVLWLRQRIWKH*URXSLWVDVVRFLDWHV5HIHU1RWHVDQGWRWKHQDQFLDOVWDWHPHQWV
ii. The Group, its associates did not have any material foreseeable losses on long term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Holding Company and there were no amounts required to be transferred
to Investor Education and protection fund by the subsidiary companies incorporated in India.
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg No. 109208W
)RU5*13ULFH &R
Chartered Accountants
Firm Reg No. 002785S
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
a.
The Group and its associates have generally maintained proper records showing full particulars, including
TXDQWLWDWLYH GHWDLOV DQG VLWXDWLRQ RI [HG DVVHWV RWKHU WKDQ VLWXDWLRQ RI IXUQLWXUH DQG [WXUHV DQG
RFH HTXLSPHQW ZKHUH WKH VLWXDWLRQ UHFRUGHG LV WKH ORFDWLRQ RI WKH UHVSHFWLYH FRPSDQLHV GLHUHQW
establishments.
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FRYHU DOO WKH DVVHWV LQ D EORFN RI WKUHH \HDUV ZKLFK LQ RXU RSLQLRQ LV UHDVRQDEOH KDYLQJ UHJDUG WR WKH
VL]H RI WKH *URXS DQG LWV DVVRFLDWHV DQG WKH QDWXUH RI LWV EXVLQHVV 'XULQJ WKH \HDU VRPH RI WKH [HG
DVVHWV KDYH EHHQ SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DQG GLVFUHSDQFLHV QRWLFHG GXULQJ WKH SK\VLFDO
YHULFDWLRQZKLFKZHUHQRWPDWHULDO KDYHEHHQDSSURSULDWHO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
D Q UHVSHFW RI WKH *URXS DQG LWV DVVRFLDWHV LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DW
UHDVRQDEOH LQWHUYDOV GXULQJ WKH \HDU 7KH YHULFDWLRQ ZDV GRQH RQ WKH EDVLV RI WKH SHUSHWXDO LQYHQWRU\
V\VWHP Q FDVH RI PDWHULDOV O\LQJ ZLWK WKLUG SDUWLHV FHUWLFDWHV FRQUPLQJ VXFK LQYHQWRU\ KDYH EHHQ
obtained from most of the third parties.
3.
b.
In our opinion and on the basis of the information and explanations given to us, the procedures for
SK\VLFDOYHULFDWLRQRILQYHQWRU\IROORZHGE\WKH0DQDJHPHQWZHUHUHDVRQDEOHDQGDGHTXDWHLQUHODWLRQ
to the size of each of the Company and the nature of its business.
c.
In our opinion and on the basis of the information and explanations given to us, the Group and its
DVVRFLDWHVKDYHPDLQWDLQHGSURSHUUHFRUGVRILQYHQWRU\7KHGLVFUHSDQFLHVQRWLFHGRQSK\VLFDOYHULFDWLRQ
RILQYHQWRU\DVFRPSDUHGZLWKWKHERRNUHFRUGVZHUHQRWPDWHULDODQGKDYHEHHQSURSHUO\GHDOWZLWKLQ
WKHERRNVRIDFFRXQWRIWKHUHVSHFWLYHFRPSDQLHV
The Holding Company and subsidiary companies incorporated in India have granted loans, secured or
XQVHFXUHGWRFRPSDQLHVUPVRURWKHUSDUWLHVFRYHUHGLQWKH5HJLVWHUPDLQWDLQHGXQGHUVHFWLRQRIWKH
Act:
a.
The receipts of principal amounts and interest have been regular/as per stipulations.
E 7KHUHDUHQRRYHUGXHDPRXQWVLQH[FHVVRIUXSHHVRQHODNKUHPDLQLQJRXWVWDQGLQJDVDWWKH\HDUHQG
4.
In our opinion and according to the information and explanations given to us and the other auditors, having
UHJDUGWRWKHH[SODQDWLRQWKDWSXUFKDVHRIFHUWDLQLWHPVRILQYHQWRU\DQG[HGDVVHWVDUHIRUWKH*URXSDQG
its associates specialized requirements and similarly, certain goods sold are for the specialized requirements
of the buyers and suitable alternate sources are not available to obtain comparable quotations, there are
generally adequate internal control systems commensurate with the size and the nature of their business, for
SXUFKDVHRILQYHQWRU\DQG[HGDVVHWVDQGIRUWKHVDOHRIJRRGVDQGVHUYLFHV)XUWKHUGXULQJWKHFRXUVHRI
DXGLWQRFRQWLQXLQJIDLOXUHWRFRUUHFWPDMRUZHDNQHVVHVLQVXFKLQWHUQDOFRQWUROV\VWHPVZDVREVHUYHG
5.
In our opinion and the opinion of the other auditors according to the information and explanations given
to us, the Group and its associates have not accepted any deposits from the public within the meaning of
sections 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder.
%RRNV RI DFFRXQW PDLQWDLQHG E\ WKH *URXS DQG LWV DVVRFLDWHV SXUVXDQW WR WKH 5XOHV PDGH E\ WKH &HQWUDO
Government for the maintenance of cost records under sub-section (1) of section 148 of the Act in respect
of its products have been reviewed, are of the opinion that, prima facie, the prescribed accounts and records
have been made and maintained. However, detailed examination of the accounts and records with a view to
determine whether these are accurate or complete have not been carried out by us and by the other auditors.
7.
a.
According to the information and explanations provided to us and the records of the Group and its
associates examined by us, in our opinion, the Group and its associates were regular in depositing
undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any other material
According to the information and explanations given to us for the Group and its associates, as on
31st March 2015, there were no dues in respect of Wealth Tax, Income Tax, Customs Duty, Cess that have
not been deposited with the appropriate authorities on account of dispute.
The particulars of dues towards Excise Duty, Sales Tax and Service Tax that have not been deposited on
account of dispute as at 31st March 2015 and the forum where these disputes are pending in case of group
and its associates are as follows:
c.
Nature of
dues
Financial years to
which the matter
pertains
Amount
` in crore
Excise Duty
2000-01 to 2012-13
CESTAT/High Court
80.04
Service Tax
2004-05 to 2012-13
Commissioner
25.09
Sales Tax
2001-02 to 2013-14
5.77
There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Group and its associates in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within
time.
8.
The Group and its associates do not have cash losses on consolidated basis and consolidated accumulated
losses, this clause is not applicable to consolidated audit report.
9.
According to the information and explanations given to us and the other auditors, the Group and its associates
KDYHQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWRDQ\QDQFLDOLQVWLWXWLRQRUEDQN
10. According to the information and explanations given to us and the other auditors, the Group and its associates
KDYHQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\RWKHUVIURPEDQNVRUQDQFLDOLQVWLWXWLRQV
11. The Group and its associates have not availed any term loan during the year. Accordingly, Clause XI of the
order is not applicable.
'XULQJ WKH FRXUVH RI RXU H[DPLQDWLRQ RI WKH ERRNV RI DFFRXQW DQG UHFRUGV RI WKH *URXS DQG LWV DVVRFLDWHV
and according to the other auditors, no material fraud on or by the respective companies has been noticed or
reported by the respective companies during the year.
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg No. 109208W
)RU5*13ULFH &R
Chartered Accountants
Firm Reg No. 002785S
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
As at 31 March 2015
Notes
2
3
Minority Interest
Non-Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
4
5
6
7
Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
8
9
10
11
Assets
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
Goodwill on Consolidation (Net)
&DSLWDO:RUNLQ3URJUHVV
Intangible Assets under Development
Non-Current Investments
Deferred Tax Assets (Net)
Long Term Loans and Advances
Other Non-Current Assets
13
14
15
16
Current Assets
Current Investments
Inventories
Trade Receivables
&DVKDQG%DQN%DODQFHV
Short Term Loans and Advances
Other Current Assets
17
18
19
20
21
22
12
12
1 to 43
2015
b
b
b
b
160.59
10628.65
12.25
b
180.48
b
b
309.28
331.74
40.58
160.35
b
b
1392.48
1577.24
503.68
420.21
15717.53
b
b
b
b
b
4140.56
130.62
2558.46
534.88
46.02
249.76
47.11
296.96
121.72
b
b
390.02
3780.62
2004.25
564.26
707.37
144.92
15717.53
b
2014
160.58
9889.77
49.58
317.87
311.85
32.57
77.44
910.47
979.53
408.67
264.91
13403.24
3995.94
7.44
2493.09
353.64
88.20
397.14
2.88
301.49
111.45
311.43
2895.26
1638.89
175.76
595.49
35.14
13403.24
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg. No. 109208W
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
Subhanu Saxena
Managing Director and
*OREDO&KLHI([HFXWLYH2FHU
Rajesh Garg
Executive Director and
*OREDO&KLHI)LQDQFLDO2FHU
Mital Sanghvi
Company Secretary
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV
` in crore
st
Notes
Income
Revenue from Operations (Gross)
Less: Excise Duty
Revenue from Operations (Net)
Other Income
23
24
Expenditure
Cost of Materials Consumed
3XUFKDVHVRI6WRFNLQ7UDGH
Changes in Inventories of Finished Goods,
:RUNLQ3URFHVVDQG6WRFNLQ7UDGH
(PSOR\HH%HQHWV([SHQVH
Finance Costs
Depreciation and Amortisation Expense
Other Expenses
25a
25b
26
27
28
29
3URW%HIRUH7D[
7D[([SHQVH
Current Tax
Deferred Tax
Prior Period Tax
3URWDIWHUWD[IRUWKH\HDUEHIRUHVKDUHRI
3URW/RVVIURP$VVRFLDWHVDQG0LQRULW\
Interest
6KDUHRI3URW/RVVIURP$VVRFLDWHV
Share of Minority Interest
3URWIRUWKH<HDU
Earnings per share of face value of `2 each
Basic
Diluted
Notes to the Accounts
40
40
1 to 43
2015
2014
b
b
b
11454.47
109.03
10290.53
117.14
11345.44
165.55
11510.99
b
b
b
3740.24
793.68
10173.39
265.37
10438.76
(344.22)
1973.67
168.29
504.71
3020.37
9856.74
1654.25
b
(64.25)
1542.96
145.74
372.64
2622.55
8558.72
1880.04
403.61
(3.71)
0.13
b
436.96
26.42
-
1254.22
b
(25.30)
(48.15)
1180.77
1416.66
`14.71
`14.66
`17.29
`17.27
3376.22
562.86
(12.32)
(15.93)
1388.41
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg. No. 109208W
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
Subhanu Saxena
Managing Director and
*OREDO&KLHI([HFXWLYH2FHU
Rajesh Garg
Executive Director and
*OREDO&KLHI)LQDQFLDO2FHU
Mital Sanghvi
Company Secretary
2014
1654.25
1880.04
630.05
2284.30
372.64
145.74
(20.19)
(20.98)
22.36
23.19
(17.11)
(73.89)
86.99
(7.86)
30.77
13.89
(2.75)
552.8
2432.84
(718.61)
1565.69
(392.26)
1173.43
(135.17)
(174.66)
(251.43)
(561.26)
1871.58
(308.27)
1563.31
(646.21)
20.63
(569.55)
2.94
(314.10)
(2578.49)
(98.81)
99.59
(8.44)
(1.40)
(20555.68)
20525.40
9.80
22.09
0.45
5.53
(10.78)
(3.53)
(18028.63)
19842.06
18.75
73.89
5.40
(1.92)
(941.15)
(1249.86)
2015
504.71
168.29
(3.53)
(25.89)
51.07
14.25
(9.81)
(22.09)
(49.51)
1.84
1.17
(0.45)
556.87
(832.55)
(442.93)
(A)
2015
2014
0.01
12.25
500.91
(112.47)
6.90
155.79
(167.42)
(121.08)
Dividend paid
(160.58)
(160.58)
(27.29)
(27.29)
(C)
164.78
(265.63)
$%&
397.06
47.82
175.76
143.01
(8.56)
(15.07)
564.26
175.76
Notes: i. The above Cash Flow Statement has been prepared under the Indirect Method as set out in AS-3,
Cash Flow Statement.
LL &DVKDQG&DVK(TXLYDOHQWVUHSUHVHQWFDVKDQGEDQNEDODQFHVDQG[HGGHSRVLWVZLWKEDQNV
iii. Cash and Cash Equivalents include `13.29 crore (Previous year `15.87 crore) on account of unclaimed
dividend, which are not available for use by the Company.
iv. Details on CSR expenditure, Refer Note 42.
)RU96DQNDU$L\DU &R
Chartered Accountants
Firm Reg. No. 109208W
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
Subhanu Saxena
Managing Director and
*OREDO&KLHI([HFXWLYH2FHU
Rajesh Garg
Executive Director and
*OREDO&KLHI)LQDQFLDO2FHU
Mital Sanghvi
Company Secretary
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an accrual basis of accounting and in accordance with Generally Accepted Accounting Principles (GAAP)
in India. GAAP comprises mandatory Accounting Standards as prescribed under section 133 of the
Companies Act, 2013 ("Act") read with Rule 7 of the Companies (Accounts) Rules, 2014 and guidelines
issued by Securities and Exchange Board of India (SEBI).
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7KHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVUHTXLUHVWKH0DQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQV
WKDWDHFWWKHUHSRUWHGEDODQFHRIDVVHWVDQGOLDELOLWLHVUHYHQXHDQGH[SHQVHVDQGGLVFORVXUHVUHODWLQJ
to contingent liabilities. The Management believes that the estimates used in the preparation of the
QDQFLDOVWDWHPHQWVDUHSUXGHQWDQGUHDVRQDEOH)XWXUHUHVXOWVFRXOGGLHUIURPWKHVHHVWLPDWHV$Q\
revision of accounting estimates is recognised prospectively in the current and future periods.
C. Operating Cycle
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operating cycle and other criteria set out in Schedule III of the Act.
D. Principles of Consolidation
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DQG DVVRFLDWHV WRJHWKHU UHIHUUHG WR DV WKH *URXS 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH EHHQ
prepared on the following basis:
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EDVLV E\ DGGLQJ WRJHWKHU WKH ERRN YDOXHV RI OLNH LWHPV RI DVVHWV OLDELOLWLHV LQFRPH DQG H[SHQVHV
after fully eliminating intra-group balances and intra-group transactions and resulting unrealized
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be recovered.
E 7KHGLHUHQFHEHWZHHQWKHFRVWRILQYHVWPHQWLQWKHVXEVLGLDULHVRYHUWKH&RPSDQ\VVKDUHRIHTXLW\
DWWKHWLPHRIDFTXLVLWLRQRIWKHVKDUHVLQWKHVXEVLGLDULHVLVUHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWV
as Goodwill/Capital Reserve as the case may be.
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as associates and investment therein are reported according to the equity method i.e. the investment
is initially recorded at cost identifying any Goodwill/Capital Reserve arising at the time of acquisition.
The carrying amount of the investment is adjusted thereafter for the post acquisition change in the
investors share of net assets of the associate, based on the available information. The Consolidated
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associate.
d. Interest in Joint Venture have been accounted by using the proportionate consolidation method.
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drawn up to the same reporting date as of the Company.
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transactions and other events in similar circumstances and are presented to the extent possible, in
WKHVDPHPDQQHUDVWKH&RPSDQ\VVHSDUDWHQDQFLDOVWDWHPHQWV
Country of
% ownership % ownership :LWKHHFW
Incorporation interest as
interest as
from
at 31st March at 31st March
2015
2014
United Arab
Emirates
India
Mauritius
India
South Africa
100
100
04/10/2006
100
100
100
100
100
100
100
100
14/05/2010
27/01/2011
01/10/2010
15/07/2013
Netherlands
India
United
Kingdom
United Arab
Emirates
India
100
100
100
100
100
28/08/2013
24/07/2014
27/01/2011
51
02/10/2014
60
26/02/2015
India
United
Kingdom
Australia
India
India
Mauritius
South Africa
100
100
100
100
14/05/2010
27/01/2011
100
100
100
100
100
100
100
100
100
100
04/03/2011
01/10/2010
01/10/2010
01/10/2010
14/01/2011
New Zealand
7XUNH\
USA
Kenya
Malaysia
United
Kingdom
Uganda
Croatia
South Africa
100
100
100
100
100
100
100
100
100
100
100
100
21/01/2011
20/02/2012
12/09/2012
08/10/2012
20/03/2013
30/09/2013
51.05
100
100
51.05
100
100
20/11/2013
04/12/2013
15/07/2013
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
100
100
100
100
100
100
100
100
100
100
100
100
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
Country of
% ownership % ownership
Incorporation interest as
interest as
at 31st March at 31st March
2015
2014
South Africa
100
100
South Africa
100
100
South Africa
100
100
South Africa
100
100
South Africa
100
100
:LWKHHFW
from
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
South Africa
South Africa
100
100
100
100
15/07/2013
15/07/2013
South Africa
100
100
15/07/2013
South Africa
100
100
15/07/2013
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
80
100
100
100
100
100
100
100
80
100
100
100
100
100
100
100
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
South Africa
South Africa
South Africa
6UL/DQND
Canada
Yemen
100
100
100
100
100
50.49
100
100
100
-
15/07/2013
15/07/2013
15/07/2013
16/06/2014
27/08/2014
02/10/2014
Yemen
50.49
02/10/2014
6UL/DQND
Nigeria
60
100
17/11/2014
06/02/2015
India
Hong Kong
China
49
25
-
49
25
48.22
01/10/2010
01/09/2011
10/02/2012
India
25
29/10/2012
Australia
50
50
18/10/2011
Mabpharm Pvt.Ltd.3
Joint Venture
Aspen-Cipla Australia Pty. Ltd.4
1
2
3
4
E. Additional information as required under Schedule III of the Companies Act, 2013, of enterprises
FRQVROLGDWHGDV6XEVLGLDU\$VVRFLDWHV
Name of the Entity
Parent
Cipla Ltd.
100.99
11090.15
94.17
1181.09
2.26
247.76
1.47
18.43
1.35
148.61
0.78
9.78
1.26
138.51
(0.91)
(11.43)
0.36
39.87
0.20
2.52
)RXU03URSDFN3YW/WG
0.14
15.05
0.08
1.07
1.02
111.58
2.33
29.23
0.10
11.20
0.47
5.89
Cipla FZE
0.21
23.13
(0.02)
1.25
137.23
0.26
3.22
2.77
304.63
(1.08)
(13.48)
1.29
141.94
(0.09)
(1.14)
0.21
22.70
(1.08)
(13.60)
1.74
190.52
(0.01)
(0.11)
Subsidiaries
Indian
Foreign
0.04
4.69
0.03
0.32
0.02
1.93
0.03
0.38
3.10
340.32
(0.73)
(9.17)
0.07
(0.01)
(0.05)
0.22
0.01
0.08
0.01
1.01
(1.21)
(15.14)
0.07
0.01
0.09
0.01
1.25
0.01
0.13
(0.22)
(23.99)
(6.15)
(77.10)
1.53
168.20
6.18
77.54
0.05
5.16
(0.08)
(0.94)
0.01
(0.01)
(0.01)
0.25
27.26
(0.03)
0.06
7.01
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(0.07)
0.04
0.31
3.58
0.06
0.02
(7.57)
4.82
33.97
0.11
392.81
6.08
0.30
2.52
(0.30)
0.83
3.60
0.03
(0.59)
(3.78)
0.01
10.42
45.11
0.01
0.32
(7.39)
0.31
(0.03)
-
34.39
(3.21)
-
2.07
(0.22)
-
26.03
(2.72)
-
14064.11
1305.62
(28.06)
100.00
(3082.14)
10981.97
(12.25)
(180.48)
(4.10)
100.00
(51.39)
1254.23
(48.15)
(25.30)
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Software
3 to 10
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I. Inventories
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products, in which they will be used, are expected to be sold at or above cost.
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costs incurred in bringing the inventories to their present location and condition.
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Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of the
transaction.
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expense in the year in which they arise.
Non-monetary foreign currency items are carried at the rates prevailing on the date of the transaction.
In respect of forward contracts, the premium or discount on these contracts is recognised as income or
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contracts is recognised as income or expense of the year.
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year end rates.
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Foreign Exchange Rates". All the assets and liabilities are translated at the closing rate as on the Balance
Sheet date and income/expenditure are translated using average exchange rate prevailing during the
reporting period. The resultant translation exchange gain/loss, have been disclosed as Foreign Currency
Translation Reserve under Reserves and Surplus.
L. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Group has a present obligation as a result of a past event, it is
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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.
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or disclosure is made.
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Where the Company is Lessee
/HDVHUHQWDOVRQDVVHWVWDNHQRQRSHUDWLQJOHDVHDUHUHFRJQLVHGDVH[SHQVHLQWKH6WDWHPHQWRI3URW
and Loss on straight line basis over the lease term in accordance with the lease agreement.
$VVHWVDFTXLUHGXQGHUOHDVHZKHUHWKH*URXSKDVVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLS
DUH FODVVLHG DV QDQFH OHDVHV 8SRQ LQLWLDO UHFRJQLWLRQ WKH OHDVHG DVVHW LV PHDVXUHG DW DQ DPRXQW
equal to the lower of its fair value and the present value of the minimum lease payments. The rent
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Where the Company is Lessor
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and Loss on straight line basis in accordance with the lease agreement.
V. Earnings Per Share
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equity shareholders by the weighted average number of equity shares outstanding during the period.
)RU WKH SXUSRVH RI FDOFXODWLQJ GLOXWHG HDUQLQJV SHU VKDUH WKH QHW SURW DWWULEXWDEOH WR HTXLW\
VKDUHKROGHUV DQG WKH ZHLJKWHG DYHUDJH QXPEHU RI VKDUHV RXWVWDQGLQJ DUH DGMXVWHG IRU WKH HHFW RI
all dilutive potential equity shares from the exercise of options on unissued share capital. The number
of equity shares is the aggregate of the weighted average number of equity shares and the weighted
average number of equity shares are to be issued on the conversion of all the dilutive potential equity
shares into equity shares.
2015
2014
175.00
175.00
175.00
175.00
160.79
160.79
160.78
160.78
160.59
160.59
160.58
160.58
Share Capital
Authorised
87,50,00,000 Equity Shares of `2 each
(Previous year 87,50,00,000 Equity Shares of `2 each)
Issued
80,39,63,835 Equity Shares of `2 each
(Previous year 80,39,24,752 Equity Shares of `2 each)
Subscribed & Paid-up
80,29,60,440 Equity Shares of `2 each fully paid
(Previous year 80,29,21,357 Equity Shares of `2 each fully paid)
Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
Particulars
Equity Shares at the beginning of the year
Add(TXLW\6KDUHVLVVXHGRQH[HUFLVHRIHPSOR\HHVWRFNRSWLRQV
Equity Shares at the end of the year
2015
2014
80,29,21,357
80,29,21,357
39,083
80,29,60,440
80,29,21,357
% Holding
15.55
5.22
5.73
6.54
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The Company has only one class of equity shares having a par value of `2 per share. Each holder of
equity share is entitled to one vote per share. The Company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares 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 shareholder.
y (TXLW\VKDUHVUHVHUYHGIRULVVXHXQGHUHPSOR\HHVWRFNRSWLRQV
5HIHU1RWHIRUQXPEHURIVWRFNRSWLRQVDJDLQVWZKLFKHTXLW\VKDUHVDUHWREHLVVXHGE\WKH&RPSDQ\
XSRQYHVWLQJDQGH[HUFLVHRIWKRVHVWRFNRSWLRQVE\WKHRSWLRQKROGHUVDVSHUWKHUHOHYDQWVFKHPHV.
2014
0.33
0.08
1430.59
8.97
1428.96
1428.96
8.97
2015
)RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH
As per last Balance Sheet
Add([FKDQJHUDWHGLHUHQFHVRQWUDQVODWLRQVGXULQJ
the year (Net)
Balance at the end of the year
6XUSOXVLQWKH6WDWHPHQWRI3URWDQG/RVV
As per last Balance Sheet
Add3URWIRUWKH\HDU
Less: Adjustment of Depreciation [Refer Note 1(H)]
Less: Appropriations
Transferred to General Reserve
Proposed Dividend
Tax on Dividend
Balance at the end of the year
1428.96
1.63
92.05
56.57
1.63
146.99
92.05
92.05
70.40
56.57
50.89
76.08
70.91
92.05
21.65
70.40
21.65
3141.43
3001.43
140.00
3141.43
3141.43
-
(123.22)
39.24
(257.98)
(381.20)
(162.46)
(123.22)
5411.90
1180.77
41.77
6550.90
4351.36
1388.41
5739.77
160.59
32.69
140.00
160.58
27.29
5411.90
9889.77
6357.62
10628.65
2014
287.09
-
316.96
0.48
7.78
14.00
0.41
0.43
309.28
317.87
/RQJ7HUP%RUURZLQJV
Secured
7HUP/RDQVIURPEDQNV1RWHL
Finance Lease (Note ii)
8QVHFXUHG
7HUP/RDQVIURPEDQNV1RWHLLL
Other loans and advances (Note iv)
Deferred Payment Liability-Sales Tax Deferral Loan (Note v)
2015
Notes: i. Loans of a subsidiary company located in South Africa amounting to `287.09 crore (Previous Year `316.96
crore). These loans carry interest at JIBAR + 1.45% to 1.95% p.a. and are secured through guarantees and
the cession of trade receivables, cash balances, insurances and the pledge and hypothecation of rights
in intellectual property held by subsidiaries. The loans are repayable in full by 2019.
LL /LDELOLWLHV KHOG XQGHU QDQFH OHDVH DUUDQJHPHQWV RI D VXEVLGLDU\ FRPSDQ\ ORFDWHG LQ 6RXWK $IULFD
amounting to Nil (Previous Year `0.48 crore), secured by plant and machinery which are repayable over
DSHULRGRIYH\HDUVDWSULPHOHVV
5
2015
2014
333.43
0.01
409.29
0.61
0.76
0.87
0.07
5.13
89.14
3.78
331.74
311.85
'HIHUUHG7D[/LDELOLWLHV1HW
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Others
Less:7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[$VVHWV
Expenses allowable on cash basis
Carry forward of losses
Others
2015
2014
40.00
30.00
0.58
2.57
40.58
32.57
2WKHU/RQJ7HUP/LDELOLWLHV
Security Deposits
Others
` in crore
7
2015
2014
109.79
0.56
77.41
0.03
50.00
160.35
77.44
/RQJ7HUP3URYLVLRQV
3URYLVLRQIRU(PSOR\HH%HQHWV
Leave Encashment (Note 26)
Gratuity (Note 26)
Others
Payable for Acquisition of Business (Note 37)
` in crore
2014
0.67
0.36
12.28
4.57
28.63
1156.25
223.28
876.91
-
1392.48
910.47
6KRUW7HUP%RUURZLQJV
Loans Repayable on demand
Secured
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LQFOXGLQJVWRFNVERWKSUHVHQWDQGIXWXUH
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Other loans and advances
8QVHFXUHG
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2015
` in crore
2015
2014
2.77
1574.47
1577.24
8.10
971.43
979.53
7UDGH3D\DEOHV
Micro, Small and Medium Enterprises
Others
7UDGH3D\DEOHV contd.
The information regarding Micro and Small Enterprises has been determined to the extent such parties have been
LGHQWLHGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH*URXS7KLVKDVEHHQUHOLHGXSRQE\WKHDXGLWRUV
Amounts due as at 31st March 2015 in respect of enterprises covered under the 'Micro, Small and Medium
Enterprises Development Act, 2006' is `2.77 crore (Previous year `8.10 crore).
7KH DPRXQW RI LQWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG RI GHOD\ LQ PDNLQJ SD\PHQW ZKLFK KDYH EHHQ SDLG EXW
EH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLHGXQGHUWKLV$FWLV1LO3UHYLRXV
year Nil).
` in crore
10
2015
2014
0.01
1.56
13.29
50.52
98.58
63.58
0.01
2.33
49.10
106.37
0.72
117.61
503.68
0.06
19.51
15.87
56.25
96.51
44.56
0.01
2.06
38.95
106.59
0.04
28.26
408.67
` in crore
11
2015
2014
26.33
60.08
26.63
37.38
25.69
160.59
32.69
0.41
37.54
76.88
420.21
12.28
160.58
27.29
0.75
264.91
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Leave Encashment (Note 26)
Gratuity (Note 26)
Others
Provision for Bonus
Proposed Dividend
Tax on Proposed Dividend
Others
Provision for Tax (Net of advance tax)
Payable for Acquisition of Business (Note 37)
97.36
3982.62
99.65
159.72
1700.05
Leasehold
Buildings
Plant and
Equipments
2FH
Equipments
Furniture and
Fixtures
Buildings and
Flats
475.50
574.09
1.50
191.94
18.03
14.10
335.20
8.71
4.61
40.97
37.34
1.14
10.89
1.82
0.41
22.66
0.31
0.11
5.46
6.45
134.79
99.58
25.10
10.11
0.89
0.89
0.00
0.00
Additions Additions
Deletions/
on
Adjustments
Acquisition
446.88
197.36
4.92
38.18
2.84
2.24
122.48
26.70
GROSS BLOCK
Additions Additions
Deletions/
on
Adjustments
Acquisition
6171.62
6858.36
20.35
1915.09
176.50
114.02
4388.90
95.95
86.74
60.81
(0.35)
(0.73)
(0.73)
11.56
144.73
109.52
25.10
10.11
Foreign
As at
currency 31.03.15
translation
adjustments
(27.31)
(47.37)
(0.67)
(4.19)
(2.27)
(1.56)
(28.74)
(9.81)
(0.13)
Foreign
As at
currency 31.03.15
translation
adjustments
4.12
4.12
Upto
31.03.14
1707.55
2175.68
9.18
281.88
66.94
28.58
1750.97
24.59
13.54
Upto
31.03.14
2.35
Additions
on
Acquisition
129.75
19.20
2.13
1.42
0.69
0.93
14.03
Additions
on
Acquisition
Adjustment
in retained
earnings
b
62.59
0.15
2.75
2.22
15.07
42.40
2.13
11.13
9.96
0.83
0.34
0.13
0.68
0.68
(0.23)
(0.46)
(0.46)
Foreign
currency
translation
adjustments
For the
Deletions/
year Adjustments
2014-15
(16.67)
(0.58)
(1.16)
(1.20)
(1.20)
(9.77)
(2.76)
(8.28)
16.56
0.65
1.39
0.30
0.31
13.91
Foreign
currency
translation
adjustments
23.75
370.41
493.56
2.52
51.33
23.91
23.22
384.76
6.04
1.78
DEPRECIATION/AMORTISATION
Adjustment
For the
Deletions/
in retained
year Adjustments
earnings
2014-15
4140.56
7.60
1580.26
84.24
47.73
2220.42
68.08
71.42
60.81
3995.94
6.56
1418.17
92.78
71.07
2231.65
72.77
68.83
34.11
4.12
14.11
12.94
0.83
0.34
130.62
96.58
24.27
9.77
7.44
7.44
8SWR
As at
As at
31.03.15 31.03.15 31.03.14
2175.68
2717.80
12.75
334.83
92.26
66.29
2168.48
27.87
15.32
NET BLOCK
8SWR
As at
As at
31.03.15 31.03.15 31.03.14
Notes: i. The gross value of Buildings & Flats includes the cost of shares in Co-operative Housing Societies.
LL 7KHDERYHDGGLWLRQVWR[HGDVVHWVGXULQJWKH\HDULQFOXGHV`121.11 crore (Previous year `5.58 crore) used for Research and Development.
LLL )UHHKROG/DQGDW0XPEDL&HQWUDODQG9LNKUROLZHUHUHYDOXHGRQth March 1985 and was again revalued on 21st March 1990 along with
Freehold Land at Bengaluru which stood at `FURUHRQWKHEDVLVRIYDOXDWLRQUHSRUWRIDSSURYHGYDOXHUVUHVXOWLQJLQLQFUHDVHLQERRN
value by `8.97 crore.
11.56
Total
Previous year
11.56
0DUNHWLQJ
Intangibles
Software
Goodwill
As at
01.04.14
5317.52
Previous year
Intangible
Assets
6171.62
Total
15.74
82.37
Leasehold
Land
Vehicles
34.11
As at
01.04.14
Fixed Assets
Freehold Land
b
7DQJLEOH
Assets
12
` in crore
13
Non-Current Investments
7UDGHQYHVWPHQWV
Investment in Associates
87,33,333 (Previous year 87,33,333) Ordinary Shares
of Biomab Holding Ltd. of USD 1 each, fully paid
[including Goodwill of `54.31 crore (Previous year
`54.31 crore)
Nil (Previous year 48.22%) Equity Interest in Jiangsu
Cdymax Pharmaceuticals Co. Ltd. (Previous year Net
of Capital Reserve of `5.17 crore)
1,84,23,578 (Previous year 1,58,44,233 ) Equity
Shares of Stempeutics Research Pvt. Ltd. of `10
each, fully paid [including Goodwill of `3.58 crore
(Previous year `8.52 crore)]
Nil (Previous year 1,70,48,597) Equity Shares of
Mabpharm Pvt. Ltd. of `10 each, fully paid (Previous
year includes Goodwill of `26.07 crore)
2015
2014
107.63
110.39
106.72
13.82
13.14
50.82
118.75
113.84
0.00
0.00
8.44
0.01
0.00
0.00
1.12
2.67
0.45
2.22
249.76
397.14
Other Investments
QYHVWPHQWVLQ(TXLW\QVWUXPHQWV8QTXRWHG
16.50% (Previous year 16.50%) Equity Interest in
Shanghai Desano Pharmaceuticals Co. Ltd.
1,000 (Previous year 1,000) Equity Shares of The
6DUDVZDW&RRSHUDWLYH%DQN/WG`10 each fully paid
`10000 (Previous year `10000)
11,02,941 (Previous year Nil) Series B-1 Preferred
6WRFNSDUbYDOXHSHUVKDUHRI&KDVH
Pharmaceuticals Corporation Inc.
Nil (Previous year 500) Shares of Old Mutual Plc
ZAR 12245
QYHVWPHQWVLQ*RYHUQPHQWDQG7UXVWVHFXULWLHV
1DWLRQDO6DYLQJV&HUWLFDWHV`42000
(Previous year `41000)
Investment property (at cost less accumulated
depreciation)
Cost of Building given on Operating Lease
Less: Accumulated Depreciation
1HW%ORFN
1.60
0.48
14
'HIHUUHG7D[$VVHWV1HW
7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[$VVHWV
Expenses allowable on cash basis
Carry forward of losses
Depreciation
Others
Less7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[/LDELOLWLHV
2QGLHUHQFHVEHWZHHQERRNDQGWD[GHSUHFLDWLRQ
Others
2015
2014
1.84
75.33
1.26
22.56
1.70
1.81
-
53.88
47.11
0.51
0.12
2.88
` in crore
15
2015
2014
5.30
2.20
47.23
33.47
61.57
36.99
163.95
46.52
0.49
296.96
153.29
40.29
7.15
301.49
/RQJ7HUP/RDQVDQG$GYDQFHV
Secured, Considered Good
Capital Advances#
8QVHFXUHG&RQVLGHUHG*RRG
Capital Advances
Security Deposits
Advance Taxes and TDS (Net of Provision for Tax `1610.34 crore;
Previous year `1291.20 crore)
VAT Receivable
Other Loans and Advances
#
6HFXUHGDJDLQVW%DQN*XDUDQWHHV
` in crore
16
2015
2014
13.88
0.43
107.41
121.72
3.70
0.34
107.41
111.45
17
2015
No. of units
2014
Current Investments
QYHVWPHQWVLQ0XWXDO)XQGV8QTXRWHG
Baroda Pioneer Mutual Fund "Baroda Pioneer Liquid
Fund" - Plan B - Growth
2,80,546
45.00
1,46,096
21.45
Birla Sun Life Mutual Fund "Birla Sun Life Cash Plus" Growth - Direct Plan
22,38,812
45.16
19,87,698
40.82
)UDQNOLQ7HPSOHWRQ0XWXDO)XQG7HPSOHWRQQGLD
Treasury Management Account" - Super Institutional
Plan - Direct - Growth
2,57,696
55.00
2,31,856
44.29
HDFC Mutual Fund "HDFC Cash Management Fund" Savings Plan - Direct Plan - Growth Option
85,62,289
25.00
5,64,290
10.00
1,71,883
21.41
1,20,64,636
20.05
2,13,97,244
30.05
3,30,868
45.00
2,11,177
44.50
1,03,852
20.04
1,13,465
20.00
92,339
28.51
1,41,139
40.02
1,73,22,750
51.10
3,30,391
50.00
1,44,481
20.00
37,604
0.75
23,29,221
23.30
390.02
311.43
18
2015
2014
1588.77
1138.92
899.36
653.63
655.84
579.10
607.82
28.83
523.61
-
3780.62
2895.26
` in crore
19
2015
2014
155.90
1848.35
70.31
1568.58
2004.25
59.17
59.17
1638.89
7UDGH5HFHLYDEOHV
8QVHFXUHG&RQVLGHUHG*RRG
Outstanding over Six Months from date they were due
for payment
Others
8QVHFXUHG&RQVLGHUHG'RXEWIXO
Outstanding over Six Months from date they were due
for payment
Less: Allowance for Doubtful Debts
72.40
72.40
` in crore
20
2015
2014
472.02
11.93
140.81
1.79
13.29
5.50
61.52
564.26
15.87
17.29
175.76
&DVKDQG%DQN%DODQFHV
Cash and Cash Equivalents
%DODQFHVZLWK%DQNVLQFOXGLQJPRQH\LQWUDQVLW
Cash on Hand
2WKHU%DQN%DODQFHV
%DODQFHHDUPDUNHGIRU8QFODLPHG'LYLGHQG
Fixed Deposits as Margin Money (maturity less than 12 months)
Fixed Deposits (maturity less than 12 months)
21
6KRUW7HUP/RDQVDQG$GYDQFHV
8QVHFXUHG&RQVLGHUHG*RRGXQOHVVRWKHUZLVHVWDWHG
2014
0.80
Considered Doubtful
2.25
2.25
3.05
18.12
15.87
2.25
2.25
0.80
15.87
0.68
0.36
Considered Doubtful
0.46
0.46
1.14
0.82
0.46
0.46
0.68
0.36
1.40
3.53
419.29
369.10
2WKHUV
Considered Good
Considered Doubtful
Less: Allowance for Doubtful Advances
285.20
206.63
1.62
6.37
286.82
213.00
1.62
6.37
285.20
206.63
707.37
595.49
QFOXGHVDGYDQFHVWRVXQGU\FUHGLWRUVHPSOR\HHORDQVDQG
prepaid expenses
` in crore
22
2015
2014
144.92
35.14
144.92
35.14
23
2015
2014
10991.44
68.35
9942.94
46.62
161.01
175.65
48.02
10.00
11454.47
48.14
202.52
40.01
10.30
10290.53
` in crore
24
Other Income
2015
2014
4.01
5.80
22.09
49.51
19.17
0.45
6.90
14.62
43.00
165.55
6.11
11.00
73.89
7.86
2.64
2.75
24.42
21.28
115.42
265.37
Interest
%DQN'HSRVLWV
Others
Dividend on Current Investment
Net Gain on Sale of Current Investment
Insurance Claims
Rent
6XQGU\%DODQFHV:ULWWHQ%DFN
Miscellaneous Receipts
Net Gain on Foreign Currency Transaction and Translation
` in crore
25a
&RQVXPSWLRQRI5DZDQG3DFNLQJPDWHULDOV
2SHQLQJ6WRFN
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Less&ORVLQJ6WRFN
2015
2014
3740.24
3740.24
1096.03
50.69
3368.42
4515.14
1138.92
3376.22
3376.22
1138.92
2.54
4187.55
5329.01
1588.77
25b
2SHQLQJ6WRFN
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6WRFNLQ7UDGH
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:RUNLQ3URFHVV
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:RUNLQ3URFHVV
Finished goods
6WRFNLQ7UDGH
2014
653.63
579.10
523.60
569.56
514.31
207.17
0.98
61.49
1818.80
16.82
11.76
372.46
1692.08
2163.02
(344.22)
653.63
579.10
523.60
1756.33
(64.25)
899.36
655.84
607.82
` in crore
26
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2015
2014
1695.69
74.77
27.57
124.57
51.07
1973.67
1298.90
71.27
21.64
128.79
22.36
1542.96
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and the expected cost of bonus, ex-gratia are recognised in the period in which the employee renders
the related service.
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'HQHG%HQHWDQGRWKHU/RQJWHUP%HQHW3ODQV
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The provident fund plan, a funded scheme is operated by the Cipla Employees Provident Fund
for certain employees, which is recognised by the income tax authorities and administered
through trustees/appropriate authorities. The Guidance Note on implementing the revised
$6 (PSOR\HH %HQHWV UHYLVHG LVVXHG E\ $FFRXQWLQJ 6WDQGDUGV %RDUG $6% VWDWHV
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y
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Balance Sheet date, based upon which, the Company contributes all the ascertained liabilities to
the Insurer Managed Funds.
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based on actuarial valuation for leave encashment at the year end.
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` in crore
2015
2014
22.40
13.87
Provident Fund
43.29
42.03
65.69
55.90
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F 'LVFORVXUHVIRUGHQHGEHQHWSODQVEDVHGRQDFWXDULDOUHSRUWVDVRQst March 2015
i.
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Interest cost
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Actuarial (gain)/loss on obligations
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demographic assumptions
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Actuarial (gains)/losses on obligations - due to experience
Liability at the end of the year
Change in fair value of assets
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Expected return on plan assets
Actuarial gain/(loss)
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Contributions by employer
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Assets transferred out/divestments
%HQHWVSDLG
Actuarial gains/(losses) on plan assets - due to experience
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$PRXQWUHFRJQLVHGLQ%DODQFH6KHHW
Present value of obligations as at year end
Direct Obligations
Fair value of plan assets as at year end
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Net actuarial (gain)/loss recognised in the current year
Direct Payments
Direct Obligations
Transfer of plan assets
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2015
Gratuity
(Funded Plan)
` in crore
2014
Gratuity
(Funded Plan)
78.71
7.32
17.09
6.20
(4.90)
62.94
5.18
10.69
3.20
(3.57)
(0.44)
0.57
3.10
0.92
108.57
78.44
44.72
4.16
(0.16)
3.40
5.03
0.07
(3.49)
(4.90)
0.22
49.05
36.82
3.03
(1.83)
10.08
(3.57)
44.53
(108.57)
49.05
(59.52)
(78.45)
(3.48)
44.52
(37.41)
17.09
7.09
(3.95)
(3.09)
10.63
27.77
10.69
5.18
(3.03)
5.03
0.35
3.48
21.70
(PSOR\HH%HQHWV([SHQVH contd.
v.
2015
Gratuity
(Funded Plan)
` in crore
2014
Gratuity
(Funded Plan)
4.16
0.05
4.21
3.03
(1.83)
1.20
100%
100%
108.57
(49.05)
59.52
(0.50)
0.39
46.22
78.45
(44.52)
33.93
4.02
1.83
40.82
vi.
vii.
viii.
The actuarial calculations used to estimate commitments and expenses in respect of gratuity and
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the commitment's size, funding requirements and expense:
Principal Actuarial assumptions used
Discounted rate (per annum)
Expected rate of return on plan assets (per annum)
Expected rate of future salary increase
2015
2014
8.01%
9.30%
8.01%
9.30%
5.00% p.a.*
5.00%
IRUWKHQH[W\HDUV SDWKHUHDIWHU
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LQDWLRQ VHQLRULW\ SURPRWLRQ DQG RWKHU UHOHYDQW IDFWRUV VXFK DV VXSSO\ DQG GHPDQG LQ
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Amount for current and previous four periods are as follows:
Gratuity
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Plan assets
6XUSOXV'HFLW
Experience adjustment on plan
liabilities - (gain)/loss
Experience adjustment on plan assets (gain)/loss
2015
2014
2013
2012
` in crore
2011
108.57
(49.05)
59.52
(0.50)
78.45
(44.52)
33.93
4.02
62.95
(36.82)
26.13
0.19
49.27
(31.88)
17.39
11.40
35.16
(29.01)
6.15
10.19
0.39
1.83
1.26
0.19
(0.43)
(PSOR\HH%HQHWV([SHQVH contd.
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WKHJURXS
VQDQFLDOVWDWHPHQWVDVRQst March 2015
` in crore
i. &KDQJHLQGHQHGEHQHWREOLJDWLRQ
2SHQLQJGHQHGEHQHWREOLJDWLRQ
Interest cost
Current service cost
Past Service Cost
Employee Contribution
Liability transferred in
Actuarial (gain)/loss on obligations
%HQHWVSDLG
Liability at the end of the year
ii. Change in fair value of assets
Opening fair value of plan assets
Expected return on plan assets
Actuarial gain/(loss)
Contributions by employer
Transfer of plan assets
%HQHWVSDLG
Closing fair value of plan assets
iii. $PRXQWUHFRJQLVHGLQ%DODQFH6KHHW
Present value of obligations as at year end
Fair value of plan assets as at year end
Funded status
Unrecognised actuarial gain/(loss)
Net asset/(liability) recognised
iv. ([SHQVHVUHFRJQLVHGLQ6WDWHPHQWRI3URWDQG/RVV
Current service cost
Past service cost
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Expected return on plan assets
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2015
Provident Fund
(Funded Plan)
2014
Provident Fund
(Funded Plan)
392.12
36.65
40.89
71.22
8.44
(32.95)
516.37
283.12
26.71
40.48
60.03
7.50
(25.72)
392.12
397.84
36.65
2.33
112.20
8.44
(32.95)
524.51
287.57
26.71
1.26
100.52
7.50
(25.72)
397.84
(516.37)
524.51
(8.14)
-
(392.12)
397.84
(5.72)
-
40.89
36.65
(36.65)
40.89
40.48
26.71
(26.71)
40.48
(PSOR\HH%HQHWV([SHQVH contd.
` in crore
2015
Provident Fund
(Funded Plan)
2014
Provident Fund
(Funded Plan)
36.65
(2.33)
34.32
26.71
(1.26)
25.45
259.40
210.89
15.58
27.05
11.10
0.50
524.51
188.90
157.55
15.58
24.23
11.08
0.50
397.84
8.01%
8.75%
5.00% p.a.*
9.30%
8.75%
5.00%
516.37
(524.51)
(8.14)
2.33
392.12
(397.84)
(5.72)
1.26
IRUWKHQH[W\HDUV SDWKHUHDIWHU
` in crore
27
2015
2014
71.27
1.33
95.69
168.29
55.71
15.38
74.65
145.74
Finance Costs
Interest Expense
Other Borrowing Costs
Applicable Loss on Foreign Currency Transaction and Translation
28
2015
2014
493.58
11.08
0.05
504.71
370.51
2.13
372.64
` in crore
29
2015
2014
293.80
247.54
Other Expenses
Manufacturing Expenses
Stores and Spares
Power and Fuel
98.68
91.49
228.29
218.63
60.60
63.47
37.61
35.78
299.67
275.38
309.67
258.71
Commission on Sales
225.17
239.51
39.72
40.19
204.02
182.10
Rent
77.46
70.64
Insurance
27.17
25.54
Audit Fees
4.27
3.24
Taxation Matters
0.23
0.07
Payment to Auditors
/RVVRQ6DOH'LVFDUGRI[HGDVVHWV1HW
Research - Clinical Trials, Samples and Grants
Miscellaneous Expenses
0.21
0.30
259.32
197.82
26.78
24.77
0.19
0.13
134.42
100.30
12.79
9.98
0.20
0.32
14.25
23.19
1.17
13.89
111.98
105.84
550.20
393.72
3020.37
2622.55
2014
(52.69)
(52.69)
40.77
40.77
WRWKH6WDWHPHQWRI3URWDQG/RVV
31
Lease Accounting
Where Company is a Lessee
7KH &RPSDQ\ KDV REWDLQHG FHUWDLQ SUHPLVHV IRU LWV EXVLQHVV RSHUDWLRQV LQFOXGLQJ IXUQLWXUH DQG [WXUHV
therein as applicable) under cancellable and non cancellable operating lease or leave and license agreements
ranging from 11 months to 5 years or longer which are subject to renewal at mutual consent. The
cancellable lease arrangements can be terminated by either party after giving due notice. Lease payments
DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVVXQGHU
5HQW
LQ1RWH
The details of non-cancellable operating leases contracted by subsidiaries/step down subsidiaries, but not
UHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWVDUHDVEHORZ
` in crore
Minimum lease payments:
Not later than 1 year
Later than 1 year but not later than 5 years
Later than 5 years
2015
2014
15.59
33.42
32.22
81.23
15.72
45.55
20.01
81.28
7KHGHWDLOVRIQDQFHOHDVHVFRQWUDFWHGE\VXEVLGLDULHVVWHSGRZQVXEVLGLDULHVEXWQRWUHFRJQLVHGLQWKH
QDQFLDOVWDWHPHQWVDUHDVEHORZ
` in crore
2015
2014
4.80
0.48
5.28
Interest
Not later than 1 year
Later than 1 year but not later than 5 years
Later than 5 years
Present Value
(0.21)
(0.02)
5.05
32
2014
15.85
132.96
49.30
4.82
156.09
9.32
110.13
2.95
102.01
111.83
5.79
425.86
82.00
5.46
362.65
1394.38
1820.24
203.25
754.16
957.41
1320.06
388.51
1005.87
33
The Government of India has served demand notices in March 1995 and May 1995 on the Company in
UHVSHFWRIVL[EXONGUXJVFODLPLQJWKDWDQDPRXQWRI`5.46 crore along with interest due thereon is payable
LQWR WKH '3($ XQGHU WKH 'UXJV 3ULFHV &RQWURO 2UGHU RQ DFFRXQW RI DOOHJHG XQLQWHQGHG EHQHW
HQMR\HG E\ WKH &RPSDQ\ 7KH &RPSDQ\ KDV OHG LWV UHSOLHV WR WKH QRWLFHV DQG KDV FRQWHQGHG WKDW QR
amount is payable into the DPEA under the Drugs (Prices Control) Order, 1979.
34
In 2003, the Company received notice of demand from the National Pharmaceutical Pricing Authority,
Government of India on account of alleged overcharging in respect of certain drugs under the Drugs (Price
&RQWURO 2UGHU 7KLV ZDV FRQWHVWHG EHIRUH WKH MXULVGLFWLRQDO +LJK &RXUWV LQ 0XPEDL .DUQDWDND DQG
Allahabad wherein it was held in favour of the Company. The orders of Hon'ble High Court of Allahabad and
Bombay were challenged before the Hon'ble Supreme Court of India by the Government. Although in the
challenge to the decision of the Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored
the matter to the Hon'ble Bombay High Court in August 2003 for interpreting the Drug Policy on the basis
of directions and principles laid down by them and the same was pending, in the challenge to the Hon'ble
High Court of Allahabad's order, in February 2013, the Hon'ble Supreme Court of India transferred the
%RPED\+LJK&RXUWSHWLWLRQDOVREHIRUHLWVHOIIRUDQDOKHDULQJRQERWKWKHPDWWHUVQDQHDUOLHURUGHUWKH
+RQ
EOH6XSUHPH&RXUWKDVDOUHDG\UHVWUDLQHGWKH*RYHUQPHQWIURPWDNLQJDQ\FRHUFLYHDFWLRQDJDLQVWWKH
Company. The Company has been legally advised that on the basis of these orders there is no probability of
demand crystallising. Hence, no provision is considered necessary in respect of notice of demand received
by the Company up to date aggregating to `1768.51 crore.
In March 2006, Meditab Specialities Pvt. Ltd. (the Subsidiary Company) acquired on lease, land admeasuring
KHFWDUHV LQ .HULP QGXVWULDO (VWDWH DW %KXW .KDPE 7DOXND 3RQGD *RD IURP *RD QGXVWULDO
Development Corporation (GIDC) for setting up and development of Special Economic Zone (SEZ) for
pharmaceutical products. Thereafter, the Subsidiary Company entered into sub-lease of this land with an
6(= RFFXSLHU ZLWK DQ XQGHUWDNLQJ WR SURYLGH LQIUDVWUXFWXUDO IDFLOLWLHV )ROORZLQJ SXEOLF DJLWDWLRQ WKH 6WDWH
Government of Goa brought about changes in policy regarding SEZ in the State of Goa which had the
HHFW RI WKH 6XEVLGLDU\ &RPSDQ\ QRW SXUVXLQJ LWV GHYHORSPHQW DFWLYLW\ DQG *'& RQ LQVWUXFWLRQV RI WKH
6WDWH *RYHUQPHQW RI *RD LVVXHG VKRZ FDXVH IRU UHYRNLQJ DOORWPHQW RI ODQG 7KH 6XEVLGLDU\ &RPSDQ\V
writ petition on the challenge to the show cause was disposed by Honble Bombay High Court stating that
the decision of State Government of Goa was competent to alter the SEZ policy. It was also held that the
Subsidiary Company may apply for re-allotment of the same land to be utilised for purpose other than SEZ.
7KH6XEVLGLDU\&RPSDQ\OHG6SHFLDO/HDYH3HWLWLRQEHIRUHWKH+RQEOH6XSUHPH&RXUWDQGLQZKLFKSDUWLHV
were directed to maintain status quo.
The Subsidiary Company has been legally advised that it has good case both on facts and on law in
VXFFHHGLQJLQLWVDSSHDOb7KH0DQDJHPHQWLVWKHUHIRUHRIWKHYLHZWKDWQRSURYLVLRQLVUHTXLUHGWREHPDGH
on the amount incurred so far towards cost of land and on the development of SEZ amounting to `b
crore (Previous year `26.68 crore) as at 31st March 2015.
36
$V SHU $6 5HODWHG 3DUW\ 'LVFORVXUHV WKH UHODWHG SDUWLHV ZKHUH FRQWURO H[LVWV RU ZKHUH VLJQLFDQW
LQXHQFHH[LVWVDQGZLWKZKRPWUDQVDFWLRQKDYHWDNHQSODFHDUHDVEHORZ
a. Associates
1. Mabpharm Pvt.Ltd. (upto 16th July 2014)
2. Stempeutics Research Pvt. Ltd.
3. Biomab Holding Ltd.
4. Jiangsu Cdymax Pharmaceuticals Co. Ltd. (upto 30th March 2015)
b. Key Management Personnel
0U6XEKDQX6D[HQD0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
0U65DGKDNULVKQDQ:KROHWLPH'LUHFWRU
0U5DMHVK*DUJ([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
F (QWLWLHVRYHUZKLFK.H\0DQDJHPHQW3HUVRQQHODUHDEOHWRH[HUFLVHVLJQLFDQWLQXHQFH
1. Cipla Foundation
Particulars
Investment in Equity
7RWDO
$VVRFLDWHV-RLQW Key Management Personnel Entities over which
Key Management
Venture
including transactions with
relatives of Key Management Personnel exercise
VLJQLFDQWLQXHQFH
Personnel
2015 2014
2015
2014
2015
2014 2015 2014
19.60
9.90
19.60
9.90
Loan given
2.94
2.94
Remuneration
21.98
36.40
21.98
36.40
Purchase of Goods
66.52
66.52
23.67
23.67
Sale of Goods
30.32
30.32
1.17
1.17
0.04
0.04
2.94
2.94
0.80
0.80
1.64
1.64
1.82
1.82
0.34
0.34
Donations given
9.28
9.59
9.28
9.59
Rent paid
0.40
0.40
2.95
Loan repaid
Rent received
2.95
Reimbursement of
operating/other expenses
0.00
0.48
0.48
Reimbursement received of
operating/other expenses
0.04
0.03
0.07
Outstanding Payables
0.02
20.28
20.30
Outstanding Receivables
9.18
12.74
21.92
`25000
#
`20040
`17977
2014
19.60
19.60
9.90
9.90
2.94
2.94
3.69
13.31
4.98
21.98
2.30
6.88
3.67
0.96
0.90
21.69
36.40
44.38
22.14
66.52
8.91
14.76
23.67
27.79
2.53
30.32
1.00
0.17
1.17
A. Investment in Equity
Stempeutics Research Pvt. Ltd.1
% /RDQJLYHQ
Stempeutics Research Pvt. Ltd.
C. Remuneration
Dr. Y. K. Hamied6
Mr. M. K. Hamied5
0U65DGKDNULVKQDQ
Mr. Kamil Hamied6
Ms. Samina Vaziralli6
Mr. Subhanu Saxena
Mr. Rajesh Garg
D. Purchase of Goods
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
E.
F.
Sale of Goods
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
I.
J.
Loan repaid
Stempeutics Research Pvt. Ltd.
L.
0 7HVWLQJDQG$QDO\VLVFKDUJHVUHFHLYHG
Mabpharm Pvt. Ltd.
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
N. Donations given
Cipla Cancer & AIDS Foundation7
Cipla Foundation8
O. Rent paid
2NDVD3YW/WG7
2015
2014
0.04
0.04
2.94
2.94
0.48
0.32
0.80
1.64
1.64
0.002
1.82
1.82
0.003
0.16
0.18
0.34
9.28
9.28
2.32
7.27
9.59
0.40
0.40
P. Rent received
Dr. Y. K. Hamied6
Mabpharm Pvt. Ltd.
4 5HLPEXUVHPHQWRIRSHUDWLQJRWKHUH[SHQVHV
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2NDVD3YW/WG7
5 5HLPEXUVHPHQWUHFHLYHGRIRSHUDWLQJRWKHUH[SHQVHV
2NDVD3KDUPD3YW/WG7
Mabpharm Pvt. Ltd.
S.
Outstanding Payables
Stempeutics Research Pvt. Ltd.
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
7 2XWVWDQGLQJ5HFHLYDEOHV
Mabpharm Pvt. Ltd.
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
2015
2014
0.004
2.95
2.95
0.37
0.12
0.49
0.03
0.04
0.07
0.02
20.24
0.04
20.30
9.18
0.10
12.64
21.91
includes share application money of `1.40 crore (Previous year `3.53 crore)
`25000
3
`17977
4
`20040
5
1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
6
5HODWLYHVRI1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
7
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8
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1
2
37
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50.49%.
As per the share purchase agreement, a provision of USD 20.3 million (equivalent to `126.88 crore) has
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paid on achievement of agreed milestones.
38
` in crore
Nature of Hedging Instrument
Currency
Cross Currency
2015
2014
USD
ZAR
INR
799.43
1261.14
INR
225.99
USD
INR
535.78
826.83
Receivables
898.97
327.92
Payables
575.59
457.91
843.75
Note: The Company uses forward contracts/derivatives for hedging purposes and/or reducing interest costs.
Segment Information
39
South Africa
86$
2015
2014
2015
2014
2015
2014
2015
Segment Revenue
4893.88
4147.40
1237.91
861.38
1443.49
1402.09
Carrying Amount of
Segment Assets
9811.16
8145.67
81.62
233.88
882.57
Carrying Amount of
Other unallocated
Assets
Capital Expenditure
840.00
475.61
Notes:
a.
7RWDO
2014
2015
2014
3551.13
3591.07 11126.41
10001.94
804.16
665.98
203.40 11441.33
9387.11
79.99
77.28
32.78
271.66
160.02
118.99
1032.80
866.26
The Segment Revenue in the geographical segments considered for disclosure are as follows:
y
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%DVLFDQG'LOXWHG(DUQLQJVSHUVKDUHKDVEHHQFRPSXWHGDVXQGHU
2015
2014
1180.77
1388.41
80,29,29,709
80,29,21,357
`14.71
`17.29
26,58,008
11,58,193
80,55,87,717
80,40,79,550
`14.66
`17.27
`2.00
`2.00
3URWIRUWKH<HDU` in crore)
Basic Weighted Average No. of Shares Outstanding
Basic Earnings per share
ESOSs outstanding
Diluted Weighted Average No. of Shares Outstanding
Diluted Earnings per share
Face value per share
41
(PSOR\HH6WRFN2SWLRQ6FKHPHV
The Company has implemented "ESOS 2013", "ESOS 2013 - A" and "ESOS 2013 - B" as approved by the
shareholders on 8th April 2013, 22nd August 2013 and 22nd August 2013 respectively. Details of the Options
granted during the year under the Scheme(s) are as given below:
Scheme
Details
Grant date
No. of options
Granted
Exercise
Price (`) per
option
Vesting
Period
Exercise Period
ESOS 2013 - A
08-Sep-14
95,248
2.00
1 to 2 years
ESOS 2013 - A
31-Oct-14
9,22,230
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
43,495
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
18,131
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
233
2.00
1 to 2 years
The options are granted at an exercise price, which is in accordance with the relevant SEBI regulations in
IRUFHDWWKHWLPHRIVXFKJUDQWV(DFKRSWLRQHQWLWOHVWKHKROGHUWRH[HUFLVHWKHULJKWWRDSSO\IRUDQGVHHN
allotment of one equity share of `2 each.
(PSOR\HH6WRFN2SWLRQ6FKHPHV contd.
No. of
options
Weighted
Average
Exercise Price
(`) per option
10,00,000
-
197.50
-
197.50
-
7.23
-
10,00,000
-
197.50
-
197.50
-
6.23
-
No. of
options
Weighted
Average
Exercise Price
(`) per option
Range of
Exercise Price
(`) per option
Weighted Average
remaining
Contractual life
<HDUV
14,71,797
10,79,626
2,81,313
39,083
2.00
-
2.00
-
6.36
-
22,31,027
2,18,014
2.00
2.00
2.00
2.00
5.98
4.76
No. of
options
Weighted
Average
Exercise Price
(`) per option
Range of
Exercise Price
(`) per option
Weighted Average
remaining
Contractual life
<HDUV
5,22,194
-
220.78
-
220.78
-
7.67
-
5,22,194
-
220.78
-
220.78
-
6.67
-
ESOS 2013 - A
Particulars
(PSOR\HH6WRFN2SWLRQ6FKHPHV contd.
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the following inputs:
Particulars
Expected dividend yield
Expected volatility
5LVNIUHHLQWHUHVWUDWH
ESOS 2013
ESOS 2013 - A
(626%
No options
granted during
the year
0.31%
23.80%
No options
granted during
the year
8.34%
641.78
2.00
4.50
631.48
2015
2014
1180.77
1388.41
50.90
21.64
53.99
24.44
1177.68
1385.61
As reported
`14.71
`17.29
Adjusted
`14.67
`17.26
As reported
`14.66
`17.27
Adjusted
`14.62
`17.23
3URWDIWHUWD[DVUHSRUWHG
$GMXVWHGSURWDIWHUWD[
Earnings per share
Basic
Diluted
42
6FKHGXOHLQWKHQDQFLDOVWDWHPHQWV
Amount
12.79
0.64
13.43
7RWDO
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act
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the year ended 31st March 2015:
i. Gross amount required to be spent by the Company during the year - `34.86 crore
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Construction of asset
4.58
4.58
Other projects
8.21
8.21
Administrative expenses
0.64
0.64
13.43
13.43
7RWDO
43
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Chartered Accountants
Firm Reg. No. 109208W
V. Mohan
Partner
Membership No. 17748
R. Rangarajan
Partner
Membership No. 41883
Subhanu Saxena
Managing Director and
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Executive Director and
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Company Secretary
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NOTES:
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ANNEXURE 1
RELEVANT INFORMATION IN RESPECT OF THE DIRECTOR SEEKING RE-APPOINTMENT AT
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TEN-YEAR HIGHLIGHTS
` in crore
Consolidated
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2891.36
Total Income
3079.63
1180.77
1388.41 1544.85
1144.24
989.57 1082.59
771.02
701.04
667.77
607.64
160.59
160.58
160.58
160.58
160.58
160.58
155.46
155.46
155.46
155.46
160.59
160.58
160.58
160.58
160.58
160.58
155.46
155.46
155.46
155.46
10628.65
9889.77 8858.10
1923.30
7003.09
6183.18 5317.52
1366.67
4271.18
4003.38 3609.97
1056.61
639.78
708.57 2532.44
3307.81
2776.96 2389.59
Investments
Net Current Assets
1269.10
590.77
246.41
80.05
93.48
116.53
22.43
1384.08
Additional Data
Earnings per Share - Basic
` 14.71
` 17.29
` 18.75
` 14.25
` 12.32
` 12.50
` 9.92
` 9.02
` 8.61
` 20.26
` 14.66
` 17.27
` 19.24
` 14.25
` 12.32
` 13.70
` 9.92
` 9.02
` 8.61
` 20.26